Nonprofit Accounting Blog

Internal Controls for Businesses and Non-profits, Part 1

Businesses and non-profit organizations face challenges every day that threaten their business longevity and effectiveness. These threats can take a variety of forms, including competition in the industry, rising costs of goods, changes in economic conditions, and human resource challenges. While all of these challenges pose a significant threat to businesses and non-profits, the greatest challenge for many of today’s businesses takes the form of fraud.

Fraud occurs more than you think, and it often goes unnoticed until it’s too late. Fraud can come in a variety of forms, including check fraud, credit card fraud, and employee theft (the most common types including check tampering and billing schemes). Stealing inventory, claiming undue overtime, setting up payments to fictitious vendors, skimming cash, and embellishing an expense account are all fraudulent activities that can occur within a company or organization. These activities threaten the stability of the business and can result in significant financial loss. In fact, according to the Association of Fraud Examiners (ACFE), the typical business loses an average of 7% of revenues due to employee theft alone. For smaller businesses and organizations, the percentage rises to 38% with a median loss of $200,000.

In order to protect your assets, you need to have strong internal controls in place, and your employees need to be aware of your organization’s policies and procedures. Failure to communicate your security procedures and policies with your employees only serves to put your business or organization at risk. It does no good to have strong internal controls if your employees aren’t using them.

Consider the reasons you may want to create strong internal controls:

  • Internal controls can solve current business problems and help prevent fraud from occurring.
  • Businesses with strong internal controls in place have the potential to go public.
  • If you are working with a Sarbanes-Oxley (SOX) compliant customer, you may be required to show proof of strong internal controls.
  • Strong internal controls improve financial reporting accuracy and ensure assurance that your financial statements are correct.
  • Future investors, bankers, and accountants will want to see how you are protecting your financial assets.

Strong internal controls are essential no matter how small or large your company or organization. Just as you wouldn’t leave money lying out in the open for anyone to take, you shouldn’t leave your financial information open for all to see. Creating procedures and policies detailing employee responsibilities and tasks is a step in the right direction when it comes to safeguarding your assets. If you could use some help establishing internal controls in your business or non-profit organization, give us a call today. We offer a variety of client accounting services to help you with all of your financial reporting and management needs.

Stay tuned to our blog for Part 2 of our internal controls article series to learn how you can start implementing internal controls and discover top methods for strengthening your overall business and non-profit security.

Top Cloud Computing Trends of 2014

Today’s businesses rely on technology to function and succeed in the marketplace. Recent advances in technology have enabled businesses to automate manual processes, streamline tasks, and gain instant access to company information and data. Not all technology trends stick around, and businesses have to weigh the costs of jumping on the bandwagon of new trends. Some trends, however, have staying power and the potential to completely transform the way companies do business.

Cloud computing is one of these trends. Many years in the making, Cloud computing has emerged as the leading technology trend for 2014. Although it’s grown significantly in recent years, experts predict the Cloud to become even more popular among businesses and nonprofit organizations alike. This is due in part to the assurance of the Cloud’s security, as well as to the rise of interest in mobile technology. Take a look at some of the top Cloud computing trends for 2014:

  1. More and more businesses will move to a hybrid Cloud
    Hybrid clouds offer the security of a private Cloud with the scalability of public Cloud services. Many businesses are moving to a hybrid model, and experts predict this trend to continue as the year progresses. For companies looking for a safe and affordable infrastructure, the hybrid Cloud is the way to go.
  2. Disaster recovery services will fully move to the Cloud
    Cloud-based disaster recovery services are not only expected to rise this year, but experts also predict current disaster recovery service users to move their data completely onto the Cloud. In the past, many companies have used these services as a backup; however, as they have proven to be reliable, companies are starting to use them as their sole disaster recovery plan.
  3. Businesses will shift from the public Cloud to a private Cloud
    Due to security concerns and control issues, many businesses will make the move from a public Cloud to a private Cloud.
  4. Platform-as-a-Service (PaaS) is expected to grow
    Once the cloud infrastructure is further diversified and more applications are perfected, experts predict there to be an increase in the number of businesses moving to PaaS. Complex web and mobile apps will become the norm, and more companies will choose custom PaaS solutions designed with their specific industry in mind.
  5. Web-powered apps will emerge as a key business tool
    Mobile and web-powered apps provide businesses with a level of efficiency and scalability they have never before experienced. Experts predict web-powered apps to be further developed this year with key features such as platform independence.

