Withum

SEPTEMBER 20, 2023

Contact Us For more information on this topic, please contact a member of Withum’s Not-for-Profit and Education Services Team. Let’s Chat The post Internal Controls To Prevent and Detect Fraud at Small To Medium-Sized Not-for-Profits appeared first on Withum.

general ledger 115

general ledger payroll financial statements audit 115

CPA Practice

MARCH 4, 2024

Elevating the importance of the auditor’s role with AI For auditors, the use of AI creates an exciting opportunity as they can more readily gain access to the data they need, thereby enabling them to shift a larger percentage of their energy and time to exercising professional judgment and using their experience to analyze and examine information.

auditor 69

auditor audit general ledger Technology 69

Withum

APRIL 27, 2022

Frequently, while cash transactions are usually recorded timely, account balances are not analyzed, reconciliations are delayed, work papers that provide the details of account balances are not readily available, audit adjustments are not entered properly, or improper account classifications are not corrected.

general ledger 120

general ledger audit auditor accounting and finance 120

Withum

OCTOBER 23, 2023

This is where modern and efficient cloud Enterprise Resource Planning (ERP) solutions come into play, providing comprehensive tools and benefits that streamline the inventory processes for your company – resulting in simplified and more accurate audits. Learn more and contact us today!

NetSuite 76

NetSuite audit general ledger accounting and finance 76

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 audit Expense Management 84

ThomsonReuters

JULY 6, 2023

Data integration: Tax provision calculations require data from multiple sources , such as financial systems, general ledgers, payroll systems, and tax forms. Data consistency and audit trail: For a company, tax provisioning is the most looked-at process due to its impact on the financial statements.

Tax 92

Tax general ledger corporation tax audit 92

Withum

FEBRUARY 6, 2023

Quality of Tax Data ; general improvements to enhance the reliability of information and timeliness of closing out accounting periods. 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

xendoo

FEBRUARY 25, 2022

If your company requires a set of reviewed or audited financial statements, you’ll need a clean set of books. During a financial review or audit, accountants will ask to see documentation of expenses and income. Frequently, accounting software will allow you to upload support for any transactions recorded in your general ledger.

Account 111

Account accountant accounted general ledger 111

Withum

DECEMBER 7, 2023

The hospitality industry is a prime target for fraudsters due to the high volume of transactions and personally identifiable information (PII). Forensic Investigations vs. Audits A common misperception is that audits and forensic investigations have similarities. However, that couldn’t be further from the truth.

forensic accounting 52

forensic accounting Hospitality Account accountant 52

Cherry Bekaert

OCTOBER 5, 2023

2) While many accounting solutions offer basic features for managing finances such as reports, accounts receivable, accounts payable, general ledger and billing etc., noticed a positive increase in employee accountability and a sizeable enhancement of the value of their customer information. Upon implementation, Visix Inc.

Real Estate 115

Real Estate Account accountant accounted 115

Going Concern

SEPTEMBER 25, 2023

In that capacity, Urban was responsible for maintaining the company’s general ledger, preparing financial statements, and reconciling the company’s accounts payable and receivable and bank statements. And that’s on top of the already generous fees they’re actually allowed to charge.

tax preparation 104

tax preparation Gambling Account accountant 104

Cherry Bekaert

APRIL 5, 2023

Many businesses are not benefitting from this tax incentive because of false assumptions, such as that the R&D must be “groundbreaking” to qualify for the credit; claiming the credit will result in an audit; time tracking tools must be used to capture R&D efforts; or that the R&D tax credit is only beneficial to large organizations.

Tax 75

Tax payroll tax general ledger payroll 75

Cherry Bekaert

MARCH 4, 2024

Compliance: In preparation for a successful annual audit, the establishment of accurate financial statements was critical. Thanks to our productivity improvements and the flexible reporting we have in Sage Intacct, it’s simple for our finance team to get the information we need to run our business.

general ledger 52

general ledger Education Technology accounting and finance 52

xendoo

JUNE 11, 2022

The actual entries you record in your general ledger differ from business to business. The $1,000 is accounts payable, and you record it in your general ledger by crediting $1,000 on the supplier’s X account. Accounts receivable is an asset account on the general ledger and balance sheet.

accounts payable 71

accounts payable Account accountant accounted 71

Withum

NOVEMBER 22, 2023

In the first year of operations, the developer must work with the managing agent to combine the construction period activity with the operational transactions recorded by the managing agent in order to generate a complete set of general ledger accounts. Real Estate Real estate costs include acquisition and construction costs.

Real Estate 52

Real Estate Construction general ledger Account 52

Airbase

FEBRUARY 23, 2023

With so much contradictory information, agility is key. Deep native integrations between spend management and, say, your general ledger make both systems more efficient and accurate, and with better data. Becoming recession-ready. So, what’s a finance professional to do? Will there be a recession? The jury is decidedly out.

Spend Management 147

Spend Management Technology Modern Spend Management general ledger 147

Cherry Bekaert

APRIL 4, 2023

Year-end financial statement audits are going on, you are working with your accountant on your tax returns hoping to complete on time, and just around the corner, you are required to submit your Incurred Cost Submission (“ICS”). A good time to collect this is during the financial statement audit. It’s that time of year.

general ledger 40

general ledger auditor audit financial statements 40

inDinero Accounting

DECEMBER 13, 2021

Consolidated Data : The accounting software will keep all financial data in one easy to access place, establishing an audit trail and so you never have to track it down. Secure Storage : If your customers are trusting you with their personal information, you owe it to them to keep it secure. NetSuite Accounting Software Overview.

