Question 1

What is the difference between a financial review and an audit?

Accepted Answer

A financial review provides limited assurance on your financial statements and is less extensive than a full audit. For many smaller governments, municipalities, districts, and nonprofits, a review provides the credibility and oversight they need without requiring a full audit.

Question 2

How do I know if my organization needs an audit or a financial review?

Accepted Answer

That depends on your organization, funding sources, grant requirements, and other reporting requirements. We can help you determine what level of financial reporting or assurance makes sense for your situation.

Question 3

What is fractional controller support?

Accepted Answer

Fractional controller support gives your organization access to experienced financial oversight without hiring a full-time controller. This can include reviewing financials, budgeting, reporting, planning, and helping communicate financial information to leadership or your board.

Question 4

Can we use Baughman Accounting instead of hiring an in-house accountant or controller?

Accepted Answer

For many organizations, yes. Outsourced bookkeeping and fractional controller services can provide ongoing financial support without the cost or commitment of adding another full-time position.

Question 5

When should we contact you about year-end reporting or an upcoming review?

Accepted Answer

Earlier is always better. Getting financial records organized before year-end or before a review or audit can make the process smoother and give you time to address any missing information or accounting issues.

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FAQs

Frequently asked questions

What is the difference between a financial review and an audit?

How do I know if my organization needs an audit or a financial review?

What is fractional controller support?

Can we use Baughman Accounting instead of hiring an in-house accountant or controller?

When should we contact you about year-end reporting or an upcoming review?

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Frequently asked questions

What is the difference between a financial review and an audit?

How do I know if my organization needs an audit or a financial review?

What is fractional controller support?

Can we use Baughman Accounting instead of hiring an in-house accountant or controller?

When should we contact you about year-end reporting or an upcoming review?