Wed.Jul 03, 2024

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States that rely the most on sales taxes

Accounting Today

Where does sales tax drive the most local revenue?

Sales 138
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How Technology Can Address Two Big Problems at Accounting Firms

CPA Practice

By Brad Barkin Small accounting and financial services firms are facing escalating operation threats and vulnerabilities. Cybercrime is on the rise, with PwC reporting a 30% higher risk of cybersecurity attacks for financial firms. Additionally, accounting, tax preparation, and bookkeeping firms are navigating a growing staffing shortage. Technology can address both of these problems, from improved cybersecurity platforms to artificial intelligence-based tools to take over the routine processes

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Private sector added 150K jobs in June as annual pay rose 4.9%

Accounting Today

The job market continued to grow last month, but wage growth slowed, ADP reported.

payroll 126
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Legal expert discusses federal labor ramifications of overturning Chevron Doctrine

ThomsonReuters

In a landmark decision, the Supreme Court overturned the longstanding Chevron doctrine, significantly altering the landscape of federal agency authority. The ruling, known as the Loper decision , marks a seismic shift in how federal agencies interpret and enforce statutes. Checkpoint Payroll Update recently spoke with Alexander T. MacDonald, Shareholder and member of the Workplace Policy Institute at Littler, to understand how the Loper decision may affect federal labor and employment law.

Legal 97
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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.

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Founder Files: The accountant who hates accounting

Accounting Today

Louie Vazquez says he has all the characteristics of a bad employee and a good business owner.

accounted 122
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How to Boost Your Bottom Line With Forecasting

GrowthForceBlog

7 min read July 3rd, 2024 Most commonly associated with weather, forecasting is also an essential business tool; it can be used to predict whether your business will experience a dry spell or a windfall and help you develop an effective strategy and boost the bottom line of your business. Key Takeaways How Forecasting Can Boost Your Bottom Line: So, forecasting is just one of several bottom-line-improvement strategies.

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How to Help Clients Navigate Nexus: A Guide for CPAs and Accountants

CPA Practice

As your clients’ businesses expand their operations across state lines, it is crucial for your firm to help them understand and manage tax nexus. They may require advice on the most economically advantageous locations for new offices, stores, or warehouses to optimize their overall tax burden. For CPAs and accountants, guiding clients through the intricacies of tax nexus also means monitoring and ensuring compliance and optimizing tax strategies.

cpas 85
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IRS offers relief on reporting renewable energy tax credits

Accounting Today

The IRS's Large Business and International Division is providing companies that claim tax credits for renewable energy and electricity projects an expedited way to report them.

Tax 97
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Overtime Pay Changes Seriously Affecting Your Mount Vernon Business

SkagitCountyTaxServices

The barcode is so commonplace you kind of forget that it was the cutting edge of retail technology once upon a time. Now, you probably only think about it when you scan it at the register (BEEP). But this year is, in fact, its 50th anniversary. But, as commonplace as the barcode is, it’s facing an upgrade, aka the QR code — the more sophisticated, more informative, and more interactive improvement on the everyday barcode.

payroll 83
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Update on California Senate Bill 478: Exemption for Restaurants and Bars

KROST

Following up on our article from last Thursday, there has been a major update for restaurants in the wake of California Senate Bill 478. The Bill, which went into effect on Monday, was set to outlaw surcharges or “hidden junk fees” from businesses, including food and beverage vendors in the state of California. However, last-minute Read the full article.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

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Yet another deepfake scam, and other tech stories you may have missed

Accounting Today

Plus, unbundling Office and Teams, Apple and on-device AI, and more.

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Challenges and Solutions: Restoring Dealership Accounting Post CDK Hack

Withum

Car dealers nationwide continue to feel the impact of last week’s CDK Global cyberattack. Many U.S. dealerships’ operations were halted, and this ransomware attack’s impact is still ongoing. Slowly, dealerships are coming “back online.” CDK Global has stated that systems restoration will continue through the end of the month.

Account 59
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Payroll Software Buyer’s Guide

CPA Practice

If you’re thinking about offering payroll services or switching from your current payroll software, this guide can help you decide if it’s time for a change. It will also highlight the essential features your new payroll solution should have. Effective payroll software ensures accuracy, compliance, and operational efficiency, providing a competitive edge.

payroll 52
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Process Improvement is Not a Top Priority

Ryan Lazanis

If your goal is to systematize your firm, improving processes shouldn't be your top priority. Find out why in this episode. The post Process Improvement is Not a Top Priority appeared first on Future Firm.

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Book of Secrets on the Month-End Close

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.

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Cybersecurity Checklist: Response and Mitigation Strategies Post-CDK Global Cyberattack

Withum

Since June 19 th , car dealerships have been negatively impacted by the CDK Global cyberattack. Many U.S. dealerships’ operations shifted to manual processes after their Dealer Management System (DMS) was taken offline by a ransomware incident linked to Blacksuit. As dealer operations are now slowly coming back online (as many have reported over the weekend), here are some things to work through as you recover.

Legal 52
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Wave vs. QuickBooks Online: Comparing Two Leading Accounting Softwares

Shay CPA

There’s absolutely no reason to manually manage your accounting. Today’s accounting software can do a lot of the heavy lifting for you, from compiling all of your transactions into a single place to creating key financial reports. In fact, the focus shouldn’t be on whether or not to leverage accounting software. (You should.) Instead, the priority should be finding the right software solution for your specific tech company.

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Increasing Efficiency and Client Engagement: Alpine Mar CPA and Advisors' Success with Canopy

Canopy Accounting

Profile Alpine Mar CPA and Advisors , founded by Pablo Martell , is a full-service CPA firm based in South Florida. The firm provides comprehensive tax services, accounting and bookkeeping, fractional CFO services, and transaction advisory services. They cater to a diverse clientele, including small business owners, high-net-worth individuals, and corporations.

CPA 52
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3 Minutes with Christine Nicholson

Accounting Insight

Christine is a multi-award-winning Business Mentor, speaker and author. She has authored 4 business books and is a regular keynote speaker on Succession and Exit Planning. As a businesswoman who has built multi-million turnover businesses over the last 30 years, she has worked with many business owners in all sectors including taking one from bankruptcy to 8-figure exit in 18 months.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

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Recap of the Accounting Thought Leader Think Tank – The Accounting Technology Lab Podcast – July 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, discuss the invitation-only Accounting Thought Leader Think Tank Symposium, which gathered dozens of the most influential accounting technologists, practitioners, advisors, and policy makers in the profession. The event was held just prior to the 2024 AICPA Engage Conference. A podcast link is below if you just want to listen.

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Accountex Summit Manchester opens free registration 

Accounting Insight

On 17 September, thousands of attendees are expected to return to Manchester Central for the sixth edition of Accountex Summit Manchester. “Last year’s show was a huge success, we welcomed a 35% increase in attendees!” said Accountex Portfolio Director, Caroline Hobden. “This year we’re excited to deliver an even better show with new exhibitors, speakers and features.