Insights | Rea CPA - Part 2
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Apr 29, 2024
The GASB Approves Statement No. 103 on the Financial Reporting Model
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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
Understanding Net Asset Classifications: A Key to Financial Clarity
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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. 
Apr 16, 2024
Is Your IT System Ready to Support Your Growing Business?
Article

Is Your IT System Ready to Support Your Growing Business?

Think of IT as the engine that powers your business. A strong engine helps you run smoothly and efficiently. But if it's old, clunky, or underpowered, it can slow you down or even cause problems. So, how do you know if your IT is on the right track? Here are some signs it might be time for an IT checkup.
 
Mar 26, 2024
Rea & Associates Earns Accounting Today’s Top 100 CPA Firm List Honors
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Rea & Associates Earns Accounting Today’s Top 100 CPA Firm List Honors

“Consistently appearing in Accounting Today’s Top 100 List year after year is a tremendous honor for all of us here at Rea,” said Mark McKinley, CPA, Rea’s CEO. “As we look ahead, our focus stays on growth. We are committed to remaining a top firm for our employees to work for, while offering world-class service to our clients.”
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Mar 20, 2024
What is Phishing? Understanding and Protecting Against Cyber Threats
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What is Phishing? Understanding and Protecting Against Cyber Threats

Cybersecurity has become a necessary defense for all businesses and organizations. It can no longer be ignored. One of the most common and insidious threats we continue to face is phishing, likely because the bad actors are still successful at getting us to fall for their tricks. Let’s demystify phishing, providing you with practical tips to safeguard your digital life.
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Mar 19, 2024
Cultivating Excellence: A Blueprint for Vibrant Workplace Culture
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Cultivating Excellence: A Blueprint for Vibrant Workplace Culture

Fostering an incredibly positive and productive workplace culture may sound like a pipe dream in today’s business environment—but it has become a necessity if you want a company that grows successfully. Companies that excel in creating such environments don't just attract top talent; they retain them, ensuring sustained growth and innovation. But why is cultivating this culture so crucial, and how can your organization achieve it? Let’s dive in, focusing on tangible benefits and actionable strategies, navigating the complex terrain of employee engagement and organizational development.
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Mar 18, 2024
Streamlining Financial Reporting for Not-for-Profit Success
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Streamlining Financial Reporting for Not-for-Profit Success

Not-for-profits play a pivotal role in educating, inspiring, and benefiting communities globally, funded predominantly through the generosity of donors. The transparency and efficiency of financial reporting are essential, directly influencing the organization's capacity to serve and make a significant difference. This discussion delves into optimizing financial processes to amplify mission success, underscoring the direct link between financial stewardship and community impact.
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Mar 7, 2024
The Future of QuickBooks: Getting Ahead of the Change
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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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