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FAQs
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- What are the risks of not having a business transition plan?
- Without a plan in place, businesses are more vulnerable to various types of risks that come with transitioning. These risks include shifts in market preferences, liquidity, policy changes, and delays.
- What is a business transition plan?
- A business transition plan is a type of strategy that ensures the sustained continuity and viability of a business in the event of a financial or operational transition.
- What are the phases of a proper business transition?
- The phases of a transition plan can be broken down into the following: pre-sale phase, positioning for sale, transaction phase, and wealth management.
- What is a major IT security weak point that my business should be wary of?
- One of the biggest risks of cybersecurity attacks in any organization are its own employees. The most significant way to mitigate this is through continued education and training.
- What is a security risk assessment?
- A security risk assessment is the process of identifying the weak points of an organization’s cybersecurity. Security risk assessments take inventory of systems, vendors, and employees.
- What is typically the first step of a security risk assessment?
- The first step of a security risk assessment is to identify an organization’s information assets and their respective owners. Examples of information assets include applications, databases, and infrastructure.
- What are the benefits of using Sage 100cloud?
- Using Sage 100cloud can result in improved user experience, streamlined reporting procedures, faster decision-making, tighter security, and easier access to your organization’s accounting systems.
- Can I still host Sage 100cloud even If my company uses enhancements or third-party integrations?
- Yes, in almost every case, Sage 100cloud can be accommodated to allow hosting with enhancements or third-party integrations (i.e. Starship, Scanco, ACS Group Multi-Bin, etc.).
- What type of database does Sage 100cloud use?
- Sage 100cloud runs on a SQL database.
- How can I minimize my estate taxes?
- One way to minimize estate taxes is by removing assets from your estate as soon as possible via outright gifts or gifts in trusts. This will ensure that all future appreciation in value escapes estate tax.
- Do I need to file an estate tax return?
- Generally, an estate tax return is only needed if the departed’s gross estate and adjusted taxable gifts are greater than the exemption. In this instance, an estate tax return is required even if there is no estate tax liability once all applicable credits and deductions are accounted for.
- Do I need to file a gift tax return?
A federal gift tax return is required if you:
- Make gifts to/for someone that are more than the yearly gift tax exclusion.
- Make gifts for future interests, including those that are less than the yearly exclusion amount.
- Allocate gifts with your spouse (this applies to any amount).
- What can I do to improve the cybersecurity of my medical practice?
- Medical practices can improve their cybersecurity by educating their employees via awareness training. This training should include items such as risks related to downloading attachments from unknown emails and identifying phishing scams, ransomware, and malware.
- How common are cyber attacks on healthcare?
- Cyber attacks are very common in healthcare. In fact, the healthcare industry has 340% more security incidents and attacks than the average industry. This is because medical information is 10 times more valuable than any other type of information on the black market.
- Why is cybersecurity important for medical practices?
- Cybersecurity is essential for protecting the personal information of patients. Without proper cybersecurity put in place, practices and their patients are vulnerable to medical fraud and devastating financial losses.
- How can a managed print system get rid of underused machines?
- A managed print system gets rid of underused machines by taking inventory of the resources of a business and subsequently integrating those resources into an optimized system.
- Can a managed print system reduce overhead costs?
- Yes, a managed print system is one of the most effective solutions for print costs management and can result in savings in materials, equipment, and printer management.
- Can an MPS help control the way people use printers?
- A managed print system can help control the way people use printers because it constantly works towards monitoring and controlling usage.
- Should I value my business even if I’m not ready to sell?
- Yes, valuing a business is critical for ongoing strategy even if there are no plans to sell. By understanding value drivers, and raising the value of your business, you can make it more marketable in the long run.
- What are the most common valuation methods?
Valuators use three general approaches to appraise private businesses and business interests: a cost approach, a market approach, and an income approach. Learn more about the most common approaches to valuing a business.
- What does valuation mean in business?
- Valuing a business is the process of determining the current or projected worth of an asset or company.
- How long does a business valuation take?
- While this varies depending on the business, a valuation typically takes between 20 to 40 hours.
- How can my business benefit from using management software?
- Business management software can increase the efficiency and effectiveness of your business through facilitating better product management and document storage.
- What is business management software?
Business management software is any set of programs or applications that help businesses automate and optimize their processes.
- What are the different types of business management software?
Some of the most common types of business management software include:
- Word processing programs
- Accounts software
- Billing software
- Payroll software
- Database software.
- Why is it important to audit a retirement plan?
Retirement plan audits are crucial for minimizing the financial risks that often come with annual tax-filing and can help evaluate the health of a plan and maximize its value. Retirement plan audits can also mitigate broader risks such as fraud, cyber threats, and unauthorized user access.
- How long does a 401k audit take?
While the timespan can vary by industry, audits can typically take between 6 and 8 weeks.
- What is an HSA?
