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For an internal review, your organization’s own management or finance team evaluates your financial practices and strategy. While helpful for routine oversight, internal reviews lack the objectivity and professional validation of an external audit. The cost of an independent audit […]

Aligning accounting practices with the organization’s structure, whether it operates on an accrual or cash basis, is also essential. An independent audit may be among the nonprofit audit requirements for those enterprises receiving federal funding. Congress to assure compliance with […]

Of the many different financial statements professionals might deal with on any given day, one of critical importance is known as the contribution margin income statement. What makes this statement so important is its ability to show profit potential. It […]

The term “footing” originated from the practice of writing the final sum at the foot or bottom of a column. The account balance is then computed by getting the difference between total debits and total credits. Misclassification of transactions is […]

Also, the amounts from the tables don’t increase the social security tax or Medicare tax liability of the employer or the employee, or the FUTA tax liability of the employer. Beginning with the 2020 Form W-4, employees are no longer […]

In all but the smallest of organizations, a cash flow forecasting process will involve gathering data from several people or departments. Forecasting involves inherent uncertainty, making scenario analysis and sensitivity testing invaluable practices. Moreover, small businesses typically have limited resources […]