10 FAQ about franchisors’ Financials Statements Audit
Mortgage Brokers Financial Statements Audit.
10 FAQ about franchisors’ Financials Statements Audit Read More »
10 FAQ about Mortgage Brokers/Lenders Financial Statements Audit
Mortgage Brokers Financial Statements Audit.
10 FAQ about Mortgage Brokers/Lenders Financial Statements Audit Read More »
3 Steps for clean accounting books for Franchisors
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 them
3 Steps for clean accounting books for Franchisors Read More »
6 Steps to keep your books for Mortgage Brokers
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
6 Steps to keep your books for Mortgage Brokers Read More »
3 Effective Steps for Franchisors to Account for Royalty Payments
Running a successful franchise system requires careful management of royalty payments. Franchisors must ensure that these payments are accurately accounted for to maintain financial stability and cultivate positive relationships with their franchisees. In this article, we will outline three essential steps that franchisors can take to account for royalty payments effectively. Step 1 Implement
3 Effective Steps for Franchisors to Account for Royalty Payments Read More »
5 Elements for Successful Franchisors Accounting
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
5 Elements for Successful Franchisors Accounting Read More »
2 Steps to Successfully Implement ASC 842 Lease accounting of an office space Rental for small business owners
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
Financial statement requirements for mortgage brokers
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
Financial statement requirements for mortgage brokers Read More »
Financial Audit Requirements For FHA Lenders
The Federal Housing Authority FHA credit policy requires mortgage lenders to submit an audited statement and meet the HUD compliance requirements. Maintaining the required documentation and fulfilling the audit requirements allows you to continue offering lending services. Audit requirements for FHA lender’s approval Submit audited financial statements for the previous fiscal year’s end. The submitted
Financial Audit Requirements For FHA Lenders Read More »
What are Not-for-profit Audits SAS 134 Standards?
The Auditing Standards (SAS) 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to establish a more transparent audit process. The SAS 134 was issued by the American Institute of Certified Public Accountants (AICPA) as a replacement for Section AU-C 700, forming an Opinion and Reporting on
What are Not-for-profit Audits SAS 134 Standards? Read More »
What are Audit Requirements for Not-For-Profits?
The growth of a not-for-profit organization requires a commitment to fulfilling certain obligations. One of those obligations is conducting a regular not-for-profit audit. There are different audit requirements based on annual revenue, state, and methods of incorporation. Constitution Requirements Sometimes, the Not-for-profit bylaws might require you to conduct annual or regular financial statement audits for
What are Audit Requirements for Not-For-Profits? Read More »
Not-for-Profit Financial Statements & Annual Returns:
What you need to know A not-for-profit relies on maintaining good financial standing and transparency to continue receiving donations. A financial statement and annual return is a scorecard to show your organization’s credibility and financial integrity. Therefore, it’s essential to understand what document to file to avoid sanctions. What is a Not-for-profit Financial Statement? A
Not-for-Profit Financial Statements & Annual Returns: Read More »
Not-for-profit Financial statement audit: Frequently Asked Questions
Is your Not-for-profit preparing for a financial audit? Here’s a list of frequently asked questions. What is an independent audit of a not-for-profit? An independent audit for a Not-for-profit occurs when an external auditor – mostly a CPA firm – conducts a financial audit of your accounting practices and records. What are the four financial
Not-for-profit Financial statement audit: Frequently Asked Questions Read More »
Not-for-profit Audit Prep Work
A successful financial statement audit is vital for not-for-profit organizations to continue receiving donations. Proper preparation will guarantee a seamless process for the independent auditor and staff involved. How to prepare for not-for-profit Audits Preparing for an audit will save you the cost of extending the audit past the agreed duration. Prepare for your
Not-for-profit Audit Prep Work Read More »
Not-for-profit Audit vs. Review: Key Differences
A Not-for-profit audit is a critical appraisal of the financial health of your organization and requires a final verdict from the auditor. On the other hand, a not-for-profit conducts a review to ascertain the credibility of your financial statement. Grantors, stakeholders, and government agencies use both documents to determine your organization’s credibility. Cost of Not-for-profit
Not-for-profit Audit vs. Review: Key Differences Read More »
What is a Franchisor Audit
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
What is a Franchisor Audit Read More »
Accounting for Not-For-Profit Conditional Vs Unconditional Contributions
Contributions Classification To account for contributions, the NFP entity first need to determine if the contribution or promise to give is conditional or unconditional. A promise to give is a written or oral agreement to contribute cash or other assets to other entity. The promise to give can be: Unconditional; recognize as revenue in the
Accounting for Not-For-Profit Conditional Vs Unconditional Contributions Read More »
Not-For-Profit Revenue Recognition
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
Not-For-Profit Revenue Recognition Read More »
Why is a financial statement important in franchising?
The ultimate goal of any business is profitability and growth. However, managing a franchise scattered across different locations and with different franchisees, each having unique experiences, can be daunting. Subsequently, it’s possible to lose track of the financial health of the business franchise, which will affect the productivity of your franchise network. Maintaining an up-to-date
Why is a financial statement important in franchising? Read More »
