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The Wrap Podcast | Episode 045: Process Improvement and Internal Controls | Warren Averett

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TheWrap
The Wrap
The Wrap Podcast | Episode 045: Process Improvement and Internal Controls | Warren Averett
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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.

The Wrap Podcast | Episode 044: Working Capital | Warren Averett

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TheWrap
The Wrap
The Wrap Podcast | Episode 044: Working Capital | Warren Averett
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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

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.

TODAY’S TALENT TRUTHS [STAYING COMPETITIVE WITH RECRUITMENT AND RETENTION]

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TheWrap
The Wrap
TODAY’S TALENT TRUTHS [STAYING COMPETITIVE WITH RECRUITMENT AND RETENTION]
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“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:

DECEPTION PERCEPTION [UNDERSTANDING AND PREVENTING CORPORATE ESPIONAGE AND SABOTAGE]

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TheWrap
The Wrap
DECEPTION PERCEPTION [UNDERSTANDING AND PREVENTING CORPORATE ESPIONAGE AND SABOTAGE]
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“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:

Mentioned in this episode:

DECODING THE ERTC [A STORY OF THE EMPLOYEE RETENTION TAX CREDIT]

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TheWrap
The Wrap
DECODING THE ERTC [A STORY OF THE EMPLOYEE RETENTION TAX CREDIT]
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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:

Additional Resources for Continued Learning:

TRANSACTION [M&A]NIA (WHAT BUSINESS OWNERS SHOULD KNOW IN 2021)

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TheWrap
The Wrap
TRANSACTION [M&A]NIA (WHAT BUSINESS OWNERS SHOULD KNOW IN 2021)
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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

HOW DO I FILE FOR PPP LOAN FORGIVENESS (AND WHAT CAN MY COMPANY EXPECT)?

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TheWrap
The Wrap
HOW DO I FILE FOR PPP LOAN FORGIVENESS (AND WHAT CAN MY COMPANY EXPECT)?
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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

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.

HOW CAN MY COMPANY OFFER EQUITY-BASED COMPENSATION (PROFITS INTEREST GRANTS AND UNQUALIFIED STOCK OPTIONS)?

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TheWrap
The Wrap
HOW CAN MY COMPANY OFFER EQUITY-BASED COMPENSATION (PROFITS INTEREST GRANTS AND UNQUALIFIED STOCK OPTIONS)?
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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:

THE CARES ACT: WHAT ARE PROVIDER RELIEF FUNDS?

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TheWrap
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THE CARES ACT: WHAT ARE PROVIDER RELIEF FUNDS?
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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

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