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Key Financial Statement Audit Preparation Tips for First-Time Audits

Withum

While the SEC does not mandate that private companies conduct financial audits, many voluntarily opt for an audit to bring credibility and transparency to their financials, whether to meet investor expectations, fulfill loan requirements, secure future funding, satisfy regulatory requirements or prepare for a potential sale.

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The Month-End Close Process: A Behind-the-Scenes Look for Business Owners

Basis 365

The month-end close process is a critical accounting procedure that ensures the accuracy of financial statements, providing a snapshot of your business's financial health. This blog walks you through the steps involved in the month-end close and explains why each step is vital for reliable financial reporting.

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Cash flow vs Trial Balance. Which one to trust?

Simple Accounts

A cash flow statement is a financial report that notes the sources of income and expense details of the company in each period. The income is categorized as Cash inflow while the expenses are generally called outflows. It is as important as any other financial statement. . Sales revenue . Other investments .

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10 Bookkeeping Best Practices Every Business Should Outsource

Basis 365

General Ledger Maintenance Your general ledger serves as the foundation of your accounting system, recording all financial transactions. Outsourcing general ledger maintenance allows trained professionals to ensure every entry is correctly recorded and categorized.

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Best Practices for Nonprofits

Withum

Many nonprofit organizations have limited resources and often the finance team also supports the general operations. 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. .

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Reconciliation in Accounting: Difficulties in Reconciling the Accounts

Snyder

Financial statements provide a snapshot of a company’s financial health. They give a broad overview of a business and serve as an indication of its intercompany financial management, profitability, solvency, and liquidity. However, these indicators are only good when you reconcile the accounts properly.

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Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

If significant system deficiencies are identified and not corrected, the DoD can impose substantial consequences, such as withholding a percentage of payment or deeming a contractor ineligible to submit bids. Table of Contents: What Are the Requirements for an Adequate Accounting System?