Tue.Sep 03, 2024

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Innovative Accounting: Tech Trends Every CPA Should Know

Insightful Accountant

Accounting is evolving along with the rest of the world, and it's definitely one of those industries that will keep expanding. However, there are certain trends you should pay attention to if you want to succeed more quickly.

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Data Backup Essentials: Safeguarding Your Startup’s Success

BurklandAssociates

By prioritizing backups, startups can protect their data, ensure compliance, maintain business continuity, and build trust with stakeholders. The post Data Backup Essentials: Safeguarding Your Startup’s Success appeared first on Burkland.

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IRS targets large partnerships for increased audits

Accounting Today

The Internal Revenue Service is ramping up its scrutiny of large partnerships, leveraging increased funding under the Inflation Reduction Act of 2022.

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Combating Isolation and Finding Community With Project Refit

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Combating Isolation and Finding Community With Project Refit appeared first on Withum.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.

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Hourly earnings growth fell at small businesses in August

Accounting Today

Hourly earnings growth for workers at small businesses dropped to 2.89% in August, Paychex reported Tuesday, the first time growth has been under 3% since January 2021.

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Is Your Technology Working for You?

CPA Practice

A Top Technology Initiative Article For those in public practice dealing with tax extension season, ask yourself: Did our tax software work correctly and quickly? If not, perhaps you have a software issue, a configuration problem, or something else to resolve. While there used to be over 100 tax software products, there are only around a dozen options today.

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More Trending

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Businesses Should Have a Disaster Readiness Plan in Place

CPA Practice

Although only five named tropical storms and hurricanes have developed in the Atlantic Ocean this year, the National Hurricane Center is still expecting a significant risk of dangerous storms in the coming months. As the peak of hurricane season is on tap, and an elevated wildfire risk now exists across much of the West, the Internal Revenue Service is reminding businesses and individual taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2024.

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IRS Clarifies Inherited IRA 10-Year Rule – What You Need to Know about RMDs 

Anders CPA

The Department of the Treasury and the Internal Revenue Service (IRS) have released the highly anticipated clarification on inherited IRA accounts for non-spouse beneficiaries. Previous guidance didn’t indicate whether a taxpayer who inherits an IRA account would need to take annual required minimal distributions (RMDs) to comply with the 10-year rule.

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Which States Are the ‘Rich’ Millennials Moving To?

CPA Practice

By Chantal Allam The News & Observer (Raleigh, NC) (TNS) High-earning millennials—those with annual incomes above $200,000—are exiting states like New York and California in droves, according to new analysis by SmartAsset. And a large percentage of them are ending up in the Old North State. North Carolina ranked No. 3 for the nation’s highest net migration of well-heeled millennials, ages 26 to 45, posting a net gain of 1,970, the study found.

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Mastering the Future: How Rolling Forecasts Can Propel Your Business Growth

AccountingDepartment

It has been said that human capital is an organization's most valuable asset in today's climate. However, managing your financial assets is the ultimate responsibility of the company leadership. Without sound financial planning and asset management, a business can't thrive. And, ultimately, your human assets will suffer. Forecasting is an essential part of the equation.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

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Marcum Adds 15 New Partners Across the U.S.

CPA Practice

Top 15 accounting firm Marcum has promoted 15 individuals to partner in eight states, effective Sept. 1. “These individuals represent Marcum’s dedication to excellence. They bring a wealth of experience, skill, and an entrepreneurial spirit. In a rapidly evolving world, they have shown adaptability and dedication to understanding and exceeding our clients’ expectations,” Chairman and CEO Jeffrey Weiner said in a statement.

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Accounting apps remain dominant for small biz but less than last year

Accounting Today

A recent survey has found that while small businesses still primarily use accounting software to record and manage transactions, usage dropped from 85% to 68% from April 2023 to July 2024.

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Jaffa Cakes – Biscuit or Cake? And Other Quirky Food-Related VAT Cases

Accounting Insight

Value Added Tax (VAT) is an increasingly complex area of tax. Many of the VAT rules have been determined by court cases and, as a result, important questions such as “is a Jaffa Cake a biscuit or cake?” have been addressed by HMRC. Jaffa Cakes The importance of whether a Jaffa Cake is a biscuit or cake was taken to the courts back in 1991. The debate was significant for McVitie’s as cakes are zero-rated for VAT purposes while chocolate covered biscuits are standard rated (20%) for VAT purposes.

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7 impactful tax strategies for HNW business clients

Accounting Today

This combination of trusts, credits and other tax strategies are great ways help wealthy clients protect their families and their businesses.

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Book of Secrets on the Month-End Close

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.

