Mon.Nov 11, 2024

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Decisions 2024: The Opportunities for Accounting Firms Have Never Been Greater

CPA Practice

A Top Technology Initiative Article by Randy Johnston. Many of you are anticipating the year ahead. The outlook couldn’t be brighter with new opportunities, technologies, challenges, and clients looking to take advantage of your service offerings. In this column, I will illustrate portal and AI support with some new platforms that are examples of improved automation and AI.

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Interest rate cuts spur CFO decisions

Accounting Today

The Federal Reserve's recent interest rate cuts are presenting CFOs with the opportunity to borrow money on more favorable terms for priorities like expansion or acquisitions.

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Federal Court Blocks Texas CPA and Financial Firm From Selling Certain Tax Plans

CPA Practice

The U.S. District Court for the Northern District of Texas entered permanent injunctions today against Charles Dombek and The Optimal Financial Group LLC barring them from promoting any tax plan that involves creating or using sham management companies, deducting personal non-deductible expenses as business expenses or assisting in the creation of “captive” insurance companies.

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What tech vendors can learn from CPAs

Accounting Today

In the first two parts of this series (here and here), we explored what accounting firms can learn from accounting technology vendors. The first article discussed how vendor business models can inspire accountants to rethink their approaches to innovation and client experience, and the second article highlighted approaches tech companies use in talent management to attract and retain top talent.

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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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Watch For These 5 Changes to Social Security in 2025

CPA Practice

By Rachel Christian Bankrate.com (TNS) If you’re retired or planning to retire soon, it’s important to have a plan for your retirement income. For most people, Social Security will play a significant role in this plan, so staying up to date on the latest benefits information is crucial. More than 72.5 million people depend on one of Social Security’s benefit programs , so annual changes to the program and its payouts are always highly anticipated.

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4 tax strategies for home improvement projects

Accounting Today

Credits or deductions for renovations, repairs or energy-efficient upgrades are available — but clients often need reminders and professional help to get them.

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IIA CEO looks ahead as internal audit expands globally

Accounting Today

Anthony Pugliese, president and CEO of the Institute of Internal Auditors, is traveling the world as his organization expands globally.

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CPE Webcast Dec. 3 – Simplify Tax Compliance with Avalara

CPA Practice

This webinar will be held on Tuesday, December 3, 2024 at 1:00pm ET Sponsor: Avalara Duration: 1 Hour Register Now We’ll demonstrate how automation integrates with popular accounting platforms to save time, reduce risk, and enhance efficiency. Plus, earn free CPE credit! What you’ll learn: Automating sales tax returns: Simplify calculations, preparation, and filing for even the most complex tax environments.

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Global Trade Report highlights: Implications for U.S. global trade specialists

ThomsonReuters

← Blog home As international trade continues to evolve, the complexities of supply chain management have become more challenging than ever. With shifting geopolitical dynamics, regulatory changes, and technological advancements, global trade specialists are tasked with staying informed and agile to manage the intricate web of international commerce.

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PCAOB Publishes Extra Guidance on Remediation Process

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) on Oct. 31 published a supplement to its 2013 staff guidance concerning the remediation process. The supplement provides audit firms with additional guidance regarding remediation , including making the most of the remediation period, the potential influence of non-technical factors on persistent quality control criticisms, and more.

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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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Art of Accounting: Becoming a thought leader

Accounting Today

The more innovative insights you provide, the sooner you will become recognized as a thought leader and have your ideas sought out.

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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. 8 for repeated violations of U.S. auditing rules and for failing to cooperate with an investigation into those violations. Over a period of several years, JTC Fair Song CPA Firm, a public accounting firm located in Shenzhen, the People’s Republic of China, repeatedly failed to make required filings in accordance with PCAOB rules, the audit regulator said.

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The problems PE solves

Accounting Today

Private equity can solve many of a firm's problems -- but not necessarily all, according to Phil Whitman.

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How to Approach the Upcoming Season of Excess With Financial Responsibility

CPA Practice

By Ted Rossman Bankrate.com (TNS) Americans are expected to spend a record amount (between $979.5 billion and $989 billion) on holiday gifts and décor this November and December, according to the National Retail Federation. Inflation and high interest rates are important parts of the story, but there’s not much evidence that people are planning to cut back, either.

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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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EY acquires HR tech consultancy Jubilant

Accounting Today

Jubilant specializes in implementing and supporting human capital management, payroll and workforce management systems.

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Investing Now in Tomorrow: Why CPA Firms Should Prioritize Succession Planning

CPA Practice

By Steve Saah. Succession planning is a crucial element in the strategic management of any organization, and CPA firms are no exception. As a business built on expertise, relationships and trust, your firm can face unique challenges when it comes to transitioning leadership — especially if you don’t have a plan and the employees you’d like to promote aren’t prepared to ascend.

