After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of policies.
Clear + Timely Financial Reporting
The Social Security Administration (SSA) has said it will restart its mismatch letter notification program to help reduce errors related to employees' Social Security Numbers (SSNs).
Establishing an effective internal control system is part of your fiduciary responsibility. Here's how your plan auditor can help.
Defined in the simplest terms, benchmarking is the process of identifying your company's strengths and weaknesses by comparing its performance metrics to those of similar companies. Here are a few of the ways it could change your business.
A new accounting standard could have a major impact on a business' banking relationship — and, in turn, its access to new capital. Business owners and CFOs need to take note, particularly when it comes to future purchasing decisions as well as accounting for existing leases.
The rumor is true: revenue recognition as we know it will soon undergo a major makeover. Although these changes won't officially take place until 2018, now is the time to prepare. Here are a few steps you can take to make sure you're ready.
It may be tempting to brush aside an audit of your employee benefit plan financial statements as "just another to-do item," but such nonchalance could prove exceptionally risky. After studies uncovered a relatively high level of deficiencies in these audits, the U.S. Department of Labor is cracking down—not necessarily on the auditors, but on those responsible for hiring them: the plan administrators.
Lead, Follow, or Get Out of the Way! When used correctly, medical practice KPI dashboards can help you lead discussions in management meetings, help you summarize and follow important metrics in your revenue cycle, and get unprofitable or inefficient operations out of your way.
Top 5 Daily Key Performance Indicators (KPIs) Medical Practices Should Monitor to Improve Financial Performance
A KPI dashboard allows you to easily monitor the financial performance, challenges and opportunities in your medical practice. Understanding your KPIs and comparing them to industry data enables your management team to adjust quickly and make better strategic decisions.
If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent certified public accountant. Employee benefit plan audits have unique audit and reporting requirements and are different from other financial audits.
The Challenges of Calculating Receivables For Medical Practices – A New Approach to Better, More Accurate Financial Statements
Accrual-based financial statements can be prepared for medical practices and, from a business point of view, it makes sense to do so. Even if the practice decides to stick with cash-based financial statements, they should consider this information when assessing the collectability of the receivables in order to capture a more accurate picture of their practice financials.
How does the financial and operational performance of your business compare to similar sized companies in your industry? What areas in your business are you better/worse than your peers? What are the current trends in your industry?
There are many times when I have a client call and say “I have a strong bottom line, but I don’t have the cash to pay taxes on it, or where is all my cash then?” Bottom line isn’t equivalent to cash flow, and there are a number of preventable deficiencies that you can address which can help stop your cash flow from going down the drain.
Have you received a notice for late filing of the 5500, but you believe you filed timely? If so, it is possible you are part of a group that the IRS has admitted to mistakenly assessing penalties and sending notices to.
AICPA has issued a new Financial Reporting Framework for Small-and Medium-Sized Entities that is designed to deliver financial statements that provide useful, relevant information to owners of private companies and other stakeholders in a simplified, consistent, cost-effective way. If GAAP is becoming too complex for your entity, this is something for you to consider.
In my previous post Fraud? Not At My Company! I discussed some of the surprising statistics and rationale behind even a trusted employees motivations for committing fraud. So, how can I prevent fraud? Nothing can be a 100% guarantee against fraud happening but the following are some ways...
Do you know how much profit you made on each of your jobs? How about on jobs-in-progress, are you on track with your estimate or not? How did you determine what to bid the job at – a gut feel or do you have historical job information so you know how much the various inputs costs, especially your labor burden and overhead costs?
Think your Company is safe from fraud? Think again. Do you trust your employees? Unfortunately, trust is not an internal control that will protect you from situations you aren’t personally attending to. Consider these statistics from the 2012 Report to the Nations done by the Association of Certified Fraud Examiners, Inc (ACFE).