Audit & Accounting Update: May 17, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

ASC 606 and certain transactions in collaborative arrangements
The FASB proposed guidance on whether certain transactions in collaborative arrangements should be accounted for under ASC 606.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Implementing the new revenue recognition standard in the manufacturing industry
Join RSM on May 23 at 2 p.m. ET as we share insights on implementing FASB ASC 606 in a manufacturing company.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Polish Your Image: Customize QuickBooks’ Forms

Polish Your Image: Customize QuickBooks’ Forms

The invoices and other forms you send to customers and vendors should reflect your company’s attention to detail, accuracy, and consistency.

Every opportunity you have to interact with your customers and vendors is critical. Whether it’s a phone call, an in-person connection, or an email, how you present yourself reveals a lot about you. Are you efficient? Friendly? Do you handle orders and problems and payment issues quickly and carefully?

Your accounting forms can also contribute to your image. They should always be:

  • Neat and attractive.
  • Easy to read, with the most important information displayed prominently.
  • Consistent with any graphics you use on other company materials.
  • Accurate, above all.

You might be able to use at least some of QuickBooks’ form templates as is, without any modifications. But couldn’t they be better? More visually appealing? Formatted to include only the fields that your business most often needs? QuickBooks contains the customization tools you need to make them so.

Improving What Exists

 

You can personalize your QuickBooks forms and make them consistent with any design themes your brand may use.

We’ll look at the modification options for an invoice, though, depending on what version of QuickBooks you’re using, you can also work with sales receipts, purchase orders, statements, estimates, sales orders, and credit memos. Start by opening the Lists menu and selecting Templates. Highlight Intuit Product Invoice in the list. Click the down arrow next to Templates in the lower left corner and choose Edit Template.

The above image displays part of the window that opens. Here, you can add a logo, change the color scheme, and change fonts for your company’s contact information and the labels that identify each field (like Bill To, Terms, and Quantity). The right pane of this window shows you what the form will look like as you make changes.

Nothing you’ve done so far will prevent you from using Intuit’s pre-printed forms. But when you click Additional Customization at the bottom of the screen, you’ll be warned that if you make modifications beyond this point, the forms may not print correctly. To be safe, click Make a Copy. You’ll be able to print this new version on plain paper.

Deeper Customization

The image below shows you part of the window that opens when you click on Additional Customization. The first two columns here are the most important; they let you specify the labeled fields that will appear on your invoices. When Header is the active column, you’ll be able to choose the content that will go at the top of your form, like Date, Invoice Number, and Terms.

Next to each default label, you’ll see boxes for Screen and Print. Click in these boxes to create or delete checkmarks; this will indicate whether each label will appear in the software itself and which will be printed for your customers to see. If you’d like to change the language QuickBooks uses to describe each, enter your preferred word or phrase in the Title column.

With the Header column highlighted, you can shape the appearance of the top section of your invoices.

Warning: As you’re checking and unchecking boxes, a dialog box may open telling you that your changes will cause some fields to overlap on your form. If you click the Default Layout button, QuickBooks will make automatic adjustments to fix this. Clicking Continue means you’ll have to use the software’s Layout Designer to make your own adjustments. This tool is not particularly intuitive, and it requires some design skills. If you must work with the Layout Designer, let us help.

When you click the Columns tab, you’ll see a list of the fields available for the main body of your invoices, like Description, Quantity, and Rate. This works similarly to how you just modified the Header, with one exception: You’ll be able to enter numbers in the Order column to specify the placement of each field. Here again, you’ll be able to watch a preview of your form change in the right pane.

If you want to start over, click the Default button to revert the form to its original state. When you’re done, click OK.

Neatness Counts

Whether you print and mail your forms or simply dispatch them electronically, we strongly encourage you to make them as professional and polished as you possibly can. Their appearance will enhance or detract from the image your customers and vendors have of your business. Let us know if we can help here. We’d be happy to help you learn about and implement the customization options that QuickBooks offers.

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

QuickBooks and QuickBooks ProAdvisor are registered trademarks and/or registered service marks of Intuit Inc.

