Accounting Tools

JUNE 20, 2023

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is an Internal Control Checklist? An internal control checklist is intended to give an organization a tool for evaluating the state of its system of internal controls.

Purchase Order 75

Purchase Order Payroll Invoicing Financial Statements 75

Nanonets

APRIL 19, 2024

It serves as a control mechanism to maintain accurate financial records and prevent misuse or misappropriation of funds.    In this article, we’ll dive into petty cash reconciliation — how best to go about it, common challenges, and how advanced automation solutions like Nanonets can help.  

Petty cash 52

Petty cash Financial Records Data Entry Reconciling 52

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management.   This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process.

Bank Reconciliation 52

Bank Reconciliation Auditing Reconciling General Ledger 52

FinOps in Practice

NOVEMBER 10, 2022

ITDR, coined by Gartner in its ‘ Gartner® Identifies Top Security and Risk Management Trends for 2022’ describes the tools and best practices businesses can use to defend their identity systems. AWS Identity and Access Management (IAM) is essentially an online service that helps you control access to AWS resources.

FinOps 130

FinOps FinOps Computation Budgeting 130

Blake Oliver

FEBRUARY 22, 2024

I'm excited to share my latest article on the Firm of the Future blog: How to Draft an AI Policy for Your Accounting Firm. In this piece, I explore generative AI's responsible and ethical integration into accounting practices. As these powerful tools become more prevalent, firms must establish appropriate guardrails.

Accounting 52

Accounting Accounting 52

Accounting Tools

APRIL 14, 2024

What is an Evaluation of Internal Controls? An evaluation of internal control involves an examination of the effectiveness of an organization's system of internal controls. An evaluation is also a good way to proactively spot any control deficiencies, and fix them. Who Evaluates Internal Controls?

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 23, 2023

The top-down approach is used to select the controls to be tested in an audit of internal control over financial reporting. Under this approach, the auditor obtains an understanding of the overall risks to internal control over financial reporting.

Auditing 40

Auditing Financial Reporting Financial Statements Accounting 40

Accounting Tools

OCTOBER 28, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Inherent Risk? Inherent risk is the probability of loss based on the nature of an organization's business, without any changes to the existing environment.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

AUGUST 4, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook There are several types of functions fulfilled by the accounting department within a business. Internal Auditing The internal auditing group examines company processes and controls to spot control weaknesses, fraud, waste, and mismanagement.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JULY 29, 2023

Related Courses Corporate Cash Management Corporate Finance Treasurer's Guidebook Working Capital Management The treasurer position is responsible for corporate liquidity , investments, and risk management related to the company's financial activities.

Corporate Finance 75

Corporate Finance Accounting Accounting 75

Counto

FEBRUARY 24, 2024

In-House Payroll: Taking Control of Your Processes In-house payroll involves having a dedicated team or individual within your company responsible for managing payroll tasks. Here’s why it might be the right choice for you: Greater Control and Flexibility: Make instant changes to payroll processes without relying on external parties.

Payroll 52

Payroll Financial Analysis Budgeting 52

Accounting Tools

AUGUST 1, 2023

Related Courses Accounting Controls Guidebook Guide to Audit Sampling The Audit Risk Model What is Control Risk? Control risk is the probability that financial statements are materially misstated , due to failures in the controls used by a business.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JUNE 12, 2023

Planning and Risk Assessment This step involves gaining an understanding of the business and the business environment in which it operates, and using this information to assess whether there may be risks that could impact the financial statements. If the controls are ineffective (i.e.,

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

AUGUST 29, 2023

Related Courses Accounting Controls Guidebook What is an Internal Check? The splitting of tasks allows for the verification of work by a second person, thereby reducing the risk of fraud. Consequently, its use may be limited to high-value transactions where there is a greater risk of loss.

Accounting 40

Accounting Accounting 40

The Institute of Financial Operations

JULY 12, 2021

Most organizations have great controls, people, and systems in place. Every system has vulnerabilities through the circumvention of established controls and communications failures between buyers and sellers. There is no risk to engage in the review because it is a 100% contingency-based fee. WHAT IS THE DOWNSIDE?

Accounts Payable 130

Accounts Payable Accounts Payable Auditing Accounting 130

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Planned Detection Risk? Planned detection risk is the risk that audit evidence will fail to detect misstatements that exceed a tolerable amount.

Auditing 40

Auditing Collections 40

Counto

FEBRUARY 12, 2024

Setting Up a Register of Registrable Controllers (RORC) In Singapore, corporate entities, including local and foreign companies, and limited liability partnerships (LLPs), are mandated to maintain a Register of Registrable Controllers (RORC). Upon receiving a notice, recipients have 30 days to respond.

Financial Statements 52

Financial Statements Accounting Accounting 52

Accounting Tools

JANUARY 30, 2024

What are Payroll Internal Controls? Payroll internal controls are installed within a business to ensure that the personal information of employees is protected, as well as to ensure that payments made to employees are calculated correctly. These controls are most necessary when there is a high risk of failure within a payroll system.

Payroll 40

Payroll Auditing Financial Statements Accounting 40

Accounting Tools

APRIL 6, 2024

Related AccountingTools Courses Bookkeeping Guidebook New Controller Guidebook Payroll Management Additional Responsibilities of an Expanded Accounting Department There are several additional areas in which there is some question regarding which department should take responsibility.

