The Wrap: Recent Episodes
Warren Averett
You’re listening to the Wrap– a podcast by Warren Averett designed to help business leaders access the information that you need, when you need it, in the time that you have, so you can accomplish what’s important to you. Time is tight. Today’s professionals and executives have more things to keep up with and less time to do it than ever before. You’ve got to accomplish important things in the limited hours in your day. That’s why our advisors have wrapped up today’s most timely topics into a podcast with actionable advice. Now, let’s get down to business.
The past few years have not been easy for the retail and consumer industry with pandemic shortages and restrictions, rising inflation and a changing workforce. However, the landscape is actually starting to look up again, with profit margins creeping back to pre-pandemic levels and opportunities in technology, hiring and business strategies on the horizon.
In this episode of The Wrap, our hosts are joined by Warren Averett’s Retail & Consumer Industry Group leader Branden Crosby, CPA, CGMA, and Charles Bailey, CPA, to discuss the current state of the industry and what business leaders can do to plan for future success.
In this episode, you’ll hear:
- Specifics about how inflation is directly affecting prices
- About the changing retail workforce and why it’s getting older
- How technology such as AI can help restaurant owners monitor the flow of customers and make their business models more efficient
- Information about beneficial ownership reporting and how it will affect most business beginning January 1, 2024
- The definition of a beneficial owner
Resources for additional information:
- Blog: What Is Beneficial Ownership Reporting? (And Other FAQs About Compliance)
- Blog: 10 Restaurant Metrics to Monitor for Financial Success
- Blog: 4 Things To Do Before You Set Long-Term Business Goals
- Blog: 7 Restaurant Finance Best Practices for Increasing Cash Flow
- Podcast: Making the Most of Your Staffing and Recruiting Efforts
- Podcast: Employee Retention and Recruiting in Today’s Competitive Environment
- Blog: How To Interpret a Restaurant Chart of Accounts for Valuable Insights
- Blog: Restaurant Industry Trends for 2023 (And How To Respond to Them)
In this episode, join our experts as they unravel the dynamic landscape of the Private Equity industry and offer insights into the latest tax strategies.
Our host is joined by three of the firm’s Private Equity Industry experts, Floyd Holliman, CPA, David Legrand, CPA, and Adam West, CPA, to concisely explore topics that impact returns and portfolio holdings, from navigating regulatory changes to planning techniques for businesses.
In this Episode, you’ll hear:
- Discussion regarding the Tax Cuts and Jobs Act and how it will affect businesses in the upcoming tax season
- Planning strategies to help businesses with inventory mitigate the loss of depreciation and amortization
- Details regarding the changes Section 174 of the tax code and how it affects R&D expenses
- Advice about ERTC and how to make sure your business has proper documentation
This episode reflects our views at the time it was recorded.
Resources for additional information:
- Blog: Eight Private Equity Trends to Expect in 2023 (And How to Respond to Them)
- Blog: A Business's Guide to R&D Expense Capitalization and Amortization Changes
- Blog: 6 Tax Planning Items Ever Business Should Consider in Year-End Tax Planning
- Blog: Significant Changes To How Your Company Accounts for R&D Costs
- Blog: 5 Ways a Company Can Use the R&D Tax Credit
Real estate managers and developers have many concerns heading in to 2024, from rising interest rates and banking liquidity issues to uncertainties in federal legislation regarding tax cuts and allowances.
In this episode of The Wrap, Cristy Andrews, CPA, CGMA, leader of the firm’s Real Estate Practice Group, and David Borsos, Vice President of Capital Markets with the National Multifamily Housing Council (NMHC), join our hosts to discuss the current state of the real estate industry and opportunities for property owners, managers and developers.
In this Episode, you’ll hear:
- About the challenges in real estate capital markets due to rising interest rates, housing shortages and decreased banking liquidity
- Information about the shifts coming in 2024 to the Tax Cut and Jobs Act regarding bonus depreciation allowances
- How remote and hybrid work are leading to shifts in property management
- Ways technology can provide solutions for the real estate industry to centralize data, combat labor shortages and avoid fraudulent resident screenings
- Strategies to control real estate management budgets while property tax assessments and insurance costs rise at historic rates
Resources for additional information:
- Blog: FAQs about 1031 (Like-Kind) Exchanges by Real Estate Investors
- Blog: 6 Tax Planning Items Every Business Should Consider in Year-End Tax Planning
- Blog: The Real Estate Professional Tax Status: Do You Qualify?
- Blog: Inflation Reduction Act Upgrades the Section 179D Tax Deduction (11.2022)
- Blog: The Principles of Proactive Tax Planning [Five Considerations for Business Owners]
Doing business with the country’s largest customer (the federal government) comes with requirements, opportunities and challenges that other organizations simply don’t have. So, what does it take to be truly successful as a government contractor?
In this episode of The Wrap, Amber Stout, CPA, Jared Sharp, CPA and Todd McAdams, CPA, CGMA, MACC join our hosts to discuss the nuances of leading organizations to financial and compliance success in the government contracting industry.
After listening to this episode, you’ll:
- Be familiar with the opportunities and challenges that are unique to the government contracting industry
- Understand how research and development expenses are capitalized and amortized—and one important nuance for government contractors
- Know the basic information you’ll need to provide to meet the unique reporting requirements in this industry
- Understand what really makes a “DCAA-approved” accounting system
- Know a few of the most common tax and business mistakes contractors make—and how to avoid them
Resources for additional information:
- Blog: A Business’s Guide to R&D Expense Capitalization and Amortization Changes
- Guide: DCAA Compliance: A Comprehensive Guide for Government Contractors
- Blog: How Can A Small Business Ensure DCAA Compliance?
- Blog: What Is Included in a DCAA Compliant Indirect Rate Calculation?
- Blog: Why A DCAA Compliant Chart of Accounts Should Be Your System’s Foundation
- Blog: What Are the Benefits of DCAA Compliance Consulting?
- Blog: Don’t Ignore These DCAA Accounting Policies and Procedures
- Blog: Tips for Protecting your Government Contracting Business with QuickBooks DCAA Compliance
- Blog: Three Broad Issues a DCAA Audit Can Uncover for Government Contractors
- Blog: A DCAA Compliance Checklist for Government Contractors
- Blog: Five Steps to DCAA Timesheet Compliance for Government Contractors
- Blog: How to Identify an Adequate Accounting System for Government Contracts [12 Important Elements]
- Blog: Determining the Best Accounting Software for Small Government Contractors
- Blog: Business Process Optimization: 5 Ways to Improve Your Systems and Processes
Construction is a booming industry across the United States with a bright future partially fueled by an increase in governmental infrastructure projects. However, the industry is also facing unique challenges due to a shrinking pool of trade labor, economic uncertainty in the private sector and continued supply chain issues post-pandemic.
In this episode of The Wrap, our hosts welcome Will Aderholt, CPA, CCIFP, leader of Warren Averett’s Construction Industry Practice, as well as special guest Jay Reed, President of Associated Builders and Contractors of Alabama, to discuss specific challenges and opportunities affecting the construction industry .
In this episode, you’ll hear:
- How workforce development programs are looking to address labor shortages of skilled trade positions
- Information about supply chain issues and how they are still impacting construction projects post-pandemic
- Discussion surrounding the fear of a recession and how it is affecting construction projects and financing
- Insight about succession planning specific to the construction industry
- Advice for diversifying your construction business and building relationships with competitors
Resources for additional information:
- Blog: Four Economic Factors Impacting Construction Companies (And How To Overcome Them)
- Blog: Proactive Planning for Contractors in Uncertain Times
- Blog: Bouncing Back From the Pandemic: Tips for Contractors
- Blog: Selling a Business: Checklist From a Buyer’s Perspective
- Podcast: Episode 010 – Don’t Let the Sell Run Dry
- Podcast: Episode 050 – Employee Retention and Recruiting in Today’s Competitive Environment
Opportunities abound for technology companies, but in such a dynamic industry, how can business leaders navigate risk and plan for continued success?
In this episode of The Wrap, our hosts are joined by two of Warren Averett’s technology industry experts, Larry Pirkle, CPA, and Yogesh Patel, CPA, CFE, to discuss the challenges and opportunities affecting business leaders in the tech space. Listen in to learn more about raising capital and growing revenue, finding employees with up-to-date experience and protecting customer data.
In this episode, you’ll hear:
- Discussion about raising capital and the impact rising interest rates are having on valuations
- Advice for growing revenue and investing funds back into the business
- Insight about the importance of product development for tech companies
- How the advancements in AI are affecting the search for experienced developers
- Information about SOC reports and whether they are a worthwhile expense
Resources for additional information:
- Podcast: Episode 014 – Your Team’s Work Makes Your Dreams Work (Recruiting and Retaining Employees)
- Podcast: Episode 039 – Why is SOC Reporting Important to Service Provider Businesses?
