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 article will delve deeper into five preparation steps, drawing from insights of our leading industry experts, to help your organization gear up for a successful audit.

Auditing 52

Auditing General Ledger Reconciliations Accounting Standards 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. What is financial reporting software?

Financial Reporting 52

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

CFO Talks

OCTOBER 3, 2024

Regular Reconciliations : Perform surprise cash counts and inventory checks and reconcile sales and deposit records frequently. Pressure from Management : Pay attention to any undue pressure from management to meet financial targets, which may lead to unethical adjustments or misreporting. Investigate any discrepancies promptly.

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Invoicing Auditing Benchmarking Reconciliations 98

CFO Talks

DECEMBER 10, 2024

They keep a business on track, protecting assets, ensuring accurate financial reporting, and promoting efficient operations. Consider Satyam Computers, a large IT company in India that collapsed in 2009 due to fraudulent financial reporting. Conduct periodic audits of key processes and surprise checks in high-risk areas.

Invoicing 52

Invoicing Compliance Reconciliations CFO 52

Centage

SEPTEMBER 6, 2022

As organizations expand, they will need to rely on more complex reporting functions. Unfortunately, Excel has very defined limits that can make it challenging for businesses to publish their financial reports more quickly and efficiently. Still, many depend on this program for these critical tasks.

Securities 98

Securities Cash Flow Forecasting Budgeting Forecasting 98

PYMNTS

AUGUST 16, 2020

Trintech , which works in integrated Record to Report software, is releasing Cadency 9.0, the newest update to its software, to help companies with faster account reconciliation, artificial intelligence, systems integration and more, a press release says.

Accounting 67

Accounting Reconciliations Auditing Financial Reporting 67

CFO Talks

SEPTEMBER 5, 2024

Whether it’s streamlining financial reporting, enhancing data accuracy, or ensuring compliance with South African regulatory standards, clearly defining these objectives will guide the entire design process. Choosing the Right Software and Technology Selecting the appropriate financial software is a critical decision.

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IFRS GAAP Compliance Reconciliations 98

The Charity CFO

MARCH 2, 2022

You used to audit nonprofit organizations back in the day, similar to me, but while I was the CFO of a nonprofit, you were my auditor. Um, so that we can ensure we get through audits and then just kind of balancing all of those things together. I don’t know if my financial reports are inaccurate. Why are they off?

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Nonprofit Auditing Reconciliations Accounting 98

The Charity CFO

MARCH 6, 2024

Red Flag #1: Bank Account Reconciliation Whether the business is accrual or cash basis, it does not matter. Reconciliation is necessary and the bare minimum for successful completion of the accounting role. Once these have been transferred into the accounting system, QuickBooks for example, reconciliation is the next step.

Nonprofit 59

Nonprofit Accounting Reconciliations Invoicing 59

The Charity CFO

JANUARY 19, 2023

The goal is to create an accurate and comprehensive record of all transactions that can be used for both internal and external reporting, including audits and tax returns. Implement Internal Controls To ensure compliance with accounting standards, you must have proper internal controls in place.

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52

The Charity CFO

FEBRUARY 4, 2022

Prepare bank reconciliations. They organize the data and ensure accuracy so the accountant can create reliable and timely financial reports. With our nonprofit bookkeeping and accounting services, we’ll ensure your books are always audit-ready. Record and classify payments and bank transfers . Manage payroll .

Nonprofit 98

Nonprofit Invoicing General Ledger Accounting 98

Spreadym

JULY 10, 2023

Here are the typical steps involved in the financial close process: Pre-Close Activities: This phase involves preliminary activities to prepare for the close process, such as reviewing account reconciliations, ensuring the completeness of transactions, and resolving any outstanding issues or discrepancies.

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Reconciliations Accounts Payable General Ledger 52

Future CFO

MARCH 27, 2025

"Over the last several years, technologies like Robotic Process Automation and Intelligent Document Processing have streamlined invoice processing, expense management, and reconciliation tasks, resulting in reducing errors and freeing up finance professionals to focus on strategic decision support rather than administrative work," he says.

Compliance 52

Compliance Financial Planning and Analysis (FP&A) Forecasting Financial Analysis 52

Planful

JULY 27, 2016

Limited reporting and analysis capabilities, and too much manual effort. Lack of controls and audit trails. Time-consuming and costly audit process. Managing Budgeting, Planning and Financial Reporting in the Cloud. Automate and accelerate management reporting by 50%. Lack of security.

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Financial Planning and Analysis (FP&A) Planning Value-Added Analysis Budgeting 40

Bramasol

JULY 26, 2024

Some of the key challenges include: Complexity and Volume of Data : Handling large volumes of financial data spread across multiple systems increases the complexity of consolidation and reconciliation. Manual Processes: Reliance on manual data entry and spreadsheet-based reconciliations can be time-consuming and error-prone.