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How Outsourced Accounting Can Help Your Business Scale

Basis 365

Financial management is the backbone of any business’s success and ensuring that your financials are in order is essential to achieving growth. But how do you balance the demands of day-to-day accounting while focusing on scaling your business? This is where outsourced accounting services come into play. Outsourced accounting can streamline your financial processes, offer specialized expertise, and provide professional insight to help guide your growing business.

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Using ChatGPT with Strategic Business Methodologies

CPA Practice

By Sandi Leyva Client accounting services often exceed the boundaries of traditional accounting analysis. Many clients want more, such as a strategic planning analysis method such as SWOT, where an organization’s strengths, weaknesses, opportunities, and threats are outlined and discussed. Prompt: In my CPA firm, I have a client that owns an office building in Kansas City, KS with 50% occupancy.

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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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What’s new in Xero – November 2024

Xero

Welcome to our monthly roundup of what’s new in Xero. This month, we’re excited to share updates designed to save you time, reduce errors, and give you greater flexibility. From duplicate bill detection to streamlined GST reporting, we’ve been busy making Xero even better. So sit back, and read on to learn how these enhancements can benefit you and your business.

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CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Surprise Overdraft Fees

CPA Practice

The Consumer Financial Protection Bureau (CFPB) has taken action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions. The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty t

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2025 ProAdvisor Nomination Deadline Approaching

Insightful Accountant

November 19 is the Deadline to nominate a ProAdvisor. There's still time to nominate a deserving U.S. or International ProAdvisor for the 2025 Awards. 15 Nominated ProAdvisors Haven't Started Their Applications, Are You One Of Them???

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Federal Judges Say Google Lied and Cheated in Monopoly Cases

CPA Practice

Ethan Baron The Mercury News (TNS) A high-ranking Google director was texting with two of the company’s executives about digital-ads prices when he mentioned that the changes they were discussing could lead to lawsuits. Suddenly, he realized the chat’s history function was on, so the conversation would not be automatically deleted, and could be found by adversaries in any legal actions.

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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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From Chaos to Clarity: How Method CRM Transformed a QuickBooks Desktop Conversion

SchoolofBookkeeping

Converting data from QuickBooks Desktop to QuickBooks Online is a smart move for many businesses seeking enhanced accessibility and streamlined processes. However, it's not without its challenges. One common issue is the loss of certain custom functionalities, such as the ability to add custom columns on invoices. In this blog, we'll explore how Method CRM can solve this problem, allowing businesses to fully leverage QuickBooks Online without sacrificing essential features.

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Building an Organic Marketing Strategy: Your Path to Predictable Growth

Insightful Accountant

As accountants, you’ve likely ridden the referral rollercoaster- the “ups” of several people calling at once and the quieter times where you would love to grow your business but you aren’t sure how.

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Does Your Transportation Company Need a 10% or a 30% Cash Reserve?

Anders CPA

We recommend that every transportation company strive to have a 10-30% cash reserve. Why? Keep reading to find out. First let’s cover what a cash reserve is. A cash reserve is a portion of your revenue set aside to navigate obstacles in your path to profitability or seize unforeseen opportunities. Maybe you will need to draw from your cash reserve to hire a new driver after an influx of business.

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IFA Announces Partnerships with Clearview FX and Croner-I to Enhance Member Benefits

Accounting Insight

The Institute of Financial Accountants (IFA) has announced new strategic partnerships with Croner-i and Clearview FX to further boost its member offering, delivering wider business benefits to accounting professionals. The collaborations will enable the IFA to better assist accountancy firms to support the needs of UK SMEs, through access to innovative software solutions and online resources.

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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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How Can a Company Recover From a Fraud Loss?

FraudFiles

Fraud committed by employees can have devastating effects on a business. The company’s finances suffer, employee morale may drop, and the company’s reputation could be affected by negative publicity. Following the investigation of an internal fraud, owners and managers of companies need to rethink how they do business. It is the perfect time to carefully [.

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Tomorrow's QB Talks covers Training Strategies

Insightful Accountant

Providing training/education to your clients is a big part of Client Accounting & Advisor Services (CAAS). This month's QB Talks provides strategies for doing so.

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Imports Could See Surge Ahead of Trump Tariffs and a Potential Port Strike

CPA Practice

Import volumes at the nation’s major container ports could be higher than previously expected for the remainder of this year as retailers face another potential East Coast/Gulf Coast port strike and tariff increases planned by President-elect Donald Trump, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

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What Trump means for the future of heat pump and EV incentives

Accounting Today

If your clients thinking of buying an electric car or an energy-saving heat pump eligible for federal tax credits and rebates, now might be the time.

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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.