- Blog: Every Financially Strong SaaS Business Model Embraces These 4 Vital Elements
- Blog: Four Ways Technology Companies Can Weather a Recession or Economic Downturn
- Blog: What is a SOC Report? (And Other Questions Answered About Your Internal Controls)
- Blog: Five Key Considerations for Growth-Stage Fintechs
- Blog: Guide for Software Companies Being Acquired by Private Equity
We’re continuing our Industry Podcast Series with a dive into the current opportunities and challenges specific to financial institutions. The Current Expected Credit Loss (CECL) Accounting Standard ushered in a new era for financial institutions that they are still grappling with, but the industry’s recent focus has shifted towards discussions about liquidity after the failures of Silicon Valley Bank and others.
Join our financial industry experts Jeff Burleson, CPA, and Josh Bowen, CPA, CGMA, CAMS, CITP, as they discuss the evolving landscape for financial institutions and the continued influence of CECL, as well as strategies for driving stability, growth and adaptability in the face of change.
Special Guest: Justin Headley, CISSP, CISA, CDPSE, CRISC, member of the firm’s Risk Advisory & Assurance Services Group
In this episode, you’ll hear:
- Discussion surrounding CECL and its implementation
- How the 2023 failures of Silicon Valley Bank and Signature Bank led to shifts in liquidity management
- Information about how economic uncertainty has led to the tightening of lending practices
- The importance of third-party risk management within a financial institution’s cybersecurity policy
- Strategies to help financial institutions manage staffing levels
Resources for additional information:
- Blog: Don’t Turn Your Back on CECL
- Blog: Current Expected Credit Loss (CECL) Standard Update: Best Practices for Implementation
- Blog: What is Enterprise Risk Management?
- Blog: The Biggest Cyber Risks for Your Company and How to Manage Them
- Previous Podcast Episode: Employee Retention and Recruiting in Today’s Competitive Environment
- Event Invitations: Subscribe to receive invitations to future Bank and Credit Union Roundtables.
It’s no secret that the Healthcare Industry—and specifically private medical practices—have seen tremendous change in the past few years. Like other industries, expenses are skyrocketing, and good talent is increasingly hard to find (and keep). But unlike other industries, healthcare practices have very little say in their pricing and policies.
In this episode, our hosts are joined by Maddox Casey, CPA, and Sae Evans, CPA, leaders of the firm’s Physician Consulting Practice Group, to discuss how private medical practices must be willing to adapt and stay alert in order to stay profitable and competitive in this ever changing healthcare landscape.
In this episode, you’ll hear:
- How insurance companies dictate healthcare pricing and why pricing is so different from other industries
- Information about how the current staffing and recruiting landscape is affecting the healthcare industry’s ability to find the best employees
- Strategies to help maintain (or increase) profits by examining spending and expenses
- How to stay competitive in an industry that is constantly changing
- The importance of a cyber insurance policy and a robust IT security plan
Resources for additional information:
- Previous Podcast Episode: Employee Retention and Recruiting in Today’s Competitive Environment
- Blog: Healthcare Consulting Recommendations for Improving Medical Practice Profitability By Cutting Costs
- Blog: Healthcare Consulting Recommendations for Improving Medical Practice Profitability By Increasing Revenue
- Resource: 15 Cybersecurity Measures Needed for Cyber Insurance
- Event Invitations: Subscribe to receive invitations to future events and roundtables.
In this episode of The Wrap, Adam Nelson, CPA, a Member of the firm’s Audit Division with extensive experience serving government entities—joins our hosts to discuss the impact of tax reduction on the local community, the evolving budgeting priorities of newly elected officials and the challenges faced by local governments due to the national staffing crisis.
In this episode, you’ll hear:
- The potential consequences of lower taxes for individuals on their neighborhoods.
- Advice for local government officials regarding the use of leftover pandemic stimulus funds.
- The importance of qualified staff in government institutions, even if it requires offering competitive compensation.
- How an enhanced and skilled workforce can contribute to the success of local governments.
Resources for additional information:
- Previous Podcast Episode: Making the Most of Your Staffing and Recruiting Efforts
- Blog: Are We Paying Our Executives Appropriately? Answer These 3 Questions and You’ll Know
- Blog: Why an Employee Retention Plan is Crucial for Keeping Your Employees Around
- Blog: How Often Should a Business Upgrade Its Technology [And Other Questions Answered About Improving Your Systems]
- Event Invitations: Subscribe to receive invitations to future events and roundtables.
Today’s colleges and universities are facing an unprecedented array of challenges and threats due to declining enrollment, funding struggles and quickly evolving technology—not to mention conversations surrounding the rising student debt crisis.
How should higher education institutions react to all the internal and external pressures?
In this episode of The Wrap, Lee Parks, CPA, and Rick Blanton, CPA, join our hosts to break down some of the current challenges facing the higher education industry and how to develop plans to overcome them in the future.
In this episode, you’ll hear:
- How the traditional college student is changing and affecting everything from enrollment numbers to online learning abilities
- Advice for budgeting now that stimulus money and emergency tax credits are drying up
- How some higher education institutions are reaching out to other industries to align educational standards and goals
- The importance of a risk assessment and how colleges and universities can get started protecting student and institutional data
Resources for additional information:
- Blog: The Gramm-Leach-Bliley Act Cybersecurity Considerations (And How They Apply to Businesses Besides Banks)
- Blog: Completing a Single Audit? Watch Out For These Six Common Mistakes
- Blog: Additional HEERF Grant Funding Now Available for Higher Education Institutions
- Blog: Frequently Asked Questions from Higher Education Institutions about the Student Portion of HEERF Grants Answered
- Event Invitations: Subscribe to receive invitations to future events and roundtables.
While many industries are facing post-pandemic issues with labor shortages and changing regulations, organizations in the nonprofit industry often see these issues amplified due to their tighter budgets and compliance requirements. The need for nonprofit services is higher than ever before, but pandemic funding from PPP loans, the CARES Act and ERTC credits is disappearing.
So, how do nonprofits keep up?
Our hosts are joined by two of the firm’s nonprofit industry experts Michelle Sanchez, CPA, and Jennifer Williams, CPA, to discuss how nonprofits should use their missions to build overall business strategies. Learn how your nonprofit can address funding, hiring and budgeting issues in this episode of The Wrap.
In this episode, you’ll hear:
- Information about how labor shortages and turnovers are affecting the nonprofit industry’s ability to find the best employees
- Commentary on budgeting and finding sources of funding in a post-pandemic world
- Insight and advice on whether ERTC funds might be too good to be true
- Advice on how to use your nonprofit’s mission to build an overall business strategy
Resources for additional information:
- Previous Podcast Episode: Building a Strong Board of Directors for Your Nonprofit
- Blog: Nonprofit Ratios: How to Use Them and What They Measure for Your Organization
- Blog: Financial Best Practices for Nonprofit Organizations [And Why They Are So Dependent on Timely and Accurate Financial Reporting]
- Blog: How to Make a Nonprofit Budget [Six Steps for Success]
- Blog: What Does it Mean to Be a Nonprofit Organization?
- Event Invitations: Subscribe to receive invitations to future Nonprofit Roundtables.
Manufacturing companies face challenges that are different than any other industry. A global skills gap and worker shortage, an inability to pivot to remote work and changing regulations create a unique storm for these organizations.
So, what are the solutions?
Stephen Schaaf, CPA joins our hosts to discuss the successful tactics that manufacturing companies are currently implementing to rise to the occasion. Learn how your manufacturing company can become more efficient, more effective and more innovative in this episode of The Wrap.
In this episode, you’ll hear:
- Commentary about how manufacturing’s workforce challenges are a global issue
- Ideas for improving hiring and employee retention practices specific to the manufacturing industry
- Insight about interest expense limitations, research and development expenses and bonus depreciation
- A story about implementing data analysis and technology into the manufacturing process to lower the defect rate in products
Resources for additional information:
- Blog: What Will Research Expense Deduction Changes Mean for Your Business This Year?
- Blog: Four Ideas for Employee Retention in the Manufacturing Industry
- Blog: Six Strategies for Closing the Manufacturing Skills Gap and the Steps Employers Can Take Now
- Blog: Recruiting Manufacturing Employees [How to Create A Winning Recruiting Strategy that Leads to Hires]
- Event Invitations: Subscribe to receive invitations to future Manufacturing Roundtables.
The Inflation Reduction Act appropriated $80 billion of additional funding to the IRS, which includes funding for tax enforcement activities. For the average person, this sounds like increased potential for an IRS Audit.
So how do businesses navigate complicated tax issues and proactively prepare in case they are chosen for an audit? What are the best practices to keep an IRS audit from becoming too burdensome?
In this episode of The Wrap, our hosts welcome Ronald Levitt and Gregory Rhodes, both Shareholders and members of the Tax Practice Group at Dentons Sirote, as well as Warren Averett’s own Will Aderholt, CPA, CCIFP, to discuss how business owners and high-net-worth individuals can best prepare for a potential IRS audit.
