Withum

JULY 31, 2024

Download a PDF of this case study Executive Summary The Labor Union had several turnovers within their accounting department, causing them to fall into trusteeship due to their financial mismanagement. Withum’s Outsourced Accounting Systems and Services (OASYS) team intervened, rectifying the accounting records and paying overdue bills, transitioning their accounting system to a cloud-based platform and introducing an online bill payment system.

Bill Payment Platform 52

Bill Payment Platform Account accountant accounted 52

Accounting Today

JULY 31, 2024

Two huge firms are coming together in a $2.3 billion cash-and-stock deal, making the combined firm what is projected to become the seventh largest accounting firm in the U.S. with approximately $2.8 billion in annual revenue.

accounting firms 125

accounting firms Account accountant accounted 125

Withum

JULY 31, 2024

Everyone wants to know why it is taking so long for the IRS to pay their claims for the employee retention credit (ERC) and what they can do about it. There are steps that businesses can take today, but let’s first review why the IRS is slow-paying these claims. The IRS has an estimated 1,400,000 ERC claims in its backlog. Last year, when the IRS announced a moratorium on the processing of ERC claims filed after September 14, 2023, its backlog was about 600,000 claims.

audit 125

audit Tax Maine tax services 125

CPA Practice

JULY 31, 2024

Professionals on the Move is a round-up of recent staffing and personnel announcements from around the profession. CLA Celebrates More than 700 Advancements CLA (CliftonLarsonAllen LLP), the eighth-largest accounting firm in the United States, recently announced more than 700 advancements across the firm. Twice each year in July and November, CLA advances high performing team members to new roles, further developing the firm’s talent and investing in its succession mindset.

Ohio 116

Ohio audit cpas CPA 116

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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.

bookkeeping

Accounting Today

JULY 31, 2024

Increasing starting salaries is the key to attracting young talent to the profession, but the first step is boosting salary transparency.

Account 120

Account accountant accounted 120

Insightful Accountant

JULY 31, 2024

Things are looking bleak for the annual release of QuickBooks Desktop. It's August 1st, and Beta Testers are typically 'testing' RC1 (release candidate 1) for a September release date, but not this year.

quickbooks 105

quickbooks 105

CPA Practice

JULY 31, 2024

By Timothy Keith. Artificial intelligence might be able to help introverts sell with less social discomfort and higher effectiveness, offering help for a challenge many accounting and law firm partners suffer with. And just in time, too: This rise and adoption of AI-empowered marketing and sales tools in professional services firms comes as private equity investments in professional service firms makes revenue growth more important than ever.

Sales 116

Sales Education Gaming Account 116

Accounting Today

JULY 31, 2024

What accountants are making in salary and bonuses, and other results of our inaugural compensation survey.

Account 135

Account accountant accounted 135

CPA Practice

JULY 31, 2024

By Gail Cole. Washington could be on its way to becoming the third state in the nation with a retail delivery fee, following the route paved by Colorado and Minnesota. So, what would a Washington retail delivery fee look like? When would it take effect? Read on to find out. What is a retail delivery fee? The name says it all: A retail delivery fee is a fee imposed on items purchased at retail for delivery in the state by motor vehicle.

Washington 112

Washington Retail Minnesota Colorado 112

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By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

auditor

Accounting Today

JULY 31, 2024

Private sector employment grew by 122,000 jobs in July — a deceleration from the average job gains seen over the second quarter of the year.

payroll 108

payroll accountant accounted Account 108

CPA Practice

JULY 31, 2024

The American Institute of CPAs (AICPA ) has provided recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) on interim guidance in Notice 2023-38 as updated by Notice 2024-41. The guidance describes certain rules that Treasury and the IRS intend to include in proposed regulations regarding the domestic content bonus credit (DCBC) requirements and related recordkeeping and certification requirements.

Manufacturing 110

Manufacturing cpas Tax 110

Accounting Today

JULY 31, 2024

Accounting Today's inaugural salary survey reveals that young accountants need to make more.

Account 119

Account accountant accounted 119

CPA Practice

JULY 31, 2024

By Marc Staut. Technology, personnel, accounting standards, and tax regulations mean accounting firms are constantly changing. So, it’s easy to neglect the need for innovation. However, that’s a serious mistake. Evolving client expectations, the commoditization of traditional accounting, tax and audit services and talent shortages demand that firms find new service lines and do more with the same resources.

tax return 98

tax return accounting standards audit Tax 98

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Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.

Tax

SkagitCountyTaxServices

JULY 31, 2024

Let’s leave aside culture wars controversies about the opening ceremony – the Olympics still bring the magic. And in the dog days of summer, with so much chaos brewing in so many political and cultural corners … well, it is, in fact, a nice way to leave aside the culture war. Case in point: Simone Biles with a calf injury still pulled out an impressive floor routine and vault performance ending the night with a cushy point margin, in front of celebrities and the watching world.

