Accounting Insight

AUGUST 16, 2024

In the ever-evolving landscape of accounting and bookkeeping, effective practice management is essential for enhancing efficiency, client satisfaction, and overall performance. As we look ahead to 2024, here are some key strategies to help firms optimise their practice management processes. 1. Staff, Task, and Client Management Implementing a robust practice management system allows staff to manage their workloads efficiently and ensures clarity on tasks.

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bookkeeping accountant accounted Account 64

CPA Practice

AUGUST 16, 2024

New research from global cloud-based small business platform Xero reveals a notable gap in financial literacy among U.S. small business owners. Despite 55% of small business owners rating their financial literacy as ‘high’, half (50%) actively face fiscal challenges in their business due to a lack of it; 15% of those respondents have not yet recovered.

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accounting and finance Tax Finance accounted 122

Accounting Today

AUGUST 16, 2024

The Internal Revenue Service is reopening the Voluntary Disclosure Program for a limited time to allow businesses to fix incorrect Employee Retention Credit claims without penalties or interest.

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Tax 124

CPA Practice

AUGUST 16, 2024

By Emily Bloch The Philadelphia Inquirer (TNS) Aug. 15—Social Security numbers and other personal information could be compromised following a massive data breach. The leaked data landed in the hands of a nefarious hacking group and is now for sale on the dark web, according to court documents. The hacking group, called USDoD, claims to have stolen the personal records of 2.9 billion people from a data company that specializes in background checks.

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accounting and finance Florida Finance audit 122

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4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

Finance

Going Concern

AUGUST 16, 2024

Seven out of 10 workers in the United States would quit a job if they’re forced to work under a bad manager according to the most recent Workforce Confidence survey by LinkedIn. Broken down by generation, Gen Z and millennials are most likely to leave (75% and 77%, respectively), followed by 68% of Gen X workers and 61% of boomers. Adds the professional networking site that jumped the shark to Facebook With Business Cards years ago , respondents don’t want the manager gig themselves,

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public accounting accounted accountant Account 104

Randal DeHart

AUGUST 16, 2024

Avoiding cash flow crises is crucial for the success and sustainability of your construction business. Managing cash flow is vital for small business owners. Poor cash flow management can create significant challenges even if your business is profitable. Cash is a fact; Profit is an opinion A cash crisis can be emotionally devastating and even kill your business.

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Accounting Today

AUGUST 16, 2024

The "ROI Method" of charging can enhance client satisfaction, boost your firm's revenue, and reduce the time spent on engagements.

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Tax 92

Withum

AUGUST 16, 2024

The IRS announced on August 15, 2024, the establishment of a second voluntary disclosure program (VDP) relating to erroneous ERC claims. See Announcement 2024-30. The IRS released the original VDP in December 2023, which expired on March 22, 2024. See Announcement 2024-3. More than 2,600 taxpayers applied to the first VDP, which allowed participants to retain 20% of the claimed ERC amount tax-free, and not to pay interest or penalties.

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Accounting Today

AUGUST 16, 2024

Sage Intaact touts enhanced features for global market; Certinia's Summer 2024 release focuses on efficiency; Korean payments company SentBe goes global; and other accounting tech news.

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Technology accounted accountant Account 73

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

accounting and finance

Cherry Bekaert

AUGUST 16, 2024

Contributor: John Ford On June 27, 2024, the United States Department of Defense (DoD) published a proposed rule (Case 2021-D0006) in the Federal Register that would amend the six Defense Federal Acquisition Regulation Supplement (DFARS) business systems clauses. DoD has requested that any comments on the proposed rule must be received by August 26, 2024.

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Accounting Today

AUGUST 16, 2024

Speakers at Xero's annual Xerocon event in Nashville this week urged accountants to think more deeply about promoting mental health and wellbeing for both clients and staff.

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accounted accountant Account 67

Menzies

AUGUST 16, 2024

Menzies LLP - A leading chartered accountancy firm. In a society where financial hardship is all too common, the Breathing Space scheme emerges as a beacon of hope for individuals struggling with debt in England and Wales. The scheme was introduced into UK regulations and provides much needed respite to those stained by debt, providing a legal framework aimed to alleviate the pressure and facilitate a path of sustainable debt management.

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chartered accountant Legal accounting firms accounted 59

Accounting Today

AUGUST 16, 2024

As businesses navigate turbulent economic waters, CFOs face mounting challenges in their mission to manage costs, optimize resources and maintain financial resilience.

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Account accountant accounted 67

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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

CPA Practice

AUGUST 16, 2024

TaxValet , a fractional sales tax department that says it removes the hassle, stress, and risk of sales tax, has announced that it is now a Certified B Corporation. As a B Corp, it’s part of a global community of businesses that meet high social and environmental impact standards. The company says this significant milestone reflects its dedication to positively impacting its employees, clients, communities, and the planet.