In this episode, you’ll learn:
- How increased funding to the IRS through the Inflation Reduction Act could lead to increased audits
- Potential roadblocks to the IRS’s expanded capabilities
- Areas the IRS are most likely to focus on in the near future
- Why you shouldn’t fear an IRS audit if you’ve planned ahead, kept proper documentation and worked with a professional CPA.
Additional Resources:
- What You Should Know About the Inflation Reduction Act and Taxes
- Employee Retention Tax Credit (ERTC) [What Companies Should Know]
- FAQs for Taxpayers Holding Cryptocurrencies [And the Five Things to Know About Your Virtual Assets]
Natural disasters happen. Oftentimes, they are sudden with no way to prepare.
After a disaster, business owners are not only faced with property damage but also with business closures, damage to their employees’ properties and other aspects that make it hard for their business to stay afloat.
But what if you could put a plan in place to keep you and your business sailing smoothly?
If you don’t have a plan, are there steps that you can take to ease your recovery?
In this episode of The Wrap, Warren Averett’s own Mindy Rankin, CPA, CCD, and Tammy McGaughy, CPA/ABV, CFF, CFE, join our hosts to discuss how businesses are impacted by natural disasters, how they can recover and what steps can be taken to prepare and prevent future losses.
After listening to this episode, you’ll be able to:
- Understand what a casualty loss is, as well as the requirements and who is excluded.
- Know what a qualified disaster is, how it could benefit your business and the steps you need to take to rally for this special designation.
- Better understand business interruption claims, and how you could get insurance to help prevent money loss.
- Prepare for natural disasters by picking out the best insurance policy to help you through.
- Test your disaster recovery plan to ensure everything is ready in case of another natural disaster.
Additional Resources:
- Casualty Losses: What You Need to Know to Help Your Business Recover from a Natural Disaster
- 5 Steps to Make a Business Interruption Claim
- How to Prepare Your Business for a Natural Disaster
On August 16, 2022, President Biden signed The Inflation Reduction Act of 2022 into law with the goal of helping lower costs for families, combating the climate crisis and reducing the deficit to help inflation. What do business owners need to know about The Act, and how does it affect everything from tax to the environment to healthcare?
In this episode of The Wrap, Warren Averett’s own William Dow, CPA, and Lisa Billings, CPA, join our hosts to discuss the sprawling Inflation Reduction Act of 2022, how the act impacts large corporations, stock repurchases and energy credits, and how the act could affect individuals (both directly and indirectly).
After listening to this episode, you’ll be able to:
- Understand the changes in the corporate minimum tax, who it affects and how it is assessed on both a U.S. and foreign scale.
- Know what the stock repurchases provision is, who is exempt and what it means for public companies.
- Better understand the latest changes to the Electronic Vehicle Tax Credit and other credits designed to impact the environment.
Additional Resources:
- What You Should Know About the Inflation Reduction Act and Taxes
Customers increasingly value (and support) businesses that share their own personal values regarding social and environmental issues. In turn, businesses that are transparent and accountable in their policies are often well rewarded. Enter: environmental, social and governance (ESG) reporting—sometimes also known as sustainability reporting.
What should businesses know about ESG reporting in order to set themselves up for success?
In this episode of The Wrap, Barry Melancon (President & CEO of the American Institute of CPAs and CEO of the Association of International Certified Professional Accountants) joins our hosts to explain the ins and outs of ESG.
After listening to this episode, you’ll:
- Know what ESG is and why it should matter to businesses
- Understand why ESG is at peak popularity for both customers and businesses
- Know what to expect when it comes to the future of ESG
- Know how to determine what your company may need to be reporting on in this area based on frameworks
Resources for additional learning:
- Article: Understanding the Accounting and Tax Implications of Adopting ESG Strategies
- Article: Sustainability Risks to the Reputation of a Business [ESG Reporting Explained]
No business is immune to fraud, yet few businesses are proactive to examine their own risks. The trust in long-time employees, the convenience of automated payment systems and the simplicity of internal processes can all lull businesses into a false sense of security. And a false sense of security can quickly turn into financial hurt for your business due to fraud.
So, what can businesses do practically to protect themselves from fraud?
In this episode of The Wrap, Tammy McGaughy, CPA/ABV, CFF, CFE, who specializes in helping businesses identify and correct fraud instances, joins our hosts to discuss fraud protection for businesses.
After listening to this episode, you’ll be able to:
- Be aware of some of the most common types of fraud in businesses
- Grasp why there has been a recent uptick in business fraud cases and understand the causes of fraud
- See why having company credit cards can make your organization more vulnerable
- Implement immediate tactics that can help with fraud protection for businesses
- Know how to effectively monitor your organization’s fraud risk (without being in multiple locations at once)
In this episode of The Wrap, Jessica Juliano, CPA—a recruiter dedicated to identifying and placing talent in accounting, finance and administration fields—joins our hosts to discuss why staffing and recruiting is different today, how businesses can successfully onboard the right hires despite the competition and how to vet your head hunter so you actually get what you’re paying for.
After listening to this episode, you’ll know:
- How businesses can get the right candidates interested in their open roles
- How hunting for talent for your company is different today than it was a few years ago
- How to vet a recruiter or head-hunter so you know they’re a good match for your organization
- What staffing and recruiting resources you may need to acquire the right hires and how to use them efficiently
- How to distinguish your company from your competitors to attract the best hires
Additional resources:
- Blog: Find the Right IT Recruitment Agencies: 5 Questions to Ask Your Recruiter
- Blog: Evaluating Accounting Recruiters: 8 Questions to Vet Your Headhunter
- Blog: Engineering Recruitment: 5 Questions to Vet Your Engineering Recruiter
- Blog: Staffing and Recruiting: Why and How Today’s Market is Different
- Blog: How to Multiply the Efforts of Your Talent Acquisition Team
- Blog: Is Remote Work Here to Stay? (The Past, Present, Future and Benefits)
- Blog: Recruiting Solutions: Three Reasons Industry Expertise Counts
- Blog: Hiring in the Age of the Remote Worker: Three Ways to Be More Effective
- Blog: Three Ways a Talent Acquisition Specialist is Key to Your Company’s Recruitment
Even when federal tax laws change, do you know how the states your company has a presence in are responding?
Your company’s state and local tax matters can get complicated fast depending on where your business is located, where your employees are located and where your customers are located. So what should savvy companies know in 2022 about state and local taxes?
In this episode of The Wrap, Colleen Aldridge, CPA and state and local tax expert, joins our hosts to discuss the tax landscape beyond federal tax changes and details the current landscape of state and local taxes for organizations.
After listening to this episode, you’ll know:
- How the most recent tax reform impacted the limitation on state deductions
- How pass-through entity taxes work and which companies are impacted
- What companies contemplating mergers or acquisitions should consider when it comes to state and local taxes
- The story of a real-life example of a company that made state and local tax changes after an acquisition
- What’s coming next in the world of state and local taxes
Resources for additional learning:
- Blog: What You Need to Know about Sales Tax, Nexus and Wayfair [Answers to Real Questions from Real Companies]
- Blog: Do You Know Where Your Remote Employees Are? (and Why It Matters)
- Blog: Georgia and Alabama Adopt Elective Pass-Through Entity Tax
Employees are leaving their jobs in droves looking for something better. For workers, opportunities are seemingly endless. For companies, filling numerous empty positions while also attempting to retain the employees they still have is a challenge, to say the least.
In this episode of The Wrap, David Salters (the leader of Warren Averett Staffing & Recruiting and talent acquisition expert) joins our hosts to discuss how to competitively recruit the talent your company needs—and how to maximize employee retention once they’ve been hired.
After listening to this episode, you’ll know:
- How the staffing and recruiting market has changed even since the end of 2021
- The answer to the elusive and popular question, “Why are so many workers quitting their jobs?”
- How to more thoughtfully consider what your employees value so you can succeed in employee retention
- How to make your recruiting process more streamlined so it takes less time and is more attractive to candidates
- Why instituting psychological assessments in your recruiting may actually be hindering your efforts
- What’s next for today’s staffing and recruiting market and what your company can expect
- Why investing in middle managers is a key factor when it comes to employee retention
Resources for additional information:
- Blog: How to Multiply the Efforts of Your Talent Acquisition Team
- Blog: What Is Talent Acquisition? (And Why Is It More Important Today Than Ever?)
- Blog: Talent Acquisition vs. Recruitment: Which Does Your Company Need?
- Blog: Hiring in the Age of the Remote Worker: Three Ways to Be More Effective
- Blog: Are Time Delays Killing Your Recruiting Efforts?
We can all agree that there’s no shortage of uncertainty when it comes to what 2022 may look like for businesses, and taxes are no exception. With IRS delays, potential legislative updates and a dynamic business environment, how should organizations respond?
In this episode of The Wrap, tax experts and business advisors Lisa Billings, CPA, and William Dow, CPA, join our hosts to discuss tax changes, IRS updates and what businesses should know to position themselves well for 2022.
