An organization’s fiscal calendar is not set in stone, but it’s often treated like it is. Why? Because it’s extremely cumbersome to move it! And yet, circumstances may arise where an organization really has no other option but to move its fiscal year. A change may be strongly recommended by a trusted advisor, or even required due to major organizational changes.

There are many reasons why an organization could decide to shift a fiscal calendar, but the most common instances are to:

• Facilitate better budgeting and strategic planning
• Increase operational efficiency
• Align the company’s finances with business cycles
• Improve financial reporting
• Allow for easier tax planning
• Sync up with a parent company’s fiscal calendar
• Adhere to government or regulatory requirements
• Meet stakeholder requirements
• Reflect major organizational changes

Undoubtedly, when a business owner, financial leader, or executive team is considering making a fiscal year shift, there is a valid reason to do so because the headache that results is not worth undertaking without good reason! 

Over the last several years commercial insurance rates have been making the headlines of business news outlets in a way that has been difficult to read, and even more difficult to bear!

Why? U.S. commercial insurance rates rose 6.6% on average in Q4 of 2023 compared to the same period in the year prior with Commercial Auto, CMP/BOP (Commercial Multi-Peril/Business Owner’s Policy), General Liability, Commercial Property, and Excess Umbrella policies reflecting the highest price increases. According to analysts, the rise is primarily due to increased losses, higher court awards, and widening exposures.

A recent article from the global commercial insurance channel, Business Insurance, reveals that on top of these widespread price increases General Liability coverage is also getting more restrictive in response to state law changes. And while General Liability rate increases seem to be lower for insurance policy renewals (especially for multi-line policies), they are trending upward as well. The experts point out that given the current climate, businesses with a history of significant losses or greater risk exposure will likely face increased underwriting scrutiny and unfavorable pricing rates through 2024 and into 2025.
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So, what do these changes mean for your organization, and how should it respond? We’re here to help you understand how to view this topic through an accounting lens so your business can be better prepared financially! 

​Do nonprofit organizations need the same level of accounting support that for-profit entities do? Absolutely! Accounting and finance support is critical for nonprofits looking to receive funding because it increases their likelihood of both securing funding as well as utilizing that funding to drive organizational growth afterwards.
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Let’s explore the many ways in which accounting support can benefit nonprofit organizations looking for funding!

Accounting company vs CPA firm – what’s the difference? There’s a lot of confusion regarding this topic among non-accountants, so we’re going to answer it for you by breaking down the differences and explaining the similarities.

While they may sound similar (and some people may even use them interchangeably), an “accounting company” is distinctly different from a “CPA firm.” Often, the confusion results when people refer to a CPA firm as an “accounting firm,” which makes it sound very similar to an “accounting company.”
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So, how do they differ? The main differences are seen across credentials, regulations, services, and price.