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Marvin & Co. Blog
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FASB ASU and Nonfinancial Assets: What Nonprofit Organizations Need to Know
The Financial Accounting Standards Board issued the ASU 2020-07 in September 2020. This topic was specifically targeted at nonprofit entities (Topic 958). It was supposed to increase transparency related to nonfinancial assets. Specifically, it asked nonprofits to provide more information about nonfinancial assets received and recognized by an entity.
So, why does ASU 2020-07 matter for nonprofits? There will be some reporting requirement changes related to disclosure for most entities. We address the highlights in this article.
How Technology & Culture Support Sustainability
Embracing technology, outsourcing key operations to specialists and improving organizational culture can all be a part of a nonprofit’s plan for sustainability. While it’s important to make plans, recent years have demonstrated how easily even the best-laid plans can go awry.
Use QuickBooks Online Effectively: 7 Best Practices
Here are seven ways you can be safe, compliant, and productive when you’re using QuickBooks Online.
In this article, we discuss general best practices for accounting, actions you can build into your QuickBooks Online work to make that time more productive and in line with what other successful businesses do.
IRS Extends More Retirement Plan Amendment Deadlines
The IRS announced on September 26, 2022, that it would extend the deadline for amending retirement plans or individual retirement arrangements (IRAs) to reflect coronavirus-related distributions (CRDs) and certain qualified disaster distributions.
Notice 2022-45 extends the deadline by three years, generally to December 31, 2025. The deadline extension also applies to retirement plans that allowed expanded participant plan loans during 2020.
Cybersecurity Best Practices for Your Organization
The Cybersecurity & Infrastructure Security Agency released a report detailing how MSPs and their customers should be protecting against cyber threats. As threats become more prevalent, it’s imperative organizations not only implement cybersecurity best practices, but also work with strategic advisors who value the same practices. In this article, we discuss 10 cybersecurity best practices that should be top of mind for your organization.
Know Where Your Money Is: QuickBooks’ Income Tracker
It’s more than just the balance in your bank account. Your company’s money can be hiding in numerous places.
If you’re a business that sends estimates and invoices customers, you’re probably used to now knowing where all of your money might be lurking at any given time. You may have revenue spread across several places in QuickBooks.
Tax Planning: Homeowner Energy Credits
The Inflation Reduction Act of 2022 modifies and extends both the nonbusiness energy property credit and the residential energy efficient property credit available to individual Homeowners.
Addressing Weaknesses in a Nonprofit’s Budget: Avoid These Common Mistakes in 2023
With 2023 fast approaching, nonprofits are starting their budgets for the new year. It is easy to put the budget on the back burner or simply use the same numbers as last year, but that approach is rarely effective. Instead, now is the perfect time to determine what is working for a nonprofit and what could use some work.
How to Give Your QuickBooks Online Forms a New Look
Your sales forms are a part of your company’s identity. Make them professional, personalized, and polished.
Your first impression of a business probably comes from a website or a mailing or an advertisement. The second might be from an invoice or sales receipt. What does it say about that company if its printed or digital sales forms are poorly designed or hard to read or just plain unattractive? Customers form opinions about you not only from the quality of your products or services, but also by the professionalism and aesthetics of your written communications.
QuickBooks Online provides the tools you need to make your sales forms appealing, understandable, and consistent.
