Accounting Insight

DECEMBER 6, 2024

New data published today from award-winning accounting software provider, iplicit, has revealed that the time it takes to prepare month-end accounts is on the rise. Over half of UK finance decision-makers admit that it takes over a week to prepare and submit month-end accounts (55%). This has risen from 39% in 2023! Even more striking is that almost a third say it takes over two weeks (30%) and 1 in 10 confessed it can take over three weeks (13%).

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Accounting Today

DECEMBER 6, 2024

Barry Melancon, the longest-serving head of the AICPA, talks about how he got there, his accomplishments, and what's next for the profession.

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CPA Practice

DECEMBER 6, 2024

Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley.

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Accounting Today

DECEMBER 6, 2024

The Internal Revenue Service Criminal Investigation identified over $2.1 billion in tax fraud in fiscal year 2024, according to a new report.

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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.

Finance

CPA Practice

DECEMBER 6, 2024

Staff report Audit firms have room to improve when it comes to creating cultures of accountability that promote audit quality, according to a new staff Spotlight report from the Public Company Accounting Oversight Board (PCAOB). The report, released on Dec. 5, is based on an in-depth PCAOB staff review of culture at audit firms, including more than 150 interviews with partners at the largest U.S. audit firms.

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Accounting Today

DECEMBER 6, 2024

A millennial offers insights into the partnership hurdles faced by young CPAs.

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Withum

DECEMBER 6, 2024

On December 3, 2024, the United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily halting Beneficial Ownership Information (BOI) reporting to the Financial Crimes Enforcement Network (FinCEN) until further notice. Case Background The case, Texas Top Cop Shop, Inc., et al. v.

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CPA Practice

DECEMBER 6, 2024

Following the recent Texas Top Cop Shot, Inc., et al., v. Merrick Garland, Attorney General of the United States court case and subsequent appeal, the American Institute of CPAs (AICPA) released the following statement, attributable to Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA: [Editors note: A federal court in Texas has issued an injunction barring enforcement of the Corporate Transparency Act and BOI reporting, until the case is resolved.

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Randal DeHart

DECEMBER 6, 2024

Have you ever wondered how successful construction companies accurately price custom projects? The secret is in a method called Job Costing. For small business owners like you, understanding this process could be the key to increasing your profitability and ensuring that every job is priced right. Welcome to a world where every material, labor, and overhead cost is meticulously tracked to unveil the actual cost of doing business.

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CPA Practice

DECEMBER 6, 2024

Staff report IRS Criminal Investigation (IRS-CI) released its fiscal year 2024 annual report on Dec. 5, which details significant cases involving crimes ranging from tax fraud to cybercrime, enhanced domestic and foreign partnerships, and investigative statistics from Oct. 1, 2023, to Sept. 30, 2024. In FY24, IRS-CI initiated more than 2,667 criminal investigations, obtained 1,571 convictions, and reclaimed its 90% conviction rate.

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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.

Technology

Accounting Today

DECEMBER 6, 2024

Sage Copilot available to early adopters US and UK; MS Consultants acquires Tax Credit Hero; Bloomberg Tax and Accounting announces expanded Compliance Tracker; and other accounting tech updates.

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Withum

DECEMBER 6, 2024

On November 21, 2024, Judge Reed OConnor of the U.S. District Court for the Northern District of Texas vacated the recently adopted Rules 3a5-4 and 3a44-2 (collectively, the Dealer Rule) of the Securities Exchange Act of 1934, as amended (Exchange Act). The court determined that the Securities and Exchange Commission (SEC) exceeded its statutory authority in adopting the Dealer Rule, describing it as untethered from the text, history, and structure of the [Exchange] Act.

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CPA Practice

DECEMBER 6, 2024

Staff report The Public Company Accounting Oversight Board (PCAOB) on Dec. 3 settled disciplinary orders sanctioningNew York-based accounting firm Raines & Fischer and three of its partnersWilliam Fischer, Brian Uhlman, andSteven Sarrelfor violating PCAOB rules and standards. According to the PCAOB, Raines & Fischer violated PCAOB Rule 4006, Duty to Cooperate With Inspectors , and AS 1215, Audit Documentation , because its personnel improperly created and modified numerous workpapers aft

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Withum

DECEMBER 6, 2024

Generic drugs typically cost less than the replicated brand-name drugs. It is a cost-effective way of making available expensive essential medications to patients who need them. Generic drugs are priced lower because manufacturers of generic drugs do not have to invest in clinical studies and tests that have already been done by the brand-name manufacturer.

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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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Canopy Accounting

DECEMBER 6, 2024

Learn how defining your offerings can transform your accounting firm. Discover practical strategies to streamline processes, boost team productivity, and create happier clients.

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CPA Practice

DECEMBER 6, 2024

Thomson Reuters, a global content and technology company, has been positioned as a Leader in two IDC MarketScape reports IDC MarketScape: Worldwide SaaS and Cloud-Enabled SaaS Sales and Use Tax Automation Software for Enterprise 2024 Vendor Assessment, and IDC MarketScape: Worldwide Value-Added Tax Management Applications 2024 Vendor Assessment. In todays rapidly evolving global marketplace, tax compliance has become increasingly complex for multinational corporations.

