The Charity CFO

JANUARY 11, 2023

All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Understanding how and when to recognize different revenue is perhaps one of the most important but difficult aspects of managing a nonprofit’s finances. Get the free guide!

Nonprofit 52

Nonprofit GAAP Accounting Principles Auditing 52

The Finance Weekly

APRIL 21, 2024

CFOs rely on robust finance and accounting expertise, backed by years of experience, to boost the organization's financial health. In their capacity, CFOs usually: Engage with departments such as accounting, customer service, and finance. Address accounting and finance issues.

CFO 52

CFO Budgeting Auditing Accounting Principles 52

The Charity CFO

JULY 12, 2024

While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’s financial health. Transitioning to accrual-basis accounting can offer a more accurate representation of finances and enhance long-term planning. Get the free guide!

Nonprofit 52

Nonprofit Accounting Budgeting GAAP 52

PYMNTS

MARCH 6, 2019

Corporate accounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. ” Meanwhile, previous research from Audit Analytics has also revealed that the number of accounting errors among the U.S.’s

Corporate Finance 55

Corporate Finance Finance Accounting Standards Accounting Principles 55

Bramasol

MAY 13, 2024

Overview of the PCAOB and AICPA The Public Company Accounting Oversight Board (PCAOB) is a regulatory body established by the Sarbanes-Oxley Act of 2002 in response to corporate accounting scandals like Enron and WorldCom. Why Should You Care?

Auditing 86

Auditing Compliance SAP Accounting Standards 86

The Charity CFO

JANUARY 19, 2023

In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB). NPOs must adhere to these accounting policies to remain compliant with the law and maintain their tax-exempt status. Do You Struggle to Make Sense of Your Financial Statements?

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52

PYMNTS

SEPTEMBER 24, 2018

While the number of mistakes has declined every year since 2006, during the first six months of 2018, 65 companies found accounting mistakes that required them to restate and refile entire financial filings, compared with 60 companies for the same period last year. tax law and revenue accounting rules.

Numbers 68

Numbers Accounting Accounting Principles Corporate Finance 68

CFO Share

NOVEMBER 17, 2023

In the quest for efficiency and accuracy in finance, AI bookkeeping emerges as a promising solution. Consistency: By minimizing human error, AI ensures a stable and standardized bookkeeping process, crucial for maintaining consistent financial records. But does it truly live up to its promise?

Accounting Principles 52

Accounting Principles Accounting Startups Financial Data 52

The Charity CFO

JANUARY 17, 2022

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. You need to get a better grasp of your organization’s finances now. So you can understand what’s happening in your business and communicate effectively with your board members, donors, and financial team.

Nonprofit 98

Nonprofit Accounting Profit and Loss Accounts Payable 98

The Charity CFO

NOVEMBER 10, 2022

Whether you are an educational, charitable, religious, sports, or other public-benefit organization, you need to have a good handle on your finances in order to make the most impact. Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting.

Nonprofit 52

Nonprofit Accounting Auditing GAAP 52

The Charity CFO

MAY 10, 2022

The changes to in kind donation reporting are specifically for organizations that follow generally accepted accounting principles (GAAP) in preparing their financial statements. And the second will impact the information you include in your disclosures (footnotes) to your financial reports.

Accounting Standards 98

Accounting Standards Accounting GAAP Nonprofit 98

The Finance Weekly

APRIL 6, 2024

Understanding the Net Book Value (NBV) of a company's assets is critical for knowing its financial health and potential for future growth. This accounting principle offers an insightful perspective into a business's worth , underlining the importance of financial reporting in today's market dynamics.

GAAP 52

GAAP Accounting Principles Financial Reporting Accounting 52

The Charity CFO

APRIL 13, 2023

Accounting Standards In the United States, all organizations must adhere to the Generally Accepted Accounting Principles (GAAP). This establishes core accounting standards for nonprofits which help with accountability and transparency. Do You Struggle to Make Sense of Your Financial Statements?

Nonprofit 52

Nonprofit Compliance Accounting Standards Budgeting 52

The Charity CFO

JANUARY 26, 2023

To maintain good governance practices and requirements To demonstrate financial transparency to your donors, members, and the public To make sure that your organization complies with the taxman, you should file IRS Form 990 by May 15 each year. Do You Struggle to Make Sense of Your Financial Statements? Get the free guide!

