The Charity CFO

APRIL 29, 2022

Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. What is a financial statement audit?

Nonprofit 105

Nonprofit Auditing General Ledger Reconciliations 105

The Finance Weekly

DECEMBER 1, 2024

The idea is to compare two sets of records—your internal records (like your company’s general ledger) and external ones (like bank statements or vendor invoices). For example, if your internal records say your bank account has $10,000, but your bank statement shows $9,800, you’ve got a discrepancy.

Reconciliations 52

Reconciliations Accounting General Ledger Invoicing 52

CFO Thought Leader

OCTOBER 29, 2024

The AP clerk only needs to verify that the invoice is assigned to the correct department and has the correct GL (general ledger) code, eliminating the need for manual data entry. Fraud, such as fake vendors or altered bank account details, is a growing concern in accounts payable. Another key advantage is traceability.

Mergers and Acquisitions (M&A) 52

Mergers and Acquisitions (M&A) CFO Finance Profit and Loss 52

PYMNTS

JANUARY 22, 2019

Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement. Hospitals can often struggle to manually reconcile cash flow coming from multiple sources.

Cash Management 73

Cash Management General Ledger Reconciliations Healthcare 73

E78 Partners

SEPTEMBER 21, 2023

Audits, while essential for maintaining the integrity and trustworthiness of an organization’s financial reporting, can be a daunting task. This is not just because of the intricacies and specificities required by the auditing standards but also due to the numerous challenges faced by organizations in the run-up to an audit.

Auditing 52

Auditing General Ledger Reconciliations Accounting Standards 52

The Charity CFO

FEBRUARY 4, 2022

Record and classify payments and bank transfers . Prepare bank reconciliations. Execute data entry to keep the general ledger current . And ensuring that every receipt, bill, check, credit card charge, and bank transfer gets into your system is a core function of nonprofit bookkeeping. Manage payroll .

Nonprofit 98

Nonprofit Invoicing General Ledger Accounting 98

PYMNTS

JANUARY 26, 2018

The core of the close process remains the same: corroborate the numbers in the general ledger,” explained Feinstein. The advent of new technologies means corroborating data exists in more systems — [like] payroll, expenses, electronic banking records and more. Open Banking initiatives in the EU, U.K.,

General Ledger 47

General Ledger Benchmarking Reconciliations Accounts Payable 47