CVW News 3rd Quarter | 2023

Table of Contents

Celebrating 10 Years

Dear Valued Clients, Partners, and Friends,

We are excited to announce that CVW Accounting is celebrating a monumental milestone – our 10-year anniversary! With immense gratitude and pride, we invite you to join us in commemorating a decade of unwavering dedication, exceptional service, and remarkable growth.

Over the past ten years, we've had the privilege of serving countless individuals and businesses as a trusted partner on their financial journey within the design industry. From solopreneurs to established firms, our commitment to personalized care and design industry expertise has remained unwavering, guiding our clients towards financial success.

🤝 Celebrating Together:

To celebrate this milestone, we are planning a series of events and activities throughout the year. From workshops and webinars on the latest industry trends to community outreach initiatives that demonstrate our commitment to giving back, we want to thank you for your continuous support. Stay tuned for updates on our website and social media channels!

🌟 Looking Ahead:

As we commemorate our 10th anniversary, we are more committed than ever to delivering exceptional service, staying at the forefront of industry innovations, and continuing to be the partners you can rely on. Our journey doesn't stop here; it's a stepping stone towards a future filled with new challenges, opportunities, and achievements.

We extend our heartfelt gratitude to each and every one of you who has contributed to our success story – our clients, partners, employees, and well-wishers. Thank you for being an integral part of our journey, and we eagerly anticipate the adventures that the next decade will bring.

Here's to ten incredible years, and to the exciting journey that lies ahead!

Warm regards,

Caroline Van Wassenhove, Founder & President, CVW Accounting

Fraud Prevention | Tips and Tricks for your Small Business

By Nikki Gallichio, CPA

Small business fraud is a costly growing trend. Whether committed by employees, vendors or unknown individuals, the need to protect your business from fraud is important to limit your loss exposure. Unfortunately, the fraudsters are constantly devising new ways to steal and cheat, so dealing with this is an ongoing process. Here are some tips to help you avoid being scammed.

• Train your employees. Educate them on phishing attacks and what signs to look for to determine if an email or text is fictitious.
• Look for suspicious email addresses and/or domains. If the email is being sent from another email domain than the companies, it’s probably a scam.
• Threats or a sense of urgency. Be suspicious if the email claims you must click, call or open the attachment immediately. Or is requiring you to enter your login credentials, payment information or sensitive data. Creating a false sense of urgency is a common trick of phishing attacks and scams.
• Grammar and spelling errors. Professional companies usually have a staff to make sure the content is accurate. If an email has obvious spelling or grammatical errors, it might be a scam. These errors are sometimes the result of awkward translation from a foreign language as well.
• Pause before clicking anything in these types of emails because once opened, it exposes your business data to malware.

Put internal controls in place and keep an eye out for red flags. Controls like business fraud training, code of content, management reviews and countersignature requirements can all help prevent fraud or make your business a less appealing target.

Featured Studio Designer Webinar | The Accounting Workflow

Interested in understanding how different actions in Studio impact the books? Join CVW's Director of Operations, Jen Bastian, as she demonstrates the financial impact of each step of the design process in The Accounting Workflow. Dive deep into understanding how actions like item creation, proposals, purchase orders, payment applications, and invoices influence your financial statements.

What's New in Sales Tax?

There's always something changing in the world of sales tax. Here's an overview of some recent updates.

Midyear Report: The Tax Foundation released its "State and Local Sales Tax Rates, Midyear 2023 report". Highlights include:

• In some cases, local sales taxes can equal or exceed state rates.
• California has the highest statewide sales tax rate, at 7.25%.
• Colorado holds the lowest non-zero sales tax rate, at 2.9%.
• The five states with the highest average combined state and local sales tax rates are Tennessee (9.548%), Louisiana (9.547%), Arkansas (9.44%), Washington (9.4%) and Alabama (9.24%).

Rate Updates: Several state and local sales tax rate changes went into effect as of July 1, 2023. If you believe your design business may be impacted by sales tax rate or rule changes, or if you have questions on economic nexus or sales tax laws, please contact your Accounting Manager to discuss. We are here to help!

Attracting and Retaining the Right Talent | Introducing CVW's Recruiting Services

By Jen Bastian, CPA

Attracting and retaining the right talent is crucial for the success and growth of any organization, including interior design firms. Here are strategies you can consider to attract and retain talented individuals in your interior design firm:

1. Clear Brand Identity: Define your firm's unique selling points, culture, and design philosophy. Present these elements on your website, social media, and other communication channels to showcase what sets your firm apart.
2. Impressive Portfolio: Showcase your firm's best work through a well-curated portfolio. Highlight projects that demonstrate your design expertise and creativity.
3. Positive Online Presence: Maintain an active and engaging presence on social media platforms and design-related forums. Share insights, trends, and updates that show your firm's knowledge and passion for interior design
4. Networking: Attend industry events, conferences, and workshops to connect with potential talent. Networking helps build relationships and keeps your firm visible in the design community.
5. Employee Testimonials: Encourage your current team members to share their experiences working at your firm. Positive employee testimonials can be compelling for potential candidates.
6. Growth Opportunities: Highlight the potential for career growth and skill development within your firm. Emphasize opportunities for learning, mentoring, and advancement.
7. Flexible Work Environment: Consider offering flexible work arrangements, such as remote work options or flexible hours, to accommodate different lifestyles and work preferences.
8. Challenging Projects: Showcase the variety and complexity of projects your firm works on. Talented designers are often attracted to firms that offer opportunities to work on exciting and challenging projects.
9. Open Communication: Maintain transparent communication channels. Regularly seek feedback from employees and address any concerns promptly.
10. Supportive Culture: Cultivate a positive and inclusive work environment where employees feel valued, respected, heard, and supported.

By implementing these strategies, you can create an environment that not only attracts top-tier talent to your interior design firm but also keeps them motivated, engaged, and committed for the long term.

Upcoming Office Closure Dates

Indigenous Peoples Day | Columbus Day ~ Monday, October 9th

Veterans Day Observed ~ Friday, November 10th

Thanksgiving Day ~ Thursday, November 23rd

Day after Thanksgiving Day ~ Friday, November 24th

Christmas Eve Observed ~ Friday, December 22nd

Christmas Day ~ Monday, December 25th

New Year's Eve Observed ~ Friday, December 29th