Author: Jennifer Disharoon

Overcoming Confusion Regarding FAR Cost Principles

By Paul Calabrese, Principal It may surprise you, but even government agencies get confused when it comes to which cost principles apply to a commercial government contractor (GovCon) versus a nonprofit organization. Typically, GovCons obtain federal procurement contracts while nonprofits receive financial assistance awards as grants or cooperative agreements. So, what happens when the agency…

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Updated Management Responsibilities Under SAS 136

by Jennifer McCahill, CPA, Partner The implementation of SAS 136 is finally here. After being delayed an additional year during the pandemic, this new standard represents the first significant change to employee benefit plan audits in the past several years. For organizations subject to an audit of their retirement plan, below are several changes that…

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New Lease Standard: Practitioner Tips for Implementation of Topic 842

After helping numerous clients implement Accounting Standard Update (ASU) 2016-02, Leases (Topic 842), GRF’s team of audit specialists has compiled a list of tips, from their perspective as practitioners, to help organizations struggling with the new standard. Before considering the steps outlined below, it’s first helpful to understand the impact of Topic 842. Overview of…

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Tips & Tricks of the Month from Sage Intacct: Using Checklists

Need to keep track of your team’s tasks and progress? Check out Sage Intacct’s Checklist feature, which is available to all subscribers of Sage Intacct. Intacct’s Checklists, mentioned in the 2021 release highlights, offers a more efficient way to assign tasks, enabling you to track high-level activities and clearly see the status of all tasks…

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Nonprofits Should Prepare Now to Accept Cryptocurrency

By Omid Mohebbi, CPA, Audit Manager, GRF CPAs & Advisors (GRF) Over the past year, there has been exponential growth in both the volume of cryptocurrency (crypto) donations to nonprofits and the number of nonprofits accepting such donations, either as cryptocurrencies or as liquidation to cash at the time of donation. This growth has been…

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Sage Intacct Financial Planning & Analysis

By Luis Rivera Financial Planning & Analysis (FP&A) plays a vital part in an organization’s ability to create accurate budgets and forecast trends. Companies remain consistently valuable and profitable with meticulous attention to financial planning and cash flow management. Many companies recognize the need FP&A, but have not been able to fully integrate this function…

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5 Checklist Items for a More Effective Month End Process

By: Luis Rivera The end of the fiscal year is the most important closing period for most companies. To make this process smooth and efficient, organizations should have a well-planned month-end closing process in place. If done correctly, these closings can help your organization stay in good financial standing, as they allow you to track…

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Accounting Technology Tips and Tricks: Sage Intacct’s Collaborate

By: Luis Rivera Sage Intacct’s Collaborate is a tool already included within a Sage Intacct subscription. It allows you to share information and capture internal conversations within a record or transaction, so you can stay up to date in real-time. No more waiting on e-mail responses or sifting through your email history just to find…

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Tips for Easier Tax Filing in 2022

By Jennifer Galstad-Lee | Senior Manager, Tax The U.S. tax filing season is officially underway! The IRS has started accepting and processing income tax returns for the 2021 tax-year as of Monday, January 24, 2022. Filing Basics for Individuals Remember that most income is taxable. Be sure to keep records for income items, including: Forms…

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Moving Accounts Payable and Vendor Management Functions from Paper Trails to Information Superhighway

Another year has come to a close, and a new one starts. Trends and countless surveys are showing that forcing a return to 100% in-office work will not bode well for organizations. “The great resignation” is happening in part because talented team members know that they can find employee-first organizations who understand there’s no reason…

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