- An HSA is a savings account that is tax-advantaged and funded with pretax dollars. HSA funds can be taken out tax-free to finance a varied list of qualified medical expenses. For non-qualified expenses, withdrawals are taxable and subject to penalties (for those under 65 years of age).
- What are my limits for total itemized deductions?
- For 2018 through 2025, the total itemized deductions for state, local, and property tax is limited to $10,000. For those who are married and filing separately the limit is $5,000.
- Why are accounting audits important in healthcare?
Audits offer a unique opportunity to thoroughly review patient care, submissions of claims, staff involvement, and payments control. Audits also help identify billing and coding issues before they escalate, which allows medical practices to rectify errors before they are subject to government repercussions and fees.
- What factors greatly impact a medical practice valuation?
- Factors that impact a medical practice valuation include patient referral patterns, the age of the practice owner, the speciality of the practice, cash flow, and the economic climate at the time of the valuation.
- Why are valuations important to my practice?
- Medical practice valuations are important in outlining a baseline for quality management. By identifying areas of potential improvement, valuations can lead to developing goals with realistic KPIs that facilitate a future of financial success.
- What are the benefits of tax planning for businesses?
- Tax planning can help businesses maximize their tax relief, reduce the amount of payable tax, and increase control over when taxes are paid.
- What are some common deductions business owners can make?
- Common business deductions include: travel expenses, internet and cell phone, and vehicle expenses. It’s important to note that with certain deductions there are limits to the amount that can be deducted.
- What other things can I do to reduce my business’ tax bill?
- Business owners can reduce their tax liability by contributing money to an individual retirement account (IRA). Contribution limits are based the annual income of a business.
- Do I have to file if I don’t owe any business taxes?
Yes, all business owners must file a business tax return, regardless of whether or not their business was profitable in the prior year.
- How can I maintain a backup recovery plan for my organization?
To prevent losing data during a disaster, organizations should create at least three copies of their available data and store these copies on at least two different media, with one being offsite. Learn more about developing a backup recovery plan here.
- Why is it important to have a disaster recovery and business continuity plan?
- Having a plan ensures that a business can continue to run in the event of disruptions, like system crashes, natural disasters, and power outages. Without a business continuity and disaster recovery plan, a business can be left vulnerable to catastrophic failures.
- What should be included in an IT disaster recovery plan?
An IT disaster recovery plan should include a holistic strategy that ensures all of an organization’s most critical information is backed up. This can be done by first identifying which software applications are critical and mapping out what hardware is required to run them.
- Why does my business need an external audit?
- External audits are beneficial to businesses because they provide essential transparency, may detect certain deficiencies and weaknesses that were overlooked internally, and are an excellent way to obtain recommendations for improvement.
- What is an audit?
- An audit is a process of review for accuracy and efficiency based on regulations and procedures. An audit can be conducted internally or externally and may be done pre-bill or post-bill.
- What are the phases of an audit process?
The phases of an audit can be summarized in the following: pre-planning, planning and risk assessment, fieldwork, reporting, and completion.
- What are assurance services in auditing?
- Assurance services is an element of auditing that aims to provide an objective assessment of compliance and finance efforts. The main goal of assurance services is to ensure that operations are done in compliance to the applicable policies and regulations.
- What type of security parameters do cloud solutions typically have in place?
- Security parameters for cloud solutions often include encryption, physical security, and identity management.
- Is the cloud safe for personal information?
The short answer is yes. If a cloud service has certifications in place for HIPAA, PCI-DSS, and SOC, it means that it has been evaluated by a third party and is able to handle personal information.
- What is cloud computing?
- Cloud computing is the process of using a network of servers, hosted on the internet, to manage, process and store data.
- How do I know if the cloud is right for my business?
Cloud solutions are perfect for growing businesses who are in search for flexibility, scalability, and cost savings.
- What workloads can I move to the cloud?
- Data backup, IT, CRMs, and many other workloads can be moved to the cloud.
- How can I protect my business from fraud?
There are five things your business can do to reinvigorate your internal controls and other fraud deterrents: routinely revisit your fraud risk assessment, educate employees, make smart hires, and always be wary of possible risks. Learn more here.
- When is a forensic audit required?
- Forensic audits are required when evidence is needed to be placed in front of a tribunal, court, or other formal entity that is appointed with making a decision on matters that require independent assessment and analysis.
- What are the main objectives of financial planning?
- The main objectives of financial planning are to ensure the availability of funds whenever needed and to include a correct estimation of the funds that would be required for different purposes and goals.
- What are the major types of financial plans?
- There are three main types of financial planning: short-term, medium-term, and long-term. Each type deals with financial planning for different intervals of time.
- What are some of the key components of financial planning?
- Some of the key components include analyzing your current financial situation, planning for retirement, and developing some sort of financial protection.
- What is the downside of buying fixed assets?
- The primary downside of buying fixed assets is that you’re generally required to pay the full cost upfront or in installments. Although it’s important to note that the Sec. 179 and bonus depreciation tax benefits are still available for property that’s financed.
