Why Cybersecurity Matters for Your Accounting Needs
In today’s interconnected world, financial data is a prime target for cybercriminals. Whether you’re an individual managing personal finances, a business processing credit card transactions, or a company collaborating with an accounting firm, safeguarding your financial information is crucial. A cyberattack on your financial records can lead to identity theft, fraud, and significant financial losses….
Read ArticleDecoding Retained Earnings: What Your Profits (or Losses) Reveal
While the term “retained earnings” might sound like something only accountants care about, it’s actually one of the most important indicators of a company’s financial health. In simple terms, retained earnings are the profits a company keeps, rather than distributing them to shareholders as dividends. Think of them as the company’s savings—funds that are reinvested…
Read ArticleFVT-GE Reporting: Where Do We Stand?
The uncertainty surrounding the Financial Value Transparency and Gainful Employment (FVT-GE) reporting requirement continues. The original reporting deadline of January 15, 2025, has passed, yet institutions remain in limbo as the Department of Education (ED) has not issued further guidance on extensions or changes. Whether due to an oversight or deliberate delay, this silence leaves…
Read ArticleA Proactive Approach to Compliance
Navigating the complex landscape of higher education compliance can be daunting. However, with a proactive approach, institutions can significantly reduce the stress and potential risks associated with audits. By conducting thorough internal reviews and addressing potential issues before they escalate, institutions can streamline the audit process and maintain a strong reputation. The Benefits of Proactive…
Read ArticleCommon Bookkeeping Mistakes to Avoid: Insights from an Accounting Firm
As a small business owner, keeping your books accurate and up-to-date is critical for financial health, tax compliance, and overall success. However, many businesses struggle with bookkeeping and may make mistakes that lead to bigger financial issues down the road. At LSA CPA, we’ve seen firsthand how seemingly small errors can snowball into costly problems….
Read ArticleSpotting Financial Red Flags in Your Business
In today’s ever-evolving business landscape, financial stability is more crucial than ever. For both new entrepreneurs and seasoned executives, staying vigilant about a business’s financial health can prevent future setbacks and bolster growth. As accounting professionals, we’ve seen first-hand the signs that often point to bigger problems on the horizon. Here’s a closer look at…
Read ArticleNavigating the Holiday Hustle: Financial Strategies for Small Businesses
The holiday season is a whirlwind of activity for many businesses. While it’s a time of increased sales and heightened customer expectations, it also brings unique financial challenges. Small businesses can often get overwhelmed with the rush and lose sight of the bigger financial picture. To help you navigate the holiday season and maintain strong…
Read ArticleUnderstanding Your Composite Score: 3 Key Drivers
For post-secondary institutions, understanding the Composite Score is not just a regulatory requirement but a critical part of financial health and stability. This score, calculated by the U.S. Department of Education (ED), is a key indicator of financial responsibility. While most institutions are familiar with the basic calculation, few fully grasp the intricacies of the…
Read ArticleUnderstanding the Department of Education Composite Score for Proprietary Institutions
Institutions of higher education, including trade schools and universities, must follow financial guidelines from the U.S. Department of Education (ED). A key part of this process is the Composite Score Ratio (CSR), which measures an institution’s financial health. This blog explains what the CSR is, how it’s calculated, and why it matters. By the end,…
Read ArticleThe Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check
The Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check Running a small business requires attention to detail, especially when it comes to managing finances. One essential but often overlooked task in this realm is bank reconciliation. This process of comparing your business’s financial records to your bank statements is crucial for…
Read ArticleFrom Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and…
Read ArticlePlanning your estate? Don’t overlook income taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
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