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Nearly every industry is preparing for the inevitable transition of baby boomer executives to retirement. Experts in nonprofit leadership transition predict nearly 80,000 executive directors will transition from their current roles by 2020. To break it down even further, more than 70 percent of nonprofit senior living CEOs are expected to retire in the next 10 years, according to a CFO Hotline report by Ziegler.
Not having a viable succession plan in place for key leadership can have a serious impact on an organization and its ability to sustainably function. A sudden or unexpected shift in leadership leads to great disruption for the organization, and many nonprofit boards simply fail to consider retirement planning.
This articles shares insights on why nonprofits must have a viable succession plan in place for their key leaders, especially in light of the mass exodus of baby boomers.
In this second of a two-part series, we’ll explore how you use the job-related records you’ve created.
Last month, we showed you how to start building a foundation for tracking jobs in QuickBooks. We explained that you can use the software’s jobs tools to track income and expenses for any related group of items and/or services (you can think of them as projects, if you prefer).
Now that you’ve recorded the items and jobs themselves, you can start using them in transactions, and eventually track your progress by generating reports.
Ever find your cash suddenly doesn’t balance with your bank statement in QuickBooks? Or your retained earnings balance has changed? One of the most common causes of these errors are when a transaction from a prior period has been changed in some way. It could be you found a check from two years ago is still outstanding and you don’t expect it to be cashed, so you delete it. Or, a check was duplicated last year, so you void it. Or, you recorded a transaction for the wrong amount.
This article explains a few examples of how your balances can change.
Every interaction with your customers can enhance your image. Here’s how QuickBooks Online contributes to that.
Getting paid by your customers—on time, and in full—can take some effort on your part. You set smart due dates and enforce them. Price your products and services so they’re both reasonable and profitable. Accept online payments.
But are your invoices working for you here? QuickBooks Online provides sales form templates that you can usually use without modifying. But it also offers tools that support multiple kinds of customization. It helps you shape the content and appearance of your invoices and their accompanying messages to be consistent with your company’s brand.
These may be cosmetic changes, but they can affect the way customers react to communications from you. You have few chances to make an impression, so anything you can do to enhance and personalize every interaction will have impact on their impression of you. Neat, well-designed sales forms convey professionalism and attention to details.
This articles explores what you can do.
The Tax Cuts and Jobs Act (TCJA) passed in December 2017 included a new 20-percent deduction for pass-through businesses, also known as the section 199A deduction or the deduction for qualified business income. Marvin and Company, P.C. recently held an in-person seminar addressing Section 199A and other tax reform topics. See our FAQ of what you need to know.
As you get ready to file your 2018 personal tax return, many of the provisions of The Tax Cuts and Jobs Act (TCJA) that was enacted late in 2017 will come into play. Tax reform is here! You’ve most likely read in the press about the SALT deduction limitations. You’ve also probably heard bits and pieces about AMT reform. However, you’re puzzled about what you’ve likely heard about people getting to reduce their income with a new 20% deduction because they’re self-employed! If you were concerned enough, you’ve worked with us to get a better feel about the legislation and asked us to prepare a tax projection for 2018, while exploring various planning options. In this article, I highlight some of the provisions of the TCJA and encourage you to work with your tax professionals to better understand the legislation and to take advantage of the planning opportunities that exist for many of our readers.
Sales tax is imposed upon retail sales of tangible personal property and taxable services in 45 states and the District of Columbia. Each state determines the circumstances under which a sales tax is imposed on the purchaser.
Purchases by nonprofit organizations are exempt in most of the states, if the tangible personal property or taxable services are used or consumed exclusively for the purposes for which the organization was established. The states usually require each legal entity to register as a nonprofit entity with the state to receive state tax-exempt status. Upon state authorization, the entity can provide a state-approved exemption certificate to its vendors in order to purchase goods and services without paying sales tax.
This article discusses the impact of Wayfair on nonprofits and provides action items on areas that nonprofit organizations should review to mitigate their risk of overpaying or under-collecting the sales tax.
Marvin and Company, P.C. makes a case for using data analytics to propel your business forward in 2019.
Are differences in work and communication style in the workplace among the different generations the cause of leadership/supervisory challenges or is it something else?
There have been a plethora of articles, seminars, webinars and discussions around millennials in the workplace and the challenges of managing and working with them due to their different work style.
When we talk about the importance of differences in the workplace, sometimes we forget about one of the most prominent dimensions—age. There are three main generations in our workforce currently, and we are on the brink of adding a fourth. Understanding how to relate to each is critical to successfully keeping them motivated and engaged in their work.
This article describes each generation and gives insight into properly addressing challenges.
Mergers can be a viable option to sustain a nonprofit organization’s mission and services to communities. Marvin and Company, P.C. explains how good leadership can result in a successful merger.