Not rendering correctly? View this email as a web page here.
The Value Report - Machen McChesney Business Advisory Insights

At Machen McChesney, we are committed to Returning Value to you through our monthly e-newsletter, The Value Report.

Here you'll find regular tips to help with your business and personal finances, as well as strategies to grow and more efficiently run your organization. 


Table of Content

  1. Surprise Audits Are Proven to Fight Fraud.
  2. Should You Convert Your Business From a C to an S Corporation?
  3. Major Overtime Change Will Deeply Affect Employers
  4. Real Estate Wealth Transfer Strategies
  5. End Purchase Order Chaos With a Structured Approval Process
  6. RecordKeeping for Tax Purposes
  7. Best Practices for Expense Reporting
  8. What's New at Machen McChesney

Surprise Audits Are Proven to Fight Fraud.

info.machen.cpahubfsAudit 1128509383-1

Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They are financial statement audits, reporting hotlines, surprise audits, and proactive data analysis. However, the ACFE study also found that two of these — surprise audits and proactive data analysis — are among the least commonly implemented controls. Here’s how your organization might benefit from conducting periodic surprise audits. Continue reading.


Should You Convert Your Business From a C to an S Corporation?

C Corp picturs-1

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations, and S corporations. Continue reading.


Major Overtime Change Will Deeply Affect Employers

info.machen.cpahubfsPayroll -2032568010-1

According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements. Continue reading.


Real Estate Wealth Transfer Strategies

House on top of money -1195079487-1

For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it is about strategically positioning the next generation for personal success. Unfortunately, it also requires navigating a complex landscape of income, gift, and estate taxes. Continue reading. 


End Purchase Order Chaos With a Structured Approval Process

Purchase Orders -153692456-1

Whether hiring contractors, buying equipment, or paying vendors, many businesses struggle with the procurement process. Here are some tips for streamlining your company’s purchase order (PO) approval process. Continue reading 


Recordkeeping for Tax Purposes

Accounts -1053022672-1

Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It's the business you're in that affects the type of records you need to keep for federal tax purposes. Continue reading


Best Practices for Expense Reporting

Expense -1432442176-1

When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain accurate financial records. Continue reading.


What's New at Machen McChesney?

https://machen.cpa/whats-new-at-machen-mcchesney-april/whats-new-at-machen-mcchesney-january-2024

Sponsorships, new hires, announcements
Continue reading


We hope you found value in The Value Report you've received this month. We look forward to finding even more ways to Return Value to you in the future. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
 
If you have any questions on the topics above, please feel free to send us a message.
 
Thanks,
Machen McChesney 
Share our insights with your connections:
   

Montgomery: 1784 Taliaferro Trail, Suite A | Montgomery AL 36117

machen.cpa

You received this email because you are subscribed to Monthly E-Newsletters from Machen McChesney.

Update your email preferences to choose the types of emails you receive.

 Unsubscribe from all future emails