Fri.Oct 27, 2023

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Tech News: EY and AuditBoard release risk assessment tools

Accounting Today

Plus, Gusto and FreshBooks jointly release FreshBooks Payroll; and other accounting technology news.

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Break Out the Violin for the Poor EY UK Partners Taking a Pay Cut This Year

Going Concern

Although EY had “one of the most successful years in the history of the organization with record global revenues and continued significant growth” according to their own revenue announcement in September , the firm also had a $500 million hole bored into its collective pockets by Project Everest (maybe less depending on who does the accounting and what level of wizard they are ).

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Career sustainability: A super-skill for women in accounting

Accounting Today

The 2023 Accounting MOVE Project report focuses on how women can navigate the shifting workplace in the accounting profession.

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Carbon Accountants: What They Do and Why They Matter

CPA Practice

By Allison Arieff, MIT Technology Review (TNS) His official title is vice president of regulated reporting solutions. But really, Billy Scherba, CPA, is a carbon accountant. At Persefoni, a platform for climate management, Scherba works with companies to measure, manage, and disclose their contributions to climate change. Billy Scherba Carbon accountants help companies understand what data matters to their carbon footprint, how to collect that data in a consistent manner, and how to use it to ca

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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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Small businesses see sales decline

Accounting Today

Small businesses are experiencing the weakest sales since 2020, according to a new report from Xero, despite signs of an improving economy.

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IRS Outlines Withdrawal Process for Employee Retention Tax Credit Claims

Anders CPA

After announcing an immediate moratorium on processing new Employee Retention Tax Credit (ERTC) claims , the IRS has issued new guidelines on a special withdrawal process. If an employer filed an ERTC claim, the withdrawal process potentially allows them to withdraw their claim and avoid costly repayments compounded by interest and additional penalties.

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IRS Promotes E-Filing of Payroll Tax Forms

CPA Practice

The Internal Revenue Service is reminding employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically. While paper filing is available, the IRS strongly encourages e-filing. E-filing is the most secure, accurate method to file returns, and saves time. E-filing is easy with auto-populating forms and schedules and a step-by-step process that performs calculations for the user.

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What comes next in the IRS's ERC withdrawal process?

Accounting Today

The Internal Revenue Service is providing a way for businesses to withdraw incorrect claims for the Employee Retention Credit, but what about the claims that have been paid out already?

Tax 101
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The Art of Employee Recognition at a Growing Remote Company | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

Join your host, Kevin Drye, and Director of Marketing, Andrea Boccard, as they take a deep dive into the art of appreciating your workforce.

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Essential Bookkeeping Practices For Construction Start-Ups

Randal DeHart

Starting a new construction business is exciting but has its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It's not just about keeping things tidy; it's about understanding the financial health of your business and meeting all your tax obligations.

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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.

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EY cuts U.K. partner payouts as Big Four face slowdown

Accounting Today

Partners at the Ernst & Young in the U.K. saw their share of profits drop for the first time in three years as the Big Four face economic uncertainty.

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Top 5 Stamp Duty Land Tax (SDLT) Reliefs for Property Investors and Developers

Menzies

Menzies LLP - A leading chartered accountancy firm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. However, by understanding and correctly applying the relevant tax reliefs, it is possible to significantly reduce the amount of SDLT that needs to be paid. In this article we outline the top 5 SDLT reliefs that you need to be familiar with.

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CPA services aren't keeping up with changing times

Accounting Today

The business model of a CPA firm has shifted, and many firms are still not acknowledging that.

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UK tax considerations for E-sports earnings

Menzies

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? There are more and more opportunities to make money from Esports, whether as an individual or a team, and in some cases the cash at stake can be substantial.

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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Carbon offset market faces chaos as mega-project collapses

Accounting Today

An investigation found significant flaws in accounting behind carbon credits from Zimbabwe-based Kariba.

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Role of CPAs With Personal Financial Planning

Withum

CPAs perform a wide range of services including personal financial planning. This is a critical service for clients and I feel the CPA is best able to perform these services. I have been doing this since I started my own practice, having considerable experience from my initial jobs with CPAs. Why Choose Your CPA for Personal Financial Planning: Key Reasons CPAs performing these services are usually very experienced in this with some CPAs earning the Personal Financial Specialist (PFS) designatio

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On the move: Traphagen CPAs raises $1K for American Cancer Society

Accounting Today

REDW relocates Albuquerque office; Eide Bailly names nonprofit Project Chimps winner of its annual Resourcefullness Award; and more news from across the profession.

