Zeroed-In Consulting

Over the last few weeks, we've been talking about audit prep and the importance of tackling those key areas now. But where do you start? Preparing for an audit can feel overwhelming, especially if you're unsure where to focus first. The good news? You don't have to tackle it all at once. There are some key areas that, if addressed early, can make your audit prep much smoother and less stressful. Every company is different, but there are some common focus areas when preparing your financial statements for an audit, such as: - Revenue recognition - Accounting for acquisitions - Debt vs. equity considerations - Recent accounting standards - Reconciliations and supporting documentation Want a deeper dive into audit prep focus areas? Check out our blog. ?? Link in comments. #auditprep #yearend #technicalaccounting

Who would have thought that we could successfully make an analogy between audit prep and dentist visits ?? In our latest discussion, we dive into practical tips and tools to help make year-end audit prep smoother and save time (and money). A unique way to think about it... Audit prep is like going to the dentist. Regular checkups and maintenance throughout the year might take effort upfront, but it beats the pain of an expensive "root canal" later. The same applies to accounting—why not prep now instead of waiting until crunch time? Here are a few key takeaways: ? Communicate early and often with your auditors. Recurring meetings keep things on track. ? Start interim testing prior to year-end and for more complex areas like revenue. ? Prioritize your PBC list—accurate and organized supporting documents save everyone headaches. ? Remember, a little extra effort today can mean big savings tomorrow! How do you stay ahead in your year-end prep? Let us know in the comments! ?? #AuditPrep #YearEndTips #Accounting #USGAAP #ZeroedInsights #BrushUpYourBooks #AuditHygiene

Our co-founder, John Ikosipentarhos, recently joined Greg Alexander on the Collective 54 Pro Serve Podcast to discuss the journey of defining our ideal client profile. ?? John shared insights from our three-and-a-half-year journey as a boutique accounting firm, highlighting the importance of learning which clients truly match our strengths and how we provide value. The conversation covered some of the challenges and lessons that come with narrowing down our focus, analyzing profitability, and even choosing which projects to say yes or no to. John was candid about the ups and downs, emphasizing that this is an ongoing journey of learning and adjusting. ?? We're thrilled to have shared our story and hope it resonates with others in the industry who are navigating similar paths. If you're curious about the journey of finding your perfect-fit clients or just want to hear some real talk about the highs and lows of scaling a professional services firm, check out the podcast episode below! ?? https://lnkd.in/dFDA5V55 We'd love to hear your thoughts—what lessons have you learned in defining your own ideal client profile?

Ready to tackle year-end close and audit prep? We’ve got your back! As 2024 winds down, accounting teams are gearing up for the busiest time of the year. To make the process smoother, we’ve created a?complimentary Year-End Checklist?to help you prepare for close and audit season. ???What’s inside? ?? Essential tasks to wrap up your 2024 books ?? Evaluating complex transactions for accurate accounting ?? Key considerations for seamless audit readiness Whether you're a seasoned pro or tackling your first year-end close, this guide will help you stay on track and organized. ???Download your checklist below! Have questions or need tailored guidance for your year-end process??We're here to help. Feel free to reach out—let’s ensure your close is as smooth as possible! #YearEndClose #AuditPrep #AccountingTips #ZeroedInConsulting #USGAAP #ZeroedInsights

Audit-Ready or Playing Catch-Up? Top Financial Pitfalls Tech Companies Can Avoid As tech companies grow, so does the complexity of their financial landscape. From revenue recognition to capitalizing software development costs, these financial pitfalls can turn audits into an obstacle course if not handled correctly. Avoiding these common traps not only simplifies your audit journey but also strengthens investor confidence and ensures long-term stability. Here’s what you need to know to stay ahead. ? Revenue Recognition (ASC 606): Properly distinguishing between software licenses and SaaS models. ? Fundraising & M&A Accounting: From equity structures to convertible debt, each financing decision brings specific accounting challenges. ? Capitalized Software Development Costs: With potential changes on the horizon, staying up-to-date on software cost capitalization criteria can protect your company from unexpected financial adjustments. Read our recent blog post for further details on these areas. ?? Link in comments Key Takeaway: Proactively managing these areas can smoothen your audit process, strengthen financial reporting, and enhance investor trust. Ready to strengthen your audit preparation? Let’s connect and tackle these challenges head-on. #Tech #SaaS #FinancialReporting #RevenueRecognition #ZeroedInsights #USGAAP