Nonprofit 52

Nonprofit Accounting Principles Profit and Loss Auditing 52

The Charity CFO

APRIL 5, 2022

But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting. Though both systems use the same numbers, looking at those numbers differently can give you a very different perspective on the state of your finances.

Nonprofit 98

Nonprofit Accounting GAAP Auditing 98

Bramasol

SEPTEMBER 8, 2024

Universal Parallel Accounting (UPA) Universal Parallel Accounting (UPA) provides a harmonized architecture for ledgers and currencies, which enables a foundation for not only calculating and posting values per ledger and currency along end-to-end processes, but also provides the baseline for future innovations in finance.

SAP 59

SAP General Ledger Compliance Accounting Standards 59

Spreadym

OCTOBER 3, 2023

FP&A candidates typically have a background in finance, accounting, or a related field and possess a combination of skills and knowledge in financial analysis, modeling, and strategic planning. Problem-Solving: The ability to identify financial challenges and propose solutions is crucial.

Financial Planning and Analysis (FP&A) 59

Financial Planning and Analysis (FP&A) Financial Analysis Budgeting Financial Modeling 59

The Charity CFO

JANUARY 21, 2022

If you’re looking for info on fund accounting in government here is a great resource for you. Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit.

Nonprofit 98

Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

JANUARY 5, 2022

For example, “salary” is a straightforward line-item on a for-profit financial report. . To complete your IRS 990, you’ll need to report your expenses based on how they fall within 3 categories, they are: . That means you’ll need to present a Functional Expense Report to pass an audit. To build public trust.

Nonprofit 96

Nonprofit Auditing Accounting GAAP 96

The Charity CFO

JANUARY 5, 2023

Many nonprofit organizations tend to let their financial management slip on the backburner as they get busy fulfilling their mission. Sure, your mission should be a priority, but managing finances can’t be neglected either. Without a good grasp of your finances, your nonprofit risks: Exposure to fraud. A Nonprofit Budget.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

The Charity CFO

APRIL 29, 2022

A financial statement audit is a thorough review of your financial statements to determine if your financial statements present fairly, in all material respects, in accordance with generally accepted accounting principles. The purpose of a financial statement audit is NOT to detect fraud.

Nonprofit 105

Nonprofit Auditing General Ledger Reconciliations 105

Cube Software

MAY 10, 2023

If a company fails to accurately record its unearned revenue, it could lead to inaccurate financial reporting and create potential legal issues. If revenue is improperly recognized, it will report higher profits than actual.

GAAP 52

GAAP Profit and Loss Accounting Principles Financial Data 52

Cube Software

MAY 11, 2023

Pro forma statements are financial projections that ask and attempt to answer "what if" questions. What will our finances look like?" The Securities and Exchange Commission (SEC) requires that discrepancies between pro forma and GAAP-compliant financial reports be explained when released to the public.

GAAP 40

GAAP Financial Planning and Analysis (FP&A) Profit and Loss Accounting Principles 40

Planful

JUNE 22, 2017

But in the accounting world, “financial consolidation” is a well-defined process that includes several complexities and accounting principles. Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g.,

Accounting 40

Accounting General Ledger IFRS GAAP 40

Spreadym

JUNE 19, 2023

If shortfalls are projected, proactively develop strategies to address them, such as securing additional financing or adjusting expenses. Building an emergency fund can provide a cushion during challenging times and reduce reliance on external financing. Optimize Cash Flow: Identify opportunities to enhance your cash flow.

Cash Flow Forecasting 52

Cash Flow Forecasting Invoicing Forecasting Accounts Payable 52

Strategic Treasurer

MARCH 6, 2023

Episode 243 Becoming a Treasurer Series, Part 24: Languages of Finance: FP&A As we jump back into the Becoming a Treasurer series, we are launching a new sub-series where we will look at the “language of finance.” What are some of the different ways we look at it in finance, accounting as a view of it?

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Finance Treasury GAAP 52

CFO News Room

NOVEMBER 2, 2022

Along with renewing their registration annually (for both SEC- and state-registered firms), firms face a variety of requirements related to their internal finances, fees, marketing activities, and advisor agreements depending on whether they are SEC- or state-registered.

Compliance 130

Compliance GAAP Investments Advertising 130