Accounting Solutions

The times they are a-changin, according to Bob Dylan. He is not a CPA but was definitely on to something with these lyrics. Has your company thought about hiring a contract CFO (Chief Financial Officer) versus hiring a traditional, in-house […]

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, which was effective for periods beginning after June 15, 2021.  The ASU was issued […]

What is “unclaimed property?” Unclaimed property is property being held by a business or organization where there has not been contact with the owner for a specific number of years, depending on the type of property. If your business or […]

Did you receive a new loan that now requires an external audit or did your Minnesota non-profit receive over $750,000 in revenue and now you need an audit?  Choosing the right auditor is a very important decision since you will […]

Outsourced accounting means partnering with a firm that is entirely dedicated to the accounting and finance functions of your business, from entering daily transactions all the way through presenting and interpreting timely key performance indicators that are relevant to your […]

Nonprofits are in the business of making things better for others. Great news! Here is a tip that will help a nonprofit save money on their annual QuickBooks subscription. About TechSoup TechSoup, is a nonprofit organization that provides donated or discounted software, […]

A QuickBooks Training Guide There may be times when you have to buy things relating to a specific client’s project, but those costs will eventually be reimbursed to you by the client. There may be other times when either you […]

“A budget is telling your money where to go instead of wondering where it went.” Dave Ramsey Attitudes toward budgeting can span from inspired and motivated to disinterested and obligated. Creating a budget involves using your crystal ball; assumptions made […]

Business owners know their accounting software provides historic numbers on reports called balance sheets, and profit and loss or income statements. These reports are used to: Prepare tax returns Satisfy requests from bankers File sales tax returns File 1099 information […]