After listening to this episode, you’ll:
- Understand where legislative updates stand that may impact your company’s tax position
- Know what to expect in the short term for tax changes
- Understand how tax changes may influence your company’s M&A plans
- Be aware of what factors your business should consider when planning for the future in today’s environment
This episode reflects our views at the time it was recorded.
Every large and successful business started somewhere—and we’re guessing it probably wasn’t with hundreds of employees and multiple locations. So how did they get there?
In this episode of The Wrap, our hosts welcome Doug Pace, CEO of Stonehill Innovation and David Capece, CEO of Sparxoo (authors of Level Up: Management Secrets to Create an Agile and Growing Services Organization), as well as Warren Averett’s own Richard Huckaby, CPA to discuss a framework for how small businesses can progress through the stages of scalable growth.
In this episode, you’ll hear:
- Stories about what is important to organizations at certain stages of their growth
- Examples of why mission, vision and values are important for organizations
- An overview of the stages of business growth, as well as the corresponding needs and priorities
- Lessons learned from challenges with expanding a small business’s sales team
- Commentary about the importance of processes and structure to support scalable growth
Mentioned in this episode:
- Access “Level Up” by Doug Pace and David Capece
Six months from now, what will your business’s tax position be? (Talk about a literal million-dollar question!)
President Biden has proposed new federal tax plans affecting both businesses and individuals. And while the specifics remain up in the air, the time to start preparing your business to adapt is now.
In this episode of The Wrap, Lisa Billings, CPA, and William Dow, CPA, join our hosts to discuss the possibilities of future tax changes under the Biden Administration and what implications they could have for businesses.
After listening to this episode, you’ll be able to:
- Understand where the American Families Plan stands in the legislative life cycle
- Differentiate the Made in America Tax Plan from the American Families Plan
- Grasp what economic impact these plans may have and how it may influence decisions made by business owners and leaders
- Know what provisions have been proposed as part of these plans
- Understand what impact the federal tax plans may have on state taxes
- Consider how your business can start anticipating future tax changes now
This episode reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
As companies continue to utilize the Paycheck Protection Program (PPP), some are still applying for funds, some are navigating the forgiveness process and others are now facing a PPP audit.
No matter where your company stands in the PPP process, it can be difficult to know what to do and what to expect.
In this episode of the Wrap, Adam West, CPA (Warren Averett’s in-house PPP expert) and Mark Woods (Senior Vice President and SBA Executive Director at Southpoint Bank) join our hosts to discuss the current state of the PPP program, what the future may hold for PPP and what it all means for companies looking to take advantage of it.
After listening to this episode, you’ll be able to:
- Grasp the current landscape of PPP lending and know if there are any remaining available PPP funds
- Move forward with tips for pursuing PPP loan forgiveness
- Gain a basic understanding of who is being audited and what is being considered in the PPP auditing process
- Understand how PPP and the Employee Retention Tax Credit relate to each other when it comes to eligible wages and loan forgiveness
- Know how Shuttered Venue Grants and the Restaurant Revitalization Fund interplay with PPP
- Gauge the longevity of the PPP program
Resources for Continued Learning:
- Blog Post: Employee Retention Tax Credit (ERTC) [What Companies Should Know]
- Blog Post: Frequently Asked Questions about Shuttered Venue Grants Answered
- Blog Post: Restaurant Revitalization Fund
- Podcast Episode: How Do I File for PPP Loan Forgiveness?
- Resource Page: Warren Averett’s COVID-19 Resource Page
This episode reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
“You can have the best strategy in the world, but if the culture isn’t there – the talent won’t be either.”
With a fully deployed workforce in the professional service sectors, many employers are concerned about how to recruit and retain talent in today’s job market. How can business owners, small and large, plan for this talent shortage and consider their compensation, culture and retention strategies to accept and embrace the new market?
In this episode of The Wrap, Warren Averett’s own David Salters, CSP, TSC and special guest Tom Kosnik, President of Visus Group, join our hosts to discuss the truth of the current job market, management’s role in the talent strategy, and how to stay competitive with attracting and retaining talent in 2021.
After listening to this episode, you’ll be able to:
- Uncover the truth of the current job market and combat misconceptions of talent availability and unemployment rates
- Learn about the best ways to communicate company culture
- Manage a remote work future after COVID-19 and what that could mean for your employees.
- Determine your “shiny apple” – what needs to be offered in terms of culture and compensation to attract the right candidates.
- Plan an employee retention strategy, professional development training and financial modeling to set you apart from other companies
Related Resources:
- Visus Group (www.visusgroup.com)
“The bad guy doesn’t know who you are or what you do. They just know they can get money out of you.”
As technology becomes more advanced, so do the ways your company can be exploited by bad players. Whether your company is a large leader in the technology industry or a local mom-and-pop shop, each person who works for or interacts with your organization is on the front lines of either protecting it or submitting it to a scam.
In this episode of The Wrap, Warren Averett’s own Justin Headley, CISSP, CISA and former FBI Special Agent Daren Mott join our hosts to discuss recent headlines about cyber attacks, what legitimate threats companies face and what organizations need to know about the future of cybercrime. Spoiler alert: it isn’t going away.
After listening to this episode, you’ll be able to:
- Translate spooky headlines about the cyber attacks on other companies into tangible considerations for your company
- Understand the three main cyber-threat areas that face companies
- Have insight to prevent insider threats (both intentional and accidental) from your employees
- Set realistic expectations about cyber risks and how you can be proactive in light of them
Resources for additional learning:
- Blog Post: How the Cloud Saved Thousands of Businesses from a Cyber Attack (and How it Can Save Yours Too)
- Blog Post: Does Your Company Use Microsoft’s On-Premise Exchange Server? [How to Respond to the Microsoft Hacking Incident]
- Blog Post: How Should Your Company Respond to the SolarWinds Cyber Attack?
- Blog Post: CMMC Compliance for Government Contractors: Are You Ready?
- Blog Post: What Should Municipalities Know about Ransomware? [Three Takeaways from the City of Florence Ransomware Attack]
- Blog Post: What is the Likelihood That My Business Will Experience a Data Breach? [This and Other Cyber FAQs Answered]
- Podcast Episode: Season One, Episode Five (Combatting a False Sense of Cybersecurity)
Mentioned in this episode:
- The CyBUr Guy Podcast by Darren Mott
It wasn’t available to you. Now, it might be.
This was the amount. Now, the amount is different for a different year.
Here’s the eligibility criteria. Now, here’s some new criteria too.
What sounds like a befuddling riddle is actually a description of The Employee Retention Tax Credit (ERTC). It’s changed a lot in the last few months. Now, organizations who have PPP loans are able to qualify for this tax credit too. New guidelines have been established for how to claim the credit in 2020 and 2021. The extension and expansion rules have evolved.
So if your company is looking to take advantage of the ERTC, how can you make sense of the tax credit in a way that leads to claiming dollars for your business instead of scratching your head?
In this episode, ERTC advisor Cristy Andrews, CPA, CGMA explains the points of interest for this tax credit, while special guest Tim Gothard, Executive Director of the Alabama Wildlife Federation, shares the story and perspective of an organization that has utilized—and benefitted from—the ERTC.
After listening to this episode, you’ll be able to:
- Know the amount of the ERTC available per employee (despite common misconceptions)
- Understand how a refundable tax credit benefits organizations
- Recognize how laws have changed from prohibiting some organizations from claiming the ERTC to allowing them to claim the ERTC
- Understand the basics of eligibility for 2020 and 2021—and how they are different
- Know the two different ways your organization can qualify for the ERTC
Resources Mentioned in this Episode:
- Alabama Wildlife Federation Website
- COVID-19 Resource Page
- Form to Ask a Warren Averett Advisor for ERTC Help
Additional Resources for Continued Learning:
- Blog Post and Infographic: Employee Retention Tax Credit (ERTC) [What Companies Should Know]
- Blog Post: Two Ways to Leverage the R&D Tax Credit in Light of the CARES Act
- Tax Alert: New Stimulus Package Includes Several Tax Changes and Provisions
While COVID-19 may have negatively impacted many businesses last year, others are ramping up for growth in a big way. And, according to Hanny Akl, “It just seems like the way to grow these days is through M&A.”
Mergers, acquisitions and transaction activity is booming. Business valuations are high, potential tax changes are coming and businesses that have withstood the pandemic are stronger for it. But if you’re a business owner considering an M&A deal in today’s environment, what do you need to know?
In this episode of The Wrap, Hanny Akl, CPA, CFE, CEPA, CVGA and David LeGrand, CPA join our hosts to give business owners the commentary they need to make informed decisions about what their business is worth, where it stands ahead of tax changes and what the future may hold with a transaction.
