November 3, 2014: Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — decreased 2.3 points during October. The Purchasing Managers Index (PMI) Report is underwritten by the Manufacturing and Distribution Group of Smith & Howard, a top Atlanta CPA firm with a focus on serving manufacturing businesses, and is produced monthly by the Econometric Center at Kennesaw State University.
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Topics: distribution, Kennesaw State, manufacturing, PMI, Uncategorized
AICPA Brings Accounting and Review Standards Into the 21st Century
Posted by celliott on Oct 30, 2014 1:32:31 PM
The American Institute of Certified Public Accountants (AICPA) has issued Statement on Standards for Accounting and Review Services (SSARS) No. 21. This guidance will help financial statement users clarify whether they need their accountant to perform a compilation, prepare their financial statements or assist them in preparing their financial statements. This distinction is critical in a cloud-computing environment where internal management and external advisors often collaborate contemporaneously on financial recordkeeping.
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Topics: AICPA, Compilation Engagement, Prepared Financial Statements, SSARS, Uncategorized
Most companies take advantage of basic security measures such as data encryption and secure payment methods to protect against hackers. However, there is a lesser-known online security scam - typosquatting. All it takes is accidentally misspelling a company name when trying to find their website. Your borrowers may end up being unknowingly diverted to sites where they download malware. And poof, their personal information is stolen. As with any technology scam, education is key — so share this important information with your borrowers.
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Topics: Commercial Lenders, Security Risk, Typosquatting, Uncategorized
Small businesses are often considered high risk by banks. Even if they are thrifty and focused on core operations, it can be daunting when the owners' personal finances are heavily involved. Small businesses can be very uniquie, but that doesn't mean they can't learn from big-business practices.
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Topics: Commercial Lenders, Commerical Lenders, Small Business, Uncategorized
Coming Soon! Changes to the way borrowers report revenues
Posted by celliott on Oct 9, 2014 12:22:51 PM
In Sean Spitzer's recent article, "Prepare Now for Revenue Recognition Changes," he provides a clearer picture of the new standard (ASU No. 2014-09, Revenue from Contracts with Customers), describes the new standard's affect on certain industries and recommends next steps for planning. Below, we outline changes for your borrowers that you should be aware of.
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Topics: Commercial Lenders, FASB, Revenue, Revenue Recognition, Uncategorized
Every two years the Association of Certified Fraud Examiners (ACFE) conducts a fraud study, the Report to the Nations on Occupational Fraud and Abuse. A typical business loses 5% of their revenues to fraud. The median loss of revenue rose $5,000 from $140,000 to $145,000 from the 2012 study to the 2014 study. Discover which industries are the most fraud-prone and what questions you can ask yourself to better asses fraud risks for your borrowers.
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Topics: ACFE, Commercial Lenders, Fraud, Uncategorized
Effective October 1, IRS Notice 2014-57, 2014–2015 Special Per Diem Rates, updated the per diem rates that can be used for reimbursement of normal business expenses incurred while employees travel. In order to simplify recordkeeping, some employers elect to use these per diem rates (that are updated before the end of the federal government's fiscal year) established by the General Services Administration (GSA). Explore the background of per diem rates, what is covered and what is new for 2014-2015 with this update.
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Topics: Per Diem, Business Travel, Travel Expenses, Uncategorized
October 1, 2014: Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — decreased 4.5 points during September. The Purchasing Managers Index (PMI) Report is underwritten by the Manufacturing and Distribution Group of Smith & Howard, a top Atlanta CPA firm with a focus on serving manufacturing businesses, and is produced monthly by the Econometric Center at Kennesaw State University.
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Topics: distribution, manufacturing, PMI, Uncategorized
Here’s a quick list of the three things you should know about sales tax on services, provided by our Sales & Use Tax expert, Tim Howe:
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Topics: Sales and Use Tax, Compliance, Purchasing Activities, Services, Tax, Uncategorized
IRS Issues New (Draft) Instructions for the Affordable Care Act
Posted by celliott on Sep 26, 2014 3:09:26 PM
The Internal Revenue Service has issued new draft instructions, notices and a publication to help taxpayers deal with the Affordable Care Act.
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Topics: Tax Code, Accounting Today, Affordable Care Act, Michael Cohn, Uncategorized