Accounting Tools

JULY 30, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What are Audit Procedures? Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion.

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

FEBRUARY 25, 2024

What is an Audit? In general, an audit is an investigation of an existing system, report, or entity. There are many types of audits that can be conducted, as noted below. This audit is most commonly used in regulated industries or educational institutions.

Auditing 75

Auditing Payroll Financial Statements Computation 75

Accounting Tools

OCTOBER 21, 2023

Related Courses How to Conduct an Audit Engagement The purpose of an audit is for an independent third party to examine the financial statements of an entity. Related Articles The Difference Between an Audit, a Review, and a Compilation The Difference Between Internal and External Audits

Auditing 75

Auditing Financial Statements Accounting Accounting 75

Nolan Accounting Center

SEPTEMBER 15, 2023

Most of the time, small business returns are not audited. In November 2021, the IRS announced that audits would increase by 50% in 2021. If you are audited, we will have all the paperwork that you need to get through it. Most of the time, audits are fairly routine. Never ignore an audit notice.

Auditing 92

Auditing Tax Accounting Accounting 92

Accounting Tools

OCTOBER 20, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Internal Audit? Internal audit refers to the department located within a business that monitors the efficacy of its processes and controls. What is an External Audit?

Auditing 75

Auditing Financial Statements Financial Records CPA 75

Compleatable

MARCH 27, 2025

This article explores the core features of Ariett and demonstrates how Compleat Software delivers equivalent or superior capabilities, ensuring a seamless transition for businesses aiming to optimize their financial processes.

Purchase Order 100

Purchase Order Data Entry Budgeting Invoice Processing 100

Accounting Tools

JANUARY 25, 2025

Triggers audit pre-reviews. The company's auditors will make inquiries about large exceptions as part of their annual audit activities, so management should investigate these issues in advance of the audit. Related Articles Activity-Based Management Strategic Cost Management

Budgeting 75

Budgeting Auditing Budgeting Manager Accounting 75

Accounting Tools

JANUARY 14, 2025

Related AccountingTools Courses Fixed Asset Accounting How to Audit Fixed Assets Related Articles Examples of Capital Expenditures The Fixed Asset Schedule Which Costs to Assign to a Fixed Asset

Computation 75

Computation Auditing Accounting Accounting 75

Counto

JANUARY 11, 2025

Financial Record-Keeping and Audit Requirements ACRAs compliance requirements for financial record-keeping and audits continue to be stringent. As of 2025 , businesses must be aware of the following: Audit Exemption : Small companies with annual revenue of SGD 10 million or less are exempt from mandatory audits.

Financial Statements 52

Financial Statements Financial Records Record Keeping Auditing 52

Xero

JANUARY 29, 2024

We’ll also share support articles in Xero Central , as well as how-to videos and other resources to help you. We recognise that this may feel like a big change and take some time to get used to, especially when you have to complete some tasks in a different way than you’re used to.

XERO 279

XERO Invoicing Tax Auditing 279

Counto

NOVEMBER 3, 2024

Cash basis accounting, while easier, is not permitted and could lead to audits, fines, and closer scrutiny from ACRA and IRAS. ACRA and IRAS: What They Can Do if Cash Basis is Used Using cash basis accounting risks triggering audits, notices, and potential penalties from IRAS or ACRA.

Accruals 52

Accruals Accounting Accounting Auditing 52

oAppsNet

DECEMBER 31, 2024

This article will explore the typical red flags of AP fraud and provide actionable strategies to help organizations mitigate this risk. Conduct Regular Audits Regular audits are essential for identifying potential fraud and weaknesses in your AP processes.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

AvidXchange

DECEMBER 20, 2024

Audit Preparation AP automation can offer a digital audit trail of payments, providing easy access to records in case of an audit. Simplified Reconciliation Automated systems can provide timely reporting and visibility into supplier payments, making it easier to reconcile accounts during tax season.

