Insights & News
Insights
Read our news, informative articles, blogs, and insights into our industry.
Insights, Blogs & News
Discover more information on a wide variety of topics.
Industry Updates
Read our insights on industry updates
Leveraging Financial Expertise for Smarter Business Decisions
Business strategy and consulting from The Whitlock Co. can help your business define goals and develop actionable plans to achieve sustainable growth. Why should you hire outside experts? Our team...
Future-Proof Your Business With Expert Financial Planning & Analysis
The Whitlock Co. provides financial planning and analysis services for your business or organization. These types of services involve the strategic evaluation of your company’s financial health,...
Complete Guide to Our Business Advisory & Accounting Services
In today’s dynamic, fast-paced business landscape, deciding to hire an accounting firm to help your business means you get more than a team crunching numbers. An accounting firm is a strategic...
How Accounting for Purchased Loans Changed With the Adoption of CECL
How has your community bank handled the adoption of CECL to estimate your credit losses? You’ve had around 18 months to get used to the new accounting standards. Current purchase accounting...
How to Prepare Your Bank for an IT Regulatory Exam
Every 18 months, your community bank is required to undergo an IT regulatory exam with a federal examiner. The primary objectives of these exams are to evaluate the security, efficiency, and...
Understanding the Complexities of Cost Segregation Studies
Cost segregation studies and analyses can be an overwhelming and complex process for those unfamiliar with them. A cost segregation study is a financial analysis conducted by a professional tax...
5 Key Steps to Prepare Your Community Bank as It Approaches $1 Billion in Assets
As your community bank approaches the milestone of $1 billion in assets, it faces greater regulatory scrutiny as outlined in the Federal Deposit Insurance Corporation Improvement Act of 1991...
How to Start a Business and What Financial Information You Must Track to Succeed
Starting a business is more than choosing a sole proprietorship, LLC, PC, or LLP. Another crucial element is efficient financial tracking. Without proper financial tracking, it can be challenging...Utilizing Business Financial Data for Future-Focused Decisions in Six Steps
No matter how long you’ve been in business, today's highly competitive landscape can change quickly. Between advanced digital tools, making the right strategic moves, and developing the right...Unlock Financial Success for Your Company: 6 Steps to Utilize a Budget for Your Business
Financial success is the goal of any business. One vital step to achieving this goal is to utilize a budget properly. A budget not only helps you manage your finances effectively but also allows...5 Simple Steps to Manage Your Company's Monthly Cash Flow
Cash flow is the lifeblood of any business, big or small. Your company must manage its cash flow effectively to ensure financial stability. By implementing simple steps and best practices, you can...Secure the Best Outsourced Bookkeeper With a Hassle-Free Experience
Are you struggling to find qualified internal bookkeepers for your business? The process of hiring and retaining top-notch bookkeepers can be challenging. However, there is a solution that can make...A Step-by-Step Guide to Using Custom Financial Reporting for Your Business Success
In today's competitive business landscape, it is essential for companies to have a clear understanding of their financial performance. One of the most powerful tools in this regard is custom...8 Steps to Build Your Company’s Financial Strategic Plan
Creating a financial strategic plan is essential for the success and sustainability of your business. A financial strategic plan outlines the financial goals and objectives of your company, as well...Josh Beaird, CEO of The Whitlock Co., Named to Springfield Business Journal’s 40 Under 40 Class of 2024
Congratulations to CEO Josh Beaird on being named one of Springfield Business Journal’s 40 Under 40 honorees for the class of 2024.Over the past 13 years, since joining our firm as an intern,...How Can I Grow My Business While Mitigating Tax Liability?
As a business owner, one of your top priorities is undoubtedly growing your company. However, with growth comes increased income and a higher tax bill. This tax bill can have a major impact on your...How Does My Business Rank Against Others My Size?
As a business owner, it's only natural to wonder how your company stacks up against others on the same playing field. Are you ahead of the game or falling behind? Understanding your position in the...How Can My Business Generate Profit When Struggling With Cash Flow?
Cash flow is the lifeblood of any business, and without a healthy inflow and outflow of funds, it can be difficult for a company to survive. Many businesses need help with cash flow at some point...Do You Understand Profit & Loss for Your Company? Business & Tax Implications
As a business owner, understanding your company's financial health is crucial for making informed decisions and ensuring long-term success. One of the key financial statements that every business...Why Does Your Organization Need an Employee Benefit Plan Audit?