- What is a capital asset?
- For businesses, capital assets are assets that have been used to create revenue for a duration longer than a year.
- Why is asset management important?
- Asset management makes it possible to monitor and manage assets in a systemized approach. This can lead to increases in productivity and efficiency.
- What are the types of asset management?
- There are several types of asset management, including financial asset management, enterprise asset management, infrastructure asset management, and IT asset management.
- What is the riskiest asset class?
- Equities are often considered to be the riskiest asset class because they offer neither guaranteed payments nor rates of return.
- What is the safest asset class?
- Cash, savings accounts, and CDs are among the safest asset classes but they tend to offer the least in terms of profit.
- What impact can a cybersecurity breach have on a business?
- Financial loss is the most damaging impact a cybersecurity breach can have on a business. These financial losses include the costs needed to absolve the breach, heighten security, and potential compensation for the affected customers.
- What are the advantages of cybersecurity?
- Cybersecurity protects users from infiltration and cyberattacks of internet systems, hardware and software. Cybersecurity also helps keep user information protected from unwanted, malicious interruptions.
- What is a firewall?
- A firewall is a security system made for a business network. Firewalls help to ensure that there are boundaries on a system or network.
- What is data encryption?
- Data encryption is a way to ensure that only an authorized user can gain access to data through the technique of having a sender convert a message in code.
- When is Yeo & Yeo coming to my campus?
Yeo & Yeo is typically on campus during the fall and winter semesters. Connect with your college/university career services department to learn which events we have coming up, or contact our Manager of Recruitment & Campus Relations directly.
- What should my resume look like?
Resumes will look different for every candidate. Primarily, we want to see a clean, easy-to-read, well-formatted, single-page document that briefly shares all the work, professional, volunteer and educational experiences you believe have taught you something valuable. Check out our guide to creating a robot-friendly resume.
- How should I prepare for my upcoming interview?
To prepare yourself for an interview with us, check out our interview tips and tricks eBook.
- Do I need 150 credits completed before starting a full-time position?
If you are looking to join Yeo & Yeo in a full-time CPA capacity, we prefer that you have all 150 credits and your degree fully complete before starting full-time. However, we do not expect you to have your CPA license or to start the CPA exam before your first day.
- How does Yeo & Yeo provide financial assistance for the CPA exam?
As soon as you sign a full-time offer letter with Yeo & Yeo, you will be given a combination of financial assistance and bonuses if you choose to work toward your CPA certification.
Yeo & Yeo will provide the following:
- Paid days off while you sit for the exam.
- Access to CPA study resources at a substantial discount.
- A $4,000 CPA Certification Bonus paid as follows:
- We provide $500 toward the initial cost of exams and new materials.
- You will receive a $500 bonus for each of the first three sections successfully completed and then a $2,000 bonus upon obtaining your CPA license.
- You can obtain $1,000 in the form of advances against the total CPA bonus to assist in covering the cost of the exams and review materials.
- You will also be eligible to submit expenses incurred for registration and study materials up to the amount of the bonuses; thereby, you would receive the supported expense amount tax-free.
- All bonuses are subject to a one-year work-off requirement from the date of receipt.
- What sort of work experience do I need before an internship?
We do not require specific experience before beginning an internship with us. However, we strongly prefer that you have some general work experience (customer service, food service, on-campus employment, etc.). Previous accounting experience is not required.
- What is an intern’s expected workload?
Most interns will work 40 hours per week and up to 55 hours per week (overtime over 40 hours would be paid at a rate of time and a half per hour), depending on the season and class schedule. The type of work will vary by service line; however, we provide interns with staff-level work to present a clear understanding of what a full-time career at the firm entails.
- Will I be able to explore assurance, consulting and tax during my internship?
Most internships are focused on only one service line to allow a fully immersed experience and a significant understanding of how that service line fits your skillset. However, we encourage interns to network and job shadow associates across service lines during the internship.
- When is the best time to do an internship?
As most public accounting deadlines fall between January and April, this season tends to contain the most robust internship experience. We do offer spring, summer, and fall internships, as well.
- What skills would an ideal intern have?
The ideal intern candidate will:
- Seek and embrace leadership opportunities
- Thrive in team environments
- Value high-end client service
- Possess strong critical thinking skills
- Adapt to new technology quickly
- Have strong, hands-on Microsoft skills
- What is the Summer Leadership Program (SLP)?
SLP is our two-day learning and leadership development program that takes place the first or second week of June. The program offers undergraduate accounting students the opportunity to experience a day in the life of a Certified Public Accountant (CPA) and learn about the firm's culture.
On the first day, students will have the opportunity to network with our staff either at either a baseball game or an entertainment venue featuring bowling, arcade games and more. On the second day, students will be able to shadow our professionals in their day-to-day work environment, hear career testimonials, meet the President and CEO and learn how to polish their interviewing and networking skills.
Applications for SLP are accepted from September to April, with interviews and offers extended during the winter semester.