Healthcare 79

Healthcare Legal CPA Tax 79

CPA Practice

JULY 31, 2024

As students head back to school, a class they may not have available to them is one focused on personal finance or financial literacy. According to research by Junior Achievement and research firm Big Village, 68 percent of teens would “likely” take a class on financial literacy (money management, personal finance) if offered to them, yet only 31 percent say they have access to these kinds of courses in school.

accounting and finance 98

accounting and finance Finance Account accountant 98

Accounting Insight

JULY 31, 2024

The integration of bots into the accounting profession is revolutionising how accountants operate. Bots can enhance efficiency and accuracy while allowing professionals to focus on higher-value tasks, such as advisory. This is a shift many accounting professionals have been trying to do for years. What are bots? We have heard the term, usually with negative connotations.

Technology 69

Technology accounting software Account accountant 69

CPA Practice

JULY 31, 2024

In a letter of support to Congressman Darin LaHood (R-IL), the American Institute of CPAs (AICPA) expressed its endorsement of provisions of H.R. 8864, the Tax Administration Simplification Act, which would apply the mailbox rule to electronically submitted tax returns and payments and would revise the estimated tax payments deadline to fall on a true quarterly interval.

Tax 84

Tax tax return cpas 84

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Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.

Expense Management

Accounting Today

JULY 31, 2024

The International Accounting Standards Board published a consultation document with eight proposed illustrative examples to show how companies could apply International Financial Reporting Standards when reporting the effects of climate-related and other types of uncertainties in their financial statements.

financial statements 68

financial statements international accounting standards accounting standards Account 68

Xero

JULY 31, 2024

“The whole point of Building Up is to connect people with barriers to employment to careers in construction,” explained Marc Soberano, founder of non-profit project Building Up. “We help people break the cycle of poverty and make a life for themselves.” Building Up was one of the 2023 recipients of funding from the Xero Beautiful Business Fund , winning the ‘Strengthening Community Connection’ for their inspiring community building work as a non-profit social contractor.

Construction 65

Construction Non-Profits Finance 65

Accounting Today

JULY 31, 2024

A new survey from ACCA and the IMA reported a sharp decline in economic confidence among accountants and finance professionals in the U.S. and North America, although globally confidence seemed to be increasing.

Finance 65

Finance accounting and finance Account accountant 65

Accounting Insight

JULY 31, 2024

As your practice evolves—whether you’re just starting out, scaling up, or preparing for an exit—the challenges of servicing clients and managing your practice remain ever-present, even as the role of accountants continually changes. For nearly a decade, Elite Business and it’s partners have been working with accountants to introduce innovative technology, develop profitable service lines, and transform practices to better meet client needs.

Technology 64

Technology Account accountant accounted 64

Speaker: Duke Heninger

With the rise of fractional finance roles, many CFOs, FP&A professionals, controllers, and accountants are stepping into independent consulting. The expansion of fractional services presents new opportunities for finance professionals, but many face challenges in navigating this transition, finding it daunting. Whether you’re new to fractional work or refining your approach, this webinar will equip you with a repeatable system for success.

accounting and finance

Going Concern

JULY 31, 2024

Last week we received a tip that Marcum and CBIZ were “merging.” This seemed highly improbable given Marcum’s recent troubles — large and embarrassing SEC fines , an even larger private equity deal falling apart — but hey, stranger things have happened. So we tweeted it. Completely unsubstantiated rumor of the day: pic.twitter.com/xNiStHwgnB — Going Concern (@going_concern) July 24, 2024 Didn’t hear much on the wire after that except a small handful of p

cpa firm 62

cpa firm accounting firms CPA Account 62

Accounting Insight

JULY 31, 2024

We’re looking at how artificial intelligence can help teams detect and prevent fraud. Understanding the problem Fraud is a growing problem. More than half (51%) of surveyed businesses experienced fraud in 2022, and cybercriminals are using increasingly sophisticated techniques to evade detection — sometimes, even utilising artificial intelligence themselves.

accounts payable 59

accounts payable Account accountant accounted 59

Accounting Today

JULY 31, 2024

In an interview with Blake Oliver, former Baker Tilly CEO Alan Whitman shares the key elements for positioning your firm for future success.

65

65

Insightful Accountant

JULY 31, 2024

Federal law changes this year have shed new light on employee and contractor classifications. This guide provides an overview of key considerations for determining whether remote workers should be classified as employees or independent contractors.

Tax 52

Tax 52

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

Finance

Accounting Today

JULY 31, 2024

Survey respondents shared with the good, the bad, and their advice for navigating the accounting profession.

Account 70

Account accountant accounted 70

Ryan Lazanis

JULY 31, 2024

Sometimes clients get upset at having to pay high prices for complex tasks like backlog cleanups. In this episode, I […] The post The Pricing Trick to Avoid Price Disagreements appeared first on Future Firm.

accountant 52

accountant accounted Account 52

CPA Practice

JULY 31, 2024

Pending home sales in June ascended 4.8%, according to the National Association of REALTORS. All four U.S. regions posted monthly gains in transactions. Year-over-year, the Northeast, Midwest and South registered declines, while the West increased. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – grew to 74.3 in June.

Sales 52

Sales 52