They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them.
Not every project makes money for your firm. You can find ways to improve project and accounting management if you set a tone of openness to genuine feedback that will filter down to your project managers and other key employees. Here are some guidelines for success in this endeavor:
In the News
Thursday, May 5, 2022
It's no secret that manufacturing can be one of the loudest on-the-job environments. Over time, many workers suffer from hearing loss — and once the damage is done, they're at risk for other work-related injuries.
So, it's important for your company to adopt a preventive management program aimed at reducing the exposure workers have to noise.
Thursday, May 5, 2022
The jobs of nearly three-quarters of CFOs are impacted by expectations of how their companies should perform in the environmental, social and governance (ESG) realm, according to a recent survey by Deloitte Consulting. The emphasis on ESG matters is likely to continue.
So far, few companies have ESG performance metrics baked into their variable-pay plans. But that's likely to change. Regulators, including the Securities and Exchange Commission (SEC), are working on plans to mandate corporate disclosure of their performance based on ESG criteria. The challenge for the SEC and businesses is to develop disclosures that would offer meaningful insight into ESG "performance."
Thursday, May 5, 2022
In today's tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff. The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive with other employers, you'll need to be proactive in identifying candidates with the right fit at a reasonable cost.
Tuesday, April 19, 2022
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again!
In IRS audits and in court cases involving money-losing sidelines, the tax agency frequently argues the activities are hobbies, rather than businesses. Be aware that the federal income tax rules for hobby losses aren't in your favor. It can be difficult to prove an activity is a bona fide business. And now, due to a change included in the Tax Cuts and Jobs Act (TCJA), the rules are even less favorable for 2018 to 2025.
Tuesday, April 19, 2022
If your not-for-profit organization expects its board members to play a fundraising role, you probably already know how difficult it can be to motivate them. They're busy people, and even when they have excellent connections, they're not always comfortable asking those in their network for money — however noble the cause. Fortunately, there are ways you can help board members overcome their reservations.
Tuesday, April 19, 2022
There are nuances in providing valuations for virtually every type of business entity ranging from retail outlets to a manufacturing operation to a personal services firms. But valuations for hospitals and other organizations in the health care field are especially daunting.
Currently, hospitals face some unique challenges, including difficult economic conditions, increased competition and burdensome reporting requirements. In addition, the provisions in the healthcare law -- the Affordable Care Act (ACA) -- are kicking in, which is further complicating matters.
Tuesday, April 19, 2022
If your company is involved in a product recall, there are certain federal regulations that must be followed. But in addition to complying with the law, a well-handled recall can help ensure customers trust your company and its products in the future
As an example of a company that engages in good business practices, Nordstrom has been cited by the Consumer Product Safety Commission (CPSC). In one incident, a customer called Nordstrom to inquire about returning a sweatshirt because her child choked on the zipper pull. The retailer immediately notified all store managers by e-mail to pull the sweatshirts from the floor. A report was quickly filed with the CPSC via the Internet. Nordstrom also promptly announced to consumers the hazard and its offer to exchange the sweatshirt or provide a full refund using a press release, video news release, newspaper advertisements and in-store posters
Tuesday, April 19, 2022
Congratulations! Your son, daughter or grandchild has earned a college degree and is ready to join the workforce. But there's one last "quiz" for you to administer before your child leaves the nest. The decisions your child makes today about spending and saving can mean the difference between struggling for the rest of his or her life and building a solid financial future.
Here are seven questions to ask your child once the graduation parties end and the reality of becoming a full-fledged adult settles in.
Tuesday, April 5, 2022
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
April 18
