Articles

5 Advantages of Early Audits for Mortgage Brokers: Submitting Financial Statements to NMLS

Articles, Blogs, Career Schools, General /

Introduction:  As the deadline for submitting audited financial statements to the Nationwide Multistate Licensing System (NMLS) approaches on March 31st (https://mortgage.nationwidelicensingsystem.org/slr/common/fs/sitepages/default.aspx) mortgage brokers face a pivotal choice: when to conduct their audits. By starting the audit process early—specifically testing financial statements as of September 30—brokers can reap significant benefits. This proactive approach not only ensures […]

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Frequently Asked Questions About Audit Services for New Schools

Articles, Blogs, Career Schools, General /

Introduction As you prepare to launch your new school in Texas, you likely have questions about the audit process and requirements. Below are some of the most frequently asked questions. Also see https://www.twc.texas.gov/programs/career-schools-colleges/ongoing-requirements  1. What is the purpose of an audit? An audit verifies your financial statements and ensures compliance with regulations from the Texas

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Seven Benefits of Professional Audit Services for New Schools in Texas

Articles, Blogs, General /

      Introduction As you embark on the exciting endeavor of starting a new school in Texas, it’s essential to understand the various benefits of engaging professional audit services.   Benefit 1: Compliance Assurance Professional audits ensure that your operations align with legal requirements, particularly those set forth by the Texas Workforce Commission.  

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What the Texas Workforce Commission Expects from School Audits

Articles, Blogs, General /

Introduction If you’re planning to establish a new school in Texas, understanding the Texas Workforce Commission’s audit requirements is crucial. This knowledge not only aids compliance but also enhances your organization’s credibility. Read more here https://www.twc.texas.gov/programs/career-schools-colleges/ongoing-requirements.  Audit Requirements Overview   The Texas Workforce Commission requires a detailed audit of the school or college financial statements. Be

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3 Steps for clean accounting books for Franchisors

Articles, Blogs, Franchise /

Introduction: In the dynamic world of franchising, efficient accounting practices are crucial for the success of both franchisors and franchisees. Franchisors serve as the backbone of any franchise system, providing support and guidance to their franchisees while also ensuring financial transparency and stability. To achieve these goals, franchisors must establish robust accounting systems that allow

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6 Steps to keep your books for Mortgage Brokers

Articles, Blogs, General, Mortgage Broker /

Mortgage brokers play a crucial role in the real estate industry, connecting borrowers with lenders and facilitating the process of securing loans for home purchases. While brokers focus on helping potential homeowners fulfill their dreams, it is equally important to streamline their accounting practices to ensure efficient financial operations. Effective accounting not only enables brokers

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Not-For-Profit Revenue Recognition

Articles, Not-For-Profit /

Revenue Resources and related Accounting Guidance. Most of the NFP (Not-For-Profit) entities have 2 sources of income/revenue. The first source is contribution revenue collected from grants/contributions/donations and fund-raising events. The second source of revenue is exchange income (earned income) such as membership fees, tuition, registration fees, and sold goods/services. Contributed income is accounted for under

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ASC 606 Revenue Recognition For Franchisors

Articles, Franchise /

What You need to know A challenge in Franchisor accounting is the complex industry-specific guidance for revenue recognition. In response to the challenge, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) developed the Revenue recognition ASC 606 standards. The goal of the new accounting standard is to provide a single

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Metwally CPA PLLC we provide our clients with a complete spectrum of audit, review, and compilations services.


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