The Wrap

Construction is a booming industry across the United States with a bright future partially fueled by an increase in governmental infrastructure projects. However, the industry is also facing unique challenges due to a shrinking pool of trade labor, economic uncertainty in the private sector and continued supply chain issues post-pandemic.

In this episode of The Wrap, our hosts welcome Will Aderholt, CPA, CCIFP, leader of Warren Averett’s Construction Industry Practice, as well as special guest Jay Reed, President of Associated Builders and Contractors of Alabama, to discuss specific challenges and opportunities affecting the construction industry . 

In this episode, you’ll hear: 

• How workforce development programs are looking to address labor shortages of skilled trade positions
• Information about supply chain issues and how they are still impacting construction projects post-pandemic
• Discussion surrounding the fear of a recession and how it is affecting construction projects and financing
• Insight about succession planning specific to the construction industry
• Advice for diversifying your construction business and building relationships with competitors

Resources for additional information:

• Blog: Four Economic Factors Impacting Construction Companies (And How To Overcome Them)
• Blog: Proactive Planning for Contractors in Uncertain Times
• Blog: Bouncing Back From the Pandemic: Tips for Contractors
• Blog: Selling a Business: Checklist From a Buyer’s Perspective
• Podcast: Episode 010 – Don’t Let the Sell Run Dry
• Podcast: Episode 050 – Employee Retention and Recruiting in Today’s Competitive Environment

Opportunities abound for technology companies, but in such a dynamic industry, how can business leaders navigate risk and plan for continued success? 

In this episode of The Wrap, our hosts are joined by two of Warren Averett’s technology industry experts, Larry Pirkle, CPA, and Yogesh Patel, CPA, CFE, to discuss the challenges and opportunities affecting business leaders in the tech space. Listen in to learn more about raising capital and growing revenue, finding employees with up-to-date experience and protecting customer data.  

In this episode, you’ll hear: 

• Discussion about raising capital and the impact rising interest rates are having on valuations
• Advice for growing revenue and investing funds back into the business
• Insight about the importance of product development for tech companies
• How the advancements in AI are affecting the search for experienced developers
• Information about SOC reports and whether they are a worthwhile expense 

Resources for additional information:

• Podcast: Episode 014 – Your Team’s Work Makes Your Dreams Work (Recruiting and Retaining Employees)
• Podcast: Episode 039 – Why is SOC Reporting Important to Service Provider Businesses? 
• Blog: Every Financially Strong SaaS Business Model Embraces These 4 Vital Elements
• Blog: Four Ways Technology Companies Can Weather a Recession or Economic Downturn
• Blog: What is a SOC Report? (And Other Questions Answered About Your Internal Controls)
• Blog: Five Key Considerations for Growth-Stage Fintechs
• Blog: Guide for Software Companies Being Acquired by Private Equity

We’re continuing our Industry Podcast Series with a dive into the current opportunities and challenges specific to financial institutions. The Current Expected Credit Loss (CECL) Accounting Standard ushered in a new era for financial institutions that they are still grappling with, but the industry’s recent focus has shifted towards discussions about liquidity after the failures of Silicon Valley Bank and others. 

Join our financial industry experts Jeff Burleson, CPA, and Josh Bowen, CPA, CGMA, CAMS, CITP, as they discuss the evolving landscape for financial institutions and the continued influence of CECL, as well as strategies for driving stability, growth and adaptability in the face of change.  

Special Guest: Justin Headley, CISSP, CISA, CDPSE, CRISC, member of the firm’s Risk Advisory & Assurance Services Group

In this episode, you’ll hear: 

• Discussion surrounding CECL and its implementation
• How the 2023 failures of Silicon Valley Bank and Signature Bank led to shifts in liquidity management
• Information about how economic uncertainty has led to the tightening of lending practices
• The importance of third-party risk management within a financial institution’s cybersecurity policy
• Strategies to help financial institutions manage staffing levels 

Resources for additional information:

• Blog: Don’t Turn Your Back on CECL
• Blog: Current Expected Credit Loss (CECL) Standard Update: Best Practices for Implementation
• Blog: What is Enterprise Risk Management?
• Blog: The Biggest Cyber Risks for Your Company and How to Manage Them
• Previous Podcast Episode: Employee Retention and Recruiting in Today’s Competitive Environment
• Event Invitations: Subscribe to receive invitations to future Bank and Credit Union Roundtables.

