Thu.Nov 07, 2024

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Navigating the Challenges of Multi-Year Funding

GrowthForceBlog

9 min read November 6th, 2024 Nonprofit organizations face many funding challenges. First and foremost, simply obtaining enough funding to operate and carry out programs is an enormous barrier. Key Takeaways Further Challenges With Unrestricted, Multi-Year Grants and Pledges: An organization operating with multi-year funds will show a major budget surplus in the fiscal year when the commitment is made, and then it will show budget deficits in the following fiscal periods.

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FP&A Software: An Introduction to Essential Features and Benefits

Acterys

Excel is a powerful, flexible tool, but for growing companies, it’s no substitute for robust FFP&A software. The drawbacks of spreadsheets are numerous and can lead to tremendous financial losses for an organization. Take, for example, the Excel-related Value-at-Risk (VaR) model error that caused JP Morgan to lose $2 billion. The model couldn’t help the bank accurately predict potential losses, masking the true risk exposure of their synthetic credit portfolio.

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Using Work-Life Harmony to Thrive in the AI Era

CPA Practice

Being a CPA today is nothing like it was even a decade ago. With artificial intelligence and automation reshaping our profession, it’s easy to feel like we’re caught in an influx of change. But this transformation isn’t just about technology. It’s an opportunity to redefine what success looks like for us professionally and personally. The Old Way Isn’t Cutting It Remember when success meant burning the midnight oil, sacrificing weekends, and being available 24/7?

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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

*Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down. Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in. 90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller se

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

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.

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IRS FY 2024 Financial Report Says Longtime Deficiency Resolved

CPA Practice

The IRS on Nov. 7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. During fiscal year 2024, the IRS collected more than $5.1 trillion in tax revenue, collected more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds and other outlays.

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ADC Gets "Unbridled" at EO XCentric!

AccountingDepartment

Our final Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Fort Worth last week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to Texas and spend some time with all of the great event attendees.

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The State of Corporate ESG report: Key findings for CFOs and sustainability officers

ThomsonReuters

← Blog home As the global business environment continues to evolve, the 2024 State of Corporate ESG report by Thomson Reuters Institute sheds light on the shifting dynamics of Environmental, Social, and Governance (ESG) initiatives. As stewards of financial integrity and sustainability, CFOs and sustainability officers are at the forefront of this transformation, tasked with integrating ESG into the core of daily business operations.

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Changing Up Your Ads Strategy as Google’s Control on Search Slips

CPA Practice

By Christian Jones. As you stare down EOY and all that means for the tax and accounting industry, you’re most likely in one of two boats: Running smooth operations and sleeping soundly at night. Sleeping like you’re starring in A Nightmare On Elm Street (see: poorly). But, wherever you’re at, you should be tracking with what I’m going to discuss in this article (as it has ramifications for digital marketing for accountants and tax professionals): Potential Antitrust Remedies By The DOJ To Google

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IFAC names next president

Accounting Today

The International Federation of Accountants named its next president, deputy president, new board members and approved member organizations.

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Investing Now in Tomorrow: Why CPA Firms Should Prioritize Succession Planning

CPA Practice

By Steve Saah. Succession planning is a crucial element in the strategic management of any organization, and CPA firms are no exception. As a business built on expertise, relationships and trust, your firm can face unique challenges when it comes to transitioning leadership — especially if you don’t have a plan and the employees you’d like to promote aren’t prepared to ascend.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

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.

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Changing the way people think about accounting

Accounting Today

For an industry that's often stereotyped as stagnant, the world of accounting is changing at unprecedented speed.

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Here’s What’s On the Updated PCAOB Standard-Setting, Rulemaking Agendas

CPA Practice

Public Company Accounting Oversight Board (PCAOB) staff on Nov. 4 posted updated standard-setting and rulemaking agendas for the rest of 2024 and for the new year. Short-Term Standard-Setting Projects Project Project Description Next Board Action Anticipated Timing Noncompliance with Laws and Regulations (NOCLAR) Consider changes to an auditor’s consideration of possible noncompliance with laws and regulations including how AS 2405, Illegal Acts by Clients , should be revised to integrate a sca

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Top ProAdvisor Profiles: Stephanie Elia

Insightful Accountant

This week's Top ProAdvisor Profile focuses on Stephanie Elia of Elia Business Services of South Easton, Massachusetts.

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Could your client use the IRA 'bridge' strategy? Here are the numbers

Accounting Today

Financial advisors, tax professionals and their clients will need to make careful planning decisions about claiming Social Security benefits and starting distributions.

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Back to Basics with Reconciliations

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.

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This Deloitte Office Has Eliminated Trash Cans at Desks to Make Staff Get Up Off Their Asses

Going Concern

Boston Business Journal wrote an article about Deloitte’s new office in Boston and for some reason they chose to lead with this: You won’t find trash cans at the desks in Deloitte’s new 138,000-square-foot office at Millennium Partners’ Winthrop Center tower in Boston’s Financial District. That’s because the professional services giant’s leaders want employees getting up and going to common receptacles for trash, recycling and composting, part of the sustainability push that led the firm t

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The Future of BNPL: Key Insights and Impacts of CFPB’s Latest Ruling

Withum

In recent years, it has been impossible not to see a buy now pay later (“BNPL”) option when shopping online or even in-store. This popular option allows consumers to purchase products without having to pay the full amount upfront, with payments often broken out over four semi-monthly cycles. These payment models are often broken into four payments in alignment with bi-weekly or semi-monthly salary payment schedules, which most American households are subject to and are at an initial 0% interest

