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. What is the significance and why is this important for firms?

audit 52

audit auditor Account accountant 52

ThomsonReuters

JANUARY 12, 2023

From data collection to ever-evolving standards, more and more auditors are turning to technology to automate their audit workflow. . From workpapers to analytics, cloud-based audit automation can provide enormous gains in terms of efficiency, productivity and security. . What is audit automation? Enhanced security.

Technology 52

Technology audit auditor general ledger 52

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

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

MyIRSRelief

OCTOBER 2, 2023

Accounting and bookkeeping help you track your income and expenses so you can see where your money is going. This information is essential for making informed business decisions. 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.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

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. They apply taxes to subscriptions for residents in 20 states, Chicago and Denver and the District of Columbia, according to the latest information on their site. “If

Sales 130

Sales Retail Tax tax return 130

SMBAccountant

DECEMBER 16, 2020

More information regarding these programs can be found at sbir.gov/about. 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. Only the production phase can be capitalized.

Government 246

Government Account accountant accounted 246

inDinero Accounting

MAY 5, 2021

The thought of a compliance audit makes most people sweat. Currently, the SBA is conducting first-round PPP audits. Get our handy infographic on the likelihood of a PPP audit. inDinero clients have a team of accounting and tax expertise to ensure accurate financials are fit for business management, investors, and taxes.

audit 52

audit auditor accounting and finance payroll 52

CPA Practice

MAY 22, 2024

Finance teams may struggle to get a clear picture of outstanding liabilities and upcoming payment obligations, making it difficult to manage working capital and make informed financial decisions. Manual processes also make it challenging to maintain regulatory compliance and ensure proper documentation for audits.

AP Processes 69

AP Processes Technology AP Automation accounts payable 69

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. . Accurate and timely financial statements are vital to making informed business decisions.

general ledger 119

general ledger audit auditor accounting and finance 119

TaxConnex

NOVEMBER 30, 2021

For sales tax, data consistency is critical because inaccurate or incomplete data can lead to inaccurate return filings and, ultimately, notices and increased risk of audit. Include sufficient information in file names to identify the data quickly; shorthand should be understood by all employees as quickly as possible.

E-commerce 185

E-commerce tax return Tax audit 185

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 108

Account accountant accounted audit 108

CPA Practice

MAY 15, 2024

At the same time, the nearly universal adoption of cloud-based accounting, payroll and management systems by businesses has made it easier for firms to work with clients in real time, providing rapid response to issues, as well as access to live data and account information.

Technology 120

Technology accounting firms cpas Account 120

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

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

Airbase

NOVEMBER 15, 2023

6) Protecting sensitive financial information from breaches. 7) Audit trail transparency. At its most narrow, these steps include invoice verification, processing and approval, issuing payments to suppliers or vendors, and recording the payments in the accounting system. 4) Payment cycles. 10) Easier to ensure compliance.

AP Automation 130

AP Automation Technology accounts payable Accounts Payable Automation 130

CPA Practice

MAY 24, 2024

And of course, Claude Opus, had passed multiple choice sections of the CPA examined both auditing and financial reporting. We think that’s going to be the biggest area of improvement where people are going to see AI affect accounting the most. But what did you think of the pod open just did better in auditing compared to Chad GPT?

CPA 78

CPA Technology Account accountant 78

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

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

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. Reporting sales tax and the amount of information required on each return varies with jurisdictions. Consider one of the lynchpins of a compliance operation: the tax calendar.

