Fri.May 10, 2024

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Generative AI may let tax pros charge more

Accounting Today

A recent survey has found that 40% of tax professionals believe generative AI will allow them to demand higher rates, in comparison to 6% who said rates will decrease.

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Get AI-Powered Planning Insights With ChatGPT and Copilot for Power BI

Acterys

Business teams have long known that traditional extended planning and analysis (xP&A) can be time-consuming, especially for those seeking insights without IT support. But thanks to technologies like ChatGPT and Copilot for Power BI, businesses now have the opportunity to leverage conversational and generative AI to access new insights and analyze data faster and more accurately than ever before.

Finance 130
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Tax pros, protect your clients and firm after massive IRS data breach

Accounting Today

The extent of how many taxpayers were affected by the breach was unknown until now.

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AICPA News – May 2024

CPA Practice

AICPA News is a recap of recent announcements from the American Institute of CPAs. Innovative Program to Ease Attainment of CPA Education Requirement Gets Off to Quick Start AICPA reports that a pilot program to help accounting graduates earn the required academic credits for CPA licensure is off to a quick start and has earned positive reviews in limited feedback so far from students and the accounting firms that employ them.

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Building a Business Case for Finance Automation

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.

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Accounting Today news quiz: May 10

Accounting Today

Test your knowledge of the biggest accounting headlines of the week. No. 2 pencil not required!

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Amazon Adds New Fees for Online Sellers

CPA Practice

Spencer Soper Bloomberg News (TNS) Amazon.com Inc. merchants have found themselves caught in an economic vice. Earlier this year, the e-commerce giant rolled out changes to the fees its charges them — essentially shifting more of its operating costs onto the small businesses that account for most of the products sold on the site. Making matters worse for merchants, shoppers are trading down.

More Trending

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A No-fuss Record-keeping Guide For Your Construction Business

Randal DeHart

Managing a hectic schedule and complex projects can be challenging if you're a contractor. You must also ensure that your paperwork, documents, and contracts are in order. It's essential to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly.

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US April budget surplus hits $210B on higher tax receipts

Accounting Today

The U.S. government recorded a higher budget surplus for the month of April than a year ago thanks to a rise in tax receipts, while steeper debt-servicing costs continue to impose a major drag.

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Recognizing Our Military Spouses - Happy 2024 MilSpouse Appreciation Day!

AccountingDepartment

Our AccountingDepartment.com family is proud of its vibrant and diverse “cast of characters”—we span the country with our team members coming from all backgrounds and personalities. Included among our team are some amazing Military Spouses whose hard work, dedication, and contributions are part of what makes our family so strong—and theirs as well.

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New Overtime Rule for 2024: How Will it Affect Your Business?

Patriot Software

Starting in July 2024, four million new workers will become entitled to overtime pay, thanks to the Department of Labor’s (DOL) new overtime rule. What does this DOL overtime rule update mean for your small business? It may mean that you need to change your employees’ classification.

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Fall In Love With the Month-End Close

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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FICPA launches pilot program to help accountants complete 150 credit-hours for free

Accounting Today

The Bridge to CPA program allows accountants to complete their remaining credits for CPA licensure for free through Nova Southeastern University.

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Professionals on the Move – May 2024

CPA Practice

Professionals on the Move is a round-up of recent promotions, management changes, and other staffing announcements from across the profession. Wolters Kluwer announces two senior executive appointments ­­­­Wolters Kluwer, a global leader in information, software, and services for professionals, recently announced Atul Dubey as General Manager of its Finance, Risk and Regulatory Reporting (FRR) business, part of its Corporate Performance & ESG (CP & ESG) division.

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CFO strategies can maintain profitability despite economic uncertainty

Accounting Today

To maintain steady organic growth and decrease time to value, financial leaders must implement effective response strategies.

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State CPA Society News & Updates – May 2024

CPA Practice

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. The Illinois CPA Society (ICPAS) , one of the largest CPA societies in the U.S., recently announced the 2024 Outstanding Leadership Award Recipients. ICPAS will formally present awards to the following honorees at the Leadership Recognition & Awards Dinner in Chicago on June 13, 2024: Lifetime Achievement Award The Lifetime Achievement Awar

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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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IRIS Launches Statutory Audit Outsourcing Service to Help Practices and Firms Grow Profits and Scale Workloads  

Accounting Insight

IRIS Software Group , a leading global software provider of accounting, edtech, payroll and HR solutions, today unveiled IRIS Outsourcing Audit Services, further assisting accountancy firms in unlocking capacity issues that inhibit growth. This is the sixth outsourcing service IRIS has released since 2004, adding to its existing catalogue of outsourced bookkeeping, year-end accounts, personal tax, payroll, and iXBRL tagging services.

