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. Even worse, an IRS income tax return does not follow the same rules as GAAP. How do I maximize tax deductions under section 280E?

Forecasting 96

Forecasting GAAP Profit and Loss Accounting Principles 96

CFO Leadership

OCTOBER 18, 2023

AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Finance 52

Finance Accounting Auditing IFRS 52

The Charity CFO

JANUARY 31, 2022

But, since auditable nonprofit financial statements, we’ll talk about accrual accounting practices in this article. To comply with Generally Accepted Accounting Principles (GAAP), you must separate your revenue into at least 2 categories: Restricted Revenue shows funds with donor-placed restrictions on how or when you can spend the money.

Nonprofit 98

Nonprofit Profit and Loss Auditing GAAP 98

CFO Share

MARCH 14, 2022

What is the difference between a quality of earnings report and an audit? Audited financial statements focus on compliance with GAAP accounting standards, whereas Quality of Earnings reports focus on the company’s earnings history and potential. Book an appointment with a CFO today. The post What is Quality of Earnings?

Auditing 52

Auditing GAAP Accounting Principles Profit and Loss 52

The Charity CFO

APRIL 13, 2023

This is why at The Charity CFO , we strive to provide relevant resources and support to ensure that your organization runs smoothly and efficiently. Confirming an organization’s compliance can include compliance checks and/or audit requirements , but maintaining compliance is the responsibility of the organization at all times.

Nonprofit 52

Nonprofit Compliance Accounting Standards Budgeting 52

The Charity CFO

NOVEMBER 10, 2022

As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit. This mitigates penalties, late filings, audits, and fraud (all too common in the nonprofit sector). Prepare for and manage an annual audit. Boosts donor confidence.

Nonprofit 52

Nonprofit Accounting Auditing GAAP 52

BlueLight

JULY 30, 2020

The financial implication of these decision is critical and the CFO is the executive helping the CEO navigate these decisions. Historically, the CFO role was focused on backward looking information: ensuring on-time and accurate financial reporting. The CFO suite doesn’t want to be the “department of No.” It evolves with stage.

CFO 52

CFO Financial Planning and Analysis (FP&A) Strategic Planning Startups 52

The Charity CFO

AUGUST 15, 2023

Myth #3: Nonprofit Accounting (GAAP) and the IRS Rules are the Same Another common misconception is that GAAP and IRS rules are the same when it comes to nonprofits, however, they are not. Audits Nonprofits are not exempt from audits. In fact, many states require audits for larger organizations.

Nonprofit 52

Nonprofit Accounting Profit and Loss Budgeting 52

Future CFO

JUNE 14, 2021

Only 52% of survey respondents believe that IFRS 17 earnings / equity will be slightly or much more helpful than current GAAP earnings / equity, and 54% believe that the need for non-GAAP reporting will either slightly or significantly increase.

IFRS 52

IFRS GAAP Auditing Planning 52

The Charity CFO

JANUARY 21, 2022

Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit. And the more transparent your accounting system is, the more accountable you’ll be with the public and GAAP.

Nonprofit 98

Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

JANUARY 5, 2023

When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Bring GAAP compliance. It also involves staying up to date on the latest auditing standards, tax regulations, and IRS filing requirements. A Nonprofit Budget. Net assets (difference between revenue and expenses).

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

The Charity CFO

JANUARY 5, 2022

Get this FREE guide to discover what you need to do to ensure you hire the right accountant, bookkeeper, or CFO the FIRST time. To pass an independent audit. Reporting functional expenses has been required by Generally Accepted Accounting Principles (GAAP) since 2017, as detailed in ASU 2016-14. Get the free guide!

Nonprofit 96

Nonprofit Auditing GAAP CFO 96

Boston Startup CFO

APRIL 3, 2023

Familiarity with Generally Accepted Accounting Principles (GAAP) is essential. Additionally, you open yourself up to compliance and audit issues, and you’ll potentially decrease your chances of securing funding and financing.

Accounting 52

Accounting Accounting Principles GAAP Compliance 52

The Charity CFO

FEBRUARY 4, 2022

Nonprofits must maintain thorough and accurate financial records to comply with both Generally Accepted Accounting Principles ( GAAP ) and maintain their tax-exempt status with the IRS. At The Charity CFO, we handle the books and all of your accounting needs. And it’s impossible to do that without accurate bookkeeping.

Nonprofit 98

Nonprofit Invoicing General Ledger GAAP 98

The Charity CFO

MAY 11, 2023

If you’ve decided the outsourced bookkeeping is right for your organization, get in contact with us and see how Charity CFO can help ! The post Outsourced bookkeeping for a nonprofit appeared first on The Charity CFO. This can be especially helpful if you don’t have a dedicated staff-person with the expertise level required.

Nonprofit 52

Nonprofit Communication Auditing GAAP 52

The Charity CFO

JANUARY 13, 2022

Prepare financial statements per Generally Accepted Accounting Principles (GAAP). Submit to an annual audit. For the purposes of GAAP, donations of goods and services are valid revenue. The Charity CFO is your best option for outsourced accounting, from bookkeeping and financial statements to accounting for in-kind donations.

Nonprofit 98

Nonprofit Accounting GAAP Accounting Principles 98

Future CFO

OCTOBER 27, 2020

Of note for APAC CFOs are findings including: Mandatory electronic transaction reporting in just 15% of jurisdictions regionally, despite COVID-19 swiftly advancing e-filing and e-reporting technology.

Accounting 52

Accounting IFRS Auditing GAAP 52

Boston Startup CFO

OCTOBER 13, 2015

The accounting manager recommended that we audit our books, which seemed like a good idea, especially since we had been having conversations about getting acquired. Attributes of a Great CFO. Our CFO made it a point to understand the business drivers and began to institute policies and “controls” that we needed as a growing company.

