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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.
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.
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.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
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.
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.
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.
A 2.3-billion-dollar megadeal in public accounting was announced this morning, as top 15 firm CBIZ said it’s acquiring another top 15 firm, New York-based Marcum, which would put the combined firm among the seventh largest in the U.S. by revenue after the transaction closes later this year. Cleveland-based CBIZ, which is a publicly traded accounting services provider (NYSE: CBZ), will acquire the non-attest business of Marcum, while Kansas City, MO-based Mayer Hoffman McCann, the national indepe
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.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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.
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.
“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.
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.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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.
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.
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.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
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.
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.
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
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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.
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.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
“I want to grow a bazillion dollars next year.” My favorite flavor of pie in the sky is when a business owner throws out a random number for next year’s growth. They think that by putting pen to paper, they’re one step away from success. But there are so many questions to answer before you even get to the point where you know if that goal is realistic – and whether you can hope to maintain profitability while achieving it.
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.
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.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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