Tue.Jan 02, 2024

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Tuesday Morning Accounting News Brief: Big 4 Needs a Governance Makeover; BEC Went Out With a Bang | 1.2.24

Going Concern

Here we are, a brand new year. Guess it’s back to the grind, starting with some news. I’ve been mostly checked out for a week so I don’t even know if there’s anything going on. Surely something happened in the last week. I too would like to know the answer to this. How much longer do I have to continue wishing people a Happy New Year?

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Why You Should Estimate Your Sales Tax Exposure | TaxConnex

TaxConnex

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

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LTV:CAC – An Important (But Often Misunderstood) SaaS Metric

BurklandAssociates

The ratio of Lifetime Customer Value to Customer Acquisition Cost (LTV:CAC) has long been a gold standard metric for SaaS startups, and for good reason. When properly used, this metric Read More The post LTV:CAC – An Important (But Often Misunderstood) SaaS Metric appeared first on Burkland.

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Software developers implore accountants to learn AI

Accounting Today

When asked what advice they had for accountants in 2024, there is one thing that company after company suggested: learn AI.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Professionals on the Move – Jan. 2024

CPA Practice

Professionals on the Move is a round-up of recent hiring and promotion announcements from across the profession. PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach Cherry Bekaery, an assurance, tax and advisory firm, recently completed an acquisition transaction with PKF Mueller , a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.

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Electric car models eligible for $7,500 tax credit cut to 13

Accounting Today

Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.

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More Trending

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FinCEN begins accepting beneficial ownership reports

Accounting Today

A new online registry opened Monday where companies need to disclose who truly owns or controls them.

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TikTok Ban Not Fully Enforced at the IRS, Report Finds

CPA Practice

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) said hundreds of employees in the IRS’s Criminal Investigation unit had access to TikTok on their computers and mobile phones months after the social media app was banned from all government devices. Last February the Office of Management and Budget (OMB) issued “No TikTok on Government Devices” implementation guidance , which required agencies to take actions and meet deadlines within 30, 90, and 120 days after d

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Some audit disclosures may prompt companies to manipulate earnings

Accounting Today

Auditor disclosures of client-specific quantitative materiality thresholds, which are required in the U.K. but not the U.S., could be encouraging some businesses to massage their earnings reports.

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BatchMaster for QuickBooks - Part 3

Insightful Accountant

Murph returns with 'Part 3' of his series on BatchMaster, an application to formulate, produce, ensure quality control and manage batch production/manufacturing that works with QuickBooks.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Terrorist attacks and mass shootings can affect company accounting

Accounting Today

A study finds the negative effects of such events can lead to pessimistic risk assessments of financial reporting choices and a decline in accrual-based and real earnings management for companies in the impacted areas.

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Meet 2023 Top 25 Up-N-Coming ProAdvisor: Chris Macksey

Insightful Accountant

We sat down with Tailor to get his thoughts on being a Top 25 Up-N-Coming ProAdvisor, his journey, path to success, and constant evolution to give their clients the best value.

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U.S.-Hungary tax treaty no longer in effect

Accounting Today

The double taxation treaty between the U.S. and Hungary has been terminated as of Monday.

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There’s Still Time to Claim Unpaid Economic Stimulus Payments

CPA Practice

By Ken Berry, J.D. Did you get the full amount of the economic stimulus payments you were entitled to receive during the height of the pandemic? If not, you may still be able to recover the payments you’re owed from the IRS. But time is running out—fast—for certain taxpayers. Details : In order to stimulate the economy while the nation was in the throes of the pandemic, Congress approved three rounds of Economic Impact Payments (EIPs) for qualified taxpayers.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025

Withum

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. Prior to the passing of this bill, Pennsylvania was the only state that did not align with federal grantor trust rules, allowing the grantor of the trust to be treated as the owner of all or part of the trust for income tax purposes.

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Stephano Slack merges in Morgenstern Waxman Ellershaw

Accounting Today

Stephano Slack, a firm based in Wayne, Pennsylvania, added Morgenstern Waxman Ellershaw LLC, headquartered in Marlton, New Jersey, effective Jan. 1, 2024.

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St. Louis Inno Partnership: What Investors Look for in Each Funding Phase

Anders CPA

To improve your performance in front of investors, startup founders must fully understand the purpose of each funding phase and how to pitch at every stage. Although it may seem complex and daunting, knowing when you’re ready for the next stage of fundraising, the goals your business should meet during the process and how to prepare your presentation can help you secure funding.

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What accountants need to know about R&D expensing changes

Accounting Today

What do these changes mean for taxpayers and how can accountants help manage the impact?

