Did you know that 84% of business leaders believe AI and emerging technologies give them a competitive advantage? However, they often overlook the associated risks. Let’s examine how to maintain a proper balance. The Promise of AI and Emerging Technologies Emerging technologies and artificial intelligence are revolutionizing industries by automating labor-intensive tasks and generating insights from data. This potential encourages organizations to quickly adopt these technologies. The Risks of Rapid Adoption The rush to adopt these powerful technologies can cause companies to ignore the inhere ..read more

The HITRUST e1 assessment not only provides assurance on the information security practices your firm has in place. It also opens doors to the benefits that being a HITRUST certified organization offers. The HITRUST e1 assessment is an entry-level, 1-year assessment that focuses on 44 critical cybersecurity controls. Designed to evaluate essential cybersecurity hygiene, the e1 assessment provides reliable information security assurance for organizations of all sizes. Is the e1 assessment the right fit? In today’s competitive landscape, businesses of all sizes face the challenge of standing o ..read more

The HITRUST e1 assessment not only provides assurance on the information security practices your firm has in place. It also opens doors to the benefits that being a HITRUST certified organization offers. The HITRUST e1 assessment is an entry-level, 1-year assessment that focuses on 44 critical cybersecurity controls. Designed to evaluate essential cybersecurity hygiene, the e1 assessment provides reliable information security assurance for organizations of all sizes. Is the e1 assessment the right fit? In today’s competitive landscape, businesses of all sizes face the challenge of standing o ..read more

Working closely with various audit clients, including those in the manufacturing sector, has  highlighted that fraud is an omnipresent concern across all industries, regardless of the entity’s operational scale. Most people have the misconception that fraud is something that did not occur on a regular basis until modern times. Contrary to popular belief, fraud is not mitigated by increased legislation, oversight, auditing standards, or technological progress. In fact, fraudulent methods have evolved alongside technological advancements, proving that fraud schemes remain pervasive. Histor ..read more

In 2022, the United States recorded 370,685 personal bankruptcy filings. With one in every ten households having filed for bankruptcy at some point, the impact of job losses, reduced income, and the recession caused by the coronavirus in 2020 may contribute to an increase in these numbers if the economic recovery does not become swift and widespread. Types of Personal Bankruptcy: Chapter 7 and Chapter 13 Chapter 7 Bankruptcy The most common form of personal bankruptcy is Chapter 7, which involves the liquidation of the filer’s assets in order to discharge all or a portion of the outstanding d ..read more

In the dynamic world of construction, where every project involves intricate financial transactions, managing billing processes efficiently is crucial. Enter ProForm, a powerful solution developed by LBMC Technology Solutions, designed to revolutionize AIA (American Institute of Architects) billing within the Construction industry. Seamlessly integrated with Sage Intacct’s ERP accounting platform, ProForm simplifies complex billing procedures, enhances accuracy, and optimizes cash flow. How ProForm can benefit construction professionals 1.Efficiency and Accuracy AIA billing often involves met ..read more

NASHVILLE, Tenn. – LBMC Technology Solutions was awarded Sage Partner Platinum Club status for Sage fiscal year 2023.  Sage assigns the status to partners based on outstanding sales, overall performance, high levels of engagement, and innovative ways of delivering products and services.     “Receiving an award like this always links back to how well we’ve served our clients.  The team at LBMC Technology Solutions strives daily to deliver an outstanding customer experience, beginning with the evaluation process and on to implementation, and ongoing support,” said Stacy Schuettler ..read more

Amidst Regulatory and Compliance Shifts, Proactive Approaches Lead to Long-Term Dividends and Enhanced Patient Outcomes for Healthcare Organizations In an era where the U.S. healthcare landscape is rapidly transforming due to evolving legal and economic factors, hospital and healthcare system leaders, particularly CEOs and CFOs, find themselves at a crucial juncture. The imperative is clear: adapt swiftly to safeguard and enhance your organization’s financial health. LBMC, a premier accounting and business consulting firm nationally recognized for its expertise, offers guidance for hospitals a ..read more

Generally, Federal law requires employee benefit plans with more than 100 participants with account balances to have an independent audit of the plan performed and to include audited financial statements with the Form 5500 filing. One of the most important decisions a plan administrator makes as part of their fiduciary duties is selecting a qualified, independent audit firm. So when making this decision, what really matters? Here is a guide to walk you through the aspects of an initial plan audit including how to choose an auditor. Review the Employee Benefit Plan Audit Guide How companies ca ..read more

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market downturn represents an especially advantageous time to optimize your taxable estate before markets eventually recover. In this article, we explain why 2024 is an ideal year to prioritize your wealth transfer plans. Current Tax Laws Double Lifetime G ..read more