These Cloud computing trends are expected to impact businesses all around the world. Have you adopted any of the above trends into your technology practices? Are you using the Cloud to store data or access software? If so, leave us a comment and let us know how the Cloud has impacted your business. We’d love to hear from you!

Nonprofit Accounting: The Elements of an Effective Financial Report

As we discussed last week, nonprofit organizations are required to present financial information to their board on a regular basis (usually monthly). Clear and effective financial reporting to the board of directors is necessary for good financial management and accountability; however, many organizations do not understand the elements that make up an effective financial report. The information within your financial reports should be relevant, understandable, reliable, and useful. If your reports are not these things, it’s time to sit down and revisit your nonprofit’s financial reporting methods.

Take a closer look at the four characteristics of effective financial reports and see for yourself if your reports are making the cut:

  • The information contained in your financial reports must be relevant.
    The finance committee and board of directors will determine what information is needed to monitor the organization’s financial progress. Your reports should include the financial position of your organization (assets and liabilities), key statistical data to help board members determine the financial outlook of the organization, and a summary of operations (revenue received and expenses incurred). At a minimum, your financial reports should contain the following:

    • Salary and benefits expenses
    • Food costs (if substantial)
    • Revenue from grants, fees, etc.
    • Month-end summary of significant assets, including accounts receivable, accounts payable, grants not yet paid out, and cash

It would also be useful to present a comparison of your actuals versus the budgeted results. These comparisons aid the board in determining whether or not financial policies are being followed and if action needs to be taken. This analysis is most useful when provided with detailed notes explaining any significant variances.

  • The board must understand the information being presented in the report.
    Your financial reports need to be easily read by all of your board members, so make sure they are understandable. Remember, the members of your board have varying levels of financial experience so don’t inundate them with unnecessary information. Find out what they prefer and deliver it. Some boards want a detailed account while others prefer a one page summary. Determine your strategy for creating the reports your board wants and stick with it.
  • The financial information must be reliable and accurate.
    Financial reports are only useful if they are reliable. Double check your data to ensure its accuracy and reconcile your bank statements to your accounting records on a monthly basis.
  • The information contained in your reports must be timely.
    Delivering effective financial reports is all about the timing. Reporting the results of your operations and financial position in a timely manner is crucial if the board wishes to take corrective action.

Overall, creating effective financial reports for your board is not difficult. It just takes a lot of time and attention to detail. By properly maintaining your accounting records throughout the month, you can ensure that the information in your reports is reliable and accurate. Contact us today if you need help maintaining or cleaning up your accounting records. We offer a variety of accounting services designed to help you succeed in your financial reporting efforts.

What’s the Difference between Cloud and On Premise?

As we discussed a few weeks ago, many nonprofit organizations and businesses are looking to move their accounting software to the Cloud. As an accounting and CPA firm, we work with a variety of clients who use a variety of accounting solutions to manage their business or nonprofit. While we don’t think Cloud computing is for everyone, Cloud-based software can certainly benefit many businesses and organizations. Before our clients make a decision, we encourage them to look closely at the features of Cloud computing versus traditional solutions. This will give them a realistic view of the Cloud and help them determine if it is the right fit for their particular technology needs and wants.

There is a stark difference between Cloud computing and on premise solutions: Cloud solutions are provided as a service and can be accessed using an Internet connection while on premise solutions are installed locally on your company’s hardware and servers. The differences, however, do not end there. To help you better understand the differences between Cloud computing and on premise solutions, we’ve provided a list of the key differences between Cloud and on premise solutions. Use the comparisons below to help guide you to the right decision:

Access
Cloud computing: Can be accessed using the Internet or any mobile device (smartphone, tablet, etc.)