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Anders Celebrates 29 Promoted Employees

Anders CPA

Anders proudly recognizes the promotions of 29 employees at the firm. This is the first January promotion cycle at the firm, added in addition to annual promotions each July. The firm is delighted to recognize our promoted employees’ professional achievements, their embodiment of the firm’s core values and their ability to deliver exceptional results for Anders clients.

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CFO vs. Controller Services - What Engineering Firms Need to Know

GrowthForceBlog

9 min read Congratulations! Your engineering firm is growing and changing, and the demands of your back office have likely become more than you and your small bookkeeping and accounting team can handle.

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2023 Year-End Financial Benchmark Charts and Graphs

Withum

These charts continue an annual tradition I use to assist clients with their financial planning. The charts show the 10-year annual and cumulative percentage gains or losses of the major stock market indexes, interest rates, currencies, and gold. The charts include the dividends paid, the price-to-earnings ratios, and the index’s earnings and dividend payout percentages.

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Ryan Huff, Joshua Snyder and Clay Kniepmann Named Principals at Anders

Anders CPA

Anders is proud to announce the promotions of Ryan M. Huff, CPA and Joshua L. Snyder, CPA in Tax and Clay M. Kniepmann, JD, CPA/CFF/ABV, CFE in Forensic, Valuation and Litigation to principals at the firm. Ryan, Josh and Clay have earned their principal titles by going above and beyond to exhibit technical and leadership acumen throughout their careers.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Quadient integrates with Xero to automate and streamline accounting for small and medium enterprises

Accounting Insight

Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, and Xero , a cloud-based accounting software for small to medium-sized enterprises, have today announced a strategic partnership in North America and the United Kingdom. Xero integrates with Quadient’s Accounts Payable (AP) capabilities to fully automate and streamline accounting processes.

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Scaling New Heights – June 16-19, 2024

CPA Practice

The annual Scaling New Heights technology conference for accounting professionals and financial advisors will be held June 16-19, 2024 at the Orlando Marriott World Center in Orlando, Florida. The Scaling New Heights conference is a leading accounting technology event and one of the largest gatherings of accountants and bookkeepers in the country. For four days each year, Scaling New Heights transforms the way businesses operate by equipping business advisors to provide their clients with busine

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Zoho Inventory @ QuickBooks Connect 2023

Insightful Accountant

Experience a unique and powerful software suite that transforms the way you work. Designed for businesses of all sizes, it is crafted by a company that values your privacy.

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A Milestone Moment: Welcoming Partners Amy Duncan and Edwin Yeung

DMCL

We’re thrilled to celebrate Amy Duncan and Edwin Yeung’s rise to partnership at DMCL. Amy, who began her journey as a CGA student in 2010 and achieved her designation in 2013, has consistently demonstrated growth and leadership in our Accounting & Assurance group. Her expertise and passion have significantly contributed to the successes of our private enterprise and non-profit organization clients.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Legal Insights on Forthcoming Federal Paid Family and Medical Leave Legislation

ThomsonReuters

Senators Kirsten Gillibrand (D-NY) and Bill Cassidy (R-LA) and Representatives Chrissy Houlahan (D-PA) and Stephanie Bice (R-OK) are leading bipartisan bicameral working groups to explore a federal paid leave program. The Working Groups issued a Request for Information (RFI) , seeking input from a host of entities, ranging from unions, care advocacy groups, business groups, and think tanks, to suggest ideas on how the program should be funded, the suggested scope, and the role of the federal gov

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AICPA News – Jan. 2024

CPA Practice

AICPA News is a recap of recent announcements from the American Institute of CPAs. AICPA & CIMA Registers First 100 Apprentices and Signs 17 Employers to Apprenticeship Program in Inaugural Year The AICPA & CIMA recently announced that it has registered over 100 apprentices in its Registered Apprenticeship for Finance Business Partners program within the inaugural year of the program.

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Dual Certifications Mean Big Bucks for Accountants

CPA Practice

Accountants in the U.S. who earned the CMA and CPA designations make more than $38,000 than their noncertified counterparts, according to the 2023 Global Salary Survey from the Institute of Management Accountants (IMA). According to data from IMA members surveyed in the U.S. and Canada, management accountants who are both CMAs and CPAs have a median base salary of $137,800 compared to $99,375 for accountants who hold neither certification.

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Grant Thornton Achieves $7.5 Billion in Global Revenue

CPA Practice

The global business advisory and accounting firm Grant Thornton International Ltd announced in late December that its global revenues grew to a record $7.5 billion for the financial year ended September 30, 2023. This is an increase of 10.9% in adjusted constant currency terms, and follows the 13.7% growth achieved in the prior fiscal year. The network reported double-digit growth across all major service lines (assurance, tax and advisory), led by assurance services up 14.5%, reinforcing the ne

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.