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Consider the Cloud to Prepare Better Audit-Ready Financials
For financial professionals, independent external audits of GAAP financial statements are an inescapable reality. For for many fast-growing private companies, it’s a necessity to meet the demands of lenders, VCs and other stakeholders. There is even a possibility the IRS could require a financial statement audit as part of a broader tax audit.
Ultimately, every audit boils down to the risk of a material misstatement in the numbers. The responsibility falls to you and your finance team to ensure that your financials present the lowest possible risk of such errors, thereby earning a “clean” (unqualified) opinion from your independent auditor.
To generate audit-ready financials, you need well-documented transactions and balances that are calculated accurately and that can be produced in a timely manner. Revenue recognition, accounts receivable and consolidations tend to create greater complexity in financial audits. However, cloud accounting can streamline and automate the organization of source materials, documentation of accounting treatments, calculation and reconciliation of all figures, closing and consolidation of the books, and preparation of financial statements. Cloud accounting software can save your finance team and your auditor time and prove to your key stakeholders that your financial statements are audit-ready
About Ericksen Krentel
Ericksen Krentel CPAs and Consultants, founded in New Orleans, Louisiana in 1960 with offices in New Orleans and Mandeville, believes that serving as the clients’ most trusted adviser is grounded in going beyond the numbers.
That includes helping clients achieve their business and personal financial goals by providing innovative and exceptional services in the following areas: audit and assurance services, tax compliance and planning, outsourced CFO services and business valuations for a variety of industries; employee benefit plan audits; fraud and forensic accounting; business planning; IT consulting; loss calculations; and estate planning.
Learn more at www.ericksenkrentel.com.
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