Wed.Oct 30, 2024

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Protecting the Healthcare Industry From Cyber Threats

Withum

The healthcare industry continues to embrace new technologies, which has positively impacted the care of patients. Artificial intelligence , machine learning and big data analytics assist with solutions to enhance healthcare delivery for remote patient monitoring, personalized medicine and early disease detection, to name a few. While these advancements help provide better overall health outcomes, there is a side effect of increasing the attack surface for threat actors to gain access to patient

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What Are Audit Partners’ Biggest Concerns Heading Into 2025?

CPA Practice

According to the results of a survey released today by the Center for Audit Quality (CAQ), concerns about a potential recession, ongoing inflation, and the U.S. election are fresh on the minds of audit firm partners as the start of 2025 nears. Now in its third year, the CAQ’s Audit Partner Survey asked 1,128 audit partners at the country’s leading public company audit firms about their views on the current business environment in the U.S.

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Unlocking Profit Potential Through Strategic Financial Forecasting

AccountingDepartment

In the current competitive environment, small and medium-sized businesses (SMBs) must leverage every possible advantage to succeed and expand. Forecasting is a powerful tool that can greatly influence a company's financial success.

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Tax Consequences of Selling a Vacation Home

Dent Moses

Just like your primary residence, a second home may have significant appreciation over the last several years. If it’s time to sell, it’s important to understand the tax consequences. Let’s look at a couple of examples: Sale of second home – 100% personal use Unlike your primary residence, no gain exclusion is available if you sell a vacation home.

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

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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The Role of a Virtual CFO: What CEOs Need to Know

GrowthForceBlog

7 min read October 30th, 2024 At the top of a CEO's list of worries, you'll find economic uncertainty (especially concern over a potential recession) and inflation, according to the 4Q 2023 Business and Industry Economic Outlook Survey from the AICPA and CIMA Key Takeaways What Is a Virtual CFO: A virtual CFO serves a business remotely on an as-needed basis.

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Another Explosive BDO Lawsuit Counterclaim Accuses the Firm of Inflating Revenue, ESOP Tomfoolery

Going Concern

TLDR ChatGPT summary: BDO USA filed a lawsuit accusing a former leader, Phuoc Vin Phan, of leaving to join Ankura Consulting and taking BDO team members and confidential information with him. BDO claims this was part of an Ankura plan to poach its Healthcare TAS practice. Phan denies the allegations, stating BDO’s workplace environment pushed him and others to leave, and counters that BDO fostered a culture of secrecy and intimidation.

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How to Raise Prices Without Scaring Away Customers: The 3E Framework

IgniteSpot

Raising prices as a business owner may seem daunting and scary, but it doesn't have to be. This might be the last item on your list for this year because you're unsure how your customers will react or if there’s a magic formula for successfully increasing your rates. As an accountant, I’ve had the privilege of looking under the hoods of hundreds of businesses across the country, and today, I want to share a framework that can help you navigate price increases without spooking your customers.

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Xero awards $460K to 'Beautiful Business Fund' winners

Accounting Today

Xero announced the winners of its annual Beautiful Business Fund competition, who each received a portion of $460,000 in prize money. Four were based in the US.

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Microsoft Power Pages: Pricing, Licensing, Capabilities and Benefits

Withum

Microsoft Power Pages is a feature in Microsoft Power Platform that delivers a secure, enterprise-grade platform for creating, hosting and administering modern external-facing business websites. Power Pages empowers anyone, regardless of their technical skills, to build engaging and interactive web experiences using data from various sources, such as Microsoft Dataverse, SharePoint , Excel and more.

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FASB proposes to clarify guidance on acquirer in business combinations

Accounting Today

The proposed ASU would set more consistent requirements for determining the acquirer when a transaction is achieved by exchanging equity interests.

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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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Aprio Releases 2024 End-of-Year Tax Update

CPA Practice

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA). The majority of the changes made by the TCJA are scheduled to expire, or “sunset,” on December 31, 2025, unless Congress acts to extend them.

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Super Micro auditor EY resigns, citing 'integrity' concerns

Accounting Today

The resignation comes after Department of Justice launched a probe into an ex-employee's claims that Super Micro violated accounting rules.

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Autumn Budget 2024 Commentary: Manufacturing

Menzies

Menzies LLP - A leading chartered accountancy firm. A key theme of today’s budget was “Invest, Invest, Invest!” with the intention of driving economic growth. The chancellor has pledged over £100 billion of additional capital investment over the next five years which will be welcomed by this capital intensive sector. Sector representatives Make UK were specifically mentioned in the Chancellor’s speech, signalling the extent to which the budget intends to promote UK production and innovation. 7 K

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Lovesac to pay SEC $1.5M over scheme that buried expenses

Accounting Today

The sofamaker agreed to pay $1.5 million to settle allegations that two former executives devised a fraudulent accounting scheme to meet a key Wall Street metric.

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Back to Basics with Reconciliations

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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Autumn Budget Commentary: Tax Disputes and Disclosures

Menzies

Menzies LLP - A leading chartered accountancy firm. HMRC Recruitment Drive The Government has confirmed that 5,000 new HMRC compliance officers will be recruited, with the first 200 of these starting in November. This is expected to cost £1.4 billion over 5 years and raise £2.7 billion by 2029/30. The policy move is designed to close the ‘tax gap’ but this will take time to have an impact ‘on the ground’ as it can take several years before an HMRC compliance officer completes their t

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Auditors navigate a state of 'permacrisis'

Accounting Today

Richard Chambers is seeing a neverending series of crises confronting internal auditors and posing risks to their organizations.

