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Private entities with long-term leasing agreements must update their accounting systems for updated rules that go into effect for annual reporting periods after December 15, 2021. The updated guidance requires the full magnitude of long-term lease obligations to be reported on balance sheets. It will also require expanded disclosures about the amount, timing and uncertainty of cash flows related to leases. When this guidance took effect in 2019 for public companies, they learned that it took much more time and effort than expected. Don’t wait until year end to evaluate how these changes will affect your organization. We can help get you on track to meet the 2022 implementation deadline.

Benchmarking provides critical information when developing and executing strategic plans. So if your nonprofit doesn’t use financial metrics, you may be flying blind. Here’s how to get started with benchmarks.

New rules for nonprofits to report gifts in kind (such as land or services) take effect for annual periods starting after June 15. So if you haven’t already familiarized yourself with the rules, now’s the time.

No nonprofit’s tax-exempt status is permanent. If you violate IRS rules, you could lose it as well as the loyalty and confidence of donors, grant makers and other supporters of your mission.

Is your business having trouble getting customers to pay on time? Here are five effective ways to maximize collections and minimize write-offs.

After this past year, you and your nonprofit’s board may think they can overcome any financial challenge. But don’t get too comfortable. These financial warning signs merit immediate attention.

Most private business owners and managers have limited M&A experience. Often, they’re unprepared for the complicated accounting rules that apply after closing … and what buyers don’t know may come back to haunt them.

Operating, investing or financing activity? It’s not always clear where transactions belong on your company’s statement of cash flows.

The use of audit analytics can help during the planning and review stages of the audit. But analytics can have an even bigger impact when these procedures are used to supplement substantive testing during fieldwork.