For startup food, beauty, and natural product companies interested in outsourcing their manufacturing, choosing the best co-packer is a critical decision to impact their long-term success. Outsourced manufacturing — often referred to as co-packing, co-manufacturing, or contract manufacturing — can provide compelling benefits for companies, such as: However, maximizing these benefits depends on collaborating with Read more…
The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even more than those of public companies from this type of information. But it’s also important to understand Read more…
Recent supply shortages may cause unexpected problems for some businesses that use the last in, first out (LIFO) method for their inventory. Here’s an overview of what’s happening so you won’t be blindsided by the effects of so-called “LIFO liquidation.” Inventory reporting methods Retailers generally record inventory when it’s received and title transfers to the Read more…
While most people know they should consider estate planning, it’s a topic that often finds itself on the backburner. It is always a great time to start thinking about the future of your assets. To get you started, here is an overview of what an estate and trust plan can do for you. What Is Read more…
New Filing Requirement Alert! “Retail Delivery Fee” in Colorado Taking Effect for Retailers on July 1, 2022 Sellers in Colorado need to prepare to adjust their invoicing and checkout systems come July 1, 2022, to collect a new fee on Colorado transactions. The Retail Delivery Fee (RDF) is a $0.27 fee on each transaction of Read more…
Every financial transaction your company records generates non-financial information that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, non-financial data can also help them analyze your business from multiple angles. Gathering Audit Evidence An audit aims to determine whether your financial statements are “fairly Read more…
In a virtual family office, most professionals serving the family are not in a physical office, which means the family office team can be situated almost anywhere. Additionally, these virtual family offices can comprise employees, individual professionals, a remotely-based multi-family office, or any combination thereof. Depending on the complexity of its principals’ needs, a virtual Read more…
There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. Dividends received Read more…
One of the most important factors in determining the success and effectiveness of a family office is creating a structure that supports the family and its objectives. This is typically a personalized decision that addresses several factors, such as the family’s situation, goals, and relationships. It’s important for the family to decide what its office Read more…
You’ve heard the words in business circles —COSO, ERM, SOX, and COBIT. Looks like alphabet soup. But what do they mean? If you think these all relate to risk management, you are on the right track. The difference lies in their primary focus/objective and the methodology. Before we dig deeper into the different frameworks, let’s first define what risk management Read more…
Over the past decade, business owners have become quite privy to the dangers and signs of fraud schemes. While credit card alerts and vendor screenings have become almost second nature, business owners often overlook one of the most common sources of fraudulent activity — their employees. From high mortgage debts, climbing costs of living, budget Read more…
A 1031 exchange is a popular way to sell your real estate and exchange it for another piece of real estate without having to pay any tax. The tax deferral allows the taxpayer to invest more of their cash into a new property instead of the alternate scenario of paying taxes on the gain and Read more…
BlackLine’s account analysis template controls provide a powerful way to standardize the commenting and analysis procedures within your organization’s account reconciliation process. Adding account analysis template controls within your BlackLine reconciliation product adds a new section to whichever template you choose that displays the previous and current period balances, and provides a dedicated space where Read more…
Pleasanton, CA, May 1, 2022 – Sensiba, a leading CPA and business-consulting firm, is proud to announce the promotion of Justin Scripps to Partner effective May 1, 2022. Mr. Scripps joined Sensiba in 2010 as an Audit Associate and grew his career within Sensiba. He works extensively with the Firm’s construction and manufacturing & distribution Read more…