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Preparing for Your First Financial Audit: A Checklist for Startups

Shay CPA

. #1: Adhere to GAAP Aligning your books with national standards makes the audit run much more smoothly, and limits the amount of rework youll need to do during it. based companies, that means adhering to generally accepted accounting principles (GAAP). companies need to adhere to Accounting Standards Codification (ASC) 842.

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. What are Generally Accepted Accounting Principles (GAAP)?

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Accounts payable vs. accounts receivable: What are the differences?

ThomsonReuters

GAAP for accounts payable and receivable The Generally Accepted Accounting Principles (GAAP) are a set of rules specific to the United States that are designed to provide oversight for accounting practices. The segregation of accounts payable and accounts receivable is important.

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Benefits of Matching Financial and Non-Financial Data

Withum

A general ledger system can also integrate with other systems, such as budgeting, payroll, inventory, and reporting, to streamline the accounting process and improve efficiency. It provides a comprehensive and accurate picture of the organization’s financial position and performance.

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Top accounting issues in 2023

ThomsonReuters

Accounting standards In recent years, the accounting profession has seen its share of changes in accounting standards , including the new revenue recognition standard and more recently, the new lease accounting standard (ASC 842).

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Staying Ahead of 2024: Essential Accounting Tips for Founders

Shay CPA

QuickBooks plans to stop selling the following desktop software on July 31, 2024: QuickBooks Desktop Pro Plus QuickBooks Desktop Premier Plus QuickBooks Desktop Mac Plus QuickBooks Desktop Enhanced Payroll Existing desktop users won’t lose access to their software overnight.

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Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

How Should a Contractor Prepare for an Accounting System Audit? Make sure the accounting, billing, payroll processing, and management individuals are available and ready to meet with the DCAA auditor. Be prepared to discuss how your accounting and timekeeping systems work either virtually or in person.