Tag Archives: business support services

FASB’s New Standard Aims to Improve Nonprofits Financial Reporting

After more than three years of debate and revision, the 20-year old reporting model for nonprofits is being replaced with a new and improved Accounting Standards Update (ASU). ASU 2016-14 presentation of financial statements of not-for-profit entities calls for big changes in the way not-for-profits report financials. It will change the way all nonprofits classify net assets and prepare financial statements.
FASB (Financial Accounting Standards Board) believes that this update will improve the financial statements of nonprofits and will provide more useful information to donors, creditors, grantors and other financial statement users.

This article lists the top 3 changes in nonprofits financial reporting that will be effective for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.

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Tips for an Efficient & Successful Month-End Close for SMBs

The monthly financial close process is a daunting task for many small and medium businesses (SMBs), as it consumes many hours to double-check data and formulas, fix mistakes and consolidate multiple spreadsheets into a final set of financial reports. For many SMB’s, this process is all done manually which really extends the amount of time it takes. As a result, the chances of errors are relatively high which can result in severe consequences for an organization.

In this blog, we will highlight a few tips every SMB owner can follow to ensure an efficient and successful month-end close.

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