Nicholas Pearlman’s Post

Streamline your nonprofit’s year-end audit and tax process with time-saving strategies to help reduce effort and increase efficiency. #Efficiency #Nonprofits #CLA #CLAPromise

#CurrentExpectedCreditLoss is an #accounting standard for recognizing impairment losses on #FinancialAssets issued by the . In our latest blog, #SSTCPA is highlighting updates that will impact #Nonprofit and #PrivatelyHeld organizations preparing reports for fiscal periods ending in 2023. https://lnkd.in/gs_ETb69

Optimising Compliance: ATO's Tips for Non-Profits on Self-Review Returns Navigating tax compliance just got easier for non-profit organisations (NFPs) with the latest advice from the Australian Taxation Office (ATO). Here’s a breakdown of actionable tips to streamline your self-review return process: 🔍 Prepare in Advance: Review and gather necessary information before calling ATO’s dedicated phone service to avoid interruptions. 📞 Effective Communication: Use ABN lookup to ensure accurate identification and have your organisation's ABN ready during the call. 📝 Verification Made Simple: Keep 'Our reference' numbers handy for quick verification, essential for smooth lodgement. 📅 Extended Deadlines: Take advantage of concessional due dates and explore payment plans if needed, ensuring financial flexibility. Stay compliant and proactive with ATO’s support tailored for NFPs. Learn more about these practical tips and ensure your organisation meets its tax obligations seamlessly. Your business deserves more than just a number cruncher. With Weft Accounting Sydney, you get a partner committed to your success. 🌟 If you're ready to simplify your tax processes and achieve greater financial clarity, let’s connect! 💬 The Weft - Accounting & Bookkeeping Services Sydney E-mail- info@theweft.com.au Phone- 0405-552-426 #ATO #NonProfit #TaxCompliance #FinancialManagement #BusinessTips

Wondering how modern non-profits and property managers are streamlining their financial operations? Read our new article to learn what's driving this evolution in financial services and why it matters for your growth → [https://lnkd.in/g-mn3z4s] #NonprofitManagement #PropertyManagement #CAS

Attention CPA Firms Are you an accounting firm seeking accounting support for an audit client? You know, that one client that had 40 journal entries last year. You don’t have to risk impairing your independence with our client accounting services. The firm will handle the complex accounting and allow you to focus on the audit. Schedule a consultation today and save valuable time. #CPA #corpus #accounting #texas #nonprofit #cpafirm

Not every nonprofit has the same budget or needs when it comes to a financial audit. From reviews to compilations, there are several audit alternatives that may be a better fit for your organization. Choosing the right option can help you: ✅ Meet donor and grantor expectations ✅ Ensure financial transparency ✅ Stay within your budget Learn more about the different options and what might work best for your nonprofit in this article: https://lnkd.in/gmF6_yEd #NonprofitFinance #NonProfitAccounting #NonprofitManagement #AssociationManagemgent

📢 Why Keeping Personal and Business Expenses Separate is essential At Bowdon Accounting Services, we want to emphasise the importance of separating personal and business expenses. This practice isn’t just good financial hygiene – it’s essential for your business’s growth and compliance. Here’s why: 🔹 Ensure Accurate Financial Reporting: When you mix personal expenses with business transactions, it becomes difficult to assess your business's true financial performance. Clear, accurate financial reporting is key for making informed decisions and strategic planning for growth. 🔹 Stay HMRC Compliant: Blurring the lines between personal and business expenses can lead to major tax issues. HMRC requires businesses to maintain proper records with clear distinctions. Mixing the two could result in costly penalties and even legal problems. 🔹 Boost Professionalism and Credibility: Separating your business and personal finances enhances your credibility with clients, partners, and investors. It reflects a well-organised and professional approach to running your business. 🔹 Simplify Your Accounting Process: Keeping expenses separate streamlines accounting and bookkeeping. It reduces the likelihood of errors, making it easier for your accountant to manage your financial records and file taxes efficiently. 🔹 Protect Your Personal Assets: Separation also provides legal protection. In the event of business liabilities or debts, maintaining distinct accounts ensures that your personal assets remain safeguarded. At Bowdon Accounting Services, we’re here to help you maintain clarity, compliance, and financial health. Want to learn more? Book a discovery call at https://zcal.co/i/fSLS0r60 to see how we can support your business. Visit our website for more details: www.bowdonaccounting.com #Accounting #BusinessFinance #TaxCompliance #SmallBusiness #BowdonAccountingServices #BusinessTips #UKBusiness #HMRCCompliance #FinancialHealth

Ever struggled to determine how to record grant funds in your accounting system? Or wondered how GAAP (the generally accepted accounting principles) require certain gifts to be recorded? These types of problems can be solved by implementing an income recognition policy for your organization. What all goes into this type of policy? A well-designed policy will cover: 🔹 Revenue Matching 🔹 Donations & Contributions 🔹 Grants & Contracts 🔹 Sales Revenue 🔹 In-Kind Contributions Luckily, your organization doesn’t need to start from scratch to develop this policy. We’ve created a template for you! 📥 Download Jitasa’s free income recognition policy template and take control of your nonprofit’s income accounting: https://bit.ly/4dy2mj0 #NonprofitFinance #IncomeRecognition #Transparency #FinancialManagement #NonprofitTemplates

There are special rules in place for taxpayers who make gifts of land and buildings to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There are also reliefs available where taxpayers sell a property to a charity for less than its market value. Tax relief may also be available if a lease is granted to a charity that is rent-free or below a market rent. #CGT #GiftsToCharities #Charities

CIPC beneficial ownership declarations are due 24 May 2024. CIPC to impose penalties for late submissions. This effects Pty's, CC's, Non-Profit Companies (Only if registered through CIPC and not NPO's / NGO's registered through the Department of Social Development). What is beneficial ownership? Who are the shareholders of a company or members of a Close Corporation / NPC ? The whole chain up to the individuals who hold the final interest, has to be declared. #accountants #secretarial https://lnkd.in/ddwvJjb