Olsen Thielen Advisor Blog

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Corporate Credit Card or Expense Reimbursement?

May 9, 2017

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

May 2, 2017

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.

Get More from Your Association’s Program Budget

April 27, 2017

Is your not-for-profit association offering enough (or the right) programs to keep members active and engaged? New programs require time, effort and money. So when you commit to developing one, you want to get the biggest bang for your buck.

5 Accounting Mistakes Your Nonprofit Should Avoid

April 14, 2017

To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Even the smallest nonprofit should set formal, documented and detailed procedures for managing financial and bookkeeping chores.

Estate Planning – Managing Debt and Creating Other Important Documents

April 11, 2017

According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.

Scott Hoyles Receives ABV Designation

February 9, 2017

Olsen Thielen is happy to announce that one of our Tax Principals, Scott Hoyles, has been awarded the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).

How to Recruit and Retain Young Board Members

January 18, 2017

Not-for-profit organizations are constantly trying to recruit and retain quality members for their board of directors (board). An ingredient for a quality board is diversity in ideology and thought process. One easy way to create a diverse culture within a board is to recruit and retain young professionals.

Olsen Thielen Celebrates 95th Anniversary

November 15, 2016

Olsen Thielen & Co. Ltd. is proud to be celebrating our 95th anniversary year. The firm was founded in 1921 on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed.

Adam Hennen Elected Principal

October 29, 2016

Olsen Thielen is pleased to announce that Adam Hennen, CPA, has been elected Principal, effective September 1, 2016.

Andrea L. Addo Elected Principal

October 29, 2016

We are pleased to announce that Andrea Addo was elected Principal of the firm, effective September 1, 2016.

Wishing Tom Farm the Best in His Retirement

October 29, 2016

Tom retired from Olsen Thielen as a Principal and shareholder on September 1, 2016, after a long and distinguished career.

Utilizing Nonprofit Boards to Fullest Potential

July 7, 2016

It’s no secret that a major key to success for nonprofit organizations lies with the strength of its volunteer board of directors. Board engagement is a practice that many nonprofit entities both strive for and struggle to maintain.

Contracts and SOC Reporting

June 27, 2016

We see many organizations requesting SOC reports from their business partners due to a corporate compliance mandate. It appears to be a default company request even though the business relationship may not fit the purpose and scope of a SOC report.

A Story of Commitment

June 21, 2016

Olsen Thielen was founded on the belief that personal attention, trusted advice, and quality service are the key elements to helping our clients succeed. Time and again, business owners and individuals have taken Olsen Thielen professionals into their confidence – to gain insight on business challenges beyond just tax returns

“What’s My Business Worth?” Understanding Your Options

June 21, 2016

Would you buy a new car if the only vehicle on the market was a BMW? How often would you go out to eat if the only menu item available was filet mignon?