General Accounting

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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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Nonprofits–What to do When the Audit Ends

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.
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New Principals Elected

We are pleased to announce Matthew J. Klein and Nathaniel L. Nelson have been elected Principals of the firm, effective September 1, 2019. With their election, Olsen Thielen now has 21 Principals and over 86 staff.
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Leasing or Buying Equipment

Have you ever wondered if leasing or buying equipment would be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you make the decision to lease or buy equipment or other fixed assets.
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Hennen Appointed Board Chair

Olsen Thielen is proud to announce Adam Hennen has been appointed Board Chair for the White Bear Area Chamber of Commerce.
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Get Your Financial Statements in Order Before Asking for a Business Loan

As a business owner, if you are considering expanding your company, be sure to get your financial statements in order before asking for a business loan.
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Michael Bromelkamp to Retire

Olsen Thielen Principal, Michael Bromelkamp, is in the process of transitioning from his many responsibilities at Olsen Thielen after 25 years with the Firm.
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Lisa Dunnigan Named Finalist for ORBIE Awards

Lisa Dunnigan, Olsen Thielen CIO and Principal was named a finalist for the Twin Cities CIO of the Year ORBIE Awards. The Twin Cities CIO of the Year ORBIE Awards honor chief information officers who have demonstrated excellence in technology leadership.
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Hiring Solvency Experts

Solvency is essential to staying in business and sometimes hiring solvency experts is needed to resolve creditor payment issues.
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Forensic Accounting Tools Used for Fighting Fraud

Uncovering fraud doesn’t always require in-depth data analysis or forensic accounting techniques. Qualified experts also find basic managerial accounting practices are handy tools when identifying potential fraud,
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Are You Haunted by a Ghost Employee?

A ghost employee is someone who appears on your payroll system, but who does not work for your company. The ghost employee can be a real person who is knowingly added to the payroll records, or a fictitious person invented by a dishonest employee.
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Tips for a Successful Audit

The end of the year is fast approaching and not only does that mean we are in the holiday season but, for many companies that means it’s time to start preparing for the annual audit. 
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Tools for Uncovering Financial Statement Fraud

Financial statement fraud is committed by intentionally misrepresenting an organization’s financial condition. A perpetrator might do this by omitting or misstating amounts or information to deceive auditors, shareholders and the public. However this fraud is committed, it tends to be one of the most costly schemes for the victimized companies.
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Thorough Due Diligence Can Protect Your Acquisition From Fraud

In today’s rough-and-tumble world of mergers and acquisitions (M&As), buyers need to get to know business sellers and their executives, test their representations about asset condition and financial performance, and screen for common fraud schemes.
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