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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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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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?

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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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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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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.

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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.

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Creating sustained success for nonprofits

Accounting Today

Nonprofit development and accounting departments are working toward the shared goals of sustainable growth and accomplishing their mission.

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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.

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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.

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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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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.

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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.

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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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Your 10-step checklist for end of financial year in 2024

Xero

We know end of financial year is a busy time, so we’ve prepared a quick 10-step checklist to help you cover your bases at the end of FY24 and start the new financial year off strong. If you’re using Xero, you can find more helpful information in our handy guide for getting ready for financial year end. End of financial year checklist for business owners In no particular order, here are some tasks to tick off to set yourself (and your business) up for a successful FY25. 1.

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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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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.

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Get set up for the new tax year with Xero Payroll

Xero

The end of the financial year is around the corner, so it’s time to review the latest changes and start getting ready to complete your payroll year end. Here are some key updates you need to know about, as well as our tips for a smooth transition into the 2025 financial year. Latest changes Payroll is always evolving, but there were a few little surprises this year.

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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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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.

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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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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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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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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.

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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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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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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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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

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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.

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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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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.

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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.

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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

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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.