The Charity CFO

NOVEMBER 30, 2023

Does the idea of an audit from the IRS leave you with sweaty palms? Most nonprofit leaders aren’t accountants and the thought of getting audited is a sizable fear. Luckily, being prepared can help you avoid accounting mistakes that could come up in a nonprofit audit. The investment now will save you in the future.

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Nonprofit Auditing Compliance Education 52

CFO Share

NOVEMBER 15, 2023

Embarking on your first financial audit can be nerve-wracking. This article includes small business accounting tips to prepare for an audit while minimizing its expenses and findings. An audit evaluates: Compliance with accounting standards (GAAP or IFRS.) How Long Do Financial Audits Take?

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The Charity CFO

JANUARY 18, 2022

Zack joins us after two decades as a not-for-profit accountant in both public accounting and the nonprofit industry. In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices. Louis and nationwide.

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CFO Nonprofit GAAP Accounting Principles 52

Beacon CFO Plus

NOVEMBER 30, 2023

How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.

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VCFO

MAY 30, 2022

Joining vcfo’s Houston market as a Consulting CFO is Jose Perez-Bello. Prior to joining vcfo, Jose held roles as Fractional CFO with the Strategic CFO, CFO, Executive Director, and Senior Vice President for Greenfields Petroleum Corporation, as well as senior roles with Enron International, Enron Energy Services, and Brunel Energy.

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CFO Auditing Financial Modeling Leadership 52

CFO News

MAY 31, 2024

NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality.

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Auditing Accounting Standards Communication Finance 45

The Charity CFO

JULY 28, 2022

All nonprofit accounting rules in the United States are defined and codified by the Financial Accounting Standards Board, or “FASB”. Back in 2016, FASB revised its rules related to accounting for leases, which impact any contract to rent property or equipment that lasts more than 12 months. Don’t Panic!

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Nonprofit Accounting Accounting Standards CFO 98

The Charity CFO

JANUARY 5, 2022

The #1 accounting mistake that nonprofits make is hiring the wrong people to help them. Get this FREE guide to discover what you need to do to ensure you hire the right accountant, bookkeeper, or CFO the FIRST time. To pass an independent audit. Get the free guide! Functional expenses versus natural expenses .

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Nonprofit Auditing Accounting GAAP 96

VCFO

NOVEMBER 1, 2023

Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. Read more in our blog about Lease Accounting Updates.) audited or reviewed financial statements).

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Finance Strategic Planning Auditing CFO 88

BlueLight

JULY 30, 2020

The financial implication of these decision is critical and the CFO is the executive helping the CEO navigate these decisions. Historically, the CFO role was focused on backward looking information: ensuring on-time and accurate financial reporting. The CFO suite doesn’t want to be the “department of No.” It evolves with stage.

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CFO Financial Planning and Analysis (FP&A) Strategic Planning Startups 52

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.

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Nonprofit Accounting GAAP Accounting Principles 98

Fpanda Club

SEPTEMBER 2, 2021

FP&A directors can often boast of a considerable track record in financial planning and analysis, also they understand very well the finance function in general and the business model of the company, which leads them to the next step of their careers as Chief financial officer (CFO).

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Financial Planning and Analysis (FP&A) Corporate Finance Communication Budgeting 130

The Charity CFO

APRIL 13, 2023

This is why at The Charity CFO , we strive to provide relevant resources and support to ensure that your organization runs smoothly and efficiently. Confirming an organization’s compliance can include compliance checks and/or audit requirements , but maintaining compliance is the responsibility of the organization at all times.

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Nonprofit Compliance Accounting Standards Budgeting 52

CFO Leadership

OCTOBER 18, 2023

AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. How to use AI in Finance & Accounting As we look to the future, the role of AI in finance will likely expand. As AI permeates finance, questions about its compliance with audits and financial governance will arise.

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Accounting Finance Auditing IFRS 52

The Finance Weekly

MARCH 28, 2022

Converging ESG and Sustainability Reporting Standards There are several competing standards for ESG/Sustainability reporting including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Carbon Disclosure Project (CDP), and others.

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Finance Auditing Accounting Standards IFRS 52

The Charity CFO

APRIL 5, 2023

Depending on your state, funding and other factors, your compliance and audit requirements might vary. Compliance checks or compliance check questionnaires tend to be simpler than a full audit and are limited in scope. A great way to stay on top of these tasks is with an Audit Checklist. This can be a long and lengthy process.

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Nonprofit Compliance Auditing Accounting 52

CFO Share

MARCH 14, 2022

What is the difference between a quality of earnings report and an audit? Audited financial statements focus on compliance with GAAP accounting standards, whereas Quality of Earnings reports focus on the company’s earnings history and potential. Reviews of account reconciliations, account aging, and composition.

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Auditing GAAP Accounting Principles Profit and Loss 52

Spreadym

AUGUST 10, 2023

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have.

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Financial Reporting Financial Planning and Analysis (FP&A) Accounting Standards CFO 52

The Charity CFO

DECEMBER 8, 2022

The IRS has strict regulations on how to handle grants and charitable contributions, so it is essential that you understand the best practices when accounting for them. Because accurate nonprofit accounting can help with reporting and auditing requirements, and ensure that the funds are being used in accordance with the grantor’s wishes.

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Accounting Nonprofit Auditing Compliance 52

Future CFO

NOVEMBER 18, 2019

However, fundamental tasks in statutory accounts, management accounts, investments, budgeting, analysis, compliance, risk, payroll, audit, taxation and managing working capacity are very much interconnected. CFO in 2020: Influencing digital innovation. CFO as the pillar of strong culture.

