Top Issues for Not-for-Profits This Year

Shutterstock_81589264As auditors and management begin to prepare for June 30 year-end audits, it’s a good time to share some of the top concerns for not-for-profits this year. How can not-for-profits reassure donors that their contributions are in safe hands? What key implementation issues on new accounting standards updates are not-for-profits grappling with? Outlined below are four topics that should not be overlooked.

  1. Cybersecurity

In addition to common hacking risks, not-for-profits that accept electronic contributions are targets for credit card fraud. While retailers collect certain personal information to set up customer accounts and ship goods, not-for-profits often forgo requiring that level of detail to make donating simple. Unfortunately, this makes not-for-profits an easier testing ground for stolen credit card data. Not-for-profit entities with real-time credit card authorization and settlement are even more likely to fall victim because real-time verification makes the stolen data more valuable. These organizations then bear the burden of repaying fraudulent donations in addition to paying fees related to the refunds. Organizations that use electronic methods to accept contributions should consider adopting appropriate controls to ensure revenues are properly recognized and that cash receipts are safeguarded.

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A Call to Action for Young Leaders

Applying to the AICPA’s Leadership Academy Could be the Boost Your Career Needs

Leadership Academy group photoHey, you. You made it over the hurdle of getting your CPA license, and you’re eager to take the next step in your career development… But you’re not quite sure what that looks like. Professional development takes on many shapes and sizes. Some people like online learning and self-study, while others are drawn to a classroom setting. Many people focus on developing their soft skills, while other prefer to keep their knowledge base sharp with more technical sessions.

One often overlooked aspect of development is building a strong network of contacts in your chosen profession. If you’re interested in connecting with some of the best and brightest young CPAs in the country, look no further than the AICPA’s Leadership Academy.  This selective event exposes the next generation of CPAs to a strong ethic of leadership and service to their profession that CPAs are known for.

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Why Playing Games is a Brilliant Move

GamesWhether you’re rolling the dice to move past “Go” or speeding around curves like Mario, numerous studies show playing games of almost any kind stimulates thinking. Board games, chess, word games, games of strategy and the like are obvious choices. But did you know shooting hoops, playing interactive video games, golf, even playing charades in your living room, are all brilliance-builders too? Name the game and chances are it helps you think better and think faster, but note that different types of games enhance different parts of your intellect.

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Tax Refunds and Financial Responsibility

Tax refundThe very same week our accountant (my father) informed us we would be getting a $1,550 tax refund (thank you, 2016, for the purchase of our first home and birth of our second child), my husband and I discovered a sizeable leak in our garage roof. So now, instead of using that money for a home repair we actually wanted to make, or to boost our savings account, or add to college savings plans, or more likely, to help pay for two kids in diapers and daycare, we’re buying a new flat roof. Lucky us. But this episode got me thinking—what do most people do with tax refunds? And what do CPAs advise they do? Is there a happy medium between fiscal responsibility and fun?

Aim for No Refund at All

First and foremost, the goal, according to most CPAs, is to not get a refund. While many people love getting a large chunk of change every spring, it indicates you’re overpaying and essentially giving the government a tax-free loan. Getting no refund at all means you’re paying the IRS exactly the right amount. Of course situations change from year to year (see my home purchase and birth of kid references above) so you might not always get it right.

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Employers: 5 Tips to Make Work from Home Policies Successful

Part II

Remote workersWorking from home brings with it a special set of challenges and benefits for employees, covered in Part 1 of this series. But what if you’re the employer? An increasing number of employers – from boutique firms to huge organizations – offer their employees everything from flexible work arrangements to full-time remote work. Many have found that with the right protocols in place, flexible work arrangements benefit employers as well.

Increasingly Small World 

There’s an online video featuring two co-workers...they walk, stop for coffee, cab to work…they’re apparently working on a project together. At first they seem to be in the same place at the same time. Then it hits you – the locales are different, the cultures are different, even the time zones. But when they work, they work as one.

This concept of working together from a variety of locations has been around for years – particularly for CPA practices. Many small, medium and large firms have incorporated the idea of a remote workforce. Technology has completely changed the profession by [more easily linking employees and in] opening up new ways to add value for practices, employers, employees and even clients.

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