Wed.Sep 04, 2024

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How to Future-Proof Your CPA Firm with Process Automation

CPA Practice

By Miguel Perez. As we move toward 2025, the importance for CPA firms to leverage technology for streamlined operations and enhanced productivity has never been more critical. Staying ahead in a rapidly evolving industry requires embracing automation to transform audit processes, enhance collaboration and drive growth. What should CPA firms be doing right now in this ever-changing landscape?

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Hackers Stole Social Security Numbers From CBIZ Again

Going Concern

CBIZ has filed a data breach notification with the attorney general of Maine and you know what that means. Wait, maybe you don’t know what that means. Maine has a law that requires “information brokers” — such as an accounting firm that would be in possession of personal identifying information (PII) gathered from clients to perform services for them — to inform residents of Maine when they discover a data breach that has or is reasonably believed to have been acqui

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New England Patriots Defensive Linemen Sack Massachusetts Millionaires Tax

CPA Practice

By Lance Reynolds Boston Herald (TNS) Two Patriots defensive linemen say they are not fans of Massachusetts’ “millionaires tax,” siding with former head coach Bill Belichick that players prefer states without income taxes. Davon Godchaux and Keion White spoke about financial freedom and literacy Wednesday on Godchaux’s “ChauxTalk” podcast , days after Belichick hinted the millionaires tax makes it hard for New England to sign top free agents.

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PwC international tax platform now available for licensing

Accounting Today

Big Four firm PwC announced that its international tax platform Beacon, which has been used internally, is now available for non-audit clients for Pillar Two and US international tax calculations.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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IRS Issues Regs on Changing Accounting Method For Research Expenses

CPA Practice

The IRS last week modified the procedures under Section 446 of the tax code and Treasury Regulation Section 1.446-1(e) for obtaining automatic consent to change methods of accounting for research or experimental expenditures paid or incurred in tax years beginning after Dec. 31, 2021. Specifically, Revenue Procedure 2024-34 , issued by the IRS on Aug. 29, does the following: Expands the waiver of the eligibility rules in Rev.

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Diving into Xero’s New Inventory Plus for Enhanced Ecommerce Accounting

Basis 365

We’re thrilled to review the launch of Xero's Inventory Plus platform, also referred to as “XIP”, an exciting addition to our toolkit for ecommerce accounting customers. As strong advocates for Xero, we've long valued its refreshing user experience and comprehensive accounting features. Up until now, we’ve used preferred inventory management solutions like Cin7 Core for managing our clients' ecommerce inventory needs, but the integration of Inventory Plus will offer us even more flexibility and

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Low-income areas get $3.5B in clean energy credits

Accounting Today

Investments in solar installations made are expected to fund the generation of close to 2 billion kilowatt hours of clean electricity each year in underserved places.

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Triage approach: The key to a modern-day accountancy model?

Accounting Insight

I believe that two key ways new accountants can supercharge the development of their businesses is both by investing in continuous upskilling and by prioritising protecting their clients. They should always have the needs and financial wellbeing of their clients at the heart of their business model. And they should always be up to date with the latest news and legislation, so they can offer the best possible service.

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Managing generative AI in your firm

Accounting Today

The rapid adoption of gen AI has created opportunities for accounting firms — but also challenges.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Why Practice Management Software is Essential for Modern Accountants and Bookkeepers

Accounting Insight

In the fast-paced world of accounting and bookkeeping, efficiency is paramount. As firms grow and client expectations rise, traditional methods of managing work become less effective. Practice management software (PMS) offers a modern solution, streamlining operations and helping firms stay competitive. What is Practice Management Software? Practice management software centralises client management, task tracking, document storage, and communication into one platform.

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Harris to push capital gains tax rate below 39.6% backed by Biden

Accounting Today

Vice President Kamala Harris is planning to pare back the capital gains tax increase proposed by President Joe Biden, according to a campaign official.

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NetSuite 2024.2 In-depth - Part 1

Insightful Accountant

This is a prologue to Murph's new series on Oracle NetSuite with an emphasis on their 2024.2 Release product enhancements. Today's article gives you a glimpse at some of their financial feature improvements.

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Reining in the ERC, and other major developments at the IRS

Accounting Today

Reining in the ERC, and other major developments at the IRS

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A Quick Historical Bookkeeping Cleanup

Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

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My Firm’s Best Marketing Wins

Ryan Lazanis

Discover the 4 biggest marketing wins that generated leads and new business for my firm, so you can apply the lessons to your own business. The post My Firm’s Best Marketing Wins appeared first on Future Firm.

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Is your firm's SOS process in need of rescue?

Accounting Today

Now is a great time to look at three important operations within your firm: Sales, Onboarding and Service.