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How to successfully offer pro bono accounting services

ThomsonReuters

Doing good things for the right people for the right reasons can be very rewarding. But, many accounting firms offering pro bono services fail to take a strategic and organized approach, opening themselves up to a host of potential challenges. One reason firms fail to plan is that it’s difficult to decide how much to give away and to whom. Another challenge is that some clients don’t appreciate the value you’re giving them when you do offer pro bono services.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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What CPAs can learn from Turo

Accounting Today

Your competitors of the future are probably not who you think they are.

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Focusing on Sustainability for UK Hospitality & Leisure Businesses

Menzies

Menzies LLP - A leading chartered accountancy firm. The UK hospitality and leisure sector has faced a number of challenging circumstances over recent years, which have distracted operators away from tackling the sustainability issue. With the UK Hospitality Sustainability Conference last week, there is renewed focus on this important issue. This article highlights the importance of setting clear sustainability KPI’s that align with goals, which once agreed need to be communicated to all stakehol

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Patriot Software Teams Up With Stripe to Streamline Online Payments 

Patriot Software

Canton, Ohio Patriot Software, a leading online accounting software provider, and Stripe, a financial infrastructure platform for businesses, have joined in a partnership to offer a new era of enhanced and frictionless payment experiences for customers.

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Intrastat Guide: Reporting, Numbers, Thresholds

Accounting Insight

Intrastat is an obligation created in 1993 that applies to certain businesses that trade internationally in the European Union. Specifically, it relates to the movement of goods – arrivals and dispatches – across EU Member States. The requirements of Intrastat remain similar across the EU, though certain Member States have implemented rules differently.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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Gordon James Realty Expands their Business with the Help of Automation and Custom Accounting Processes

Accounting Seed

With Accounting Seed on Salesforce, Gordon James Realty is making their mark in the property management business Whether you’re looking to buy your first home or you’re an experienced investor, Gordon James Realty has your back. Serving the Washington D.C., Virgina, and Maryland areas, Gordon James Realty was established in 2012 as a full-service property management company helping others maximize their investment in owning property.

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EY U.K. Cuts Partner Payouts by £40,000 as Big Four Accounting Firms Face Slowdown

CPA Practice

By Irina Anghel, Bloomberg News (TNS) Ernst & Young LLP partners in the U.K. saw their share of profits drop for the first time in three years as the Big Four audit firms face economic uncertainty. Partners at the accounting firm’s U.K. arm pocketed an average of £761,000 ($923,000) last year, compared with £803,000 the year before. The firm also cut its pay rise and bonus pool by about 30% to £155 million.

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Incorporations, LLCs, and Business Filings – Made Easy for Accountants with MyCorporation

Insightful Accountant

MyCorporation has been a reliable resource for accountants looking to complete business filings for their clients for more than 25 years.

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The Technology Lab Podcast – Should You Upgrade Your Firm? – Oct. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, have a chat about firm technologies, and which upgrades they see as beneficial to firms, allowing them to accomplish more even if facing talent shortages. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors. Also, due to the intro to the podcast, add apx. 10 seconds to the time stamps below.

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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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Withum’s Annual Law Firm Leadership Survey Indicates Future of Firm Management Facing Slowing Demand

Withum

Princeton, NJ—Withum, a Top 25 advisory and accounting firm, released its 2023 Law Firm Leadership Annual Trend Report with data from this year’s Law Firm Leadership Survey. Firm Managing Partners, Chief Executive Officers and others in leadership roles were surveyed on their perspectives on AI, cybersecurity, succession planning and more in a market that has cooled in recent years.

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Patriot Software Partners with Stripe

CPA Practice

Online accounting software provider Patriot Software has partnered with online payments system Stripe to offer frictionless payment experiences for customers. Under this partnership, Patriot Software accounting customers can now effortlessly accept credit card payments on customer invoices, significantly enhancing the efficiency and convenience of their financial operations.

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Getting Ahead of Foreign Exchange Exposure and Leveraging Accounting Practices to Manage Risk

Cherry Bekaert

Contributors: Brandon Goodwyn, Senior Associate, Accounting Advisory Global businesses operating in multiple countries or investing in foreign currencies must have a thorough understanding of foreign exchange principles to manage risks (exposure). To operate at peak performance, management should understand the types of exposure present, available foreign exchange instruments, hedge accounting practices and accounting for foreign exchange transactions.

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Capital gains tax: Is this part of your financial planning?

Menzies

Menzies LLP - A leading chartered accountancy firm. Capital gains tax (CGT) has traditionally been a tax that most people could ignore. If you happened to be caught within its grasp, you could consider yourself in a relatively wealthy minority. However, as has happened with higher rate tax, the reach of CGT has been growing and will extend further over the next few years.

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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