Mon.Dec 23, 2024

article thumbnail

Avoid Holiday Accounting Pitfalls with Outsourced Bookkeeping

Basis 365

The holiday season is a time for businesses to capitalize on increased consumer spending, yet despite the cheery holiday decoration, this period can be rife with accounting challenges for businesses. From managing cash flow to preparing for year-end reporting, the pressure on your accounting needs can quickly escalate during the holidays. Lets take a look into why businesses struggle with their accounting during the holidays, the common mistakes they make, and how outsourced bookkeeping and outs

article thumbnail

Power BI Write-Back: Key Benefits and Approaches

Acterys

For CFOs and financial analysts, having tools that go beyond traditional reporting is critical. While Microsoft Power BIs native data entry option is useful for simple tasks, it falls short with complex data models and planning requirements. Fortunately, Power BIs ability to write back data directly within reports is revolutionizing financial workflows.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The best and worst states for individual taxes in 2025

Accounting Today

From those with no individual income tax at all, to those with complex tax structures a guide to most and least competitive states when it comes to individual income taxes.

article thumbnail

Tax Professionals Subject to New Requirements Proposed By the IRS

CPA Practice

CPAs, enrolled agents, and other practitioners would have to maintain technological competency under proposed regulations issued by the Treasury Department and the IRS on Dec. 20, which would update Circular 230.

cpas 114
article thumbnail

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.

article thumbnail

Aiwyn raises $113M in funding

Accounting Today

The money will help it expand from payments and collections to a broader practice management platform, and to develop a tax solution.

Tax 119
article thumbnail

The Return to Work Controversy: What’s the Right Decision for Your Accounting Firm?

CPA Practice

If youve settled into a hybrid environment, you may hear some backlash, but you may also have some excited staff members who enjoy being in the office.

More Trending

article thumbnail

2025 Tax Refund Dates – Where’s My Refund, And When Will I Get It?

CPA Practice

Depending on when taxpayers file their returns, they can often receive their federal tax refund payment (check or direct deposit) within 10-21 days.

Tax 105
article thumbnail

IRS proposes new requirements for tax pros

Accounting Today

If enacted, the regs would require practitioners to maintain a certain level of technological competence, among other things.

Tax 116
article thumbnail

DSB Rock Island Merges in MFK CPAs

CPA Practice

After welcoming the MFK team, DSB Rock Island will have 110 employees, 16 partners and an estimated $31 million in revenue. This strategic transaction is part of long-term planning for both MFK and DSB Rock Island, according to firm leadership.

cpas 105
article thumbnail

AI Thought Leaders: Progress, promise and peril

Accounting Today

In this first of three parts of our second annual AI Thought Leaders Survey, our pool of experts share their take on the state of AI over the past year, for both good and ill.

article thumbnail

Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

article thumbnail

Platform Accounting Group Expands in Midwest

CPA Practice

Platform Accounting Group announced two more firms have joined the group. Based in Indiana and Illinois, the additions expand Platforms presence to the Midwest. Twelve firms have joined Platform this year, with a few more anticipated to join in January.

Indiana 105
article thumbnail

Phony tax forms nail accountant for mortgage fraud

Accounting Today

A Washington, DC tax accountant pleaded guilty for submitting falsified documents in his application for a $1.4 million purchase loan, which he later received.

Tax 105
article thumbnail

Does Your Firm Have a Data Strategy?

CPA Practice

Data is at the core of incorporating AI and automation into your firms workflows. Without a deliberate data strategy, these initiatives can fall short.

article thumbnail

Art of Accounting: A template for hiring an experienced manager

Accounting Today

Firms that hire experienced people do not usually get what they expect or are paying for.

Account 98
article thumbnail

Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

article thumbnail

CPE Webcast – Jan. 14, 2025: Amended Returns in Drake Software

CPA Practice

This webinar is designed for accountants using QuickBooks, Xero, or similar accounting software. Learn how Avalara integrates seamlessly with your existing tech stack, saving time, reducing costly errors, and hear firsthand from a firm that has supported clients through their tax compliance journey. Plus, earn CPE credit!

article thumbnail

Gain an entrepreneurial edge

Accounting Today

A bold mindset can help you move your accounting firm further.

article thumbnail

HubSync Releases 2024 Product Enhancements & New Features

CPA Practice

HubSync Co. has announced several new enhancements to its product suite. These new features focus on how firms manage tax and accounting processes, leveraging cutting-edge AI and user-centric design.

