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By Dr. Sangeeta Chhabra Efficiency and speed matter more than ever in today’s business environment—and for the majority of accounting firms. Managed IT services are a sure way to bring those elements to your practice. These services scale IT infrastructure to help accountants speed up accounting services, manage the workforce, adhere to global compliances, and lower operational costs.
Illinois CPA Society president and CEO Geoffrey Brown and chair Deborah Rood discussed some of the hot topics in the accounting profession during a recent ICPAS Summit.
Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% from 2024. This is about half the increase in 2024, and a significant drop from the 7.1% increase in 2023. The full report is available at: [link]. Bloomberg Tax’s annual Projected U.S. Tax Rates Report provides early, accurate notice of the potential tax savings that could be realized due to increases in deduction limitations, upward adjustm
The OZ program allows investors to defer their capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
By Chris Howard Executive Summary The accounting profession stands at the precipice of transformative change driven by rapid advancements in technology and evolving client expectations. This Canopy and CPA Practice Advisor survey asked respondents to share where they currently were and where they thought their firms would be three to five years from now on topics like automation, AI integration, workforce dynamics, remote work models, client interaction, digital transformation, security and more
Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.
According to exclusive reporting by Mark Maurer at WSJ , PwC will be laying off about 1,800 people, or about 2.5% of the workforce. That’s PwC US , guys. The reason given is “restructuring its products and technology group to simplify operations and address declining demand for certain advisory services.” The Big Four accounting firm is in the process of cutting employees in the U.S. and elsewhere, primarily in its U.S. advisory and products and technology operations, according
According to exclusive reporting by Mark Maurer at WSJ , PwC will be laying off about 1,800 people, or about 2.5% of the workforce. That’s PwC US , guys. The reason given is “restructuring its products and technology group to simplify operations and address declining demand for certain advisory services.” The Big Four accounting firm is in the process of cutting employees in the U.S. and elsewhere, primarily in its U.S. advisory and products and technology operations, according
Financial performance management software maker Prophix announced on Sept. 10 the general availability of Prophix One Account Reconciliation, a new solution geared toward the financial close management process. Prophix One Account Reconciliation automates tedious tasks and provides a centralized platform for managing all account reconciliation activities, the company said in a media release.
The next generation might not know what Benjamin Franklin was talking about when he said “A penny saved is a penny earned.” That and so many other cliches we take for granted related to money. Lucky penny…pennies on the dollar…penny for your thoughts…see a penny pick it up, all day long you’ll have good luck. Why? Because penny abolitionists want to get rid of them.
By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act. Beginning with tax year 2025—filing for which happens in early 2026—Coloradans will be able to use the IRS’s free Direct File program to submit their state and federal taxes online for free.
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William Melhado The Sacramento Bee (TNS) Delayed spending and a lack of oversight threaten to disrupt a $100 million grant program run by the Department of Cannabis Control intended to help businesses secure state licenses, a recent report by California State Auditor found. The August report identified local governments that had spent some of the state funds on things unrelated to the grant’s purpose and failed to properly track money designed to help businesses navigate cannabis regulations.
According to an S&P Global Ratings report released on August 7, 2024, median days cash on hand for U.S. hospitals and health systems dipped to a 10-year low. While the upper half of U.S.-based nonprofit acute healthcare providers reported an average of 292 days, the concern is with those in the lower half, who reported 128 days on average. As a result of the lower cash on hand, the report noted that an uptick is expected in borrowing activity for many organizations in 2024.
Global demand for electric vehicles (EVs) has slowed, and for prospective EV buyers, the main concern is a lack of charging infrastructure, according to the fifth annual EY Global Mobility Consumer Index report. The report – based on 19000 respondents from 28 countries – shows that while globally those looking to buy an EV has risen from 55% to 58% since last year, demand is leveling off, having increased from 30% to 55% between 2020 and 2023.
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.
In response to the post “ What’s going on at BDO USA? ,” an erudite Redditor with remedial EDGAR search skills pulled up Apollo’s 10-Q for the quarter ended March 31, 2024. As far as we know, the details of this deal haven’t been reported in the media, only that BDO and Apollo had done a $1.3 billion debt financing transaction.
Company secretarial software and formations specialist Inform Direct is to unveil its latest update at Accountex Summit Manchester – a new flexible client portal which delivers a range of real benefits to accountants. The enhancement enables end-to-end automation of managing the production of clients’ confirmation statements, while still ensuring accountants can retain the control they need.
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 Manufacturing and Warehouse features.
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?
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Data breaches are a growing concern in today’s digital age, and even 401(k) plans are not exempt from this risk. When a breach occurs, the response from the plan sponsor is critical to protect participants and maintain trust. Let’s explore a detailed response strategy, illustrated by a case study of a basic, fictional company. Case. The post How Should a 401(k) Plan Sponsor Respond to a Data Breach?
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.
Visual Lease (VL) , a platform for integrated lease management, accounting, and reporting, has announced a strategic partnership with Workiva , a platform for assured integrated reporting, at Workiva Amplify 2024. Both companies focus on empowering mutual customers to streamline financial and sustainability reporting. “At VL, we saw firsthand how challenging portfolio management was for the Office of Finance in adopting the accounting standards (ASC 842, IFRS 16, GASB 87 & 96),” said Robe
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