In this article, we’ll dive deep into the realm of negative confirmation, exploring its definition, applications, and the implications it has for businesses and auditors alike. To illustrate the impact of technology on streamlining negative confirmation processes, let’s consider the case of XYZ Corporation. Before adopting an integrated audit platform, the company relied on manual […]
Bookkeeping
For each payroll, federal income tax is calculated based on wages and the answers provided on the W-4 and year to date income, which is then referenced to the tax tables in IRS Publication 15-T. The current tax rates are 0%, 10%, 12%, 22%, 24%, 32%, 35%, or 37%. Again, the percentage chosen is based […]
I’m not only a licensed CPA and Quickbooks Online ProAdvisor, but I am also a successful real estate investor myself. This means that I have a deep understanding of the financial needs and challenges faced by real estate investors, and can provide valuable insights and recommendations based on my own personal experience. Kristen has been […]
Internal audit results will be used by the management team to improve operations, processes, or more, while external audit results are used by outside investors. Before any audit procedures are performed, the internal auditors often start by developing the audit plan. This sets the audit requirements, objectives, timeline, schedule, and responsibilities across audit team members. […]
This allows companies to save the time and resources that would have been spent on hiring and training in-house bookkeeping professionals. Remember, bookkeeping is an ongoing process that requires diligence, attention to detail, and a commitment to continuous improvement. As your business evolves, regularly review and refine your bookkeeping practices to ensure How Construction Bookkeeping […]
Several periods may pass when a company receives a check and submits it for payment. At this time, the customer’s account may have depleted its funds. Subsequently, when the company presents the check, it will not receive the funds. This process creates an issue as the company has already recorded a receipt in their books. […]