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Accountant Michael Pocrnich Enumerates the Keys to a Successful Audit Preparation

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Minnesota, US, 2nd May 2024, ZEX PR WIRE, Michael Pocrnich, an accounting professional with a distinguished career of over twenty years, recently offered his insights into the critical elements of audit preparation. Pocrnich, based in Minneapolis and currently a Finance Manager at Element Financial Advisory, has played a significant role in guiding organizations through the audit process, focusing on the accuracy and clarity of their financial reporting. He highlighted eight specific areas that organizations should consider in order to successfully prepare for an audit, including documentation, reconciliation, access to information, internal reviews, inventory checks, compliance, financial statements, and communication.

“The cornerstone of any audit is documentation,” asserted Pocrnich. Proper documentation for all financial transactions, including invoices, receipts, and contracts, is essential. Maintaining and producing proper documentation not only validates the transactions of an organization but also provides a comprehensive trail for auditors to examine the financial activities over the period under review. “Documentation alone does not guarantee a smooth audit, but a lack of documentation will lead to a difficult audit at best.”

According to Pocrnich, reconciliation is a critical step in audit preparation. “Ensuring that your ledgers and bank statements correspond is not just important; it is absolutely crucial.” He explained that engaging in regular, thorough reconciliation practices is fundamental to affirming the accuracy of recorded financial amounts. This diligent process aids in the early detection and resolution of discrepancies, which facilitates a smoother and more efficient audit. This level of attention to detail is important in maintaining the integrity of financial reporting before an auditor’s examination begins.

Michael Pocrnich went on to highlight the importance of providing auditors with unobstructed access to financial records. This includes making available past audit reports, the general ledger, tax returns, and financial statements– all of which are fundamental to a smooth audit process. He is also a proponent of conducting an internal review or audit before the external auditors step in. He described this as a proactive measure to identify and correct issues early on, thus saving time and maintaining the organization’s reputation during the actual audit.

For companies with physical inventory, Pocrnich stressed the importance of inventory checks. “A physical count is absolutely critical to verify the actual existence of assets. It’s not just about confirming what’s there; it’s about ensuring the integrity and accuracy of the company’s financial reporting,” he advised. This step ensures that the valuation of inventory in financial statements is accurate and substantiated by actual stock levels, thus preventing discrepancies and potential financial errors.

Compliance is another area that he emphasized. Adhering to relevant accounting standards such as GAAP and IFRS, as well as compliance with tax laws and SEC regulations, is non-negotiable. This ensures that the organization remains legally sound and maintains its credibility. Hand in hand with compliance is the preparation of complete and accurate financial statements. Pocrnich advised that these documents represent the organization’s financial integrity, and they should be prepared meticulously to provide a clear base for the audit.

Communication with auditors is another important key to a successful audit. Pocrnich encouraged maintaining an open line of communication, being ready to explain accounting methods, anomalies, or transactions. He explained that this facilitates mutual understanding and contributes to the effectiveness of the audit. Throughout his roles, including as a Controller and as a Finance Manager, Pocrnich has advocated for thorough audit preparation. His extensive use of accounting principles like GAAP, FASB, and GASB has been instrumental in his approach to financial accuracy and leadership.

In his current role, he oversees accounts payable, payroll, and financial compliance with a systematic approach. He emphasizes that successful audit preparation is a fundamental professional responsibility that underscores an organization’s commitment to transparency and strategic foresight. Michael Pocrnich’s message is straightforward: diligent preparation, strict compliance, and clear communication are imperative for a successful audit. These principles enable businesses to demonstrate financial clarity and uphold a standard of trust and quality in their corporate practices.

