Thu.Aug 08, 2024

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Leveraging AI for a path to accounting partnership

ThomsonReuters

In the rapidly evolving landscape of the accounting profession, the integration of AI-powered technology stands out as a pivotal factor that can accelerate a young professional’s journey toward becoming a partner. Embracing a more consultative mindset, as well as leveraging the most current accounting tech solutions , is essential for those aiming to distinguish themselves and advance their careers in modern accounting firms.

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Sales tax and agriculture | TaxConnex

TaxConnex

Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Laws vary by state Sales tax changed dramatically in 2018 with the Supreme Court Wayfair decision in a case that greenlighted states mandating online retailers collect and remit sales tax on transactions in states where they had no physical presence.

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IRS processing more ERC claims, moves moratorium date to Jan. 31, 2024

Accounting Today

The Internal Revenue Service is paying out more claims for the Employee Retention Credit program even as it gives the claims greater scrutiny, and is moving the moratorium on processing new claims from Sept. 14, 2023 to Jan. 31, 2024.

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Big 4 Firms Have Specific Hiring Plans in India

Going Concern

Indian business news site Business Standard published a story the other day with the following headline : Amid GCC boom, Big Four in India are boosting hiring of ‘tech architects’ This should be good. If you don’t know the GCC acronym, you certainly know the concept. GCCs, or Global Capability Centers, are the offshore warehouses where they stuff all the people who work cheaper than you (the average cost of a full-time equivalent at a GCC was $22,939 including salary and other

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Pandemic Caused Many Jobs to Move from Big Cities to Smaller Metros

CPA Practice

Jonnelle Marte Bloomberg News (TNS) The pandemic changed where Americans are likely to live and work, with a growing portion of job openings moving away from the biggest cities and into smaller metro areas, according to a Federal Reserve Bank of New York analysis. Job listings in large central metro areas now account for about 38% of total listings nationwide, down from 46% prepandemic, the researchers said in a blog post published this week.

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Marquette University Launches a ‘No Stupid Questions’ Program For Early Accounting Students

Going Concern

Marquette University’s #32 ranked undergraduate accounting program* has deployed a mentoring project that seeks to help first year accounting students make sense of the language of business. “We consistently find that students who are just starting out in the accounting courses are the ones who benefit the most from personalized instruction,” said department chair Dr.

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New features to help streamline accounts payable

Xero

Managing accounts payable is a crucial part of doing business, but paying the bills can be time-consuming and inefficient. So we’re on a mission to make it easier. We’re excited to announce that, over the next few months, we’re making some enhancements to the way you manage bills in Xero. These updates will help small businesses to streamline their end-to-end accounts payable process, saving time and gaining efficiencies.

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Tax Fraud Blotter: State of crisis

Accounting Today

Fictitious relatives; countless meals; the road to Morocco; and other highlights of recent tax cases.

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New! Free Webinar Series: The State of QuickBooks Desktop

Insightful Accountant

What is really going on with QuickBooks Desktop? Fourlane is offering a new webinar series to explain all of the changes with QuickBooks Desktop.

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Taxpayers claim $8B in clean energy credits for 2023

Accounting Today

Claims for the Residential Clean Energy Credit averaged $5,084 per tax return.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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5 Payroll Features and Benefits to Consider When Shopping for Software 

Patriot Software

When you have employees, you need to pay them. Instead of manually calculating gross pay, payroll taxes and deductions, and net pay, you might opt for payroll software. With the right software, you can run payroll in minutes—not hours—each pay period.

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Avoid this common retirement blunder

Accounting Today

Your clients have worked long and hard their entire adult lives to secure a comfortable retirement, so make certain they don't make one of the most common mistakes as they contemplate their options.

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Transforming Your Business Strategy with Outsourced FP&A Expertise

AccountingDepartment

In today’s competitive market, small to medium-sized businesses (SMBs) face the challenge of making strategic decisions with limited resources. One area that often gets overlooked in this equation is Financial Planning & Analysis (FP&A). While it might sound like something reserved for larger corporations with extensive budgets, FP&A is crucial for SMBs aiming to maximize their potential and secure a competitive edge.

