Wed.Aug 14, 2024

article thumbnail

How Streamlining Tech Can Supercharge Success

Insightful Accountant

Irana Wasti of BILL discusses how the economic volatilities of the past few years have been challenging for finance teams, with inflation and uncertainty driving efficiency pressures and creating cash flow concerns for some businesses.

Finance 52
article thumbnail

IRS Extends Tax Deadlines for Hurricane Debby Victims in the Southeast

Withum

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby. The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Xero Showcases New Tech and Integrations at Xerocon 2024 Conference in Nashville

CPA Practice

Small business accounting technology maker Xero opened its annual Xerocon event in Nashville, Tennessee, on Wednesday, hosting more than 1,000 accounting professionals, financial advisors, and business consultants. Worldwide, the Xero platform has more than 4.2 million subscribers. During the morning’s keynote session, Xero CEO Sukhinder Singh Cassidy welcomed the attendees and then discussed the accomplishments the company has made in the last year with “resetting foundations, shaping aspiratio

article thumbnail

City and local sales taxes spike

Accounting Today

A new study reveals increases in both local and new tax rates across the country, highlighting an urgent need for revenue at the municipal level.

Tax 132
article thumbnail

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.

article thumbnail

Hackers Tried to Help This Firm Get Through Their Tax Return Backlog, Fraudulently

Going Concern

*this headline is obviously a joke. We have no way of knowing if Heier Weisbrot & Bernstein, LLC has a tax return backlog. Yet another accounting firm has reported a data breach, this time Heier Weisbrot & Bernstein of Gibbsboro, New Jersey and the details are a bit scarier than just bad actors caught digging around in the firm’s files.

article thumbnail

IRS Updates WISP Guide for Tax Pros

CPA Practice

A newly updated Written Information Security Plan (WISP) is now available from the IRS, designed to help protect tax professionals against continuing threats from identity thieves and data breaches. The updated 28-page template , “Publication 5708, Creating a Written Information Security Plan for Your Tax & Accounting Practice,” was announced by the agency and its Security Summit partners—representatives of state revenue departments and the tax industry—on Aug. 13 as part of their “Protect Y

Tax 111

More Trending

article thumbnail

MBA edges out CPA for CFO candidates

Accounting Today

The CPA certification is the third-most valued credential for CFO roles, according to a report by the Pennsylvania Institute of CPAs.

CPA 130
article thumbnail

How to Issue a Corrected 1099 (MISC and NEC)

Patriot Software

Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099. “Mistake” is the last word you want to hear in business.

Tax 97
article thumbnail

Boosting Your Bottom Line with Financial Forecasting

AccountingDepartment

In today's competitive landscape, small and medium-sized businesses (SMBs) need every advantage they can get to thrive and grow. One powerful tool that can significantly impact a company's bottom line is forecasting.

article thumbnail

Post-Debby tax relief expands to all Vermont

Accounting Today

Everyone in the state who was affected by the storm now has until Feb. 3 to file and pay.

Vermont 124
article thumbnail

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.

article thumbnail

Business Valuation: The Impact of Real Estate Ownership and Rent Adjustments

Withum

Typically, when performing a business valuation for SBA 7(a) purposes, the prospective buyer is seeking to purchase both the business and its underlying real estate from the seller. In these instances, it is important to ensure the relationship between the company and the real estate is addressed correctly. Otherwise, the business valuation may provide an unreliable conclusion.

article thumbnail

IPSASB clarifies requirements for first-time adoption of accrual basis IPSAS

Accounting Today

The International Public Sector Accounting Standards Board has proposed an update to its rules for first-time adoption of accrual basis International Public Sector Accounting Standards.

article thumbnail

How to Simplify HR Processes When Compliance Feels Impossible 

Patriot Software

HR compliance can be a nightmare for overwhelmed small business owners. You need buttoned-up HR processes to avoid compliance-related penalties and lawsuits. This takes time—a commodity most business owners don’t have. Is it possible to streamline your HR processes to stay compliant with federal, state, and local regulations? Yes.

payroll 72
article thumbnail

Xero announces new features on bank recs, compliance, payments

Accounting Today

Diya Jolly, Xero's chief product and technology officer, announced several new products and enhancements for bank reconciliations, payments, compliance and more.

Tax 80
article thumbnail

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.

article thumbnail

New insights into how consumers are making payments

Xero

The way we pay for products and services is changing faster than ever, and as a small business owner it’s important to keep up with these shifts to meet customer expectations. As payment trends evolve, you need to have all the facts so that you can get paid as fast as possible. So we asked consumers, ‘How do you want to pay?’ and delved into what options small businesses were offering today as well as the administrative challenges of paying suppliers.

