The Charity CFO

MAY 31, 2024

Luckily, modern accounting software and other bookkeeping technologies can help you keep up with day-to-day bookkeeping, reporting, and accounting tasks more efficiently. Common Nonprofit Bookkeeping Challenges Nonprofits face unique challenges to keep their organizations running, including nonprofit accounting challenges.

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Nonprofit Technology Auditing Profit and Loss 52

The Charity CFO

APRIL 1, 2024

Implementing technology into your nonprofit accounting process can help solve a variety of issues—from tracking receipts to properly recording donations. In most cases, technology helps improve the efficiency and accuracy of nonprofit accounting. Nonprofits are subject to a lot of legal and financial scrutiny.

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Nonprofit Accounting CFO Accounts Payable 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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Accounting Firms CFO Accounting Prioritization 52

CFO Leadership

OCTOBER 18, 2023

AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. However, they still have a place in corporate finance and accounting.

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Finance Accounting Auditing IFRS 52

The Charity CFO

DECEMBER 8, 2022

But in order to get the most out of these grants, you need to understand how to properly manage and account for them. 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. 8 Best Practices When Accounting For Grants.

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Accounting Nonprofit Auditing Compliance 52

Bramasol

JULY 22, 2023

Previous posts in this blog series o n Environmental, Social and Governance (ESG) and carbon accounting have spotlighted carbon accounting as a trend to watch , looked at ESG impacts on M&A , and tracked the emergence of new ESG standards.

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IFRS Accounting SAP Compliance 87

Future CFO

SEPTEMBER 14, 2020

The Enron scandal, one of the largest accounting frauds seen over the last three decades, led the company to file for bankruptcy in 2001. One way in which auditor independence can be compromised is when auditors simultaneously provide audit and non-audit services (NAS) to clients, and as a result become more beholden to these clients.

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Auditing Accounting Valuation Education 52

CFO Share

JULY 20, 2021

What does a Forensic Accountant Do? Forensic accounting services investigate the disappearance of cash in a business, document definitive proof, and assist in the recovery of cash including negotiation, prosecution, and expert witness testimony. When should business owners engage forensic accounting services?

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Accounting Profit and Loss Auditing Invoicing 52

PYMNTS

MARCH 17, 2017

Announcing the report Thursday (March 16), the Anti-Fraud Collaboration said a focus on complex accounting areas is critical to an effective cybersecurity strategy. Addressing Challenges for Highly Subjective and Complex Accounting Areas concluded that an effective accounting policy is also critical and guides all other processes.

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Financial Reporting Auditing Leadership Accounting 40

CFO Talks

MARCH 20, 2024

Think of a Controller as the head of getting day-to-day money matters right, like making sure every penny is accounted for and reports are spot-on. It’s about making plans for the company’s financial future and finding ways to make the business better. The CFO, however, looks at the bigger picture.

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VCFO

FEBRUARY 15, 2023

Lee Ann’s depth and breadth of expertise includes board reporting, audit preparation, business plan development, market research and analysis, risk management, and capital requirements. She had complete ownership of financials, reporting, auditing, and compliance for all entities.

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Auditing CFO Risk Management Budgeting 52

PYMNTS

OCTOBER 12, 2018

The chief financial officer of U.K. café chain Patisserie Valerie has been arrested after the company revealed “significant, and potentially fraudulent, accounting irregularities,” according to BBC reports on Friday (Oct. The company went public in 2014. Prior to its suspension, it had been valued at $578.7

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Accounting Finance Auditing Financial Reporting 49

The Charity CFO

APRIL 5, 2023

In addition to the many struggles of running a business, nonprofits have additional hurdles to overcome as it relates to their mission, employment strategy, accounting, and compliance. Depending on your state, funding and other factors, your compliance and audit requirements might vary. Running a nonprofit is no small feat.

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Nonprofit Compliance Auditing Accounting 52

The Charity CFO

APRIL 18, 2024

These challenges include financial issues, data security compliance, and talent retention problems. Financial Sustainability For nonprofits, financial sustainability means the financial security to cover expenses and advance your mission. Implement staff and volunteer training on security best practices.

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Nonprofit Compliance CFO Leverage 52

PYMNTS

JANUARY 9, 2019

One way this shift has materialized is in how small businesses seek and hire financial professionals to join their companies. In a 2017 report from job hunting site Indeed , researchers found that “small business accountant” was nowhere to be found in the top-10 job positions sought after by most small business employers.

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Accounting Corporate Finance Accounting Firms Auditing 71

CFO News Room

DECEMBER 16, 2022

Job security is always a concern when choosing a career, but some fields are more recession-proof than others. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. This can be a demanding job, as the financial sector is heavily regulated.

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Finance Budgeting Compliance Financial Analyst 130

The Finance Weekly

JULY 28, 2022

One of Vena’s customers, , Verra Mobility , claimed that Vena misled them into believing that the Soc 1 Type II report that Verra was given had been audited by an independent auditor. This is a financial reporting tool utilized in performing certain control activities. Establishing Trust With SOC Reports.

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Auditing Compliance Budgeting Securities 52

The Charity CFO

JULY 17, 2023

Understand How to Gauge if Your Accountant is Doing a Good Job Unfortunately, too many nonprofits allow their accountants to take care of business with little oversight. While this may be easy, it can also result in missing out on critical tax savings or, worse, exposing your organization to an audit for breaking the rules.

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Nonprofit Benchmarking Auditing Compliance 52

Creative CFP

OCTOBER 2, 2020

A couple of years into my career as a chartered accountant I started to wonder if I was still enjoying working in the finance industry. I was so consumed with day-to-day accounting tasks that I did not have time to monitor the financial health of businesses I was taking care of, or to provide valuable feedback to business owners.