Your employee benefit plan (EBP) is a vital part of your company. Benefits keep your staff happy and well-compensated for the jobs they do. Your EBP serves a dual purpose in that your company knows...Understanding Filing Form 1120, Form 1120-S, and Key IRS Business Tax Deadlines
Every year, your business taxes come due. But unlike individual income tax returns, business tax deadlines may vary based on the type of business you own. And the complexity of the U.S. tax code...The Impact AI Will Have on Cybersecurity for Your Business
As businesses continue to operate more on digital platforms, the threat of cyber-attacks has become a constant concern. With the increasing sophistication of hackers and the prevalence of cyber...Your Company May Face New E-Filing Requirements in 2024
The Taxpayer First Act (TFA), signed in 2019, mandated that the U.S. Treasury prescribe regulations to decrease the amount of returns the tax agency receives in paper form. In February 2023, the...Understanding Wealth Management and Its Importance
Wealth management plays a crucial role in effectively managing and optimizing your assets, whether they are in the form of money, investments, or possessions. The primary purpose of wealth...What Is Cybersecurity Insurance and Does My Business Need It?
Small and large businesses alike are vulnerable to financial losses caused by cyberattacks, such as data breaches, system hacking, and ransomware extortion payments. To mitigate these risks,...Ways to Use Technology to Manage Staffing
Since the COVID pandemic, staffing has been a major challenge for nearly all businesses. There are several ways technology can be used to analyze and control staffing.We outline a few relevant...What to Know About Employee Benefit Plan Audits
Enacted by the United States Department of Labor (DOL) in conjunction with the Internal Revenue Service in 1974, the Employee Retirement Income Security Act (ERISA) was put into place to ensure...Your Bank is Going Over $500 Million, What to Know and Plan Now
So, you have weathered the financial obstacles of the last few years, and your bank is on a trajectory to reach $500 million in assets. Here are the basics of how to be prepared and make...Understanding Blockchain
The word “blockchain” has been floating around for the past couple of years. Although most people have heard the word, they may not really understand what it really is. This article will shed some...What Does a Solid Wealth Management Plan Look Like?
High net worth individuals have unique financial situations and unique concerns with regard to managing their wealth.The Whitlock Co.’s financial advisors can help you by working with you to...Top 5 Accounting & Financial Planning Services for High Net Worth Individuals
High-net-worth individuals already have a robust income. But do you have a strategy in place for maximizing your wealth for the future? You’ll need a great plan in place to realize your financial...Top 7 Security Risks of Cloud Computing & How to Solve Them
By Chris GriesemerCybersecurity continues to make headlines, even years after hacks and breaches at major retailers. In 2021, Americans saw what happened when ransomware caused shortages of...Top 5 Accounting Issues Facing Privately Owned Companies
The Whitlock Co. and our team of CPAs and business advisors help privately owned companies with outsourced accounting and CFO services, strategic business planning, budgeting, and...Tax Planning Strategies for Businesses
As 2021 draws to a close, there is still time to reduce your 2021 tax bill and plan ahead for 2022. This article highlights several potential tax-saving opportunities for owners of businesses...What Will Happen If the Federal Government Taxes Your Large Business More?
Two senators have introduced legislation proposing a 7% tax on book profits for corporations earning $100 million or more. It’s part of a massive reconciliation package being discussed in...What Does the New Infrastructure Bill Mean for Cryptocurrency Investments?
The House of Representatives approved the infrastructure bill passed by the Senate in August 2021. Included in the provisions of the law are how cryptocurrency investors report their gains or...Two-Factor Authentication Hacking
By Chris Griesemer, partner at The Whitlock Co. and specialist in internet technology audits for banking clients.First, let me explain how two-factor authentication (2FA) works. 2FA...When Cutting Costs Makes Sense for Your Company’s Long-Term Growth
Cutting costs, when done properly, can give you good long-term results. You can plan for these cost-cutting measures or implement them in response to a financial downturn at your...Why Is the United States’ Debt Ceiling So Important to the Economy?
The debt ceiling, or debt limit, of the United States is an important tool used by the U.S. Treasury Department to ascertain how much money the department can borrow in order to pay weekly or...What the New Missouri Law that Imposes Sales and Use Taxes Means
Tax collection obligations for out-of-state retailers that do not have a physical presence in Missouri will need to pay a Wayfair sales and use tax beginning in January 2023 after Governor Mike...Tax Highlights of the American Rescue Plan Act
These are the top tax related items in the American Rescue Plan Act. Additional detail can be found in this article from the Journal of Accountancy or by calling your Whitlock...What You Should Know About the SolarWinds Hack
By Chris GriesemerI follow Kim Zetter (@KimZetter) on Twitter. She is a cybersecurity journalist and gave a good explanation of what is known so far with the SolarWinds hack.To start with,...Will Expenses Paid with PPP Loans be deductible?