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SAP IFRS GAAP Compliance 80

CFO Simplified

JANUARY 5, 2024

Because of the compliance implications, reconciliation and oversight of these accounts is even more important than comparable oversight of the firm’s bank accounts. Bank Reconciliation and Oversight: Regularly reconcile bank statements with internal financial records to identify any discrepancies promptly.

Auditing 52

Auditing Reconciliations Compliance Securities 52

Centage

SEPTEMBER 6, 2022

As organizations expand, they will need to rely on more complex reporting functions. Unfortunately, Excel has very defined limits that can make it challenging for businesses to publish their financial reports more quickly and efficiently. Faster publishing for financial reports and dashboards. Sensitivity analysis.

Securities 52

Securities Cash Flow Forecasting Budgeting Forecasting 52

CFO Plans

SEPTEMBER 24, 2024

In today’s dynamic business environment, small businesses face a myriad of financial challenges. The need for strategic financial planning and real-time financial reporting has never been more critical. Picture a nonprofit organization using automated services to streamline donor management and reporting.

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CFO Startups Tax Planning Accounting 52

Embark With Us

JANUARY 19, 2022

Reconciliations shouldn't induce night sweats. Financial Reporting. Documentation and Data Audit. But how, exactly, do you keep your people engaged, data timely, and business intelligence relevant and guiding? Well, as you're about to see, that's where data analytics and Alteryx can play an essential role. Automation.

Accounting 98

Accounting Finance Data Analysis General Ledger 98

CFO Leadership

OCTOBER 10, 2023

Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financial reporting.

Financial Planning and Analysis (FP&A) 115

Financial Planning and Analysis (FP&A) Finance Compliance Forecasting 115

CFO Talks

MARCH 20, 2024

Example: When it’s time for an audit, the Controller is hands-on, working directly with the auditors, showing them the books, and explaining the details. The CFO, on the other hand, talks strategy with the audit partner and handles any big issues that pop up.

CFO 52

CFO Accounts Payable Financial Analysis Auditing 52

The Finance Weekly

APRIL 13, 2024

The finance industry employs a multitude of software solutions to facilitate budget creation, and financial reporting, and to assist financial analysts and investors with financial planning and forecasting. Datarails is a valuable tool for companies seeking streamlined reporting for themselves and their stakeholders.

Financial Planning and Analysis (FP&A) 52

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

The Charity CFO

APRIL 25, 2024

As an example, you also need to have segmented reporting to assign dollars spent to funders and grants. The easier it is to dive into transactions, the easier it will be to report on where the money is coming from, where it’s going, and to audit what’s happening. Let’s take a deeper look.

Nonprofit 52

Nonprofit Accounting CFO Auditing 52

CFO News Room

NOVEMBER 2, 2022

This is why most advisers do not collect more than $1,200 in fees per client, 6 months or more in advance, so as to avoid the requirement to prepare and publicly report their balance sheet. RIA Fee Itemization And Surprise Custody Audits.

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Compliance GAAP Investments Advertising 130

Finvisage

DECEMBER 31, 2019

Accountancy firm PwC is reported to have been hired by the company to look at its accounts, which are audited by Grant Thornton. The accountancy watchdog, the Financial Reporting Council, said: “We are looking into this matter carefully and will give full consideration to further action as more facts become available.”

Reconciliations 52

Reconciliations Accounting Financial Analysis Construction 52

The Charity CFO

JANUARY 5, 2023

Maintaining healthy financial management is critical for the organization’s sustainability, stability, and flexibility, now and in the future. Poor financial reporting. This involves ensuring compliance with all accounting, reporting, and disclosure requirements. Collaboration issues. Destruction of physical assets.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

The Finance Weekly

APRIL 27, 2022

In order to mitigate check and payment tampering risk, for example, first address delegation of responsibility issues, utilize check logs, leverage the bank’s positive pay controls, and then review account reconciliations. You should also execute detailed reviews of the financial numbers, including variance analysis.

Leadership 52

Leadership Financial Planning and Analysis (FP&A) Communication Reconciliations 52

Planful

AUGUST 1, 2017

You’re preparing for an IPO or external audit, which requires having rock-solid financial statements. So what does the financial consolidation and close process entail? The financial close and reporting process crosses multiple systems, departments, and locations. Intercompany reconciliations.

GAAP 40

GAAP Value-Added Analysis IFRS Auditing 40

The Finance Weekly

JANUARY 22, 2024

Supervise and offer suggestions for the financial department. Assist with risk management, audits, and research. Identify investment and financial planning opportunities. Attend board meetings and provide detailed financial reports and recommendations to company leadership.

CFO 52

CFO Education Communication Risk Management 52