About Kristen

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Entries by Kristen

When Should You Hire an Accountant?

Every small business should know when to hire an accountant. In general, it’s advisable to meet and build a relationship with a certified public accountant (CPA) at least once to cover the basics of your business. There are also specific reasons why you should hire an accountant, such as when you need to make critical […]

Understanding Audit Reports

Reading through an auditor’s report may seem daunting, but you can take the stress out of the process by familiarizing yourself with how these reports are structured and the purpose of each section. Once you know how to read an audit report, you can accept the document handed to you at the end of your […]

How Do You Become an Entry-Level Auditor?

An entry-level internal auditor helps organizations maintain compliance with state and federal laws and regulations. Auditors that work in a payroll capacity perform roles such as examining employees’ pay rates and tax withholdings to verify accuracy.  Payroll auditors perform a crucial task, catching mistakes and red flags that could lead to lost revenues and potential […]

What Are the Principles of Auditing?

Every organization must ensure that its financial statements are correct and comply with all applicable federal and state regulations. Auditing is the process of reviewing these records and information to verify their accuracy. An audit can also serve as an internal control mechanism for detecting red flags that may indicate the existence of fraudulent financial […]

How to Save Time in Accounting Through Outsourcing

If you’ve taken the plunge and started your own business, you’ve likely run into the same obstacle as other small- and mid-sized companies — accounting. Accounting plays a critical role in your company’s operation because it tracks expenditures and income while ensuring compliance. For smaller companies with limited resources, staying on top of these requirements […]

Which 990 Is Right for My Organization?

Knowing which of the four 990 forms apply to your organization is important when you’re filing taxes. In this guide, we will break down which organizations file each 990 form to help you determine which option best suits your needs. Types of 990 Forms Almost all tax-exempt organizations will need to file an annual return, […]

How to Prepare for an Audit in Three Easy Steps

You know you need an audit — but do you know how to prepare for it? From determining which type of audit you need to choosing the right firm, you need to follow specific steps to ensure you reach your goals. 1. Determine the Audit You Need You will first need to decide what type […]

What Are Common Audit Adjustments and How Can I Avoid Them?

Audit adjustments can significantly impact your organization’s financial statements. It’s essential to evaluate their regulatory compliance effects and determine potential internal control deficiencies that may prevent you from detecting misstatements. Though many audit adjustments are common, there are various measures you can take to avoid these corrections and ultimately improve your internal operations. What Are […]

What Do I Do With My Audit Report Once Received?

Audit reports are written assessments of whether a company’s financial statements comply with generally accepted accounting principles (GAAP) and are free of incorrect information. Auditors’ findings provide management, shareholders and potential investors with valuable financial information and insights on your business’s financial position.  If you’re new to the auditing process, you may wonder what to […]

Does an Employer Benefit From a 401(k) Matching Plan?

Hiring and retaining talented candidates can be difficult in today’s marketplace. If the candidate you’ve offered the position to is juggling multiple offers, their selection might boil down to one thing — the company’s benefits packages. Your ideal candidate is most likely to choose the company with the most competitive benefits package.  What Are the […]