CFO Thought Leader

APRIL 30, 2024

From his early days in auditing at PwC to his current role as CFO at Prophix, Aaron Levine has had a career that has closely tracked the evolving nature of the financial leadership role. Although we’re really focused on North America, we also have business units in EMEA, APAC, and Latin America.

CFO 52

CFO Financial Planning and Analysis (FP&A) Leadership Auditing 52

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

PYMNTS

SEPTEMBER 16, 2020

And anomaly detection and streamlined bank reconciliation will be available. One of the most exciting features within Acumatica Advanced Expense Management is its ability to detect corporate card use activities and remind the user to capture images of physical receipts for auditing and compliance purposes," she said, according to the release.

Reconciliations 76

Reconciliations Auditing Compliance Banking 76

CFO Strategic Partners

JANUARY 18, 2023

Here’s how we provide value to CPA firms and their clients: Experienced CFO and controller-level support during the CPA firms’ audits and reviews Ability to cover interim absences and turnover, or additional support on a project basis Assist clients with getting their books, reconciliations and schedules audit-ready Relieves CPA firms of work their (..)

CFO 52

CFO Auditing Nonprofit Reconciliations 52

PYMNTS

JANUARY 22, 2019

Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement. Hospitals can often struggle to manually reconcile cash flow coming from multiple sources.

Cash Management 73

Cash Management General Ledger Reconciliations Healthcare 73

PYMNTS

AUGUST 16, 2020

the newest update to its software, to help companies with faster account reconciliation, artificial intelligence, systems integration and more, a press release says. All of it will aid companies in reducing time spent on task management and audit preparation, which will help eliminate the risk of making mistakes in that area.

Accounting 67

Accounting Reconciliations Auditing Financial Reporting 67

https://trustedcfosolutions.com/feed/

APRIL 5, 2023

Allows user-defined workflows to improve efficiency, compliance, and transparency, providing consistent audit trail visibility. Accruals and reversals are automated, and entries are visible at all times, reducing the manual work needed for journal entries and reconciliations. Customize Your Chart of Accounts With Dimensions.

General Ledger 62

General Ledger Reconciliations Accounting Standards Auditing 62

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

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. Reviews of account reconciliations, account aging, and composition.

Auditing 52

Auditing GAAP Accounting Principles Profit and Loss 52

Future CFO

OCTOBER 1, 2023

However, the extensive number of parameters and connections used to create these outputs prevent any transparent reconciliation of the algorithm’s response. Develop generative AI governance and guidelines for acceptable use Generative AI requires human oversight to ensure that outcomes adhere to the nuance of human judgment and fairness.

Leadership 52

Leadership Reconciliations Auditing Compliance 52

CFO Share

OCTOBER 13, 2023

To truly enhance efficiency, businesses should dive deep into workflow audits, identifying specific bottlenecks and process lags. Operational Efficiency This factor measures the efficacy of a business in converting its investments into profits. This metric is pivotal for startups and SMBs operating with limited resources.

Cash Flow Forecasting 52

Cash Flow Forecasting Profit and Loss Forecasting Startups 52

PYMNTS

JUNE 16, 2020

Optical character recognition] and document management for invoices without both a supplier portal and an integrated, auditable approval process is just another point of potential failure,” Amit said. Manual Reconciliation, Begone. Businesses must establish touchless interactions with suppliers and banks.

Reconciliations 67

Reconciliations Invoicing Accounts Payable Auditing 67

PYMNTS

NOVEMBER 1, 2020

End-of-month expense reports, which the release called "dreaded," can be done away with as paper processes aren't used and reconciliation is always happening as a 24/7 process. And, the release noted, costs can be cut due to automated processing and auditing, which can boost efficiency.

Reconciliations 67

Reconciliations Auditing B2B Economics 67

PYMNTS

NOVEMBER 20, 2020

While expanding internationally is the easy part, the challenge often comes in the back-office financials like invoicing , cross-border payments, accounting and reconciliation. Come auditing and tax time, maintaining compliance with all of the varying local regulations across different geographies adds an extra layer of complexity.

Mergers and Acquisitions (M&A) 61

Mergers and Acquisitions (M&A) Foreign Exchange Reconciliations Currencies 61

Future CFO

SEPTEMBER 26, 2022

For example, an automated accounting close has a bot perform reconciliations and sends exceptions and errors to a human for adjudication. Middle-office use cases, such as blockchain enabling an audit-ready continuous close. It goes beyond an automated function in its ability to learn and act without human intervention, Gartner added.

Finance 52

Finance General Ledger Reconciliations Auditing 52

PYMNTS

APRIL 11, 2017

That includes line-item details, Visa said, with that data able to integrate into reconciliation tools. spend less time on reconciliation of their purchases and allow more card management options — all with the existing value and cost savings that come with an Amazon Business account.”.

Reconciliations 40

Reconciliations B2B Auditing Treasury 40

CFO Share

SEPTEMBER 7, 2023

Monthly account reconciliations are commonly only performed on major GLs, like cash and credit cards. That’s not best practice and could create problems during an audit or due diligence. Books are due to income tax preparer around February. Most income tax agencies request finances by early February to avoid filing extensions.

Profit and Loss 40

Profit and Loss Concentration Reconciliations Auditing 40

Adam Kae

MAY 30, 2023

Manual expense tracking and reconciliation are prone to errors, not to mention the countless hours wasted in paperwork. These software programs allow us to effortlessly capture and categorize expenses on the go, ensuring accurate reporting, easy reimbursement, and a hassle-free audit experience (be prepared not scared).

Marketing 52

Marketing Invoicing CFO Reconciliations 52

Future CFO

AUGUST 2, 2020

By automating important but frequent planning processes, you can react faster and work out fast and accurate budgets & forecast in times of uncertainty.

