Withum

JULY 23, 2024

The Defense Federal Acquisition Regulation Supplement (DFARS) outlines specific requirements for contractors’ accounting systems. These systems play a crucial role in ensuring accurate financial reporting, compliance with regulations, and effective cost management. What Is an Accounting System?

accounting system 59

accounting system general ledger Account accountant 59

SMBAccountant

OCTOBER 7, 2020

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. This type of contract requires detailed tracking of costs.

Account 246

Account accountant accounted accrual accounting 246

TaxConnex

JULY 18, 2024

Returns/Credits Returns and credits should be clearly identified in your accounting system. Ensure these bad debts are clearly identified and documented in your accounting system. These invoices provide detailed records of your transactions and are essential for verifying taxable and non-taxable sales.

audit 264

audit Sales Tax tax return 264

GrowthForceBlog

APRIL 6, 2023

7 min read Selecting an accounting software solution for your architecture firm can be an overwhelming process.

accounting system 78

accounting system Account accountant accounted 78

GrowthForceBlog

MARCH 1, 2023

In your back office, there are countless software systems and advanced tools that you can implement to automate back-office processes such as data collection, data categorization, reporting, expense tracking, time tracking, and more.

accounting system 78

accounting system accountant accounted Account 78

GrowthForceBlog

NOVEMBER 27, 2023

With so much difficulty facing nonprofit leaders, struggling to keep up with the bookkeeping and accounting tasks of the back office doesn't need to be added to the list of struggles.

accounting system 77

accounting system fund accounting Account accountant 77

RogerRossmeisl

AUGUST 2, 2021

Potential risks Your restaurant may have high transaction volumes but lack the technology linking point-of-sale, inventory and accounting systems. So now isn’t the time to drop your guard. This leaves gaps for fraudsters to exploit.

CPA 245

CPA accounting system Sales Technology 245

SMBAccountant

NOVEMBER 4, 2020

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. Accurate indirect rates and a quality accounting system are also valued by the customer. Both situations are not ideal and interrupt cash flow, which is critical for small businesses.

Government 246

Government Account accountant accounted 246

CPA Practice

FEBRUARY 29, 2024

At its inaugural Investor Day on February 28, 2024, global small business platform Xero unveiled its AI vision which the business says has the potential to reimagine accounting and improve the lives of small businesses.

accounting system 59

accounting system business accounting Technology Account 59

Cherry Bekaert

JUNE 27, 2024

If significant system deficiencies are identified and not corrected, the DoD can impose substantial consequences, such as withholding a percentage of payment or deeming a contractor ineligible to submit bids. Table of Contents: What Are the Requirements for an Adequate Accounting System?

accounting system 52

accounting system Government audit Account 52

SMBAccountant

DECEMBER 16, 2020

For tax purposes, guidance may be different, but for this article’s purpose, the methods of recording R&D in a contractor’s accounting system will be discussed. More information regarding these programs can be found at sbir.gov/about.

Government 246

Government Account accountant accounted 246

TaxConnex

NOVEMBER 30, 2021

The challenge in achieving this is that source systems change, new billing systems are implemented, e-commerce applications are incorporated into the business, or you may acquire a company with completely different accounting systems. Most billing systems can automatically generate a report in a specific file format.

E-commerce 246

E-commerce tax return Sales Tax 246

CPA Practice

FEBRUARY 14, 2024

From online tax and accounting systems, practice management, document automation and workflow tools, to apps for collaboration, mobile productivity and research. Each year, readers get the opportunity to show their support for the programs, hardware, services, and other technologies they use and trust.

Technology 126

Technology Construction accounting system payroll 126

TaxConnex

MAY 12, 2022

Tax Data Reports - In a perfect world, all of your sales tax calculations will be managed in one system, and you will be able to produce a single report each month that provides details with all of your sales and use tax liabilities.

Sales 264

Sales Tax E-commerce general ledger 264

SMBAccountant

AUGUST 12, 2020

Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often. If there is ever an audit by DCAA of the accounting system or any portion of it, the policies and procedures will be reviewed.

Government 190

Government accounting principles Account accountant 190

TaxConnex

SEPTEMBER 15, 2022

If you discover a problem with your accounting system or a significant gap in taxability during a specific period during the audit statute, you will want to avoid sampling that period(s) if possible. For example, you may recognize that you lack the appropriate exemption certificates on file.

audit 242

audit Sales Tax auditor 242

MyIRSRelief

OCTOBER 2, 2023

Businesses are subject to a variety of tax laws, and accounting and bookkeeping help you ensure that you’re meeting all of your tax obligations. If you ever need to raise money for your business, investors and lenders will want to see that you have a good accounting system in place. To secure funding.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

TaxConnex

NOVEMBER 14, 2023

In this case, you might be able to leverage your existing accounting system. But if you have many products in many states and hundreds of invoices a month, it becomes harder to manage sales tax obligations inside an existing accounting process or even inside an existing eCommerce shopping cart.

Sales 262

Sales Tax Connecticut Colorado 262

TaxConnex

APRIL 13, 2021

Tax Data Reports - In a perfect world, all your sales tax calculations will be managed in one system and you will be able to produce a single report each month that provides details with all of your sales and use tax liabilities.

