inc 5000

LBAHS Makes the 2019 Inc. 5000 List

Inc. Magazine unveils its annual list of America’s fastest-growing private companies – the Inc. 5000. For the sixth time, LBA Haynes Strand appears on the 2019 Inc. 5000, Ranking No. 4291.

Inc. magazine today revealed that LBA Haynes Strand is No. 4291 on its annual Inc. 5000 list. This is the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

Not only have the companies on the 2019 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.

“The companies on this year’s Inc. 5000 have followed so many different paths to success,” says Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”

More about Inc. and the Inc. 5000

Methodology
The 2019 Inc. 5000 is ranked according to percentage revenue growth when comparing 2015 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2015. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2018. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2015 is $100,000; the minimum for 2018 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.

About Inc. Media
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Inc. took home the National Magazine Award for General Excellence in both 2014 and 2012. The total monthly audience reach for the brand has been growing significantly, from 2,000,000 in 2010 to more than 20,000,000 today. For more information, visit www.inc.com.

The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions.

2016 Year in Review: Tax Highlights

As the LBA Haynes Strand staff gears up for tax season, we wanted to share a few highlights from the annual tax summary provided by Wolters Kluwer:

  • Overall, there are not a significant number of changes from 2016 to 2017 which will impact most of you.  However, political and tax experts are all anxiously awaiting the first days of President-Elect Trump’s to see how things kick off.
  • Tax season officially kicks off January 23, 2017.  We’ll all be here working hard to make sure you get your returns filed by April 18th.  By the way, did you notice that it’s a different day this year?  Here’s why.
  • Mileage reimbursements continue to slide slightly.  Business rates will be 53.5₵ and Medical/Moving rates will be 17₵
  • For 2017, the IRS announced a variety of inflation-adjusted tax amounts.  Some examples include, Standard Deduction for a Single Filer went from $6,300 in 2016 to $6,350 in 2017.  The one that I thought was interesting was the Social Security Wage Base.  In 2016, the base was $118,000 but in 2017 the base increased to $127,200

For more Highlights from this Report, please CLICK HERE!

2016 LBAHS DAY: The Team Volunteers at LIFESPAN

On June 2nd, 2016, the team celebrated our annual LBAHS DAY. LBAHS DAY is an annual community service day, where the team chooses a non-profit and goes and spends the day assisting in whatever needs to be done. This year the team traveled to Greensboro and volunteered with LIFESPAN. The LIFESPAN Creative Campus programs capture the many wonderful and exciting opportunities that are provided to individuals with developmental disabilities. LIFESPAN’s mission is to empower adults with disabilities by providing education, employment, and enrichment opportunities to live, work, and play in their communities.

LIFESPAN Creative Campus locations host an array of engaging and enriching services including art, drama, horticulture, culinary arts, pottery, recreation and health and wellness.  The curriculum is based upon interests of the individuals that are supported and this allows for an ever changing environment. To learn more, visit: http://www.lifespanservices.org/.

The LBAHS Team rolled up their sleeves after arriving bright and early and got to work in the Andreve Teaching Garden on the LIFESPAN Creative Campus.

Tax Deductible Expenses for Dental Associates

Are you a 1099 dental associate at one or more Practices and not sure what you can deduct? We have compiled a list of common business expenses you should keep record of in order to offset your contract income. This is not an all encompassing list and we encourage you to ask us about additional expenses if you are unsure.

Common dental associate expenses to keep record of include:

  • Continuing dental education, including travel and meals
  • Dues and subscriptions – state society, study clubs, publications, etc.
  • Cellular telephone
  • Meals that occurred for a business purposes
  • Uniforms (potentially including shoes)
  • Small dental equipment and supplies
  • Licensing and other fees
  • Legal and professional services
  • Advertising expenses
  • Business insurance (not life insurance) – most commonly malpractice insurance
  • Health insurance premiums
  • Mileage between offices, to purchase supplies, to the post office, etc. – not commuting mileage (from home to office)
  • Home office expense for the area of your home used exclusively for business purposes
  • Any non-reimbursed business expenses from the host practice

Tax season is right around the corner. Don’t wait until the last minute and miss deductions, start today! To learn more about how we can support you this tax season, contact us!

