Archives: Insights
May 8, 2024
Article
How AI Can Transform Operations in Not-for-Profit Organizations
Efficiency and efficacy are necessities for survival and growth in not-for-profit organizations. As technology advances, artificial intelligence (AI) emerges as a powerful ally in enhancing these aspects. Not-for-profits, often strapped for resources, stand to gain significantly from integrating AI into their workflows.
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.
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
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.
Apr 16, 2024
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 20, 2024
Article
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.
Mar 19, 2024
Article
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.
Mar 7, 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.
May 3, 2024
Events
Mastering Ohio Medicaid School Program: Insights and Strategies for School District Professionals
Are you a treasurer or special education professional looking to further your understanding of compliance with the Ohio Medicaid School Program (MSP)? Look no further! Rea & Associates invites you to a comprehensive event tailored just for you.
Mar 26, 2024
PR
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.”