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Preparing to implement the new Lease Accounting Standard - ASU 2016-02, Leases (Topic 842) The FASB’s lease accounting standard change, ASU 2016-02, Leases (Topic 842), presents dramatic changes to the balance sheets of lessees. With the effective dates quickly...
Benefits To Your Bottom Line: 10 Reasons to Outsource Your Accounting Function
Time is a precious commodity for every company and business owner with many looking to accomplish more with fewer resources. When coupled with increasingly complex tax laws, accounting standards, and regulatory requirements, many businesses have turned to outsourcing...
How to Create Cash Flow Projections and Profit & Loss Statements
When it comes to making cash flow projections, we’re all aware that it’s not an exact science. One of the main difficulties about accurately projecting cash flow has to do with timing. Examples include factoring in overhead such as payroll; lease or tax payments on...
Most Common Startup Mistakes (and How to Avoid Them)
As Small Business Week comes to an end, we reflect on the many stages of owning a small business. While there are many business successes, there are unfortunately many more business failures. Various factors, including the type of industry or the age of a business,...
Mark A. Schwartz Promoted to Partner in the Federal Assurance and Advisory Services Practice
McConnell & Jones LLP (MJ) has promoted Mark A. Schwartz to Partner in the firm’s Federal Assurance and Advisory Practice. Having joined our firm in 2016, Schwartz’s background includes specialized experience performing financial audit, advisory and compliance...
Eric Ernest, Employee Benefit Plan Audit and Compliance Partner, Invited to Present at Greater Washington Society of CPAs Conference
Employee Benefit Plan Assurance practice leader, Eric Ernest, CPA, is slated to present at the Greater Washington CPA Society’s (GWSCPA) 6th Annual Employee Benefit Plan Conference on May 9. Eric is joined by Adam Meehan, Partner representing the law firm of Smith...
How to Determine a Business’ Health by its Net Profit Margin
When it comes to figuring out a company's net profit margin, this calculation gives a business and its financial officers a much better picture of the company’s profitability. Defining Net Profit Margin Net profit margin determines the percentage of revenue that ends...
Three Tax Woes and How to Survive Them
The tax deadline is days away. But if you’re going to be late in filing, can’t pay all of what you owe, or have the fear that you might be audited, don’t panic! We’ve got you covered with some smart ways to handle these three, potentially scary scenarios. Late Filing...
Fraud and Internal Audit – Assurance Over Fraud Controls, Fundamental to Success
Every year billions of dollars are lost to fraud and corruption resulting in inefficiencies, aborted projects, financial challenges, and in extreme cases organizational failure. Often fraud occurs because of poorly designed controls and weak...
Accounting Today Ranks as A 2019 Top Accounting Firm
McConnell & Jones LLP (MJ) is ranked as a top accounting firm in the Southwest region of the United States in the 2019 Top 100 Firms, a special report issued by Accounting Today. The recognition highlights top performing accounting firms in the Southwest region of...
Common Finance Mistakes that Should be on you NonProfit’s Radar
Most nonprofits are understandably laser-focused on their mission which can cause critical matters to fall between the cracks. But if the finance function doesn’t receive the attention it deserves, your nonprofit will run the risk of IRS penalties, reputational damage...
Changes To The Determination Letter Program
Effective 1/1/2017 Internal Revenue Service (IRS) eliminated the staggered 5-year remedial amendment cycle for individually designed plans (IDP) on which auditors relied to verify the Plan’s tax qualified status. In lieu of the letters, on October 1st of each year IRS...
Understanding the Performance Metrics Within Your Financial Reports
Do you truly understand your company’s financial statement? Having a strong understanding the three components to your financial statements — the balance sheet, income statement and statement of cash flows — allows you to make wise business decisions. Balance Sheet...
Yes, Divorce Can Be Taxing and the Cost is Set to Rise in 2019
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at...
Consideration Of Non-Cash Contributions
Plan Sponsors may consider contributing non-cash assets into the Plan; typical non-cash contributions include corporate shares and real-estate assets. However, if you’re considering such contributions, be alert as they may trigger prohibited transactions under...