Understanding Nonprofit Audits: A Beginners Guide
Audits are an independent assessment of your financial records and position. Under the ONCA, there is more flexibility for small nonprofits to waive the requirement for independent financial reports. Public benefit corporations that receive less than $500,000 a year can have a financial review engagement instead of an audit. Their labor costs for the entire […]
Executive Compensation
If your organization has limited resources and needs more guidance on nonprofit accounting services for nonprofit organizations payroll, you’ve come to the right place. In this article, we’ll guide you through what you need to know when filing payroll for your organization. Articles on Blue Avocado do not provide legal representation or legal advice and […]
Nonprofit Budgeting: Step-by-Step Guide + Free Template
Nonprofit budgeting follows a similar process, except you’re projecting revenue and expenses for your entire organization. One key to writing strong grant applications is being clear about how you’ll use the funding you’re requesting. This is also sometimes called a “broad scope budget” or an “annual budget” because it gives you a full picture of […]
Debits and Credits: In-Depth Explanation with Examples
You might think of D – E – A – L when recalling the accounts that are increased with a debit. After a few days of receiving the invoice for the rent, i.e., on April 7th, 2019, Mr. X makes the same payment. Desiree runs a tutoring business and is opening a new location. She […]
Mission, Vision & Values
A former law firm administrator and legal assistant, Annette spent 11 years with the Century City firm Greenberg, Glusker, Fields and Mactinger before earning her MBA at UCLA’s Anderson School. Annette is a profit law statement certified QuickBooks ProAdvisor and a Clio Certified Consultant. It matters because it shows investors, analysts, and business owners whether a […]
Bookkeeping for a Non-Profit: What You Need to Know
The selected program should be able to automate everyday tasks and minimize errors. FreshBooks accounting software accomplishes all of these tasks with ease and is an excellent choice depending on your needs. You should also hire a financial officer or a treasurer who knows how to do bookkeeping for a nonprofit and is familiar with […]
Non-profits Accounting #1 CPAs for NPOs, Churches FL
Whether you require basic bookkeeping for nonprofit organizations or comprehensive accounting support, our expert team ensures accuracy, efficiency, and exceptional value, helping you manage your finances with confidence and ease. Hiring a professional bookkeeper is beyond important for maintaining accurate financial records and freeing up your time to focus on other aspects of your business. […]
Consumer Packaged Goods CPG: What They Are, vs Durable Goods
One of the most challenging aspects of accounting for CPG brands is managing inventory. Unlike service-based businesses, CPG brands deal with tangible products that need to be tracked, stored, and shipped. Accurately managing inventory is critical for ensuring that you don’t run out of stock or tie up too much capital in excess inventory. In […]
Use Closing Entries to Wrap up Your Accounting Period
For example, closing an income summary involves transferring its balance to retained earnings. This crucial step ensures that financial records are accurate and up-to-date for the next period, making it easier to track the company’s performance over time. Instead, the basic closing step is to access an option in the software to close the reporting […]