Raleigh

Article Dean Dorton

Dean Dorton Event in Raleigh, North Carolina: Audit-Ready Financials for the Modern Nonprofit CFO

Independent external audits of GAAP financial statements are an inescapable reality—especially for nonprofits who face increasingly stringent scrutiny by individual donors, grant-making foundations or corporations, and even government regulators.

Creating audit-ready financials is easier in theory than in practice, however, because the audit process often quickly bogs down in down in the reconciling and tracing of numbers through the accounting system because the accounting is not well-organized and documented. Thus, the auditor spends far too many hours understanding relatively mundane accounting issues and verifying data flows. Typically, financial statement audits get derailed by accounting and documentation deficiencies in three major areas: revenue, receivables, and consolidation.

Challenge 1: Revenue recognition

GAAP-compliant accounting is a top challenge for finance professionals because the loosely defined regulations and evolving interpretations create a high level of complexity. In many instances, the timing of revenue recognition receives the greatest level of scrutiny—and nonprofits are not exempt. According to MorganFranklin Consulting, “Many ways that nonprofits generate income are considered revenue from contracts with customers and are subject to the new revenue standard.”

One of the best ways to be audit-ready for revenue recognition is to rely on an accounting system with a proven track record of automating, managing, and documenting complex revenue accounting. The software should define separate revenue recognition templates and rules for each individual contract and line item, enabling you to easily defer recognition based on the fulfillment status for each item.

Challenge 2: Accounts receivable

Nonprofits typically have two kinds of receivables: trade receivables, which is money that clients of the organization owe for receiving services; and pledges and grants receivables, which are future gift commitments by donors, foundations, and other grantors. Auditors care about the realizable value of your receivables, which requires an accounting judgment to calculate an allowance for uncollectible accounts. Your accounting software should track transaction details forever and maintain secure access to complete customer histories so that your judgment of collectability is well-founded and defensible.

Challenge 3: Consolidation

Organizations that report a single consolidated set of financial statements for multiple entities are at a greater risk of a misstatement because of the complexity involved in identifying and properly accounting for all of the intercompany transactions and eliminations. Most finance departments manage consolidations using a massive, complex spreadsheet workbook. Yet, any experienced auditor will tell you: these spreadsheets contain formula errors, lack some GL accounts, or are impossible for the auditor to untangle and follow.

The best way to get audit-ready is to automate financial consolidations with completeness and accuracy. Automation reduces the chances of human error when dealing with this high volume of data and calculations, which reduces your overall risk of a material misstatement.

Get audit-ready with the right fund accounting software

In addition to streamlining and automating your daily accounting and period-ending financial closes, the right software platform also makes life easier for your auditor. Automation removes the risk of manual spreadsheet errors, makes your calculations faster and more reliable, and reduces the time the auditor spends rechecking your accounting calculations. And an accounting system that is purpose-built to manage and demonstrate the accounting path sets the stage for you and your auditor to have a positive audit experience.

Learn how cloud financial management software can offer an efficient, paperless audit that saves both you and your auditor time and provides full transparency within your accounting system. Join us on Tuesday, January 29th, from 11:30 a.m. to 2:30 p.m. at the Angus Barn in Raleigh, North Carolina, for a presentation, Audit-Ready Financials for the Nonprofit CFO.

Attendees will qualify for 1.5 CPE credit hours, and a complimentary lunch will be served for all individuals who play a financial role in their organization—including CEOs and presidents.

Article Dean Dorton

Mark your calendars!

This spring. Sage Intacct. The best learning tools and resources. Coming to a town near you.

Massey Consulting is thrilled to announce the sponsorship of two Sage Intacct Regional Meet-Ups in North Carolina this April- one in Raleigh/Durham and one in Charlotte.

What You Can Expect

During these three-hour occasions, designed to foster collaboration within the Sage Intacct community, Sage Intacct representatives come from near and far to provide a fun, educational, thought-leading event for users and partners.
Whether you have been a long-time Sage Intacct customer, or recently implemented the solution, there are valuable takeaways for everyone.

Sage Intacct Meet-Ups feature:

  • Presentations on new product offerings, learning tools, and updates from Sage Intacct Product Management
  • Updates on the new releases
  • An opportunity to meet some of the Sage Intacct team and network with local customers
  • Customer panels and a Q & A session
  • Free breakfast/lunch and giveaways

“Each one of these meet-ups is filled with wonderful, unique learning opportunities, and gives each person the ability to discover resources inside of Sage Intacct that they might not have known about,” says Philip Massey, President of Massey Consulting. “To top it all off, you’ll get to network with local Sage Intacct users and speak directly with Sage Intacct representatives. It’s an event that users and customers will definitely not want to miss.”

