Internal Controls for Small Organizations
Internal controls are a must for an organization to maintain its integrity and safeguard its assets. The more people involved in the process, the less likely it is that an error or misappropriation will occur. Here are some ways to implement general internal controls in your small nonprofit’s accounting process: •Use only pre-numbered checks. •Use [...]
Internal Controls for Medium Organizations
There is no one system of internal controls that is a perfect fit for every nonprofit organization. The larger the organization, the more controls that need to be in place. Although each organization may operate differently, here are a number of common factors to be considered by any medium-sized nonprofit: • The internal control system [...]
3 Common Mistakes Small Businesses Make: Mistake #3
We’ve covered not saving receipts for purchases and mixing personal and business expenses, but correcting the last mistake can correct the other two as well. The third common mistake we find small business owners making is: Handling the bookkeeping on your own Now, it’s not that we think you can’t do it or aren’t capable [...]
Go Paperless for Nonprofit Success
Are you keeping paper files of every contribution received and transaction your nonprofit performs? If so, you are probably devoting a large amount of storage space and time filing all this paperwork which adds up to extra expense. Managing a paperless office is widely regarded as a crucial practice for many successful nonprofits. If disaster [...]
3 Common Mistakes Small Businesses Make: Mistake #2
The first mistake, not saving receipts for purchases, can really trip up a business when it comes to tax time and deductions. The second mistake can creep up on a business owner without them realizing the problems they are causing. The second common mistake we find business owners, especially small business owners, making is: Mixing [...]
990 Forms
With all the many 990 forms the IRS produces, it’s important that your nonprofit chooses the correct one. Here is a brief overview of each form. Form 990 Filed by organizations that have gross receipts greater than or equal to $200,000 or that have assets greater than or equal to $500,000 at the end of [...]
3 Common Mistakes Small Businesses Make: Mistake #1
Managing your finances is an integral part of your business.
New IRS Guidance for Nonprofits About Tax Treatment of Cell Phones Available
New Internal Revenue Service (IRS) guidance describes how employers can handle the cost of cell phones they provide to employees. The guidance, found in IRS Notice 2011-72 and the Sept. 14 memorandum to field examiners, “Interim Guidance on Reimbursement of Employee Personal Cell Phone Usage in light of Notice 2011-72,” also describes how to handle [...]
Time to Start Thinking About Taxes Again
You may have already filed your taxes for this year and consider it all a distant memory. But don’t close the books on your taxes yet. Now is a perfect time to do some small business accounting and tax planning for next year. If you found yourself writing a big check to the IRS, or [...]
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