The playbook on family

Posted by Jonathan Cook, Senior II, Tax Services on May 25, 2017

As any dealer will tell you, running a successful dealership is already challenging enough without managing the risk of family dramatics spilling over into the day-to-day operations. To get ahead of these types of risks, you must make the separation of business and family unmistakably clear. A formal, written family employment handbook is one way to do this.

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Topics: Auto, Accounting Tips, Tax, Audit

Getting your brand mix right

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

Adding or swapping a franchise requires due diligence

After several strong sales years in a row, some auto dealers are considering adding a franchise to expand their sales base.

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Topics: Auto, Accounting Tips, Tax, Audit

Make fringe benefits a symbiotic relationship

Posted by Jonathan Cook, Senior II, Tax Services on May 25, 2017

None of your competitors will shed a tear at your employee turnover rate. They want the most talented staff, and poaching your best becomes a lot easier if you have lacking fringe benefits that competitors can thrust into the limelight. According to the National Automobile Dealers Association (“NADA”), in 2016, there was a worrying overall turnover rate of 40% at dealerships. Even worse, the NADA reported that turnover among salespeople in 2016 was a daunting 72%.

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Topics: Auto, Accounting Tips, Tax, Audit

Is your dealership following these guidelines?

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

With so many rules to follow, the first step to ensuring compliance is to make sure that you’re aware of them. It is also suggested to create a compliance checklist for each of your transactions to guide the process while following the laws and best business practices.

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Topics: Auto, Accounting Tips, Tax, Audit

Why use qualified employee benefit plan auditors?

Posted by Dawn Möeder, CPA of England and Wales on May 2, 2017

The Employee Retirement Income Security Act of 1974 (ERISA) states, in short, that companies must have their annual benefit plan report (Form 5500) audited if you have 100 or more participants in your plan (Companies within the range of 80 to 120 employees have additional criteria to consider). It is the responsibility of the plan administrator to hire independent, qualified public accountants to perform the audit. Manufacturing companies may look to keep costs down by hiring a less experienced accountant. But you’ll want to pay now to save yourself later.

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

4 Ways to help stay on top of receivables

Imagine, someone in sales closing a massive deal. It’s a new customer with a huge, custom order. Great! The production team works under the tight deadline. The new client is pleased that everything is shipped on time and comes back looking spectacular. But wait, did you get paid?

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

Working with the generation gap

Posted by Dawn Möeder, CPA of England and Wales on May 2, 2017

With people retiring later and the next generation of employees graduating, it is currently possible to have five generations working together. What a thought! All generations have different ways of communicating. They hold different ideas about work and management. They are just different. All of these articles popping up on older generations and younger generations, and their negative ideas about the other, it’s going to lead to some tension. As a CEO or owner of the company, it’s your job to make sure that everyone is happy, or at least coexisting.

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Topics: Manufacturing & Distribution, Accounting Tips, Audit

Credit card use: Having a policy can thwart misuse

When it comes to fraud in any organization, credit cards are frequently a fraudster’s tool. Because the use of credit cards is so commonplace today, there’s always the risk of improper charges to your account. Credit card misuse could hurt your organization financially and jeopardize its reputation in the community.

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Topics: Accounting Tips, Not-for-Profit, Audit

The latest on occupational fraud: Who the perps are

Occupational fraud is an unfortunate reality for just about every employer, nonprofit organization or otherwise. But you might be able to reduce the risk of costly losses if you understand some of the common traits of fraud perpetrators. The 2016 Report to the Nations on Occupational Fraud and Abuse from the Association of Certified Fraud Examiners ("ACFE") provides some useful insights on these characteristics.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

News for Nonprofits

Posted by Maura Noonan, Supervising Senior on Feb 22, 2017

Is your next board chair prepared to lead?

Only half of board chairpersons are prepared for their leadership role when they take on the post, according to a recent survey by the Alliance for Nonprofit Management.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit