Outsourcing offers unique solutions to some of today’s biggest accounting challenges. If your company is debating how to best account for its transactions, consider the advantages of outsourcing accounting. Advantages of Outsourcing Accounting Services 1. Outsource Accounting Cost Outsourced accountants can cost a fraction of what you pay to recruit, hire, supervise, and retain an Read more…
While an effective internal audit function can help an organization mitigate organizational risks, identify inefficient processes, enhance compliance, and reduce the potential for fraud, it’s important to review the process itself. Reviewing the internal audit process ensures it delivers relevant insights to management and the audit committee. The Benefits of Reviewing Your Internal Audit Process Read more…
ESG is becoming a significant topic in the investing and corporate world and for a good reason. But what does ESG entail? How is it different from sustainability and Corporate Social Responsibility (CSR)? And in what ways is it valuable and material to my company? What is ESG and What Does it Stand For? ESG Read more…
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. January 10 Individuals: Reporting December 2022 tip income of $20 or more to employers (Form 4070). January 17 Individuals: Paying the fourth installment of 2022 estimated taxes, if Read more…
As companies grow their operations, finance and accounting outsourcing provides a cost-effective way to optimize their financial management while obtaining business insights that go beyond the information available from basic accounting. Outsourced Finance and Accounting Services and Benefits An outsourced finance and accounting team provides the organization with a range of financial management and compliance Read more…
As the world evolves and the B Corp movement grows (both in size and strength), its standards must also progress to ensure B Corps are making meaningful impacts towards an equitable and regenerative economy. At the end of 2020, B Lab announced their standards (also called performance requirements) were undergoing a review. Now that the Read more…
There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for the previous year in the current year and still deduct them from your previous year’s tax return. When bonuses meet certain requirements businesses can claim a Read more…
Can you imagine a CEO of a fast-paced, growing company getting up before dawn to pay bills and keep the family accounting straight? Are you wondering if the insurance might lapse or if the lights could go out unexpectedly? It was reported in a Harvard Business School study that “CEOs are always on, and there Read more…
Sensiba LLP joins a new partnership network aimed at helping companies measure and eliminate their carbon emissions. Sensiba LLP, an accounting and business-consulting firm, is pleased to announce a partnership with Climate Neutral (a.k.a. the Change Climate Project as of 2023), a mission-driven nonprofit organization working with brands and consumers to measure and eliminate carbon Read more…
A common mistake many high-net-worth individuals and families make is failing to treat their family’s financial affairs as a business entity in their own right. Managing the business of the family’s assets is a critical practice that demands the same rigor applied to their underlying business activities. Benefits of Setting Up a Family Office An Read more…
Corporate responsibility is a growing priority and has significantly increased in importance to consumers, investors, and other key stakeholders for both public and private companies. This emerging cultural movement concerning Environmental, Social, and Governance (ESG) metrics from corporations has caused an exponential increase in the number of ESG reports conducted by companies across all sectors. Read more…
Managing your company’s finances isn’t always easy. Things were probably a lot simpler in the early days of your business. The financial responsibilities were, and maybe still are, handled by a single person in your business. But as your business grows, your accounting needs grow with it. Expecting one person or a small department to Read more…
A company’s first financial statement audit can be an administrative challenge. Still, effective planning and implementation tools such as BlackLine can help streamline the process, improve internal controls, and potentially reduce audit fees. BlackLine’s MAP Framework BlackLine and its Modern Accounting Playbook (MAP) framework help growing and mid-sized companies optimize and automate key aspects of Read more…
Section 179 allows businesses to take a deduction for the full purchase price of qualifying equipment, vehicles, and/or software purchased in that tax year. This deduction is beneficial to businesses as it can help lower their current year tax liability. Below are answers to some of the most frequently asked questions about the tax deduction. Read more…
We live in an age of convenience —a time when just about anything can be ordered online and delivered straight to your doorstep. As more consumers choose the convenience of online outlets over in-store retailers, manufacturers are flocking toward selling their products on an easy-to-use online platform. Aside from ditching the storefront, there are some Read more…
In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value measurements.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives, and intangible assets acquired in a business combination. Though it may better align your company’s financial statements with today’s Read more…