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Accounting Today

DECEMBER 6, 2024

Whitman Transition Advisors launches new podcast; Bober Markey Fedorovich adds pair to business advisory services; and more updates from across the profession.

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CPA Practice

DECEMBER 6, 2024

Staff report The Public Company Accounting Oversight Board (PCAOB) recently approved a set ofnew requirements regarding public reporting of standardized firm and engagement metrics, as well as a separate but complementary set ofamendments regarding the PCAOB framework for collecting information from audit firms. Erica Williams Sound and consistent information strengthens investor confidence and can drive audit quality, PCAOB Chair Erica Williams said in a statement on Nov. 21.The new requirement

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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.

Finance

Accounting Today

DECEMBER 6, 2024

KPMG International forecasts slight growth in global GDP in 2025, then dampening in 2026 due to post-election policies in the U.S.

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CPA Practice

DECEMBER 6, 2024

Platform Accounting Group has announced that DHS Advisors has joined the group. Formerly known as D.H. Scott & Company and based in Redding, Calif., the firm is one of the largest CPA firms in the area with nearly 30 employees and has been in operation for nearly 40 years. DHS Advisorshas built a reputation as an aggressive CPA firm employing accountants with advanced degrees and prior experience with national accounting firms.

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SkagitCountyTaxServices

DECEMBER 6, 2024

Black Friday may be for big corporations but small business Saturday might be for your Skagit County business. Are you taking advantage of it? I think in this environment of so much broken trust, a small business — like yours perhaps? — can steal market share by being authentic and full of integrity. So you have a true opportunity. But we can ride the Black Friday coattails and remember that customers will absolutely look for deals this time of year.

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CPA Practice

DECEMBER 6, 2024

Cash flow is the reason 82% of small businesses fail. Slow or non-payments are a real concern, and as a firm owner, its in your best interest to help your clients receive their payments faster and reevaluate spending. While optimizing costs, adjusting pricing strategies, and improving operational efficiency are valuable steps, I recommend beginning with a thorough cash flow analysis to gain a clear picture and guide impactful changes. 1.

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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.

CPA

DMCL

DECEMBER 6, 2024

The results are in, and were proud to celebrate the success of our newest CFE graduates! Passing the Common Final Examination (CFE) is a remarkable achievement, reflecting countless hours of hard work, determination, and growth. Please join us in congratulating the following team members on this milestone: Ansh Chhabra Chaz Olsen Emma Prange Hudson Pandolfo Kai Majkowski Keana Tighe Lukas Bilodeau Michael Sookarow Parker Ross Quinnie Vu Raj Gill Sarina Dhillon Simon Zhang Sophia Wu Steven Kumar

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CPA Practice

DECEMBER 6, 2024

Staff report The Public Company Accounting Oversight Board (PCAOB) on Dec. 3 announced a settled disciplinary order sanctioning audit firm Weinstein International CPA, based in Tel Aviv, Israel, and its owner and sole partner, Idan Weinstein, for violating U.S. auditing rules and standards in connection with three issuer audits. To protect investors, the PCAOB will not hesitate to take enforcement action against auditors whofailto perform audits in accordance with PCAOB rules and standards,PCAOB

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Accounting Today

DECEMBER 6, 2024

Real-time communication makes it easier for team members to exchange ideas, ask questions and provide updates.

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CPA Practice

DECEMBER 6, 2024

Sovos , the maker of transaction tax compliance tools for businesses, says it achieved record-breaking performance during this years Black Friday and Cyber Monday shopping events. The company processed taxes on nearly 300 million items on these two days alone of the 16+ Billion processed annually showcasing the scalability and reliability of its global tax determination engine.

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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

Spend Management

Canopy Accounting

DECEMBER 6, 2024

Many in the industry have been sounding the clarion call to examine your firm tech stack. Its not uncommon to hear rumors that older softwares are being sunset, or for users to complain about the lengthy time that has passed without updates. These continued rumors are a reminder for firms to consider transitioning to more modern, innovative solutions.

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Accounting Insight

DECEMBER 6, 2024

More than 500,000 Sage 50 users in the UK and Ireland can benefit from reduced manual work and improved financial management Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announced a new integration with Sage 50 for its Accounts Payable (AP) solution. The partnership will make Quadients market-leading AP solution widely available to the 500,000 small and medium size businesses in the UK and Ireland that already benefit fr

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Canopy Accounting

DECEMBER 6, 2024

Profile TaxBee was founded in 2017 by Bianca Ferguson, a seasoned accountant with over two decades of experience and a passion for helping clients manage their finances. Starting in Pearland, Texas, Bianca set out to create a firm capable of serving a diverse range of clients, from small businesses to high-net-worth individuals and professional athletes.

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Accounting Insight

DECEMBER 6, 2024

The majority (85%) of finance leaders need a six-day work week to complete their tasks, causing stress and a general feeling of loss of control. Thats according to a survey by AccountsIQ , a leading provider of fully cloud-based accounting software, which surveyed 260 CFOs and finance leaders across the UK and Ireland. The study found that one in four (25%) are overwhelmed multiple times per week, with 63% experiencing this multiple times per month.

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