After listening to this episode, you’ll:
- Have an understanding of how COVID-19 and the legislation passed as a response to assist companies (such as PPP loans) have impacted M&A
- Know what part PPP loan forgiveness may play in a transaction
- Understand how and why the pandemic has positively impacted business valuations
- Be familiar with the top considerations for business owners looking to pursue a transaction in today’s environment
- Have an understanding of specific considerations for investors, like carried interest
- Be aware of potential legislative changes that could impact an M&A deal in the near future
- Know what tax planning is necessary to protect yourself as a business owner
The Paycheck Protection Program (PPP) loans have provided much-needed aid to many businesses since the COVID-19 pandemic began. And while these funds proved to be a game-changer for companies everywhere, the process for applying for and receiving this loan forgiveness is certainly new (and possibly confusing) for everyone.
There are three different types of forgiveness applications, two different covered periods, several different banks with different processes and a handful of new terms to understand. It’s no surprise that the forgiveness process comes with a learning curve for companies, so where do you even start?
In this episode of The Wrap, our guest David Crabtree, CPA, a Warren Averett Member and in-house PPP advisor, joins our hosts to answer the question: How do I file for PPP loan forgiveness, and what can my company expect?
After listening to this episode, you’ll be able to:
- Know when your company should file for PPP loan forgiveness
- Know how long after you submit your application you can expect to receive loan forgiveness
- Understand the three different types of PPP loan forgiveness applications (and know which one applies to your company)
- Know the difference between two important terms when it comes to PPP forgiveness (your number of employees vs. your full-time equivalent)
- Understand how full-time equivalent is calculated
- Know how your company’s headcount at the end of the covered period (or at the time of your application) affects your PPP loan
- Know which covered period (8 weeks vs. 24 weeks) should be used when you complete your forgiveness application
Recommended Resources for Additional Learning
- PPP Update: Borrowers are Not Allowed to Deduct PPP Expenses if Forgiveness is Expected
- SBA Announces Loan Necessity Questionnaire for Borrowers with PPP Loans of $2 Million or Greater
- Warren Averett’s COVID-19 Resource Page
This episode was recorded on November 20, 2020 and reflects our views at the time it was recorded. Information within should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
It’s important to incentivize your key workers, and there are clear business advantages to offering equity-based compensation to key employees.
Many businesses choose to reward team members in the form of partnership profits interest grants or through nonqualified stock options, but it’s important to understand what you’re getting—and what you’re giving up. Not to mention, you’ll need to comply with specific IRS regulations and understand the tax implications.
Where do you even start?
In this episode of The Wrap, Clint Freeman, CPA and Michael Andrews, CPA, ABV join our hosts to answer the question: How can my company offer equity-based compensation? (What are profits interest grants and stock options?)
After listening to this episode, you’ll be able to:
- Understand what stock options and a profits interest grants are (and the difference between them)
- Be familiar with examples of how profits interest grants and stock options both work
- Know the difference between vested and unvested interests
- Understand what both mean for your taxes
Recommended resources for additional learning:
- Profits Interest Grants: What are They and What do they Mean for Your Taxes?
Since the CARES Act was passed earlier this year, one of its programs, the Paycheck Protection Program (PPP), has received the most attention, but it certainly isn’t the only form of relief that the federal government provided in the pandemic.
Less likely to show up in your Facebook news feed and farther away from the spotlight (but just as important), is the Provider Relief Fund, which was created to provide funding to healthcare service providers impacted by the pandemic.
While this aid provides some much-needed relief to healthcare providers, the funding received could trigger some additional reporting requirements that healthcare providers may not have been subject to in the past.
So, what does that mean for organizations that received these funds?
Our guest, Carol Phillips, CPA, CFE, joins our hosts in this episode of The Wrap to discuss what healthcare providers should know about the Provider Relief Fund and what they can expect when it comes to the audits and reporting requirements that will ensue.
After listening to this episode, you’ll be able to:
- Have a basic knowledge of the Provider Relief Fund and how it’s outlined in the CARES Act
- Understand reporting and audit requirements related to these funds
- Know the difference between Single Audits for nonprofit entities and for-profit entities
- Understand how Single Audits are different than other financial statement audits
- Anticipate how to prepare for this kind of audit if your organization has never had one before
As cybercrime increases in its frequency and severity, companies must be more intentional to protect themselves and their customers. Gone are the days when only the big, nationally-recognizable companies are the only targets for data breaches. These days, companies of all sizes and in all industries need to take action.
So, if your customers have asked you for a report about your company’s internal controls (your SOC) and you thought they were talking about your footwear (your socks), this episode is for you.
System and Organization Controls (SOC) reports are becoming a necessity for many organizations as they strive to protect their data and instill trust in their customers, but it can be difficult to really get a grasp on what your company needs and what you can expect. How do you know what you need? Why does it matter at all?
In this episode of The Wrap, special guests Angie Akerman, CISA and Justin Headley, CISSP, CISA join our hosts to answer the question: Why is SOC reporting important to service providers?
After listening to this episode, you’ll be able to:
- Know what a SOC Report is and why a company would need one
- Understand the differences between SOC 1 and SOC 2, as well as Type 1 and Type 2 Reports
- Have an idea of which report your business might need, or if you might need both
- Know what businesses can expect during and after a SOC examination
Recommended resources for additional learning
- SOC Reports Explained: Building Trust in the Services You Provide
- Which SOC Report is Right for Your Organization?
- Why Should You Know the Risks of Others? [Six Steps for Implementing a Vendor Management Strategy]
If your company has a lease, this one goes out to you.
Did you know that a new accounting standard (ASC 842) requires that companies recognize their leases on their balance sheets?
If you’re thinking this sounds like something you’ve heard before, you’re probably right. The deadline for companies to comply has been deferred twice now. As our guest, Josh says, “We’ve been talking about leases for a long time—seems like since dirt was being made.”
But, now, companies are drawing closer to the deadline for implementing this change, which will give their financial statements a pretty significant makeover. Some contracts may even need to be recognized as leases, depending on the agreement within.
Our guest, Joshua Bowen, CPA, CGMA, CAMS, joins our hosts to dig into what ASC 842 means for companies.
After this podcast episode, you’ll be able to:
· Understand how the new accounting standard concerning leases impacts your company’s financial statements
· Have an idea of how COVID-19 has impacted real estate and the implementation of this new standard concerning leases
· Know how long your company has to implement the standard when it comes to your financial statements
· Identify the challenging areas your business should be aware of in accounting for leases
· Have a basic understanding of how companies should approach implementation and the tips that can set you up to implement the standard well
Taxes and technology can be complicated, but that doesn’t mean saving money has to be.
Did you know that your company may be able to save money on your taxes by utilizing the Research and Development (R&D) tax credit? If you’re thinking that only companies that have laboratories in their buildings and employees who wear goggles qualify, you might be surprised.
Our guest, Maggie, says it best: “No one thinks about it!”
Maggie Wright, CPA, a specialty tax expert in Warren Averett’s Consulting division, joins our hosts to answer a question she hears often: Can cloud computing save my company money on my taxes?
The short answer is: possibly. In this episode, Maggie explains using cloud computing services, such as Amazon Web Services and Microsoft Azure, very well may make it possible for companies using these services to save a bundle on their taxes.
In this episode of The Wrap, we kick off season five of our podcast, where we’ll dedicate each episode to answering a question that our team of advisors hears frequently from the companies they serve.
At the end of this episode, you’ll be able to:
- Identify what cloud services are and which ones you might already be using
- Know if your business is the kind of company that could particularly benefit from this tax credit
- Have a basic understanding of if your cloud services could qualify for the R&D tax credit
- Know if it’s too late to claim the credit for previous expenses
Mentioned in this episode:
- Season One, Episode: Learning the Ropes of R&D with Floyd Holliman
Recommended resources for additional learning:
- Cloud Computing and the R&D Tax Credit [Answers to Frequently Asked Questions]
- R&D Tax Credits: A Comprehensive Guide to the Tax Savings Opportunity All Businesses Should Know About
“Great leaders love chaos.”
Casey Graham, CEO and Co-Founder of Gravy Solutions, is no doubt one of those leaders.
For him, navigating the COVID-19 pandemic meant much more than leading a business through uncertainty. It meant supporting his team and seizing the chaos for what would become opportunity.
In February, the company was set to lose nearly $600,000 in the span of four short weeks, and up until recently, Graham says, “Nobody knew Gravy existed. Like, nobody.”
A self-proclaimed “people company,” Gravy used the COVID-19 pandemic as an opportunity to be generous to their team members, share more about who they are, and broadcast the vision for their company. And things took off.
In this episode of The Wrap, Casey Graham joins our hosts to explain how he and his company navigated and will continue to navigate the COVID-19 pandemic, share the story of his “desert season” as an entrepreneur, convey his approach to leadership and offer advice to other businesses leaders looking to make the most of their roles.
“I don’t think there will ever be a month—a two-month period—that was ever as hard for me to manage a team, a business, a group of friends, as that March and April period. It was brutal.”