On premise: Can only be accessed on company computers (or through remote assistance)

Cost
Cloud computing: Subscription based, pay-as-you-go model (usually in the form of a monthly fee – low initial cost

On premise: Majority of the cost is paid up-front in software/hardware, training, implementation, and IT support costs

Security
Cloud computing: Software and data are managed in the Cloud by the Cloud provider

On premise: All data and software is managed on-site by your business or organization

Hardware Requirements
Cloud computing: No additional hardware is needed – only an Internet connection

On premise: Hardware and servers required to run the software

Upgrades/Maintenance
Cloud computing: Handled by the Cloud provider

On premise: Managed by your IT staff

Deployment Time
Cloud computing: Can be deployed more quickly than on premise solutions (still requires extensive planning and time)

On premise: Implementation and deployment requires an extensive amount of time and planning

Customization
Cloud computing: Software is customizable – all customizations carried forward when software is upgraded

On premise: Software is customizable, but customizations are tied to your current deployment and must be revisited during upgrades

Mobile Options
Cloud computing: Users can access software on their mobile devices using apps, mobile browsers, etc.

On premise: Users can only access software through the web browsers on mobile devices

Moving to the Cloud is a major decision, and it’s not the right choice for everyone. If you are questioning whether Cloud computing is for you, give us a call today. We offer technology consulting services to help businesses and nonprofits just like you determine what the best technology investment is for your company or organization.

The Top Internal Controls for Smaller 501(c)3 Organizations

Protecting your data, information, and financials should be your top priority as a 503 (c) organization. Raising funds and winning grants is not an easy process, and you should be doing everything you can to safeguard your funds and financial information. Misuse, fraud, theft, and embezzlement are common occurrences, and if you don’t have the proper policies and procedures in place to protect your financials, you could put your organization at great risk. Smaller 501(c)3 organizations in particular have a difficult time maintaining the proper controls to protect their organization. Because their staff is limited (some organizations have fewer than 3 staff members) and their time is precious, many smaller organizations have difficulty segregating duties and implementing a system of checks and balances. Even if they don’t have the staff to maintain the same internal controls as larger organizations, smaller organizations can implement a few key controls to ensure that their financials are protected.

We’ve created a list of the top internal controls small 501(c)3 organizations should implement in order to properly protect their funds and financial information. Keep the following in mind as you begin to create your financial policies and procedures:

  1. First and foremost, make sure your entire staff is aware of the policies and procedures you have in place. Everyone should be expected to follow these policies; there should be no exceptions. Excluding even the top person can set a negative (and even unethical) tone among your staff and lead to your staff ignoring procedures and cutting corners.
  2. Implement physical controls. Lock up your files, password-protect your computers, and always keep checks in locked drawers. Simple security measures with your physical assets can go a long way in protecting your organization.
  3. Clearly define the roles and responsibilities of everyone in your organization. Roles and responsibilities need to be written down even in small organizations. Determine who is responsible for what and make sure every staff member is aware of their duties. Failure to do so can cause things to slip through the cracks and place your organization at risk.
  4. Reconcile your bank statements. This may seem obvious, but it needs to be said. Reconciling your bank statements is crucial to protecting your financials. If you reconcile your bank statements regularly, embezzlement can’t – and won’t – go on for very long.  We recommend someone other than the bookkeeper (or whomever handles the money) reconciles the bank account; however, some smaller 501(c)3 organizations do not have a bookkeeper or only have one person who does everything. In this case, we would recommend having a board member (or someone else in a similar role) receive and review the bank statements before handing it over to the staff.
  5. Always have two people present when counting cash. Cash handling is extremely risky, and you need to implement strong policies and procedures for dealing with cash. Hold your staff accountable with all cash that flows through the organization.

While these internal controls cannot help your organization raise more funds or win more grants, they can ensure that you keep your hard-earned (or hard-won) money. If your 501(c)3 organization has any questions regarding setting internal controls or accounting in general, give us a call today. We offer a variety of services designed to help you run a successful and effective 501(c)3 organization.

Cloud Computing: What is it and Why Does it Matter?

Cloud computing (or “the Cloud”) has become quite the buzzword among businesses and nonprofit organizations. In fact, you’ve probably heard the term “the Cloud” thrown around quite a bit in your circles. Businesses and nonprofits are considering moving their data storage “off-site” to the Cloud. Software providers are developing Cloud-based software to support mobile trends. Even consumers are using the Cloud to store data on their mobile devices. Despite all of the buzz, however, many people do not have a true understanding of what Cloud computing is and what it means for their business or organization. In an effort to clear up some of the confusion, we’ve outlined the key takeaways for businesses and nonprofits to know about Cloud computing.

