GrowthForceBlog

NOVEMBER 7, 2024

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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Acterys

NOVEMBER 7, 2024

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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TaxConnex

NOVEMBER 7, 2024

Assessing a company’s sales tax risk and exposure starts (and maybe ends) with the right questions. As we saw in a previous blog, these questions cover a range of topics and hinge on knowing many sales tax terms. Let’s look at some of the questions discussed in our recent webinar “What to Ask Your Clients to Identify & Manage Their Sales & Use Tax Risk.

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CPA Practice

NOVEMBER 7, 2024

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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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

Going Concern

NOVEMBER 7, 2024

*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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CPA Practice

NOVEMBER 7, 2024

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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CPA Practice

NOVEMBER 7, 2024

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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AccountingDepartment

NOVEMBER 7, 2024

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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CPA Practice

NOVEMBER 7, 2024

By Jana Rzezniczek. As the year comes to a close, clients will increasingly rely on their advisors to help them confidently close out their financials. Accounts receivable (A/R) management is a key area that requires attention to assess financial strategies for the new fiscal year, and effective A/R practices—such as collecting overdue payments, refining invoicing processes, and using automation—can strengthen clients’ year-end financial position.

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Accounting Today

NOVEMBER 7, 2024

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

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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.

CPA Practice

NOVEMBER 7, 2024

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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Insightful Accountant

NOVEMBER 7, 2024

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

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CPA Practice

NOVEMBER 7, 2024

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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Accounting Today

NOVEMBER 7, 2024

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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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.

Going Concern

NOVEMBER 7, 2024

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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Accounting Insight

NOVEMBER 7, 2024

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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Accounting Today

NOVEMBER 7, 2024

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

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Accounting Insight

NOVEMBER 7, 2024

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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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.

Insightful Accountant

NOVEMBER 7, 2024

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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Accounting Insight

NOVEMBER 7, 2024

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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Insightful Accountant

NOVEMBER 7, 2024

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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Reckon

NOVEMBER 7, 2024

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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Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

Healthcare

Withum

NOVEMBER 7, 2024

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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ThomsonReuters

NOVEMBER 7, 2024

← 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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Going Concern

NOVEMBER 7, 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.

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Withum

NOVEMBER 7, 2024

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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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

ThomsonReuters

NOVEMBER 7, 2024

← 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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CPA Practice

NOVEMBER 7, 2024

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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ThomsonReuters

NOVEMBER 7, 2024

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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Dent Moses

NOVEMBER 7, 2024

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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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.