Planning 40

Planning Reconciliations Budgeting Auditing 40

CFO Simplified

DECEMBER 26, 2021

As you audit your accounting and finance departments, you may find there are some key roles missing from your business that could be negatively impacting your company’s bottom line. Accountants prepare financial statements, can execute internal audits, and prepare reports for taxes. Roles and Responsibilities. Bookkeeper.

Finance 52

Finance General Ledger CFO Auditing 52

The Finance Weekly

JANUARY 22, 2024

Assist with risk management, audits, and research. Certified Treasury Professional (CTP) This certification highlights expertise in treasury management, showcasing proficiency in cash processing, reconciliation, and financial statement analysis. Communicate with clients, investors, company leaders, and stakeholders.

CFO 52

CFO Education Communication Leadership 52

Planful

JANUARY 19, 2016

Intercompany reconciliations were a nightmare, with many phone calls to the foreign subs. Managing complex intercompany reconciliations. Performing hundreds, sometimes thousands of account reconciliations. Ensuring adequate audit trails for internal and external auditors. I think we used Lotus 123.)

IFRS 40

IFRS GAAP Reconciliations Auditing 40

PYMNTS

APRIL 26, 2019

Procurement and spend management strategies are important to helping these schools comply with reporting requirements, prepare for audits and show judicial usage. .

Reconciliations 46

Reconciliations Education Nonprofit Auditing 46

Future CFO

NOVEMBER 5, 2019

The technology also leaves a positive impact on the audit process because the technology can create clear audit trails which makes it easier to meet compliance obligations, Johnston noted.

Finance 52

Finance Auditing Invoicing Reconciliations 52

PYMNTS

SEPTEMBER 6, 2018

Additional suggested measures included the creation of alerts on breach of control limits and unusual transactions, SWIFT transaction auditing and payment message reconciliation every one or two hours. Bank management officials should also monitor and set corporate customers’ fund and non-fund based limits.

Banking 40

Banking Reconciliations Auditing Economics 40

The Charity CFO

FEBRUARY 4, 2022

Prepare bank reconciliations. With our nonprofit bookkeeping and accounting services, we’ll ensure your books are always audit-ready. Record and classify payments and bank transfers . Organize and maintain receipts . Create invoices for goods, services, and donations. Enter bills and vendor invoices. Manage payroll .

Nonprofit 98

Nonprofit Invoicing General Ledger GAAP 98

Planful

SEPTEMBER 1, 2016

Here, she highlighted the challenges organizations face in managing the financial close and reporting process – tracking tasks, handling account reconciliations, ensuring the right controls are in place, and improving accuracy of reporting. New Tax and Auditing Tools. The RADAR Initiative.”. Financial Consolidation in the Cloud.

Technology 40

Technology Accounting Auditing Reconciliations 40

The Charity CFO

JANUARY 5, 2023

It also involves staying up to date on the latest auditing standards, tax regulations, and IRS filing requirements. This can be achieved by conducting periodic internal audits, appointing a CFO or finance officer to oversee the financial health of your organization, and adhering to GAAP best practices in nonprofit accounting.

Nonprofit 52

Nonprofit GAAP Budgeting Auditing 52

CFO Leadership

OCTOBER 10, 2023

Many have since advanced to intelligent process automation (IPA) — RPA amplified with artificial intelligence (AI) — to streamline and improve more complex work, from tax and compliance reporting to financial statement reconciliation.

Financial Planning and Analysis (FP&A) 115

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

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. Attend to Reconciliations Early. A big challenge in the year-end close process is account reconciliations.

Reconciliations 40

Reconciliations IFRS GAAP Leverage 40

PYMNTS

AUGUST 5, 2016

Take auditing for instance. The CEO explained that, traditionally, accountants would print out reconciliations and store them in binders; auditors would then take a sample of those reconciliation documents and match those against the general ledger. “That’s an insane approach.”

Accounting 42

Accounting Reconciliations General Ledger Auditing 42

Planful

JULY 27, 2016

Lack of controls and audit trails. Time-consuming and costly audit process. Streamline adjustments and intercompany reconciliations by 50 – 80%. Improve audit trails, reduce audit costs. Challenges in consolidating multiple spreadsheets and correcting errors. Not being compliant with US GAAP or IFRS.

Financial Planning and Analysis (FP&A) 40

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

PYMNTS

APRIL 10, 2019

Corporates’ biggest procure-to-pay challenges often center around the friction of streamlining data flows and the movement of money, from sourcing and purchase order submission to invoice payment and reconciliation. Audit Targets. “They are now audit targets.” That burden can come in many forms.

Compliance 55

Compliance Invoicing Auditing Accounts Payable 55

PYMNTS

DECEMBER 1, 2016

For corporate payments, that could mean more accurate cash flow forecasting, fraud identification or more efficient reconciliation. For tax and auditing purposes, using transaction data provides a more accurate data trail of where an employee is and where he or she is spending corporate funds.

B2B 58

B2B Cash Flow Forecasting Auditing Reconciliations 58

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) CFO Communication 52

PYMNTS

JUNE 23, 2017

Hubdoc provides an application that uses machine learning and cloud computing to analyze financial documents for reporting, auditing and reconciliation purposes. BDC IT Venture Fund and Round13 Capital led the seed funding, reports said, while Hyde Park Venture Partners and other backers also participated.

B2B 68

B2B Marketing Reconciliations Auditing 68

PYMNTS

SEPTEMBER 7, 2018

Yoco provides businesses with payment management and auditing services, targeting SMBs that struggle to get off cash and paper documents. Countingup offers businesses a mobile app that includes banking, bookkeeping and tax reconciliation services. Based in the U.K.,

B2B 43

B2B Invoicing Reconciliations eCommerce 43