General Accounting

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Managing Your Business Through Uncertainty

July 6, 2023

PODCAST: In our inaugural episode of Q&A Over Coffee, the Olsen Thielen team and Doug Loon, President & CEO of the Minnesota Chamber of Commerce, explore the new landscape of economic uncertainties facing business owners today. Topics covered include potential implications of new proposed tax legislation, workforce changes, increased financing

Minnesota Bans Non-Compete Provisions

June 23, 2023

As of July 1, 2023, Minnesota will prohibit employers from requiring employees to sign non-compete agreements restricting their employment options upon termination.

Converting to Cloud Accounting: Pros and Cons

May 30, 2023

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.

Discontinuation of QuickBooks Desktop 2020 Support

May 4, 2023

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.

Buy-Sell Agreements

January 24, 2023

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.

Lease Accounting Rules Changes

January 17, 2023

VIDEO: The Financial Accounting Standards Board (FASB) recently issued lease accounting rules changes in the proposed Accounting Standards Update for Leases (Topic 842). The update addresses related-party arrangements between entities under common control. This video provides an overview of the proposed changes.

Beneficial Ownership Reporting

December 1, 2022

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule implementing a beneficial ownership information reporting requirement under the Corporate Transparency Act. Learn how and when this reporting requirement may affect your company or organization.

Choice of Business Entity

November 16, 2022

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.

Navigating Tough Times for Business Owners

November 4, 2022

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

Recognizing Revenue in Financials

October 27, 2022

VIDEO: The Financial Accounting Standards Board and the International Accounting Standards Board have provided standards for properly recognizing revenue. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn

Preparing Your Business for a Recession

June 21, 2022

VIDEO: A recession can be challenging for any business. However, business owners can take steps to prepare for a recession and position their companies for growth as the economy recovers. In this video, we'll provide six tips to help you and your business prepare for a recession.

Updated Buy-Sell Agreement

March 30, 2022

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.

Nonprofit: No Audit Requirement

March 4, 2022

Even if your nonprofit has no audit requirement, a regular audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate and prepare for an audit.

How the Federal Reserve Fights Inflation

January 12, 2022

VIDEO: With inflation recently rising to levels not seen in decades, the Federal Reserve is taking steps to stabilize prices. Watch this short video to learn what tools the Federal Reserve uses to fight inflation.

Nonprofits May Want to Try a New Budgeting Approach

December 21, 2021

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.