Thu.Apr 11, 2024

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Strategies for Minimizing Data Entry Errors in Accounting

Patriot Software

Mistakes happen all the time—just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books.

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IMA sees role for AI in accounting

Accounting Today

The Institute of Management Accountants is examining the possibilities of artificial intelligence in the accounting profession while undergoing staff cutbacks.

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Trending Sources

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Feds Cracking Down on Unlawful Tax Return Preparers

CPA Practice

The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest. “Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A.

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Tax season nears its end, but uncertainties linger

Accounting Today

From BOI reporting to tax legislation in limbo, even the most 'normal' filing season in a several years still has unresolved questions.

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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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CEOs Feel Good About the Economy and Hybrid Work Is Winning, Says KPMG in This CEO Survey

Going Concern

The 2024 KPMG U.S. CEO Outlook Pulse Survey is out and 87 percent of the 100 CEOs surveyed say they’re confident in the growth prospects of the economy. That’s good, right? Almost three-quarters of them plan to increase headcounts this year, also good, while just four percent anticipate having to decrease their ranks. All respondents to this survey are CEOs with organizations of annual revenue over $500 million, a third of them are at businesses with more than $10 billion in revenue.

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Exploring Assistance Options for Taxpayers Struggling with Tax Bills

Insightful Accountant

Taxpayers who can't pay their tax bill by the April 15, 2024, deadline shouldn't panic – the IRS is here to help. There are several options to help taxpayers meet their obligations.

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More Trending

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Job Declines vary by Region and Sector during March, 2024

Insightful Accountant

The 'far west' was the only geographic region to suffer a negative net change in employment in March. Wholesale and Construction led the way in net job growth among all employment sectors during the same period.

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COUNTERPOINT: IRS Should Not Be Trusted With Direct File

CPA Practice

By David B. McGarry, InsideSources.com (TNS) Tax Day looms, and the taxman cometh. It is a certainty, as Ben Franklin said. This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). The IRS wants to eliminate Americans’ reliance on private-sector tax-preparation services.

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Tackling Growth and Compliance Tax Challenges with Avalara

AccountingDepartment

As small and medium-sized businesses undergo rapid expansion and growth, they are often faced with a myriad of sales tax challenges, particularly within the retail and e-commerce sectors. The complexities of managing sales tax compliance can be overwhelming for smaller businesses, especially when juggling various omnichannel strategies to handle their financial operations.

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EY weighs another 100 job cuts in Oceania

Accounting Today

The cutbacks in the Australia region are the latest sign of pressure in an industry that spans accounting, audit and consulting.

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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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PCAOB Really Flexed Its Enforcement Muscles in 2023

CPA Practice

2023 definitely was a banner year for the enforcement division of the Public Company Accounting Oversight Board (PCAOB) as total enforcement activity reached its highest level since 2017 and monetary penalties doubled compared to the record set in 2022, according to a new study from Cornerstone Research. The PCAOB disclosed 46 total enforcement actions in 2023, 37 of which related to the performance of an audit, up more than 28% from 2022.

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Tax deadline is pivotal for funding markets, Fed's balance sheet

Accounting Today

The annual rush to pay Uncle Sam tends to suck hundreds of billions of dollars from the banking system.

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Leveraging Supplier Collaboration and Incentives for Your Electric Vehicle Transition

Withum

Automakers are grappling with the challenges of transitioning to electric vehicles in a rapidly changing landscape. Despite their commitment to a sustainable future, recent sales declines and changes in consumer habits have raised concerns. Automakers and suppliers are investing heavily in EV technology, anticipating a surge in demand. Innovations in battery technology, charging infrastructure and vehicle design are driving this optimism.

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Crowe adds KMJ Corbin

Accounting Today

The Chicago-based firm is expanding in Southern California in the third M&A deal it has announced this month.

