Thu.Oct 05, 2023

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10 Essential Project Management Principles for Accounting Firms

Going Concern

Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work, and hires additional employees, old-school project management processes can quickly become obsolete. However, all is not lost! There are proven strategies that can guide your project management toward efficiency and success—although, it took some serious digging for us to find them.

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Sales tax processes – beyond software’s promises

TaxConnex

Automated sales tax software promises to manage your filing and payments, but there’s more to sales tax compliance. Nexus and taxability Even before the Supreme Court’s Wayfair decision five years ago, states had nexus thresholds, often hinging on a company’s physical presence in a state (offices, warehouses, personnel). Wayfair opened the way for all states with a statewide sales tax to now have economic nexus thresholds set by dollar amount or volume of sales.

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IRS warns about art donation scams

Accounting Today

The service is cautioning taxpayers against claiming exaggerated deductions for purported donations of artwork, as it sees a rise in such schemes.

Tax 131
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SaaS Finance Toolkit Updates for 2023

BurklandAssociates

New industry research, planning templates, eBooks, podcasts, and articles to help SaaS startups plan and scale their financial operations. The post SaaS Finance Toolkit Updates for 2023 appeared first on Burkland.

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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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IRS makes progress on implementing Inflation Reduction Act

Accounting Today

The Internal Revenue Service has been working hard to implement the dozens of tax provisions contained in last year's Inflation Reduction Act, according to a new report.

Tax 130
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Corporate Giving With the PSEG Foundation

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Corporate Giving With the PSEG Foundation appeared first on Withum.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

Accounting , fondly known as the ‘language of business,’ tells the story of how a business is performing. It is one of the oldest-known professions dating as far back as 3500 BC, when the ancient Sumerians charged royal scribes with performing record-keeping duties. (1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital.

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Tax Fraud Blotter: Toxic relationships

Accounting Today

Depend on nothing; love, law and the slammer; financial whizzes; and other highlights of recent tax cases.

Tax 119
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E-Commerce Unplugged: Insights and Trends With Eric Bellomo of Pitchbook

Withum

In this two part video series, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Pitchbook’s Eric Bellomo to discuss the latest insights and trends for e-commerce companies. E-Commerce Unplugged: Insights and Trends With Eric Bellomo of Pitchbook – Part 1 In Part 1 of E-Commerce Unplugged, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Pitchbook’s Eric Bellomo to discuss top-line revenue growth vs. profitability and a potentia

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The Year of Efficiency Part 4: Growth Through Innovation

Cherry Bekaert

Efficiencies can come in the form of cost-saving, process streamlining , and resource allocation, which act as a catalyst for innovation by freeing up resources, enhancing collaboration, fostering a culture of continuous improvement, and allowing for calculated risks in creativity and experimentation. Listen as Jim Holman and Steve Holliday provide real-world examples from leading technology companies to further illustrate how these principles have been successfully applied to drive innovat

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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.

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Research: A Majority of CFOs Face Significant Talent Shortage and Burnout of Existing Staff

Going Concern

It’s not even worth coming up with a smarmy clickbait headline for this press release Avalara put out yesterday , it’s perfect just the way it is: Avalara Survey Finds Majority of CFOs Face Significant Talent Shortage and Burnout of Existing Staff in the United States and United Kingdom Fun! Key findings from the survey of 307 full-time CFOs in the US and UK: CFOs both sides of the pond are facing a talent crisis 8 in 10 (81%) US and UK CFOs report a talent shortage in accounting rol

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New National Research on CPA Pipeline Challenges Underway

CPA Practice

The Illinois CPA Society (ICPAS), in partnership with the Center for Accounting Transformation (the Center) and a coalition of other stakeholders, is launching a new, national survey to gain fresh insight into what’s driving the decline in individuals pursuing the certified public accountant (CPA) credential. This survey will expand the reach of the one ICPAS deployed in fall 2020, allowing for direct comparisons against previous findings, which were published in the 2021 Insight Special Feature

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BatchMaster for QuickBooks – Introduction

Insightful Accountant

Murph delivers the first part of a series on BatchMaster software for use with QuickBooks, which can bring your products to market faster and cheaper, while reducing overall costs and complying with your industry’s regulatory mandates.

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IRS Cuts PTIN Fees for 2024

CPA Practice

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. According to interim final regulations released by the IRS on Sept. 29, the application and renewal fee will be $11 per user, plus an $8.75 fee paid to a third-party contractor, for a total of $19.75—down from $30.75 for PTIN renewals

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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Bill Unveils Accountant Console for Accountant Partners

Insightful Accountant

The new financial operations platform for SMBs integrates category-leading solutions across accounts payable (AP), accounts receivable (AR), and spend and expense management.

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Five Tax Strategies Retirees Should Consider Before Dec. 31

CPA Practice

By Evan T. Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., in February. It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. The fourth quarter, on the other hand, is fun. This is when you can be strategic.

