Tue.Jan 14, 2025

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Areas to Address in Using AI in Accounting

BurklandAssociates

AI aids tasks like bookkeeping and tax prep but can't replace expert accountants for oversight, data review, and decision-making. The post Areas to Address in Using AI in Accounting appeared first on Burkland.

Account 147
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FTC mandates changes at H&R Block

Accounting Today

A Federal Trade Commission order requires the tax prep giant to make it easier for customers to use cheaper options.

Tax 126
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7 Pain Points AI Could Solve for Accounting and Finance Teams

CPA Practice

"These pain points emphasize AI's potential to enhance efficiency, accuracy, and insight generation in finance by addressing time-consuming and error-prone tasks," accounting automation platform Trullion says in a new report.

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The best and worst states for unemployment insurance taxes

Accounting Today

Every state levies unemployment insurance taxes, but rates vary depending upon such factors as the health of the state's UI trust fund.

Tax 126
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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

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Many Auditors Are Still Married to Their Excel Spreadsheets, Report Finds

CPA Practice

While Excel's versatility has made it a staple for decades, it's limitationssuch as version control issues, manual data entry errors, and collaboration bottlenecks are becoming increasingly problematic," accounting automation platform Trullion says in a new report.

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Ohio eases CPA licensure

Accounting Today

Ohio Governor Mike DeWine signed into law a bill that provides more flexibility for obtaining a CPA license, effectively eliminating the 150-hour requirement.

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More Trending

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PCAOB fines Baker Tilly $500K over quality control

Accounting Today

The Public Company Accounting Oversight Board found specific deficiencies in the testing of internal controls and accounting estimates, and in engagement quality reviews.

accounted 116
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Advisory vs. Compliance: Which Path Leads to Greater Success for Accounting Firms?

CPA Practice

In December, more than two dozen accounting profession thought leaders participated in the latest Accounting Meta Influencers roundtable event focused on advisory services, compliance and firm specialization.

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The Supreme Court takes on CTA, BOI

Accounting Today

Experts weigh in on the seesawing judicial fate of the Corporate Transparency Act and its beneficial ownership information reporting mandate.

Account 115
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SMB Jobs and Revenue Dropped in 2024 But Show Signs of Recovery, Says Intuit Report

CPA Practice

Small businesses grew more slowly after the spike in interest rates if they had less access to credit. Those that were hit the hardest had up to 30% lower revenue and 4% lower employment growth compared to other small businesses.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

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IRS works to deter tax season scams

Accounting Today

The Internal Revenue Service is making some changes this tax season in an effort to combat tax scams in areas like the Fuel Tax Credit.

Tax 111
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AI and Litigation: How Accountants Can Stay Ahead as Courts Wrestle with the Machine Revolution

CPA Practice

From automating processes to analyzing massive datasets, AI is reshaping the accounting landscape while lawyers and judges scramble to decide whos responsible when it all goes wrong. From intellectual property spats to bias allegations, AI is breaking down courtroom doors, and the legal system isnt ready.

Account 105
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Xero announces new tagline, "Your business supercharged"

Accounting Today

Xero announced it now has a new tagline: "Your business supercharged.

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IRS and Treasury Department Propose Regs on New Roth Catch-Up Rule, 401(k) Auto Enrollment

CPA Practice

The proposed regulations address several SECURE 2.0 Act provisions, including ones aimed at the new Roth IRA catch-up rule and the new automatic enrollment requirement for 401(k) and 403(b) plans.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

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How to Apply for a Business Loan in 7 Simple Steps

Patriot Software

Just starting your entrepreneurial journey? Been in business for over 10 years? Regardless of if youre a veteran business owner or just starting out, you may need to get a business loan. So, where do you start? Let us walk you through how to apply for a business loan.

Account 92
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From hype to habit: Where AI is headed in 2025

Xero

Remember when the world shifted from paper to computers? Or from desktops to mobile devices? We’re on the cusp of a similar revolution with AI. What once felt like a futuristic, magical tool is quietly weaving itself into our daily lives. In the same way we now wonder how we ever lived without the internet, soon we’ll wonder the same about AI.

