Wed.Sep 11, 2024

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Why Your Accounting Firm Needs Managed IT Services

CPA Practice

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.

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Illinois CPAs meet to discuss major issues in profession

Accounting Today

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.

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Bloomberg Tax Predicts 2025 Standard Tax Rates, Standard Deductions, and AMT

CPA Practice

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

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Opportunity zones and other gain deferral strategies save on taxes

Accounting Today

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.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.

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Survey Results Are In: Charting the Future of Accounting

CPA Practice

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

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Tax inflation adjustments expected to shrink

Accounting Today

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.

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Prophix Adds Account Reconciliation to Prophix One Platform

CPA Practice

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.

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How To Start Your Skagit County Small Business, Part Two

SkagitCountyTaxServices

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.

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Colorado Set to Join IRS Direct File Program in 2026

CPA Practice

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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Working with ADHD: A toolkit for accountants

Accounting Today

With the right support, the neurodivergent can thrive in accounting.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

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Program to Help California Cannabis Businesses Get Licensed

CPA Practice

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.

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How to Manage the Hospital Cash on Hand Crisis

Withum

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.

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Oracle NetSuite boosts AI capacity across product suite

Accounting Today

Oracle NetSuite announced major AI-related enhancements to numerous products across its product suite.

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Global Demand for EVs Slows Due to Lack of Charging Locations

CPA Practice

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.

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Book of Secrets on the Month-End Close

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.

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Sustainability investments increased this year

Accounting Today

Climate change remains a top issue for global business leaders in the C suite, according to a report by Deloitte.

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Let’s Look at Apollo’s 10-Q to Get Specifics on Their Deal with BDO

Going Concern

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.

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Inform Direct Launches New Client Portal

Accounting Insight

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.

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NetSuite 2024.2 In-depth - Part 2

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 Manufacturing and Warehouse features.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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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10 Ways We’re Getting Serious With Cybersecurity

Ryan Lazanis

Don't take cybersecurity for granted. Learn 10 steps we're using to protect ourselves and how they can help safeguard your business too. The post 10 Ways We’re Getting Serious With Cybersecurity appeared first on Future Firm.

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Overview: NetSuite Manufacturing Mobile Enhancements

Insightful Accountant

Enhanced Manufacturing Mobile functionality bolsters Manufacturing and Supply operations for NetSuite users.

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How Should a 401(k) Plan Sponsor Respond to a Data Breach?

LSLCPAs

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?

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Top ProAdvisor Profiles: Michelle Smith

Insightful Accountant

Michelle Smith, of Fourlane is one of our 2024 Top 100 (US) ProAdvisors, and is our featured ProAdvisor this week.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

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.

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Workiva and Visual Lease Announce Partnership for Financial and Sustainability Reporting

CPA Practice

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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Optimizing Your Firm Sales Process

Insightful Accountant

Sales, Onboarding, and Service is commonly referred to as SOS in operations. This triad forms the backbone of client relationships and firm growth, making it essential for long-term success.

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Charting the Future of Accounting

CPA Practice

In this engaging webinar a panel of accounting professionals will dive into the data, share their insights, and forecast where they see the profession going in the future. The survey focused on automation, AI, technology usage, security, client interactions, workforce dynamics, work models and more. Come learn what your peers had to say and get some insights on the future of the profession.

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New NetSuite Connector for SalesForce On-the-way

Insightful Accountant

A new NetSuite - SalesForce integration, planned for release within the next 12-months, should help users enhance data management, streamline processes, expand business insights, and improve decision-making.

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

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Innovating the Month-End Close Checklist: Fintech Tools that Can Help

Shay CPA

The month-end close is a critical tool in any tech company’s arsenal. It’s also a lot of work. Gathering up all of the details you need to look back over the last month and account for every penny can be a major lift. Add in the need to update key financial reports and it’s no surprise a lot of founders put this to-do off. But technology is transforming the way businesses tackle the month-end close.

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SuiteProcurement hopes to reduce ‘cost of doing business.’

Insightful Accountant

Oracle NetSuite’s new procurement offering and vendor collaborations with Amazon Business and Staples Business Advantage should help businesses increase productivity and control spending.

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Thomson Reuters and SAP: Empowering businesses with advanced ESG reporting tools for EU standards

ThomsonReuters

← Blog home In response to the growing demand for transparency and accountability in environmental, social, and governance (ESG) practices, the European Commission has established a new regulatory framework through the Corporate Sustainability Reporting Directive (CSRD). This directive mandates that companies annually report their ESG data, for financial years starting on or after January 1, 2024.

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New User Experience for Oracle Fusion Cloud Supply Chain & Manufacturing

Insightful Accountant

To help organizations build smart and responsive supply chain operations, Oracle has announced new user experience enhancements within Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.