10 Audit Tips For Non-Profit Organizations

When that time of year comes around for your annual audit, you need to make sure you are ready.  Being prepared is the key when it comes to handling any audit.  You want to be sure that your policies and procedures are being adhered to, internal controls are operating effectively and your financial statements are in line with Generally Accepted Accounting Principles (GAAP).  Prepping for an audit can be a grueling process, but it’s a necessary one.  Go over these 10 non-profit audit tips to ensure your next external audit is quick and painless.

1. Have A Plan

As with any complicated process, it is always better to have a plan in place ahead of time. When we say ahead of time, we mean three to four months ahead of time. Audit season occurs traditionally within 3 to 8 weeks following the close of the fiscal year, so your plan should begin to form well in advance. This might sound like a stretch, but there is no such thing as being too prepared when it’s your organization’s financial well being on the line.

2. Monthly Reconciliation

Reconciliation should be a regular practice within your non-profit organization. As long as your organization is running, it means you’re spending and making money. It is your job to account for that money. If you let your records pile up, two things are going to happen:

You are going to have a huge pile of records to deal with in a short amount of time

You are going to be scrambling to reconcile those records before your auditors arrive, leaving plenty of room for unintentional and careless errors and/or omissions

This is why a MONTHLY reconciliation process is absolutely necessary if you expect to be approved by your auditors.

3. Go Over The List

Most auditors give organizations a list prior to the audit, so they know what is expected. This list indicates everything that your organization should have ready when the auditors arrive. Make copies of this list and pass it around to all personnel, honing in on your finance department. Make sure all members of the organization are thoroughly prepared.

4. Create A Calendar

Once you’ve got that list, go ahead and put it in calendar form with the help of your audit team and personnel. You want to make sure you’re including all deadlines for all deliverables on this calendar, so everyone is attuned to what is going to be required from them.

5. “Pro-Forma”

Pro-forma documents are projected financial statements. Be sure to discuss with your audit team any and all information that you know is excluded from your Pro-forma or may be in the near future, like reconstruction of the non-profit.

6. Book Adjustments

This is simply another precaution to ensure your organization is in line with GAAP. Any and all adjustments should be booked before finalizing the trial balance. Entries have every chance to slip through the cracks in a yearly financial statement view.

7. Ledger Changes

Make sure your auditors are aware of any new accounts in your general ledger. It’s not the worst thing to surprise an auditor with a new account, but your goal should be to keep them in the loop with every single aspect of your organization’s records.

8. Financial Contingencies

This should go without saying, but your audit teams need FULL disclosure on all financial conditions that may be considered liabilities. For example, you may not want to explain a nasty lawsuit from the previous year, but your auditors need to know this kind of information. They are not there to judge your organization. Their responsibility is to ensure YOUR financials adhere to GAAP and are not misleading to its readers.

9. Old Assets/Uncollectable Receivables

Write off old assets/uncollectable receivables and write them off immediately. Having an auditor determine assets/receivables are uncollectable will most likely mean the most conservative answer. Your management team is more attune to the records and are responsible for developing these estimates. Keeping this analysis in house will result in a better approach to dealing with these assets and allows the auditor to simply review management’s estimate.

10. Prior Year

With each annual audit, your organization should become more familiar with the procedure. You know the auditors are going to review and record adjustments from the prior year, so why not get a head start and have them booked before the auditors arrive? If nothing else, your auditor is going to be incredibly grateful for the saved time.

Bonus Tip:

Analyze your final results compared to your budgeted results and be prepared to explain the differences.  Things that don’t add up are going to draw the auditor’s attention and could incur additional un-budgeted time, so make sure you have a reason for any variations in your budgets.

If you remember one thing about this blog post – remember “Be Prepared.”  We can’t stress that enough.  Make review part of your weekly schedule.  When you’re on top of your records and keep everything up to date – you will have no reason to dread those annual audits!  Want to learn more – click the button below: