Tue.Oct 01, 2024

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Is Gen AI creating a pricing conundrum for CPAs?

Accounting Today

As more and more professional services organizations lean on AI-driven tools to enable new ways of working, there is some question as to how this will impact pricing models.

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Defining tech products and services for tax and regulatory compliance – part 1

TaxConnex

Information technology companies face a special challenge in sales tax and regulatory compliance, chiefly because of what you sell and how you sell it. What do you do exactly? Sell Software as a Service (SaaS)? Provide an information service? A telecom service? Your company probably fits into at least one of these categories – or more than one, which is where sales tax obligations and regulatory compliance can get complicated.

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The MSO/PC Advantage for Scaling a Healthcare Startup

BurklandAssociates

For healthcare founders, the MSO/PC model simplifies scaling, ensuring compliance with CPOM while allowing you to focus on delivering quality care. The post The MSO/PC Advantage for Scaling a Healthcare Startup appeared first on Burkland.

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AICPA asks for tax relief in aftermath of Helene and IRS grants it

Accounting Today

The American Institute of CPAs has sent a letter to the IRS asking for immediate tax relief in the wake of the hurricane, which caused widespread destruction in six states.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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Jay-Z Has 99 Problems But BDO Ain’t One

Going Concern

We noticed this morning that an October 2022 article we wrote about Fat Joe suing BDO was suddenly getting a lot of views today, now it’s clear why. FT says in a fresh story that 54-year-old rapper Jay-Z — real name Shawn Carter aka Mr. Bey — severed his relationship with BDO “following accusations that a staff member had been stealing money from customer accounts.” That former staff member is Vanessa Rodriquez, assistant to Andre N.

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Salary guide: Accountants expect disruption, will see average job growth

Accounting Today

LHH's 2025 Annual Salary Guide reports 56% of accounting professionals feel their roles are at risk of disruption by digitalization, automation and AI.

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The worst mistake an accountant can make – and how to avoid it

Mark Lee

A journalist once surprised me with a question I wasn’t anticipating: “What is the worst mistake accountants can make when they are trying to ‘close’ a prospective client?” When I later reflected on my instinctive reply I was satisfied it contained good advice – especially as some accountants may be unaware they are making this mistake. I have expanded on it below and explained the downsides of making the mistake in question.

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Prosperity Partners acquires Wiener and Garg

Accounting Today

The Chicago-based accounting business backed by private equity, has completed the acquisition of a tax preparation, planning, advisory and accounting firm based in Rockville, Maryland.

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Sage Acquires Supply Chain Software Platform Anvyl

CPA Practice

Accounting software provider Sage is enhancing its supply chain solution capabilities by acquiring Anvyl, a New York-based technology firm focused on the high-growth $20 billion supply chain software sector. Financial terms of the deal weren’t disclosed. Mark Hickman “Our acquisition of Anvyl reinforces Sage’s commitment to offering comprehensive back-office solutions for small and midsized businesses, particularly in supply chain management,” Mark Hickman, managing director, North America at S

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Business Travel Expense Strategies for Everybody

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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P **g Match of the Day: Deloitte vs. PwC Partner Pay

Going Concern

Exact numbers on EY UK partner pay haven’t been revealed yet but we do know that it isn’t going to be great. While we wait for those numbers and our shipment of tiny violins to arrive, figures on two other firms across the pond are out: Deloitte and PwC. TLDR: Big D partners won this round by quite a bit. Woe Be Unto PwC UK Partners PwC UK partners pocketed £862,000 on average for the year ended June 30, 2024 — that works out to more than $1.14 million in freedom units.

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Tax planning as the election nears

Accounting Today

This election season could have a more significant effect on tax policy than most. How can CPAs guide their clients through this potential volatility in tax policy?

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Learning About Entrepreneurship From Tommy Boy

Withum

I have always liked Chris Farley and, in particular, his movie Tommy Boy. I have it recorded, but I seem to watch parts of it whenever I am channel surfing and catch it on. Recently, I decided to watch it from the beginning, and a scene caught my attention that provided the inspiration for this blog. The scene was Chris in the role of Tommy sitting dejectedly with a shot of the Callahan Auto Parts sign over some trucks in a loading bay.

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Small business job growth dipped in September as wages grew

Accounting Today

Job growth at small businesses moderated slightly in September, but hourly earnings growth reached 3.01%, up from 2.95% in August, payroll provider Paychex reported.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Zone & Co Launches ZoneBilling AI Assistant, Transforming Customer Self-Service with Intelligent Automation

CPA Practice

Zone & Co , the leading provider of ERP-expanding software solutions for the CFO’s office, today announced its new ZoneBilling AI Assistant, a groundbreaking tool designed to enhance user experience by providing instant, contextual answers to user queries without leaving their workspace. This AI assistant represents a significant step forward in the company’s mission to streamline operations and reduce friction for finance teams.

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Redefining the Modern Workforce: Gen Y and Z at the Helm

Accounting Insight

The Millennials (Gen Y) and arrival of Generation Z in the workforce is transforming how businesses operate. Often stereotyped—Millennials as tech-savvy yet fickle, and Gen Z as pragmatic and bold—these generations are driving significant changes in workplace dynamics. Raised in an era of instant access and global interconnectedness, both generations bring fresh perspectives that challenge the status quo of traditional management.

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How Mutual Muse took circular fashion from trend to timeless

Xero

When you think of ‘circular fashion’ you might think of donating your old clothes and items to local charity shops, or online marketplaces. But what about consignment stores that pay you for your most-loved items and offer credit notes that allow you to refresh your wardrobe at the same time? That’s exactly what Kirsta Hawkins, owner of sustainable consignment store Mutual Muse, wanted to bring Australian shoppers when she opened her first store in 2014.

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Indicator launches market first AI assistant – GenIA-L – for tax advisors and accountants

Accounting Insight

Indicator, part of the Lefebvre Sarrut group, the European leader in legal and tax knowledge, launches its conversational AI assistant – GenIA-L – to the UK tax and accountancy market. Indicator are thrilled to announce the launch of GenIA-L, an unprecedented AI tool designed specifically for tax advisors and accountants across the UK. GenIA-L takes tax advisory into the digital age with machine learning capabilities, offering tailored advice through an intuitive chat interface, and

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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In the blogs: This might hurt a bit

Accounting Today

Saying 'yes' too much; M&A mania; partners' income spread; and other highlights from our favorite tax bloggers.

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FloQast Launches New AI Platform and 3 Products

CPA Practice

FloQast has launched its all-new Accounting Transformation Platform, purpose-built by accountants, for accountants. Incorporating the entire FloQast solution portfolio, including FloQast Close, FloQast Compliance Management, and FloQast Ops, the Accounting Transformation Platform unveils new AI workflows to deliver value throughout every step of the accounting journey, including: Optimize the close Automate the close Connected compliance Integrated record-to-report FloQast also introduced severa

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Aiwyn releases PracticeOS for accounting firms

Accounting Today

Aiwyn announced the release of PracticeOS, a vendor agnostic practice management platform specifically for accounting firms.

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IRS Looks to Improve Communication With Large Corporations During the Appeals Process

CPA Practice

As part of its ongoing efforts to expand online tools and improve user experiences for both individual and business taxpayers, the IRS announced on Monday it has launched a new pilot program to enhance secure messaging for large corporations with multiple representatives during the appeals process. From Sept. 30, 2024, through March 31, 2025, the IRS Independent Office of Appeals’ Secure Messaging Program Office is piloting “corporate group mailboxes,” allowing eligible business taxpayers with a

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Grow Big, Pay Smart: How To Unlock Efficiency In Payroll Management

Speaker: Joe Sharpe and James Carlson

Running a small business is no small feat. Payroll management, in particular, can be one of the most time-consuming and complex parts of that equation. Yet, businesses that crack the code on streamlining these processes often discover not just savings, but new avenues for growth. Our expert speakers will share actionable insights and real-world examples of how businesses have reduced overhead and improved payroll efficiency.

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Frontrunner in Washington's gov. race defends capital gains tax

Accounting Today

Without an income tax, Washington has one of the most regressive tax systems in the U.S.

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IRS Draft Form 7217 Ready For Public Comment

CPA Practice

The IRS on Sept. 30 requested public comments on draft Form 7217 and instructions for draft Form 7217. Last month the IRS posted revised draft Form 7217, with the new title “Partner’s Report of Property Distributed by a Partnership.” This is a new form for tax year 2024 applicable to distributions to partners made during that tax year. The purpose of Form 7217 is to report all distribution of property that a partner receives from a partnership.

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IRS Expands AI-Powered Chatbot Capabilities

Insightful Accountant

The Internal Revenue Service (IRS) is leveraging artificial intelligence (AI) chatbots to enhance taxpayer assistance, with potential implications for tax practitioners and their clients.

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Avantax Acquires SEP Financial Services

CPA Practice

Avantax Inc., a unique community within Cetera Holdings and a provider of tax-focused financial planning and wealth management, has acquired SEP Financial Services, founded by veteran independent financial advisor Stephen E. Plain, who’s been affiliated with Avantax for 25 years. Plain chose to evolve his relationship with Avantax as the core to his succession plan, which involves his practice and clients transitioning to Avantax Planning Partners (APP), the employee-based model of Avantax.

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A Quick Historical Bookkeeping Cleanup

Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

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The Impact and Future of Generative AI in Business

Withum

Microsoft’s report, “ Generative AI in Real-World Workplaces ,” highlights a key finding: the difference between perceived productivity and measurable time savings with generative AI in business tools. Employees feel a reduced mental burden and perceive an increase in productivity, along with enhanced job satisfaction and higher-quality work when using AI, even if the measured time saved is relatively small.

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BDO USA Adds 56 New Principals

CPA Practice

Top six accounting firm BDO USA has promoted 56 individuals to principal, effective Oct. 1. This latest class of rainmakers is slightly smaller than the 60 principals the firm added last year at this time. I’m pleased to welcome these talented individuals to our principal ranks and congratulate them on this significant career achievement,” BDO USA CEO Wayne Berson said in a statement.

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Anders Technology Wins XCellence Award for Best Newcomer at 2024 Fall Midsize Enterprise Summit 

Anders CPA

Anders Technology, an advisory service line of Anders CPAs + Advisors, is thrilled to announce that it has been awarded the XCellence Award for Best Newcomer at The Channel Company’s 2024 Fall Midsize Enterprise Summit in Tampa, Florida. This achievement highlights Anders Technology’s technical expertise and dedication to serving the midmarket.

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