Business
Accounting for Nonprofits vs For-Profits: An Advisor’s Perspective
Summary of Keypoints Nonprofit and for-profit organizations differ fundamentally in purpose and taxation, with nonprofits operating for public or social benefit and generally exempt from income tax, while for-profits exist to generate profit for owners and are subject to income taxes. Financial statement structures differ significantly: Nonprofits use a statement of financial position, statement of…
Read MoreAccrual vs Cash Accounting for Small Businesses: Which is Right for You?
Summary of Keypoints Accrual and cash accounting differ in when income and expenses are recorded, with accrual accounting recognizing transactions when they are earned or incurred, and cash accounting recognizing them only when money changes hands. Accrual accounting provides a clearer picture of long-term performance, matching revenues and expenses to the correct periods and tracking…
Read MoreCloud Migration Consulting: Why does your business need it?
Summary of Keypoints Cloud migration improves efficiency, scalability, and cost-effectiveness, but the process is complex and often requires specialized expertise to avoid downtime, security risks, and misaligned technology decisions. Cloud migration consultants align cloud solutions with business strategy, assessing organizational needs, selecting appropriate cloud platforms, and creating customized migration plans tailored to business goals. Consultants…
Read MoreUnderstanding Allowable Costs Speeds Reimbursement: 6 Best Practices for Avoiding Unallowable Costs
Summary of Keypoints Allowable costs must meet strict federal standards, requiring that expenses be reasonable, allocable, necessary to the project, consistently treated, adequately documented, and compliant with FAR, contract terms, and applicable accounting standards such as GAAP or CAS. Unallowable costs are common but must be excluded from government billings, as submitting them for reimbursement…
Read MoreTop 7 reasons companies Outsource Accounting and Back-office functions
By Jennifer Eubanks 1. Competent financial management, reporting, and guidance. Businesses need to have competent financial management, reporting, and guidance so the management team can focus on operations. 2. Businesses need the right people. Some 70 percent of KPMG survey respondents said they are outsourcing accounting to get access to better talent. This helps clients focus on their business instead…
Read More4 Tax Provisions CARES Put Into Place You Should Pay Attention To
Summary of Keypoints CARES Act purpose: The CARES Act was enacted to support businesses affected by COVID-19, providing tax-related relief measures beyond stimulus checks and unemployment benefits to preserve jobs and improve cash flow. Net Operating Loss (NOL) changes: Businesses can carry back NOLs incurred between December 31, 2017 and January 1, 2021 to prior…
Read MoreAccounting Outsourcing… Leading the New Normal
Summary of Keypoints Shift in work environment: COVID-19 and widespread work-from-home adoption demonstrated that productivity and business continuity can be maintained without full-time, in-office staff, prompting companies to rethink traditional operating models. Case for accounting outsourcing: As leadership increasingly relies on timely, accurate financial data, outsourcing accounting and finance functions offers access to professional financial…
Read More5 Steps to Setting Up a US Company for Non-US Resident
Summary of Keypoints Why form a U.S. company: Establishing a business in the United States offers advantages for non-U.S. residents, including lower relative taxes, easier access to the U.S. market, strong legal protections, and the global credibility associated with U.S.-based companies. Step 1 – Choose a business structure: Foreign nationals can form a Corporation (C-Corp)…
Read MoreEubanks Accounting & Advisory’s Jennifer Eubanks attending Capitol Hill Week to Promote PPP Legislation on June 11
We’re excited to have a direct line of communication with the Members of Congress that represent us. Now more than ever, our small business voices need to be heard!
Read MoreTax Implications of Coronavirus Relief
A number of tax implications evolve as a result of relief provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Families First Coronavirus Response Act (FFCRA). We’ve created a summary of information as it has evolved to date.
Read More