NetSuite 104

NetSuite accounting software quickbooks Account 104

Ryan Lazanis

MAY 24, 2023

Take all of your accounting functions into the cloud, not just your general ledger. It was not feasible to look at the entire information set in great detail, however, due to the amount of time (and therefore costs), it would take to do so.

Technology 98

Technology Account accountant accounted 98

Withum

APRIL 2, 2021

Put visible signs at the sale terminals so that the customers are informed of this policy. Perform periodic self-assessment audits. Record payments in the General Ledger. Require receipts for refunds for cash. OWNER/ STORE MANAGER. Visit the retail store(s) unannounced. Have the store mystery shopped.

Retail 94

Retail general ledger accounts payable payroll 94

FraudFiles

AUGUST 4, 2022

Cynthia Cooper, head of internal audit at WorldCom, recounts the “on top entries” problem that she and her team discovered were part of a massive fraud scheme at the company. The existence of these entries was discovered because of some irregular numbers and account names by the internal audit team.

Account 52

Account accountant accounted general ledger 52

ThomsonReuters

JULY 8, 2021

Data analytics that informs business decisions and delivers strategic value are a top priority for finance departments , and tax reporting functions can make a big contribution to this effort because they produce and capture vast amounts of company data down to the transaction level. Support comprehensive audit trails.

Technology 98

Technology accounting and finance general ledger accounting principles 98

TaxConnex

NOVEMBER 29, 2022

that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. You received a sales tax audit notice from a jurisdiction. Data shows?that

audit 185

audit auditor general ledger Non-Profits 185

inDinero Accounting

DECEMBER 13, 2021

Consolidated Data : The accounting software will keep all financial data in one easy to access place, establishing an audit trail and so you never have to track it down. Secure Storage : If your customers are trusting you with their personal information, you owe it to them to keep it secure.

NetSuite 59

NetSuite accounting software quickbooks Account 59

Snyder

DECEMBER 21, 2022

A budget is a tool that gives business owners more control over their finances, allowing them to track and compare anticipated against actual expenses and revenue and make more informed and timely decisions on handling their cash flow balances more efficiently. All you need is an Internet connection and a device that you can use to log in.

quickbooks 72

quickbooks NetSuite E-commerce accounting and finance 72

FraudFiles

FEBRUARY 3, 2022

List of all cryptocurrencies owned, including information on the wallet and the number of tokens or coins owned. Electronic copy of any software used to track personal finances (such as Quicken or QuickBooks) along with login and password information. Copies of all brokerage account statements for the last 3 years.

Real Estate 52

Real Estate tax return income tax accounting and finance 52

TaxConnex

NOVEMBER 9, 2021

Be sure you have a process to gather the applicable data each month and reconcile all new data to your general ledger before you start the filing process. Regardless of the filing method, payment is generally required and can be a check, an ACH debit or an ACH credit. Audit work papers.

Sales 186

Sales Tax general ledger tax return 186

Airbase

NOVEMBER 15, 2023

ERP/General ledger vs transaction solutions. 6) Protecting sensitive financial information from breaches. 7) Audit trail transparency. ERP/General ledger vs transaction solutions. With AI-enhanced AP automation, real-time visibility into financial data enables more informed decision-making.

AP Automation 130

AP Automation Technology accounts payable Accounts Payable Automation 130

PYMNTS

AUGUST 5, 2016

“The ability to get information to outside parties that need it, the ability to produce metrics — it’s a well-known fact that you can’t decide if something has been successful if you can’t measure it.” Take auditing for instance. “That’s an insane approach.”

Technology 42

Technology Account accountant accounted 42

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

APRIL 6, 2023

To ensure consistent and accurate financial information, a dependable accounts payable process is vital. To ensure your general ledger is accurate, your business should perform a bank reconciliation once per month for all bank accounts with activity. Any adjustments on the general ledger side will have to be entered.

accounts payable 52

accounts payable Account accountant accounted 52

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. Be sure you have a process to gather the applicable data each month and reconcile this data to your general ledger before you start the filing process.

Sales 222

Sales Tax E-commerce general ledger 222

Going Concern

MARCH 17, 2023

creating general ledgers, organizing financial statements, and handling pricing and invoicing. After on-site inspections, a review and a hearing the Ministry of Finance found that Deloitte had “serious audit deficiencies” in its work with Huarong between 2014 and 2019, according to a statement.

Government 96

Government Gambling audit CPA 96

Snyder

JUNE 20, 2022

In general, business accounting is the process of organizing and analyzing a company’s financial information to plan and advise on taxes, file tax returns, make forecasts, and help with data-driven financial decision making. Set up a general ledger. everything goes to your general ledger as a separate journal entry.

accounting basics 52

accounting basics general ledger Account accountant 52

Xero

JUNE 30, 2022

This will ensure your short-term cash flow projection is as accurate as possible and will help you make informed decisions about your business. A new layout for the main forms in Xero Tax (Australia only) has been introduced to improve the way you find, navigate and add information. Sticky headers.

general ledger 98

general ledger Non-Profits tax return Tax 98

Xero

SEPTEMBER 7, 2022

We shared the first phase of this new feature — employee records — and explained how it will help you identify, audit, and reconcile your clients’ payroll quickly and accurately. . We shared some new updates in Xero that will help you quickly find the information you need. Helping your clients avoid the cash flow crunch.

payroll 99

payroll general ledger bookkeeping audit 99

Withum

JANUARY 15, 2024

This enables authorized users to access financial information from anywhere at any time. The Results and ROI Optimizations to the Chart of Accounts and dimensions led to a remarkable 20% reduction in General Ledger accounts.

quickbooks 52

quickbooks Approval Workflows Non-Profits general ledger 52