PKF Texas - The Entrepreneur's Playbook®

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan Team. Kristin, welcome back to The Playbook.

Kristin: Thanks. Good to be back.

Jen: So, in the past, we’ve talked about fiduciaries, risk, that kind of thing, and I’ve heard that there’s been some litigation against fiduciaries. What kind of issues are you seeing in this space right now?


Continue Reading Reducing Risk of Litigation Against Fiduciaries

Jen: This is The PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome back to the Playbook.

Carlos: Hi, Jen.

Jen: Can you give me a little bit of background – what is a management or an operational agreement audit?

Carlos: What these typically entail is we have a client who has a third party that manages – whether it’s residential or commercial buildings – for them and their tenants.

Jen: What types of things are involved in this audit? Are there any risks associated with doing this type of audit?


Continue Reading Navigating Management Operational Agreement Audits

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan audit team. Kristin, welcome back to the Playbook.

Kristin: Thank you. Thanks for having me.

Jen: Well, with all the M&A activities starting to happen and expected to ramp up, how does that impact benefit plans and sponsors’ and fiduciaries’ decisions regarding plans?


Continue Reading The Impact of M&A on Employee Benefit Plans

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan team. Kristen, welcome back to the Playbook.

Kristin: Thanks for having me.

Jen: So, we’ve had a webinar on it, you’ve done some Entrepreneur’s Playbooks on it, but there’s so much to cover between the SECURE Act and the CARES Act. What else do our folks need to know?


Continue Reading More on the SECURE Act and CARES Act

Byron: Welcome to The PKF Texas Entrepreneur’s Playbook. My name is Byron Hebert. I’m the Chief Growth Officer here at PKF Texas, and today I want to introduce you to two of the faces of PKF Texas, Matt Goldston and Sam Razmandi.

We’re going to talk to you today about one of the services PKF offers: our Outsourced Controller and CFO Program in the Entrepreneurial Advisory Service Department. Both these guys are experts in this area, and so I’m really excited to introduce them to you. Let’s start with Matt.

Matt, why would a company outsource their controller or CFO function?


Continue Reading What are Outsourced Controller and CFO Services?

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back to the playbook.

Carlos: Hey, Jen.

Jen: We’ve talked about a whole bunch of different agreements with Contract Compliance Services, and I know you’ve mentioned management operation agreements. Are those kind of the whole agreement over everything?

Carlos: It has to do a lot with real estate or energy production. There’ll be cases where you may own some land or a building and someone’s actually doing the renting out of it on your behalf. Whether it be commercial, residential or you have the rights to a well, and someone’s doing the production of the oil from there.

Jen: So, what would trigger a company to say, “Yes, I need a management or an operation agreement?”


Continue Reading Management Operation Agreements – Locally and Globally

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back the Playbook.

Carlos: Thanks, Jen.

Jen: So, Carlos, you and I have talked off video about licensing and royalty audits. Are they the same thing?

Carlos: They’re just a term that’s synonymous with licensing. Royalties are just the funds that you receive from your contract agreement, whether it be a licensed franchise or just a vender.

Jen: So, are these very commonplace in the contract compliance services world?

Carlos: They are. Royalties is basically your revenue, as rather being a licensor; that’s where you get your money from. It’s your third party that’s collecting their share and then paying forward your share.

Jen: Is there a chance of misreporting going on during a license agreement?


Continue Reading Red Flags in Licensing and Royalty Audits

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, will come back to the Playbook.

Carlos: Thanks, Jen.

Jen: Carlos, in previous editions we’ve talked about vendor management audits. What are those and how do those help a company in this type of situation?

Carlos: Typically, our clients benefit from having some visibility into their vendors with a vendor audit. It will help you identify any key issues and maybe recover some expenses that you happened to lose that weren’t in line with the agreement.

Jen: So, how does a vendor audit actually work?


Continue Reading What to Know About a Vendor Audit

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back to The Playbook.

Carlos: Thanks for having me again.

Jen: On our last video, you mentioned about franchise compliance, and that’s a type of audit that we do that we provide as part of our contract compliance services. What is a franchise compliance audit?

Carlos: Typically, the way a franchise is set up, they license a territory, certain rights; whether it be a restaurant, some type of service industry, from a franchisor who developed a plan, put together a program, how to really build a business. And so, when they license that right to get a franchise in a certain location, the franchisors just want to make sure they’re getting their—not only correct revenue, but that they’re obeying the terms of the agreement; whether that be marketing, advertising and treating the brand with respect.

Jen: Why should somebody be concerned if a franchisee is in compliance with their contract?


Continue Reading Franchise Compliance – A Closer Look

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome to the Playbook.

Carlos: Thank you. Thank you for having me.

Jen: So, what are contract compliance services?

Carlos: Contract compliance services is a mixture of different types of audit that we can do for a third-party in order to make sure you’re getting paid the right amount of money that you’re due, whether it be a license agreement or franchise or a vendor that you want to review.

Jen: So, who would need these types of services?


Continue Reading What are Contract Compliance Services?