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Patriot Software Meets Gold Standard with Security

Patriot Software

Canton, Ohio In a world where data breaches are the new normal, Patriot Software, an industry disruptor in the accounting and payroll software market, proudly elevates data security with advanced protections. The company has achieved SOC 2 Type II compliance, a testament to its unwavering commitment to safeguarding customers’ most valuable asset: their data.

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Maryland joins IRS Direct File free tax prep program

Accounting Today

The state of Maryland has become the latest to sign up for the IRS Direct File program for filing season 2025, offering residents a free way to file their taxes.

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

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Rule of 30: Strategic Growth and Profit Balance with Fractional CFO Expertise

CPA Practice

By Bob Wang, CPA. The “Rule of 30,” popularized by Tee Up Advisors , is a powerful financial benchmark designed to help maturing businesses balance growth and profitability. This rule, an adaptation of the tech industry’s Rule of 40 , suggests that the sum of a company’s growth rate and profit margin should equal or exceed 30%. The Rule of 30 is particularly relevant for mature businesses in traditional industries that are focused on sustaining long-term growth while maintaining robust profit ma

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Mastering the Art of Inventory: The Inventory Turnover Report in QuickBooks Enterprise 2024

SchoolofBookkeeping

In the world of QuickBooks Enterprise 2024, managing inventory is as easy as pie—or at least, it is now with the R7 release's new Inventory Turnover Report. Think of it as your inventory's personal trainer, whipping those numbers into shape and helping you flex those financial muscles. Unfortunately, QuickBooks has made it a little difficult to access this information.

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From Steel-Toed Boots to Boardroom: Valuable HR Insights from Human Capital Advisory Leader Susan Pittman

Cherry Bekaert

In episode seventeen of Talkin’ Talent, Susan Pittman, Managing Director and Leader of Human Capital Advisory at Cherry Bekaert, joins Sam McCarthy to discuss all things human resources (HR). Together, they discuss her fascinating career journey, which includes working as the only female in personnel management at the United States Steel Corporation, and how it led to her managing the Human Capital Advisory practice at Cherry Bekaert.

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The CannaBiz Success Show: Cannabis Marketing Best Practices from Lisa Buffo

Anders CPA

Packed full of info, don’t miss this episode focused on all things cannabis marketing! Lisa Buffo, Founder and CEO of the Cannabis Marketing Association (CMA), shares her journey into the cannabis industry, the founding of CMA, and the critical role of storytelling in effective cannabis marketing. She and Guillermo delve into the nuances of cannabis marketing, strategies for overcoming stigma and misinformation about cannabis, and practical tips for enhancing marketing efforts in cannabis busine

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Digital Transformation in Accounting: Why It’s Essential for Modern Firms

Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.

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Mastering the Capacity Mindset: My Journey with Canopy

Canopy Accounting

Capacity Mindset I have discovered the magic of the "capacity mindset" in the hectic accounting world. It's all about maximizing my time, resources, and talent to enhance my client services and grow my accounting firm.

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From Strategic Planning to Implementation

Cherry Bekaert

Implementing a strategic plan to accomplish your organizational and community goals is crucial to obtaining and securing lasting impact. However, this can prove daunting for community development organizations. Join this session to learn more about how community development organizations can execute their strategic plans, from capitalization strategies to community impact reporting.

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Jessie Williams on Shifting from an Overworked Firm to an Optimized Accounting Firm

Canopy Accounting

Jessie Williams, an experienced accountant and Canopy user, covers the importance of setting boundaries in the accounting profession, to maintain good mental health. This episode discusses the challenges of balancing professional and personal life, especially in a high-pressure profession like accounting, where long hours and client demands can lead to burnout.

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Meet the brand: Mimo

Accounting Insight

Introducing Mimo, first time exhibitors at Accountex Summit Manchester… What do Mimo do? Mimo stands for Money-in & -out. We’re an all-in-one platform designed to help you manage Accounts Payable, Accounts Receivable, and Cash Flow all in one place. For accounting firms, this means you can save time and money by consolidating your tools, while also offering strategic services to your clients.

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2024 Annual Trends Survey: Expense Management Insights

Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.

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Future Forward Webinar and Qvinci® help you 'Review the Metrics'

Insightful Accountant

Murph reveals how an upcoming Future Forward webinar featuring Qvinci focuses on using a 3-step approach to building your Advisory Services. This article focuses on Step 1.

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What to expect from an ACNC audit

Accounting for Good

The ACNC conducts audits to ensure that organisations comply with the ACNC Act and adhere to their responsibilities under Australian law.

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Celebrating Our Payroll Team During National Payroll Week

Inform Accounting

As National Payroll Week rolls around, it’s time to pause and celebrate the incredible work of our payroll team.

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