Year-End Financial Closing Procedures

A timely reminder for those involved in the year-end closing process begins with establishing and documenting a process which includes overall timing, rationale, and format of the annual financial statement closing process.  This process should be reviewed annually in conjunction with authoritative guidance and regulations affecting the organization so that any procedures or accounting policies …

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Are You Ready for Your Year-end Inventory Count?

It’s one of the most dreaded days of the year for many of you…physical inventory day.  This can be a frustrating and time-consuming process with numerous obstacles, though with the proper planning you can make the physical inventory process run smooth and efficient. Inventory preparation – There is a lot you can do ahead of …

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Internal Control Processes Over Participant Contributions

Are you doing all that you can to ensure that your participant’s accounts are correct?  When was the last time you evaluated your internal controls over participant accounts?  There are a few important steps you can do to beef up your internal control processes in order to increase the probability that your participant’s accounts are …

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Not-for-Profit Automobiles

Completion of year end payroll tax returns, including preparation of Forms W-2, is just around the corner.  The taxability of employer provided automobiles must be taken into consideration when computing taxable wages of an employee. Not-for-profit Organizations often have a vehicle available for employees or have vehicles that are normally used for charitable activities.  The …

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