Audit & Accounting Update: May 10, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

RSM whitepapers: Private companies and the new revenue guidance
Our whitepapers encourage private companies to consider the impact of ASC 606 and to start early in the implementation process.

Effective date reminder and updated whitepaper on ASU 2016-01
We recently updated our whitepaper on ASU 2016-01 to incorporate the clarifications brought forth by ASU 2018-03.

Staff interpretations of ASU 2017-12: Prepayable financial instruments
Recent FASB Staff interpretations address the scope of Accounting Standards Update 2017-12 for prepayable financial instruments.

Donor-advised funds: Accounting implications related to pledges
This article addresses the accounting implications related to a donor’s use of a donor-advised fund to service a pledge.

SEC

Cybersecurity risk management oversight tool
A recent CAQ tool provides questions board members can consider as they address cybersecurity risks and disclosures.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: May 2018

Tax Reform
Tax reform provides incentive for S corps to reexamine owner comp
Increasing wages to maximize 20 percent pass-through deduction must be reconciled with reasonable compensation rules. Under the Tax Cuts and Jobs Act (TCJA) enacted in December of 2017, a new deduction emerged for owners of pass-through businesses (such as S corporations) engaged in activities other than certain prohibited services.
Real estate investors: The impact of tax reform
What the new U.S. tax plan will mean for your bottom line and how it will affect investors. In this Privcap Q&A, RSM tax partner Don Susswein and senior manager Andrew Cohen discuss U.S. tax reform and how it will affect real estate investors.
Meals and entertainment expenses after tax reform
The deduction for meals and entertainment (M&E) expenses has been one of the most broadly applicable opportunities for significant tax savings; however, after tax reform, there are some misconceptions regarding how to apply the rules and what opportunities remain. Companies should review the tax treatment of their M&E expenses to comply with the changes of expenses to 0, 50 and 100 percent deductible.
Trending In Tax
U.S. Supreme Court hears arguments on Quill challenge
U.S. Supreme Court hears oral arguments on challenge to Quill’s sales tax physical presence nexus standard; decision expected in June.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Audit & Accounting Update: April 12, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

Proposed guidance: Certain cloud computing implementation activities
The FASB has proposed clarifications to the accounting for costs of certain cloud computing implementation activities.

SEC

Non-GAAP measures: A roadmap for audit committees
The Center for Audit Quality recently provided leading practices for audit committee oversight of non-GAAP measures.

FASB issues ASU 2018-04
The FASB removed from its Codification SAB Topic 5.M and certain guidance for public utility holding companies.

Upcoming Webcasts

Annual governmental accounting update – What’s new, what’s next?
Please join us on April 17 at 1 p.m. ET for the latest information on GASB standards, include those related to OPEB.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Non-Profit Update: March/April 2018

Nonprofit tax reform resource center
The recently enacted Tax Cuts and Jobs Act has produced widespread tax law changes for exempt organizations. Learn more about the latest updates in our resource center.

Important fringe benefit changes for exempt organizations
Certain fringe benefits now required to be included in exempt organizations’ unrelated business income subject to tax.

Planned giving strategies: The conversation that makes the difference
By discovering what matters most to the individual, nonprofits can uncover a donor’s passion and connection to the organization.

Annual nonprofit accounting update webcast
Join us on Thursday, April 19, for an informational session to discuss the latest accounting updates and issues that could affect nonprofit organizations.

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for non-profit organizations.

Tax Update: April 2018

Tax Reform
Re-evaluating your choice of entity after tax reform
This recorded webcast explores how tax reform impacts your entity structure from a federal, international, and state and local perspective.
Trending In Tax
South Dakota v. Wayfair: What to know and how to prepare
South Dakota v. Wayfair could have significant implications for the sales and use taxability and compliance of remote transactions.
Full expensing of stepped-up tax basis? It depends
Availability of full expensing for stepped-up basis in assets after an M&A transaction may depend on acquisition structure.
Tax Court rules family office activities as trade or business services
Lender Management, LLC versus Commissioner court case coupled with the 2017 Tax Act have family offices revisiting how they are structured.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Get Paid Faster Using QuickBooks

Get Paid Faster Using QuickBooks

Are your customers slow about paying their invoices? QuickBooks can help accelerate your receivables.

