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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%).
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.
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.
Los Angelesa sprawling metropolis where dreams are born under the glow of the Hollywood sign, where the Pacific breeze mingles with the hum of innovation, and where millions of residents and businesses thrive amid a backdrop of sun-soaked streets and iconic landmarks. From the star-studded Walk of Fame to the serene vistas of Griffith Observatory, LA is a city that captivates the imagination.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
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.
Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed. This knowledge empowers law firms to navigate the tax implications of their purchases.
Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed. This knowledge empowers law firms to navigate the tax implications of their purchases.
American Express has issued its new Amex Trendex: Small Business Edition, finding that small businesses anticipate a period of stability in 2025, while they invest in technology to drive business growth. In 2024, small businesses demonstrated resilience in the face of uncertainty, reinforcing confidence in their ability to grow through changing times, said Anna Marrs, Group President, Global Commercial Services at American Express.
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.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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.
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.
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.
Learn how defining your offerings can transform your accounting firm. Discover practical strategies to streamline processes, boost team productivity, and create happier clients.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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.
Whitman Transition Advisors launches new podcast; Bober Markey Fedorovich adds pair to business advisory services; and more updates from across the profession.
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
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
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
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.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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
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.
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.
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.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
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
If you are self employed or a small business with annual sales between $30,000 and $400,000, it might make sense to select the Quick Method of reporting your GST/HST and QST, which is essentially a simplified method of reporting sales taxes. While regular reporting of sales taxes requires that you calculate all amounts collected and paid on eligible expenses, the quick method (or simplified method as it is also referred to)requires the application of a single reduced rate to your sales while GST
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.
In a groundbreaking decision, a federal district court in Texas has issued a nationwide preliminary injunction that blocks the enforcement of the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA). This ruling comes from the case Texas Top Cop Shop v. Garland (December 3, 2024, U.S. District Court, Eastern District of Texas, Case No. 4:24-CV-478).
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.
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