About Michael Pocrnich

Michael Pocrnich is an accounting professional with over 20 years of experience, primarily in non-profit accounting, auditing, and financial analysis. Based in the Minneapolis area, he holds a BA in Accounting from St. John’s University. In his early career as a Senior Auditor at CliftonLarsonAllen, Michael managed non-profit audits, developed internal controls, trained junior staff, and presented financial reports to leadership. He is known for his financial forecasting, reporting, and analytical skills, as well as his proficiency in various ERP and CRM software, including the Microsoft suite. Currently, as a Finance Manager at Element Financial Advisory, Michael Pocrnich provides CFO and Controller services for a range of clients, from government and non-profit organizations to entities with revenues exceeding $20 million. He specializes in financial forecasting and manages all aspects of state and federal grant administration. His prior role as Controller at Beltz, Kes, Darling & Associates (now BerganKDV) involved similar duties and the leadership of annual audits and client financial facilitation. Michael’s professional skill set includes staff management, client relations, and a high emotional IQ, making him a strong communicator and customer service expert. He efficiently oversees accounts payable, payroll, and financial compliance, leading his team effectively. Michael Pocrnich’s extensive use of accounting principles like GAAP, FASB, and GASB throughout his career demonstrates his commitment to financial accuracy and strategic leadership. His experience and approach position him as a key resource for organizations looking to strengthen their financial practices and oversight. 

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340Bwell Presents the latest research for Optimizing STD Clinics at Global HIV and AIDS Conferences

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9 hours ago

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November 22, 2024

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Austin, Texas, United States, 21st Nov 2024 – 340Bwell, a leader in the 340b consulting and solutions, presented their cutting edge research in two major global HIV/AIDS conferences  – HIV4Prevention Conference held in Lima, Peru; and Fast Track City Conference held in Paris, France. 

Building upon the foundation of promoting evidence decision making within the organization and among its clients – that includes leading STD clinics of the United States – 340bwell team used regular client demographic and clinical data to uncover a diverse range of findings. 

In the Fast Track City Conference, the Bwell team presented a poster that highlighted the paucity of research on PrEP retention in the global south. The poster was the outcome of a systematic review being conducted by the team that examines PrEP retention and analyses the way researchers and practitioners measure it and define it. The poster revealed that the majority of the studies (>50%) were in the United States. The other two countries with a relatively large number of studies were South Africa (14.2%) and Kenya (12.5%). Bwell Managing Partner Mark Erwin also delivered a presentation on a novel telehealth model for PrEP service delivery that deployed an in-house assembled testing kits to save on cost and to expand access. 

In the HIV4Prevention Conference, two posters were presented. The first focussed on the science and dynamics of appointment scheduling – demonstrating that the association between client showing up and day of appointment, time slot, chosen, and if the appointment was in-clinic or telehealth was statistically significant. The second poster aimed to test the accuracy of a model that could predict if the client will show up or not using machine learning – deploying routine data. 

Considering that The United States’ PrEP clinics have high no-show rates and not only do cancellations or no-shows result in lost opportunities to connect patients to PrEP therapy, but they also waste clinic time and resources – these findings and models can influence the way clinics can optimize their resources. 

Mark Erwin, the managing partner of the company said “We are excited to present evidence generated by our team at such esteemed global platforms and at the same time, learn from researchers across the world. It is truly a joyful experience to be around HIV/AIDS advocates and scientists with the common goal of reducing the impact of HIV for those who live with it or are vulnerable to it.”

About 340Bwell:

340Bwell is a consulting firm specializing in optimizing 340B drug pricing programs for HIV and STD clinics. They use data-driven strategies to improve patient outcomes, clinic efficiency, and care access. Their innovative solutions have been presented at global HIV/AIDS conferences. 340Bwell is committed to advancing healthcare for underserved populations.

