When it comes to revenue, nonprofits need to think like auditors

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual contributions. Compare the donation dollars [...]

By | 2018-07-11T13:42:51+00:00 July 11th, 2018|Auditing, Business, Not For Profit|Comments Off on When it comes to revenue, nonprofits need to think like auditors

Does your business have to begin collecting sales tax on all out-of-state online sales?

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and [...]

By | 2018-07-05T09:04:33+00:00 July 5th, 2018|Business, Tax|Comments Off on Does your business have to begin collecting sales tax on all out-of-state online sales?

Holding a fundraising auction? Make sure your nonprofit is tax-compliant

Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities. Acknowledging item donations If you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a [...]

By | 2018-06-28T11:16:22+00:00 June 28th, 2018|Business, Not For Profit|Comments Off on Holding a fundraising auction? Make sure your nonprofit is tax-compliant

Should your nonprofit hold virtual board meetings?

Your not-for-profit’s board of directors meetings don’t always need to be performed up-close and personal in the same room. Many organizations hold virtual board meetings via phone and with Web-based applications. Participation may improve It can be difficult to secure full board meeting attendance, but going virtual might allow members to attend meetings [...]

By | 2018-06-20T11:55:27+00:00 June 20th, 2018|Business, Not For Profit|Comments Off on Should your nonprofit hold virtual board meetings?

Make the most of your fundraising with simple metrics

The amount of money your not-for-profit raises in fundraising campaigns is meaningful, but so is how efficiently you’re able to raise it. Such costs can be measured using two metrics: Cost ratio and return on investment (ROI). Let’s take a look. Find a formula These two metrics can be used to evaluate both [...]

By | 2018-06-13T12:24:53+00:00 June 13th, 2018|Business, Not For Profit|Comments Off on Make the most of your fundraising with simple metrics

Putting your child on your business’s payroll for the summer may make more tax sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By [...]

By | 2018-05-29T10:24:18+00:00 May 30th, 2018|Business, Tax|Comments Off on Putting your child on your business’s payroll for the summer may make more tax sense than ever

Can you deduct business travel when it’s combined with a vacation?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General [...]

By | 2018-05-16T14:17:18+00:00 May 16th, 2018|Business, Tax|Comments Off on Can you deduct business travel when it’s combined with a vacation?

7 ways to prepare your business for sale

For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways to [...]

By | 2018-03-07T11:02:34+00:00 March 7th, 2018|Business|Comments Off on 7 ways to prepare your business for sale

Use benchmarking to swim with the big fish

You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not just being aware of these competitors, but also knowing [...]

By | 2018-02-14T16:11:50+00:00 February 14th, 2018|Business|Comments Off on Use benchmarking to swim with the big fish

Turning employee ideas into profitable results

Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process — that is, an ongoing, idea-generating system aimed at adding value to your company’s bottom line. Let’s take a closer look [...]

By | 2018-02-07T19:17:47+00:00 February 7th, 2018|Business|Comments Off on Turning employee ideas into profitable results
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