Wed.Apr 03, 2024

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Accounting class-actions rose last year

Accounting Today

Accounting-related class-action lawsuit filings and settlements both increased in 2023, according to a new report, even though the cases took longer to be filed.

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How the 50 States Rank By Tax Burden

CPA Practice

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.

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Only half of filers trust AI with taxes

Accounting Today

Companies using artificial intelligence have a long way to go before people will fully trust them to help with their taxes, according to a recent poll.

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Deloitte Changes Its Mind on Downsizing Office Space in the UK

Going Concern

Remember a couple years back when people started talking about return-to-office and a year or so after that when Big 4 accountants everywhere asked how their firms could require them back in the office given so many of them had downsized office space during the pandemic? About that… FT : Deloitte has taken on extra office space in central London less than two years after making cutbacks, in an about-turn that indicates staff in professional services are returning to the workplace more regu

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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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Intuit Debuts Line of Credit for QuickBooks

CPA Practice

Intuit recently launched QuickBooks Line of Credit , giving small businesses a new way to access funding quickly—from $1,000 to $50,000—with loans issued by WebBank. With this new feature, small businesses can tap into funding when and how they need it, depending on their specific cash flow requirements, Intuit said in a news release. The line of credit is designed to provide small business owners with the ability to draw from their available credit limit to support business growth, pay expense

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There Are a Few Familiar Topics on the 2024 IRS Dirty Dozen List

Going Concern

With the 2024 filing season winding to a close, the IRS is rolling out its annual ‘Dirty Dozen’ list of the “worst of the worst” scams taxpayers, business owners, and tax practitioners should be aware of. The latter group is, of course, not paying attention right now but will no doubt find this information useful when they can finally pop their heads up to get some air (thoughts and prayers to you all).

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Migrating from Intuit to Intuit - the options

Insightful Accountant

Wondering what your options are about migrating from Desktop Pro and Premier to some other Intuit accounting solution? If so, then this article is for you.

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Make the most out of your Xerocon London trip

Xero

It’s with great excitement and anticipation that we announce the winner of Xero Australia’s Xerocon London partner competition. One lucky partner and a guest of their choosing will be treated to flights and accommodation to London and tickets to attend this year’s Xerocon London on 12 – 13 June. So, the moment of truth. The winner is… A. Kirk (postcode 2340)!

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Keeping Your Tax Practice Compliant

Insightful Accountant

Tax practice owners must prioritize compliance for their own firm, not just for clients. Neglecting internal compliance can lead to costly mistakes and damage the firm's financial health and reputation.

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Simplifying the Monthly Close Process with These Simple Strategies

AccountingDepartment

The month-end is coming up and that means it is time to close. A monthly close can be a laborious process that is dreaded by some accounting and finance departments, but it doesn't have to be that hard!

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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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Botkeeper Rolls Out Its New Infinite Platform to Firms

CPA Practice

Accounting software company Botkeeper has released its Botkeeper Infinite solution, which helps to streamline automated bookkeeping and back-office accounting for firms of all sizes without the need for outsourcing. Botkeeper heralds Infinite as a “complete solution” for firms’ bookkeeping needs. It brings together the technology, people, and processes needed to maximize capacity and streamline practices for ultimate efficiency.

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Small biz boosts jobs, pay in March

Accounting Today

It was the first hiring increase so far this year, according to Paychex, though it remained below pre-pandemic levels.

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Small Businesses Showed Slight Job Growth in March, According to Paychex

CPA Practice

Hiring by small businesses increased slightly in March, while hourly earnings growth for workers at companies with fewer than 50 employees continued a steady deceleration that began in mid-2022, according to Paychex’s latest jobs and wage report. According to the Paychex Small Business Employment Watch, the Small Business Jobs Index grew 0.18 percentage points in March to 100.85—the first increase year-to-date—but remained below pre-pandemic levels for the first three months of 2024.

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Refresh Your Finances: Spring Clean Your Bookkeeping to Prep for Your Next Fundraiser

Shay CPA

‘Tis the season. As the days get longer and the weather gets warmer, it’s time to undertake the annual chore of spring cleaning. This doesn’t just apply to your abode. Employing a spring-cleaning mentality at your startup — especially when it comes to your books — can do a lot to help you thrive in the rest of 2024 and beyond. Giving your bookkeeping a spring clean could be the key that unlocks success in your next rounds of fundraising.

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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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Vena Releases Gen AI Assistant for FP&A Teams

CPA Practice

Business planning software provider Vena is bringing generative artificial intelligence capabilities to financial planning and analysis (FP&A) teams with its latest offering, Vena Copilot. Vena Copilot for FP&A combines Vena’s FP&A expertise with Microsoft Azure OpenAI Service large language models, including GPT-4, to help FP&A teams and their collaborators increase productivity, operational efficiency, and business agility so they can focus on driving strategic impact, the Alba

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Grow your niche through podcasting

Accounting Today

Starting a podcast is an investment, but it also has a very high potential upside for accountants.

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Elevating Your Accounting Firm: Expert Insights with Upstream Academy's Jeremy Clopton

Insightful Accountant

In this episode of Accounting Insiders, Gary DeHart and Jeremy Clopton from Upstream Academy discuss consulting for accounting firms, emphasizing leadership and vision strategy.