Sales 130

Sales Tax Alaska Missouri 130

Withum

FEBRUARY 6, 2023

Quality of Tax Data ; general improvements to enhance the reliability of information and timeliness of closing out accounting periods. Benefits of a Modernized ERP System As you prepare for this tax season, are you utilizing reliable and agile accounting/ERP software ? Lessen the external auditor’s (e.g.,

tax preparation 78

tax preparation business tax Tax general ledger 78

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 84

Approval Workflows general ledger Expense Management audit 84

GrowthForceBlog

MARCH 19, 2024

6 min read The ability to allocate revenue and expenses is essential to determining the performance of various segments within your business, and this information is vital to running a profitable business.

accounting software 78

accounting software audit Account accountant 78

TaxConnex

APRIL 13, 2021

Doing some quick research on the internet, you can find information on sales tax nexus, voluntary disclosures, sales tax calculation tools and more. However, the reality is that businesses grow, they acquire other businesses, they change accounting systems, they launch new e-commerce platforms - all resulting in different sales tax processes.

Sales 221

Sales Tax E-commerce general ledger 221

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

SMBAccountant

AUGUST 26, 2020

Not only must you have supporting documentation, but you must have the correct information recorded to PROVE a transaction exists, is compliant with all laws and regulations, and was recorded properly. This is typically NOT the receipt that includes the tip information. This means you must have both. Does your documentation prove that?

Government 100

Government Account accountant accounted 100

SMBAccountant

AUGUST 26, 2020

Not only must you have supporting documentation, but you must have the correct information recorded to PROVE a transaction exists, is compliant with all laws and regulations, and was recorded properly. This is typically NOT the receipt that includes the tip information. This means you must have both. Does your documentation prove that?

Government 100

Government Account accountant accounted 100

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. Keep in mind, however, for more complex issues they don’t always have the information that you require. In that case, you should seek the assistance of any accountant.

Tax 52

Tax tax return corporation tax accounting system 52

CPA Practice

APRIL 15, 2024

Since generative AI depends on data to make accurate predictions and decisions, organizations need to ensure that all information aligns with past data. Here, the responsibilities of accounting firms increase as they are required to authenticate every bit of data coming from AI systems.

CPA 123

CPA Technology accounting and finance cpas 123

Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. If a company waits until the end of the year to review financial data, the information is often stale and much less useful. Listen Now.

bookkeeping 123

bookkeeping financial statements accounting and finance audit 123

Acterys

OCTOBER 24, 2023

Organizations rely on robust performance management processes to drive informed decision-making. Users can automatically create optimal data warehouse structures, leveraging connectors to familiar cloud-based accounting systems like Xero, QuickBooks, HubSpot and Salesforce.

audit 130

audit accounting and finance accounting system quickbooks 130

Withum

MARCH 28, 2022

Withum’s Outsourced Accounting Systems and Solutions (OASyS) Team stepped in to assist the real estate company with their accounting and bookkeeping needs after building a great rapport with management from a prior one-off tax project. Requested and received access to bank accounts. The Approach And Solution. Contact Us.

Real Estate 81

Real Estate Account accountant accounted 81

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 100

Government Account accountant accounted 100

Cherry Bekaert

OCTOBER 25, 2023

Traditional methods often led to data silos, delayed information dissemination and cumbersome processes. Date integration from disparate systems is a complex task that often involves manual intervention, leading to errors and discrepancies. Sage Intacct addresses this challenge by automating the data integration process.

Healthcare 59

Healthcare Technology Non-Profits audit 59

TaxConnex

JANUARY 4, 2022

But what about the information in your actual return – do you understand how the data you input is projected onto what you file and remit? Ensuring the system you are using to calculate tax is up to date and producing the right data is an important factor to ensuring the accuracy of your returns. Calculate your tax correctly.

tax return 163

tax return Tax Sales Start-ups 163

FraudFiles

DECEMBER 28, 2020

Management often believes that the auditors worked very closely with the financial information; therefore, they should have discovered the fraud. The mistake management makes is in believing that a financial statement audit will find fraud. Second, an audit is a basic check of the math. (Do Do the debits and credits add up?).

auditor 52

auditor audit financial statements accounting system 52

Basis 365

MARCH 23, 2023

It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. This blog post will discuss the importance of an accurate balance sheet and why outsourcing accounting services can be the best option for businesses.

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financial statements accounting and finance accounting standards accounting principles 52