07.15.16

Cut Practice Costs to Improve Efficiency and Profitability
Jason Flahive

Maintaining profitability, staying up to date with the latest technology and providing quality patient services can be a difficult balancing act for medical and dental practices. This article offers some ideas for keeping your practice operating lean and efficient, including analyzing staff costs, salaries and PTO, as well as reviewing occupancy costs.

07.14.16

City of Chicago Raises Minimum Wage Effective July 1, 2016

In recent years, the number of restaurants — both national chains and local establishments — that have faced wage and hour lawsuits have been on the rise. Therefore, it is imperative that restaurant owners pay attention to the rules that dictate how employees, especially tipped employees, are to be paid under federal and state law. This Restaurant Group blog explains how the City of Chicago’s recent raise in the minimum wage will impact both employer and employee.

07.12.16

ESOPs Facing Tougher Scrutiny

Employee Stock Ownership Plan (ESOP) fiduciaries are facing closer scrutiny by the Department of Labor (DOL), while federal courts, including the U.S. Supreme Court, are weighing in on ESOP cases. This article reminds ESOP sponsors to take a fresh look at how their ESOPs are structured and overseen by fiduciaries.

07.12.16

The New Audit Requirements Under GATA: The Grant Accountability and Transparency Act
Alison Fetzer

Until recently, Illinois recipients and subrecipients who expended less than $500,000 in federal funds (and now $750,000 under the new Uniform Grant Guidance) breathed a sigh of relief as they were exempt from the rigorous world of the Single Audit (now referred to as Uniform Guidance). However, with the passing of the Illinois’ Grant Accountability and Transparency Act (GATA) in 2014, that is no longer the case. This article details the new audit requirements to which a not-for-profit organization must adhere to be in compliance with GATA.

07.07.16

Tax Tip: Miscellaneous Expenses Can Add Up
Jacqueline N. Janczewski

If you itemize your deductions instead of taking the standard deduction, you may be able to deduct certain miscellaneous expenses that can reduce your taxable income. As this article explains, they must add up to more than 2% of your adjusted gross income (AGI) to be deductible. The article also talks about a second category of miscellaneous expenses that are not subject to the 2% rule.

06.29.16

How to “Score an A” on Your Board Meeting Minutes
James Quaid

Minutes of your board’s meetings may seem like a mere formality; however they are much more than that. Board meeting minutes reflect on your board of directors and your organization’s actions. Savvy not-for-profit organizations do not settle for a passing grade when creating these documents, they go for the “top of the class.” This article discusses some best practices for developing minutes that will document your meetings clearly and accurately.

06.29.16

The Quintessential Tips to Scale Your Business

We love to save you time (& help you grow!) so we’ve scoured the internet for the best of the best tips to scale your business. You get the ultimate advice from across the web all in a one stop shop.

06.23.16

Privacy Protections: Making Mobile Devices More Secure
Amanda Gutierrez

In today’s society, technology has become more sophisticated and private information is more vulnerable than ever before. At the same time, physicians increasingly use some type of mobile device to access health care data. This article addresses a number of security and privacy concerns typically faced by medical practices.

06.23.16

Get Smart with “Smart Buildings”
Peggy Vyborny

Smart buildings are bringing dramatic changes to the real estate industry. As owners and investors begin exploring how these technologies can help them and their bottom lines, they will likely jump on the proverbial bandwagon sooner rather than later. This article explains that, while smart buildings typically provide some green benefits (that is, benefits related to energy and sustainability), they also go beyond energy efficiency to address operational issues — such as building and equipment performance and maintenance — that, in turn, allow better capital planning.

06.16.16

Six Simple Steps to Shrink Your Outstanding Receivables
Kenneth Tornheim

When cash flow does not keep pace with work flow, manufacturers need to take a hard look at their billing practices to ensure that jobs do not fall through the cracks. This article outlines ways manufacturers can strengthen their collection processes. A Sidebar highlights a possible tax break for uncollectible accounts.