Shay CPA

FEBRUARY 19, 2025

. #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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inDinero Accounting

JUNE 29, 2023

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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ThomsonReuters

APRIL 6, 2023

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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Withum

OCTOBER 17, 2023

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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ThomsonReuters

APRIL 18, 2023

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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Shay CPA

JANUARY 31, 2024

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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Cherry Bekaert

JUNE 27, 2024

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.

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