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Nonprofit Bookkeeping End-of-Year Tasks

November 12, 2019 / by Jim Rice posted in Rochester, Orlando, Bookkeeping Services, Nonprofits

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If you're new to the nonprofit sector, no doubt you've already realized that the financial standards are stricter here than they were in the for-profit world. That can make end-of-year bookkeeping a stressful process — especially at the end of this year, due to new procedures that the Financial Accounting Standards Board (FASB) has implemented for 2019.

So before any more sand slips through the hourglass, let's review the vital end-of-year bookkeeping tasks your nonprofit needs to accomplish to avoid fines or penalties — up to and including the loss of your nonprofit status.

Reconcile Your Restricted and Unrestricted Fund Accounts
As the names imply, the designations "restricted" and "unrestricted" determine how nonprofits can use different funds. Simply put, restricted funds can only be used according to the donor's specifications. This can be simple (e.g. funds for an event) or complicated (e.g. funds for the purchase of a particular item or to be held for a specified amount of time). These funds cannot be used or transferred without the consent of the donor and approval by the nonprofit's board of directors.

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Case Study: Overcoming Bookkeeping Challenges to Ace a DCAA Audit

October 1, 2019 / by Jim Rice posted in Rochester, Orlando, Bookkeeping Services, Case Study Blogs

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Not even the best-run businesses are immune to Murphy's Law. Take TeKONTROL, Inc. (TKi). Over the course of three decades, this Florida-based company developed reliable bookkeeping systems for its global engineering support projects — difficult to do in the world of government contracts. Then it got hit with a one-two punch at the worst possible time.

First, the company's longtime bookkeeper retired. Then the vendor that provided TKi's enterprise resource planning (ERP) bookkeeping platform discontinued its support. Finally, the clincher: a pre-award audit from the Defense Contract Audit Agency (DCAA). "It was a crisis," recalls Tom Kornegay, the company's Chairman, CEO and Founder. "Believe me."

A Timely Bookkeeping Solution
A short-term bookkeeping hire, combined with the trial use of temperamental new ERP software, turned what should have been a bump in the road into a massive pothole. To get around it, Kornegay brought in his former bookkeeper to restore "ground-floor reference points." But he knew he also needed someone to quickly and decisively take charge of TKi's bookkeeping from there.

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DCAA Compliance Quiz: Bookkeeping for Government Contractors

October 16, 2018 / by Jim Rice posted in Small Business Advice, Rochester, Orlando, Bookkeeping Services, Business Advice

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Pop quiz: Your business recently landed a $50 million Department of Defense contract. You've let a couple of smaller jobs expire in anticipation of taking on the government work. You've invested in materials and lined up a series of subcontractors to help you meet the contract terms. Everything's humming along beautifully.

Then the Defense Contract Audit Agency (DCAA) pays a surprise visit and determines your accounting system isn't in compliance with their standards. What happens next?

A: The DCAA immediately terminates the contract.

B: The DCAA sets a reasonable deadline for bringing your system into compliance, and the work continues.

C: The DCAA suspends the contract until you come into compliance. You're solely liable for any lost revenue and for any money invested in materials and subcontractors to date, as well as the costs of reaching compliance.

D: None of the above.

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Case Study: How a Small Business Gets Government Contracts

October 11, 2018 / by Jim Rice posted in Small Business Advice, Rochester, Orlando, Bookkeeping Services, Business Advice, Case Study Blogs

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With its cutting-edge shelter construction, World Housing Solution (WHS) addressed an obvious need for the U.S. Department of Defense. The small Sanford, Fla., company creates modular buildings that could be raised quickly in challenging circumstances ranging from refugee crises to natural disasters to rapid military deployments.

But securing government contracts meant negotiating a complex regulatory maze that included the Defense Contract Audit Agency (DCAA). "Once you are a government subcontractor, you have to run all of your accounting through a DCCA system regardless of whether it's a commercial sale or a government sale," says WHS Director of Administration Michelle Theodoseau. "Our original accounting firm did not have the experience that these very specialized government contracts require."

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Ensuring DCAA Compliance for 8(a)-Certified Businesses

September 26, 2017 / by Jim Rice posted in Rochester, Orlando, Business Advice

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If your company was formed through the Small Business Administration's 8(a) Business Development Program, you're in excellent position to secure government contracts — just like major defense contractors.

That's the good news. The bad news? You'll be required to meet Defense Contract Audit Agency (DCAA) requirements — just like major defense contractors.

Get Your Foot in the Door (Without Getting It Slammed)
When people think of defense contractors, they tend to think of companies like Lockheed Martin, the international corporation whose core business is supplying sophisticated technology systems to the U.S. government. It's no surprise that Lockheed Martin has to contend with massive amounts of red tape. (The company is subject to 70 different DCAA audits.) But with an estimated 97,000 employees, Lockheed Martin is also large enough to maintain a dedicated staff to focus strictly on compliance issues.

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Why Budgeting and Forecasting Are Vital for Your Business

February 2, 2017 / by Jim Rice posted in Rochester, Orlando, Business Advice

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Recently, a client in the financial services industry decided to open up several new locations over a 12-month span. I asked if they had a budget in place and a definitive timeline for opening up each location. Nothing concrete, they told me.

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New Year, New IRS Rules

December 30, 2016 / by Mary Sue Renfro posted in Rochester, Orlando, Business Advice

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For accounting services professionals, the New Year always brings new regulations. Here's an overview of some of the key ones up ahead.

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Are You in Compliance with New FLSA Overtime Regulations?

November 18, 2016 / by Mary Sue Renfro posted in Rochester, Orlando, Business Advice

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Important Update:

Days before the new FLSA policy was to be implemented, a U.S. District Court Judge issued a temporary injunction blocking implementation.

What should employers do as a result?  ADP posted a helpful article about how to respond to the block of the overtime rule.

Whatever happens regarding this law, it's good business practice to make sure your employees are classified and compensated properly. Read the blog below to learn more.

On Dec. 1, 2016, new regulations go into effect under the Fair Labor Standards Act (FLSA) regarding the minimum threshold for classifying salaried employees. The purpose of the threshold is to determine whether or not non-exempt salaried employees should be entitled to overtime pay for working over 40 hours in a week.

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Five Signs That You Should Outsource Your Nonprofit's Bookkeeping Functions

October 27, 2016 / by Jim Rice posted in Rochester, Orlando, Bookkeeping Services, Nonprofits

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Many nonprofits try to do more with a smaller budget. This is a challenge when it comes to bookkeeping, as there are specific regulations and tracking and filing requirements for nonprofits.

For these nonprofits, the simplest, most cost-effective solution may well be to outsource their bookkeeping functions. Does your organization fit this description? Here are five signs to look for.

  1. You Suffer from "I've Got It/You Take It"
    Businesses with limited budgets may decide to add bookkeeping tasks to people who were hired to do other jobs. This may be expedient in the short-term, but it can be problematic to have people who aren't trained in or knowledgeable about bookkeeping for nonprofits serving in this role.
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Law Firm Bookkeeping Services | How to Handle Client Trusts

December 21, 2015 / by Mary Sue Renfro posted in Rochester

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Any bookkeeping services professional familiar with law firms will tell you that bookkeeping for a law firm is subject to its own set of rules and guidelines. One important thing to understand, as a legal professional or a bookkeeping services professional working with a law firm or practice, is how to handle client trust accounts. Set up properly, QuickBooks is very well suited for handling client trust accounts. If you’re wondering how to do it, here are some tips:

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