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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.
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.
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.
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,
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
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.
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.
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.
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.
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.
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.
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.
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
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.
As businesses navigate turbulent economic waters, CFOs face mounting challenges in their mission to manage costs, optimize resources and maintain financial resilience.
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.
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.
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.
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.
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
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?
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
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, [.
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.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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.
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.
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.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
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.
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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