Accounting 52

Accounting Finance Cash Flow Forecasting General Ledger 52

The Charity CFO

MAY 11, 2023

When utilizing outsourced accounting services, you only pay for the services you need and you may have access to more premium software than you could purchase on your in-house budget. Outsourced bookkeeping can provide peace of mind knowing experts are on top of the accounting so your staff can focus on what matters most.

Nonprofit 52

Nonprofit Communication Auditing GAAP 52

The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). At the very least, you must have transparent financial reporting. 4 Steps NPOs can do to improve their financial planning.

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Planning Auditing Nonprofit Accounts Payable 52

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. What data governance, privacy and security procedures do we have in place or need?

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

PYMNTS

AUGUST 7, 2019

The former chairman of the Australian Securities and Investments Commission has warned of Enron-style corporate collapses thanks to failings of the nation’s auditing industry, according to ABC.net news reports this week. Often, there is a conflict between the consulting business and the audit business of the big four firms.”.

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Auditing Investments Planning Financial Reporting 51

The Charity CFO

JANUARY 30, 2024

It could also help make long-term nonprofit financial forecasting easier for your accounting team. One of the biggest things to think about when considering a merger is your organization’s financial and tax status. Do You Struggle to Make Sense of Your Financial Statements? Get the free guide!

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Nonprofit CFO Auditing Advertising 52

The Charity CFO

OCTOBER 4, 2022

They also develop and implement operational procedures and systems and manage budgets and financial reports. Implement Budgets and Oversee Financial Strategy. That doesn’t mean that the operations manager needs to be an accountant. They oversee the administrative staff and make sure that the office runs smoothly.

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Nonprofit Budgeting Compliance CFO 98

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

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Corporate Finance Finance Accounting Standards Accounting Principles 55

CFO Share

OCTOBER 14, 2021

A bookkeeper or accountant who. Continuously shrinking cash despite profitable financial reporting. Once you have detected fraudulent behavior, it is time to hire forensic accounting services. Forensic accountants investigate, identify, and document fraud. How does my business recover from financial fraud?

Profit and Loss 52

Profit and Loss Cash Flow Forecasting Restructuring Auditing 52

PYMNTS

JULY 5, 2017

For a chief financial officer (CFO), having technology — from ERP systems to cloud accounting and cash forecasting tools — has become paramount when deploying a successful growth strategy. ” The mobility of cloud-based reporting tools, too, can bring a new level of ease for the C-Suite, he added.

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Financial Data Auditing Financial Reporting CFO 52

Cube Software

MAY 10, 2023

Accruals and prepayment: Unearned revenue explained In accrual accounting, revenue is recognized when it’s earned. It provides a true picture of company financial data used in decision-making. What if I use cash basis accounting? It’s the preferred accounting method for many small businesses and solopreneurs.

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GAAP Profit and Loss Accounting Principles Financial Data 52

Finvisage

DECEMBER 31, 2019

The cafe chain is fighting for survival after revealing on Wednesday it had uncovered “significant, and potentially fraudulent, accounting irregularities” Mr Marsh had been suspended when these problems were discovered. Toshiba is recovering from accounting scandals that eventually led to the bankruptcy of U.S.

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Reconciliations Financial Analysis Accounting Construction 52

Future CFO

AUGUST 30, 2021

According to Payscale.com , skills such as leadership, and financial reporting and strategic planning, won’t elevate your take-home pay much. These days, strong computer skills, as are advanced knowledge of accounting, budgeting, and finances. What makes for a sought-after chief finance professional (CFO)? What stands out?

Financial Planning and Analysis (FP&A) 52

Financial Planning and Analysis (FP&A) Finance CFO Problem Solving 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) CFO Accounting Standards 52

CFO Talks

MARCH 14, 2024

The position of Chief Financial Officer has evolved significantly over the past few decades. No longer confined to the guardianship of financial reporting and compliance, modern CFOs are now pivotal strategists and advisors at the heart of corporate decision-making. Delegation and Empowerment: No CFO can do it all alone.

Prioritization 52

Prioritization CFO Leverage Risk Management 52

Michigan CFO

SEPTEMBER 29, 2021

What once was known as a role for managing a company’s finance and accounting has changed into a role that concerns far greater responsibilities with new expectations. For businesses that must adhere to specific data security compliance standards, going digital can help simplify the process with the help of a CFO to ensure accuracy.

Manufacturing 52

Manufacturing CFO Compliance Forecasting 52

Centage

SEPTEMBER 6, 2022

While there are many alternatives to spreadsheets, some organizations still consider them an important part of their accounting procedures. The familiarity of spreadsheets and their ease of use mean many employees are happy to keep working with them, even though they may create serious security risks.

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Securities Cash Flow Forecasting Budgeting Forecasting 98

Cube Software

MAY 11, 2023

Pro forma financial statements and GAAP It's important to note that, since pro forma statements are based on hypothetical or projected data, they are not compliant with generally accepted accounting principles—GAAP statements must be based on actual financial results. Pro forma statements are also used to secure financing.

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

The Charity CFO

APRIL 25, 2024

For nonprofit organizations, accounting comes with a lot of complexity. Categorizing transactions, reporting income, and meeting compliance requirements can be overwhelming. About The Charity CFO The Charity CFO is an accounting firm specializing in serving nonprofits through outsourced accounting and fractional CFO services.

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Nonprofit Accounting CFO Auditing 52