Turning up the temperature on auditors
Accounting Today
MARCH 4, 2024
A roundup of the flood of sanctions, fines and penalties issued over the past year or so by the PCAOB.
Mon.Mar 04, 2024
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California Takes First Step in Introducing Companies to ESG Reporting
CPA Practice
MARCH 4, 2024
By Venus Wu and Crystal Li. In October 2023, California became the first state to pass regulations for reporting greenhouse gas emissions (GHGs). The regulations are outlined in two bills, the Climate Corporate Data Accountability Act (SB-253) and the Climate-Related Financial Risk Act (SB-261). These laws apply for both private and public U.S. companies that do business in California (not just those with a physical presence in California).
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KPMG fined £1.5M over Saatchi audit failings
Accounting Today
MARCH 4, 2024
KPMG and its partner Adrian Wilcox failed to audit the advertising agency with sufficient professional skepticism, according to the Financial Reporting Council.
Insightful Accountant Announces Inaugural Advisory Panel
Insightful Accountant
MARCH 4, 2024
We are excited to announce the members of Insightful Accountant’s inaugural Advisor Panel. The primary purpose of the panel is to help us stay “in touch” with the audience we serve and to continue to provide the content you, our audience, want.
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.
Art of Accounting: Everyone will be leaving you
Accounting Today
MARCH 4, 2024
When someone leaves, they need to be replaced and with that comes orientation, training, introduction to your systems and procedures and to your culture.
Crowe Poaches Someone From EY and Issues a Press Release
Going Concern
MARCH 4, 2024
In an unusually humble press release that doesn’t use the words “leading accounting and advisory firm” in the first sentence like every other firm does, Crowe announced announced the hiring of Mike Edwards as the next managing principal of Consulting. When he assumes the role on April 1, he’ll be leading a practice that consists of 150 partners and 2,000 professionals.
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Michael George Joins Withum’s Healthcare Services Team
Withum
MARCH 4, 2024
Withum is excited to share that Michael George , Partner, has joined the Healthcare Services Team as a strategic leader. Formerly an audit partner at a Big Four firm, Michael has deep technical and industry expertise, including having previously led Healthcare-centered practices. He has a reputation for excellent client service, working to deliver transformative audit and consulting services.
Accountants in the hot seat
Accounting Today
MARCH 4, 2024
The regulatory environment around accounting is getting stricter, as the IRS, the SEC and the PCAOB crack down.
Val Steed on A CPA's Perspective on Accounting Technology & Future Challenges
Insightful Accountant
MARCH 4, 2024
Gary and Val take a deep dive into the Zoho products, why accounting professionals may want to consider it for their practice and/or their clients (here's a hint - low cost, high value, and a broad range of products.) Take a look at this episode!
Asset managers quietly purge portfolios of tax risk
Accounting Today
MARCH 4, 2024
There's a growing sense of unease among asset managers that companies with conspicuously small tax bills pose a financial liability too big to ignore.
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.
Leap Day Tax Consequences
Insightful Accountant
MARCH 4, 2024
Last week our calendars all marked a unique day that only comes about once every four years. Leap Day, February 29th, this day intends to sync the calendar with the solar year. It still has its affects tax planning, so discuss with clients.
Growth factors for accounting firms
Accounting Today
MARCH 4, 2024
What goes into the recipe for accounting firm success? Randy Crabtree goes over the ingredients, and how best to combine them.
IRS e-file rejection grace period of timely-filed returns and extensions
ThomsonReuters
MARCH 4, 2024
Preparers have the following perfection periods to correct and retransmit tax returns or extensions that were filed on time but were rejected by the filing deadline. The IRS considers returns that are resubmitted electronically during the applicable timeframe as timely-filed returns. What is the e-file rejection grace period for federal tax returns?
Proposed Regulations to Update Bad Debt Deductions Under IRC Section 166
Cherry Bekaert
MARCH 4, 2024
On December 28, 2023, the Internal Revenue Service (IRS) released proposed regulations to IRC Section 166 to provide guidance on when debts could be conclusively presumed to be wholly or partially worthless. The proposed regulations will provide an option for regulated financial companies and members of regulated financial groups to use a new method of accounting for federal tax purposes that will align the allowable bad debt deductions to GAAP (book) charge-offs.
Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense
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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.
The Financial Benefits of Starting a Podcast for Your Business
IgniteSpot
MARCH 4, 2024
In the entrepreneurial journey, finding innovative avenues to build wealth and enhance business profitability is paramount. Amidst various strategies, one often overlooked is the power of starting a podcast. Beyond being a medium for sharing stories or industry insights, podcasting holds significant financial benefits for businesses, especially for those led by entrepreneurs striving for growth and profitability.
There Are 340,000 Fewer Accountants—and Companies Are Paying the Price
CPA Practice
MARCH 4, 2024
By Jo Constantz, Bloomberg News (TNS) Mistakes continued to pile up this earnings season in the wake of Lyft Inc.’s market-roiling typo : Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the U.S.
M&A Watch: Jackson Thornton, HHM expand
Accounting Today
MARCH 4, 2024
Jackson Thornton acquired MST CPAs & Advisors; and HHM CPAs merged in Bizzell, Neff & Galloway.