Unfortunately, for many businesses operating in the restaurant, franchise and hospitality industries, “brutal” is a word that has been used increasingly to describe the effects of COVID-19 on their companies earlier this year.
Yet, as restaurants and hospitality organizations pivot and adapt to changing consumer demands and new public health guidance, many have found new ways to empower their people and grow their brands.
Such is the case with Luke’s Lobster, a company with an international network of franchise locations, as well as a manufacturing component that provides seafood products to grocery stores.
So, how does an international franchise adapt to a global pandemic? How do restaurants solve for their pain points in an ever-changing environment? What can other companies—in this industry and others—learn from the Luke’s Lobster story of navigating COVID-19?
Luke Holden, CEO of Luke’s Lobster, says, “I asked my teammates, my family members and friends…to make some pretty crazy concessions as a result of COVID.”
In this episode of The Wrap, Luke and CFO Steve Song elaborate on those concessions and dive into the story of how the company has fared in recent months. Warren Averett’s own Charles Bailey, CPA, also joins our hosts to weigh in on what other companies operating in the retail and consumer spaces can glean from this business’s story.
“We will never go back to where we were.”
Quint Studer is no stranger to the worlds of business, leadership and community. With his involvement in businesses of varying industries (including a minor league baseball team, a nonprofit organization, a coffee shop, office space, retail operation—to name a few), Quint not only strives to keep an eye on opportunity for his ventures, but for the community of Pensacola as a whole.
What can business leaders take away from his experience navigating the impact COVID-19 has had on his businesses, as well as his personal leadership style?
In this episode of The Wrap, Quint continues the conversation with our hosts for part two of two to delve further into the importance of collaboration, the value in supporting employees, and the impact that an eye for opportunity can create.
Helpful resources from this episode’s discussion:
- The Busy Leader’s Handbook
- Fort Walton Beach Quality of Life Survey
- Why We Should Say “I Don’t Know” More Often
“We’ve got to up our game, no matter what business we’re in.”
Quint Studer is a lifelong businessman, entrepreneur, student of leadership and a prominent presence in the business arena and community of Pensacola, Florida.
He’s the founder of the Studer Group (a healthcare consulting company, ultimately sold in 2015), the founder of the Studer Community Institute (a not-for-profit organization), an author of multiple books, a co-owner of a Minor League Baseball team, orator at George Washington University and Cornell, and the wearer of many more hats in addition to the few listed here.
With so many irons in the fire, how does a figure like Quint, and his many ventures, respond to a global pandemic that has threatened the continuity of organizations everywhere?
In this episode of The Wrap, Quint joins our hosts for part one of two conversations to describe his involvement, his organizations’ missions and operations and the ways they have pivoted to find creative solutions that not only benefit the organizations and their respective employees, but how they’ve impacted the community of Pensacola.
Helpful resources from this episode’s discussion:
· Brain Bags
· Airbnb at the Wahoo Stadium
· Golf at the Wahoo Stadium
· EntreCon – business and leadership conference
· The Spring Entrepreneur Asset Map
· CivicCon – Cedric Alexandre
· Downtime Assessment Audit
· Building a Vibrant Community
Babypalooza got its start as a magazine that founder Cecilia Pearson managed as a creative outlet. Fast forward to 2020, Babypalooza is a growing company and community platform that thrives through large in-person events, now faced with navigating a global pandemic.
In this episode of The Wrap, our hosts welcome Cecilia to talk about how her company grew from a hobby to a business to an organization that’s withstanding the challenges of COVID-19. Drew Honeycutt, the CEO of Innovation Depot—an incubation center for Cecilia and other entrepreneurs like her who are looking to accelerate company growth—and Warren Averett’s own business advisor Hanny Akl, also weigh in on how Babypalooza’s experience reflects that of other companies who are seeking to adapt in today’s environment.
“Be creative. Be flexible and nimble. Be strategic, and be steadfast. Stakeholders in your business—whether it’s investors, employees, customers or vendors—are going to expect that from you and need that from you. And, it’s easy to say, very hard to do .”
“It has been breathtaking to see how, overnight, the scale of our activity has just shifted totally.”
While most businesses have been forced to adapt at a blistering pace, when you’re a nonprofit organization that distributes meals to assist those suffering from hunger and food insecurity, a global pandemic brings an especially unique set of challenges.
Kyle Waide, President and CEO of the Atlanta Community Food Bank, tells the story of how this nonprofit adapted while continuing to advance its mission amid a pandemic in this episode of The Wrap.
Waide joins our podcast hosts, along with Warren Averett Member and nonprofit advisor Megan Randolph, CPA, to discuss what nonprofits everywhere can glean from the story of how the Atlanta Community Food Bank has navigated (and continues to navigate) the unfamiliar territory of COVID-19, its impact on nonprofit funding, food supply, service need, volunteer efforts and more.
“A pandemic was not on my radar.”
Most of us would probably agree with Faris Malki, the owner and operator of a bicycle repair and service shop in Birmingham, Alabama called Cahaba Cycles.
The reality is that, even though very few of us—if any—would have predicted the COVID-19 outbreak this time last year, many businesses have made sharp and fast changes to adapt to the rapidly evolving business environment we’ve seen so far in 2020.
For Cahaba Cycles, that meant discerning whether or not the company was “essential,” facing a massive influx of business, pivoting to offer curbside service, navigating complicated supply chain factors and more.
In this episode of The Wrap, Malki and Warren Averett Asset Management’s own Josh Reidinger join our podcast hosts to share how Cahaba Cycles responded to and adapted in light of the COVID-19 pandemic, how their story compares to that of the larger retail industry, and how other businesses can learn from their experiences.
COVID-19 has created many questions for investors, retirement plan sponsors and anyone looking to maintain financial stability.What does COVID-19 mean for long-term and immediate financial success for individuals? What does it mean for business owners who are charged with guiding their organizations as a trusted employer? How can you best move forward with financial planning when the future is so uncertain?
In this special edition episode of The Wrap, Joseph McNair, CFP®, JD, CPA and Jonathan Osborne, QKA join our hosts to discuss which financial planning and retirement plan considerations should be top of mind for businesses and individuals to create financial stability in this turbulent season.
Discussion within this podcast episode includes:
· Responding to volatility in the economy
· How COVID-19 and related legislation impacts retirement plan sponsors
· Precautions employers should take when it comes to retirement plan provisions in recent legislation
· Steps employers and individuals can take to position themselves for financial success
As many companies begin to receive funding as part of the Paycheck Protection Program, businesses are turning their attention from navigating the application process to allocating their own use of the funds and understanding loan forgiveness.
In this episode of The Wrap, Adam West, CPA and David Crabtree, CPA join our hosts to discuss what companies can do to gain an accurate understanding of the provisions in the PPP and the steps to take to maximize their loan forgiveness.
Discussion in this podcast episode includes:
· Which expenses are eligible for loan forgiveness and which aren’t
· Tips for keeping records so that you have the right documentation for loan forgiveness
· Guidance for financial statements and what loan forgiveness means for you company’s taxes
· How loan forgiveness will be calculated
Companies are facing a wide array of challenges in the COVID-19 pandemic, especially wen it comes to employee matters. Some are considering reducing their workforces, while others are striving to increase them.
In this special edition episode of The Wrap, David Salters, CSP, TSC , Director of Sales and Operations for Warren Averett Staffing & Recruiting, and Kelly Cochran, Warren Averett’s Director of Human Resources, join our hosts to discuss how companies can best make decisions impacting their team members and the most important things to consider when it comes to their employees.
This podcast episode includes discussion about:
· Options for employers to minimize the impact of reducing pay or schedules
· Tips for communicating difficult news about furloughs or layoffs to your employees
· Considerations for employers seeking to maintain benefits for employees who aren’t working or who are working on a reduced schedule
· Things to keep in mind when you company begins to re-recruit and rehire after furloughs or layoffs
· Considerations for companies looking to retain and reward essential employees during the COVID-19 pandemic
This episode reflects our views at the time this podcast episode was released and should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
In the COVID-19 pandemic, companies have been forced to make changes to their operations that otherwise may not have been made, and for many, that provides an opportunity to evaluate the efficiency and effectiveness of their processes. As companies adapt to the changing world, how can you help your team adapt their own tasks in a way that’s beneficial for the business?
In this special edition episode of The Wrap, our hosts welcome two internal controls and data analytics experts, Sarah Beth Magette, CPA and Kevin Wang, CPA, CGFM, to discuss how companies can turn today’s challenges into opportunities for process improvement.
Discussion in this episode of The Wrap includes:
· Tips for creating an efficient and effective remote working environment for your employees
· Considerations for automating tasks within your business
· Processes concerning cash that should be conducted differently in a remote environment
· Why fraud cases are expected to increase in the coming weeks
· Specific ways businesses can leverage their data in order to make strategic improvements
This episode reflects our views at the time this podcast episode was released and should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.
