What is an income tax provision?

Buckle your seatbelts because we’re about to go on an income tax provision ride. In this blog, we will be primarily focusing on current versus deferred portions of an income tax provision. Let’s begin by defining some terms. A tax provision is the income tax corporate entities will incur based upon the company’s net income …

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Does your company have antifraud programs and controls?

Antifraud programs and controls are put in place by a company to ensure management directives are carried out related to compliance with laws and regulations. Good antifraud programs and controls should focus on prevention, deterrence and detection of fraud related activities. Normally, there are three conditions that are present when fraud occurs: 1) incentive/pressure 2) opportunity …

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Financial statement close checklist

Whether you are new to the financial closing process or have been doing it for years, you know this task can be a daunting one. If you have never done a financial statement close it is best to understand the process and what you are trying to accomplish. When closing the books for a month/quarter …

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Top 10 restaurant audit preparation tips

It’s that time of year again to close the books and get ready for your annual audit. You may be cringing because it’s coming soon, but with proper planning and communication, the audit process can go very smoothly for you and not be time consuming. We’ve compiled our top 10 restaurant audit preparation best practices …

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The benefits of timely financial reporting

It’s the holiday season – you’re busy, your staff is busy, life is full of interruptions, and for you December 31 ending governments out there, you’ve still got to close your books at year-end. There’s only so much time between your actual year-end, when your entity is really performing closing entries to begin your annual …

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Is an agreed-upon procedures engagement right for you?

Recently, we covered the differences between audits, reviews and compilations. Those aren’t the only types of engagements our audit and accounting group performs. We provide various agreed-upon procedures and consulting engagements for several clients. Not only can these be a better fit to clients in certain situations, they can be less costly as well. Agreed-upon …

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Six Sigma, work smarter, not harder

Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …

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The Uniform Guidance and required policies

When the Uniform Guidance was issued, it brought with it several changes for entities that receive federal awards. The purpose of the Uniform Guidance was to reduce the risk of fraud, waste and abuse as well as to streamline the requirements for several different types of entities that receive federal funds. The Office of Management …

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How to account for subsequent events

Financial statements generally report on a company’s financial position for a specified period of time or reporting period. However, sometimes transactions will occur after the reporting period has ended and the point in time when the financial statements are ready to be issued. These transactions may influence a user of the financial statements opinion on …

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Recording prepayments and immaterial inventory supplies

In governmental accounting, the presentation of prepayments and immaterial inventory supplies on the fund statements balance sheet (using the current financial resources measurement focus) is optional. The balance sheet only includes financial assets, defined as cash or something that will convert to cash in due course. Prepayments and immaterial inventory supplies can fall in this …

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