CPA Practice

OCTOBER 17, 2024

By Mike Varney, Vice President, Finance and Operations at Extend. The alarm bells in accounting have been ringing for years: fewer people want to join – or stay – in the profession. The American Institute of Certified Public Accountants (AICPA) said in its “2023 Trends” report that the percentage of accounting graduates fell 7.8% between 2021 and 2022, after steady decreases of 1-3% since 2015-16.

Technology 124

Technology accountant Account accounted 124

Acterys

OCTOBER 17, 2024

From startups to multinationals, Microsoft Excel is at the core of countless organizations’ data analysis and decision-making processes, with the Association for Financial Professionals (AFP) noting that 70% of all companies “rely heavily” on spreadsheets for financial activities. On its own, Excel may not be enough, especially for FP&A processes requiring access to multiple sources of complex external data.

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Government Maine Sales Account 130

CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. 104, Disclosure of Certain Capital Assets , also establishes requirements for capital assets held for sale and requires additional disclosures for those capital assets.

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financial statements accounting standards Sales Government 128

Accounting Today

OCTOBER 17, 2024

With the November election mere weeks away, there is still time for tax pros to ponder the strategies available to meet the proposals of each candidate.

business tax 124

business tax Tax 124

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.

Account

CPA Practice

OCTOBER 17, 2024

Despite soaring concerns about their business’ financial security and personal job security, the survey found that small to midsize businesses across the country are investing in technology more now than the past three years, both foundational and emerging. This is according to the fifth annual Verizon State of Small Business survey. In the past year, the number of SMBs using AI has more than doubled (39% of SMBs are using AI in 2024 compared to 14% in 2023), in large part due to the growing fam

Technology 122

Technology Retail 122

Going Concern

OCTOBER 17, 2024

When we started putting this article together earlier today there was no press release nor could one find the info if they search “annual report” or “value realized” on EY’s website but according to Financial Times reporting this morning, EY has finally released global revenue (unaudited) for fiscal 2024: $51.2 billion, an increase of just 3.9 percent from last year’s $49.4 billion.

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auditor Tax 114

Accounting Insight

OCTOBER 17, 2024

Balance Sheet Companies are required to prepare a certain number of documents called financial statements. One of these is the balance sheet. Yet it is neither a balance nor a sheet. Moreover, putting ‘balance’ and ‘sheet’ together means nothing. They could have called it ‘equilibrium blanket’, no less inaccurate and every bit as silly. A balance sheet is simply a list of assets and liabilities, including equity.

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financial statements accountant Account accounted 105

CPA Practice

OCTOBER 17, 2024

Updated: Oct. 17, 2024, with comments from Intuit and the AICPA. TurboTax, the most widely-used do-it-yourself tax preparation in the U.S., is out with a new advertisement in which it is telling Americans that maybe they should save money and have a “tax break up” with their professional preparer by using one of TurboTax’s live experts. The irritation factor for some tax professionals and CPAs who provide tax preparation services is that Intuit, the maker of TurboTax and several other consumer b

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tax preparation cpas CPA quickbooks 119

Accounting Today

OCTOBER 17, 2024

The IRS is warning taxpayers about the red flags that a 'charity' seeking donations may not be on the up and up.

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Tax 119

CPA Practice

OCTOBER 17, 2024

Jarrell Dillard, Mark Niquette Bloomberg News (TNS) Applications for U.S. unemployment benefits unexpectedly fell after jumping the previous week in Southeastern states affected by Hurricane Helene, and data will probably remain volatile in the coming weeks. Initial claims decreased by 19,000 to 241,000 in the week ended Oct. 12. The median forecast in a Bloomberg survey of economists called for 259,000 applications.

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North Carolina Florida Michigan Manufacturing 116

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.

Account

Accounting Today

OCTOBER 17, 2024

As the pool of eligible talent in the profession continues to shrink, and rougher markets force waves of layoffs, experts weigh in on what changes could turn the tide.

accountant 102

accountant Account accounted 102

CPA Practice

OCTOBER 17, 2024

The Indiana CPA Society’s statewide 19th annual CPA Day of Service was Sept. 27, when teams from 15 organizations completed 19 service projects in 17 Indiana communities: Carmel, Columbus, Fishers, Fort Wayne, Goshen, Greensburg, Indianapolis, Lafayette, Michigan City, Muncie, Portage, Notre Dame, Seymour, South Bend, Valparaiso, Warsaw and Winona Lake.

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Indiana cpas Michigan CPA 111

AccountingDepartment

OCTOBER 17, 2024

Imagine having access to top-tier financial expertise without the full-time cost. That's precisely what CFO Support Services offers. In today's fast-evolving business landscape, financial acumen is not just a luxury but a necessity for growth and sustainability. Entrepreneurs and small-to-medium business (SMB) owners often juggle multiple roles, and strategic financial management is frequently overlooked.

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SkagitCountyTaxServices

OCTOBER 17, 2024

When running a business, no one prepares you for how to handle hurricanes like Helene and Milton. They probably didn’t think to cover that chapter in business school. The IRS is stepping up to provide assistance to business owners throughout the Southeast who have been affected by the recent storms. If your business was impacted by either Hurricane Milton or Helene, the IRS is postponing a number of filing and payment deadlines until May 1, 2025.

