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? What’s going on?

Accounting 52

Accounting Profit and Loss Auditing Invoicing 52

CFO Simplified

DECEMBER 12, 2021

The terms “finance” and “accounting” are often used interchangeably. There are, however, very real differences between finance and accounting. While many business owners look for a CFO to bolster their existing accounting team, here at CFO Simplified, we consider that a CFO would be categorized squarely in the finance category.

Accounting 52

Accounting Finance Cash Flow Forecasting CFO 52

The CFO College

AUGUST 31, 2021

As an accountant or bookkeeper, you can help prevent startups from going under or losing profitability. You may hear some accounting professionals talk about horror stories related to startups. You also want to establish a clear process for accounts receivable. You see, a good idea just isn’t enough for raising capital.

Startups 81

Startups Accounting General Ledger Forecasting 81

PYMNTS

NOVEMBER 6, 2019

Wirecard is having auditing giant KPMG expand the scope of its review of Wirecard financials as the company continues to defend against allegations of fraud. 6) said Wirecard is having KPMG expand its audit review and expects authorities in Singapore to clear the company of any claims of fraud. Reports in Reuters on Wednesday (Nov.

Auditing 40

Auditing Accounting Sales Marketing 40

VCFO

JANUARY 18, 2024

As the points suggest, deferred revenue isn’t just an accounting issue. It’s talking with sales to clarify billing period details, engaging with engineering to understand technical complexities about risks that could impact delivery, or conferring with legal to check contractual interpretations.

Auditing 81

Auditing Leadership Construction Invoicing 81

VCFO

MAY 5, 2022

Below is a summary of the discussion points from all professionals on the ‘ M&A: Preparing for Sale ‘ panel. Are the books and records clean and audit ready? Optimizing the sale of your company requires planning – it is not serendipitous. Maximizing Net After Tax Proceeds from a Sale.

Sales 79

Sales Mergers and Acquisitions (M&A) Planning Valuation 79

PYMNTS

OCTOBER 21, 2019

Wirecard ’s chairman Wulf Matthias does not believe that his company needs an independent forensic audit, despite the fact that the company has been accused of fraudulently inflating sales and profits. This isn’t the first time FT has published a report accusing Wirecard of accounting fraud. Wirecard’s shares dropped 6.3

Accounting 41

Accounting Auditing Sales Finance 41

PYMNTS

JUNE 19, 2020

“The document claiming the existence of a Wirecard account with BDO is a falsified document and carries forged signatures of bank officers,” a BDO Unibank Inc. Drilling down a bit, the billions of dollars in question — and nowhere to be seen — were supposedly tied to accounts to be looked after by a trustee. spokesperson told the WSJ.

Accounting 53

Accounting Auditing Banking Sales 53

PYMNTS

JULY 1, 2020

The Beijing-based coffee chain, which goes head-to-head with Starbucks in China’s booming market, said former CEO Jenny Zhiya Qian and former COO Jian Liu, as well as “certain employees reporting to them,” took part in a scheme under which $300 million in phony coffee sales were put on Luckin’s ledgers in 2019.

Sales 56

Sales Auditing Compliance Planning 56

PYMNTS

MARCH 1, 2020

“We have rigorous, multilayered monitoring and independent risk-management processes in place, which we continuously review and enhance to ensure that all sales activities conform with our values, internal policies and regulatory requirements,” the spokesman said. “We The end of the partnership would have ended those fees, too.

Sales 60

Sales Startups Auditing Risk Management 60

PYMNTS

MARCH 15, 2019

Anxieties that automation will replace humans have waned in the accounting sector, as industry players begin to realize that technology can actually help accountants play a more important role for their small business (SMB) customers as advisors and guides, rather than replacing their roles outright. Tax reform in the U.S.

Accounting 77

Accounting Accounting Firms Auditing Budgeting 77

PYMNTS

SEPTEMBER 29, 2020

An EY whistleblower has alleged the global accounting firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor, the Financial Times (FT) reported. An audit by KPMG , a global auditing firm, criticized Wirecard’s lack of transparency.

Auditing 75

Auditing Accounting Firms Accounting Sales 75

VCFO

NOVEMBER 7, 2023

It’s important to differentiate between having audited financial statements and a QoE report, as these are quite different reports. An audit opines on the accuracy of a historical period. An audit looks backwards, giving an opinion on the financial statements and health of the company. How Long Does it Take?

