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Bookkeeping vs Accounting: What’s the Difference? How Should You Choose?

LyfeAccounting

Regardless of what happens to that 20 dollars next, these transactions have started bookkeeping and accounting processes. But a lot of people are still confused when it comes to bookkeeping vs accounting. At LYFE Accounting, we’ve helped companies with their bookkeeping and accounting processes.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital. Enter the importance of a cloud-based digital financial management solution. G2 (2022, November 20).

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Guide to accountant responsibilities

ThomsonReuters

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Recording expenses and preparing financial reports. Ensuring the accuracy of bookkeeping and that the bookkeeping is compliant with state and federal laws. Working with external auditors.

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Friday Footnotes: How Are Firms Actually Using Data Analytics?; KPMG and BDO on the Move | 9.15.23

Going Concern

At the meeting, the Board will consider issuing for public comment a proposal to amend PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations. A number of accounting firms,1 public companies, professional membership associations and other key stakeholders raised concerns.

audit 101
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Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Going Concern

[ Journal of Accountancy ] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. Many practitioners in public accounting are feeling burned out. Stanton was licensed as a certified public accountant in New York in 1988 and had previously run his own firm.

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AI Systems Take Center Stage in 2023 Innovation Awards

CPA Practice

Several AI systems were among this year’s winners of the Tax & Accounting Technology Innovation Awards, presented annually by CPA Practice Advisor, a technology and practice management resource for public accounting firms. The process is fast and easy, and it doesn’t affect a customer’s credit score.

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Ways to prevent financial reporting errors

ThomsonReuters

For private companies, they may have their financial statements audited or reviewed by a CPA. The CPA will judge the information based on how well it complies with accounting standards. What is a financial statement restatement? As a result, they may not always produce accurate financial reports.