It’s no secret that the Healthcare Industry—and specifically private medical practices—have seen tremendous change in the past few years. Like other industries, expenses are skyrocketing, and good talent is increasingly hard to find (and keep). But unlike other industries, healthcare practices have very little say in their pricing and policies.

In this episode, our hosts are joined by Maddox Casey, CPA, and Sae Evans, CPA, leaders of the firm’s Physician Consulting Practice Group, to discuss how private medical practices must be willing to adapt and stay alert in order to stay profitable and competitive in this ever changing healthcare landscape. 

In this episode, you’ll hear: 

• How insurance companies dictate healthcare pricing and why pricing is so different from other industries
• Information about how the current staffing and recruiting landscape is affecting the healthcare industry’s ability to find the best employees
• Strategies to help maintain (or increase) profits by examining spending and expenses
• How to stay competitive in an industry that is constantly changing
• The importance of a cyber insurance policy and a robust IT security plan

Resources for additional information:

• Previous Podcast Episode: Employee Retention and Recruiting in Today’s Competitive Environment 
• Blog: Healthcare Consulting Recommendations for Improving Medical Practice Profitability By Cutting Costs
• Blog: Healthcare Consulting Recommendations for Improving Medical Practice Profitability By Increasing Revenue
• Resource: 15 Cybersecurity Measures Needed for Cyber Insurance
• Event Invitations: Subscribe to receive invitations to future events and roundtables. 

Today’s colleges and universities are facing an unprecedented array of challenges and threats due to declining enrollment, funding struggles and quickly evolving technology—not to mention conversations surrounding the rising student debt crisis. 

How should higher education institutions react to all the internal and external pressures? 

In this episode of The Wrap, Lee Parks, CPA, and Rick Blanton, CPA, join our hosts to break down some of the current challenges facing the higher education industry and how to develop plans to overcome them in the future.

In this episode, you’ll hear: 

• How the traditional college student is changing and affecting everything from enrollment numbers to online learning abilities
• Advice for budgeting now that stimulus money and emergency tax credits are drying up
• How some higher education institutions are reaching out to other industries to align educational standards and goals
• The importance of a risk assessment and how colleges and universities can get started protecting student and institutional data

Resources for additional information:

• Blog: The Gramm-Leach-Bliley Act Cybersecurity Considerations (And How They Apply to Businesses Besides Banks)
• Blog: Completing a Single Audit? Watch Out For These Six Common Mistakes
• Blog: Additional HEERF Grant Funding Now Available for Higher Education Institutions
• Blog: Frequently Asked Questions from Higher Education Institutions about the Student Portion of HEERF Grants Answered
• Event Invitations: Subscribe to receive invitations to future events and roundtables. 

While many industries are facing post-pandemic issues with labor shortages and changing regulations, organizations in the nonprofit industry often see these issues amplified due to their tighter budgets and compliance requirements. The need for nonprofit services is higher than ever before, but pandemic funding from PPP loans, the CARES Act and ERTC credits is disappearing.

So, how do nonprofits keep up?

Our hosts are joined by two of the firm’s nonprofit industry experts Michelle Sanchez, CPA, and Jennifer Williams, CPA, to discuss how nonprofits should use their missions to build overall business strategies. Learn how your nonprofit can address funding, hiring and budgeting issues in this episode of The Wrap. 

In this episode, you’ll hear: 

• Information about how labor shortages and turnovers are affecting the nonprofit industry’s ability to find the best employees
• Commentary on budgeting and finding sources of funding in a post-pandemic world
• Insight and advice on whether ERTC funds might be too good to be true
• Advice on how to use your nonprofit’s mission to build an overall business strategy 

Resources for additional information:

• Previous Podcast Episode: Building a Strong Board of Directors for Your Nonprofit
• Blog: Nonprofit Ratios: How to Use Them and What They Measure for Your Organization
• Blog: Financial Best Practices for Nonprofit Organizations [And Why They Are So Dependent on Timely and Accurate Financial Reporting]
• Blog: How to Make a Nonprofit Budget [Six Steps for Success]
• Blog: What Does it Mean to Be a Nonprofit Organization? 
• Event Invitations: Subscribe to receive invitations to future Nonprofit Roundtables.

Manufacturing companies face challenges that are different than any other industry. A global skills gap and worker shortage, an inability to pivot to remote work and changing regulations create a unique storm for these organizations.

So, what are the solutions?

Stephen Schaaf, CPA joins our hosts to discuss the successful tactics that manufacturing companies are currently implementing to rise to the occasion. Learn how your manufacturing company can become more efficient, more effective and more innovative in this episode of The Wrap.