Valuation 86

Valuation Auditing Concentration CFO 86

PYMNTS

FEBRUARY 6, 2019

This shift has been so acute that small business cloud accounting firm Xero is even petitioning the Oxford English Dictionary to change the definition of “accountant” to one that includes the word “advise.” Changing Demand. That demand for human talent, by the way, hasn’t decreased.

Corporate Finance 74

Corporate Finance Accounting Finance Accounts Payable 74

PYMNTS

DECEMBER 18, 2020

auditing standards by the end of next year, including opening up their audit records to U.S. Others have suffered from their own internal problems, such as Luckin Coffee, which was delisted in April over an accounting scandal. auditing rules. stock exchanges would have to conform to U.S.

Auditing 107

Auditing Valuation Treasury Marketing 107

VCFO

APRIL 23, 2023

through identifying revenue-threatening errors and developing audit procedures. His first CFO role began in 2010, at Family Tree Corporation, a private oil and gas company, where he led strategic planning and development for non-operated working interests, mineral acquisitions, and large-scale lease plays. There, he saved the company $1.5M

CFO 52

CFO Auditing Transportation Strategic Planning 52

CFO Share

MARCH 14, 2022

Sellers order a Quality of Earnings report before soliciting buyers to uncover any problems that might disrupt the sale. In either case, the additional perspective enables you to remedy any pitfalls ahead of the sale. What is the difference between a quality of earnings report and an audit? Changes in accounting principles.

Auditing 52

Auditing GAAP Accounting Principles Profit and Loss 52

The Finance Weekly

APRIL 21, 2024

CFOs rely on robust finance and accounting expertise, backed by years of experience, to boost the organization's financial health. In their capacity, CFOs usually: Engage with departments such as accounting, customer service, and finance. Address accounting and finance issues. Compile quarterly and annual tax returns.

CFO 52

CFO Budgeting Auditing Accounting Principles 52

PYMNTS

JULY 27, 2020

Bundesbank President Jens Weidmann said auditing should be enhanced. Wirecard is a scandal, and we have to do more to prevent it in the future,” Reuters quoted Weidmann as saying, adding that he called for more powerful auditing and accounting processes. a separate company from Wirecard AG, was listed for sale.

Auditing 66

Auditing Sales Banking Investments 66

PYMNTS

APRIL 16, 2019

The Federal Financial Supervisory Authority, known as BaFin, said the complaint centered around about 12 people it suspected in a short sale attack. The articles were spurred by a whistleblower who claimed the company was involved in fraud and creative accounting at Wirecard’s Singapore office. Wirecard’s stocks fell after the Jan.

Sales 46

Sales Marketing Compliance Auditing 46

The Charity CFO

JANUARY 31, 2022

Like all nonprofit financial statements , the central role of the Statement of Activities is to provide transparency and accountability to your donors and board. If you use cash-based accounting, you’ll only record cash deposited into your bank during the reporting period. . Don't hire the wrong accountant for your nonprofit!

Nonprofit 98

Nonprofit Profit and Loss Auditing GAAP 98

PYMNTS

JUNE 21, 2018

States can collect sales taxes from online retailers thanks to a U.S. The 5-4 decision essentially overturns the court’s 1992 ruling that states can collect sales taxes only from retailers that maintain a physical presence in those states. retail sales. Do Sales Taxes Really Matter? Billions of Dollars at Stake.

Sales 47

Sales eCommerce Retail Auditing 47

PYMNTS

SEPTEMBER 15, 2020

EY’s global chairman and CEO has expressed regret over the accounting firm’s failure to uncover fraud sooner at Wirecard AG , the bankrupt German payment company. Marc Liebscher, a lawyer with the Berlin firm representing Wirecard investors, called EY’s auditing “a disaster” and said the firm should stand trial.

Auditing 72

Auditing Accounting Firms eCommerce Securities 72

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 98

Nonprofit Invoicing General Ledger GAAP 98

Centage

NOVEMBER 21, 2023

This can be due to factors such as seasonal sales and seasonal employee costs. To improve your cash flow projections while accounting for seasonality, start by investigating reporting from previous years to determine if your business has predictable cash flow swings. That’s where what-if scenario planning comes into play.