Tax 77
article thumbnail

From peers to pioneers: Leveraging Practice Forward’s support network for success

ThomsonReuters

Jump to Understanding the shift to advisory An introduction to Practice Forward Leveraging the Practice Forward community and resources A proven roadmap to stand out in a competitive market Advisory services represent a growing area of opportunity for accounting firms, driven by changing client demands for proactive, value-added tax guidance. Transitioning to an advisory-focused business model offers numerous benefits, including increased revenue, stronger client relationships, and a more fulfi

article thumbnail

Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

article thumbnail

Recommendations of 55th GST Council Meeting| Measures for Facilitation of Trade and Streamlining GST Compliances

VJM Global

55th GST Council meeting was held on 21st December, 2024 under the chairmanship of Union Minister of Finance and Corporate Affairs. The meeting was also attended by Union minister of different states. The GST Council made recommendations related to following matters: Changes in GST rates of Goods and Services; Clarification on GST Rates; Measures for facilitation of Trade; Measures for streamlining compliances under GST; Measures related to Law & Procedures Detailed discussions of recommenda

article thumbnail

CFPB Sues Walmart and Branch for Illegally Opening Deposit Accounts for More than a Million Spark Delivery Drivers

CPA Practice

Drivers had to follow a complex process to access their funds, and when they finally did, they faced further delays or fees if they needed to transfer the money they earned into an account of their choice.

Account 52
article thumbnail

Recommendations of the 55th GST Council Meeting| Changes and Clarification on GST Rates

VJM Global

During the 55th GST Council meeting, held on 21st December 2024 under the chairmanship of the Union Minister of Finance and Corporate Affairs, The GST Council recommended a change in the rate of GST on various Goods and Services and clarified the applicability of GST rates on various items. Detailed discussions of recommendations made by the GST Council with respect to GST rate is as follows: 1.

article thumbnail

2025 ProAdvisor Application Process Remains Open

Insightful Accountant

Holiday Leave is the perfect time to 'apply for' (or complete) your 2025 ProAdvisor Awards. Remember, you only have until February 11, 2025 to get those applications in for awards.

52
article thumbnail

Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

article thumbnail

FASB Invites Comments on Intangibles

CPA Practice

The invitation to comment is intended to explore ways the FASB can improve this area of financial reporting, which includes the accounting for acquired and internally developed intangibles.

article thumbnail

New Pathways to CPA Licensure Address Industry Talent Shortage

Insightful Accountant

The accounting profession is undergoing significant changes in how it approaches CPA licensure, driven by an urgent need to attract new talent. Many view the traditional CPA path's return on time investment as insufficient.

CPA 52
article thumbnail

New Service Offerings to Grow Your Firm in 2025

CPA Practice

Some services are a natural fit for CPAs. And although they might not be a part of their expected line-up, they are so closely integrated in business operations that it would almost be a disservice not to offer them.

cpas 52
article thumbnail

Murph's Christmas Pudding Recipe

Insightful Accountant

Every few years, at the request of a few of our long-term readers, I republish my traditional English Christmas pudding recipe. So Happy Holidays!

52
article thumbnail

AP Automation: The Competitive Advantage Your Business Needs

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

article thumbnail

Bookkeeping Contract (Free Template + Instructions)

Ryan Lazanis

Clearly define services and timelines to deliver great results while enjoying more free time with our bookkeeping template and expert tips. The post Bookkeeping Contract (Free Template + Instructions) appeared first on Future Firm.

article thumbnail

Entergy Hit With $12 Million SEC Penalty for Violating Accounting Rules

CPA Practice

TheSECalleged that Entergy had inaccurate controls when recording materials and supplies, despite employees and management consultants flagging the issue.

article thumbnail

The Tax 3.0 Overhaul is Underway

Insightful Accountant

New technology is impacting the speed of adoption, simplifying workflows and changing how businesses get paid and interact with taxing authorities worldwide.

Tax 52
article thumbnail

Red Flags of Divorce Fraud

FraudFiles

The vast majority of family law cases are settled without trials. However, a client should not enter into a voluntary settlement if there are significant concerns about the truth of the financial disclosures and indications that assets or income may be hidden. The first step in determining whether a forensic accountant is needed to evaluate [.

article thumbnail

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.