TaxConnex

APRIL 11, 2023

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. If the number of audits has remained the same, why is it a top worry?

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audit Sales Tax auditor 130

CPA Practice

JANUARY 23, 2023

With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. These manual verification procedures are painstaking — and most often relegated to the audit professionals early in their career. By Tod McDonald.

audit 124

audit auditor forensic accounting Technology 124

Acterys

FEBRUARY 11, 2025

Data Governance: Use role-based access controls, version tracking, and audit trails to ensure data integrity while maintaining transparency. Approval workflows to validate changes and maintain a clear audit trail. Audit trails that help determine who changed what and when. The Benefits: Immediate updates across all dashboards.

Approval Workflows 130

Approval Workflows audit Government B2B 130

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. These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors.

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Government accountant accounted Account 246

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. Contact us.

audit 98

audit accounting system Government Start-ups 98

SMBAccountant

NOVEMBER 4, 2020

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits.

Government 246

Government accountant accounted Account 246

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?

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean? IRS tax audit process.

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audit Tax tax return auditor 98

TaxConnex

NOVEMBER 30, 2021

For sales tax, data consistency is critical because inaccurate or incomplete data can lead to inaccurate return filings and, ultimately, notices and increased risk of audit. Reports should be in the same format month-to-month. To ensure consistency: Automate data file generation.

E-commerce 246

E-commerce tax return Sales Tax 246

Withum

FEBRUARY 15, 2022

As government contractors prepare to bid on a proposal for a governmental contract that requires an adequate accounting system, a pre-approval known as a “pre-award survey” (Form “SF1408”) assesses the adequacy of a government contractor’s accounting system prior to the award of a cost-reimbursable contract. Contact Us.

accounting system 72

accounting system Government accountant accounted 72

CPA Practice

MARCH 27, 2024

By Gopal Ratnam, CQ-Roll Call (TNS) The National Telecommunications and Information Administration on Wednesday issued a report calling for establishing a system of audits for artificial intelligence systems that would ensure transparency as well as hold tech companies accountable for potential risks and harms.

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audit E-commerce accountant accounted 85

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.

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Government accounting principles accountant accounted 190

Basis 365

FEBRUARY 1, 2024

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.

accounting system 59

accounting system accountant accounted Account 59

Cherry Bekaert

JUNE 27, 2024

Per these rules, the DoD will conduct audits or reviews of the adequacy of these systems. 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.

accounting system 52

accounting system Government audit accountant 52

Cherry Bekaert

NOVEMBER 1, 2024

The not-for-profit membership association partnered with Cherry Bekaert for a comprehensive diagnostic assessment of its people and technology, which led to outsourced accounting services and the implementation of Sage Intacct accounting system, along with bill pay, expense reporting and budget systems.

Non-Profits 52

Non-Profits Technology audit accounting system 52

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

CPA Practice

DECEMBER 2, 2023

an award-winning provider of cloud-based audit solutions, has added three new modules to its flagship product, Advantage Audit AI. Advantage Audit AI leverages a patented artificial intelligence engine to optimize and automate the auditing process. AuditFile, Inc., For more information, visit [link].

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audit Technology auditor cpas 69

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.

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Government general ledger audit accounting system 115

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

TaxConnex

APRIL 13, 2023

Time’s not on their side Almost three out of every five companies (58%) responding to our survey use internal resources/existing accounting systems to prepare and file sales tax returns, remit payments to tax jurisdictions (68%), calculate sales tax to charge (57%) and communicate with tax jurisdictions (75%).

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Sales Tax tax return audit 130

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. Sometimes there are financial viability reviews before the award as well.

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accountant accounted Account accrual accounting 100

Withum

DECEMBER 19, 2023

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

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E-commerce financial statements audit auditor 59

AccountingDepartment

NOVEMBER 16, 2023

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors.

Technology 104

Technology accountant accounted Account 104

TaxConnex

MARCH 7, 2023

Retail/eCommerce respondents to our survey reported challenges such as audits, timely filing of sales tax returns and charging the correct sales tax. Financial leaders continue to lean on internal resources while wrestling with the current economy, inflation and a tight job market. Most retail/eCommerce companies in our survey had annual U.S.

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Sales Retail Tax tax return 130

ThomsonReuters

MAY 10, 2023

The AICPA’s Auditing Standards Board has issued SAS 145 to provide additional guidance on a number of audit-related topics. In this third blog, we’ll examine balancing the scope of an audit with the complexity of an entity’s activities. In other words, it tells auditors where to focus.

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audit auditor accounted accountant 52

Cherry Bekaert

SEPTEMBER 20, 2023

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. Related Resources: Podcast Series: Contractor Business Systems Podcast: What Are Indirect Rate Overhead Audits and When Is It Required? View All Podcasts from this Series Questions?

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audit accounting system Government Tax 99

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 accountant accounted 110

Cherry Bekaert

SEPTEMBER 26, 2023

The Federal Acquisition Regulation (FAR) doesn’t provide many details on the specifics related to an adequate timekeeping system. However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks.

Government 105

Government auditor audit accounting system 105

CPA Practice

DECEMBER 4, 2024

LeaseCrunch LLC , a leading lease accounting software company with over 650 CPA firm customers, has merged with Finagraph, a software provider specializing in real-time data collection and analysis through integration with industry-leading ERP and accounting systems.

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cpa firm CPA accounting software audit 52

CPA Practice

APRIL 17, 2023

Categories for this year’s awards range from online tax, research and accounting systems, to remote engagement, practice management, document automation, workflow tools, apps for collaboration, mobile productivity and more. About 40% of our 5,000+ voters cited use of such systems, but most (apx.

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quickbooks payroll Technology audit 130

AccountingDepartment

MAY 9, 2024

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors.

Technology 105

Technology NetSuite accountant accounted 105

Basis 365

FEBRUARY 10, 2025

General Ledger Maintenance Your general ledger serves as the foundation of your accounting system, recording all financial transactions. Audit Preparation Preparing for an audit can be stressful and time-consuming if your records arent in order. Keeping it accurate and up to date is crucial for proper bookkeeping.

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bookkeeping general ledger Technology accounts payable 52

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.

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tax return Sales Tax Start-ups 242

ThomsonReuters

JANUARY 3, 2023

What’s more, having additional time to unplug and pursue personal interests outside of work can actually improve audit quality , according to 2021 research by the American Accounting Association. Depending on the size of the firm and engagement, audit teams can have as many as seven professionals. According to the findings: .

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auditor audit Technology Gaming 59

GrowthForceBlog

MARCH 18, 2021

In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. 5 min read. However.

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SMBAccountant

NOVEMBER 17, 2021

This can also cause issues with insurance or worker’s compensation audits. They review the financial statements as part of the audits. If it does not match the actual expenses to the business it can affect future insurance payments and current audit payments. The business’s true expense is only $45.

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payroll payroll tax income tax Expense Reimbursements 130

ThomsonReuters

JANUARY 12, 2023

From data collection to ever-evolving standards, more and more auditors are turning to technology to automate their audit workflow. . From workpapers to analytics, cloud-based audit automation can provide enormous gains in terms of efficiency, productivity and security. . What is audit automation? Enhanced security.

Technology 52

Technology audit auditor general ledger 52