Business Wisdom Blog

Tuesday, 19 October 2021

Webinar | Cybersecurity at a Crossroads

Written by The Rehmann Team

Cybersecurity at a Crossroads When it comes to your organization's technology and security, you may be on the right track — you recognize that constant monitoring, testing, and updating of your organization’s defenses are critical — but technology is complex and evolving at a faster pace than most can keep up with. For many small- and medium-sized organizations, implementing foundational requirements like multi-factor authentication and performing cybersecurity assessments will make an impact, but that may not be enough. Did you know that every four years an organization can expect to get hit with a cyber incident? Are you driving your business forward with yesterday's technology and security at today's speed?..

Published in Cybersecurity
Tuesday, 12 October 2021

5 accounting questions contractors should ask when starting a new construction company

Written by Andy Rose CPA, CGMA, CCIFP | Robert Nagle CPA, CGMA

By Andy Rose CPA, CGMA, CCIFP &  Robert Nagle CPA, CGMA   When you're thinking about starting a construction company, it's vital to have a smart financial strategy in place, rooted in accounting basics. The right financial strategy will reduce your administrative duties, keeping them from overshadowing your customer relationships and ability to work in the field. And when you establish this strategy early in your company setup, you can leverage accounting basics to reduce cost, increase profitability, and minimize tax liabilities. Here are five important questions to ask yourself as you begin building your new business: #1: Will my choice of entity type support personal and business goals while helping me to save on taxes?..

Tuesday, 05 October 2021

How to handle healthcare organization risk management

Written by Don McAnelly, CPA/ABV, CGMA

By Don McAnelly, CPA/ABV, CGMA   In an increasingly complex and competitive industry, demands placed on healthcare administration are ever-growing, with risks seemingly around every corner. Legislation and regulations, operational and financial concerns – these issues can make it hard to remain aware of new risks while keeping your organization focused on its mission, strategy, and patient care. The impact of COVID-19 has further complicated this situation. How do you identify, prioritize, and evaluate risks to your healthcare organization?..

Published in Healthcare
Tuesday, 05 October 2021

Manage vendors, manage risk

Written by By James Carpp, CISA, CRISC, CIRM, CISM

By James Carpp, CISA, CRISC, CIRM, CISM   In 2014, retailer Target suffered hundreds of millions of dollars of damage because of a cyberattack. For almost three weeks during the busiest shopping time of the year, approximately 40 million credit and debit card numbers were covertly collected by hacker-installed malware as shoppers spent at Target. It all happened because an attack on one of Target’s heating and cooling contractors yielded Target network credentials. Target did not segment the contractor’s network access, so the hackers had the keys to the kingdom...

Published in Cybersecurity
Tuesday, 05 October 2021

Preparing for cyberattacks is good business

Written by James Carpp, CISA, CRISC, CIRM | Paul Kennedy, CISA, CISSP, CISM, | Mark Spaak, CISSP

By James Carpp, CISA, CRISC, CIRM, CISMPaul Kennedy, CISA, CISSPMark Spaak, CISSP   The 2021 data safety report by technology firm IBM and the Ponemon Institute, an organization seeking to advance responsible data use and privacy management, is eye opening in both favorable and unfavorable ways. On the positive side, fully deployed artificial intelligence (AI) solutions were shown to decrease data breach recovery costs by 56%. That piggybacks off the 2020 report, which showed clear value in implementing fundamental IT defenses like an incident response team, business continuity plans, encryption, and employee training, to name a few. Taken together, it’s clear a well-rounded, comprehensive IT defense program delivers organizational value...

Published in Cybersecurity
Thursday, 30 September 2021

AICPA finalizes auditing standard on risk assessment

Written by Thomson Rueters

Abstract: Auditors use risk assessment to determine the nature and scope of confirmation, testing, inquiry and analytical procedures that are appropriate during a company’s external audit. This article highlights key provisions of recently finalized audit standards on risk assessment that aim to improve audit quality. The final standard is expected to come out in October and go into effect for periods on or after December 15, 2023. In recent years, the business environment has changed dramatically...

Published in Audit & Assurance
Thursday, 30 September 2021

Should your company buy or lease equipment purchases?

Written by Thomson Rueters

Abstract: Businesses periodically need to add equipment to grow their operations and replace outdated assets. When this need arises, business owners may ask their financial advisors whether it’s better to buy or lease those assets. There’s no universal “right” choice. And recent changes to the lease accounting and federal income tax rules have muddied the waters...

Published in Audit & Assurance
Thursday, 30 September 2021

Business combinations: How to allocate the purchase price

Written by Thomson Reuters

Abstract: In mergers and acquisitions, how you divvy up the selling price among acquired assets and liabilities can have important consequences after the deal closes. This article lists five steps required to allocate the purchase price to acquired assets (including goodwill and other identifiable intangibles) as well as liabilities under U.S. Generally Accepted Accounting Principles...

Published in Audit & Assurance
Wednesday, 29 September 2021

Following the Inflation Debate

Written by Broadridge, Inc.

During the 12 months ending in June 2021, consumer prices shot up 5.4%, the highest inflation rate since 2008.1 The annual increase in the Consumer Price Index for All Urban Consumers (CPI-U) — often called headline inflation — was due in part to the "base effect." This statistical term means the 12-month comparison was based on an unusual low point for prices in the second quarter of 2020, when consumer demand and inflation dropped after the onset of the pandemic...

Published in Wealth Management
Monday, 27 September 2021

Construction Companies: Goals for Successful Growth

Written by By John Skukalek, CPA, CGMA, Rehmann

By John Skukalek, CPA, CGMA, Rehmann   The work of construction companies is distinctive and complex, generally involving outside contractors in addition to a company’s own internal staff. That’s why ensuring that your internal team is aligned with one another—as well as with your outside partners—is fundamental to the business's success. To yield the best results, construction companies should keep the following key concepts in mind. Top talent Employers will reap the benefits when taking deliberate steps to recruit and retain individuals with strong skillsets...

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