Withum

FEBRUARY 15, 2022

As government contractors prepare to bid on a proposal for a governmental contract that requires an adequate accounting system, a pre-approval known as a “pre-award survey” (Form “SF1408”) assesses the adequacy of a government contractor’s accounting system prior to the award of a cost-reimbursable contract. Contact Us.

accounting system 73

accounting system Government Account accountant 73

CPA Practice

DECEMBER 2, 2023

an award-winning provider of cloud-based audit solutions, has added three new modules to its flagship product, Advantage Audit AI. Advantage Audit AI leverages a patented artificial intelligence engine to optimize and automate the auditing process. AuditFile, Inc., For more information, visit [link].

audit 69

audit Technology auditor cpas 69

Withum

DECEMBER 19, 2023

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

E-commerce 59

E-commerce financial statements audit auditor 59

ThomsonReuters

MAY 10, 2023

The AICPA’s Auditing Standards Board has issued SAS 145 to provide additional guidance on a number of audit-related topics. In this third blog, we’ll examine balancing the scope of an audit with the complexity of an entity’s activities. In other words, it tells auditors where to focus.

audit 52

audit auditor Account accountant 52

SMBAccountant

OCTOBER 7, 2020

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. Sometimes there are financial viability reviews before the award as well.

Account 246

Account accountant accounted accrual accounting 246

ThomsonReuters

JANUARY 3, 2023

What’s more, having additional time to unplug and pursue personal interests outside of work can actually improve audit quality , according to 2021 research by the American Accounting Association. Depending on the size of the firm and engagement, audit teams can have as many as seven professionals. According to the findings: .

auditor 59

auditor audit Technology Gaming 59

ThomsonReuters

JANUARY 12, 2023

For those of us in the tax and accounting profession, we’ve witnessed the amazing time savings and efficiency automation can bring—and audit is no exception. . The same holds true for audit technology. . Getting up to speed on audit automation technology. The role of AI and data analytics in audit automation.

Technology 52

Technology audit auditor Tax 52

Cherry Bekaert

SEPTEMBER 20, 2023

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. Related Resources: Podcast Series: Contractor Business Systems Podcast: What Are Indirect Rate Overhead Audits and When Is It Required? View All Podcasts from this Series Questions?

audit 99

audit accounting system Government Tax 99

TaxConnex

APRIL 13, 2023

Time’s not on their side Almost three out of every five companies (58%) responding to our survey use internal resources/existing accounting systems to prepare and file sales tax returns, remit payments to tax jurisdictions (68%), calculate sales tax to charge (57%) and communicate with tax jurisdictions (75%).

Sales 130

Sales Tax tax return audit 130

GrowthForceBlog

MARCH 18, 2021

In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. 5 min read. However.

audit 61

audit auditor accounting system Account 61

AccountingDepartment

NOVEMBER 16, 2023

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors.

Technology 83

Technology Account accountant accounted 83

Cherry Bekaert

SEPTEMBER 26, 2023

The Federal Acquisition Regulation (FAR) doesn’t provide many details on the specifics related to an adequate timekeeping system. However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks.

Government 105

Government auditor audit accounting system 105

Cherry Bekaert

NOVEMBER 6, 2023

If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. Contact us.

accounting standards 110

accounting standards cost accounting Account accountant 110

TaxConnex

MARCH 7, 2023

Retail/eCommerce respondents to our survey reported challenges such as audits, timely filing of sales tax returns and charging the correct sales tax. Financial leaders continue to lean on internal resources while wrestling with the current economy, inflation and a tight job market. Most retail/eCommerce companies in our survey had annual U.S.

Sales 130

Sales Retail Tax tax return 130

Withum

MAY 15, 2024

To be awarded a contract that is other than a firm-fixed price contract, the contractor needs an acceptable accounting system. A pre-award survey, a pre-award audit, or a post award audit may be required. The most common contract types are fixed price, cost reimbursement, and time-and-materials.

Government 52

Government Non-Profits audit CPA 52

SMBAccountant

OCTOBER 7, 2020

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. Sometimes there are financial viability reviews before the award as well.

Account 100

Account accountant accounted accrual accounting 100

Withum

APRIL 27, 2022

The accounting system is the basis for reports that must be provided to grant agencies, prospective donors, lenders, its independent auditors, tax preparers, the Board of directors and management. . A separate cost center should be set up in the accounting system for each funding source.

general ledger 120

general ledger audit auditor accounting and finance 120

SMBAccountant

DECEMBER 16, 2020

For tax purposes, guidance may be different, but for this article’s purpose, the methods of recording R&D in a contractor’s accounting system will be discussed. These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors.

Government 246

Government Account accountant accounted 246

MyIRSRelief

OCTOBER 2, 2023

Businesses are subject to a variety of tax laws, and accounting and bookkeeping help you ensure that you’re meeting all of your tax obligations. If you ever need to raise money for your business, investors and lenders will want to see that you have a good accounting system in place. To secure funding.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

SMBAccountant

NOVEMBER 4, 2020

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits.