Although anyone is welcome to join these events, they are generally prominent for current Sage Intacct users and customers.

However, Massey Consulting offers a special referral program, where if you believe someone may be interested in purchasing Sage Intacct, you can fill out a form HERE or let us know and we can get that individual registered for the event.

Check out more details below:

Raleigh/Durham: April 17th at 11-2:30 pm ET at the offices of Avalara

Charlotte: April 18th at 8:30-11:45 am ET at Avidxchange Music Factory

We hope to see you there!

Article Dean Dorton

By now, your business may already appreciate a lot of the benefits that come with Intacct’s best-in-class cloud solutions. But did you also know that their experts go the extra mile to meet their customers face-to-face?

We’re talking about the Intacct’s Regional Customer Meetups – yet another great benefit we get from Intacct.

More Than Just a Free Lunch

In the Intacct meetups, both recently joining businesses and veteran Intacct customers always walk away with more than just a free lunch. They meet other Intacct users in both diverse and common industries that bring fresh solutions and unique perspectives to the table on a common product.  

People that come to these events find they love the exchange and collaboration that happens.

“You will find answers here.”

Spark a Conversation

When Intacct users come to the meetups bringing their questions and goals, they uncover brand new avenues of usage they never dreamed possible.

Attendees report that each event offers a goldmine of resources just from talking with other Intacct customers about their best practices and experiences. They leave having made new friends and great networking contacts, all while expanding their Intacct knowledge.

These exchanges are uniquely beneficial events for everyone involved.

Tap into Intacct Expert Brains

Intacct representatives host these events to offer guidance, answer questions and provide insight into the software that enhances its value for their guests.

Participants can learn about partnerships, untapped resources, unique tips and tricks to save time and effort, and technology advancements that fit your unique metrics. All from just attending a session.

Many Intacct users come with expectations about what they will get out of the event, and leave pleasantly surprised by the benefits surpassing their expectations.

Fire Up Your Financial Team

Intacct users come to the meetups in groups because these events are excellent learning experiences for all users on every level – not just administrators.

Education is never a wasted endeavor and when you bring your team members to these sessions, the energy behind the meetups helps to ignite enthusiasm and drive in your team to get the most out of Intacct software.

What Intacct Meetup Guests Say…

“It’s a great way to network and learn what’s going on without having to travel out of town!”

       

“If you spend the day and you learn two things that make your job easier or better – totally worth it…”

“Definitely go!”

Article Dean Dorton

Raleigh, N.C., January 3, 2017 ( http://www.masseyconsulting.net/)– Massey Consulting, a leading accounting software consulting firm in Raleigh, NC, announced that they have moved their corporate office to a new location at Logger Court.

“We continue to grow as a company and additional space was needed for our new staff members,” said Philip Massey, owner of Massey Consulting.

Massey Consulting now has five employees. Philip Massey is the owner with two senior consultants, Billie Grigg, and Jim Stubanas. Catherine Cottingham is their Marketing Director. “There are plans to further increase our staff in 2017,” said Massey, who was recently named by Progressive Media Group BSI as a VAR Star for the second consecutive year.

The demand for more space is due to the continued growth of Massey Consulting’s customer base, primarily SaaS companies, Professional Services firms, and Nonprofit organizations wishing to take advantage of state-of-the-art, cloud-baed accounting software solutions. The company will more than doubled their square footage as a result of the move.

Massey Consulting’s new address is 1100 Logger Court , Suite F102, Raleigh, NC, 27609.

Massey Consulting offers multiple resources for nonprofits and businesses investigating cloud-based solutions. In addition to several white papers, Massey Consulting offers numerous webcasts (http://www.masseyconsulting.net/calendar/) on a variety of cloud technology topics.

About Massey Consulting

Founded in 2002, Massey Consulting is a reseller for accounting software products Intacct and Microsoft Dynamics GP. Our consultants boast a wealth of practical field experience gained as controllers, accountants and information system professional in a wide range of business environments. We are certified, recognized experts in each of the software solutions we offer. Our clients benefit from efficient, integrated solutions that allow them to focus more their business and less on their software. Massey Consulting currently serves over 80 clients across the United States and Canada.