What is Cloud Computing?
Before you even consider using Cloud-based software or services, you need to understand the definition of Cloud computing. Cloud computing, to put it simply, is anything that involves delivering hosted services of the Internet. For businesses and nonprofits, Cloud computing generally refers to using web applications, software, or server services that you pay for on a regular basis as opposed to purchasing and installing the software and hardware. Businesses and organizations can store data in the Cloud, access their accounting software in the Cloud, or store important electronic documents in the Cloud. Cloud computing can mean many things, depending on how your business or organization plans to use it.

There are three types of Cloud computing: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). IaaS is the lowest level of Cloud computing and refers to a Cloud-based computing structure that is fully outsourced as a service. An example of an IaaS would be your web hosting company. PaaS is more advanced than IaaS in that it also offers a computing platform and solution stack as a service (rather than simply providing the infrastructure). These services are generally used by companies needing to develop, test, collaborate and deploy Cloud solutions for various applications. The hosting, however, is done by the PaaS provider.

SaaS is the most common type of Cloud computing (particularly for the use of businesses and nonprofits). SaaS is generally what people think of when they talk about “the Cloud”. SaaS (also known as Web-based software, on-demand software, and hosted software) refers to the use of software over the Internet. Rather than having to purchase software and hardware, businesses and nonprofits pay a regular fee to access the software online. The software runs on the SaaS provider’s servers, meaning the provider is responsible for all of the maintenance, security, and performance.

How are Cloud Services Different from Traditional Hosting?
Cloud services have three distinct characteristics that set them apart from traditional hosting services. Cloud services are sold on demand (you pay as you go); it is elastic (you can use as much or as little of the service as you want at any given time); and the service is fully managed by the provider (you don’t need anything but a computer and Internet access). Say your company or nonprofit organization is looking to store your data offsite. Rather than storing your files in a separate facility that is still susceptible to the elements and natural disasters, you could store your data in the Cloud. Cloud-based data hosting services are generally low-cost, require no physical hardware or documents, and can be canceled or added to at any time. In addition, your company or organization has instant access to the data you store in the Cloud, making it easy to view the information you need when you need it.

What Does this Mean for My Business or Nonprofit?
While some organizations and businesses are still concerned about the security of storing information and accessing software in the Cloud, many are moving to Cloud-based software and services. The Cloud is making it easier to regularly back-up important data, transfer files, share contact information, and access business information while away from the office. Many businesses are even using the Cloud to access their software via their phones so they can always stay up-to-date with the most current information.

Stay tuned to our blog for more information about Cloud computing and what it means for your business or nonprofit. We will be discussing current trends in Cloud computing, as well as be explaining the difference between the Cloud and on premise solutions. We make it a priority to stay current with business and nonprofit trends to help you achieve the best results possible.

If you’d like to learn more about how your business or nonprofit can use technology successfully, check out our technology consulting services. We can help you utilize your software solutions so you can achieve true success.

How Setting Internal Controls Can Protect Your Nonprofit Financials

How are you protecting your nonprofit organization’s financials? Do you have measures set in place to protect your funds from outside theft or internal mismanagement? As we’ve previously discussed, setting internal controls can help you create more accurate and effective financial reports; however, the benefits of setting internal controls does not end there. Internal controls can help you maintain good standing with your grantors, as well as ensure that you are meeting the proper financial guidelines set forth by the government. While accounting software can certainly help your organization manage your funds appropriately, internal controls can safeguard your financials from embezzlement, inaccurate reporting, fraud, and unauthorized expenditures. When you establish policies and procedures to protect your organization’s assets, you are establishing rock solid accountability with your donors and grantors and ensuring that your funds will be available when you need them.

We’ve created a few tips designed to help you set effective internal controls for your nonprofit organization:

