Category: CFO Services

U.S. Chamber of Commerce Names B2B CFO® among Nation’s Top 100 Small Businesses at the 2015 Small Business Summit

B2B CFO wins Dream Big Award

B2B CFO®’s Founder Jerry L. Mills brings top concerns of Small Business Owners and discusses Free Enterprise with members of Congress and Press B2B CFO®, the nation’s largest CFO and Exit Strategies firm for growth-oriented, privately held companies, was honored by the U.S. Chamber of Commerce with the prestigious Blue Ribbon Award. Selected from a… Read more »

IRS raises HSA levels for inflation

Taxes Road Sign With Arrow

In Rev. Proc 2015-30, released earlier this month, the service adjusted deductions for annual Health Savings Accounts (HSA) for 2016. “For calendar year 2016, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family… Read more »

Affordable Care Act – Key percentages updated for 2015

The IRS recently released Revenue Procedure 2014-37.  This pronouncement adjusts a number of provisions of the Affordable Care Act which are required to be indexed. The Applicable Percentage Table which is used to calculate an individual’s premium tax credit was adjusted as follows: Household income percentage of Federal poverty line: Initial percentage Final percentage Less… Read more »

Fraud Prevention and Internal Controls

In my last two blog installments, we reviewed how fraud and theft can impact smaller companies.  This week we will focus on payroll controls. Many of the same exposures inherent to paying vendors exist in payroll but they are often not segregated.  Concerns about confidentiality often lead to a concentration of payroll duties.  I strongly… Read more »

Fraud Prevention and Internal Controls

In my last installment, we reviewed how fraud and theft can impact smaller companies.  This week we will focus on vendor payments, company credit cards and expense reports. In the bill payment process, companies are vulnerable on multiple fronts: Purchasing or ordering should be segregated from approval of the charge.   Larger companies use purchase orders… Read more »

Fraud Prevention and Internal Controls

The topic of fraud has popped up on my radar a few times recently.  I attended a conference by Stephen Mann of Ossege, Combs & Mann, LLC on Financial Fraud and Internal Controls, and the CGMA recently published an article by Jeffrey Drew summarizing the “Report to the Nations on Occupational Fraud and Abuse” which… Read more »

Ohio’s Unemployment drops to 5.7% in April

There is quite a bit of political posturing going on in Ohio concerning the April drop in unemployment to 5.7%.  But the reality is that in one year, Ohio unemployment has dropped from 7.5% to 5.7%.  Yes, too much of the gain has come from those leaving the workforce and too many people are unemployed… Read more »

New Lease Accounting Rules

The Financial Accounting Standards Board has issued new rules related to accounting for leases. The rules take effect for public companies beginning 12/15/18 but will require some consistency in reporting so firms are changing to account for their leases in the new manner in 2017.  For non-public companies, the rules take effect 12/15/19. The rules… Read more »