New accounting rules for leases goes into effect soon

The Financial Accounting Standards Board (FASB) sets the accounting rules for the United States.   A big change will be occurring that will affect almost all companies and not for profit organizations very soon. Historically, many leases were recorded as “operating leases” and the lease payments were expensed monthly and the lease terms were discussed in […]

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3 Best Practices for More Effective Budgeting

The budgeting process may seem tedious and time-consuming, but it’s important. A professional service firm’s budget is more than a financial document ­— it’s a roadmap that demonstrates goals, sets expectations and benchmarks, and guides decision making on critical issues related to billing rates, fees, distributions, resource allocation, financing and more. Continue reading as James […]

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Why Boards Should Watch CEO Expenses

Just last month the Indianapolis Business Journal reported that the former CEO of Hendricks Power Cooperative, in Avon, was sentenced to 33 months in prison for embezzling over $580,000 from the organization. The CEO had falsified his expense reports for six years, by fraudulently reporting personal expenses as business expenses. His fraudulent expense reports gained […]

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