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…
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…
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…
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…
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…
The IRS warns employers to be careful when engaging with companies claiming to help secure Employee Retention Credits (ERC). ERC Mills Companies the IRS deems “ERC mills” are advising employers to make claims based on extremely questionable qualifications. These bad actors often inform employers they qualify for the credit with little or no information regarding Read more…
Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). However, the income-tax-basis format can save time and money for some private companies. Comparing GAAP vs. tax-basis is essential for a company’s success. Here’s information to help you choose the financial reporting framework that will suit your situation. The Basics of Gaap and Read more…
Creating internal controls over financial reporting (ICFR) is mandated under the Sarbanes-Oxley Act (SOX). SOX internal controls provide important insights into the accuracy and presentation of a company’s financial position while serving as a valuable risk management tool. The Purpose of SOX and Who is Required to Follow the Standards Section 404 of the Sarbanes-Oxley Read more…
The past three to four years have wreaked havoc on supply chains. First came the imposition of stiff tariffs on foreign imports, then COVID-19 global supply bottlenecks, followed by labor and shipping container shortages, and the invasion of Ukraine. Does anyone remember that the Suez Canal was blocked for a hot minute? Input price volatility Read more…
Reviewed by: Elizabeth Houseman Outsourced accounting, or the practice of transferring accounting functions to a third-party provider, has increased in popularity due to world-shifting events like the pandemic and the Great Resignation. The reason for the change? As available resources diminish, more and more companies are moving to the cloud. Outsourced accounting is a cost-effective, Read more…
In today’s business landscape, more companies are opting for remote workers. While this can be a great way to save on office space and other overhead costs, there can be significant state income tax implications from having remote workers. Set Remote Work Policies As remote work thrives, consider creating policies around employee movement out of Read more…