Outsourced Accounting, CFO & Audit Services

Update to Our PPP Loan Forgiveness Implementation Guide

The PPP Loan Program Evolution Continues As suspected back in May when Mercadien published its Paycheck Protection Program (PPP) Loan Forgiveness Implementation Guide, many rules have evolved and changed for both borrowers and lenders.  It has been several weeks since we published the original version of this guide.  Over these last several weeks, we have…

Read More

Coronavirus Resource Guide for Business Owners

There is an ever-evolving flood of information being made available in response to the COVID-19 pandemic – what it means for businesses, owners and employees, federal and state guidance, clarity on specific issues such as insurance coverage and contractual obligations, what your business can do to be prepared under various scenarios, and much more. To…

Read More

Nonprofit Grants & Contracts – It’s Time to Implement FASB ASU 2018-08

In June 2018, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2018-08, Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made. The update aims to minimize diversity in the classification of grants and contracts that exists under current guidance. Following are key considerations, as well as a flowchart…

Read More

Alert for All Employers! Be Aware of Substantial Changes in NJ Employment Laws!

The State of New Jersey has made numerous changes to the employment laws in the last two years. Businesses large and small, as well as nonprofit organizations and government entities in New Jersey will need to adapt to meet the new requirements and reduce their exposure to enforcement actions and lawsuits. The following list of…

Read More

Moving from “Great, an Audit” to a Great Audit

“Oh great, an audit!” When the word audit is seen or heard by most people working in any type of organization, it usually invokes a negative response.  They view the term as an unpleasant event that may be disruptive or unsettling to their normal course of business.  To add to the displeasure, audits generally are…

Read More

Internal Audit: When Outsourcing Should Be Considered

Expansion and growth present both excitement and challenges for a company. During such periods, new systems are introduced, processes are redesigned and refined, and employees are trained in the changes. Management may find that what worked before may not be effective or efficient anymore. These changes lead to an increased demand on the company’s internal…

Read More

Are You Ready… For The New Nonprofit ASUs?

In our August 2018 newsletter, we highlighted the four new accounting standards updates (ASU) that will impact nonprofits in the next few years. ASU 2016-14, Presentation of Financial Statements of Not-for-Profit (NFP) Entities, will be effective for years ending December 31, 2018 and June 30, 2019. So now the question is, are you ready? There…

Read More

NJ’s New Paid Sick Leave Act – A Summary

The New Jersey State Legislature passed a new Paid Sick Leave Act, that takes effect on Monday, October 29, 2018. Below we’ve summarized the highlights for you to ensure your business is in compliance with the new law. Who is affected? Anyone who employs another individual  When does the Act go into effect? Monday, October…

Read More

Employer 401(K) Plan Remittances – How Much Time & Risk Do You Have?

When an employer sponsors a defined contribution retirement plan, such as a 401(k), it is providing employees with a great opportunity to save for retirement.  In most cases, employees are allowed to defer a certain amount or percentage of their pay from each paycheck to contribute to the retirement plan. Although withholding and remittance of…

Read More

Is Your Payroll Service Provider Really Remitting Your Taxes?

At a recent client board meeting I was asked how an organization would know if their payroll service provider was remitting the payroll taxes on their behalf. In light of recent press coverage about a municipality and other organizations whose payroll service providers did not remit the payroll taxes, it got me thinking about how…

Read More