Government 246

Government Account accountant accounted 246

CPA Practice

APRIL 19, 2023

Don’t hire a generalist accountant for a specialized business. When FTX learned in 2020 that in order to be listed on NASDAQ, the company would need to have its policies and procedures audited, senior management allegedly scrambled to fraudulently make up policies that could be shown to auditors within just 24 hours.

bookkeeping 98

bookkeeping auditor audit quickbooks 98

CPA Practice

MAY 15, 2024

And following dire budget conditions during and following the pandemic, states have greatly increased their sales tax audit activity. About 39% of our 5,000+ voters cited use of such systems, but most of those (apx. About half of our 5,000+ survey respondents reported use of one of the systems noted below.

Technology 69

Technology accounting firms cpas Account 69

CPA Practice

APRIL 17, 2023

Categories for this year’s awards range from online tax, research and accounting systems, to remote engagement, practice management, document automation, workflow tools, apps for collaboration, mobile productivity and more. About 40% of our 5,000+ voters cited use of such systems, but most (apx.

quickbooks 130

quickbooks payroll Technology audit 130

Going Concern

JANUARY 16, 2024

Project Everest head cheerleader Andy Baldwin had some things to say at Davos : Breaking up EY into separate consulting and auditing companies would have increased growth potential as the company grapples with the need for capital to invest in technology and AI to stay competitive, EY’s global managing partner Andy Baldwin said on Tuesday.

Account 120

Account accountant accounted audit 120

Xero

AUGUST 29, 2023

Managing and Auditing Expense Approvals Expense approvals are often managed offline, through email, or possibly even through Slack or Teams. While there is technically an audit trail when the review and approval expenses take place via email, getting access to these sources of information can be a completely different story.

Approval Workflows 86

Approval Workflows general ledger Expense Management audit 86

Cherry Bekaert

APRIL 19, 2023

We guide contractors in developing and maintaining compliant Business Systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.

audit 74

audit Government accounting system Account 74

Ryan Lazanis

MAY 24, 2023

For kicks, here’s the oldest Xero screenshot that can be found on record (from 2007): Here are some tips to leveraging cloud computing in accounting: Tip 1: Become Cloud Accounting Certified Master the popular cloud accounting systems , like Xero or QuickBooks Online, by becoming certified on their platforms.

Technology 98

Technology Account accountant accounted 98

SMBAccountant

AUGUST 12, 2020

Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often. If there is ever an audit by DCAA of the accounting system or any portion of it, the policies and procedures will be reviewed.

Government 190

Government Account accountant accounted 190

Cherry Bekaert

JANUARY 25, 2023

We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.

audit 75

audit Government accounting system Account 75

SMBAccountant

NOVEMBER 17, 2021

This can also cause issues with insurance or worker’s compensation audits. They review the financial statements as part of the audits. If it does not match the actual expenses to the business it can affect future insurance payments and current audit payments. The business’s true expense is only $45.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

CPA Practice

JANUARY 17, 2023

which enabled states to implement economic nexus laws, businesses continue to discover, sometimes through painful audits, that they have unaddressed tax obligations. Top 20 firm Eide Bailly has found ways to help clients stay in compliance with these varying regulations and minimize the audit risks they pose. Wayfair, Inc.,

Technology 98

Technology Sales Tax South Dakota 98

Airbase

NOVEMBER 29, 2023

6) Seamless system integration. Assessment and mapping: Integration with financial systems: Document capture and validation: Exception handling: Mobile accessibility: Real-time notifications: Audit trails and reporting: Integration with payment systems: Continuous improvement: Early -payment discounts: 9) Leverage real-time analytics.

AP Automation 130

AP Automation Technology accounts payable AP Processes 130

Withum

FEBRUARY 6, 2023

Benefits of a Modernized ERP System As you prepare for this tax season, are you utilizing reliable and agile accounting/ERP software ? Increase data access, transparency, and internal visibility , especially with sales tax audits by providing physical location record information with audit trails.

tax preparation 78

tax preparation business tax Tax general ledger 78

TaxConnex

FEBRUARY 16, 2023

More than half of respondents (58%) use internal resources or their existing accounting system to try to manage their compliance obligations. Companies reported worries especially related to keeping up with changing nexus rules, understanding the taxability of their products/services and being audited.

Sales 130

Sales Tax Alaska Missouri 130

Ronika Khanna CPA,CA

MARCH 22, 2024

In more extreme circumstances, the tax authorities have the power to freeze your bank accounts or initiate tax audits. In that case, you should seek the assistance of any accountant. Have An Accounting System It is essential, as a small business or self employed owner, to have an effective accounting system in place.

Tax 52

Tax tax return corporation tax accounting system 52

CPA Practice

APRIL 15, 2024

NLP-driven automated bookkeeping, invoice processing, and expense management solutions have reformed mundane accounting tasks, minimized errors, and increased productivity. NLP modules in accounting software improve user experience by seamlessly providing advanced analytics and insights to accountants.

CPA 122

CPA Technology accounting and finance cpas 122

SMBAccountant

AUGUST 26, 2020

Timecards, and the process for documenting labor hours, can be audited by DCAA at any time without notice. If you have an electronic system, does it have an audit trail that shows when each employee logged in and out? The more concise your documents, and the easier they are to find, the smoother your audit will go.

Government 100

Government Account accountant accounted 100