No matter how long you’ve been doing your job, or how well-qualified you are for your responsibilities, there’s always room for error. LaTesha discovered this on a recent trip to a client who has always been reliable, yet made an elementary mistake.
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Not-For-Profit 2018 Financial Reporting Changes
Not-for-profit organizations around the country have been anticipating financial reporting changes since they were first announced in 2016. With the year ended December 31, 2018, they will be required for all non-profits across the country. Find out what’s changing in your financial statements this year.
read moreWhat Happens During Preliminary Testing?
The preliminary phase of an audit teaches us about our client’s major changes throughout the year, what kinds of internal controls they use, and what strategies we may need to implement during the audit itself. This knowledge isn’t just helpful, it’s necessary to make the audit process smooth, simple, and stress-free.
read moreDefying Gravity
On a recent client visit, our team witnessed something curious: the organization’s staff was courteous, sharp, and proactive despite the manager’s poor leadership. This experience reinforces the necessity of 360-degree leaders to make the team’s work more effective, and their clients more satisfied.
read moreChecklist for Closing Books
Monthly financial statements are key supports of an organization’s financial stability. They help those in charge of governance make decisions based on their financial position, which means they need to be both accurate and timely. The key to generating financial statements is being able to close the books each month easily and accurately.
read moreHow to Make Manual Journal Entries Correctly
If you’ve ever entered a transaction incorrectly, you’ve likely forced an accounting software to correct the mistake using a journal entry. Though this manual override is versatile and powerful, it can also create vulnerabilities in your organization’s financial records.
read moreHow to Unify Dysfunctional Teams
Team unity is a fragile achievement; unity has many enemies. If you’re a part of a dysfunctional team or the leader of it, recognizing these common challenges is the first step toward solving problems together. The next step is taking action to avoid committing the same mistakes again.
read moreInterrupting an Introvert
People with quiet, introverted exteriors are often just waiting for the chance to share their valuable thoughts, but never seem to find the chance in a room full of intimidating personalities. As auditors, we try to open the floor for everyone involved, and we sometimes hear the best stories from those who have said the least.
read moreHow to Respond to an Auditor’s Preliminary Request List
Getting a request list months before your year-end date may make responding to it a low priority for some. But these lists are actually carefully constructed to eliminate unnecessary documents and include crucial ones that will help speed up the audit. Responding promptly makes the audit easier for everyone involved.
read moreHow to Read Non-Profit Financial Statements
With the stuffy language and seemingly redundant information, non-profit financial statements can seem like an irrelevant formality. However, if you know what you’re reading, you may soon realize just how powerful this financial tool can be to raising funds and increasing donor confidence.
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