Are you wondering what’s the difference between accounting and auditing? Do you want to know which one do you need? If so, here’s 5 differences between accounting and auditing in plain English. 1. Different type of work First of all, and to get it out of the way, your auditor/reviewer is not your accountant. […]
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Are you a new franchisor that about to file your first FDD? If so, this article is for you. For aspiring franchisors, launching a successful franchise begins with meticulous planning and compliance with regulatory requirements. One crucial step often overlooked by new franchisors is obtaining an opening balance sheet audit, a key component in the
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Are you a mortgage broker or underwriter operating in Tennessee or any other state that requires mortgage broker or underwriters to have their financial statements audited annually? If you are, then this article is for you. Staying compliant with state-specific regulatory requirements is crucial to maintaining your license and ensuring smooth operations. One key compliance aspect
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If you’re a franchisor or franchisee, you already know that running a franchise is a different ballgame than running a typical small business. Franchisors accounting and auditing can be a challenge that you have to overcome to be a successful franchisor/franchisee. There are differences between franchise accounting and auditing and any other industries (i.e. manufacturing,
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Now that everyone is talking about AI, franchisors as well as other small business owners need to seriously start thinking about using AI in most, if not all, of their tasks, but specifically in the tedious accounting and auditing tasks (Here, I called them boring :)). As the franchise industry grows, managing financial records and
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
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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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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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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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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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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Why you need a financial statements audit? The ultimate goal of all franchisors is to expand their franchise by selling franchises to the prospective franchisee. However, a franchisor must meet FTC requirements and provide annual Franchise Disclosure Documents (FDD) to sell franchises in the United States. The FDD is a disclosure document that contains 23
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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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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.
