Accounting Methods: Private Companies Have Options
Different companies have different financial reporting needs. Is your current accounting method a good fit, or is it time for a change?
As an executive leader, your passion is your mission; however, you likely seek ways to improve efficiencies and continuity in the delivery of your mission. That can be a challenge in a highly regulated industry. With operational costs on the rise and funding on the decline, you need to find a path toward achieving your financial objectives while meeting the increasing demand for full transparency.
For the past six decades, Lumsden McCormick has met the accounting needs of health and human service providers of all sizes. Our assurance, tax, and consulting teams work collaboratively to ensure that you reach your financial targets while remaining in full compliance of regulatory requirements for grant-receiving organizations. Our nonprofit professionals will help advise you in your work with private and public sector partners.
Our services to health and human services organizations include:
For more information about our accounting and consulting services for health and human services organizations, contact Jill Johnson or complete the form below.
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More