Question: My business has not been growing but it seems as though I add more people and equipment without increasing my net profit. What am I doing … [Read more...]
Accurate Inventory Numbers Are Crucial for Your Business
August 18, 2019
For many companies, inventory is a significant dollar amount on the company's financial statements. So it's crucial that recorded inventory balances reflect … [Read more...]
Do You Have a Succession Plan?
August 16, 2019
Historically, only one-third of North American business owners successfully pass the baton to the next generation. The top two reasons why family business … [Read more...]
Changes in Law Allows Charter Cities to Make EFTs
August 15, 2019
A new law changes the claims declaration process for charter cities and allows charter cities to make payments by electronic funds transfer (EFTs). The … [Read more...]
Student Activity Fund Changes
August 15, 2019
The Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities, which revises and establishes new financial reporting … [Read more...]
The Gift Law Q and A
August 15, 2019
Q. Can gifts be made to local officials (such as a board member, superintendent, principal, council member, mayor, etc.)? A. Gifts cannot be made to local … [Read more...]
Appropriate Use of Public Funds
August 15, 2019
Frequently Asked Questions 1. Can your entity have an employee-recognition program? Yes, with some restrictions. (Minn. Stat. § 365.10, Subd. 12 and § … [Read more...]
Preparing for Lease Accounting
August 15, 2019
The Governmental Accounting Standards Board (GASB) issued Statement No. 87, Leases, which outlines new requirements for governmental entities when it comes to … [Read more...]
Willmar 0.5 Percent Sales and Use Tax and $20 Vehicle Excise Tax
August 14, 2019
Effective October 1, 2019, Willmar will have a new 0.5 percent sales & use tax, and $20 vehicle excise tax. The 0.5% sales tax applies to retail … [Read more...]
Internal Control Tips
August 14, 2019
Check out these four tips to improve your internal controls. Monthly Review of Pledged Collateral. We recommend a review is performed to ensure the entity … [Read more...]