In this special edition episode of The Wrap, Hanny Akl CPA, CFE, CEPA, CVGA, a Member of Warren Averett and the Firm’s Transaction Advisory Services Practice Leader, and Roger Spain, CPA, CFA, a Principal in Warren Averett’s Outsourced CFO practice, re-join our hosts to discuss how businesses can contain costs in this financially stressful season. Our guests bring actionable ideas and advice for reducing spending and discuss important considerations for businesses looking to cut costs.
This podcast episode features discussion about:
· How companies should approach cost containment during the COVID-19 pandemic
· Considerations for slowing your business’s cash burn rate
· How to best evaluate where your business can cut costs
· Considerations for reducing spending, including reducing labor costs
· Adapting your approach to your revenue stream
As the COVID-19 pandemic continues to change our world, companies are forced to change the ways that they do business. For many companies, one of the greatest concerns of today is obtaining the working capital needed to help their business survive this season.
In this special edition of The Wrap, our hosts welcome Hanny Akl CPA, CFE, CEPA, CVGA, a Member of Warren Averett and the Firm’s Transaction Advisory Services Practice Leader, and Roger Spain, CPA, CFA, a Principal in Warren Averett’s Outsourced CFO practice, to discuss working capital and the things that businesses should do and know in order to make a strategy, execute a plan and make strong decisions in an uncertain time.
This podcast episode features discussion about:
· The main things that companies should know in order to project how much working capital they’ll need
· The metrics to consider for making informed decisions for your business when it comes to working capital
· How to maximize liquidity
· The importance of communication with external vendors and lenders
· Considerations for mitigating the impact of payroll costs when considering working capital
The COVID-19 global pandemic has had wide-reaching impacts in almost every facet of operations for businesses. Many companies are facing challenges today that weren’t even in their wildest dreams a few months ago. Business leaders are facing difficult decisions about the futures of their finances, operations and employees.
Recent legislation from the federal government has been designed to help businesses stay afloat, promote the health and safety of employees and retain their team members, but what does that mean in the face of the immediate challenges companies are facing? What relief is offered? How do you find it?
In this special edition episode of The Wrap, Warren Averett advisors Will Aderholt, CPA and Adam West, CPA, join our hosts to discuss how businesses can stay financially healthy as much as they can during a global pandemic.
In this episode of The Wrap, Paul and Kim summon an unscheduled podcast recording to discuss the challenges that companies are facing as a result of the novel coronavirus pandemic across the globe and what they should do to adequately respond.
This podcast episode covers considerations for:
- How business should be forecasting their financial futures
- Evaluating your supply chain
- Business continuity or disaster recovery plans
- Paid time off and sick leave offered to employees
Will Aderholt, CPA of Warren Averett and Brownlee Currey of Currey & Company join The Wrap to weigh in on the factors that matter most to businesses in light of COVID-19.
In this episode of The Wrap, Paul calls for an unscheduled podcast episode to bring in John Cox, CFA, CAIA, the Chief Investment Officer at Warren Averett Asset Management, to discuss the COVID-19 pandemic and what it means for investors.
The discussion in this podcase episode includes:
- Economic ramifications of COVID-19 that investors should be aware of
- How COVID-19 compares to other health concerns when it comes to the markets
- How different industries have adapted to changes in the marketplace
- What the Federal Reserve has done to help the economy
Disclosure
Employee benefit plans can be complicated.
If you read the sentence above and you’re still with us, we’re guessing that you’re probably one of the business leaders who understands their importance, even despite the complexities. (Well done!)
It’s true that offering retirement plans to your business’s employees comes with costs, responsibilities, and the task of adding new words and acronyms to your vocabulary, but is it worth it? Do businesses really need to offer benefit plans? Where should a company even start?
In this episode of The Wrap, our hosts talk to retirement plan experts Steven Causey, CPA, AIF and Kyle Bonds, ERPA, QPA, QKA about the fundamentals that businesses should know about offering a retirement plan to their employees.
After listening to this podcast episode, you’ll be able to:
- Be familiar with the main types of retirement plans
- Know what costs come along with offering a retirement plan to your employees
- Understand your business’s responsibility when it comes to the retirement plan your business offers
- Have a basic understanding of the aspects of the SECURE Act and how it impacts retirement plans
Considering the proper aspects of state and local tax implications is an important piece of the due diligence strategy for anyone looking to sell or acquire a business.
But, state and local tax matters can get complex quickly based on a company’s footprint, where it is operating and the details of the transaction. What should you know in order to minimize your tax burden and be sure your company is in compliance with relevant regulations?
In this episode of The Wrap, state and local tax (SALT) expertsReba Pennington, CMI and Colleen Aldridge, CPA join Kim and Paul to discuss what businesses should consider when it comes to SALT when they’re looking to buy or sell.
After listening to this podcast episode, you’ll be able to:
- Know what due diligence is and why it matters for your business’s state and local taxes
- Prepare your business for a potential sale when it comes to state and local taxes
- Identify important areas of state and local tax to consider when buying a business
- Keep an eye out for post-transaction state and local tax issues
- Consider important factors that can help you structure a deal in a way that can minimize your taxes
All that glitters isn’t goals. Or, maybe we should say, not all goals glitter.
Businesses put a lot of effort into setting goals, defining metrics and pinpointing objectives—but are they doing it well? To be effective in reaching a goal, a business must first be effective in setting one, and, while specific goals may be different for a start-up than they are for an international corporation, the struggles behind setting the right goals can often be the same. So, how should businesses approach setting goals in order to be the most effective?
In other words:is your business worth its weight in goals?
In this episode of The Wrap, Chris Mason, the founder of Mindshop, joins Paul and Kim to discuss how businesses should approach goal-setting, how to gather the right information that can guide you through the goal setting process and how to rally your organization behind common objectives.
After listening to this podcast episode, you’ll be able to:
- Consider how to effectively set and unify goals for a business with multiple locations
- Equip your team to set their own goals for the organization
- Use a replicable framework for setting strategic goals for your business
Statistics show that companies that focus on diversity are more likely to succeed than those that don’t.
That’s because having employees with different outlooks, experiences, skills and knowledge allows companies to approach a service, product or project in different ways, which fosters effective innovation.
But if your company hasn’t been focusing on diversity, where do you start? What does incorporating a diversity initiative mean for your business’s culture? How do you provide helpful training for a topic like diversity?
Special guest, Marsha Sampson Johnson, the former Chief Diversity officer at Southern Company, and April Harry, Warren Averett’s Chief Operating Officer, come together on this episode of the Wrap to discuss what it looks like for companies to intentionally foster diversity and inclusion within their organizations.
After listening to this podcast episode, you’ll be able to:
· Consider how your organization can foster a diverse and inclusive environment
· Understand how to encourage conversations about diversity and inclusion among your team
· Evaluate your internal processes and systems for any unconscious biases
A Board of Directors has significant influence over a nonprofit’s finances, strategy and governance. So, it only makes sense that nonprofits looking to be as effective as possible in advancing their mission need a solid Board of Directors.
If you’re looking to build the best board possible for your nonprofit organization (which—of course—you always are), how can you tell if your board members, or the candidates you’re evaluating to be future board members, have what it takes to propel your nonprofit and your mission?
What should you look for in a board member?
Is it financial savvy, nonprofit know-how, community connections, or is it a formula that’s different than what you might expect?
In this episode of The Wrap, our hosts Paul and Kim meet with Warren Averett’s own Michelle Sanchez, CPA, an expert in nonprofit strategy and finances, and guest Clara Reynolds, President and CEO of an impactful nonprofit in central Florida, the Crisis Center of Tampa Bay, to discuss how nonprofits should go about building a strong Board of Directors.
After listening to this podcast episode, you’ll be able to:
- Set, communicate and agree on expectations between your nonprofit and your Board of Directors
- Effectively vet potential board members to determine if they’re the right fit for your nonprofit and for the role
- Equip your board and help them to feel comfortable in their role as your advisors
- Move forward with securing diversity of thought within your board
- Weigh the pros and cons of having term limits for your Board of Directors
Some of the most valuable insight about your organization comes from outside of it. Businesses seeking to be as efficient and effective as possible need a strong team of advisors in order to identify both opportunities and blind spots.
But when it comes to actually assembling that council of advisors for your company, it can be difficult to know where to begin.
Paul and Kim invite you to their discussion with Dorothy Tucker, CPA and Jake Driggers, CPA as they outline what spots businesses should fill on their advisory boards, where to find the right professionals who can add value to your business and how to vet them.
At the end of this podcast episode, you’ll be able to:
- Select a lawyer, banker or other advisor based on a few key areas that will matter most to your business in the long term
- Outline a basic roster of the four main spots to fill on your business’s board of advisors
- Identify opportunities to connect and network with potential advisors
- Evaluate if your investment in an advisor’s services is worth what you’re getting in return
No two organizations are completely alike. Businesses have different offerings, different values and different goals, but they all have at least one thing in common.