In this episode, you’ll hear: 

• Commentary about how manufacturing’s workforce challenges are a global issue
• Ideas for improving hiring and employee retention practices specific to the manufacturing industry
• Insight about interest expense limitations, research and development expenses and bonus depreciation 
• A story about implementing data analysis and technology into the manufacturing process to lower the defect rate in products

Resources for additional information:

• Blog: What Will Research Expense Deduction Changes Mean for Your Business This Year?
• Blog: Four Ideas for Employee Retention in the Manufacturing Industry
• Blog: Six Strategies for Closing the Manufacturing Skills Gap and the Steps Employers Can Take Now
• Blog: Recruiting Manufacturing Employees [How to Create A Winning Recruiting Strategy that Leads to Hires]
• Event Invitations: Subscribe to receive invitations to future Manufacturing Roundtables. 

The Inflation Reduction Act appropriated $80 billion of additional funding to the IRS, which includes funding for tax enforcement activities. For the average person, this sounds like increased potential for an IRS Audit. 

So how do businesses navigate complicated tax issues and proactively prepare in case they are chosen for an audit? What are the best practices to keep an IRS audit from becoming too burdensome?

In this episode of The Wrap, our hosts welcome Ronald Levitt and Gregory Rhodes, both Shareholders and members of the Tax Practice Group at Dentons Sirote, as well as Warren Averett’s own Will Aderholt, CPA, CCIFP, to discuss how business owners and high-net-worth individuals can best prepare for a potential IRS audit. 

In this episode, you’ll learn:

• How increased funding to the IRS through the Inflation Reduction Act could lead to increased audits
• Potential roadblocks to the IRS’s expanded capabilities
• Areas the IRS are most likely to focus on in the near future
• Why you shouldn’t fear an IRS audit if you’ve planned ahead, kept proper documentation and worked with a professional CPA.

Additional Resources:

• What You Should Know About the Inflation Reduction Act and Taxes
• Employee Retention Tax Credit (ERTC) [What Companies Should Know]
• FAQs for Taxpayers Holding Cryptocurrencies [And the Five Things to Know About Your Virtual Assets]

Natural disasters happen. Oftentimes, they are sudden with no way to prepare. 

After a disaster, business owners are not only faced with property damage but  also with business closures, damage to their employees’ properties and other aspects that make it hard for their business to stay afloat. 

But what if you could put a plan in place to keep you and your business sailing smoothly? 

If you don’t have a plan, are there steps that you can take to ease your recovery? 

In this episode of The Wrap, Warren Averett’s own Mindy Rankin, CPA, CCD, and Tammy McGaughy, CPA/ABV, CFF, CFE, join our hosts to discuss how businesses are impacted by natural disasters, how they can recover and what steps can be taken to prepare and prevent future losses.

After listening to this episode, you’ll be able to: 

• Understand what a casualty loss is, as well as the requirements and who is excluded. 
• Know what a qualified disaster is, how it could benefit your business and the steps you need to take to rally for this special designation.
• Better understand business interruption claims, and how you could get insurance to help prevent money loss.
• Prepare for natural disasters by picking out the best insurance policy to help you through.
• Test your disaster recovery plan to ensure everything is ready in case of another natural disaster. 

Additional Resources:

• Casualty Losses: What You Need to Know to Help Your Business Recover from a Natural Disaster
• 5 Steps to Make a Business Interruption Claim
• How to Prepare Your Business for a Natural Disaster

On August 16, 2022, President Biden signed The Inflation Reduction Act of 2022 into law with the goal of helping lower costs for families, combating the climate crisis and reducing the deficit to help inflation. What do business owners need to know about The Act, and how does it affect everything from tax to the environment to healthcare? 

In this episode of The Wrap, Warren Averett’s own William Dow, CPA, and Lisa Billings, CPA, join our hosts to discuss the sprawling Inflation Reduction Act of 2022, how the act impacts large corporations, stock repurchases and energy credits, and how the act could affect individuals (both directly and indirectly). 

After listening to this episode, you’ll be able to: 

• Understand the changes in the corporate minimum tax, who it affects and how it is assessed on both a U.S. and foreign scale. 
• Know what the stock repurchases provision is, who is exempt and what it means for public companies.
• Better understand the latest changes to the Electronic Vehicle Tax Credit and other credits designed to impact the environment. 

Additional Resources:

• What You Should Know About the Inflation Reduction Act and Taxes