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86% of CFOs feel decisions about financial strategy are made without sufficient data or insight

Accounting Insight

An overwhelming majority (86%) of CFOs and finance leaders feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new survey by AccountsIQ , an award-winning provider of cloud-native accounting software for mid-sized businesses. The survey of 260 CFOs across the UK and Ireland highlights the increasing pressures facing finance leaders, with many reporting a growing sense of stress and instability as they navigate economic vol

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Tax Fraud Blotter: Just business

Accounting Today

The first two pages; a Rainy day; in all modesty; and other highlights of recent tax cases.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

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

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Roveel and Joiin collaborate to revolutionise financial reporting and consolidation

Accounting Insight

Roveel the reporting software company based in Norwich (UK) are thrilled to announce an exciting new collaboration between Roveel and Joiin, two leading innovators in the financial technology space. This collaboration aims to provide Roveel customers using Sage 50 and Sage 200 with a comprehensive solution for financial reporting, analysis, and consolidation.

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Push Through or Pivot? Finding the Balance for Long-Term Success

Insightful Accountant

Recently, we had the chance to reflect on some common situations we’ve seen firms encounter—moments where it’s unclear whether to push through with a strategy or pause to reassess.

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Chaser launches new seamless integration with Sage

Accounting Insight

Chaser, the leading global accounts receivable SaaS provider, has announced a new integration with Sage 50. The new integration empowers businesses using Sage 50 to eliminate manual payment chasing and reduce overdue invoices, helping them protect cash flow and bring revenue in faster. With late payments continuing to affect business growth, this integration addresses a crucial need: 49% of invoices issued by U.S. businesses become overdue (PYMNTS), while 10% of late invoices are ultimately writ

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Ignition publishes 2024 US Accounting & Tax Pricing Study

Insightful Accountant

Ignition has just released its 2024 U.S. Accounting and Tax Pricing Benchmark report. The report contains valuable information on the industry's current fees and pricing intentions for 2024.

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Harness the Potential of Your Enterprise Knowledge

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.

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How can small businesses be productive and profitable during the holiday season?

Reckon

As businesses prepare for the annual holiday, Aussies are spending less. ABS data shows a slowdown in household spending. Coupled with economic factors like high interest rates, sticky inflation, and the RBA’s rigid cash rate, small businesses will have to be smart moving into the new year. Nonetheless, November and December are still a time when Aussies open the purse strings.

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Top Remote Accountants of the Week | November 7, 2024

Going Concern

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.

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Dow Jones Industrial Average Changes – Making History!

Withum

On Friday morning, November 8, 2024, the Dow Jones Industrial Average (referred to here as the Dow Index) will replace two of its 30 components. Such changes in this index are rare, with the previous one taking place in February 2024, when Amazon.com replaced Walgreens Boots Alliance and before that on August 31, 2020, when Amgen, Honeywell and Salesforce.com replaced ExxonMobil, Pfizer and Raytheon.

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The 2024 State of Corporate ESG: Key findings for CFOs and sustainability officers

ThomsonReuters

← Blog home As the global business environment continues to evolve, the 2024 State of Corporate ESG report by Thomson Reuters Institute sheds light on the shifting dynamics of Environmental, Social, and Governance (ESG) initiatives. As stewards of financial integrity and sustainability, CFOs and sustainability officers are at the forefront of this transformation, tasked with integrating ESG into the core of daily business operations.

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Solve Your Firm's Automation Complexities Once and For All

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.

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IRS and Treasury Department Officials to Speak at Upcoming AICPA Fall Tax Division Meetings

CPA Practice

The American Institute of CPAs will be holding its 2024 Fall Tax Division Meetings for on-site media on Wednesday, Nov. 13 in Washington, D.C. following the AICPA National Tax Conference. The meetings will include speakers from the Internal Revenue Service, the Treasury Department, and other tax groups. During the lunch session, there will be a panel of staffers from Capitol Hill from House Ways & Means and Senate Finance committees to discuss the impact of the elections on federal tax polic

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How to navigate the future of tax technology

ThomsonReuters

Jump to ↓ The strategic importance of technology in tax firms Challenges in technology adoption Preparing for the future: Trends and predictions Embracing technology for competitive advantage The landscape of tax and accounting is undergoing a significant transformation, driven by rapid technological advancements. As firms grapple with the integration of new technologies, the recent Tax Firm Technology Report sheds light on the critical role technology plays in shaping firm strategies.

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Corporate Transparency Act Deadline Approaching

Dent Moses

The Corporate Transparency Act (CTA) took effect on January 1, 2024. Entities formed prior to January 1, 2024, are required to file a beneficial owner information (BOI) report to the Financial Crimes Enforcement Agency (FINCEN) by January 1, 2025. If the entity is created or registered to do business after January 1, 2024, the initial report is due within 90 days after formation.

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Transforming together: The importance of building a strategic partnership between IT and indirect tax

ThomsonReuters

The term “digital transformation” can be frustratingly vague—but in large companies, a digital transformation is essentially the process or “journey” a company goes through to upgrade its IT infrastructure and business systems to meet the growing technical demands of the digital era. For IT and transformation leaders, the stakes are high, and the decisions made during this process can set the stage for future success or unforeseen challenges.

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It Takes Two to Tango

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.