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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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 128

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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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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Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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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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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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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CPA Practice

AUGUST 16, 2024

The IRS on Thursday announced the opening of the application period for the 2025 Compliance Assurance Process (CAP) program on Sept. 4. The application period lasts until Oct. 31, and the IRS will inform applicants if they’re accepted into the program in February 2025. Launched in 2005, CAP helps large corporations improve federal tax compliance. The process enables the taxpayer and the IRS to: Use real-time issue resolution tools and techniques.

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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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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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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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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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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

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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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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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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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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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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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

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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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

Sales

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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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 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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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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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Accounting Today

AUGUST 16, 2024

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

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Tax 72

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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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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Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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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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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