The Charity CFO

MAY 10, 2022

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. So now is the perfect time to make sure you report in kind gift donations in compliance with GAAP standards in 2022. Why is FASB making this change?

Accounting Standards

The Charity CFO

JANUARY 17, 2022

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? Investopedia defines accounting as “the process of recording financial transactions pertaining to a business.” .

Nonprofit

The Charity CFO

OCTOBER 9, 2024

One of the most sought-after tools is a platform or software to integrate your fundraising and accounting data seamlessly. This makes it challenging to create technology that tracks data for fundraising purposes while still following accounting principles. So why does it seem so hard to find this unicorn platform?

Accounting

Boston Startup CFO

APRIL 3, 2023

Financial accounting: A topic that can easily disorient even the most driven entrepreneurs. Fortunately, we present you with a compass – a diagram that demystifies the functions of financial accounting. In this tier, a double-entry accounting system is employed to ensure the accurate recording of all transactions.

Accounting

The Charity CFO

DECEMBER 30, 2021

Don't hire the wrong accountant for your nonprofit! 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. Get the free guide! What is a nonprofit financial audit? .

Nonprofit

CFO Share

JUNE 27, 2024

How a CFO Ensures Compliance in Financial Reporting Reliable financial statements are crucial for business management, but ensuring compliance may feel like a luxury in the resource-constrained world of small business. How can a small business ensure compliance in reporting without overspending on accounting staff and audits?

Financial Reporting

The Charity CFO

JANUARY 19, 2023

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. Because of their unique structure and operational model, nonprofits must comply with various accounting standards that are, in many ways, different from for-profit organizations.

Accounting Standards

https://trustedcfosolutions.com/feed/

SEPTEMBER 15, 2022

As your business grows, your accounting solution should scale and grow with you, but this isn’t the case with older, outdated software. Spreadsheets can only tell you so much at a glance and cannot address complex accounting issues. Compliance is Difficult to Maintain. Time-consuming process for creating manual reports.

Accounting

The Charity CFO

FEBRUARY 4, 2022

Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofit accounting. Because while nonprofit bookkeeping and accounting are related, they’re not the same thing. A bookkeeper records and organizes financial data; an accountant interprets and presents that data. . And that’s a problem.

Nonprofit

The Charity CFO

JULY 19, 2024

When most people think of an organization’s financial department, they think of accountants. Bookkeepers, accountants, and Chief Financial Officers (CFOs) all serve critical roles in managing an organization’s finances. What is an Accountant? Accountants run reports to help determine if the bookkeeping is done correctly.

CFO

The Charity CFO

APRIL 29, 2022

We won’t deal with other types of nonprofit audits , like compliance audits or governmental audits, which can differ in certain respects. PRO TIP: If your internal team can’t keep up, you can always consider an outsourced nonprofit accounting service to keep your books audit-ready.

Nonprofit

The Charity CFO

JULY 12, 2024

The type of accounting your organization uses could be holding you back from getting the most out of your accounting system. 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.

Nonprofit

CFO Share

AUGUST 5, 2021

The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Proper cannabis accounting must recognize these costs on regular financial statements to comply with 280E tax code.

Forecasting

The Charity CFO

NOVEMBER 10, 2022

What should you look for when evaluating nonprofit accounting services? Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. Benefits of Nonprofit Accounting Services. Improves compliance. Saves time and money.

Nonprofit

The Charity CFO

JANUARY 11, 2023

Revenue recognition for nonprofits may seem fairly straightforward, but has unique complexities with important compliance consequences. All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Nonprofits that do not have set programs.

Nonprofit

Future CFO

NOVEMBER 2, 2020

China is the most complex jurisdiction for financial compliance in Asia Pacific while Hong Kong is the easiest, said TMF Group recently. By contrast, Hong Kong, Australia, Singapore, New Zealand and Philippines were seen as the least complex for multinational companies when it comes to accounting and tax laws and practices, the report states.

