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Massachusetts Requirements for Mortgage Broker Opening Balance Sheet Audits

Articles, Blogs, Mortgage Broker /

Starting a mortgage broker firm in Massachusetts involves meeting specific state regulations, including the submission of an opening balance sheet audit. This requirement is vital for securing licensure and establishing credibility in the marketplace.Massachusetts law mandates that all mortgage brokers submit a certified financial statement prepared by a licensed CPA. The opening balance sheet audit […]

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The Importance of Professional CPA Services for Mortgage Broker Startups in Massachusetts

Articles, Blogs, Mortgage Broker /

Launching a mortgage broker firm in Massachusetts requires more than just a business plan; it involves meeting strict licensing and regulatory requirements. One key step that new firms often overlook is conducting an opening balance sheet audit, which must be executed by a licensed CPA.A professional CPA near you provides crucial expertise in preparing and

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Why New Mortgage Broker Firms in Massachusetts Need an Opening Balance Sheet Audit

Articles, Blogs, Mortgage Broker /

Starting a mortgage broker firm in Massachusetts is an exciting venture, but compliance with state regulations is crucial for success. One essential requirement is an opening balance sheet audit conducted by a qualified Certified Public Accountant (CPA) near you. This audit helps verify the accuracy of the initial financial statements, ensuring the firm meets Massachusetts’s

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5 Differences Between Accounting/Bookkeeping And Auditing

Articles, Career Schools, General /

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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Why New Franchisors Need an Opening Balance Sheet Audit to File Their FDD

Articles, Blogs, Franchise /

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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Expert CPA Audits for Mortgage Brokers and Underwriters

Articles, Blogs, Mortgage Broker /

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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Franchise Accounting and Auditing vs. Traditional: Why It Matters in 2025

Articles, Blogs, Franchise /

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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7 ways Leveraging AI for Franchise Accounting and Auditing: A Game Changer for Franchisors

Articles, Franchise /

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

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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.  Benefit 2: Financial Health Monitoring

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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 prepared

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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

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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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2 Steps to Successfully Implement ASC 842 Lease accounting of an office space Rental for small business owners

Franchise, General /

New Standard   You have probably heard about the ASC 842 new lease accounting standard issued by FASB, and you’re probably not sure what it is and how to implement it. If you are a small business owner who only leases an office space, read on, this is for you. The new standard governs how

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Financial statement requirements for mortgage brokers

Mortgage Broker /

As a mortgage broker, staying compliant with the Industry regulatory requirements is of utmost priority. Failure to maintain documents and good standing might result in suspension, license withdrawal, and other regulatory sanctions, which isn’t good for business. One of the ways to stay compliant is by submitting an annual financial statement with the NMLS 90

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