CFO 52

CFO Tax Planning GAAP Budgeting 52

Future CFO

NOVEMBER 2, 2020

Many jurisdictions are moving towards international accounting standards such as International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). Across these regions, local GAAP is more common than international standards, required in 71% and 44% of jurisdictions respectively.

Compliance 40

Compliance IFRS GAAP Accounting Principles 40

Planful

JANUARY 19, 2016

Consolidating the financial results following US GAAP or IFRS guidelines, including these steps: Performing currency conversions. Producing financial statements that the CFO and CEO are confident in signing off on. Ensuring adequate audit trails for internal and external auditors. Managing complex intercompany reconciliations.

IFRS 40

IFRS GAAP Reconciliations Auditing 40

The CFO College

APRIL 8, 2021

At CFO Bookkeeper, we use “VIP” to refer to “Valuable Expert, Instructor, Participant.” Valuable Expert : Becoming a valuable expert can mean expanding your accounting and tax knowledge in your niche, or adding CFO-level services, tools, and skills to serve clients in any industry.

CFO 52

CFO Benchmarking Tax Planning Accounting 52

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. Even if you’re not yet funded or earning significant revenue, you may still be in need of CFO services.

Startups 52

Startups Mergers and Acquisitions (M&A) CFO GAAP 52

The CFO College

FEBRUARY 19, 2021

No software program can implement the same processes, systems, or suggestions that a trained CFO-level bookkeeper can. As a CFO-level bookkeeper, you should be able to back up your bid with world-class client service, so assume the value of the services you add to the business--over the long term--is at least 10-15% of entity value.

Communication 52

Communication CFO GAAP Accounting 52

Planful

FEBRUARY 21, 2017

From the collection and consolidation of financial results, to the creation of year-end financial statements, to audits and regulatory filings – finance teams are often distraught throughout the process. These results then require consolidation following US GAAP or IFRS guidelines.

Reconciliations 40

Reconciliations IFRS GAAP Leverage 40

The CFO College

JUNE 3, 2021

Increase Your Value and Boost Your Services with Two CFO-Level Accounting Tools. Simply by implementing a few CFO-level skills and tactics (and learning how to prove our value to potential clients), you can position yourself as someone your clients instinctively turn to as they navigate the sometimes turbulent waters of running a business.

Accounting 52

Accounting CFO Auditing General Ledger 52

The Charity CFO

APRIL 5, 2022

Cash accounting does not comply with Generally Accepted Accounting Principles (GAAP) for nonprofit organizations. Financial statement audit or review – if you are required to undergo a financial statement audit or assessment, using the accrual method to be in accordance with GAAP will make the process much smoother and less expensive.

Nonprofit 98

Nonprofit Accounting GAAP Auditing 98

VCFO

NOVEMBER 1, 2023

Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. audited or reviewed financial statements). Reviewing the asset register and eliminating assets that have been scrapped.

Finance 91

Finance Strategic Planning Auditing CFO 91

The Charity CFO

JANUARY 19, 2023

In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB). 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. 117 (FASB 117).

Accounting Standards 52

Accounting Standards Nonprofit Accounting GAAP 52

The Charity CFO

JANUARY 17, 2022

Get this FREE guide to discover what you need to do to ensure you hire the right accountant, bookkeeper, or CFO the FIRST time. Accrual accounting is required by Generally Accepted Accounting Principles (GAAP), which means that you’ll need accrual-based reports to complete a nonprofit audit. Get the free guide!

Nonprofit 98

Nonprofit Accounting Profit and Loss Accounts Payable 98

CFO News Room

NOVEMBER 2, 2022

It should also be noted that, at least for state-registered advisers, financial statements must typically be prepared in accordance with GAAP. RIA Fee Itemization And Surprise Custody Audits.

Compliance 130

Compliance GAAP Investments Advertising 130

The Charity CFO

FEBRUARY 2, 2022

If your organization falls into the $50,000-$200,000 range but must complete an annual audit for funding or GAAP purposes, it is wise to skip Form 990-EZ and head straight to the full form. . At The Charity CFO, we work with over 150 small to mid-sized nonprofits to help them automate and optimize their bookkeeping.

Nonprofit 98

Nonprofit Profit and Loss Auditing GAAP 98

Spreadym

AUGUST 10, 2023

Compliance: Adherence to accounting standards and regulations, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Audit Trail: A record of changes made to financial data and reports, ensuring transparency and accountability.

Financial Reporting 52

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

The Charity CFO

MAY 2, 2022

The IRS has different reporting requirements than GAAP, so the balance sheet section of your 990 may not match your audited financial statements. The Charity CFO provides expert financial guidance and streamlined and efficient accounting services to 150+ nonprofits throughout the USA. appeared first on The Charity CFO.

Nonprofit 105

Nonprofit GAAP CFO Accounting 105

Planful

JUNE 22, 2017

GAAP or International Financial Reporting Standards (IFRS). In a large enterprise, the financial consolidation process is typically handled by the Accounting department, which is under the supervision of the Controller or VP of Accounting/Reporting, and ultimately overseen by the Chief Financial Officer (CFO).

Accounting 40

Accounting General Ledger IFRS GAAP 40

Onplan

NOVEMBER 30, 2022

The Basic level offers essential modeling and planning features, while the Professional and Enterprise plans offer additional security and compliance features, like Audits and App Lifecycle Management. Automated reporting also enforces compliance with GAAP and IFRS standards. Custom dashboards and reporting.

Financial Planning and Analysis (FP&A) 52

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