Sales 246

Sales Tax E-commerce general ledger 246

Cherry Bekaert

NOVEMBER 6, 2023

If you have any questions specific to your situation, our GovCon consultants are available to discuss your situation with you. Contact us.

accounting standards 110

accounting standards cost accounting Account accountant 110

Withum

MARCH 11, 2024

Rethink your entire accounting system : Businesses change and grow over time and their accounting needs do as well. With this announcement and the necessary action, it is a great time to consider moving to a more robust accounting software such as Sage Intacct , Microsoft Business Central or NetSuite.

quickbooks 98

quickbooks NetSuite accounting system accounts payable 98

RogerRossmeisl

FEBRUARY 18, 2024

Gaps for exploitation Your restaurant may have high transaction volumes but lack the technology linking point-of-sale, inventory and accounting systems. To protect your business from ill-intentioned employees, customers and vendors, take steps to fortify your restaurant against fraud. This leaves gaps for fraudsters to exploit.

CPA 115

CPA accounting system Sales Technology 115

Cherry Bekaert

JANUARY 30, 2024

This episode highlights key topics to help guide your business forward, including: Scenarios and implications to CAS when: A CAS-covered company acquires a company that is non-CAS covered A non-CAS covered company acquires a company with CAS coverage The two most common approaches on how to treat the company you are acquiring, specifically: A legal (..)

accounting standards 105

accounting standards cost accounting Account accountant 105

Lockstep

MAY 19, 2022

The pioneer in Connected Accounting, Lockstep develops tools and platforms for fintech developers and accounting teams to automate workflows between the accounting systems that are at the heart of all businesses.

Account 138

Account accountant accounted accounting software 138

Insightful Accountant

OCTOBER 25, 2023

If you are a BPO or CAAS provider struggling with your current desktop or cloud accounting systems to support all of your clients, it might be time to look at NetSuite.

NetSuite 105

NetSuite accounting system Account accounted 105

TaxConnex

SEPTEMBER 15, 2020

In some si tuations , calculating the sales tax can be done within your existing accounting systems and online shopping carts. An important part of managing sales tax compliance ongoing is to have a process to calculate and report the proper taxes. In other situations, separate sales tax calculation software can be leveraged.

Sales 246

Sales Tax tax consultant cpa firm 246

CPA Practice

NOVEMBER 10, 2023

Give guidance to clients and make their POS system work for them POS systems tailored to specific business needs – for example, a POS system that supports retailers that only focus on pets and pet supplies – can provide both operations support, as well as increased visibility into the company’s sales.

Sales 100

Sales business tax Tax tax preparation 100

Reckon

JUNE 25, 2023

Initially, we saw automation start to enter the arena after QuickBooks (one of the first commercially accessible computerised accounting systems that made automated calculations) launched in 1998. Then jumping forward to the year 2000, we began to see the beginning of automation in accounting systems –optical character recognition.

Account 98

Account accountant accounted Technology 98

Withum

APRIL 27, 2022

The accounting system is the basis for reports that must be provided to grant agencies, prospective donors, lenders, its independent auditors, tax preparers, the Board of directors and management. . A separate cost center should be set up in the accounting system for each funding source.

general ledger 119

general ledger audit auditor accounting and finance 119

VetCPA

SEPTEMBER 8, 2022

For example, you may need to: categorize your assets and liabilities correctly, have a monthly accounts review, or establish a new bookkeeping system. A sound bookkeeping and accounting system is the only way to know how your business performs. You refuse to outsource your accounting needs.

small business accounting 130

small business accounting business accounting bookkeeping Account 130

TaxConnex

JANUARY 4, 2022

Ensuring the system you are using to calculate tax is up to date and producing the right data is an important factor to ensuring the accuracy of your returns. Whether calculating through an external software or your internal accounting systems, the data collected create the basis for your returns. File correctly.

tax return 242

tax return Sales Tax Start-ups 242

Basis 365

MARCH 1, 2023

On the other hand, an inventory manager directs their attention to the actual product, managing order quantities, re-order dates, purchase prices, vendor relationships, and tracking costs in the accounting system and COGS. One of the main differentiating factors between these two positions is the understanding of backend accounting.

accounting system 104

accounting system financial statements accounting principles Start-ups 104

xendoo

MARCH 4, 2022

Many ecommerce owners understand the importance of making sales, but do you know how to record ecommerce sales for your accounting system? However, it can be challenging to set up an ecommerce bookkeeping system. But online bookkeeping systems provide appealing solutions for different types of businesses.

Sales 105

Sales bookkeeping Account accountant 105

Accounting Today

FEBRUARY 2, 2024

Bribe payments by the oil-trading giant were facilitated by an accounting system that allowed employees to skirt internal controls.

accounting system 83

accounting system Account accountant accounted 83

Cherry Bekaert

JUNE 27, 2023

We guide contractors in developing and maintaining compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.

audit 98

audit accounting system Government Start-ups 98

Cherry Bekaert

DECEMBER 5, 2023

In this episode of Cherry Bekaert’s GovCon Podcast series on the Small Business Administration’s (SBA) 8(a) Business Development Program, Brynn McNeil and Craig Hunter , assurance partners in Cherry Bekaert’s Government Contracting Industry practice, discuss accounting best practices for 8(a) companies.

Account 97

Account accountant accounted accounting system 97

CPA Practice

JUNE 19, 2024

government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” By Jim Wesloh U.S.

Government 115

Government general ledger audit accounting system 115