64
article thumbnail

Quality advisory doubles the acquisition probability for startups

Accounting Today

Accountants play a crucial role in guiding our clients through some of their most stressful moments — the challenges of growth and the complexities of the acquisition process.

article thumbnail

AccountsIQ and IRIS Software Group announce strategic partnership

Accounting Insight

AccountsIQ , a leading provider of fully cloud-based accounting software, and IRIS Software Group (IRIS) , a global leader in accounting, edtech, and human capital management solutions, today announced a partnership to provide an integrated suite of cloud-based payroll, HR and finance solutions that empower businesses to streamline operations, facilitate cross-departmental collaboration, and help make data-driven decisions with powerful business intelligence insights.

payroll 64
article thumbnail

Xero to focus on accounting, payroll, payments in US, UK and Australia

Accounting Today

Sukhinder Singh Cassidy, CEO of Xero, outlined her "Win On Purpose" strategy, which involves a focus on accounting, payments and payroll in the US, UK and Australian markets.

payroll 75
article thumbnail

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

article thumbnail

Chaser introduces an advanced Revenue forecasting tool to improve financial planning

Accounting Insight

New feature uses machine learning to enhance revenue predictions and improve decision-making for businesses Chaser, the leading global accounts receivable SaaS provider, has launched the Revenue forecast. This new tool enables businesses to automatically predict future revenue, improving their financial planning and decision-making. Accurate revenue forecasting is essential for effective financial planning and business growth.

article thumbnail

Change management: 5 pitfalls that prevent change and how to overcome them

Accounting Today

First understand how things get done at your firm. Who needs to give a green light for an initiative to move ahead?

80
article thumbnail

AICPA Says Supreme Court Decisions to Have Major Tax Impacts

Insightful Accountant

Recent Supreme Court decisions have sent shockwaves through the accounting profession, particularly in the realm of tax law. These changes introduce a level of uncertainty that may make many tax professionals uncomfortable.

Tax 59
article thumbnail

Field Trip to the Metropolitan Museum of Art

Withum

The Metropolitan Museum of Art (The Met) is one of the greatest museums in the world. Yet many people living in or surrounding New York City have never been there. Realizing this, for several years, I took a group of interns each summer on a day trip in Manhattan, culminating with an afternoon at The Met. I organized my tour centered around four works of art that have a connection to accounting.

article thumbnail

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.

article thumbnail

The Funding Games: 4 Considerations for Financing in Real Estate To Obtain Capital

Cherry Bekaert

While it may be an Olympic year, sponsors and developers are not ones to play games when searching for funding for their real estate deals. Rising inflation and interest rates coupled with legislative changes have created shifts and challenging hurdles in the real estate industry. Sources of traditional capital are under pressure due to economic uncertainty, and the industry is being forced to explore other funding avenues.

article thumbnail

The finance function of the future: as simple as ABC

Accounting Insight

What does the finance function of the future look like? While some might envision futuristic CFO holograms or robots handling invoices, industry insiders know it’s much more complex than that. Emerging tools such as AI and machine learning are revolutionising how finance teams operate. Here’s how these technologies are streamlining the accounting world of the future to be as simple as ABC.

Finance 59
article thumbnail

Xero Inventory Plus - an Introduction

Insightful Accountant

As part of our continuing coverage of various General Ledgers that might substitute for QuickBooks Pro-plus and Premier-plus Desktop, we are exploring a new functionality being offered by Xero, their 'Inventory Plus' option.

article thumbnail

Penfold reaches £500m assets under administration, doubling in 12 months

Accounting Insight

Penfold (getpenfold.com), the innovative digital pensions provider, is excited to announce it reached £500m AuA, doubling assets from £250m in the last 12 months and achieving growth of 260% from £139m at the start of 2023. This robust growth trajectory has been driven by the rapid expansion of its workplace pension offering, enabled by a proprietary technology platform that helps accountancy firms and payroll bureaus streamline their clients’ auto enrolment obligations.

payroll 59
article thumbnail

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.

article thumbnail

The 5 Biggest Factors Impacting Your Firm’s Valuation (In Order)

Ryan Lazanis

Do you know what actually impacts your firm’s value? Discover the 5 key factors buyers consider when determining your firm's worth. The post The 5 Biggest Factors Impacting Your Firm’s Valuation (In Order) appeared first on Future Firm.

article thumbnail

Mental health: The best resources for small businesses in Australia

Reckon

Running a small business can be so incredibly rewarding. You’re completely in charge of making your dreams come true while not having to answer to a boss and doing something you love day in and day out. But running the show also comes with its own set of challenges and stresses, especially during busy periods of the year like tax time. Because managing financial pressures, giving your customers what they want and carving out some form of work-life balance can be overwhelming, having access to me

Tax 52
article thumbnail

Transforming Client Relationships with Tech-first Accounting

Canopy Accounting

Modern clients demand personalized service, real-time access to information, and proactive advice. Meeting these expectations is crucial for differentiating your firm in a competitive market.

article thumbnail

DraftKings Ditches Plan to Charge Extra Fees in High-Tax States

CPA Practice

By Sean McDonnell cleveland.com (TNS) DraftKings will not be charging winners extra fees in “high tax states” after all, the company announced Tuesday. The sports-betting company announced that it would scrap its plan to add a “gaming tax surcharge” to winning bets in 2025. This came after two major competitors came out and said they would not add fees.

article thumbnail

It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.