Generally Accepted Accounting Podcast
Welcome to the Generally Accepted Accounting Podcast (GAAP, for all you accounting nerds) produced by Casey Peterson, LTD. We’re a firm of CPAs and financial advisors based in Rapid City, South Dakota. We talk tax, finance, accounting, audit, data analytics... and a bunch of other topics that sound REALLY boring, but that we’re gonna make hip and cool. Or we’ll try, anyway.
Episodes
Friday Mar 11, 2022
004 - Audit Tips for Nonprofits
Friday Mar 11, 2022
Friday Mar 11, 2022
GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes
We sit down with Casey Peterson CPA and income partner Devin Pfaff to discuss audits for nonprofits and attempt to make sense of attestation, internal controls, compliance, cash vs accrual, and all kinds of other jargon! Plus we'll learn about preparing for audits, what to expect from the process, and what happens when audits are all done. Stick around to learn more!
2:24 Defining different service options
4:00 What is independence?
4:48 Do you really need an audit?
7:55 Cash vs. accrual
9:00 Internal controls
10:35 Compliance
11:35 Revenue recognition
14:58 Single audits
20:17 Regular audits
22:20 Preparing your nonprofit for an audit
27:33 Deliverables
30:13 What happens post-audit?
32:24 Why Devin loves audits
Which service is right for you? https://www.caseypeterson.com/blog/financial-statement-prep-compilation-review-or-audit-which-r
Casey Peterson audit tools: https://www.caseypeterson.com/resource-center/audit-tools
Why audits rarely find fraud: https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2019/volume-24/why-auditors-rarely-find-fraud
Monday Feb 07, 2022
003 - Where to Start With End-of-Life Planning
Monday Feb 07, 2022
Monday Feb 07, 2022
Prepare to die! No, really. In this episode, we sit down with Casey Peterson income partner Lori Larson to talk about death, taxes, wills, and more! Why does it matter, what can you do, and where do you even begin on something of such monumental importance? Stick around to find out!View show notes and other episode details at https://www.caseypeterson.com/podcast
Wednesday Feb 02, 2022
002 - Data Analytics and Process Automation
Wednesday Feb 02, 2022
Wednesday Feb 02, 2022
In this episode, we sit down with Mark Erickson (data analytics client manager at Casey Peterson) to discuss recent developments in data analytics. We've all heard the buzzword before, but how are Amazon and Starbucks using data analytics, and what are the potential business implications? Stick around to learn more!
1:15 Amazon Store Concepts
4:11 Implications of “Pay With Your Hand” Technology
7:57 The Future of Transactions
10:30 Will This Tech Reach the Black Hills?
15:25 Other Process Automation in Business
17:43 What is Data Analytics?
23:18 What can Casey Peterson do?
24:26 Can the Ravens win the Super Bowl?
View full show notes and other episode details at https://www.caseypeterson.com/podcast
Tuesday Feb 01, 2022
001 - Cost Segregation and the R&D Tax Credit
Tuesday Feb 01, 2022
Tuesday Feb 01, 2022
In this episode, we sit down with Steve Ruda from ICS Tax, LLC and Casey Peterson income partner Tom Jasiak to talk about cost segregation and the Research and Development Tax Credit. What is it, how does it work, and how can depreciation benefit a business? Stick around to learn more!View show notes and other episode details at https://www.caseypeterson.com/podcast