Business Services

The economy is evolving into a service-driven economy. Services are continually being launched to satisfy our existing needs and respond to new trends. The service sector is growing at a significant pace over the goods-producing sector, creating many more new jobs than other sectors. White Nelson Diehl Evans has extensive experience guiding service-based businesses to achieve their business goals.

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White Nelson Diehl Evans is dedicated to providing high quality, client focused tax, financial accounting and advisory services to assist our many clients who are in business to provide services to industry and to consumers:

Financial Services
Leasing Companies
Staffing Companies
Commercial Printing
Equipment Rental Companies
Outsourcing Services
Franchise Operations

Landscaping Services
Building Services
Security Companies
Advertising, Marketing and Public Relations Agencies
Insurance Companies
Plumbing and HVAC
Private Schools

Labor and Workforce Management

Employees are a service organization’s most valuable asset. They are typically the largest expense line item, and often create the greatest challenges that a management team faces. Effective management of labor laws, changing regulations, mandates from the Affordable Care Act (ACA), compensation and benefit plans, and staffing levels, presents numerous leadership issues, and can be overwhelming. Most companies struggle in this area. Without a compelling strategy and proper management tools, personnel costs can continue to rise, impacting bottom line results. Workforce management includes activities such as labor tracking, attendance, resource allocation, staffing levels and skillsets.

There are several key trends that affect service delivery organizations. As mentioned above, regulations are shaking up the workplace. Recognizing that employees are to be viewed as a valuable asset, rather than a cost center, many companies are investing more to increase engagement and improve employee morale. Additionally, the workforce shift from baby boomers to the millennials is creating a seismic shift in employee management styles, talent retention strategies, and training and development programs.

Today, workforces are more diverse and distributed than ever. Technology gives companies tools and in depth analytics to better manage these changes. Mobile devices, social media and other technological changes affect not only the employee handbook, but operations in general. How does a company effectively manage all of these issues? It starts with a strategy and a plan. White Nelson Diehl Evans’ professionals can help you implement effective workforce management tools and design reporting structures, that will provide strategic insights to help you manage and improve your bottom line.

Revenue Recognition and Lease Accounting

The Financial Accounting Standards Board (FASB) has released new revenue standards that can impact how revenue is recognized. For all companies, key questions should be answered in order to determine when to recognize revenue in order to remain in compliance. The basic principle of revenue recognition is that income should be recognized when a good or service is transferred to a customer. The amount of revenue should reflect the amount the seller expects to receive and is entitled to receive. This becomes the most challenging when dealing with contracts, which may have payment or revenue benchmarks that extend over a period of time.

Additionally, the FASB has issued a new standard regarding accounting for leases, which is effective in 2020, for privately held companies. The principal difference is that both a lease asset and a lease liability are to be recognized in the statement of financial position for operating leases. Specifically, lessees will be required to recognize the lease liability, which is a lessee‘s obligation to make lease payments, measured on a discounted basis; and a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for
the lease term.

For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets or lease liabilities. The inclusion of a lease liability could have a significant effect on a company’s balance sheet, debt ratios and debt covenants. Furthermore, disclosures are required to help investors, banks, and other readers of financial statements, to better understand the timing, amount and uncertainty of cash flows that arise from lease agreements. White Nelson Diehl Evans can guide you through the complexity of a changing regulatory environment, assist you in managing lender relationships, and help you present your financials in a form that meets all compliance requirements, and presents your organization in the most favorable manner possible.

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