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Report Highlights Key Trends in Tax and Accounting for 2025

CPA Practice

Led by AI adoption, digital transformation, and a shift toward advisory services, firms are positioning themselves for sustainable growth.

Account 90
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Franchise model offers alternative to partnership route

Accounting Today

More firms are creating alternative paths for employees who want to excel, but who don't want to "sell their soul to the firm" in order to make partner.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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AICPA Updates Its Digital Assets Practice Aid

CPA Practice

The practice aid offers a new definition for digital assets, new and amended accounting questions, and the introduction of new terms.

Account 85
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Strong Businesses, Strong Strategic Partnerships

Basis 365

Running a successful business requires more than just a great idea and hard work. It demands a sound financial business model and reliable information to guide decision-making. At Basis 365, we provide outsourced accounting and bookkeeping services, acting as the accounting department for our customers. But building a strong business requires a broader network of strategic partners to address every aspect of your operations.

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Vulture, Er, *Venture Capitalists Are Here

Going Concern

“We do think theres a huge opportunity to roll up accounting firms and automate a lot of the workflow and let the same accounting firms take twice as many clients, says Marc Bhargava, Managing Director at VC firm General Catalyst to Wall Street Journal for their recent piece ‘ AI Has Venture Investors Excited About (Yes) Accounting Firms.’ “The idea is not to cut people with AI, the idea is to enable them to do two to three times the work.” According to their Linked

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IRS, Treasury Release Final Rules for Clean Electricity Tax Credits

CPA Practice

The Clean Electricity Investment and Production Tax Creditsalso known as the "technology-neutral credits"are intended to encourage more investments in clean energy systems over the next few years.

Tax 63
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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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In the blogs: Buzzing sounds

Accounting Today

Flat tax; doubts about 'automatic' IRS calculations; when to shred; and other highlights from our favorite tax bloggers.

Tax 59
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ITC Reversal not Required to the Extent Supply Made u/s 9(5) by ECO| Liability u/s 9(5) is to be Paid in Cash Only

VJM Global

In pursuance of the recommendation of the 55th GST Council meeting , the CBIC has issued circular No. 240/34/2024- GST dated 31st December 2024 to clarify whether the ITC is required to be reversed by the e-commerce operators to the extent of the supply made under Section 9(5) of CGST Act, 2017. 1. Issue under Consideration Circular No. 167/23/2021 GST dated 17.12.2021 clarified that electronic commerce operators (ECOs), required to pay tax under section 9(5) of CGST Act, are not required to re

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Springline Advisory invests in Fiske Advisory

Accounting Today

Springline Advisory, a financial and business advisory firm backed by the private equity firm Trinity Hunt Partners, has partnered with Fiske Advisory LLC.

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IRS, CASST Announce 2025 Filing Season Changes Aimed at Preventing Spread of Scams

Insightful Accountant

The Internal Revenue Service and partners in the Coalition of Scam and Scheme Threats (CASST) today released changes for the 2025 filing season designed to help protect taxpayers from becoming victims of a scam or scheme.

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AP Automation: The Competitive Advantage Your Business Needs

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

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Insero receives PE investment from Rallyday Partners

Accounting Today

Insero Advisors LLC, a firm based in Rochester, New York, has received a strategic investment from Rallyday Partners, to accelerate the firm's growth.

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Today's QB Talks: ProAdvisor Training Opportunities

Insightful Accountant

Murph and guest co-host Kim Noh will discuss ProAdvisor, Accountant, Bookkeeper and Tax Preparer training opportunities at TODAY's QB Talks.

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SEC Sues Elon Musk Over Stock Ownership Disclosures

CPA Practice

The regulator has been probing Musks investment in Twitter since 2022, pressing him to him to explain why he hadnt disclosed his stake in Twitter within the correct timeline.

Account 52
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Intuit QuickBooks Desktop ACH Payment Rate Changes

Insightful Accountant

Intuit will be changing the rates of QuickBooks Desktop ACH Payments effective February 13, 2025.

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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.