Accounting & Bookkeeping | Rea CPA
May 27, 2024
Article

Building Your Budget: Moving Forward & Putting It All Together

Welcome to the second installment of our Comprehensive Budget Series. Previously we explored the why, when, and how of budgeting. In this article, we’ll focus on the practical steps involved in building a budget that aligns with your goals and supports your organization’s financial health. We’ll discuss strategies for allocating resources, making informed decisions, and addressing challenges that may arise during the budgeting process. No matter what type and size business you’re managing, the principles and techniques covered here will help you create a budget that sets you on a path to success.
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Apr 29, 2024
Article

Navigating IRS 1099 TIN Mismatch Letters: What You Need to Know

The IRS has recently issued a series of 1099 TIN mismatch letters, also known as CP2100 and CP2100A notices for 2022 and 2023, indicating a ramp-up in enforcement and penalties related to 1099 filings. These notices can lead to significant compliance obligations, so understanding what they mean and how to respond is crucial for maintaining compliance and avoiding penalties. 
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Apr 29, 2024
Article

The GASB Approves Statement No. 103 on the Financial Reporting Model

In its April 2024 meeting, the Governmental Accounting Standards Board (GASB) approved the issuance of Statement No. 103 regarding changes to the financial reporting model.  The new standard will revise and build upon the requirements in GASB Statement No. 34. The full standard will ultimately be published on the GASB’s website.  Key changes in the … Continued
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Apr 17, 2024
Article

Understanding Net Asset Classifications: A Key to Financial Clarity

Not-for-profits play a vital role in addressing community needs, relying primarily on donor generosity. Effective financial management hinges on accurately tracking asset restrictions, which are critical for decision-making. This article outlines net asset classifications, highlights best practices for their management, identifies common challenges, and suggests resources for future guidance. 
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Feb 19, 2024
Article

The Future of QuickBooks: Getting Ahead of the Change

As of July 31, 2024, new subscribers can choose between QuickBooks Online (QBO) and QuickBooks Enterprise. Existing subscribers will still be able to renew their QuickBooks Desktop Pro and Premier subscriptions, but these options are no longer available to new subscribers. The biggest impact will be for new businesses or QuickBooks Desktop users without an active subscription. For several years, Intuit has poured its resources into enhancing QuickBooks Online, to make it more robust and user-friendly while adding new features.
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Apr 19, 2023
Article

From QuickBooks Desktop to QuickBooks Online: To Switch or Not to Switch?

Several changes are coming that may impact users of QuickBooks Desktop (QB Desktop).
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Dec 15, 2022
Article

Why Accounting is an Investment and Not a Cost

In my 30+ years in the industry, too often I’ve witnessed owners that treat the accounting and finance function of their business only as an expense or cost center.
Author
Mar 13, 2023
Blog

Do You Play By The (Capital Asset) Rules?

Do you have assets that continue to be used well beyond a single reporting period, such as land, land improvements, buildings, furniture and equipment, infrastructure and construction in progress? Then you have capital assets and special reporting requirements. Read on to learn more.
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Jan 4, 2023
Blog

What’s in the Mix: Profitability for Restaurants

Here are five tips to increase profitability and cut costs in your restaurant.