Accounting 75

Accounting Accounting Budgeting Financial Statements 75

Accounting Tools

JUNE 14, 2023

Related Courses Accounting Controls Guidebook How to Conduct an Audit Engagement Internal Auditing Guidebook What is a Control Assessment? A control assessment is the review of operational risks and the effectiveness of the associated controls.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 17, 2023

Related Courses How to Conduct an Audit Engagement The Audit Risk Model What is Engagement Risk? Engagement risk is the overall risk associated with an audit engagement. The auditor examines only those controls that are relevant to the engagement risk assessment.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

APRIL 8, 2024

Controls over accounts receivable really begin with the initial creation of a customer invoice , since you must minimize several issues during the creation of accounts receivable before you can have a comprehensive set of controls over this key asset. The key controls to consider are: Require credit approval prior to shipment.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

oAppsNet

MARCH 12, 2024

In this article, we’ll unfold the compelling reasons for organizations to go paperless, examining the transformative benefits, key considerations, and best practices for successful implementation. Paper-based documents are susceptible to loss, theft, or damage, posing security risks and compliance challenges.

Data Entry 52

Data Entry Record Keeping Auditing Customer Service 52

Accounting Tools

OCTOBER 7, 2023

Related Courses Accounting Controls Guidebook What is a Detective Control? A detective control is designed to locate problems after they have occurred. Once problems have been detected, management can take steps to mitigate the risk that they will occur again in the future, usually by altering the underlying process.

Bank Reconciliation 40

Bank Reconciliation Accounting Accounting 40

Accounting Tools

FEBRUARY 5, 2024

What are the Accounts Payable Controls? Accounts payable controls are used to mitigate the risk of losses in the payables function. Payables controls are aggregated into three general categories, which are verifying the obligation of the business to pay, entering the payables data into the computer system, and paying suppliers.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accounting 75

Accounting Tools

FEBRUARY 15, 2024

Risk Analysis This section identifies those risks that are most likely to keep the company from achieving the valuation stated in the report. This information is most easily derived from the risks section of the company's Form 10-K. The report may also contain a trend line showing how the stock valuation has varied over time.

Financial Analysis 72

Financial Analysis Financial Statements 72

Accounting Tools

JULY 12, 2023

There is little or no attempt to verify the robustness of the client's system of controls. When the Internal Control System is Strong The emphasis is on testing and validating the client's system of internal controls. If the controls are proven to be strong, then substantive testing can be significantly reduced.

Auditing 40

Auditing Financial Reporting Accounting Accounting 40

Accounting Tools

OCTOBER 28, 2023

Related Courses Budgeting Capital Budgeting What is the Control Cycle? The control cycle is the iterative process of planning, monitoring outcomes, assessing results, and making revisions. The control cycle is commonly applied to the ongoing revision of corporate budgets and process flows.

Budgeting 40

Budgeting Invoicing 40

Accounting Tools

OCTOBER 24, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Detection Risk? Detection risk is the possibility that an auditor will not locate a material misstatement in a client's financial statements via audit procedures. The other two elements are inherent risk and control risk.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

SEPTEMBER 9, 2023

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is Accounting Control? Accounting control is the manner in which processes are configured to manage risk within an organization. Management may elect to reduce accounting controls somewhat in order to increase the efficiency of a process.

Accounting 40

Accounting Accounting Financial Statements 40

Accounting Tools

OCTOBER 7, 2023

Related Courses Accounting Controls Guidebook Accounting Information Systems What is a Control Framework? A control framework is a conceptual basis for formulating a set of controls for an organization. This set of controls is intended to minimize risk through the use of practices and procedures in a coordinated manner.

Financial Reporting 40

Financial Reporting Accounting Accounting 40

Accounting Tools

APRIL 25, 2024

However, giving the borrower control over receivables makes it less likely that the lender can collect on the receivables in the event of a default by the borrower. This approach reduces the risk of non-payment for the lender. This approach reduces the risk of non-payment for the lender.

Invoicing 40

Invoicing Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

OCTOBER 20, 2023

Internal audit refers to the department located within a business that monitors the efficacy of its processes and controls. The internal audit function is especially necessary in larger organizations with high levels of process complexity, where it is easier for process failures and control breaches to occur. What is an External Audit?

Auditing 75

Auditing Financial Statements Financial Records CPA 75

Counto

FEBRUARY 23, 2024

Control and Flexibility: Software: Offers customisation options tailored to specific business needs. Outsourcing: May involve relinquishing some control to third-party providers. Meanwhile, payroll software provides automated solutions, streamlining routine tasks and reducing the risk of errors associated with manual processing.

Payroll 52

Payroll Tax 52

oAppsNet

APRIL 15, 2024

In this comprehensive article, we’ll explore nine critical ways in which the role of AP professionals is expected to change in 2024 and the implications for individuals and organizations alike. This includes implementing robust internal controls, conducting regular audits, and maintaining accurate documentation of financial transactions.

Accounts Payable 52

Accounts Payable Accounts Payable AP Vendor Management 52

Accounting Tools

JULY 8, 2023

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is a Management Control System? A management control system maintains a detailed level of oversight over the use of resources within a business. The control system works best when performance is tied to the goals of the organization.

Budgeting 40

Budgeting Accounting Accounting 40

Counto

APRIL 15, 2024

Full control over business decisions and operations. Disadvantages of Sole Proprietorship: Unlimited liability means personal assets are at risk if the business incurs debt or legal issues. Advantages of a Private Limited Company: Limited liability protects personal assets against business risks.

Corporation Tax 52

Corporation Tax Tax 52