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Outsourced Accounting Costs for Mid-Market Companies

GrowthForceBlog

9 min read Market companies. Within this middle ground of the market, businesses are often growing and changing quickly, and this can cause growing pains for businesses that result in operational challenges, expenses that balloon out of control, and shrinking profit margins.

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ADC Gets AMPLIFIED in Detroit at EO XCentric!

AccountingDepartment

Our second Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Detroit this week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to rock Detroit and spend some time with all of the great event attendees.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Steps For Prioritizing Profit In Your Skagit County Small Business

SkagitCountyTaxServices

Profit is the lifeblood of any organization. Show me a small business with PROFIT at its center, and I’ll show you something worth modeling yourself after. An organization NOT to model yourself after: the federal government. They prefer to operate in deficit mode, narrowly avoiding yet another shutdown this weekend with a temporary funding bill that expires around Thanksgiving.

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IRS tax-exempt unit faces its own backlogs

Accounting Today

The TE/GE Division didn't provide satisfactory answers to many of the questions it received from taxpayers, according to a new report.

Tax 80
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Mindful Communication: The Secret to Deeper Client Engagement in Your Accounting Practice

CPA Practice

Jessica, an accountant, sits across from her long-term client, Mrs. Jackson. She’s visibly distressed about the recent changes in tax regulations, feeling overwhelmed. Instead of jumping directly to numbers and solutions, Jessica takes a moment, maintains eye contact, and calmly says, “I understand why this is worrisome. Let’s navigate this together.

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AICPA awards $400K in minority doctoral scholarships

Accounting Today

The move comes as firms try to widen the pipeline of young people entering the accounting profession, especially from diverse backgrounds.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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Improving the AP End of Month Close Process

MineralTree

The end of month close process plays a vital role in ensuring the accuracy, integrity, and transparency of financial records for businesses of all sizes. Making this monthly ritual effective and efficient can mean the difference between informed decision-making and costly errors. Read on to learn the benefits of streamlining and optimizing the accounts payable month-end close process, including information on best practices and the role of automation in achieving operational excellence.

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Developing FedNow expertise enhances your value to business clients

Accounting Today

Learning to use the Federal Reserve's new payment system can be a competitive advantage for firms.

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Be on the Lookout for Art Donation Tax Scams, IRS Says

CPA Practice

The IRS on Thursday cautioned taxpayers—particularly high-income filers—to stay alert for scams involving exaggerated art donation deductions. In these scams, promoters use direct solicitation to persuade wealthy taxpayers to purchase art, wait to donate the art, and then take a phony deduction for the donated art. The IRS warned that these promoters are promising values of art that are too good to be true.

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IRS Proposes New Digital Asset Reporting Regulations

Withum

The U.S. Department of the Treasury, in conjunction with the Internal Revenue Service (IRS), has unveiled new proposed regulations targeted at providing clarity in the rapidly expanding domain of digital assets 1. A summary of the proposed regulation is as follows: Broker Reporting: Beginning January 1, 2025, brokers, including digital trading platforms, payment processors, and specific hosted wallet providers, will be mandated to report sales and exchanges of digital assets using the newly inst

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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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Business Versus Knowledge Process Outsourcing: Which Is Right for Your Firm?

CPA Practice

By Matt Sheridan. Today’s accounting firms are facing many industry challenges, including a major labor and talent shortage. Many firms have been struggling to find qualified workers since early 2020 as many baby boomers retired and pre-existing shortages were accelerated by the Covid-19 pandemic. It is estimated that nearly 300,000 professionals have left the industry for retirement or other roles in finance and technology.

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Navigating Tax Considerations for the MSO-PC Model in the Evolving Digital Health Industry

Withum

The MSO-PC model, also known as the “Friendly PC model,” has been gaining popularity in recent years as the digital health, telehealth, and healthtech industry in general has been exploding in the post-COVID era. This model has been essential to growing virtual health businesses that need to remain in compliance with the Corporate Practice of Medicine (CPOM) laws; however, there are several legal and tax considerations to be aware of when considering whether to file a consolidated fe

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AICPA Foundation Awards $400,000 in Accounting Doctoral Scholarships

CPA Practice

The American Institute of CPAs (AICPA) Foundation has granted fellowships to 25 minority doctoral students as part of the AICPA Fellowship for Minority Doctoral Students. This initiative aims to enhance racial and ethnic diversity and inclusivity among accounting educators in colleges and universities. “Diversity in the accounting profession is not just about representing different faces and backgrounds; it’s about embracing a multitude of perspectives and experiences,” says Mike Decker, Vice Pr

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Get Connected by QuickBooks earns International ProAdvisor Award Points

Insightful Accountant

Insightful Accountant has evaluated the upcoming 'Get Connected by QuickBooks' event in Sydney and issued International ProAdvisor Award Points for the sessions being offered.

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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