How Auditors Are Seizing the Day with Artificial Intelligence
CPA Practice
MARCH 4, 2024
By Richard J. Jackson. Auditors, like so many others today, are seizing the opportunity to transform how they work by adopting artificial intelligence. This powerful tool can drill down into millions of lines of data, flagging potential anomalies in minutes for auditors to examine instead of relying on the manual selection and review of data samples ― expending significantly more time looking for the proverbial “needle in a haystack.
Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation
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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.
Pinion launches global network
Accounting Today
MARCH 4, 2024
The Top 100 Firm also announced the first three member firms of the network, which will focus on food and agriculture clients.
Embracing AI, Automation and Other New Tech Is Necessary for Successful Firms
CPA Practice
MARCH 4, 2024
By Matt Kanas. In the accounting world, the ground beneath our feet is shifting faster than ever, thanks to the whirlwind of advancements in technology such as AI, automation, blockchain, and more. Accountants and firms face daunting challenges around operational approaches, client relationships, and staff retention. But with the right tools and a mindset shift, the changes in our profession can open doors to unprecedented efficiency and insight.
ADM delays annual report, warns on internal controls
Accounting Today
MARCH 4, 2024
The Chicago-based agricultural commodity trader said the issue with internal controls relates to the way it reports sales between segments.
Accountants Make Errors at Work—Just Like Everyone Else
CPA Practice
MARCH 4, 2024
Breaking news: Accountants aren’t robots—they’re human beings and sometimes they make mistakes at work. But a new survey from research and consulting firm Gartner finds that capacity constraints are the leading factor to more errors being made than usual in accounting and finance departments. The survey of 497 professionals working in the controllership function, conducted last July, revealed that 18% of accountants said they make financial errors at least daily, with a third making at least a f
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.
Law Firm Forecasting: Contingent Fee Billing
Anders CPA
MARCH 4, 2024
Contingent fee attorneys often feel like law firm forecasting is out of reach. There are so many question marks: How much are their cases worth? How much money is coming in this month – and how much needs to be coming in? Contingent firms face unique challenges. They often don’t know the value of the universe of their cases. Because they can’t forecast cash, they have to finance their own cases.
Free File Program Filings Up Nearly 10% This Tax Season, IRS Says
CPA Practice
MARCH 4, 2024
As of Feb. 24, 943,000 taxpayers had filed returns this tax season through Free File , a 9.7% increase from last year’s comparable period when 860,000 tax returns were filed, the IRS reported on Friday. The increase in Free File usage comes as the IRS released new data on how the 2024 filing season is progressing. Through Feb. 24 , the IRS had delivered more than 28.9 million refunds to taxpayers worth $92.9 billion.
Wolters Kluwer launches CCH iFirm® tax and accounting cloud platform in the U.K
Accounting Insight
MARCH 4, 2024
Continuing its global rollout, the award-winning CCH iFirm is set to transform British tax and accounting practices by improving their efficiency and productivity Wolters Kluwer Tax & Accounting (TAA) has launched CCH iFirm ®, its award-winning cloud-based practice management and compliance software platform, in the U.K. The integrated and scalable platform is designed to help make tax and accountancy practices more efficient and productive.
On-Demand Webinar: Tech Advisory Talks – SOC
Withum
MARCH 4, 2024
In this on-demand webinar, Withum’s Tech Advisory Team examine the most common control failures they come across in SOC 2 examinations. They will discuss the 10 most common control failures seen in SOC 2 reports and how to avoid them. Already Registered? Click Here View On-Demand Webinar This on-demand webinar is perfect for tech startups and companies who want to learn more about SOC 2 reports as well as companies that undergo annual SOC 2 reports and are looking for areas of improvement.
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?
Empowering Financial Excellence and Fostering Student Success with Sage Intacct
Cherry Bekaert
MARCH 4, 2024
Contributors: Melissa Tognacci | Senior Associate, Outsourcing & Resource Solutions Randy Kardas | Senior Manager, Outsourcing & Resource Solutions Empowering student success with educational preparation services involves providing comprehensive support to help students thrive academically. This is where Stravos Education, LLC (Stravos) comes into the picture – its mission-driven philosophy focuses on helping students build confidence, hone strategic skills and achieve academic success.
GST registration can’t be cancelled with retrospective effect mechanically| GST Officer must provide reason for such action
VJM Global
MARCH 4, 2024
Held by Hon’ble High Court of Delhi In the matter of M/s ARYAN TIMBER STORE KUMAR SALES TAX OFFICER CLASS II/ AVATO WARD 62 DEPARTMENT OF TRADE AND TAXES IP ESTATE NEW DELHI (WP 628/2024 dated 18th January, 2024) These days, Taxpayers are genuinely facing issues in Input Tax credit due to back date cancellation of GST registrations of the suppliers.
eSignature Templates
Canopy Accounting
MARCH 4, 2024
What's new: To enhance your experience and help you save time, we've introduced eSignature templates on Canopy. These templates enable you to easily add signature, initial, and date fields to frequently used documents, streamlining the process of preparing documents for signing.
Who’s Ready For the 2024 Accountant Bracket Challenge?
CPA Practice
MARCH 4, 2024
Uncat, an app that helps bookkeepers, accountants, and clients resolve their uncategorized transactions, came out of nowhere as a 10 seed to defeat tech-savvy CPA and top 10 accounting influencer Jason Staats, a 3 seed, in the championship of the inaugural Accountant Bracket Challenge last year. So, who will be the accounting profession’s Cinderella story this year?
Fall In Love With the Month-End Close
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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.
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