Balancing your daily responsibilities and answering an auditor’s request list can be competing interests, but gathering those documents as early as possible will save you and your organization time and hassle during the audit.
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.
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.
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.
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.