Keyboard reading "digital preservation"

Document Retention in the Digital Age

“Do you have the necessary policies?”

This question is no longer just an innocent inquiry, but a requirement. As audits become more analytical in today’s digital age, focus continues to shift to companies’ internal controls and the underlying policies influencing them. Among these is the often overlooked document retention policy.

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A Flat Hierarchy Story

A typical accounting firm independent of corporate structure (partnership, corporation, etc.) is a tall vertical hierarchy from staff, up through managers to partners/owners. The hierarchy identifies the levels of responsibilities and oversight as well as the expectations concerning technical/professional skills required to complete the necessary tasks/projects at each level. Read More »

money on table as cash reserves

The Importance of a Cash Reserve Policy

We all know the budgeting process can be quite challenging and stressful for nonprofits. A budget will not only help you plan for the future, but also help to assess your current financial health. Organizations need to use various methods and strategies to determine how much revenue and expenses need to be collected and spent in order to achieve their short- and long-term goals as well as to maintain their daily operations. But fewer organizations than expected factor the unexpected into these projections or when discussing long-term goals. One of these goals should be the continued financial stability of the organization, and one way to achieve this is to implement a cash reserve policy.

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A pen on top of a bank statement.

Reconcile Differences Between Bank Statements and Business Cash Balance

Does your bank statement accurately report your businesses cash balance? Probably not! There is usually a difference in the amount of cash reported on the balance sheet and the actual balance in the bank account for the same period. This difference is neither a good nor a bad thing, but instead highlights the timing difference between when the business remits payments and when they clear the bank.

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