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Autumn Budget 2024 Commentary: Retail

Menzies

Menzies LLP - A leading chartered accountancy firm. The recent budget has imposed significant challenges on businesses across the board, with the retail sector being particularly affected. The Chancellor has announced several policy changes and tax increases that will impact retail. 1.2% increase in Employers National Insurance Rates A 1.2% increase in Employers National Insurance rates will be a substantial burden on profitability, especially when combined with the reduction in the threshold fo

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SMB Financial Management Platform Mimo Launches ‘Get Paid’ Accounts Receivable Product, to Help SMEs, Accountants and Bookkeepers Control Cash Flow and Get Paid Faster

Accounting Insight

Mimo’s suite of financial management tools enables businesses and accountants to easily manage money coming in and going out, and is already processing millions of pounds in payments for hundreds of SMBs each month Mimo is proud to announce the launch of its new Accounts Receivable (AR) product, Mimo Get Paid, designed to complement its existing Accounts Payable (AP) product, Mimo Pay.

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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

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Hannah Smolinski Shares How to Scale Smart with Tips for Small Business Success

Canopy Accounting

In this episode of Canopy’s Practice Success Podcast, we sit down with Hannah Smolinski, founder and CEO of Clara CFO Group. We discuss Hannah's experience building a fractional CFO firm, why she chose to focus on CFO services, and the evolving role of fractional CFOs. The conversation covers valuable advice for small businesses and accounting firms, including trends in financial advisory and hiring challenges.

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Private sector added 233K jobs in October as annual pay grew

Accounting Today

Private sector employers added a robust 233,000 jobs in October as annual pay grew 4.6% year over year, payroll giant ADP reported.

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We’re ready to support you with Making Tax Digital for Income Tax

Xero

As outlined in the autumn Budget, the UK government is committed to delivering Making Tax Digital (MTD) for income tax Self Assessment, which will be mandated in April 2026. We’re pleased that this gives accountants and bookkeepers more certainty on timings as they prepare for this deadline. At Xero, we’re ready for MTD for IT and will be participating in HMRC’s public testing phase from April 2025.

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Intuit rolls out new features and capacities

Accounting Today

Intuit announced new features and capacities, many of them within its QuickBooks line of products.

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Harness the Potential of Your Enterprise Knowledge

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.

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Intuit Connect showcases Intuit Solutions

Insightful Accountant

Intuit showcases innovation's to fuel accountant success and drive business grown by powering prosperity with AI-driven insights, staffing solutions for scaling businesses, and features that engage and grow your business.

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Let's make accounting great again

Accounting Today

Far too often, accountants get put into a box, and people assume this is a single-path career. But that is far from reality.

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How to Delegate Advisory Work to Your Team

Ryan Lazanis

Are you struggling to add advisory services without taking on all the work yourself? Learn how to delegate and make advisory work scalable. The post How to Delegate Advisory Work to Your Team appeared first on Future Firm.

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Transforming Your Firm: The Impact of Smarter Engagements

CPA Practice

Using thousands of real-world engagements, we explore how firms are achieving up to 23% time savings by leveraging Fieldguide’s AI and automation , ultimately turning reclaimed time into a strategic advantage. With Fieldguide, you’re not just adapting to change—you’re shaping the future of your firm. Gain Actionable Insights: Understand how Fieldguide’s solutions deliver measurable efficiency improvements and time savings based on real customer data.

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Solve Your Firm's Automation Complexities Once and For All

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.

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The tax department renaissance: Talent shifts and technology innovations

ThomsonReuters

← Blog home The 2024 State of the Corporate Tax Department report by the Thomson Reuters Institute, in collaboration with tax executives, highlights the challenges and opportunities facing tax departments today. With talent shortages looming and technological advancements accelerating, tax departments are at a pivotal juncture. This post delves into the key findings of the report, providing valuable insights and strategies to address these challenges.

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EisnerAmper Rolls Out Energy Sector CFO Advisory Group

CPA Practice

Top 20 accounting firm EisnerAmper has launched a new CFO advisory service line that it says supports the highly specialized needs of the energy sector. EisnerAmper’s advisory group has established a team within its Emerging Sectors Services group, Energy Sector CFO Advisory , led by partner Julie Munn-Sims and managing director Candice Wilson. Munn-Sims and Wilson bring decades of experience helping CFOs and other business leaders focus on transformational excellence and strategic innovation,

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VAT on independent school fees: FAQs

Menzies

Menzies LLP - A leading chartered accountancy firm. Following Labour’s election win, they have gone ahead with their intention to impose VAT on education provided outside of the state sector. The current intention is that VAT will be imposed with effect from 1 January 2025. The draft legislation and HMRC’s guidance on how they see the legislation applying have been published, however the guidance does not provide clarity on all of the questions arising, or address concerns regarding the drafting

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Xero Announces U.S. Winners of Its Beautiful Business Fund

CPA Practice

Xero , the global small business platform, has announced the U.S. winners of the 2024 Xero Beautiful Business Fund. Four small businesses in the U.S. were selected as winners, along with businesses from regions around the world, each receiving a portion of a $460,000 global prize pool. The winners for this fund represent a diverse group of organizations committed to driving meaningful change and redefining what’s possible in the field they operate in.

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.