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Business Wisdom Blog

Monday, 30 June 2014

What is a critical vendor? It depends ...

Written by Rehmann Team

Recently, the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC) and Federal Reserve have issued updated rules requiring financial institutions to increase their oversight of third-party vendors by determining risks, conducting on-site visits, carefully structuring and reviewing contracts, and remembering that, ultimately, responsibility for third-party failures rests firmly with the bank. This includes failures by other parties with whom the third-party might contract, making due diligence research on a vendor more important than ever. Specifically, OCC guidance on third-party vendor relationships notes that community banks should adopt risk management practices that align with the risk profile and complexity of the third-party relationships, especially those that are involved in critical activities. What qualifies as a “critical activity”?..

Let’s face it: running a business can be stressful. How stressful? A survey conducted by Small Business Owner Report found that for small business owners the stress of running a company can dwarf that of managing personal finances, maintaining a healthy marriage or even raising children. One way to manage that stress is with a vacation, long-recognized as an effective stress-reliever...

Published in Business Consulting
Friday, 27 June 2014

June 2014 Risk Report

Written by Rehmann Team

Rehmann Corporate Investigative Services (CIS) compiles Risk Report to help raise your awareness of the risks facing you and your company today – from fraud to malware and more. If you would like to learn more about protecting yourself against these threats, we can help: call us today at 248.267.8445...

Tuesday, 24 June 2014

Summer Travel: Tips for Saving Money and Possibly Taxes

Written by Thomson Reuters

Are you planning a vacation this summer? Two-thirds of Americans have at least one leisure trip planned this summer, according to a recent poll by Harris Interactive, a Nielson Company. That's 2 percentage points higher than last year's poll and 6 points higher than 2012. AAA expects 2014 to be the busiest travel season since 2000, thanks to economic improvement and pent-up demand...

Published in Tax
Tuesday, 24 June 2014

Better Budgeting Means Better Business

Written by Thomson Reuters

Effective budgeting requires knowledge of the technical aspects of the construction industry — as well as experience with projections, job costing, bonding and a host of related financial matters. Before awarding credit, lenders demand detailed budgets, including cash flow forecasts. They want realistic projections, not unfounded profit and revenue estimates. Cash flow projections are an important element for lenders because they show how you plan to repay the money...

Monday, 23 June 2014

IRS Streamlines Applications for Tax-Exempt Status

Written by Thomson Reuters

It should be easier for certain not-for-profit organizations to apply for tax-exempt status starting this year.   The IRS recently released a draft of Form 1023-EZ - Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code.The form is only two pages long and is far less burdensome than the standard Form 1023. But it may be used only by not-for-profits that meet specific requirements...

Published in Not-for-Profit
Thursday, 19 June 2014

Monitoring Your Practice’s Vital Signs

Written by Gary Borucki, CPA, CHBC

When you visit your doctor for a routine physical, you know the drill will include a check of your weight, height, blood pressure, heart rate, respiration and temperature. The vital signs tell your doctor something about your overall health and perhaps what to pay closer attention to during the rest of your exam. In the same way, periodically monitoring your dental practice's vital signs can help you better assess its financial well-being and whether there are areas that need improvement or even cry out for intensive care. In my line of work, I've found that too many practitioners make an assessment of their practice's economic well-being by looking at how much cash is in the checkbook...

Published in Dental
Wednesday, 18 June 2014

Work to Narrow Manufacturing Skills Gap

Written by Thomson Reuters

The numbers don't lie. Based on recent figures from the Bureau of Labor Statistics, U.S. manufacturers directly employ more than 12 million workers and create almost seven million jobs in related industries...

Published in Manufacturing
Tuesday, 17 June 2014

Personal Finance Tips for New Graduates

Written by Forefield

You've marched along to Pomp and Circumstance and collected your diploma--now you're ready to finally head out on your own. Maybe you have student loans that you need to start paying back. Perhaps you're looking forward to making your first car purchase or starting a new job. Whatever your situation, you'll definitely have new financial challenges you'll need to address and financial goals that you'll want to accomplish during this stage in your life...

Published in Wealth Management
Tuesday, 17 June 2014

What is Duration, and Why Should I Pay Attention to it?

Written by Forefield

The Federal Reserve's actions over the next year could be important to bond markets, particularly if and when the Fed decides to increase its target interest rate. Since bond prices typically move in the opposite direction from yields, rising bond yields will translate into a decline in bond prices. If you have bonds or bond mutual funds in your portfolio, you might want to pay attention to the duration of each one. Technically, a bond or bond fund's duration calculates the length of time it will take to receive the full true value of the investment; duration takes into account the present value of expected future payments of interest and principal...

Published in Wealth Management
Page 128 of 151

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