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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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How to Use ChatGPT to Analyze Financial Statements

CPA Practice

AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. Revenue: Overall revenue seems low for a landscaping company with this level of payroll and expenses. By Sandi Smith Leyva.

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A Complete Guide to Reading Financial Statements

xendoo

With little experience in reading financial statements, this request makes you freeze in your tracks, uncertain of how to express the success of your growing business. If this scenario sounds in any way relatable, it’s time to become more familiar with the process of reading financial statements. Cash flow statements.

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Errors in Posting Payroll

SMBAccountant

Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. This typically happens in at least 2 withdrawals; net pay and payroll taxes. From a cursory look, it would seem simple.

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Switching 401(k) Providers – How to Change Recordkeepers, Custodians and Payroll Providers 

Anders CPA

Changing to a new recordkeeper, custodian or payroll provider can have a direct impact on your 401(k) plan audit , requiring thorough planning to keep both current and upcoming audits moving smoothly along. Since youll have financial statement data coming from two different sources, your auditor will need to reconcile and combine them.

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Common Accounting Mistakes: Government Edition - Issue #1: Am I Accrual or Cash Basis?

SMBAccountant

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis.

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Payroll Tax Problems : Employment 941/940 tax representation

MyIRSRelief

If you are facing payroll tax problems, then you have a serious issue on your hands. A good starting point is understanding how payroll tax problems can begin. 941/940 Payroll Tax Employment Issues. This means having to keep track of all payroll and the appropriate taxes that must be withheld.