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Accounting Today

AUGUST 16, 2024

Wipfli releases 2024 Outsourcing Report; Herbein adds senior HR consultant; and more news from across the profession.

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Account accountant accounted 70

CPA Practice

AUGUST 16, 2024

By Charles E. Ramirez The Detroit News (TNS) A Detroit woman convicted of being an unlicensed accountant and unlicensed real estate agent has been sentenced to two years of probation, officials said. Krystal Davis, 37, was sentenced Tuesday in Wayne County Circuit Court for accounting violations—being an unlicensed certified public accountant and two counts of violating the state occupational code-being an unlicensed real estate agent, the Michigan Attorney General’s Office said.

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Real Estate CPA Michigan tax return 52

Menzies

AUGUST 16, 2024

Menzies LLP - A leading chartered accountancy firm. Financial stability is crucial, but sometimes there are disruptions that can cause financial stress. Recognising and understanding the warning signs of impending bankruptcy can help you to address the situation and take proactive steps to avoid becoming bankrupt. Here are some of the key indicators that you might be heading toward bankruptcy. 1.

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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

CPA Practice

AUGUST 16, 2024

Accounting professionals and students will gather in Atlanta in mid-October for the American Institute of CPAs (AICPA) Accounting Pipeline Diversity Symposium (APDS) and Accounting Scholars Leadership Workshop (ASLW). The two events will overlap for two days, and both groups will have the opportunity to interact, benefit and learn from one another. Professionals will be learning and working collaboratively on strategies and best practices for maintaining a strong and diverse talent pool for the

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accountant accounted Account accounting and finance 52

Cherry Bekaert

AUGUST 16, 2024

A federal civilian agency (the Client) required assistance with staffing for a critical project within its financial management office. The initiative aimed to improve resource management within the agency’s information technology (IT) office, a key division responsible for overseeing both financial operations and decision-making processes. The Client utilized Cherry Bekaert’s Outsourcing & Resources Solutions (ORS) advisory line, alongside Cordia Resources by Cherry Bekaert, to secure a pr

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accounting and finance Management Consulting Government Finance 52

FraudFiles

AUGUST 16, 2024

What on earth do fraud and infidelity have in common? Quite a lot. While there may be no scientific studies available that analyze the correlation between financial fraud and infidelity, anecdotal evidence suggests there is a connection. A discovery of a corporate fraud has often led to the discovery of a secret addiction like gambling, [.

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Gambling 52

Accounting Insight

AUGUST 16, 2024

If a client came to your accounting firm and said, “I want to hire a full time team member in 6 months time”, what would you do first? You’d start by looking at the numbers. More specifically, what does their monthly revenue target need to be to generate enough profit for this goal to be achieved (and then sustained). It’s the same process for building a marketing campaign.

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accounting firms accountant accounted Account 52

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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

Accounting Today

AUGUST 16, 2024

The company continued to use a controversial sales strategy to meet financial targets after promising it would stop.

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CPA Practice

AUGUST 16, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, discuss how to optimize generative AI functionality like Chat GPT and CoPilot, and how learning how to ask the right questions or give the right directs (or prompts) to these language generators can greatly enhance the quality and accuracy of your output. Some great tips and tricks. Use the podcast player below to listen to the podcast. – Transcript (Note: There may be typos due to automated transcription errors.

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Technology accountant accounted Account 111

Accounting Today

AUGUST 16, 2024

YouTuber, podcaster and advisor Jason Staats discussed the practical issues in AI implementation for accountants during Xerocon this week.

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accounted accountant Account 54

Menzies

AUGUST 16, 2024

Menzies LLP - A leading chartered accountancy firm. Navigating financial difficulties can be overwhelming, and when debts become unmanageable, bankruptcy may seem like the only option. Understanding the essentials of bankruptcy, including its implications and the process involved, will help you to assess your options and make well-informed decisions.

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chartered accountant Legal Maine accounting firms 52

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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

AUGUST 16, 2024

They would all come with a hefty price tag, advisors warn.

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Tax 67

Going Concern

AUGUST 16, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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audit auditor Tax Technology 104

CPA Practice

AUGUST 16, 2024

By Niels Lesniewski CQ-Roll Call (TNS) Vice President Kamala Harris, the Democratic nominee for president, is set to unveil a set of economic policy proposals Friday, highlighted by a new child tax credit. The proposal, according to Harris-Walz campaign officials, would provide a $6,000 child tax credit within a newborn child’s first year. It also would bring back a child tax credit from the 2021 reconciliation law and expand earned-income tax credits for many taxpayers without children.

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