We get it, not all months are smooth sailing. But when your organization relies on accurate, timely financial statements to guide decisions and discussions, the deadlines are non-negotiable. Take your monthly schedule into your own hands to make sure you’re never late closing the books.
Financial Guidance
What To Do When You Stop Receiving Housing Assistance Payments (HAP)
Though it can be a nerve-wracking discovery, missing a HAP check doesn’t doom your property. Notify HUD and take action to make sure your property stays financially stable during this temporary lull in revenue.
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.
What 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.
Checklist 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.
How 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.
How 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.
How 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.
Overview of Rural Development Handbook Changes
The USDA changed how Rural Development regulates properties’ financial statements in 2018, but not every change in their handbook affects properties on a daily basis. The most dramatic changes affect AUPs, prescribed forms for non-audited properties, and the basis for requiring audits on for-profit properties.
Affordable Housing Audit RFP Template and Advice
Whether you’re getting ready to send your hundredth audit RFP or are creating your first one, it’s important to make sure it’s doing the work for you. A well-written, clean-cut RFP will tell you right away which auditing firm pays attention to details and is worth every penny of their fee.