As we approach the halfway mark of one of the most unprecedented years in recent history, many businesses are operating under completely different financial circumstances than they were when they outlined their 2020 budget. As states begin to reopen, now is a critical time to reevaluate your budget and forecast for the remainder of the year and beyond.
On May 20, 2020, the Financial Accounting Standards Board (FASB) voted to implement a one-year delay on the effective date of its Revenue Recognition Standard (ASC 606) for all non-public entities that have not yet issued their financial statements. The decision was based on the financial challenges faced by private companies who are currently focused on surviving the coronavirus pandemic, with FASB stating, “they may not have the technology or resources to effectively implement the standard”.
The economic impact of the COVID-19 pandemic has forced business owners to reevaluate their operations and make difficult decisions on how to best move forward. Looking to your financial statements—your statement of cash flows, balance sheet, and income statement—can help you make rational, informed decisions during these tough times.
Now that we’re a few months into the new year, it’s a great time to evaluate how far along you are in achieving your business goals, and outline steps you can take in the months ahead.
If your company comes in over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward.
Autumn brings falling leaves and … the gridiron. Football teams—from high school to pro—are trying to put as many wins on the board as possible to make this season a special one.
Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task in the scope of a plan sponsor’s fiduciary duties, the Department of Labor (DOL) views non-compliance with remittance rules as a major issue, and missing deadlines for deposits—even by a couple of days—can carry significant penalties.
Employee benefit plans have their own set of complex laws and regulations. But did you know that even small plans can be subject to audits?
Generally, if you have 100 eligible participants in your plan at the start of the year, your plan will require an audit. Note that this number includes all participants who are eligible—not just those who are enrolled.
The Construction Financial Manager, or CFM, plays a vital role in the success of any construction company. In an industry where competition is high and margins are small, it's critical to monitor, report on, and make decisions around accurate financials.
Wondering if your CFM is contributing to your profitability? Here are 4 things a good CFM should be doing:
Many of our clients are turning to CRR for outsourced CFO services, to help them manage their finances and accelerate their growth. Hiring a part-time, or "fractional" Chief Financial Officer (CFO) gives smaller businesses access to a professional with years of experience and an outside perspective, while avoiding the high annual salary that a seasoned, full-time CFO would typically require.
A part-time CFO can help your company focus on they key financial elements that will take your business to the next level. Do you think a part-time CFO could benefit your business? Here are 7 key characteristics to look for during the hiring process:
