Wed.Jun 26, 2024

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Inventory Management Strategies To Maximize Efficiency

AccountingDepartment

From a manufacturing perspective, inventory is everything for business owners that can significantly impact their financial well-being. That is why effective inventory management is of utmost importance for manufacturers or other businesses that keep things on the shelves.

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Recent FTC Rule Could Affect the Value of Noncompete Agreements

RogerRossmeisl

Noncompete agreements can be valuable to a business, especially after a merger or acquisition. Estimating the value of these agreements has become more complicated in light of a controversial new final rule issued by the Federal Trade Commission (FTC) that will ban noncompetes for most employees and independent contractors, starting in September 2024.

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Taxpayer Advocate spotlights problems with IRS assistance

Accounting Today

The Internal Revenue Service isn't doing enough to help victims of identity theft receive their tax refunds, according to a report from National Taxpayer Advocate Erin Collins, and its statistics on answering phone calls are misleading.

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Figuring Corporate Estimated Tax

RogerRossmeisl

The next quarterly estimated tax payment deadline is September 16 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment of estimated tax that a corporation must pay to avoid a penalty is the lowest amount determined under one of the following four met

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

Speaker: Gary Dmitriev

Automation promises increased efficiency and reduced costs, but how do you sift through the hype to find the right solution for your organization? Our upcoming webinar aims to demystify the process of selecting and implementing automation tools. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals.

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Santander renews $140M audit with PwC

Accounting Today

Banco Santander decided to renew its contract with PricewaterhouseCoopers, potentially keeping one of Europe's biggest such relationships with the firm until 2035.

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House Rich But Cash Poor? Consider a Reverse Mortgage Strategy

RogerRossmeisl

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay down the mortgage principal over time.

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Rightworks Acquires Cyber Security Firm Practice Protect

CPA Practice

Rightworks, a cloud service provider delivering solutions purpose-built for accounting firms and professionals, has acquired Australia-based Practice Protect , the accounting profession’s leading cybersecurity provider. The acquisition will enable firms to manage risk, secure client data, and achieve regulatory compliance while using cloud and desktop applications in Rightworks OneSpace.

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5 ways accountants are using AI to streamline workloads

Accounting Today

Accountants are adding AI tools to their work, saving time and becoming more efficient.

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4 Key Takeaways From the National Taxpayer Advocate’s Mid-Year Report to Congress

CPA Practice

While the 2024 filing season generally ran smoothly, delays in issuing refunds to identity theft victims, misleading telephone measures that lead to poor resource allocation decisions, and delays in processing employee retention credit (ERC) claims stood out as the biggest challenges to taxpayers, according to National Taxpayer Advocate Erin Collins, who released her mid-year report to Congress on June 26.

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Founder Files: Eliminating busy season

Accounting Today

Logan Graf is documenting his accounting firm's journey to eliminating busy season on his YouTube channel.

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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A Surprisingly High Number of People Actually Want to Stay at Their Current Firm

Going Concern

We’re not talking about the high number of people who are sticking around at their firms right now because the market is so screwy but rather this is about respondents to a Pennsylvania Institute of CPAs survey they’ve called “ CPA Talent Retention 2024: Keeping Your Best Performers.” Almost three-quarters of the hundreds of PA CPAs surveyed said they would like to stay put.

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IRS advisory group recommends regulating tax preparers

Accounting Today

An influential advisory committee to the Internal Revenue Service is asking Congress to regulate noncredentialed tax preparers and boost funding for the IRS and the National Taxpayer Advocate.

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Patriot Software Launches Time and Attendance Mobile App 

Patriot Software

Canton, OH Patriot Software proudly unveils its latest innovation—the My Patriot mobile app, a dynamic new tool designed to streamline how work hours are recorded and managed. The payroll and accounting leader’s new app is available to all salaried and hourly employees whose employer uses Patriot’s Time and Attendance software.

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Roundtable Labs Announces Launch of Second Empower Your Passion Cohort

CPA Practice

Roundtable Labs has announced the highly anticipated launch of the second cohort for Empower Your Passion, a transformative initiative aimed at revolutionizing the way accountants and business owners approach their work. To celebrate this milestone, Roundtable Labs invites interested individuals to join a free preview session on July 23rd to learn more about this exciting opportunity.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Mastering Value-Based Pricing: What Are Your Services Really Worth?

GrowthForceBlog

9 min read June 21st, 2024 One of the biggest challenges and biggest decisions in running a business is determining your prices. Key Takeaways When Your Business Is Differentiated From the Competition: In some sense, differentiation is similar to scarcity because your business's products and services can't quite be considered scarce if you have multiple competitors offering similar products and services.

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Dext unveils plans for Bookkeeping Automation platform and a raft of new features

Accounting Insight

Dext is bringing its three products into a single Bookkeeping Automation platform and will release new features to automate employee expenses, simplify approval workflows and more. Dext, the leading bookkeeping automation platform provider, today announced it is combining its products, Prepare, Precision and Commerce, into one integrated experience that will remove the friction between businesses, bookkeepers and accountants.