For more information visit https://340bwell.com/

Media Contact

Organization: 340bwell

Contact Person: Harsh Agarwal – Data Scientist

Website: https://340bwell.com/

Email: harsh@340bwell.com

Contact Number: +19199031531

City: Austin

State: Texas

Country: United States

Release Id: 21112420055

The post 340Bwell Presents the latest research for Optimizing STD Clinics at Global HIV and AIDS Conferences appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Industry Titans Join Forces to Revolutionize Fintech Automation and Decentralized Infrastructure

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9 hours ago

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November 22, 2024

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In a landmark partnership, Clever Tech, a global leader in advanced AI-driven solutions, and NebulaNet, a trailblazer in decentralized cloud computing, have announced a strategic collaboration aimed at redefining the fintech industry. By combining cutting-edge machine learning, natural language processing, and next-gen cloud computing, the partnership promises to set a new standard for automation and innovation in financial technology.

Driving Innovation at Scale

Clever Tech and NebulaNet are no strangers to transforming industries. With Clever Tech’s reputation for building real-time, context-aware decision-making engines and NebulaNet’s pioneering work in decentralized storage solutions, the collaboration is set to tackle some of fintech’s most pressing challenges, including operational inefficiency, data security, and scalability.

“Clever Tech and NebulaNet are two of the most influential forces in tech today, and this partnership is about more than advancing fintech; it’s about creating an entirely new foundation for how financial systems operate,” said Erik, CEO of Clever Tech.

Key Goals of the Partnership

This collaboration will focus on two critical areas of the fintech ecosystem:

  1. Automation-First Financial Systems: By leveraging Clever Tech’s AI-driven decision engines, the partnership will introduce unparalleled automation to financial services, enabling real-time, personalized decision-making in areas like loan processing, fraud detection, and customer support.
  2. Decentralized Infrastructure for Fintech: NebulaNet’s decentralized cloud computing solutions will be integrated to create secure, scalable, and cost-effective infrastructure for financial institutions, empowering them to store and access sensitive data with unmatched efficiency and reliability.

“Our vision is to provide the fintech industry with the tools it needs to thrive in a rapidly evolving digital landscape. Decentralized infrastructure is the key to ensuring resilience and scalability, and together with Clever Tech, we’re unlocking its full potential,” added Nelson, Founder and CTO of NebulaNet.

Big News: A Revolutionary Fintech Operating System

As part of this partnership, Clever Tech and NebulaNet are co-developing a first-of-its-kind Fintech Operating System (FinOS). This platform will serve as an all-in-one ecosystem for financial institutions, combining AI-powered automation with decentralized cloud infrastructure.

FinOS will enable institutions to:

  • Streamline Operations: Automate decision-making processes for faster, more accurate results.
  • Enhance Security: Utilize NebulaNet’s decentralized storage to safeguard sensitive data.
  • Scale Seamlessly: Leverage elastic, decentralized computing to adapt to changing demands without downtime or inefficiency.

A Partnership That’s Built to Last

Both companies are committing significant resources to the partnership, including a joint R&D initiative and the establishment of a shared innovation lab. With a combined investment of $100 million over the next three years, this collaboration underscores both companies’ commitment to pushing the boundaries of what fintech can achieve.

About Clever Tech

Clever Tech is a global leader in artificial intelligence and advanced decision-making systems. With a proven track record of delivering cutting-edge solutions across industries, Clever Tech empowers businesses to make smarter, real-time decisions using the latest in machine learning and natural language processing.

About NebulaNet

NebulaNet is a next-generation cloud computing platform specializing in decentralized storage and computing solutions. Recognized for its innovative approach to secure and scalable infrastructure, NebulaNet supports industries worldwide in unlocking the power of decentralized technology.

For media inquiries, please contact:

Company Name: ClevrTech

Contact person: Joshua

Contact Email: support@clevrtech.com

City: Singapore

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Global Investment Leaders Unite to Launch $15 Million Fund for Blockchain and Fintech Innovation

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9 hours ago

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November 22, 2024

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Three powerhouse firms in financial advisory, venture capital, and global investments have joined forces to create a $15 million fund aimed at driving innovation in blockchain and fintech. This unprecedented partnership brings together industry titans with a shared mission to reshape the financial technology landscape and foster the next wave of transformative solutions.

