Enterprise Risk Management Supports Budgeting in Uncertain Times
Both the COVID-19 pandemic and the preceding great recession presented serious challenges for organizations eager to develop an annual budget and stick to it. In fact, many businesses and nonprofits alike found themselves with reduced revenue, additional expenses, and worst yet, no contingency plan. Without a crystal ball, the best any organization can do is…
Your Household Help May Allow You to Claim the Nanny Tax Credit
By Ryan Footer, Senior Accountant Introduction The COVID-19 pandemic introduced new hardships for American workers including record job losses, career changes, temporary jobs and remote work. The family home suddenly became both workplace and classroom, prompting more families to seek household help. For 2020 and 2021, the federal government implemented “nanny tax” credits to encourage…
Tips for Getting the Most from Attending Sage Transform
This post was originally published on the Sage Intacct Blog We are less than 4 months away from Sage Transform — formerly known as Sage Intacct Advantage. Sage has expanded its annual conference to include more of the Sage Medium Segment product portfolio! Whether you’re new to the annual customer and partner conference, or a long-time…
Nonprofit CFOs Should Peer Through the Lens of Futurism
This post was originally published on the Sage Intacct Blog When faced with a pandemic, the world shifted, changing long-held policies, social norms, and philanthropic practices that had been thought of as immovable — in many ways having a positive impact on the sector. How do we take that same spirit of change into the…
10 Tips for Sharing Nonprofit Financial Information with Any Audience
This post was originally published on the Sage Intacct Blog Financial reporting is a key work product of the nonprofit accounting team. Reporting delivers value in the areas of compliance, analysis, planning and strategy, and organizational transparency. Accurate, easy-to-understand reports and dashboards help instill confidence when you’re communicating with the Board and donors/funders. Recently, two…
Child Tax Credit Changes: Weigh the Benefits vs. Impact on Your Tax Liability
In March 2021, Congress enacted emergency legislation known as the American Rescue Plan Act (ARPA) to help individual taxpayers and small businesses weather the ongoing economic effects of the COVID-19 pandemic. Of the many noteworthy provisions included in the ARPA, perhaps no provision holds more significance to taxpayers with dependent children than the modifications made…
Update on Q3 and Q4 Tax Deadlines
With the first two quarters of the year behind us, filers should focus on a number of Q3 and Q4 tax deadlines. The lists below include important tax due dates for individuals, certain payroll tax due dates for employees and employers, and other key due dates for for-profit entities. While not all-inclusive, these are some…
Building a Business Case for AP Automation
This post was originally published on the Sage Intacct Blog Every year, North American businesses spend in the neighborhood of $187 billion on accounts payable (AP) processing. But innovative financial management tools are on the rise, and they come with lower costs and bigger payoffs. Top-performing companies are adopting solutions such as accounts payable automation (AP automation) to…
The Top 5 Obstacles Slowing Down Your Close
This post was originally published on the Sage Intacct Blog It’s 8 p.m. and your finance team is scrambling to close the books. They skipped dinner yet again to work on another round of last-minute reconciliations so they can tie out the balance sheet numbers. Closing the books at the end of a financial period…
Going Paperless: 7 Ways to Automate Your Nonprofit’s Finance Department
This post was originally published on the Sage Intacct Blog Paperless automation delivers many important benefits to nonprofit finance teams, from real-time financial visibility to increased efficiency to more accurate forecasting and planning. Cloud financial management systems enable multiple users to view and collaborate on data from anywhere, at any time. Financial automation can transform…