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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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Employment Hero acquisition enables world’s first fully automated payroll solution

Accounting Insight

Global employment management and payroll platform, Employment Hero, has announced the acquisition of Employment Innovations, one of the largest managed payroll providers in the world. Through this strategic acquisition, Employment Hero, who were the first technology company to offer automated payroll in the UK, will provide a service that streamlines the entire payroll process, meaning accountants and bookkeepers are able to spend less time running payroll and more time providing analysis and ad

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CFOs for Small Businesses: When To Hire the Right Financial Expert

Summit CPA

As a small business owner , finding the right formula for the growth of your business can be difficult. When do you bring on more employees? Is your pricing where it needs to be? How do you improve profitability ? Do you have enough cash on hand to take risks to grow but also to weather any bumps in the road? How much of the total available market for your business are you actually reaching?

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IAASB and IESBA adjust strategic plans

Accounting Today

The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants both published new strategic plans for the next few years.

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Business Insurance 101: Important things to know

Reckon

Guest post by AON An overview of key policy and cover types, best practices for choosing the right policy and making claims. Business insurance is a purchase you should make, not necessarily one that you want to. But it’s also no understatement that a lot can go wrong while running your business – despite your professionalism and expertise, some things are still out of your control.

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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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Leveraging AI to address challenges in staffing accountants

ThomsonReuters

Jump to: How AI-powered research tools streamline research processes How cloud-based accounting software and automation tools enhance efficiency How data analytics and visualization tools provide insights How continuous training and professional development programs are essential Unlocking the potential of AI to address concerns about staffing accountants Today’s tax and accounting professionals face a wide variety of challenges.

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How to Assist A Child Buying a Home

Dent Moses

As housing prices and mortgage rates continue to escalate, many young people struggle to purchase their first home or upgrade. One option is for parents or family to finance the purchase of the house and hold a mortgage. The transaction is documented like a regular mortgage with monthly payments. Let’s look at the advantages: Favorable interest rates.

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CohnReznick Launches Digital Advisory Practice, Aligns with Top Solutions Providers

CPA Practice

CohnReznick LLP , an advisory, assurance, and tax firm, has established a new Digital advisory practice. Bringing together an expanded, integrated portfolio of solutions and technology partners, the practice helps businesses navigate technology- and data-related opportunities and leverage digital innovation to streamline operations, manage cost and risk, and accelerate growth.

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Tax Fraud Blotter: For the birds

Accounting Today

Disunion; cell phones; only the lonely; and other highlights of recent tax cases.

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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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Crowe Adds Southern California Accounting Firm KMJ Corbin & Company

CPA Practice

Crowe LLP, a public accounting, consulting and technology firm, has entered into an agreement with KMJ Corbin & Company (KMJ),a California-based firm that provides accounting, auditing, tax and consulting services, for the KMJ team to join Crowe. The transaction, which is expected to close by mid-May, will enhance and expand the firm’s audit and tax services in the Southern California market.

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What should owners of an accounting firm call themselves?

Accounting Today

A professional title infers a level of authority, responsibilities and legal accountability, so it's important to choose wisely.

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POINT: IRS Direct File Simplifies Doing Taxes, Saves Money

CPA Practice

By Jean Ross, InsideSources.com (TNS) If there’s one thing we should be able to agree upon, it’s that everyone should pay the taxes they owe without having to pay for the privilege of doing so. This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal. Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and c

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The Accounting Technology Lab Podcast – Cybersecurity for High Net Worth Clients – Apr. 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, discuss cybersecurity issues and strategies for managing high net worth clients. Use the video player below to watch, or the podcast player below to listen to the podcast. Or use this podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor with your hosts, Randy Johnston, and Brian Tank

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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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Trump Tax Cuts Were Neither Panacea Nor Rip-Off

CPA Practice

By Karl W. Smith, Bloomberg Opinion (TNS) Back in 2017, the debate around President Donald Trump’s tax cuts was a case study in how quickly a discussion around legitimate policy can descend into partisan nonsense. On one side, Republicans spouted unfounded claims that the tax cuts would pay for themselves. On the other, Democrats spouted equally unfounded claims that only big business and the wealthy would benefit.

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