A grant is one of the ways the private sector, charitable sector and governments fund projects that provide public services and stimulate the economy. The intent of most grants is to fund projects that will benefit specific parts of the population or the community as a whole. Grants support critical recovery initiatives, innovative research, and many other programs. They provide a unique opportunity for collaboration and support businesses and non-profits that are attempting to positively impact society. Grant funding can make or break a charitable project for many non-profit organizations, and obtaining the funds and reporting back on the use of those funds can be challenging.

The COVID-19 pandemic has been devastating for businesses around the United States and the world. The majority of business industries have felt the impacts from this virus. The professional services industry has not been immune.

The purpose of lifestyle management accounting is to ensure that a family’s financial affairs are organized through the centralization of their personal and business affairs. The main objective is to ensure that the family is able to maintain their financial position in an impeccable manner that is free from irregularities or potential inconsistencies.

COVID-19 has not only disrupted the medical field, it has also disrupted business continuity, forcing business owners to act swiftly to find innovative ways to continue servicing their customers and clients. One of the ways that business owners have been able to shift during this challenging time is by introducing or expanding on the concept of working remotely. For some businesses, this idea is relatively new whereas for others, this idea of working remotely is being expanded.

Every business, whether for-profit or not, should maintain strong transactional data. Bookkeepers typically record and document all cash and credit inflows and outflows as well as non-cash/credit transactions through the use of journal entries. Journal entries such as depreciation expense and the reclassification of interest versus principal on a loan help depict the financial integrity of an organization.