A Unified Vision for Blockchain and Fintech Growth

The newly formed fund will focus on early-stage startups leveraging blockchain and fintech solutions to enhance efficiency, accessibility, and sustainability across industries. Each partner brings a unique perspective and strength to the initiative, making this venture a beacon of innovation and collaboration.

  • WealthWise Partners brings its deep understanding of financial markets and consumer-focused strategies to the table. Known for empowering clients with smarter financial decisions, WealthWise will guide the fund’s focus on technologies that simplify financial management and improve transparency for end users. “Our mission has always been to make finance accessible. By supporting blockchain and fintech startups, we are enabling technologies that will democratize financial opportunities for millions,” said Frank, CEO of WealthWise Partners.
  • Arbor Ventures, renowned for its commitment to sustainability and technology innovation, will lead the charge in identifying startups that align with sustainable development goals. With a proven track record in nurturing early-stage ventures, Arbor Ventures aims to integrate blockchain’s potential with green initiatives. “Sustainability and technology are no longer separate goals. Blockchain and fintech innovation can drive efficiencies in supply chains, energy systems, and beyond, making sustainable progress achievable at scale,” commented Maddie, Managing Partner at Arbor Ventures.
  • InnovateInvest Capital, a global leader in infrastructure and technology investments, will harness its expertise in scaling long-term growth opportunities. With its focus on impactful and sustainable returns, InnovateInvest Capital will support startups that demonstrate robust potential to transform global financial and technology landscapes. “John,” Chief Investment Officer at InnovateInvest Capital, stated, “We see blockchain as the backbone of the next digital economy, and fintech as its enabler. Our role is to identify the projects with the vision and capability to shape this future.”

Focus Areas and Strategic Approach

The fund will prioritize investments in startups developing solutions in areas such as decentralized finance (DeFi), blockchain-enabled payment systems, regulatory technology (RegTech), and sustainable digital infrastructure. By fostering innovation in these areas, the collaboration aims to:

  1. Empower underserved communities by enhancing access to financial tools and resources.
  2. Drive transparency and security through blockchain’s immutable ledger capabilities.
  3. Promote global sustainability with tech solutions that optimize energy use and resource management.

The partners have committed to an inclusive and collaborative approach, working closely with portfolio companies to provide mentorship, market access, and scalability strategies.

A Shared Commitment to Transformative Change

The $15 million fund will target startups in critical areas such as decentralized finance (DeFi), blockchain-enabled payment systems, regulatory technology (RegTech), and sustainable digital infrastructure. By aligning their resources and expertise, these firms are committed to:

  1. Driving Financial Inclusion: Supporting technologies that broaden access to financial services for underserved communities.
  2. Building a Sustainable Future: Investing in innovations that optimize energy use and promote environmentally friendly solutions.
  3. Advancing Transparency and Security: Leveraging blockchain’s inherent capabilities to enhance trust and accountability across industries.

Strategic Vision for Sustainable Innovation

This collaboration underscores the growing importance of partnerships in scaling breakthrough technologies. By pooling their resources and leveraging their global reach, the partners aim to not only fund but also mentor startups, providing access to invaluable expertise, networks, and markets.

“This fund represents more than just an investment—it’s a vision for the future of finance and sustainability,” commented John, speaking on behalf of the partnership. “Together, we are empowering innovators to solve real-world challenges and create value for businesses and communities alike.”

Looking Ahead: A Transformative Opportunity

This initiative signals a shift in how blockchain and fintech are approached by leading players in the financial world. By harnessing the combined power of financial advisory, venture capital, and large-scale investment, these firms are poised to set a new benchmark for collaboration in fostering meaningful, technology-driven change.

For additional details about the fund or partnership, please contact:

Company Name: WealthWise Partners

Contact person: Benjamin

Contact Email: support@wealthwise.homes

City: Singapore

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