Associations are often set up and run as both nonprofit and tax-exempt organizations. The term “tax-exempt status” refers to an exemption from federal income taxes under the Internal Revenue Code. Nonprofit status relates to incorporation status under state law. First, let’s define the term “tax-exempt.” Most federal income taxes, as well as several state taxes, […]
While it is impossible to predict the exact economic impact of the worldwide COVID-19 pandemic, analysts believe that it will have significant negative consequences on the global economy. According to early projections, most major economies were expected to lose at least 2.9 percent of their GDP by 2020 if the virus became a worldwide pandemic. […]
Every business owner has to grasp balance sheets in order to keep track of their company’s financial health. Balance sheets, along with income and cash flow statements, give business owners the financial information they need to make informed decisions. At the end of an accounting period, a balance sheet shows a company’s assets, liabilities, and […]
Accountants tend to be perfectionists and often work long hours, which can lead to burnout. To prevent burnout, you need to take proactive steps by setting boundaries for yourself and not working so much. It’s essential that you also make sure your time at home is well spent with family and friends because these relationships […]
Accountants deal with many challenges that go beyond numbers and spreadsheets. You have to be a problem-solver, planner, and manage people. When you’re busy with so many different tasks at work, it can be challenging to take care of everything you need to do when time seems to be passing by. But there are a […]
Supply chain management is critical to a company’s success. The route from concept to the final product is a tough one with a lot of moving pieces. Increased sales are directly proportional to how successfully a corporation controls this process. We’ll go over what supply chain management is, why it’s so critical to have effective […]
Artificial intelligence, machine learning, cognitive systems, and data analytics are all influencing auditing practices. The rate of change is extraordinary, and for many, it’s easy to imagine a future audit that is entirely automated and free of human intervention. We don’t have to wait for tomorrow’s new technology to start revolutionizing audits. In fact, it […]
The accounting industry is changing rapidly and is not what it used to be. Today, accountants face many challenges in their daily lives, including the ever-increasing demand for technology and competition from other professions. Forecasting is a useful tool that helps businesses to predict and evaluate future sales patterns, giving them the data, they need […]
The accounting industry is changing rapidly and is not what it used to be. Today, accountants face many challenges in their daily lives, including the ever-increasing demand for technology and competition from other professions. It’s no longer enough to be good with numbers, and accountants need to adapt quickly or risk falling behind in an […]
It’s time for HR professionals to adopt a new strategy in a COVID-19 world when employee health is more essential than ever. HR professionals need to be attentive to the emotional state of their workers and intervene when necessary. They can be an integral part of creating a healthy company culture with the right tools […]