Cash Flow Forecasting 52

Cash Flow Forecasting Forecasting Budgeting Auditing 52

Centage

FEBRUARY 2, 2023

Revenue is what your company has earned on the sale of your goods or services where cash flow is both what is coming in and what is going out. Your past sales performance should tell you not only volume, but trends, ebbs, and flows. If ten percent of your sales are paid late, you should account for that in your forecast, as well.

Cash Flow Forecasting 98

Cash Flow Forecasting Forecasting Financial Planning and Analysis (FP&A) Budgeting 98

PYMNTS

AUGUST 5, 2016

There is seemingly no end to the discussion of how automated accounting can improve a business’ performance. The market is on the cusp of a groundswell of adoption of these technologies, says Therese Tucker, CEO of accounting solutions firm BlackLine , after a long lull among mid-market firms.

Accounting 42

Accounting Reconciliations General Ledger Auditing 42

The Finance Weekly

MAY 14, 2024

As a result, customers may turn to competitors to fulfill their needs, causing the business to lose sales and potentially long-term customers. You need a reliable system to avoid running out of stock and missing out on sales. It's like a puzzle with sales speed, upcoming deals, trends, and growth as pieces.

Forecasting 52

Forecasting Profit and Loss Prioritization Auditing 52

Collectiv

JULY 17, 2023

Spreadsheets don’t tell a compelling data story to audiences without an accounting background, and they limit auditors’ ability to drill down to uncover insights and anomalies. President and CFO Brian Lewis was involved in an initiative to develop new audit automation software.

Auditing 52

Auditing Communication Leverage Budgeting 52

PYMNTS

JANUARY 18, 2019

One sector that has been hit hard has been peer-to-peer lending , where more than half of companies have shuttered through the past year and a half, a result of increased regulations – and where mandates expand all manner of legal and accounting audits.

Sales 53

Sales Auditing Valuation Banking 53

PYMNTS

NOVEMBER 3, 2020

The Florida FinTech says the agreement means its customers’ gold accounts “are matched by their equivalent in physical gold, which is audited and securely stored by the International Depository Services Group, a wholly-owned subsidiary of Dillon Gage.”.

Auditing 93

Auditing Budgeting Securities Sales 93

PYMNTS

DECEMBER 27, 2019

Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Diaper expenses quickly add up for families with infants or incontinent adults, and sales taxes only increase the burden. Sales taxes’ price tags.

Compliance 58

Compliance Auditing Sales Retail 58

The Charity CFO

SEPTEMBER 14, 2022

Sale of donated merchandise or in-kind gifts. ?? You should always consult your legal counsel or a qualified accounting professional before making decisions that could cost you a lot of money down the road. We’ll modernize and optimize your accounting system to get you audit-ready financial reports every month.

Nonprofit 98

Nonprofit Profit and Loss Education CFO 98

CFO Share

MAY 25, 2021

As a forensic accountant , I am often called into a “failing” business only to discover an employee is stealing all the profits! And most of the time the fraudster is the accountant or bookkeeper whom you trusted to implement internal controls! Embezzlement and other advance accounting frauds. Routine payroll audits.

Auditing 52

Auditing Accounting Manufacturing Education 52

CFO Simplified

APRIL 15, 2022

Sales – $11,750,000. More recently, the stock model company had experienced a drop in sales, and some customers of the prototyping business were not returning, leaving the company with idle manufacturing capacity. Financial Reporting and Accounting. Some account allocations are miscoded, leaving zero balance accounts negative.

Manufacturing 52

Manufacturing General Ledger Budgeting CFO 52

KG Virtual CFO

OCTOBER 7, 2020

Neglecting to save receipts Although keeping them in a folder or box is still necessary in the case of an audit, most online and digital accounting programs like QuickBooks Online and Xero have accompanying apps that allow you to snap a picture of your receipt and associate them with the appropriate expense entry. We're here to help!

Communication 52

Communication CFO Auditing Budgeting 52

Future CFO

NOVEMBER 29, 2023

Another significant milestone was my stint as the chief audit and control officer based in Zurich, Switzerland. It was an important step in my career to work with our Board’s Audit Committee and drive process improvements at a global scale. FutureCFO: What do you enjoy the most among your current responsibilities?

Finance 52

Finance Leadership Auditing Math 52