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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Proper documentation allows auditors to interpret and verify your financial transactions accurately. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. Returns/Credits Returns and credits should be clearly identified in your accounting system.

audit 264
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10 Bookkeeping Best Practices Every Business Should Outsource

Basis 365

General Ledger Maintenance Your general ledger serves as the foundation of your accounting system, recording all financial transactions. Outsourcing general ledger maintenance allows trained professionals to ensure every entry is correctly recorded and categorized.

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Best Practices for Nonprofits

Withum

Many nonprofit organizations have limited resources and often the finance team also supports the general operations. 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. .

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

Cherry Bekaert

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?

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The major benefits of AP Automation.

Airbase

The importance and evolution of accounts payable. ERP/General ledger vs transaction solutions. Traditional benefits of accounts payable automation. These newer systems also use AI technology to automate the accounting entries that are needed to close the books. ERP/General ledger vs transaction solutions.

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Why Your Accounting/ERP System Is the Key To Successful Business Tax Preparation 

Withum

The taxing authority auditor’s request to pull invoices substantially decreased. Achieve automation through workflow, dashboard alerts, and saved searches , especially with processing vendor invoices and exposing the capability to view the invoice online and drill back to the General Ledger details.

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Accounting Technologies: The 2023 Annual Guide

Ryan Lazanis

For kicks, here’s the oldest Xero screenshot that can be found on record (from 2007): Here are some tips to leveraging cloud computing in accounting: Tip 1: Become Cloud Accounting Certified Master the popular cloud accounting systems , like Xero or QuickBooks Online, by becoming certified on their platforms.