Insights Blog2021-09-02T16:26:43-04:00

Welcome to Sensiba San Filippo’s Insights Blog

Providing education and industry insights to stay steps ahead of your competition.


Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting [...]

Improving and automating your company’s account reconciliation process with BlackLine

Many companies don’t realize they can use BlackLine to achieve account accuracy, systematic consistency, accountability and transparency while automating the reconciliation process - saving dozens of hours per month that can be redirected to [...]

6 Steps Private Companies Should Take to Prepare for ASC 842 Lease Accounting

Private companies and nonprofits will soon be subject to the ASC 842 lease accounting standard. Adoption of this standard is effective for annual reporting periods ending after December 15, 2021. For calendar year-end companies, [...]

Why Use BlackLine for Variance Analysis (Flux) Monitoring?

BlackLine’s Variance Analysis Monitoring module uses standardized configurable templates and rule-based workflows intelligently designed to quickly identify unusual account activity and automatically flag and route outliers for review. With this module, you can automate [...]

Auditing WIP

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed [...]

Getting Started with Outsourced Manufacturing

For startup food, beauty, and natural product companies that are interested in outsourcing their manufacturing, choosing the best partner is a critical decision that can impact their long-term success. Outsourced manufacturing — often referred [...]

Why You’ll Love Sage Intacct’s New Interactive Visual Explorer

Finance and business leaders can make better decisions by understanding their data more easily with the help of Sage Intacct’s new Interactive Visual Explorer tool. Part of Sage Intacct’s 2020 R4 release, the Interactive [...]

The Benefits of Replacing Grant-Tracking Spreadsheets with Sage Intacct

Effective grant management is key for nonprofits in fulfilling their mission, and tracking grant-related activities with Sage Intacct offers nonprofits a powerful way to enhance efficiency and their ability to serve their constituents. Grant [...]

Good News for Taxpayers: Individual Deadline Extended

Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and [...]

“Let’s Put Our Differences Aside” The Importance of Empathy and Combatting Bias

Imagine you’re driving on the freeway. You’re maintaining the speed limit, abiding by all traffic laws, going about your typical morning commute. A flashy red sports car suddenly appears in your [...]

Why Private Equity & Venture Capital Fund Managers Should Care About Startup Accounting Changes: New Rev Rec, Lease Accounting & More

New Accounting Standards Codification (“ASC”) 606 and 842 apply to revenue from contracts with customers and accounting for lease arrangements. Private equity and venture capital funds do not generally have either [...]

New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of [...]

Improving Restriction Tracking and Revenue Recognition for Nonprofits

Tracking donor restrictions and understanding the implications of those restrictions on revenue recognition are common challenges for nonprofits — especially if they try to manage these important metrics with spreadsheets. Updated revenue recognition standards [...]

Wherefour Optimizes Inventory and Co-Packing Success via Linked Accounts

Effective inventory management and communication between companies are critical factors in successful co-packing collaborations – which is why we are excited about Wherefour’s latest release that adds a new level of visibility to help [...]

Leveraging Sage Intacct and Salesforce for a Complete Nonprofit Solution

Americans donated over $410 billion to nonprofits in 2017, up 5.2% from the previous year. Yet research also shows that between the years 2000 and 2016, the percentage of the population that donates to [...]

The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more [...]

Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways to Chip Away at Your Bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed the payment and filing deadlines until July 15 that otherwise would have fallen on or after April 1, [...]

From QuickBooks to Cloud Accounting With Sage Intacct: Enabling Your Finance Teams from Anywhere

Your accountants may be working from home, but what about your accounting processes? In many cases, working from home means “making do” with a lesser version of the office that lacks the same tools, [...]

Rioting Damage At Your Business? You May Be Able To Claim Casualty Loss Deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products [...]

Independent Assurance Inspires Confidence in Sustainability Reports During COVID-19

Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on [...]

New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

The law providing relief due to the Coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement [...]

Research and Development Tax Credit: A Powerful Tool to Build Your Business

Staying ahead of the competition is a challenging and often expensive task.  While many economic incentives are targeted at a particular industry or even a specific company, the Research and Development (R&D) tax credit [...]

R&D Tax Credit for Food and Beverage: Make Your Cake and Eat it Too!  

One of the most overlooked (and fascinating) industries that should be taking advantage of the R&D tax credit is food and beverage.  Whether it’s a manufacturer of finished food products, an ingredient or flavor [...]

4 Reasons Sage Intacct’s Open API Should Put it at the Top of Your ERP List

Sage Intacct became one of the leading financial management solutions on the market for lots of reasons: flexibility, advanced automation, intuitive features, complex accounting capabilities, and the list goes on. However, a compelling feature [...]

How Sage Intacct’s Intelligent GL Will Change the Role of Finance Executives

The annual Sage Intacct Advantage conference is an opportunity for the company to lay out its vision for the future and show off innovative new product features. One of the key themes of this [...]

Automated traceability will be essential for the FDA’s New Era of Smarter Food Safety

A new era of food safety is on the horizon, and the FDA is looking into technology and innovative approaches to solve some of the most significant food safety challenges in established and emerging [...]

Opportunity Zones: Reaping the Rewards of Raw Land Investments

With the generous tax incentives now available to taxpayers investing capital gains in Opportunity Zones, real estate focused businesses and investors should consider immediate action. The opportunity for long-term tax benefits combined with potentially significant [...]

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