General Accounting

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Minnesota Bans Non-Compete Provisions

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.
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Converting to Cloud Accounting: Pros and Cons

Shortages in accountants and increasing workplace demands for remote options are forcing organizations to take a closer look at their software and technology platforms and are strongly suggesting a push to cloud accounting platforms.
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Discontinuation of QuickBooks Desktop 2020 Support

QuickBooks Desktop 2020 will no longer be supported by the vendor. If you are using an older version of the software, it may be time to consider which accounting software is most effective for your business needs.
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Buy-Sell Agreements

Buy-sell agreements are an essential tool for businesses with more than one owner. This type of agreement defines what will happen to the departing owner's share of the business if they leave. Learn about the benefits, key components, and important considerations of a buy-sell agreement for your business.
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Choice of Business Entity

Your choice of business entity can affect your taxes, your personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes.
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Navigating Tough Times for Business Owners

In these difficult economic times, here are some tips on optimizing your business in the professional services industry.
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Updated Buy-Sell Agreement

An updated buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled, or otherwise leaves the company.
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Nonprofit Audit Preparation

A regular audit can reassure donors and other stakeholders that you take seriously your responsibility. Advance audit preparation can make the process a success.
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Nonprofits May Want to Try a New Budgeting Approach

Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach.  For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.
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Nonprofits: Should You Hire New Staffers or Outsource?

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.
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Nonprofit Gifts in Kind Rule Changes to Start in 2022

Some nonprofit organizations may accept contributions of nonfinancial assets, such as land, services, and supplies. If your nonprofit accepts this kind of contribution, you should know about Financial Accounting Standards Board (FASB) rules approved last year.
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Financial Danger Signs for Nonprofits

Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable.
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Olsen Thielen Celebrates 100 Years

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
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Financial Statement Footnotes Provide Valuable Information for Nonprofits

Financial statement footnotes provide donors, governmental supporters, and other stakeholders with critical information about your not-for-profit. It’s important to work with your CPA to make sure your footnotes are accurate and thorough.
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Reporting a Disaster’s Effects on Your Financial Statements

The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements.
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