  • Have a set definition of the various roles within your organization. All of your employees, volunteers, officers, directors, and trustees should have a clear understanding of their roles and responsibilities within the organization. Make sure to communicate the expectations and limitations of their jobs with each prior to hiring. Failure to do so could put your organization at risk.
  • Create a personnel policy that is easily accessible to your staff. Keep written record of your organization’s personnel policy and be sure to include information on vacation and sick leave, grievance procedures, evaluations, compensation, health insurance and other benefits, and your code of ethics. Provide your staff with a copy of this policy upon hiring and communicate important changes to the policy as they occur.
  • Establish procedures to monitor your organization’s funds. If your organization does not have an accounting procedures and policies manual, now is the time to create one. This manual should detail your organization’s financial controls and be reviewed by all directors and officers, trustees, employees, and volunteers. Your manual should at least include the following controls:
    • Implement general organization-wide internal controls: This includes the preparation of your annual income and expense budget and quarterly reports comparing the actual receipts and expenditures to your budget. Make sure these reports are fully explanatory and address any and all time variances.
    • Segregate financial responsibilities: Segregating financial duties and responsibilities is crucial to ensuring your financial integrity. Have a system of checks and balances in place, and make sure you have multiple people assigned to financial accounting, reporting and cash handling. Letting one person do it all is a recipe for disaster.
    • Establish general IT controls: You will need to establish a specific process for accessing, inputting, and altering electronic data and information within your organization.
    • Accounts Payable and Purchasing: Segregating the duties within the Accounts Payable and Purchasing department is important. Make sure you have multiple people handling the requests, verification, authorization, and recording of all expenditures (including the payment of invoices, petty cash and other expenditures).

Establishing internal controls now can protect your nonprofit financials in the future. Don’t make the mistake of doing nothing. Establish policies and procedures to ensure the financial integrity of your organization. If you’d like guidance on setting internal controls or simply need a review of your organization’s cash flow, contact us today. We offer a variety of nonprofit services designed to ensure that your organization is functioning as effectively as possible.

Is Your Small Business Ready for Tax Season?

Tax season is upon us and with it brings a substantial amount of stress, particularly for small business owners. If you’re already stressing about tax season, you’re not alone. Finding the documents and information you need to file your taxes can be challenging, especially if you haven’t been keeping up with your files year-round. Tax laws and deductions change yearly, and you have to research the latest information to ensure you file your taxes accurately. Preparing for tax filing alone is challenging enough; actually filing is a completely separate matter.

We’ve provided several tips to ease the burden of tax preparation and ensure that you make the April 15th deadline. Keep the following in mind as you prepare for tax season (and remember to practice your deep breathing):

  1. Always keep your personal and business expenses separate.
    The IRS keeps a close eye on personal expenses that could be claimed as business expenses (such as using a business vehicle for personal reasons). Protect yourself by maintaining separate bank accounts and credit cards for your personal and business expenses. Keep good records to back up your claims. If the IRS does inquire about a particular expense, you will have the information you need to back it up.
  2. Maintain good financial records year-round and research available deductions.
    Proper record-keeping is crucial to ensuring that your taxes are filed accurately. Be diligent about maintaining your records all year so when it comes tax time, you have everything you need to file confidently. Make sure to save all essential paperwork that may be needed to back up deduction claims in case of an audit. Remember that tax credits and deductions change each year, so be sure to stay up to date on the latest information.
  3. Take advantage of the tax credits within the Affordable Care Act.
    This credit will cover up to 35% of the health premiums you pay to cover your employees. For the 2014 tax year, this credit will cover up to 50%.
  4. Remember the Small Business Jobs Act Tax Provision.
    Make sure you utilize the provisions within The Small Business Jobs Act of 2010. There are over 17 tax provisions designed to decrease the tax burdens for small businesses. While it may take some time to determine what you can claim, it’s worth the money you could save your business.
  5. Avoid common small business audit traps.
    It’s important for small businesses to know the red flags that capture the IRS’ attention. Classifying employees as independent contractors, claiming a home office deduction, and claiming large sum miscellaneous deductions are all huge red flags. If you do qualify for these deductions (and your employees are independent contractors), don’t hesitate to claim them. Just make sure that you have the evidence to back up your claims.

If your small business could use some helping preparing your taxes, give us a call today. Our team of experienced small business accountants and CPA’s can help you make sense of tax regulations and avoid audit traps. Take a look at our tax planning and preparation services to learn more about the services we can offer businesses just like yours.

Why Financial Transparency is Important to Your Business

Recent financial scandals among businesses and corporations have led to extreme distrust in America’s businesses. Today’s consumers are more hesitant to contribute to the financial success of businesses they feel of unethical and dishonest. In an effort to increase financial transparency among businesses, the government has implemented several new laws and financial reporting regulations. While these changes may seem like an inconvenience, they are actually beneficial to the long-term success of your business.

