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When discussing AI at work, specifically Generative AI (Gen AI) and the future of work, there are significant opportunities for augmentation, acceleration, automation and analysis across various sectors: Augmentation: Gen AI can enhance human capabilities, particularly in creative, STEM and business fields. It can assist in generating new ideas, designs and solutions, thereby augmenting the creative process.
If you receive an award or legal settlement relating to a personal injury or illness, you normally don’t owe any federal income tax on the payment. However, as pointed out in a new case, Roman (TC Memo 2023-142, 11/28, 23, Uncle Sam may still be entitled to his fair slice of the pie. Background : Most types of compensation—like wages received for working—are subject to federal income tax.
Connecticut Society of CPAs installs board of directors; CohnReznick establishes merger integration and carve-out services practice; and more news from across the profession.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Think of strategic planning as your firm’s roadmap to the future. When change is the only constant , having a plan that adapts and evolves is crucial. But strategic planning is more than just a survival toolkit for today’s challenges. It’s your opportunity to shape what’s next. At the heart of this journey is setting visionary goals—these are the big, bold dreams that drive innovation and inspire change.
Sixteen awards were doled out for exceptional accounting marketing during the Association for Accounting Marketing’s annual Summit event in Orlando on May 14, with Forvis being the big winner as the top 10 accounting firm received three awards. This year, AAM introduced two new award categories: Client Experience and Innovation & Strategic Achievement, reflecting the evolving landscape of marketing and growth in the accounting profession.
Sixteen awards were doled out for exceptional accounting marketing during the Association for Accounting Marketing’s annual Summit event in Orlando on May 14, with Forvis being the big winner as the top 10 accounting firm received three awards. This year, AAM introduced two new award categories: Client Experience and Innovation & Strategic Achievement, reflecting the evolving landscape of marketing and growth in the accounting profession.
The Office of Management and Budget (OMB) recently published its final revisions to the federal Uniform Guidance (2 CFR Part 200). This revision outlines compliance and reporting requirements for federal financial assistance, such as grants and loans. Host Kat Kizior , Senior Associate at Cherry Bekaert, is joined by special guest Robert Shea , CEO of GovNavigators, to discuss2 CFR 200 uniform guidance updates and how these changes will affect state and local governments, non-profits and publi
The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.
By Liz Scott. I have discovered the magic of the “capacity mindset” in the hectic accounting world. It’s all about maximizing the key areas of operations such as available time, resources, and talent to enhance client services and grow my accounting firm. If you’re like me, you spend a lot of time wondering, “How could I do this better?” The answers we seek are in the operational data of our practices.
Menzies LLP - A leading chartered accountancy firm. The CIOT has confirmed that HMRC are in the process of developing a new disclosure facility specifically for R&D claims, due to open in June 2024. Why is there a need for a new disclosure facility? The Government have introduced a number of changes to the R&D scheme in recent times as part of their overall efforts to tackle error and abuse in this area.
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
Hosts Randy Johnston and Brian Tankersley, CPA, are joined by guest Will Zacher, co-founder of AIgency Partners , to discuss a recent study on how artificial intelligence fared when attempting to pass the CPA exam. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.
The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.
The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) containing 189 recommendations regarding the 2024-2025 Guidance Priority Plan. As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan , the AICPA encourages the IRS to issue guidance on recommended areas.
Effectively managing a health plan demands a constant flow of accurate, timely, and relevant data to the plan sponsor and its board. Integration of financial and non-financial data is key for a holistic understanding of the plan’s performance. Board reports, sourced from various entities such as accountants, actuaries, third-party administrators, and pharmacy benefit managers, require meticulous compilation to form a concise yet comprehensive reporting package.
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.
By Jon Hubbard. The CPA firm leaders I speak to daily face similar challenges: struggling to attract talent, trying to serve too many clients for too low fees and being unable to keep talented supervisors and managers on the partner track. All these challenges relate to a firm’s business model. Issues such as starting salaries, demanding billable hours requirements, and the slow pace of advancement are turning potential talent away.
Menzies LLP - A leading chartered accountancy firm. Overview In today's rapidly evolving eCommerce landscape, effective stock management has become a cornerstone of success for businesses of all sizes. With consumer expectations at an all-time high and competition fiercer than ever, the ability to efficiently track inventory, anticipate demand, and streamline fulfilment processes is paramount.
The Florida Institute of Certified Public Accountants will hold its premier annual event, the MEGA Conference, June 11-13, 2024, at the Universal Lowes Sapphire Falls Resort in Orlando, Florida. The even draws together accounting and finance professionals for continuing education, networking, solution-centric exhibits and add-on events. Gail Perry, CPA, the editor-in-chief of CPA Practice Advisor, will be one of the event’s speakers, with a presentation on time management for accounting professi
Accountex London made its annual return to ExCeL on 15-16 May 2024 and welcomed over eleven thousand attendees from across the UK and has far as Singapore, Australia and New Zealand. This year’s show is officially the largest show in Accountex history, after a 7% increase on last year’s record-breaking numbers. ‘The atmosphere was electric; it was inspiring to see the community so active’ Portfolio Director, Caroline Hobden was ecstatic about the success “To be totally honest, we weren’t
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?
By Bill Sheridan. Twenty emerging accounting and finance leaders learned the skills they’ll need to take their teams, their careers, and their profession to the next level during the Maryland Association of CPAs’ 2024 Leadership Academy. Held May 14-16 in Towson, Md., the annual event is designed to help emerging leaders make the transition from individual contributors to leaders in their organizations.
If you are a small business or self employed, you are generally able to reflect your car costs as an expense on your profit and loss as well as write off the portion of the expenses that relate to business on your tax return. You can also see the video tutorial below (using QuickBooks Online): What Are The Types of Car Expenses The most common types of car expenses include: Gas Insurance Licence Registration Repairs and maintenance (fixing your car, car washes, changing summer or winter tires, o
CPACharge , an online payment solution developed specifically for accounting professionals, has launched new partnerships with New Jersey , Nevada , and Wyoming Society for CPAs. Each partnership provides members access to CPACharge and all associated benefits it has to offer for accounting firms to scale. CPACharge is the only payment solution offered as a Member Discount Partner by the AICPA and recommended by more than 42 state CPA societies.
Menzies LLP - A leading chartered accountancy firm. Introduction Back in December 2023, HMRC finally released a summary of the responses regarding changes to the VAT treatment of fund management services proposed in a technical consultation published at the end of 2022. The purpose of the consultation was to: Improve policy clarity and certainty for all stakeholders on the application of the VAT exemption for fund management services; and Remove reliance on retained EU law in the wake of Brexit.
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.
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that Hillary H. Salo, whose five-year term on the Financial Accounting Standards Board (FASB) begins July 1, 2024, will serve as the board’s vice chair upon the start of her term. In this capacity, she will succeed current FASB vice chair James L. Kroeker , whose final term on the FASB concludes June 30, 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.
Risk management software provider AuditBoard is being acquired by private equity firm Hg in a deal reportedly valued at more than $3 billion. Scott Arnold “We are grateful to our customers and their teams for the trust they have placed in us, and view our partnership with Hg as further validation of our practitioner-first focus , ” Scott Arnold, CEO of Cerritos, CA-based AuditBoard, said in a statement on May 23, adding that the transaction is an important milestone for the company.
Sorry, these are the options for “Gen Z” stock photos. As an industry publication that started out as a voice for millennials (and cool Gen Xers), we’ve never bought into the “Gen Z is lazy” stereotype because that stereotype was pinned on our generation too when we started entering the workforce at the turn of the millennium.
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!
Nick Florio, Partner, UHY The last five years have left CFOs with no shortage of problems to solve and challenges to overcome. From the uncertainty of the Covid-19 pandemic, to trying to conquer rising inflation, to ever rising interest rates, CFOs across business sectors have grown accustomed to juggling multiple fire drills at once. Compounding these challenges for CFOs is the fact that as the world continues to try to emerge from this choppy economic period, not only are CFOs tasked with navi
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