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payroll CPA Tax 77

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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

financial statements

Accounting Today

OCTOBER 17, 2024

When faster, cheaper, and better may not always be the best.

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Going Concern

OCTOBER 17, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

Real Estate 65

Real Estate accountant Account accounted 65

Accounting Today

OCTOBER 17, 2024

Acumatica announced the launch of its Professional Services Edition, meant to provide accounting and project support for consultants, engineers, architects and other practices.

accountant 72

accountant Account accounted 72

SchoolofBookkeeping

OCTOBER 17, 2024

Intuit's latest move with their "Tax Breakup" campaign is nothing short of a slap in the face to independent tax professionals everywhere. By aggressively promoting TurboTax and offering to undercut Tax Professionals fees by 10%, Intuit is not just competing; they're blatantly trying to poach our clients. This campaign is a glaring example of how Intuit, once a trusted software provider, is now turning into a direct competitor, threatening the livelihoods of countless independent tax preparers.

Tax 59

Tax tax preparation quickbooks bookkeeping 59

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

Sales

Accounting Today

OCTOBER 17, 2024

Unaltered behavior; playing chicken; out on a rail; and other highlights of recent tax cases.

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Tax tax preparation 96

LSLCPAs

OCTOBER 17, 2024

The Current Expected Credit Loss (CECL) model marks a significant change in how organizations account for receivables, loans, and other financial assets. Originally implemented for financial institutions, CECL now extends its impact across various industries that hold assets subject to credit risk. This proactive model emphasizes forward-looking estimates of potential credit losses, transforming how businesses.

cpas 52

cpas accountant Account accounted 52

Accounting Today

OCTOBER 17, 2024

The commission is focused on accounting errors the railroad had previously disclosed and certain non-financial performance metrics.

accountant 69

accountant Account accounted Finance 69

Reckon

OCTOBER 17, 2024

Halloween rears its spooky head every year, and Australian feelings are mixed. Halloween is an American cultural export, where costumed kids take the streets searching for lollies, and adults either hand out treats at the door or attend dress-up parties with varying degrees of effort. Regardless of what Aussies think, however, data shows that consumers regularly splurge during the spooky season , cementing that Halloween is here to stay.

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accounting software payroll Retail Sales 52

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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

Accounting Today

OCTOBER 17, 2024

The Top 25 Firm is expanding in Connecticut by adding the Woodbridge-based accounting, consulting and tax firm.

Connecticut 72

Connecticut Tax accountant Account 72

CPA Practice

OCTOBER 17, 2024

After a soft launch earlier this year, financial planning and analysis software provider Jirav earlier this month announced the official release of its Jirav Intelligent Forecasting (JIF) tool for accounting firms. According to Jirav, early adopter firms have reported significant impacts on their ability to advise clients on critical financial decisions, resulting in new revenue opportunities and more efficient operations.

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accounting firms accountant Account accounted 52

inDinero Accounting

OCTOBER 17, 2024

For small business owners and startup founders, navigating the complex world of tax deductions can feel like traversing a financial minefield. Yet, understanding and maximizing these deductions often marks the difference between merely staying afloat and truly thriving. The IRS allows businesses to deduct a wide range of “ordinary and necessary” expenses, but the devil, as they say, is in the details.

business tax 52

business tax Tax bookkeeping bookkeeping services 52

Withum

OCTOBER 17, 2024

In a letter to the French scientist Jean-Baptiste Leroy in 1789, Benjamin Franklin wrote, “Our new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain, except death and taxes.” The Constitution indeed has changed over the years through amendments and judicial interpretations.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

CPA Practice

OCTOBER 17, 2024

Top 20 accounting firm Citrin Cooperman is expanding its presence in Connecticut and New England by acquiring Teplitzky & Co., a Woodbridge, CT-based accounting, consulting, and tax firm specializing in the healthcare industry, effective next month. Financial terms of the deal weren’t disclosed. Teplitzky will join the Citrin Cooperman alternative practice structure with five partners and more than 20 professionals.

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Connecticut Healthcare accounting firms audit 52

ThomsonReuters

OCTOBER 17, 2024

← Blog home In an era where corporate sustainability is not just a buzzword but a business imperative, new reporting directives from the European Union (EU) pose significant challenges for companies aiming to maintain robust Environmental, Social, and Governance (ESG) compliance. The EU’s Corporate Sustainability Reporting Directive (CSRD) promotes transparency and accountability in the corporate world, but its implementation poses significant hurdles for companies of all sizes.

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Technology corporation tax Tax Government 52

Accounting Insight

OCTOBER 17, 2024

With the increased use of AI in the finance function, CFOs are juggling an ever-increasing corporate remit. You can’t open a newspaper (or website) without reading about the latest AI advancement and how it can be used to defend against and prevent cyberattacks. Does the exponential advancement of AI mean that finance leaders and decision-makers now have to become experts in cyber security?

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Finance AP Automation accounting and finance accounts payable 52

Accounting Today

OCTOBER 17, 2024

It's time to stop talking about the future of audit.

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audit 95

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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.