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Securing Your Firm: How To Manage Cyber Risk in the Professional Services Industry

Cherry Bekaert

In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda , Professional Services Industry Leader, is joined by Steve Ursillo , a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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How the Xero Beautiful Business Fund helped a platform for pre-loved goods take sustainability further

Xero

“So many parents that we’ve talked to over the years want to shop secondhand, but they find the process time-consuming and frankly, quite overwhelming. We wanted to make it easier for them and make the sustainable choice, the easy choice,” said Nicole Boynton, co-founder of Hand Me Up , an ecommerce platform for second-hand children’s clothing that she started with co-founder Kara Livingston in San Antonio, Texas.

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Top Remote Accountants of the Week | August 8, 2024

Going Concern

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. ACCOUNTING CANDIDATE FTE Accounting Manager | Candidate ID #21968103 Certifications: CPA Education: BSBA Accounting, MS Accounting Experience (years): 12+

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Our updated migration approach to move UK customers to new subscription plans

Xero

In May, we announced changes to Xero’s plans in the UK as part of our efforts to simplify Xero’s offering. The new plans, which will launch on 12 September 2024, bundle key features such as Xero Payroll, Xero Expenses, multicurrency, Xero Analytics Plus and bill payments into some plans, making it easier to choose the best option for your business or clients.

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Top Tips for Crypto Investors to Prepare for Tax Season

Withum

Tax season can be stressful, especially for crypto investors. The complexity of tracking transactions, calculating gains and losses, and staying compliant with ever-evolving regulations can be difficult. However, with a bit of preparation, you can make tax season a breeze. 6 Essential Tips to Stay Ahead of the Curve Organize Your Transaction Record: Saving detailed records for all of your crypto transactions is crucial.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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Success With Goal Setting

Insightful Accountant

Insightful Accountant has partnered with Chris Panek, CPA and Certified Coach to provide training sessions with follow up Q&A sessions for our Be Insightful Premium Content members.

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CohnReznick Earns Three Global M&A Network Awards

CPA Practice

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Global M&A Network has recognized its Transaction Advisory team with three awards. At the 6th Annual USA Middle Market M&A Atlas Awards, the firm was named Outstanding USA Transaction Advisory Firm and also won the Growth Investment Deal Award.

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M&A Update: Middle Market M&A and Leverage Overview – 2024 Quarter 1

Withum

Insights from Withum’s Investment Banking 2024 Quarter 1 Report Download Guide How is the M&A market trending in Q1? We dive into answering this question in our Investment Banking Quarter 1 report. Take a look at what we are seeing within the current M&A activity, M&A trends, industry sectors and the private credit markets. A Glimpse Into Our Investment Banking Quarter 1 Report: M&A activity is seeing an uptick, yet a broad recovery remains elusive As overall multiples contract,

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How Terrell Turner Manages His Team and Streamlines Workflow

Canopy Accounting

I recently had the opportunity to sit down with Terrell Turner , the founder of TLTurner Group , to discuss how he has successfully navigated the complex landscape of bookkeeping and CFO services for law firms since April 2020. With a growing team of 10 staff members spread across different countries and time zones, Terrell's systematic approach to managing his team and technology is impressive.

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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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Vertex buys e-invoicing company Ecosio

Accounting Today

Tax technology company Vertex announced its acquisition of European e-invoicing company Ecosio

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Add Gridlines to QuickBooks Desktop Reports

Insightful Accountant

Intuit introduced a mid-year 'slipstream' update to QuickBooks Desktop reporting that allows gridlines to be displayed in five of the most popular financial reports.

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An Example of a Forensic Accountant Finding Fraud in a Divorce

FraudFiles

Tracy Coenen talks with Miles Mason, Esq. about a divorce case of his in which a forensic accountant was able to find significant financial frau d.

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How Much Cash On Hand Does My Business Need?

Summit CPA

How much cash does your business need on hand? We have a few rules of thumb for our clients that we'd like to share with you.

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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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TaxBit tool supports pricing justifications for digital asset accounting

Accounting Today

TaxBit announced the launch of enterprise-grade pricing feature within the TaxBit Accounting Suite.

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CAS needs to include client education

Accounting Today

All too often, clients literally don't know what their accountants are talking about.