On November 18, the U.S. Treasury Department and Internal Revenue Service (IRS) released guidance for businesses that received Paycheck Protection Program (PPP) loans regarding deductibility of...Taxing Issues Related to Cryptocurrency
Written by Jay LogalThe IRS has made cryptocurrency (bitcoin) a hot button topic. They recognize that taxpayers are not reporting transactions involving bitcoin, and they are taking steps to stop...Tax Update included in Year-End Spending Package
Written by Jennifer CochranThe bulk of the bill lays out how the government will appropriate federal budget monies across various departments and programs. However, the bill also includes...Tax Reform: Three Provisions That Could Affect Borrowers
Most of the changes enacted by the Tax Cuts and Jobs Act took effect in tax year 2018. So the current tax-filing season is the first season in which businesses will file their returns based on the...What You Need to Know About Employee Benefit Plan Audits
written by Jacque MattsonThese days, candidates are seeking much more than a salary. Offering competitive benefits can make or break your business’ ability to capture the best talent. But...Year-End Tax Planning for Individuals
Tax season is just around the corner, and individuals are finalizing their year-end financial strategies ahead of the new year. We've compiled a few tips and tricks to ensure you’re exploring every...Year-End Tax Planning for Businesses
Tax season is just around the corner, and businesses are finalizing their year-end financial strategies ahead of the new year. We've compiled a few tips and tricks to ensure you’re exploring every...The impact of the Tax Cuts and Jobs Act on charitable giving
written by Ray Moncrieffe1,571,056.That’s the number of tax-exempt organizations in the United States, according to the National Center for Charitable Statistics. Whether you donate to your...Why your startup should outsource its accounting
written by David MyersEditorial originally appeared in Startland News.Batman had Robin. Sherlock Holmes had Dr. John Watson. Captain Kirk had Spock.Every superhero has a great sidekick, and...Whitlock Company growth leads to two new partners, 9 additional promotions
Springfield, Mo. – The Whitlock Company is proud to announce the promotion of 11 employees to leadership positions, including two as partner, following remarkable company growth.In Whitlock’s...What You Need to Know about the New 20% Deduction
written by Ray MoncrieffeThe IRS issued proposed regulations regarding the qualified trade or business income deduction which was enacted by the Tax Cuts and Jobs Act signed into law on December...The Impact of Amortized Goodwill to your Borrowers
written by Kami BaileyAs you review the financial statements of small business borrowers, you may now see goodwill amortized on the statements of borrowers that have acquired other businesses....The Whitlock Company Expands Kansas City Market and Hires Five New Employees
The Whitlock Company is redefining what traditional accounting means; expands Kansas City market and hires five new employees.Coming off the acquisition of RPA CPAs and RPA Consulting in June of...Taxation of Cryptocurrencies: What You Should Know
written by Jacque MattsonDigital currency, also known as cryptocurrency, made its big entrance into the world during 2017. Whether you use Bitcoin or other “altcoin” currency for trading,...What You Need to Know About Loan Participations
written by Josh BeairdLoan participations have become an important tool for community banks in this highly competitive financial environment. As the economy expands and loan demand increases,...Will the New Lease Accounting Standard Impact Your Borrowers?
written by Josh BeairdIn less than one year, a significant change to generally accepted accounting principles (GAAP) will become effective.Public business entities must begin adopting the new...The Effect of Basel III on Lines of Credit
written by Josh BeairdHistorically, community banks structured business lines of credit to mature in one year or less, even if they knew there was a high likelihood of renewal. This reduced the...What is Your Bank’s Risk Culture?
written by Josh BeairdThe culture at Wells Fargo Bank has received a lot of attention in the press since the fake accounts scandal broke in 2016. The press has heavily reported the details of how...What is the Qualified Business Income Deduction?
written by Jennifer CochranOne new aspect of the Tax Cuts and Jobs Act is the new deduction for owners of sole proprietorships, S corporations, and partnerships. Under the "old" tax code, income...Year-End Tax Strategies, Part 2
written by Jay LogalWith the lowering of the tax rates and other changes, our recommendation as a general plan of action is to defer income to 2018 or increase expenses for 2017.General tax...What The Tax Cuts & Jobs Act Means for You
written by Jennifer CochranThe Tax Cuts and Jobs Act will likely be implemented in the next few days. A large number of provisions affect individual and business taxpayers. Below is a recap of...Tax Rules for The Gig Economy
written by Jay LogalWhat is the Gig Economy? The Gig Economy is about sharing. It makes use of technological advances so that individuals can arrange transactions, often over the internet, to...What’s the Latest on Dodd-Frank Section 1071?