AP 52

AP Data Entry Accounts Payable Accounts Payable 52

Xero

SEPTEMBER 1, 2022

It offers an easy-to-access audit trail of changes made within Xero by a small business owner, advisor or app partner. One of our most highly requested product updates is now live in Xero Payroll: payroll history. The first phase of this feature is available in employee records. Rollover and merge pre-populated data in Xero Tax — New Zealand.

XERO 264

XERO Payroll Data Entry Tax 264

oAppsNet

NOVEMBER 12, 2024

This article will explore accounts payable fraud, its different forms, and how to spot it before it causes severe damage. Automated accounts payable software can help you monitor suspicious activity and create a clear audit trail that can be used during investigations. Scary, right? What is Accounts Payable Fraud?

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Counto

OCTOBER 16, 2024

Integrating Spend Analytics into Financial Audits for Singapore SMEs In today’s data-driven world, small and medium-sized enterprises (SMEs) in Singapore are increasingly recognising the importance of spend analytics in refining their financial audits. Key Benefits of Integrating Spend Analytics into Audits 1.

Auditing 52

Auditing Budgeting Purchase Order Collections 52

Counto

DECEMBER 16, 2024

Auditing : Reviewing financial records to verify accuracy and compliance with regulations. Public accountants handle essential tasks such as auditing, tax preparation, and financial consulting. Key Functions: Auditing : Ensuring that financial records are accurate and comply with regulations.

Financial Records 52

Financial Records Budgeting Accounting Accounting 52

Counto

FEBRUARY 22, 2025

Storing digital copies of invoices and receipts, and categorising business expenses systematically, reduces errors in tax reporting, prevents penalties for incorrect filings, and simplifies the audit process if required. Ready to upgrade your accounting? Chat with us now, email hello@mycounto.com or use our contact form.

Budgeting 52

Budgeting Bookkeeping Record Keeping Tax 52

Gaviti

MARCH 5, 2025

This article examines the rising threat of fraudulent activities targeting accounts receivable, the necessity of a robust fraud prevention strategy, common fraud schemes that businesses must be aware of, and actionable steps on how to prevent accounts receivable fraud in 2025.

Accounts Receivable 80

Accounts Receivable Account Receivables Accounts Receivable Accounting 80

AvidXchange

JANUARY 10, 2025

Infrastructure This includes cloud storage f ees for keeping records of digital invoices, approvals , and audit trails. Audit- and Compliance-Related Expenses Traditional AP systems may make it difficult for teams to locate requested records in an audit, leading to wasted work hours.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Accounting Tools

JUNE 19, 2024

Related AccountingTools Courses Auditing Nonprofit Entities Nonprofit Accounting Related Articles Program Expenses Supporting Activities Presentation of Fundraising Expenses Fundraising expenses are aggregated into a single line item in the statement of activities, where users can easily access it.

Auditing 97

Auditing Accounting Accounting 97

oAppsNet

DECEMBER 10, 2024

In this article, we’ll explore the most common methods of accounts payable fraud, the warning signs to watch for, and how to protect your business against these types of fraud. Conduct Regular Audits Conducting regular internal and external audits is essential for identifying fraudulent activities.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Counto

JANUARY 15, 2025

Essential security measures include: Encrypted payment channels with multi-factor authentication Comprehensive audit systems for transaction monitoring Regular security assessments and vulnerability testing Advanced threat detection and prevention protocols 4. Automate your financial processes with our intelligent AI. Learn more !

Accounts Payable 52

Accounts Payable Accounts Payable Billing Auditing 52

Counto

MARCH 24, 2025

Summary For project-based businesses, profitability can vary widely from job to job. Without proper tracking, its easy to overlook losses or overestimate success. By implementing project-level accounting, you gain control over your financials, improve decision-making, and set your business up for sustainable growth. Ready to get started?

Payroll 52

Payroll Accounting Accounting Data Entry 52

Counto

MARCH 24, 2025

Payroll services help ensure your business: Complies with statutory leave requirements Files CPF contributions correctly Maintains accurate records for audits or disputes How Payroll Services Support Claims Management Employee expense claims from travel to office supplies can be hard to manage manually. Ready to get started?