Compliance

Global Finance

JULY 29, 2024

They oversee the entire financial operations of a company: from strategic financial planning and risk management to advising on investment decisions and ensuring regulatory compliance. And they typically boast a deep understanding of accounting principles, analysis, and business strategy—essentials in guiding an organization toward its goals.

CFO

Bramasol

SEPTEMBER 8, 2024

It marks a substantial leap forward that is built on earlier revenue management systems, such as SAP Revenue Accounting and Reporting (RAR) and SAP Automated Revenue Management (ARM). Enhanced Compliance : Facilitates adherence to accounting standards and regulations, reducing the risk of non-compliance and associated penalties.

SAP

Future CFO

SEPTEMBER 15, 2021

There are 10 most sough-after shared services skills in the finance and accounting function in the past year, said Gartner recently. These shared services skills, according to GartnerTalentNeuron analysis of job postings in the finance and accounting function between July 2020 and July 2021, are as follows. Accounting experience.

Finance

Future CFO

APRIL 18, 2022

Click on the link to download to discover in detail a list of the benefits that IBM Cognos Controller provide for finance teams: Data collection and validation Reconciliations Workflow and tasks to improve the close cycle Currency conversion Minority interest calculations Inter-company eliminations Group closing adjustments Management adjustments Allocations (..)

Finance

CFO Leadership

AUGUST 12, 2021

Kim Ngyuen came to the US from Vietnam to further her education and obtained her MBA with a concentration in Accounting at Albertus Magnus College. Indri holds a bachelor’s degree in Accounting and a Master’s degree in Professional Accounting from the University of Texas at Austin. Joy is our first Ascend Honoree.

Leadership

Boston Startup CFO

OCTOBER 29, 2012

CFO: If your company has closed a seed round of funding or is earning more than $250K per year, you need a CFO to handle your financial strategy and run your accounting team. You can also hire a consulting group to provide accounting support on a project basis. Specifically, you can outsource the following 3 functions: 1.

Startups

The Charity CFO

APRIL 13, 2023

In order to successfully manage the financial health of your nonprofit organization, here are 7 key concepts you should understand: Compliance and Audit Requirements Compliance is the act of ensuring the public that nonprofits are abiding by the rules that allow them to take advantage of tax exempt status and other financial incentives.

Nonprofit

CFO Share

MARCH 14, 2022

Audited financial statements focus on compliance with GAAP accounting standards, whereas Quality of Earnings reports focus on the company’s earnings history and potential. Significant and/or unusual accounting policies such as: Changes in accounting methods. Changes in accounting principles.

Auditing

PYMNTS

NOVEMBER 15, 2019

“With respect to inquiries into Under Armour’s business practices by the Securities and Exchange Commission and the Department of Justice, we firmly believe that our disclosures and our accounting practices have been entirely appropriate,” Plank said. “We Under Armour said it stands behind its company’s financial reporting.

Accounting Principles

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. Experience: FP&A candidates may have prior experience in financial analysis, accounting, or related roles.

Financial Planning and Analysis (FP&A)

The Charity CFO

JANUARY 5, 2023

Tax issues and non-compliance with regulatory requirements. Accountability for everyone involved. When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Make board members accountable. Bring GAAP compliance. Collaboration issues. Timely reporting.

Nonprofit

The Charity CFO

JANUARY 26, 2023

NPOs should track all donations, grants, and investments made to their organization to make sure they are properly accounted for. Proper revenue recognition is a core accounting principle that ensures proper financial reporting, ensuring that you remain compliant and maintain donor confidence.

Nonprofit

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.

Financial Reporting

Strategic Treasurer

MARCH 6, 2023

The chapter of discussion “Cash Bootcamp for Treasurers” provides a practical approach to understanding different perspectives of cash, how accounting and treasury can live in harmony and more. What are some of the different ways we look at it in finance, accounting as a view of it? What is it? How does it work?

Financial Planning and Analysis (FP&A)