Financial transparency can help your business build and maintain trust with its customers and financial partners. When a customer knows that you are spending your money ethically and responsibly, they are more inclined to support your business through the purchase of your products and services. While it may seem instinctive for companies (particularly private companies) to keep sensitive financial data such as employment numbers and growth plans away from the public, sharing information about your financial performance is actually to your advantage.

When you are forthcoming about your business’ financial performance to your business partners, you minimize the risk of having your business as a partner. Having fewer unknowns can also increase your success when it comes to supplier relationships. By sharing your financial information with your suppliers, you might be able to delay payments to vendors by 30 days instead of having to pay in cash upon delivery. When your suppliers see that you can be trusted with a line of credit, they will be more flexible when it comes to payment.

Some companies have even seen an improvement in their bottom line increase after adopting internal financial transparency policies. Sharing financial information with your employees may be uncomfortable at first, but many companies are saving money because of it. When your employees see how their actions impact the company’s bottom line, they have an incentive to make changes and stick to their department budgets. By increasing your financial transparency internally, you are giving your employees the tools they need to stay on track and keep your business profitable.

If your business is interested in building the trust of its suppliers, partners, and customers, consider being a little more transparent with your company’s financial information. When your partners and customers see that your company is financially stable, their confidence in your brand will increase. Read our blog for more tips on increasing your business’ financial transparency through effective financial reporting.

Do you need help becoming financially transparent? Are you looking for an accountant to help you better manage your company’s finances? Beck & Company’s CPAs are available to assist your company with all of your financial matters – from helping you create more effective financial reports to assisting you with your tax returns. Give us a call today!

Do You Need Help Consolidating Your Business Budgets?

Budgeting is important to the success of your business. Without it, you have no idea of the amount of money coming in or going out of your company. Effective financial management requires you to maintain a budget annually for the entire company. This will help you ensure that you have enough capital to cover upcoming expenses, as well as help you prioritize your business ventures. Budgets are generally prepared on a department level and then consolidated to form the overall company budget. By consolidating budgets on a departmental level, managers can assess how their department is doing both as a whole and individually and also determine whether or not they have exceeded their budgeted amount.

The budget preparation process determines how the budgets within a company can be consolidated. Most companies know how to create a budget; however, many companies have a harder time consolidating budgets so they have a full view of their organization on a departmental level. We’ve created a few tips designed to help you consolidate your budgets and boost your budgeting efforts. Keep the following in mind as you go about consolidating this year’s budgets:

  1. Create a plan for how your company will structure the budgeting process. You can structure it according to departments, locations, products, functions, and customer type. Each department should have their own budget that they can compare to other related units.
  2. Use budgeting software to create and maintain your budget. It doesn’t matter what type of software you use – it can be spreadsheet-based or an off-the-shelf budgeting solution. Many accounting solutions also have a budgeting function to support your budgeting efforts.
  3. Enter each expense into the appropriate line-item category and ensure that line-item categories are consistent across the company. Each department will have its own code in front of the line-item number so you can keep track of your departmental expenses.
  4. Once the budgets for each department have been created, distribute them to their corresponding departments. Include specific instructions for each department on how expenses should be entered. While your accountant or bookkeeper will most likely handle the entries, there may be some confusion on smaller items, such as meal allowances.
  5. Determine a plan for consolidating budgets. This is where you decide which departments, locations, or products will be consolidated and how. For example, let’s say your business owns a number of kiosks in area malls. Rather than maintain a separate budget for each kiosk, you could consolidate the budgets to include all kiosks under each supervisor. This will give you a more complete picture of your business without having to delve into every last detail.
  6. Compare your budget against actual performance. Calculate the difference between your budget and the actual results using both a dollar amount and a percentage amount.
  7. Prepare your consolidated budgeting reports for top executives. Business executives don’t want to see every detail; they want to see the big picture. Most budgeting software solutions can help you create a consolidated budget report. However, if you have trouble creating this automatically, you can create it manually by following these steps:

–       Add up all sales.

–       Add up all costs of sales.

–       Subtract cost of sales from sales – this calculates your gross margin.

–       Subtract admin costs from the gross margin – this is your gross profit.

–       Subtract depreciation and interest from gross profit – this is your net profit.

Stay tuned for more tips and tricks to help you consolidate your business budget. For more effective business budgeting tips, read past articles on our blog. If you need help creating an effective business budget, contact our certified CPAs and accountants today.