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Embracing change: Auditors’ views on generative AI

ThomsonReuters

The 2024 Generative AI in Professional Services research conducted by the Thomson Reuters Institute provides a comprehensive overview of the burgeoning role of GenAI across various professional sectors, including legal, tax, accounting, risk, and government. This study captures the complex spectrum of emotions surrounding GenAI, from hope and excitement to hesitancy and concern.

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IRS seeks to bolster foreign trust, gift transactions rules

Accounting Today

Tax professionals are calling for changes to the proposal, even though they welcome clarifications they have been waiting on for decades.

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Private Equity Midyear 2024 Report

Cherry Bekaert

Questions? Contact Us Private Equity Dealmaking Shows Improvement but Falls Short of Expectations Key Observations Banks have returned to the M&A lending market and are recapturing market share from nonbank lenders who moved in during their absence. While the U.S. Federal Reserve (Fed) has not instituted any rate reductions, the competition in leveraged finance sector is resulting in more favorable terms—both in terms of rates and covenants—than what was in place 12 months ago.

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Researchers teach LLMs to use spreadsheets well

Accounting Today

Microsoft researchers believe they have found a way to overcome the traditional challenges generative AI large language models have had with using spreadsheets.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

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The King’s EY Gives Out Pay Cuts For Raises

Going Concern

“Market slowdown” On Saturday, Financial Times reported that due to a “market slowdown,” EY UK has gotten rid of a small number of partners and given out annual salary increases of 2.2% to its 4,400-person tax advisory business. It was six percent in 2023 and 10 percent in 2022. FT said bonuses would be smaller as well (£500 for junior staff — that’s $655 USD — to £4,000 for directors) and explained the math thusly: Bonuses for EY employees are calculate

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One-fourth of accountants want more DEI

Accounting Today

Twenty-five percent of accounting professionals want to increase their roles in implementing diversity, equity and inclusion initiatives, per the Center for Accounting Transformation.

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Process of Claiming Refund for Additional IGST Paid Due to Upward Revision of Price on Goods Exported

VJM Global

Under the Goods and Service Tax (GST) , the Refund is a key component in the case of export of goods or services. The following two mechanisms of claiming a refund in case of export are: Claiming refund of Input Tax Credit about goods exported without payment of IGST; Claiming refund of IGST paid on export of goods CBIC has received various representations from the industry seeking clarification on how to claim a refund where goods were exported on payment of IGST and additional IGST is paid pos

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New regs on changing accounting methods for research

Accounting Today

Revenue Procedure 2024-34 expands the waiver of the eligibility rules to accounting method changes.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

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.

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Warehouse Wednesday: Acumatica In-depth Part 5

Insightful Accountant

This is a prologue to Murph's next part of his in-depth series on Acumatica. a summary of Acumatica ERP's Wholesale and Distribution businesses that simply can't get the job done with smaller accounting solutions.

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Everything is now e-commerce: Are you ready?

Accounting Today

Welcome to the era of e-commerce accounting, where digital transactions are overtaking traditional sales.

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IRS Reminds Taxpayers of Important Tax Guidelines Involving Online Crowdfunding

Insightful Accountant

The IRS reminds taxpayers of important tax guidelines involving contributions and distributions from online crowdfunding.

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Modernizing your tax workpapers process

Accounting Today

For too long, tax departments have longed to improve their workpapers process, but they lack the time, resources or expertise to do so.

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

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Intuit releases latest QuickBooks Small Business Insights

Insightful Accountant

Intuit has just released the newest edition of their quarterly QuickBooks Small Business Insights, a survey of SMB owners.

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How to Become a Financial Hero to Your SMB Clients

CPA Practice

Small and medium-sized businesses (SMBs) are facing new cash flow challenges. Caught between advancing technologies and tighter lending standards, many of your SMB clients could be struggling to find the comprehensive financial advice they need for success. This is where you come in. In “Be the Financial Hero for SMB Clients (Without Being Their Bank),” you’ll learn top strategies to become a more trusted advisor – just by helping your clients overcome their financial constraints and objections.

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Best Reasons for Local Government Finance Departments to Automate Financial Statements with Workiva

LSLCPAs

Calling all local government finance departments! Let’s talk about your financial statements, which can be your Annual Comprehensive Financial Report (ACFR), Popular Annual Financial Report (PAFR), budget book, or even a small monthly report. Does your team still use manual processes to create these financial statement reports with Word and Excel? Maybe you’d like to.

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Connect Sales, Onboarding, and Project Management for Agency Growth

Summit CPA

Building an agency from the ground up is no easy feat. You have to invest a lot into your business to ensure its growth and longevity. As a service-based business, sales is one of the deciding factors as to whether your company will sink or swim. With that said, it's very easy for sales representatives to fall into the trap of working hard to close a deal, only to have the unsuspecting project team realize – after speaking more with the client – that they'll be delivering a very different produc

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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.