Section 1071 of the Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to collect and report data from banks regarding the demographics of small business borrowers and loan...The Whitlock Company Hires Todd Carroll as Manager
The Whitlock Company recently hired Todd Carroll as Manager in the Business Management department. According to Managing Partner Joe Page, the company created this new position to cultivate new...What You Need to Know About the Equifax Data Breach
written by Patricia Stoner MyersAs you may have already heard, Equifax, one of the three credit monitoring agencies, suffered a data breach from May through July 2017. They discovered the...The Whitlock Company Awarded One of the 2017 Best Accounting Firms to Work For
The Whitlock Company was recently named as one of the 2017 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that...What to Look for When Lending to Contractors
written by Kami BaileyLending to contractors presents special challenges for banks due to the complex nature of contractor accounting. This is especially important to remember now as activity in...The Dangers of Emailed Wire Transfer Requests
written by Kami BaileyBanks and their customers are increasingly being victimized by e-mail compromise fraud schemes involving wire transfers. According to the Financial Crimes Enforcement...The Whitlock Company Plans for a New Facility and Job Creation
written by staff of Governor Eric GreitensThe Missouri Department of Economic Development (DED) announced that The Whitlock Company, a full-service accounting firm, is expanding in Missouri. As a...The Whitlock Company Acquires Community Bank CPA and Consulting Firms
The Whitlock Company (TWC), a regional accounting and business consulting firm with three offices, has reached a deal to acquire Kansas City-based RPA CPAs, LLC and RPA Consulting, Inc. (RPA)...The Clock is Ticking for CECL Implementation
written by Blair GrovesOne year ago, the Financial Accounting Standards Board (FASB) gave final approval to a new Current Expected Credit Loss (CECL) standard that drastically changes the way...Trump Tax Reform to Overhaul the American Tax System
written by Jacque MattsonOn April 26th, President Trump unveiled his much-anticipated tax reform outline the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for major...The Whitlock Company Announces Four New Hires
The Whitlock Company is happy to announce four new hires:Richard Stone, Firm Administrator Angela Tummons, Outsourced Accounting Supervisor Serena Whorton, Staff Accountant Cara Stewart,...Tax Return Scams Flourish During Filing Season
written by Connor O'MealyThe filing season is the most active time of the year for tax scams. These scams can come in many different forms, ranging from anonymous telephone calls to sophisticated...We are hiring: Accounting Supervisor
Edited 3/10/17 - position has been filled.Join our Outsourced Accounting department to provide high-level accounting services to our business clients including but not exclusive to QuickBooks...Testing for Impairment: Are Appraisals Required?
written by Jacob HallCommunity bankers sometimes do not know whether or not an appraisal is required when loans secured by real estate are tested for impairment.Regulatory guidance does not...When Does a Gift Require a Gift Tax Return?
written by Cara StewartIf you made a big gift before the end of 2016, you may be wondering what your gift tax liability may be. You may have to file a federal tax return even if you do not owe...Vehicle Tax Credits: Not Just for Hybrids Anymore
written by Cara StewartMove over hybrids - buyers of Volkswagen and Mercedes diesel vehicles now qualify for the valuable alternative motor vehicle tax credit. Previously, only hybrid vehicles,...The effect of fair labor standards on not-for-profits
written by Jay LogalAs of the writing of this article a Texas judge has issued a preliminary injunction. These rules were to take effect on December 1, 2016. Although these rules are still in...The New Accounting Standard Has Arrived: What it Means for Not-for-Profits
written by Eric LampeThe new accounting standard (ASU 2016-14) was issued in August in order to update the current model of financial statement reporting for Not-for-Profits (NFP). The idea was...What You Need to Know About the New Lease Accounting Standard
A decade after efforts first got underway to change lease accounting standards under GAAP, new guidance for lease accounting has finally been issued.ASU No. 2016-02 will require businesses that...Year-End Tax Planning Tips to Consider
written by Jacque MattsonIt is a perfect time to start year-end tax planning. Many strategies take time to set up in order to gain maximum benefit, but here are some preliminary considerations...Tax Guidance Likely to Follow as Crowdfunding Becomes a Popular Financing Source
written by Michael WirthEntrepreneurs, non-profits, creative thinkers, individuals with financial needs, etc. have all turned to crowdfunding as an alternative way to raise funding. Social media...The Key of Having Sound Commercial Lending Policies
The financial crisis is getting smaller and smaller in the rear view mirror and now we see many lenders are beginning to go back to some of the lending practices that got community banks into so...Top Findings from Verizon 2015 Data Breach Investigations Report
written by Chris GriesemerEvery year Verizon comes out with its Data Breach Investigations Report. This year the report was based on 79,790 security incidents, 2,122 data breaches and 70...The Whitlock Company Brings Warmth to Kids
The Whitlock Company is honored to announce their donation of more than 100 coats to The Kids Closet this holiday season.This annual tradition has been ongoing for the past 11 years, and is done...The Whitlock Company Opens New Office in Kansas City
On November 1, 2015, The Whitlock Company opened an office in Overland Park, Kansas.The new office will be managed by Chuck McCann, CPA. McCann was a founder of the national firm, Mayer Hoffman...Why are Small Businesses choosing Cloud Accounting Software?
