RBT CPAs Named One of the Best Places to Work in New York

RBT CPAs Named One of the Best Places to Work in New York

For the 6th consecutive year, RBT CPAs has been named one of the Best Places to Work by the New York State Society for Human Resources Management (NYS-SHRM) and Best Companies Group.

Businesses compete for a spot on the list based on a review of its business policies, practices, work environment, demographics, and the results of an employee engagement survey. RBT CPAs – a leading accounting, auditing, consulting, and tax firm in the Hudson Valley – ranked 11th in the medium employer category, moving up one spot from last year. The company adds the award to a growing list of recognition, including the 2021 Forbes Best Tax Firms in America List; Reader’s Choice Best of the Best 2021 List; and others for best regional accounting firm and employer.

“We are thrilled to once again make the Best Places to Work in New York list,” says Managing Partner Mike Turturro. “We really do work hard to create a professional culture that fosters learning and growth. Every single RBT CPA employee makes an impact at work every single day, while being part of an organization that takes tremendous pride in being a valuable contributing member of the Hudson Valley community. We foster an open-door environment, where titles don’t matter. Instead, we focus our energies on working together to deliver excellence and exceed client expectations with every engagement.”

Winning a coveted spot on the list couldn’t occur at a better time, as RBT CPAs continues its annual recruitment process looking for future team members who will have the growth opportunity to become future partners. “We are growing across all fields and looking to expand our team with new talent looking to use their skills to contribute to RBT CPA’s and our clients’ success.” To learn about its workplace, culture, rewards, and job opportunities, visit RBT CPAs’ careers pages.

About RBT CPAs RBT CPAs LLP is one of the Hudson Valley’s largest CPA firm. The company services clients in construction, education, employee benefits, government, health care, manufacturing, and more. The dedicated professional RBT team is committed to providing outstanding service and prompt communication with clients. Learn more about its diverse offerings and award-winning service at RBTCPAs.com.

Healthcare CFOs Take on More Than Finance

Healthcare CFOs Take on More Than Finance

Geopolitical unrest, inflation, the COVID aftermath, skyrocketing gas and oil prices, supply chain challenges, the Great Resignation, and more hallmarks of living in 2022 are disrupting most industries, including healthcare. Chief Financial Officers (CFOs) are playing pivotal roles to help ensure short- and long-term success in the changing economic landscape.  Here’s how…

A McKinsey & Company 2021 survey shows over the last five years CFO responsibilities have dramatically expanded to include investor relations, post-merger integration, board engagement, procurement, and digital activities. CFOs in healthcare face additional, unique challenges that are further shaping their roles.

Healthcare CFOs are facing a burnt-out workforce and critical labor shortages (we’re talking nurses, medical assistants, and lab technicians); cannibalization of primary care services thanks to major retail chains’ entry into the market; supply chain disruptions impacting operations (not something you want when it comes to healthcare); and complete realignment of healthcare delivery due to explosive growth in telehealth. That’s in addition to handling and accounting for stimulus money, while managing compliance.

To navigate these challenges, the role of CFO is evolving beyond finance. According to the Healthcare Financial Management Association (HFMA) CFO of the Future survey, respondents indicate they will spend almost 25% of their time on strategy in the next three years to include a variety of actions like:

  • Filling gaps and complimenting existing resources by expanding healthcare systems regionally via satellite operations.
  • Promoting wellness and addressing the whole person.
  • Enhancing the patient experience.
  • Evaluating and refining capital investment strategy to ensure investments are in the right business lines, care, and products.
  • Enhancing or creating an environmental, social, and governance (ESG) strategy.
  • Automating and creating data warehouses to facilitate faster decision-making; eliminate non-value-added work; and upskill the existing workforce to do more strategic work.
  • Identifying opportunities for new revenue sources.
  • Focusing on cost structure to understand the cost of each step in the care process and increasing profitability through strategic cost reduction.
  • Better managing and measuring labor costs and productivity.
  • Playing a larger role in shaping recruiting, retention, and rewards strategies and programs (to address the Great Resignation and its aftermath and influence the people side of the business).
  • Outsourcing revenue cycle activities to reduce the cost of care and improve efficiency and effectiveness.
  • Renewing focus on contract negotiations and value-based contracts.
  • Completing transactions like reorganizations, mergers and acquisitions, joint ventures, carve-outs or divestitures, and Special Purpose Acquisition Companies (SPACs).

According to the 2022 BDO Healthcare CFO Outlook Survey, the healthcare industry is “boldly investing in the future, even in a time of uncertainty,” with nearly 70% of organizations expecting to increase profitability. To achieve goals, 59% of respondents say leadership will be the most critical CFO competency for success in the coming years.

If your business is looking for a partner to handle or advise on finances, tax, or auditing matters so your finance people and operations are freed up to focus on more strategic demands, give RBT CPAs a call. We have extensive experience partnering with healthcare organizations in the Hudson Valley and beyond.

Check, Please! College Student Covid Relief Update

Check, Please! College Student Covid Relief Update

In January, the U.S. Department of Education (ED) announced it was distributing $198 million in American Rescue Plan Act (ARPA) funds to support colleges, universities and students in 2022. Much of the funding (50% to 100%) must be used for Higher Education Emergency Relief (HEERF) grants for students.

Community and rural colleges with at least 50% of students being Pell Grant recipients and at least a 4.5% enrollment decline year over year; institutions where at least 90% of the student body consists of graduate students; and institutions that didn’t receive previous HEERF disbursements due to application errors will receive priority for funds.

Thousands of U.S. colleges and universities have received HEERF funds. They have broad discretion to distribute the student aid portion pretty much as they see fit. In general, they award grants to students ranging from an average of a couple of hundred dollars to $3,000 (with some colleges offering even more); they are intended to help students cover ongoing expenses like tuition, housing, food, and healthcare (including mental healthcare).

Funds cannot be applied to students’ outstanding account balances without permission or reduce financial aid. They are not considered income, so no taxes apply, and they have no impact on FAFSA filings.

The process for distributing funds varies. Many colleges automate allocations based on financial need using FAFSA information. Some also offer discretionary grants that require students to complete an application process.

Colleges and universities who received HEERF funds are required to provide detailed reporting on the use of funds and timing of distributions. Data about how a school is distributing funds, how many students received grants, how much money has been distributed, and more must be posted on a school’s website by predetermined deadlines. For complete details, refer to the National Association of Student Financial Aid Administrators (NASFAA) HEERF Reporting Guidelines.

In early April, ED extended the performance period for all open HEERF grants to June 30, 2023.

For more information, visit the U.S. Department of Education website which includes revised FAQs from the IRS and auditing requirements.  Also visit the NASFAA website.

In related news, on April 6, the ED extended the student loan payment pause through August 31.  What’s more, any student debt forgiven after December 31, 2020, or through January 1, 2026, is no longer considered taxable (which can translate into big savings for student loan borrowers).

There’s likely more changes, clarifications, and information to come – keep an eye out for future RBT CPA Thought Leadership articles designed to keep you in-the-know. In the meantime, if you have any questions about taxes or audits related to ARPA funding, give your RBT CPA contact a call.