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

Articles, Blogs, Career Schools, General / Mohamed Metwally, CPA

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 / Mohamed Metwally, CPA

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 / Mohamed Metwally, CPA

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 / Mohamed Metwally, CPA

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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6 Steps to keep your books for Mortgage Brokers

Articles, Blogs, General, Mortgage Broker / Mohamed Metwally, CPA

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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5 Elements for Successful Franchisors Accounting

Franchise, General / Mohamed Metwally, CPA

You set up your franchisor Company, filed your FDD, and ready to start selling? Great, congratulations! Here’s what you need to know about franchisors’ accounting. When it comes to the world of franchising, there are many different aspects to consider in order for both the franchisor and franchisee to be successful. One area that is

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

Franchise, General / Mohamed Metwally, CPA

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 entities

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What are the 4 Levels of Audit Opinions?

General / Mohamed Metwally, CPA

A franchise audit is an appraisal of a franchise’s business financial health by either an external, internal, or independent auditor. Furthermore, an audit gives a snapshot of the franchise’s assets, liabilities, and financial health. An audited financial statement is part of the item 21 franchise disclosure document, and you must get a good verdict to

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How to Prepare for a Financial Audit

General / Mohamed Metwally, CPA

Generally, all businesses undergo financial audits, and the franchise business isn’t an exception. An audit helps determine a franchise business’s financial health and identify bookkeeping malpractices. In addition, audited financial statements also serve as disclosure documents in item 21 of the Franchise disclosure document. When is a Financial Statement Audit successful? A franchise financial statement

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