Your company’s cash flow depends largely on how quickly your customers pay the invoices you’ve sent. And if you’re like most small businesses, those checks tend to dribble in close to—and after—the due date. If you operate on a slim margin, this often means that you’re late at paying your own bills.

It’s essential, then, that you do what you can to get incoming revenue moving as quickly as possible. QuickBooks offers numerous ways to help you accomplish that critical goal.

Simplify the Payment Process

The single most effective step you can take to speed up customer remittances is to allow payment by credit card or electronic check. If you’re currently only accepting paper checks, you already know what problems that option can create, like mailing time, trips to the bank, and insufficient funds.

To establish this capability, you’ll have to sign up for a merchant account that will connect your bank to the financial institutions used by your customers. There are fees associated with this, and the initial setup will be unfamiliar to you. We can help with this.

Once you sign up for a merchant account, you’ll be able to accept payments from customers by credit card and bank transfer.

Having a merchant account will accelerate your receivables and improve your company’s cash flow, but it has other benefits, too. For example:

  • Your customers will appreciate the convenience, and may even be more likely to make a purchase.
  • In 2018, customers and prospects expect to be able to pay for items and services electronically. Not allowing this affects their perception of you as a forward-thinking, progressive business.
  • You’ll save time, which translates to money. Instead of chasing payments, you can be working on ways to meet your goals and help your company grow.

Always Know Where You Stand

If you’re conscientious about keeping your records and transactions updated, you’ll always have access to the most current data about your company’s financial status. You’ll be able to answer questions from customers and vendors quickly and accurately, and your daily accounting tasks will be much easier to accomplish.

There’s another benefit, though: reports. One of the five best things about QuickBooks is its ability to create dozens of reports using pre-formatted templates. You only have to choose the one you want to see, and the software will display it using your company’s data. You also have the option to customize these reports extensively, so they contain the exact cross section of data that you want to see.

 

QuickBooks contains dozens of templates for pre-formatted reports that you can customize and create very quickly.

You can see in the image above that several of QuickBooks’ reports are focused specifically on the status of your customers’ invoices and payments. We strongly recommend that you run these reports regularly. The more you know about who is behind and by how much, the more targeted your collections efforts will be.

You’ll also notice that there’s a category of reports called Accountant and Taxes. You can certainly create these yourself, but some, like Trial Balance, will be unfamiliar to you. There are others listed under Company & Financial that are quite complex, but quite important. We’d be happy to analyze these for you on a regular basis (monthly or quarterly) and provide insight that will help you make better business decisions.

Remind Late Payers

There are all kinds of reasons why customers pay invoices late. Their bills may have been lost in the mail. They may have ordered so much that they’re confused about which invoices haven’t been paid. And they may just be low on funds.

You can’t do much about the latter reason, but QuickBooks provides a way for you to update customers about their past due payments: statements.

Sometimes, customers just need a full accounting of what they owe in the form of a statement.

It’s not difficult to follow QuickBooks’ customization options for statements, but we’re here to help if you run into difficulties. In fact, we’d be happy to sit down with you and talk about these as well as other options for improving your company’s cash flow. It’s a multi-faceted problem with many solutions; we can go over the options with you. Contact us now to work on making the rest of 2018 more profitable.

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

QuickBooks and QuickBooks ProAdvisor are registered trademarks and/or registered service marks of Intuit Inc.

Employee Benefits Update April/May 2018

This issue’s topics include:

Tax Cuts and Jobs Act gives ― and takes away

While early drafts of the Tax Cuts and Jobs Act proposed significant changes to qualified retirement plans, the version that passed has minimal impact on them. However, the Tax Cuts and Jobs Act (TCJA) did make some notable adjustments to the tax treatment of other types of employee compensation and benefits, for both employers and employees. Here’s a closer look at how corporate compensation and family and medical leave tax incentives are affected. A short sidebar discusses the TCJA’s impact on employee achievement awards, moving expenses and transportation fringe benefits.

