Thu.Dec 26, 2024

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The Hidden Costs of In-House Accounting: Is Outsourcing the Answer?

AccountingDepartment

For many medium-sized businesses, the decision to maintain an in-house accounting team seems like a straightforward choice. After all, having an on-site dedicated team can seem beneficial for managing financial operations closely. However, beneath the surface lies a myriad of hidden costs that can significantly impact your bottom line. This blog post explores these hidden costs and examines whether outsourcing accounting functions might be a smarter, more efficient alternative.

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A Fresh Look at Fixed and Variable Costs

Basis 365

In the world of accounting and financial analysis, the traditional approach to expenses usually revolves around grouping them according to categories like cost of goods sold (COGS), operating expenses (OpEx), selling, general and administrative expenses (SG&A). While this structure is unquestionably valuable for standard financial reporting, it can often obscure a critical piece of information for those who are trying to project future performance or control their margins: whether each expen

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7 Tips to Prepare for Next Year’s Taxes Now

CPA Practice

As the end of the year approaches, nows the time to start preparing for filing your 2024 tax return in 2025. Here are tips and strategies to prepare now for the 2025 tax-filing deadline.

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Private debt collectors recovered fraction of tax debts

Accounting Today

Private collection agencies have recovered only about $2.4 billion in tax debt payments since April 2017 out of the $64.9 billion assigned to them by the IRS.

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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Top Year-End Tax Planning Strategies

CPA Practice

With a thorough understanding of their unique circumstances and the latest tax regulations, you can transform complex tax challenges into clear, actionable solutionssetting the stage for your clients financial success in 2025 and beyond.

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Liability insurance for accountants: Extra risks

Accounting Today

Experts share a handful of new and emerging threats that CPA firms should keep an eye out for.

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Dunno Who Needs to Read This Today, It’s Probably You

Going Concern

Stop normalizing overwork. Related: Your Suffering Is Not Noble So Let That Sh*t Go Merry Christmas, everyone. Log off. The post Dunno Who Needs to Read This Today, It’s Probably You appeared first on Going Concern.

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Tech Predictions for 2025 – The Accounting Technology Lab Podcast – Dec. 2024

CPA Practice

Brian Tankersley, CPA, and Randy Johnston discuss the technologies and processes they see having the greatest impact on the accounting profession in the coming year.

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IRS left sensitive paper documents exposed before destroying them

Accounting Today

The Internal Revenue Service's program for destroying sensitive paper documents needs to be improved after inspectors found many documents easily accessible.

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November Home Sales Rose 4.8% in Strongest Showing Since 2021

CPA Practice

Existing-home sales grew in November, according to the National Association of Realtors. Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions.

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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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Risk should work for your clients, not against them

Accounting Today

Here's the right way to help them lean into risk.

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AIPCA to SEC: Reject the PCAOB’s Audit Firm Metrics Rules

CPA Practice

In a Dec. 19 comment letter to the SEC, the AICPA says the new requirements adopted by the PCAOB last month would particularly burden small and midsized firms, as well as unintentionally hurt capital markets and the investing public.

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Is accounting's sun rising — or setting?

Accounting Today

Opinions vary on whether the profession is declining or thriving or both. This is your chance to weigh in.

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App Aware: Clear Path to Cash

Insightful Accountant

In this edition of App Aware we look at the Clear Path to Cash App that empowers Advisors to find hidden cash and maximize Business value.

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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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Shielding your firm: Buying liability insurance

Accounting Today

The market for professional malpractice liability insurance is evolving even as the profession evolves.

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The Hardest Firm Owner Trait to Master

Ryan Lazanis

What trait sets successful firm owners apart? In this episode, I share the key quality for achieving your ideal work-life balance. The post The Hardest Firm Owner Trait to Master appeared first on Future Firm.

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The 2024 Top 100 People: What's next?

Accounting Today

Accounting's influencers predict the biggest changes over the next 10 years.

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Commit Fraud and Get Away With It

FraudFiles

A little tongue-in-cheek take on committing fraud at work. No, I dont really want you to commit fraud against your employer. Im just trying to illustrate some of the red flags of fraud. If a fraud is worth committing, its worth committing right. A little extra effort in the commission of a fraud can go [.

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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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Waiver expanded for some accounting method changes

Accounting Today

A new IRS revenue procedure is applicable for some research or experimental expenses.

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Government Funding Deal: Tax and Fiscal Implications for 2025

Insightful Accountant

In a significant development affecting fiscal policy and tax planning, Congress has passed a temporary government funding measure through March 14, 2025, with President Biden signing it into law.

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Lyft accuses San Francisco of $100M tax overcharge

Accounting Today

The ride-hailing company said its hometown calculated its taxes from 2019 to 2023 based on the total amount of money that passengers paid drivers for rides.

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BOI Filing Deadline Reinstated, Then FICEN Extends Until January 13, 2025

Dent Moses

The Fifth Circuit Court of Appeals reinstated the December 31, 2025 filing deadline on December 23, then later in the day, FINCEN announced a delay until January 13, 2025. Additional Details: For Companies Created or Registered Prior to January 1, 2024 : These companies now have until January 13, 2025 , to file their initial BOI reports with FinCEN (extended from the original January 1, 2025, deadline).

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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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Audit fee lowballing doesn't pay off

Accounting Today

Companies that work with auditors who have more industry experience but charge more than competitors offering "lowball" fees tend to save more money in the end.

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Tax Fraud Blotter: Where's my refund?

Accounting Today

Prime numbers; Power play; Great White sharks; and other highlights of recent tax cases.

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2024 Top 100 People extra: Changes a comin'

Accounting Today

As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What do you think will be the biggest change in accounting in the next 10 years?