written by Melinda ThurmanBusinesses desire to stay a step ahead and the usage of cloud software may be a solution.As a business owner, some questions may come to mind surrounding Cloud...What to Consider When Buying Company Vehicles
written by Jay LogalClients often ask if there is an advantage to buying their vehicle in their business. Unfortunately that is not a black and white answer. There are many types of vehicles...The Latest IT and Security Hot Topics for Banks
written by Blair GrovesWe have all heard the phrase “heightened regulatory environment” regarding the expectations the banking industry is facing from their regulating agencies. With the latest...Tips to Prevent Online Identity Theft
written by Chris GriesemerIs your identity really as secure as you think it is? How big is your social media footprint? What the heck is your social media footprint? I found out the answer to...Year End Tax Planning for Businesses
As 2014 draws to a close, there is still time to reduce your 2014 tax bill and plan ahead for 2015. This article highlights several potential tax-saving opportunities for owners of businesses...Why Form an S Corporation?
written by Jacque MattsonIn August, we wrote about choosing a Partnership instead of an S Corporation (click here to read the article). In this article we will examine the advantages of an S...Welcome Blair Groves
The Whitlock Company recently hired Blair Groves in the Community Banking Group as a Loan Review Specialist.According to Community Banking Partner Tom Beisner, “Blair will provide key insights...Why Use a Partnership Instead of an S Corporation?
written by Eric LampeTaxpayers that plan to operate a business have a variety of choices. A single individual and partnership can operate as a C corporation, an S corporation, or a limited...What is Your Institution’s Risk Appetite? How to Identify and Measure Risk
written by Blair GrovesSeven years past the beginning of the largest financial crisis in the United States since the great depression, the fallout of community banks continues. Regulatory...Top 5 Concerns for Your Bank's Next IT Review
written by Chris GriesemerBefore regulators arrive for your banks next IT Review, do you ever find wonder what topics they will focus on year? In the past 6 months, we have seen a couple of...UDAAP and Disparate Impact Update
Some community banks believe that they are not subject to the unfair, deceptive or abusive acts or practices (collectively referred to as UDAAP) provisions of Dodd-Frank. These provisions...Tips for Businesses to Manage Social Media Risk
written by Josh BeairdSocial media has become a part of our daily lives and it doesn’t appear to be going away anytime soon. As businesses look to harness the benefits of social media, such as...What’s at Risk with Use of Smartphones
Is it not amazing how powerful these smartphones we carry around are? They are tiny computers which allow us to do almost everything our computer at home or work can do. I can browse the web,...The Whitlock Company Named One of the 2011 Best Accounting Firms to Work For.
The Whitlock Company was recently named as one of the 2011 Best Accounting Firms to Work for. The annual list of “Best Accounting Firms” was created by Accounting Today and Best Companies Group....Thomas Jefferson's Top 10 Quotes On Money And Banking
written by Tom BeisnerNothing ever changes. Thomas Jefferson was criticizing big banks at the beginning of our history...From the Daily Bail, a website devoted to bailout news, opinion...The Whitlock Company Is Named One Of The 2009 Best Accounting Firms To Work For
Second Year StraightThe Whitlock Company was recently named as one of the 2009 Best Accounting Firms to Work for. This is the second year in a row that Whitlock has received the designation. The...Whitlock Selected One of Best Firms to Work For
What makes an accounting firm a great employer? Is it exceptional benefits? Flex time? Opportunities for advancement?As you might expect, the tactics that make for success vary from firm to firm;...
News
Read our insights on news
Olivia Cole, CPA, Promoted to Partner at The Whitlock Co.
The Whitlock Co. proudly announces the promotion of Olivia Cole to Partner. Olivia’s unwavering dedication, expertise, and commitment to client success have significantly contributed to the...