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EY’s New Shared Service Center in Sofia Isn’t as Plain as a Bulgarian Pin-Up

Going Concern

If you get the reference in the title, you are officially cool. For some reason, we’re fascinated with Big 4 office spaces. Perhaps because we don’t have to work in them and can instead admire (or criticize) from a safe distance. There have been a few interesting ones in recent years, like Deloitte’s ‘future of work’ office in Edinburgh, Scotland and the building PwC is moving into in San Jose soon — just down the street from Winchester Mystery House — h

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Accounting heroes emerge as key to small business success

Accounting Insight

Small businesses are under pressure, and accountants are being called upon to provide a much-needed lifeline. According to new research from Intuit QuickBooks into the top priorities for small businesses over the next 12 months, 41% are using the new tax year to herald in radical changes for their business. The findings, based on insights from small business owners and decision-makers, paint a sobering picture: almost all (99.6%) small businesses plan to change how they operate in the new tax ye

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PwC Admits 158 to Partnership

CPA Practice

Tim Ryan presided over his final Partner Announcement Day as senior partner of PwC on May 3, as the 158 members of the class of 2024 were recognized for their achievement. “Over the years, I have seen many colleagues become partners at @PwCUS. The road to becoming a partner is one of hard work and dedication and is worth every step!” Ryan, who is retiring on June 30 as head of PwC US, wrote in a post on X.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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Lightyear strengthens data offering with new financial analysis tools and launches fractional limit orders for US stocks

Accounting Insight

Today, investment platform Lightyear rolls out candlestick charts for extended financial analysis and announces the launch of fractional limit orders of US stocks to enable automated and precise portfolio weightings. Lightyear also announces 18 new financial analysis metrics, bolstering the data offering for European investors. Building upon its extensive array of analysis tools, Lightyear introduces candlestick charts to its platform.

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Practice CS to Canopy: The Guide to Switching Practice Management Software

Canopy Accounting

With supportive implementation and a user-friendly design, switching to Canopy isn't scary - it's simple. Learn how easy it is to make the switch, step by step, with this guide.

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Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance

CPA Practice

Sovos , a maker of tax solutions for businesses, has launched its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud , the Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers.

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Building a Strong Future: Succession Planning Options for the Construction Industry

Withum

Business succession planning is a topic that continues to gain prominence as business owners seek ways to transition their ownership. Closely-held, owner-managed companies face the biggest challenge when it comes to a successful transition. It is estimated that only 30% of construction companies survive after the founder dies, and that number drops to 20% through the third generation.

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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FloQast Adds New Features Supporting Diverse Compliance Frameworks

CPA Practice

FloQast, a finance and accounting operations platform provider created for accountants by accountants, has added new feature enhancements to its FloQast Compliance Management solution, empowering proactive risk assessment, more effective management of compliance programs, and smoother and more efficient internal audit processes. The feature enhancements bring even greater ROI to chief financial officers and accounting and finance teams through a lower total cost of ownership driven by consolidat

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Speaker Q&A: Hamish Edwards, Firmcheck

Accounting Insight

Hamish co-founded Xero back in 2006, where he was pivotal in Xero’s early growth across NZ, Australia and the UK. At the time Hamish was a practising accountant before his journey with Xero. Whilst, no longer a practising accountant Hamish is still passionate about how technology can continue to be transformative for accounting, and that is reflected in his involvement with Firmcheck.

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FICPA & Nova Southeastern University Introduce Cost-Free, Fifth-Year “Bridge to CPA” Program

CPA Practice

The Florida Institute of Public Accountants (FICPA), Nova Southeastern University (NSU) and three South Florida accounting firms – Berkowitz Pollack Brant, Kaufman Rossin and PAAST – have launched a new partnership that will assist future certified public accountants (CPAs) on their path to licensure. The Bridge to CPA pilot program, the first of its kind, will give firm employees who have already completed 120 hours of undergraduate education the opportunity to fulfill their remaining 30 credit

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Changes to impact all companies reporting under FRS 102 – 1 Jan 2026

Menzies

Menzies LLP - A leading chartered accountancy firm. On 27th March 2024, the FRC has issued amendments to UK GAAP. This follows extensive feedback from its published exposure draft FRED 82, issued in December 2022. The changes impact all companies reporting under FRS 102 and small companies reporting under FRS 102 section 1A. In addition, there are some changes impacting micro companies reporting under FRS 105.

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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For Aspiring Fraud Investigators and Forensic Accountants

FraudFiles

I receive many requests for information on the field of forensic accounting, including questions on courses of study, certification, job opportunities, and preparing for a career. Here are a few quick tips: Establish a background in general business and finance/accounting. You need a good working knowledge of financial statements and the accounting process.

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TurboTax Promises Refunds to Oregon Filers Whose Returns It Bungled

CPA Practice

By Mike Rogoway, oregonlive.com (TNS) TurboTax began notifying some Oregon customers this week that it made a mistake in their tax returns , offering them instructions on how to amend their filings and promising to refund money they paid for TurboTax’s service. “We truly apologize for any inconvenience this might have caused and want to say thanks for being part of the TurboTax family,” the service told customers in messages sent out beginning Monday.

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Tech News: Patriot Software launches 1099 portal

Accounting Today

Patriot Software launches 1099 portal; Expensify launches Expensify Travel; Sage launches two new integrated suites in U.K. and Canada; and other accounting technology updates.

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PwC cuts around 60 Canadian jobs

Accounting Today

The firm employs about 7,700 people in Canada and had already cut about 2% of its workforce in the country at the end of last year.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.