Leveraging Interim Audits: Reduce Year-End Stress and Costs With Q4 in full swing, year-end audit season approaches, bringing the usual wave of audit requests and deadlines. But what if we told you there's a way to lighten the load, save on costs, and minimize last-minute stress? Interim Audit Testing is the key to achieving just that. By front-loading audit tasks in quieter periods, companies can: ? Reduce Sample Testing Burden: Shifting up to 75% of testing into interim periods gives teams breathing room to handle revenue, stock compensation, and asset testing, among others, well before the year-end crunch. ? Manage Complex Transactions Early: Reviewing significant deals, acquisitions, or debt refinancing's in advance ensures complex transactions are accounted for correctly, without the last-minute scramble. ??? We've included a clip below that discusses more on this topic. Say goodbye to potential audit overruns and hello to a smoother audit season. Dive into our latest blog to discover how interim testing can transform your audit experience. ?? Link in comments. #AuditPreparation #InterimTesting #YearEnd #USGAAP #ZeroedInsights

"Your audit fees will be significantly higher than quoted." It's the message no one wants to receive - but it's one you could prevent! ?? Pro tip: Invest in proper preparation. The money spent on pre-audit readiness often saves multiples in potential overrun costs. Having spent years in the audit and consulting field, we've guided numerous companies through financial statement audits. We've identified the three most common - and preventable - issues that drive up costs. Here's what to watch for and how to stay ahead: ? Technical Accounting - Complex accounting commonly requires specific expertise, especially for areas like revenue recognition, leases, debt/equity and business combinations. If you don’t have an evaluation completed on behalf of your company and ready for audit, or if not properly prepared with the right expertise, this can be extremely costly. ? Delayed Responses - Auditors plan their resource allocation meticulously. When PBC (prepared-by-client) items are delayed, they could need reschedule specialized team members - often during peak periods. This cascading effect leads to inefficiencies and higher costs. ? Insufficient/Incorrect Information - It's about providing the RIGHT information in the RIGHT format. One-line responses to complex inquiries or PDFs instead of spreadsheets create extra work and inevitable follow-ups. Ready to get ahead of your next audit? Let's connect to discuss your audit preparation strategy. Drop a comment or DM us - We'd love to provide a free consultation to help you strategize for your successful audit. #Audit #Finance #Accounting #BusinessStrategy #FinancialPlanning #YearEnd #USGAAP #ZeroedInsights

I know some people think, "I’ll worry about the accounting after year-end close." But if you’re a calendar year-end company, waiting until February to start tackling key accounting topics could lead to a lot of stress. Why? Because those complex transactions your company enters into throughout the year take time to sort out—and even more time for auditors to review. Auditors often need to take a deep dive and sometimes send items to their national office, which can really slow things down. And trust us, you don’t want to be scrambling right before the filing deadline! Our advice: address those tricky accounting topics NOW. The sooner you start, the smoother your audit will go. #AuditAdvice #YearEndPrep #GetAhead #Finance #Accounting #ProTip #ZeroedInsights #USGAAP

Proactive communication with your auditors isn't just a courtesy—it's your strategic move for a smoother year-end and can save you on audit costs. Here's what you can start now ?? 1?? Preliminary Risk Assessment: Identify high-risk areas NOW. Discuss topics like new/revised revenue streams, related-party transactions, and areas requiring significant estimates with your auditors to focus efforts where they're most needed. 2?? Significant Events: Create a list of major transactions and events for the year so far. Consider things like acquisitions, sales/spinoffs, new or refinanced debt/equity, and major customer contracts. 3?? Documentation Review: Prepare and review key documents ahead of time. Review important contracts for key terms, and determine if they may require a more complex technical evaluation under US GAAP. 4?? Partial Transaction Testing: Get a head start on sampling for completed periods. This can include testing of revenue transactions, testing of new/amended leases, major fixed asset (or intangible) purchases, and stock compensation activity. Remember: While some procedures need to wait until year-end, early communication and partial testing can significantly smooth your audit journey. It's like a well-rehearsed performance - preparation is key! Need help orchestrating your interim audit preparations? We're here to ensure you hit all the right notes. Comment or DM us to learn how we can help with your audit process. #AuditPrep #InterimTesting #YearEnd2024 #FinancialPlanning #ZeroedInsights

Your Q3 close: The dress rehearsal for your year-end financial performance! Lights, camera, action! ???? Don't wait until last minute to start prepping for your year-end close. Use your current quarter-end as a powerful tool to help you get ahead: ?? Identify Bottlenecks and Inefficiencies: Q3 reviews can help identify inefficiencies or issues before they become audit headaches. ?? Streamline for Success: Refine your processes for better accuracy and efficiency. A smooth operation makes for a smooth audit. ?? Stay Current: Ensure your processes align with the latest accounting standards. The financial world doesn't stand still, and neither should you! ?? Time is on Your Side: Iron out the kinks now and you'll thank yourself later! These tips will help you be ready for a standing ovation when the final curtain falls on December 31st! Need help getting started? We're here to help you hit all the right notes and guide you through the process. Drop a comment or DM us to learn how we can help you ace your year-end audit. #AuditPrep #YearEnd2024 #QuarterEndClose #FinancialPlanning #ZeroedInsights