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Brazil unveils global billionaire tax plan that has split G-20

Accounting Today

The proposal calls for a 2% minimum tax that would hit about 3,000 of the world's richest people, and is set for debate when G-20 finance ministers gather in Rio de Janeiro next month.

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Accountants Hold Vital Role in Driving Financial Transformation

CPA Practice

A new survey underscores the role that accountants play in motivating, determining, and implementing new solutions that modernize their work. This also helps ensure their organizations are competitive and compliant in a complex and dynamic environment, and aid the CFO and others in understanding the transformation imperative. These are part of the results from FloQast’s survey, Embracing Financial Transformation: What It Is, Why Organizations Should Want It, and How to Achieve It.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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FASB proposes simplified guidance on software costs

Accounting Today

The FASB voted to propose a new ASU that would, among other things, remove the distinction between linear and nonlinear development methods.

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Why You Should Participate in the ProAdvisor Awards

Insightful Accountant

Murph seeks to help you get ready for Insightful Accountant's 2025 ProAdvisor Awards process that will begin in July (2024). This includes a few fundamental changes to this year's requirements.

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Kenya scraps $2.3B tax plan after deadly protests

Accounting Today

Kenyan President William Ruto said he's withdrawing a contentious tax bill after it led to the deaths of at least 23 people.

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Reminder

Ryan Lazanis

In business, we often lose sight of what’s truly important. This episode serves as a reminder to re-center and focus on what matters most. The post Reminder appeared first on Future Firm.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Open banking comes to Reckon! Bank transfers and data feeds are now supercharged

Reckon

In a new deal with SISS Data Services (Australia’s leading independent provider of secure bank data services) Reckon is proud to add powerful and secure bank data services to our payroll and accounting software. As Reckon CEO Sam Allert noted on the fresh partnership, We’re very excited to deliver this significant enhancement for our small business customers,” said Sam Allert, CEO of Reckon.

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Under Armour Will Pay $434 Million to Settle Shareholder Lawsuit

CPA Practice

By Lorraine Mirabella, Baltimore Sun (TNS) Under Armour will pay $434 million to settle a lawsuit in which shareholders in 2017 said they suffered significant losses as a result of false and misleading statements about the company’s prospects. The securities fraud class-action lawsuit, initially filed in 2017 in U.S. District Court in Baltimore, covers purchasers of publicly traded shares of Under Armour from Sept. 15, 2015, to Nov. 1, 2019.

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Common Pitfalls Involving the Opportunity Zone Working Capital Safe Harbor

Cherry Bekaert

Dive into the complexities of the OZ Working Capital Safe Harbor with our video. Don’t forget to subscribe for more updates on Opportunity Zone regulations and professional advice! Six years into the Opportunity Zone (OZ) program, the work has shifted. Tax professionals are asked less to plan new funds and counsel new investors, and more about guiding existing funds through the working capital safe harbor period.

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Economists Say Rising Healthcare Costs Could Lead to Job Cuts 

CPA Practice

By Shalene Gupta, Fast Company (TNS) It turns out rising healthcare prices have a hidden cost: jobs. A new working paper, titled “ Who Pays for Rising Health Care Prices? Evidence from Hospital Mergers ” and published by the National Bureau of Economic Research, examines the link between increasing healthcare costs and job cuts. The paper was written by economists from Yale, the University of Chicago, the University of Wisconsin-Madison, Harvard University, the Internal Revenue Service (IRS), an

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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ERP Failure Definition & Predictors Podcast – Part One

Cherry Bekaert

Enterprise resource planning (ERP) software incorporates the majority of ongoing business management systems, making its implementation a necessity in today’s digital evolution. To stay competitive and pertinent in the rapidly evolving global economic landscape, the deployment of an ERP system with innovative technologies is inevitable. In this episode of Cherry Bekaert’s Digital Journeys podcast series, join Dan Mitzenmacher , Managing Director of Digital Advisory, and Jim Holman , Dire

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PwC Survey: Even Though the Great Resignation is Over, Workers Still Want to Quit

CPA Practice

By Pavithra Mohan, Fast Company (TNS) Over the past year, many experts have declared that the Great Resignation is finally over—including the very professor who coined the term. As the era of workers quitting their jobs en masse has come to an end, experts believe the workforce has entered a period of relative stability— dubbed the Big Stay !—with workers seemingly more hesitant to rock the boat and leave their jobs.

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H&L Sector: Election 2024 Commentary

Menzies

Menzies LLP - A leading chartered accountancy firm. With the UK General Election taking place in just a matter of weeks on 4 July 2024 and the leading parties having released their manifestos, we have summarised below some of the main policy promises that would impact the Hospitality & Leisure sector. Staffing & Associated Costs Staffing and costs associated with staffing continues to be a pressure point for businesses in the Hospitality & Leisure Sector.

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How corporate tax departments are applying indirect tax technology

ThomsonReuters

Businesses must innovate and adapt to the changing indirect tax landscape to stay competitive. Corporate tax departments are using technology increasingly as a strategic partner to address these issues. Insight on how indirect tax departments intend to use technology to transform their operations can be found in a recent study conducted by the Thomson Reuters Institute.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of