They all need people to make it run successfully.
With the unemployment rate at a low, your business may be realizing that, not only are your best candidates for your open roles already in other jobs, but your competitors are increasingly recruiting people who are employed at your company.
So with fierce competition, few applicants and many unmet business needs, how can you build the right team for your company? Once you’ve found them, how can you keep them?
In this episode of The Wrap, Paul and Kim talk with Derek Johnson and Whitney McFee of Warren Averett Staffing & Recruiting to discuss how businesses can not only identify the right team members to recruit, but how they can keep them around for the long haul.
After listening to this podcast episode, you’ll be able to:
- Take strategic steps to keep your team members engaged with your company long after the novelty and excitement of orientation wears off
- Foster interactions geared toward retaining your top talent after you’ve recruited them
- Ask targeted questions in interviews to identify candidates who truly align with the role and your company
- Understand why seeking a “well-rounded” employee might not actually be good for your business
They say that if you want something done right, you should do it yourself. But, when it comes to your business’s accounting and bookkeeping functions, we think it’s a different story.
For many businesses, it’s more efficient to outsource financial functions to a fractional bookkeeper, accountant or CFO. But how can you know if it’s a good fit for your business? How should you evaluate and pick an accountant to outsource to? What does it mean to outsource your accounting in the first place?
Paul and Kim talk with Donna Conte, CPA and Roger Spain, CPA, CFA to answer these questions and more as they dive into a new episode of The Wrap to explore the intricacies and benefits of outsourcing your organization’s accounting.
At the end of this podcast, you’ll be able to:
· Understand what outsourcing your business’s accounting entails
· Start identifying your business’s needs when it comes to your financial functions
· Determine if your company might be able to benefit from outsourcing financial functions over doing them in-house
· Ask the right questions to identify the accounting provider that would be the best fit for your business
Have you ever had the sneaking feeling that your business is paying too much in taxes? If so, you aren’t alone. Businesses all across the country over-pay their taxes on their returns each year.
The most effective way to identify saving or deferral opportunities for your company (and to keep from spending more on your taxes than you need to) is to create a strategic tax plan before you file your taxes.
So once you’ve decided you want to make a tax strategy for your company—now what?
Paul and Kim meet up with Reed King, CPA and Kevin Patel, CPA on this episode of the Wrap to talk through what business owners should know in order to create a strategic tax plan before filing their taxes.
At the end of this podcast episode, you’ll be able to:
· Recognize ways in which your state tax planning should be different than your federal tax planning
· Identify which business expenses are deductible from the ones that aren’t
· Know which documentation to use to inform your tax strategy planning
· Identify the two basic steps of strategically minimizing your business’s taxes
· Communicate the necessary information to your tax advisor in order to fully identify tax advantages and savings opportunities
There’s no place like zones—Opportunity Zones, that is.
Since 2017, opportunity has been knocking specifically in the form of Opportunity Zones—a piece of the Tax Cuts and Jobs Act that provides new tax benefits for investors. The Opportunity Zone program was designed to foster economic development in lower-income areas by incentivizing investments within these zones.
What are Opportunity Zones? Why do we have them? What should investors know? How can you know if you’re in compliance with the constantly-evolving regulations? And what are the tax benefits?
Join Paul and Kim, along with Opportunity Zone experts, Chris Branch, CPA and Grant Cardwell, CPA, for a crash course about Opportunity Zones for investors.
Congress and taxes and gains! Oh my!
At the end of this podcast episode, you’ll be able to:
· Have a basic understanding of what Opportunity Zones are and how they work
· Locate Opportunity Zones in your specific areas of interest
· Know how to evaluate a potential Opportunity Zone investment before you make it
· Understand the tax benefits that this program offers to investors
Many business owners spend so much time investing in the growth of their business that they often don’t take time to consider how they might sell it—much less consider what their lives might look like post-transaction. After a business owner sells his or her own company, priorities, finances, investments and giving all appear in a new light. Being emotionally, financially and strategically ready are all key aspects for this transition. So, how can you prepare effectively and exit well?
Josh Reidinger, CPA and Justin Russell, CIMA of Warren Averett Asset Management sit down with Kim and Paul in this episode of The Wrap to discuss key considerations for business owners when it comes to preparing for and strategically navigating life in a new season after a business transaction.
In today’s economy, more and more companies are being approached by potential buyers, and with the Baby Boomer generation nearing retirement, fuel is being added to the transaction fire. Buyers are increasingly approaching companies that aren’t even looking to sell in hopes of planting the seef for a transaction. So when that potential suitor comes knocking, how can you know which interactions are legitimate, and how to you begin to vet them to determine if it’s the right move for your company?
In this episode of The Wrap, Hanny Akl, CPA, CFE, CEPA, CVGA, rejoins Paul and Kim to discuss how to evaluate potential buyers, how to make a selection and how to get the most out of the transaction process for your specific company.
To have an understanding of what something is worth, you need to have an understanding of how much someone would pay to buy it. Businesses aren’t any different. To know how much your business is worth, consider how much you could sell it for. But, that begs the question: Is your business worth what you think it is? Whether you’re planning to actually sell your business or not, knowing the answer to this question is crucial. If your business has never considered this question before, some deciding factors may surprise you.
Hanny Akl, CPA, CFE, CEPA, CVGA, a Member and leader in the Firm’s Transaction Advisory division, meets with Kim and Paul to discuss how businesses can create value for themselves and how they can minimize the difference between what they think a business is worth and what someone would be willing to pay for it.
In recent months, the Tax Cuts and Jobs Act has made waves in business discussions nationwide. Business leaders watched news reports, read headlines and heard rumors about how the new tax reform law would create a new landscape for how they understand their companies’ taxes. But, what does tax reform actuallymean for a business? Does filing an extension make you more likely to be audited? Should you consider changing your business’s entity status in light of the new tax law?
In this episode of The Wrap, William Dow, CPA and Katye Coats, CPA sit down with Kim and Paul to discuss the answers to these questions and more, including tips for business owners as they look to tax planning for 2020.
When it comes to natural disasters, the unfortunate truth is that many businesses don’t consider what they need to do in order to be prepared until they’re faced with an impending dangerous situation. Or even worse—many businesses don’t consider disaster preparedness until they are facing disaster recovery. The best way to position your business to ride out a natural disaster is to prepare ahead of time. But, natural disasters likely aren’t part of your daily business conversations and strategy. So, in the midst of all of the other pressures facing your company’s daily operations, how can you effectively consider how to position your company to weather a literal storm?
Mindy Rankin, CPA and Jason Alves, CPA join Paul and Kim to help business leaders get wind of how to effectively prepare their companies for a hurricane, tornado or other natural disaster.
Cyberattacks pose one of the greatest risks to the profitability and longevity of businesses in today’s economy, and, at the end of the day, businesses have a responsibility to protect themselves against the threats that cybercrime poses. Why does cybersecurity matter, what makes your company most vulnerable and what should businesses do to be prepared?
In this episode of The Wrap, Amy Williams and Justin Headley, CISSP, CISA connect with Kim and Paul to talk about the importance of having a defensive mentality, an educated team and the necessary tools when it comes to protecting your company against cyberattacks.
The good news is that many companies that put forth an effort to improve their own products and processes are eligible to receive the R&D Tax Credit, which can boost their bottom lines. The bad news is that some companies never even know it.
Floyd Holliman, CPA, Member in the Firm’s Tax Division and leader of the Firm’s Specialty Tax Services Group, joins Kim and Paul to discuss the R&D Tax Credit, what the credit used to be, what it is now, what products and activities could make your company eligible to benefit from it and what common pitfalls companies face.
Government contractors have seen immense growth in recent years, but they also face unique challenges—from compliance and regulatory requirements to finding the right people for the right jobs. How can businesses operating in the government contracting industry position themselves to take full advantage of today’s opportunities?
Listen in as Hobie Frady, CPA and leader of the Firm’s Government Contracting practice, offers commentary about the state of the government contracting industry.
Hiring motivated, qualified employees is an integral part of any business’s success. Finding the right employees with the proper skills and experience can place your company on a trajectory to maximize effectiveness and reach your highest goals. But with today’s low unemployment rate, finding and appealing to the right candidates is tougher than ever.
Kim and Paul host David Salters, CSP, TSC, a Member and the Director of Sales and Operations for Warren Averett Staffing & Recruiting, to uncover how businesses should create a recruiting strategy, how to know if your business is offering benefits that can compete with others and what new technology may mean for the types of employees businesses need.
Blockchain is an increasingly hot-button topic, and business owners are attempting to predict how this revolutionary technology will impact their companies. We know that blockchain is expected to transform the ways that businesses conduct their financial operations and accounting systems, but what should business leaders know now in order to set their companies up for future blockchain success?
In this episode of The Wrap, Kevin Wang and Dana Canterbury join Kim and Paul to define blockchain, discuss its current state and forecast what blockchain’s implications may be in the future.