The Bonadio Group’s Post

The number of internal control deficiencies my teams have been identifying on financial statement audits this year has exploded. I can point to management turnover as the root cause for most of them. While the loss of capacity resulting from turnover can't be replaced, many of the deficiencies could have been somewhat mitigated if there was a documented comprehensive closing checklist to assist new management with picking up where prior management left off. Be proactive and preventative - develop one now.

Finance Committees play an important role in not-for-profit financial management. Explore the different ways a Finance Committee can help empower not-for-profit boards in their financial stewardship. https://lnkd.in/dKyZwYXY #notforprofit #financialmanagement

✨Green Flags in Financial Statements✨ Analyzing red, yellow, and green flags in financial statement analysis is crucial because it helps identify potential risks (red flags), areas needing caution (yellow flags), and strengths (green flags). This enables more informed decision-making, early detection of financial issues, and better strategic planning for sustaining financial health and growth. In the world of finance, spotting green flags in financial statements can signal strong business health and growth potential. Here are key indicators to watch for: 📈 Income Statement - Accelerating Revenue Growth - Gross Margin Expansion - Operating Expenses Growing Slower Than Revenue - Net Income Grows Faster Than Revenue - Earnings Per Share Consistently Grows 📊 Balance Sheet - More Cash Than Debt - No Accounts Receivables - Retained Earnings Positive & Growing - Solid Liquidity Position 💵 Cash Flow Statement - Positive & Growing Net Income - Operating Cash Flow Higher Than Net Income - Free Cash Flow Higher Than Net Income Always investigate these indicators to understand the full picture. 📊🔍 What "green flags" do you look for in financial statements? Let us know below! If you found this post useful, please repost ♻️ to share with your audience. Beavoren Ventures....here to help your business analyze those red, yellow and green flags. We offer expert financial and management consulting services. With over 10 years of experience, our team is committed to delivering tailored solutions for small and medium-sized enterprises. Let us help you achieve your financial goals in- • Bookkeeping • Tax Preparation • Financial Advisory • Business Consulting • Financial Consulting • Pricing Strategy • Budgeting • Financial Planning • Financial Analysis • Financial Reporting Contact us today 📞0716 296857 📧info@beavorenventures.co.ke 🌍 www.beavorenventures.co.ke

Choosing the right financial reporting partner is key🔑 for not-for-profits. Learn what to look for to ensure your organization thrives.⬇️ https://okt.to/GO2SYR #notforprofit #FinancialReporting

🌟 How can NFP organisations enhance their financial planning? Learn about the crucial stages in building a financial model that brings together board, executive, and operations for impactful decision-making and strategic growth. 💼📊 https://lnkd.in/gragiTbx #NonProfitManagement #FinancialStrategy #BetterBoards

Choosing the right financial reporting partner is key🔑 for not-for-profits. Learn what to look for to ensure your organization thrives.⬇️ https://okt.to/d4LIMl #notforprofit #FinancialReporting

Ready to learn something new about how to better manage your financial reporting in Ajera? As a principal or accountant using Ajera, have you ever looked at your financial statements and thought, "huh?" Maybe it's the fact payroll variance seems completely out of control and is showing an unusually high balance or even worse, a negative amount. When it comes to WIP, some months it's positive, other months it's negative and come to think of it, why is WIP showing up on your financials at all when you are only supposed to be tracking revenue based on billed? Then there's client prepayments, which you don't use, yet there they are... reporting on the AR aging report and nothing you've tried is helping to remove them. The list goes on and on... In my former experience of over eight years as a Deltek Ajera consultant, helping over 200 firms untangle their financial reporting mysteries, I understand the challenges firms face when it comes to understanding their financial reports. In my current role within True Cornerstone Consulting, I coach clients one on one on best practices using Ajera. From my years of experience, I know when it comes to accurate reporting, it's not just about the set-up of the system, but the workflows matter, too. Join me for a FREE 1 hour webinar titled "Financial Reporting Mysteries & How To Solve Them" on May 22nd at 1pm EST. We'll review common problems and how to avoid them in the future. I promise you will take away at least one tip to help you! For registration information, please contact admin@truecornerstoneconsulting or call me directly at 317-694-7452. Please note this webinar will be limited to 20 attendees. Hope to see you there!

Unlock the secrets to efficient financial reporting! Explore the importance of a detailed chart of accounts for any business. Find out how this tool can enhance your financial clarity and strategic planning! #BusinessFinance #BusinessGrowth #BookkeepingServices

Selecting an appropriate financial reporting partner is essential for not-for-profits to succeed. Discover the important factors to consider for your organization’s growth. https://okt.to/Jm2nwW #notforprofit #FinancialReporting

Unlock the secrets to efficient financial reporting! Explore the importance of a detailed chart of accounts for any business. Find out how this tool can enhance your financial clarity and strategic planning! #BusinessFinance #BusinessGrowth #BookkeepingServices