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Withum Celebrates 50th Anniversary

Withum

Over the past 50 years, Withum has grown from a small, six-person New Jersey office to a top national firm with over 2500 team members across the United States and overseas. Withum teams have seen the rise and fall of disco, beepers, scrunchies, Y2K, Blackberry phones, moving to the cloud, the AI-craze and everything in between. The year-long celebration of this milestone kicked off this January at Withum’s annual State of the Firm event at NJPAC in Newark, NJ.

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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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Divorce Lifestyle Analysis Data Entry

FraudFiles

A question often comes up relative to the lifestyle analysis in divorce cases: Isn't is just data entry that anyone could do? Why do I need a forensic accounting expert? As I explain below, the lifestyle analysis is NOT just a data entry exercise. A level of quality control is necessary in order to ensure [.

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Top Considerations When Navigating Debt Forgiveness

Cherry Bekaert

Contributor: Lee Dodson , Tax Senior Manager Today’s business environment is difficult to navigate when considering the higher interest rates, whose effects trickle throughout the economy. Due to changing interest rates and lower occupancy rates, real estate owners may struggle to meet their debt service coverage needs. In this article, we will seek to understand the tax implications of debt forgiveness through a debt restructure or foreclosure and suggest some potential solutions to avoid incur

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The Power of AI for Accountants

Accounting Insight

Artificial Intelligence (AI) has certainly made its mark across a number of industries and the accountancy & finance sector is no stranger to the rapid advancements taking place. If used responsibly, AI serves as a powerful tool to aid Accountants, streamline their workload, improve accuracy and help them work smarter. Accountancy and finance recruitment specialists, Spencer Clarke Group , have witnessed firsthand how Artificial Intelligence is helping accountancy professionals refine their

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From Outbound to Inbound: A Tech Company’s Guide to Expanding Globally (Part One)

Cherry Bekaert

Many technology companies reap the benefits of hiring consultants or long-term employees outside the U.S., such as experiencing greater efficiency and expanding their global reach. However, if company leadership isn’t careful in planning, structuring and reporting, serious tax issues could arise. In our latest podcast for technology companies, we cover key missteps to avoid when it comes to hiring, contracting or using third parties abroad.

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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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Navigating Expense Reimbursement Challenges: A Tech-Savvy Approach

Dent Moses

Expense reimbursement remains a significant challenge for many businesses in the accounting landscape. Manual processes often lead to errors, delays, and employee dissatisfaction. To address these issues, businesses are increasingly turning to software solutions that streamline the reimbursement process and enhance accuracy and efficiency. Expense reimbursement problems are commonly rooted in paper-based systems, which result in lost receipts, data entry errors, and delayed approvals.

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If You Want to 'Work Less, Earn More,' Ask Yourself These Questions

Summit CPA

Agency owners often get to a point where they become stuck. Maybe they've been growing for a while and they've hit a plateau. Maybe they're still growing, but their day-to-day is out of control. Or as one of my clients said: “It's hard to think about what you'll cook for dinner when you've got a knife stuck in your leg.

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The CannaBiz Success Show: Cannabis Business Models for Success with Seth Yakatan

Anders CPA

In this episode, Guillermo is joined by Seth Yakatan of Katan Associates for a freewheeling conversation. They discuss Seth’s insights into the world of cannabis financing, different kinds of capital available to cannabis businesses, and the six distinct business models that have the potential to generate revenue in today’s market. Seth discusses what he considers the top players in the cannabis industry, analyzes the Trulieve tax refund bombshell, and offers predictions for the year

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AI in the Accounting Industry: Capabilities and Limitations

Canopy Accounting

Integrating Artificial Intelligence (AI) into the accounting sector has been a game-changer, offering unprecedented efficiency improvements and accuracy levels. However, while AI has significantly advanced, it’s essential to recognize its capabilities and limitations within this industry.

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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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5 Naive Mistakes I Made As A Firm Owner

Ryan Lazanis

When I was running Xen Accounting, I also had my fair share of mistakes. Check out these mistakes and what should I have done instead. The post 5 Naive Mistakes I Made As A Firm Owner appeared first on Future Firm.

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U.S. Companies Added 184,000 Jobs in March, ADP Says

CPA Practice

By Jarrell Dillard, Bloomberg News (TNS) U.S. companies boosted hiring last month by the most since July in a broad advance and some wage gains accelerated, pointing to solid demand for workers. Private payrolls increased 184,000 in March after an upwardly revised 155,000 gain a month earlier, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab.

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M&A roundup: Crowe and PKF Smith Cooper expand

Accounting Today

Crowe plans to add Belt Harris Pechacek; and PKF Smith Cooper acquired BLB Advisory.

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Sikich and Symphony Talent Partner to Expand SaaS Talent Acquisition Platform for Clients

CPA Practice

Top 30 accounting firm Sikich has entered into a partnership with Symphony Talent to assist with implementation and support services for the company’s software-as-a-service (SaaS) product, SFX. Symphony Talent is a full-funnel talent acquisition platform and brand services provider that helps talent acquisition teams automate tasks and empower innovative candidate interactions.

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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.