Wed.Mar 13, 2024

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A Founder’s Guide to Efficient Financial Management in 2024

Shay CPA

No matter what kind of solution, service, or product a company delivers, it has one thing in common with every other business in existence today. What’s that underlying thread? They all need to be on top of their financial management. Sure, when you’re small and scrappy, you can probably scrape by. Some spreadsheets and a few dedicated hours each month might be enough to keep your books sorted.

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Acterys Recognized as an Accelerator in Nucleus Research’s 2024 CPM Value Matrix

Acterys

Navigating Corporate Performance Management (CPM) needs has become a strategic force for businesses eager to harness data for insightful decision-making. To cater to the evolving needs of SMBs and enterprises, Acterys has emerged as a distinguished accelerator in the 2024 CPM Technology Value Matrix by Nucleus Research, showcasing its innovative approach to integrating analytics and planning.

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Tax pros: Be careful what you tell clients about BOI

Accounting Today

Affected businesses may turn to their accountants for help, but are firms the best source to help clients report beneficial ownership information to the feds?

Tax 126
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Formerly Prestigious Firm Fires 327 People and Three Dozen Partners After Genius Money-Making Scheme Backfires

Going Concern

*Technically the partners are being forced to retire but the headline was already way too many characters It’s been more than a year since Australian Financial Review blew the PwC Australia tax scandal wide open and it’s been nothing but migraines for PwC leadership (and their cousins at other Big 4 firms also subject to relentless grilling by Aussie senators) since.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Credit Suisse client in tax dodge case gets $15M bail

Accounting Today

Daniel Rotta hid more than $20 million from the IRS, using "pseudonyms, complicated corporate structures and nominees" to conceal offshore assets and income.

Tax 119
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BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm

Going Concern

BDO USA filed a federal trade secrets lawsuit against Ankura Consulting on Monday that alleges Ankura “unjustly enriched itself through the employee defections from BDO and stole the company’s confidential information.” The defections came in the form of several senior-level staff from BDO’s healthcare transaction advisory business who apparently left BDO with their national practice leader.

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How Accountants Can Help Clients Navigate the New World of E-Invoicing

CPA Practice

By Alex Baulf. In the midst of the accounting profession entering a brave new world where digitization of tax and accounting processes is increasingly the norm, it should come as no surprise that the humble invoice is now in the crosshairs of governments around the globe, including the U.S. The invoice is essential to tax compliance processes, and the electronic invoice (e-invoice) is not only inevitable, but upon us.

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IRS Energy Credits Online: Register for Clean Vehicle Tax Credit Advance Payments

Insightful Accountant

Auto dealers and sellers must register with IRS Energy Credits Online to submit time-of-sale reports for Clean Vehicle Tax Credit advance payments for vehicles placed in service in 2024 and beyond.

Tax 105
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Get paid on time by fostering strong supplier relationships

Accounting Today

Finance departments have a powerful opportunity to help organizations remedy one of their most pressing concerns — late payments.

Finance 98
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3 Ways to Help Ensure New Employees Stay

Insightful Accountant

Hiring in accounting, particularly for tax talent, is tough due to declining student enrollments and CPA exam takers. This trend puts pressure on the industry for hiring.

CPA 103
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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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The Benefits of Outsourced Accounting

Dent Moses

In today’s business environment, companies are constantly seeking ways to optimize operations and enhance efficiency. One strategy gaining prominence is outsourcing, particularly accounting functions. Outsourcing accounting services can offer a myriad of benefits, revolutionizing a business’s financial landscape. Firstly, outsourcing allows companies to tap into a pool of skilled professionals without the burden of hiring and training in-house staff.

Account 98
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Voice of the Customer in Commercial Due Diligence: Maximizing Post-Acquisition Growth and Strategic Decisions

Cherry Bekaert

KEY OBSERVATION: Incorporating voice of the customer methodologies into the commercial due diligence process can help businesses realize the full potential of their growth strategy. By using fact-based market analyses and asking the right questions, you can improve frontline performance, raise barriers to switching, grow profits and drive value accretion.

Sales 93
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Zero-Based Budgeting in Your Skagit County Small Business

SkagitCountyTaxServices

No business management technique is sacred anymore. And rightly so. In my world, there’s been a trend in recent years with businesses moving away from traditional, fixed budgets towards more flexible approaches. I think that could be said for most tasks within business management. The ever-changing market landscape, economic uncertainties, rapidly developing technology, and the global scene are all forcing us to look beyond what our predecessors taught us.

Texas 91
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Ultimate Guide to Financial Management for Architecture Firms

GrowthForceBlog

8 min read A survey of architecture firms from the American Institute of Architects has found that the top three concerns of industry leaders in 2024 are increasing their firm's revenue (30.3%), managing rising costs (21.8%), and negotiating appropriate project fees (20.1%). Key Takeaways Best Practices for Financial Management in Architecture Firms: Shifts in the economy and within the industry will impact your business.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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PwC Australia cuts hundreds of jobs in overhaul to lower costs

Accounting Today

The firm will make 329 roles redundant, while as many as 37 partners will be accelerating their retirement over the next nine months.

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Ben Richmond on the Benefits of the Cloud and the Future Role of Accounting

Canopy Accounting

In this episode, Ben Richmond, the U.S. Country Manager for Xero talks about the benefits of shifting your accounting firm to the cloud. He also delves into the difference between working on your business instead of for it, the positives of outsourcing, and how accountants are crucial to the future of business.

Account 59
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Praxity grows global revenue to $9.7B

Accounting Today

The Praxity Alliance of independent accounting firms reported revenue of $9.7 billion in 2023, an 11% increase over 2022 at constant exchange rates.

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On-Demand Webinar: Navigating SEC’s New Climate Regulations

Withum

In response to investor demand, the SEC is requiring public companies within its scope to report greenhouse gas emissions and identify sources of climate risk that were financially material. Withum’s Sustainability and ESG Services Team hosted an informative on-demand webinar, where they analyzed the SEC’s ruling and discussed the implications that matter to you.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Wolters Kluwer global minimum tax software launches in North America

Accounting Today

Wolters Kluwer announced that its solution support the global minimum tax in accordance with OECD Pillar II requirements.

Tax 75
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Sage Expands and Enhances Construction Solutions

Insightful Accountant

Sage's recent investments to provide an end-to-end construction cloud suite underscore their commitment to help construction customers thrive. Murph elaborates on Sage Transform announcements.

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IRS taps Guy Ficco to head Criminal Investigation

Accounting Today

The current deputy chief of IRS CI will be the new chief, succeeding Jim Lee.

Tax 75
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3 Simple Ways to Collect Feedback From Your Clients

Ryan Lazanis

Level up your firm's customer experience with these three effective methods to gather and understand client feedback. The post 3 Simple Ways to Collect Feedback From Your Clients appeared first on Future Firm.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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AI tax assistants, and other tech stories you may have missed

Accounting Today

H&R Block's AI chatbot assistant, a deepfake scam rakes in $25 million, and eight other developments in technology.

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Tax Liability Insurance

Withum

Not all tax positions are created equal. Many times, taxpayers find themselves stuck firmly between black and white leaving themselves exposed to the IRS disallowing a position taken from a good faith reading of the tax code. In situations like these, taxpayers can turn to tax liability insurance. What Is Tax Liability Insurance? It’s an insurance policy that can be structured to cover the tax liability, interest, penalties, and other costs associated with an unsuccessful defense of an identifie

Tax 52
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Louisiana Doctor Gets 4 Years in Prison for Tax Evasion

CPA Practice

A Louisiana physician has been sentenced to 52 months in prison for tax evasion. According to court documents and evidence presented at trial, Dr. Melissa Rose Barrett, of Baton Rouge, owned and operated two urgent care clinics — Central STAT Care and STAT Care Clinic — and owed the IRS approximately $1.6 million in income taxes, excluding interest and penalties.

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Top 3 Financial and Accounting Tips for FemTech and Women’s Health & Wellness Companies

Withum

FemTech and Women’s Health & Wellness companies are at the forefront of revolutionizing women’s health. These businesses promise innovative solutions tailored specifically for women. In an enlightening session hosted by Dr. Brittany Baretto , CEO of FemHealth Insights, Katie Chefalas and Victoria Iezzi delve into valuable insights on building a financially sustainable FemTech business.

Account 52
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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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First U.S. Latino Payroll Platform Launches, Gets Seed Funding

CPA Practice

Trez.co , the first U.S. Latino payroll platform company in the United States, has launched and announced its board of advisors. Comprised of distinguished global executives, the board will guide and champion Trez.co in its mobilization of the company’s primary market, the five million U.S.-based Latino and Latina companies, which contribute about $2.8 trillion annually, or about 10 percent of the annual U.S. economic GDP, according to the Treasury Department.

payroll 52
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IRS 2023 Discount Factors for Insurers

Withum

Rev. Proc. 2023-41 was issued on December 7, 2023 detailing the discount factors for accident year 2023 in all future tax years as well as the discount factors for all years to be used in the 2023 tax year. Discount factors are provided for various lines of business and should be applied to both loss reserves and estimated salvage recoverable. The discount factors are typically determined using the applicable interest rate (2.9%) compounding semi-annually.

CPA 52
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IRS Names New Chief of Criminal Investigations

CPA Practice

The Internal Revenue Service announced today that Guy Ficco will become the new IRS Criminal Investigation chief effective on April 1. Ficco, the current Deputy Chief and a 29-year agency veteran, will succeed James Lee, who announced last month that he will retire at the end of March. In his new role, Ficco will oversee a worldwide staff of more than 3,200 Criminal Investigation (CI) employees, including 2,200 special agents who investigate crimes involving tax, money laundering, public corrupt

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SEC Proposes Adjustments to Venture Capital Fund Thresholds 

Withum

In a concerted effort to adhere to the mandates outlined in section 504 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2016, the Securities and Exchange Commission (SEC) has recently set forth a proposal for a rule amendment aimed at refining the definition of a “qualifying venture capital fund.” This strategic move seeks to address inflationary pressures by revising the monetary threshold that delineates a fund as “qualifying.” Presently, according to sec

CPA 52
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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.