What is a Net Operating Loss (NOL) Carry Forward and Carry Back? A net operating loss (NOL) occurs when your deductions for the year are more than your gross income. An NOL year is the year in which an NOL occurs. You can use an NOL by deducting it from your income in another year Read more…
Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, individuals who itemize their federal tax deductions have been limited to a $10,000 deduction for state and local income taxes (“state taxes”). This has impacted taxpayers in high tax states such as California, New Jersey, and New York. California’s Elective Pass-Through Entity Read more…
Sensiba, one of the region’s top 20 accounting firms, announced today the expansion of its BlackLine implementation capabilities and the move from Alliances Partner to a BlackLine Gold Solution Provider. Together, Sensiba and BlackLine will help mid-market companies transform their existing finance and accounting (F&A) departments into true modern accounting organizations, with Sensiba adding BlackLine’s cloud-based financial close Read more…
Are you looking to have a business valuation or learn more about what they entail? We’ve got you covered. Below is our guide to business valuations: why you need them, what the process is like, what the benefits are, and how to get started. What is Business Valuation? A business valuation is a process used Read more…
With the generous tax benefits available to taxpayers investing capital gains in Opportunity Zones, real estate-focused businesses and investors should consider immediate action. The opportunity for long-term tax benefits combined with potentially significant returns from appreciated real estate appears unparalleled and, if properly structured and managed, could give rise to greater tax savings than traditional Read more…
What is Cryptocurrency? Cryptocurrency is a form of money available in a digital or electronic form, also known as a Digital Asset. The AICPA classifies cryptocurrency as a ‘Digital Asset,’ which it defines as “A digital record that is made for verification and security purposes. Digital assets are also referred to as cryptocurrencies, such as Read more…
After the crippling consequences of the COVID-19 pandemic in 2020, the manufacturing and construction industries have managed to get back on top in 2021. The 2022 trends for these industries are also favorable, indicating continued growth and recovery. Revenue growth in 2021 is projected to be approximately 6.5% and 6.9% for the manufacturing and construction Read more…
In a survey that asked 2,300 organizations about their month-end close, the bottom 25% needed 10+ days to finish, while the top 25% needed five days or less. So, where do you fit on that spectrum? No matter what position you occupy, every accountant wants (and probably needs) to improve the time and labor-intensive close Read more…
A couple of decades ago, most business owners would argue that social responsibility had little to do with the mission of a business. Today, however, we are witnessing a movement of companies using their corporate success as a tool for social and environmental change. One big indicator of this movement is an increase in companies Read more…
One of the more striking challenges for family offices is managing the plethora of advisors who serve the family but may provide conflicting or confusing advice. To address this issue, a family office should appoint a “quarterback” to help coordinate advisors to ensure their advice supports the family’s big-picture strategies. In addition, the right quarterback Read more…
What Is It Like Being Audited? Working with an auditor for the first time can be intimidating. Due to the nature of an independent auditor’s role, many people assume that they are solely out to find the mistakes and errors you’ve made. The reality is that the relationship is all about collaboration and joint problem Read more…
Here’s a simple question: Would you rather continue to manage accounts payable manually or put the whole process into an automated workflow? Considering the amount of time consumed by staff and other resources in the AP process, most companies should jump at the opportunity to automate. Fortunately, that’s never been more possible than now. Benefits Read more…
Sensiba ranked among top Accounting Firms for consistently earning industry-leading client satisfaction scores for six consecutive years Sensiba, a leading accounting and business consulting firm, is honored to announce its place among selected recipients of the Best of Accounting Diamond Award. ClearlyRated’s Best of Accounting Diamond Award recognizes organizations providing superior service to their clients Read more…
Along with providing an infusion of capital to a growing company, going public brings strict financial reporting and compliance requirements that must be in place well before the offering. To meet investor expectations for a timely closing and regulatory requirements to provide accurate disclosures, pre-IPO companies need to have the right people, processes, and technology Read more…
Private or smaller publicly traded companies that proactively employ internal controls over financial reporting benefit from the following: Formalizing or enhancing internal controls, like those expected of larger public companies, results in more reliable financial reporting and increases the credibility of management’s operations for bankers, investors, regulators, and other stakeholders. Providing reliable financial information enables Read more…
For breweries and wineries, Cash flow is a top concern today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. Best Practices for Positive Cash Flow 1. Read more…
Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to Read more…
You have worked hard to develop your business, and your efforts have paid off! Now you have a thriving business. You employ lots of employees, have a wider geographical reach, and have built relationships with lots of vendors. You have always been involved in every aspect of your business, but now it is too big for Read more…
Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options. Read more…