Payroll 52

Payroll Deposits Accruals Small Business Accounting 52

Counto

JANUARY 21, 2025

Heres why you should consider working with an accounting firm: Broad Expertise: An accounting firm brings together professionals with expertise in various areas, such as corporate tax, GST, financial audits, and compliance. This broad skill set ensures that your business receives well-rounded financial guidance and advice.

Accounting 52

Accounting Accounting Bookkeeping Auditing 52

Future Firm

APRIL 18, 2023

How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis. This can significantly streamline the audit process, reducing the time and resources required to complete the audit.

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

Accounting Tools

AUGUST 13, 2024

A Type 2 report goes a step beyond a Type 1 report, where the service auditor also reports on the operating effectiveness of controls during an audit period. A Type 1 report describes procedures and controls as of a specific point in time, while a Type 2 report covers how the controls have been operating during the audit period.

Auditing 75

Auditing Payroll 75

Accounting Tools

AUGUST 29, 2024

A test of controls is an audit procedure to test the effectiveness of a control used by a client to prevent or detect material misstatements. How Tests of Controls are Used Depending on the results of this test, auditors may choose to rely upon a client's system of controls as part of their auditing activities.

Auditing 75

Auditing Accounting Accounting 75

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. If substantive testing turns up errors or misstatements, additional audit testing may be required. What is Substantive Testing? There are many substantive tests that an auditor can use.

Auditing 75

Auditing Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

AUGUST 1, 2023

Related Courses How to Conduct an Audit Engagement How to Conduct a Compilation Engagement How to Conduct a Review Engagement What are Financial Statement Assertions? The assertions form a theoretical basis from which external auditors develop a set of audit procedures.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Counto

FEBRUARY 23, 2025

Understanding Forensic Accounting Forensic accounting goes beyond standard bookkeeping and auditing. Proactive Strategies to Prevent Fraud Implementing Robust Financial Controls: Clear policies, regular audits, and approval processes create a fraud-resistant environment. See the future of accounting here.

Accounting 52

Accounting Accounting Bookkeeping Financial Analysis 52

Accounting Tools

OCTOBER 19, 2024

Credit memos Deposit slips Expense reports Invoices Material requisition forms Purchase orders Sales receipts Related AccountingTools Courses Accountants' Guidebook Bookkeeping Guidebook How to Conduct an Audit Engagement Records Management Source Document Retention It is usually necessary to retain source documents for several years.

Purchase Order 75

Purchase Order Deposits Auditing Expense Reports 75

Accounting Tools

OCTOBER 6, 2023

Related Courses How to Conduct an Audit Engagement What is a Disclaimer of Opinion? For example, the auditor may not have been allowed or been able to complete all planned audit procedures. Related Articles Adverse Opinion Except-for Opinion Piecemeal Opinion Qualified Opinion Unqualified Opinion

Financial Statements 75

Financial Statements Auditing 75

Counto

NOVEMBER 10, 2024

Preparation for Audits Why it’s important: Well-maintained records ensure that your business is prepared for audits and can quickly provide the necessary documentation when required. Example: During an audit, having organised records of your expenses, including wages and capital purchases, will ensure the process runs smoothly.

Tax 40

Tax Financial Records Auditing Invoicing 40

Counto

NOVEMBER 10, 2024

Audit Trail : Accurate records are required for input tax claims and to ensure smooth filing during any tax audits. Documentation and Record-Keeping Proper documentation and record-keeping are essential for GST compliance: Invoices and Receipts : Keep all invoices, receipts, and records of taxable transactions.

Record Keeping 52

Record Keeping Billing Invoicing Tax 52

Counto

MARCH 23, 2025

Internal Controls and Audits Specialised services help implement robust financial controls, reducing the risk of mismanagement or fraud. Here are some articles you might find helpful: How Accounting Services Help SMEs in Singapore Achieve Business Goals Are Professional Accounting Services Worth It? Break free here.

Accounting 52

Accounting Accounting Financial Reporting Budgeting 52