Read More

Green Tax Reform Binder with information on the Tax Cuts and Jobs Act of 2017

Cash balance plans growing at a double-digit clip

The hybrid pension design known as the cash balance plan is on a roll. An analysis of the most recent IRS Form 5500 filings available reveals a 17% jump in the number of cash balance plans in 2015, while 401(k) plan formation growth was a meager 3%. This article examines which businesses may be interested in this type of plan.

Read More

Interpretation or statutory violation?

Why it matters when deciding remedies
Do ERISA plan participants who believe a plan has treated them unjustly have to exhaust their administrative remedies before filing an action in court? Last year, the U.S. Sixth Circuit Court of Appeals joined all but two other circuits in finding that plan participants don’t have to do so. This article examines the split between the circuits and the Sixth Circuit’s conclusion.
Hitchcock, et al. v. Cumberland Univ., et al., No. 16-5942 (6th Cir. 2017).

Read More

DOL increases scrutiny of defined benefit plans

Defined benefit plan sponsors might be facing tighter scrutiny from the U.S. Department of Labor (DOL). Last year the DOL’s Employee Benefits Security Administration ramped up pension audit operations in its Philadelphia office, and later decided to do so elsewhere, the agency announced at an ERISA Advisory Council meeting. This short article highlights what the DOL is focusing on in their audits.

Read More

Compliance alert

This feature lists a few key tax reporting deadlines for April and May.

Read More

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our Employee Benefit Plan Services, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

LinkedIn button to join Insero's Employee Benefit Plan Resources Group on LinkedIn

Insero Named a Rochester Metro Area 2018 Top Workplace

Insero & Co. CPAs has been awarded a 2018 Top Workplaces honor by the Rochester Democrat and Chronicle. The firm, headquartered in downtown Rochester, has been one of the top five companies in the small business category each of the last five years, and is the only accounting firm to have been named to the list every year since inception. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution and connection, just to name a few.

2018 Top Workplaces Logo, 5 Year Winners 2014 - 2018 by D&C Digital, part of the USA Today Network

“Top Workplaces is more than just recognition,” said Doug Claffey, CEO of Energage. “Our research shows organizations that earn the award attract better talent, experience lower turnover, and are better equipped to deliver bottom-line results. Their leaders prioritize and carefully craft a healthy workplace culture that supports employee engagement.”

“We are thrilled to receive this honor for the fifth year in a row,” said David Mandrycky, Director of Human Resources at Insero. “Our people are our most important asset and our client service success can be directly attributable to our team. It takes a commitment from everyone to foster the type of environment where people are fulfilled and excited to come to work each day. We owe many thanks to our entire team for upholding this focus and making Insero such a great place to work.”

Insero currently employs 130 professionals in five locations including Rochester, Ithaca, Corning, Cortland and Watkins Glen. The firm has repeatedly been recognized nationally as one of the Best Accounting Firms to Work for by Accounting Today and Best Companies Group and was also named to the inaugural list of Best Places to Work for Millennials.

“Becoming a Top Workplace isn’t something organizations can buy,” Claffey said. “It’s an achievement organizations have worked for and a distinction that gives them a competitive advantage. It’s a big deal.”

About Insero & Co. CPAs

Rochester-based Insero & Co. CPAs is an accounting and business advisory practice with five locations serving New York state. A full-service public accounting firm, Insero provides attest, tax and consulting services to government agencies, colleges and universities, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services and real estate. For more information, visit www.inserocpa.com/career.

About Energage, LLC

Headquartered in Exton, Pa., Energage (formerly known as WorkplaceDynamics) is a leading provider of technology-based employee engagement tools that help leaders to unlock potential, inspire performance, and achieve amazing results within their organizations. The research partner behind the Top Workplaces program, Energage has surveyed more than 47,000 organizations representing well over 16 million employees in the United States.

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