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BlackLine’s Smart Close and Alternatives for Streamlining Your Financial Processes

What is BlackLine Smart Close? BlackLine Smart Close is a module that enables a standardized and automated financial close and is embedded directly within SAP. BlackLine close management tools provide clear, real-time visibility into the finance team’s progress, improves controls and documentation, enhances overall accountability, often leading to shortened close cycles for organizations and greater Read more…

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5 Brewery Tax Saving Tips

Today, the combination of innovative flavors and unique branding has led to the success of the craft beer industry. With an ever-growing demand for more and more unique varieties, it’s no mystery why breweries are popping up nationwide. Whether breweries are established or just getting off the ground, brewers need to know what options there Read more…

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Hobby Loss Rule: Hobby vs. Business

So, you love your job. But did you know that combining business and pleasure could affect your tax deductions? While there are no laws against enjoying your profession, it is important to distinguish between business and recreation regarding your taxes. If your operation runs at a loss and you claim losses on your taxes, it Read more…

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Simple Steps for Setting Up a Family Office

Outlining your goals, setting a budget, and choosing the best technology are keys to establishing and running an effective family office. What is a Family Office? A family office is an organization that’s created to serve a variety of administration and management needs in a structured way for families. These responsibilities vary because each family’s Read more…

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The Pros and Cons of Interim Reporting

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…

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What You Need to Know About Virtual Family Offices

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…

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Creating an Effective Family Office Structure

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…

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The ABCs of Risk Management

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…

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Employee Fraud and Internal Controls

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…

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1031 Exchange Rundown: What you Need to Know

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…