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The Charity CFO

NOVEMBER 10, 2022

As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit. Governance issues, tight regulations, and high public accountability standards mean strong accounting practices are more important than ever.

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The Charity CFO

AUGUST 15, 2023

Myth #3: Nonprofit Accounting (GAAP) and the IRS Rules are the Same Another common misconception is that GAAP and IRS rules are the same when it comes to nonprofits, however, they are not. One key differentiator is that what is recorded following GAAP is what will show up on the audit and may not show up on the IRS tax form, Federal Form 990.

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Nonprofit Accounting Profit and Loss Budgeting 52

CFO Talks

JUNE 20, 2022

The International Accounting Standards Board issued new protocols on climate reporting and the interesting distinction there is that there are two sets of protocols or soon-to-be standards, the one is related to climate change and then the other is related to sustainability, which relates to the business efficiencies.

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Manufacturing Accounting Standards Auditing Education 52

Future CFO

AUGUST 18, 2022

When it comes to ESG assurance, 82% of engagements were limited in scope in 2020, essentially the same as in 2019 (83%), according to a joint study by IFAC, American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) that reviewed data from 1,400 global companies from the G20 nations plus Hong Kong and Singapore. .

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IFRS Auditing Accounting Standards Accounting Firms 52

https://trustedcfosolutions.com/feed/

APRIL 5, 2023

Allows user-defined workflows to improve efficiency, compliance, and transparency, providing consistent audit trail visibility. Identifies variances and anomalies that don’t comply with accounting standards with intuitive dashboards and reports that work based on your preset conditions.

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General Ledger Reconciliations Accounting Standards Leverage 62

Future CFO

MARCH 1, 2023

Additional key findings Use of Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-Related Financial Disclosures (TCFD) framework have increased significantly between 2019 and 2021: there was a 29% increase for SASB standards usage and 30% for the TCFD framework.

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Accounting Standards Auditing Accounting Accounting Firms 52

The Charity CFO

MAY 11, 2023

If you’ve decided the outsourced bookkeeping is right for your organization, get in contact with us and see how Charity CFO can help ! The post Outsourced bookkeeping for a nonprofit appeared first on The Charity CFO. This can be especially helpful if you don’t have a dedicated staff-person with the expertise level required.

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Nonprofit Communication Auditing GAAP 52

The Charity CFO

DECEMBER 15, 2023

Differentiating between program service fees and constrictions helps maintain clean records and can lower your risk of compliance issues if your nonprofit is audited. Recognizing In-Kind Contributions In-kind donations can pose a range of accounting challenges for nonprofits. Reach Out to the Charity CFO! Get the free guide!

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Nonprofit Compliance Valuation CFO 52

Future CFO

FEBRUARY 6, 2020

Whether your tax, accounting and finance operations are locally-based, centralised or otherwise, investing in the right tools and resources optimises your company’s ability to meet evolving regulatory requirements and gives your team the time it needs to focus on planning, strategy and analysis.

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Technology Compliance Accounting Standards CFO 40

CFO Talks

DECEMBER 26, 2021

South African-born Daniel Raubenheimer is a passionate MBA graduate with cross-functional experience in tech, FMCG and manufacturing, he’s now CFO at Silon in Atlanta, USA, a leading producer of technical compounds and polyester staple fibres. CFO Talks is a brand of the South African Institute of Business Accountants.

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Manufacturing CFO Budgeting IFRS 66

The Finance Weekly

APRIL 28, 2024

Spreadsheet Server by insightsoftware insightsoftware offers all-in-one solutions for the Office of the CFO. Covering FP&A, accounting, and operations, this program changes how teams work, helping leaders make swift decisions. They think a solid business plan starts and finishes with easy-to-reach financial data.

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Financial Planning and Analysis (FP&A) Invoicing Budgeting Finance 52

CFO Talks

FEBRUARY 21, 2022

Shane Leas is quite comfortable leading the finance function at large and complex organisations, and now as Group CFO at Select Africa Limited, he provides some fascinating insight to the African growth story that is microfinance. CFO Talks is a brand of the South African Institute of Business Accountants.

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CFO Accounting Accounting Standards Retail 40

CFO Talks

APRIL 11, 2022

Today’s podcast is sponsored by Draftworx, which provides automated drafting and working paper financial software to more than 8000 accounting and auditing firms and corporations. CFO Talks is a brand of the South African Institute of Business Accountants.

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CFO Leadership Communication Accounting 40

Future CFO

NOVEMBER 2, 2020

Many jurisdictions are moving towards international accounting standards such as International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). These figures rise to 50% and 43% respectively in jurisdictions in APAC, showing a clear move towards partnership in the region.

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Compliance IFRS GAAP Accounting Principles 40

CFO Talks

DECEMBER 26, 2021

SAIBA’s CEO, Nicolaas van Wyk, provides interesting feedback from the recent CFO World Congress in Mexico, how developments at COP26 will soon change a CFO’s reporting obligations, and the trends for CFOs going into 2022. CFO Talks is a brand of the South African Institute of Business Accountants.

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CFO Profit and Loss Finance Accounting 40

CFO Talks

OCTOBER 1, 2024

This Interview conducted by Leana van der Merwe CBA(SA), CA(SA), a Technical Specialist at the Chartered Institute for Business Accountants (CIBA) and editor of CFO Club, with Dr. Daan Steenkamp, the CEO of Codera Analytics. I’d like to shift the focus slightly to our CFO Club members. IFRS, US GAAP).

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