Wed.Oct 23, 2024

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Why We Keep Going Back to Excel: Uncovering the Real Reason and a Better Path Forward

Acterys

We’ve all heard the common reasons people stick with Excel: it’s easy to implement, easy to use, and, most appealingly, easy on the budget. However, these reasons only scratch the surface of why Excel remains the go-to tool for many organizations, despite more robust software alternatives. In fact, 32.8% of respondents in our 2024 FP&A Snapshot Survey said they still relied on Excel, even when using BI tools, FP&A software, or ERP systems.

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Finance Execs Turn to AI to Improve Corporate Reporting

CPA Practice

Fears about the integrity and reliability of crucial corporate reporting data are weighing on the minds of finance leaders around the world, but hopes are rising that Artificial Intelligence (AI) may offer some much-needed answers, according to the 2024 EY Global Corporate Reporting Survey. The ninth edition of the survey explores the views of more than 2,000 finance leaders and 815 institutional investors around the world on the state of corporate reporting.

Finance 122
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PCAOB posts three resources for new standard

Accounting Today

The Public Company Accounting Oversight Board posted a practice aid, comparison document and webinar related to the implementation of QC 1000.

Account 121
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Accountants Are Feeling More Glum About the Global Economy, Survey Says

CPA Practice

Confidence in the global economy among accountants and finance professionals declined moderately in the third quarter and is now at its lowest since Q4 2023 and slightly below its historical average, according to the latest Global Economic Conditions Survey from the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA).

Account 111
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Building a Business Case for Finance Automation

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 automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Andersen establishes institute for finance, economics

Accounting Today

The global professional services firm founded by a group of former Arthur Andersen partners has attracted influential economists to its advisory board.

Finance 116
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SMBs Face Staffing Challenges Due to Unstable Economy, CBIZ Says

CPA Practice

Small and midsized businesses are facing growing staffing challenges, as rising business costs and economic conditions are prompting potential layoffs, according to the Fall 2024 Main Street Index from top 15 accounting firm CBIZ. Fifty-one percent of SMB owners surveyed say they are evaluating or changing current staff levels and outsourced partners to prepare for a potential economic downturn.

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IRS Suggests All Taxpayers Get IP PIN for More Security When Filing Taxes

CPA Practice

With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. The IRS encourages taxpayers to sign up for IRS Online Account , which provides a quick and easy way to obtain an IP PIN.

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Customizing Sage Intacct Dashboards for Better Financial Insights

GrowthForceBlog

7 min read October 23rd, 2024 The most successful business leaders use financial insights to make data-driven decisions that improve operations and maximize productivity to strengthen the company's financial health and strategy. Key Takeaways Learn How to Customize Sage Intacct Dashboards for Financial Insights: To take advantage of the time-saving benefits of a customized dashboard in Sage Intacct, users must know how to manipulate Intacct's features to create their own, role-based dashboard.

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Retail Sales Grew in September

CPA Practice

Data released by the U.S. Census Bureau shows retail sales increased again in September as employment grew and inflation and interest rates fell, according to National Retail Federation chief cconomist Jack Kleinhenz. “While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” Kleinhenz said.

Sales 81
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Balancing the interests between attorney-client privilege and the auditor's need to know

Accounting Today

Companies often face the tricky task of producing privileged and confidential information to their independent auditors for audit purposes.

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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.

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Strategic tax tech trends: Insights from the Tax Firm Technology Report

ThomsonReuters

Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements. The inaugural Tax Firm Technology Report by the Thomson Reuters Institute sheds light on the current state of technology adoption, challenges, and future expectation

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What accounting firms can learn about talent management from tech vendors

Accounting Today

Explore lessons that accountants can learn from vendors with a focus on one of the most pressing challenges in the profession: talent management.

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How IT benefits from indirect tax compliance automation

ThomsonReuters

The role of IT is to support and maintain the systems that businesses use to calculate and manage indirect taxes (DT), ensuring that these systems are updated to reflect changing tax laws and regulations. With frequent changes in indirect tax laws, IT teams face the added challenge of continuously updating systems to ensure compliance. They have to quickly respond to requests for tax data while also maintaining security, protecting sensitive financial information, and ensuring that all IDT syste

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Wolters Kluwer announces Axcess enhancements

Accounting Today

Wolters Kluwer announced a host of integrations and improvements in tax, practice management and audit for its CCH Axcess product.

audit 69
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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Strategic Outsourced Accounting for Uncontrollable Real Estate Costs

Withum

Managing a real estate portfolio involves a plethora of expenses, some of which are uncontrollable. These costs—such as property taxes, insurance premiums, utilities and debt—are essential for conducting business but are beyond the direct control of property owners or managers. While these costs cannot be directly controlled, there are strategic ways to manage their financial impact.

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AuditBoard rolls out AI features for analytics, automation

Accounting Today

Audit, risk and compliance platform AuditBoard announced the addition of three new AI-driven automation and analysis capacities to its platform.

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Crowe and Blue J Partner to Enhance GenAI-Enabled Tax Services

CPA Practice

Tax technology company Blue J announced on Oct. 22 an enterprise agreement with top 15 accounting firm Crowe in which Crowe will use Blue J’s flagship ​generative artificial intelligence ​product, Ask Blue J, to augment the firm’s current GenAI tools, bolstering both practitioner education and client outcomes. “After an extensive evaluation of tax-focused service providers, Crowe selected Ask Blue J, which accelerates the adoption of generative AI for tax through an extensive curated database of

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Revolutionizing Automation With Microsoft 365 Copilot for Business: The Capabilities of Power Automate

Withum

In the fast-changing business environment of today, automation is essential for boosting efficiency and productivity. The integration of Microsoft 365 Copilot (referred to as Copilot for business in this article) into Power Automate is transforming how businesses handle automation by making the creation of automated workflows easier and more effective.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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PCAOB Provides Three Resources For Auditors On the New Quality Control Rules

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) posted three new resources on Oct. 23 related to the implementation of QC 1000, A Firm’s System of Quality Control , a new standard the board approved this past May. Before the new standard was adopted by the board, the quality control rules on the books were developed and issued by the AICPA before the PCAOB was established in 2002.

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Layoff Watch ’24: Deloitte UK Cuts Another 250 People

Going Concern

FT is reporting that a group of advisory underperformers have been axed from the King’s Deloitte , about 250 of them to be exact. There’s apparently been no official announcement or communication to teams, just the unlucky “winners” being quietly swept away one-by-one. There’s not much more to the story, Deloitte didn’t want to comment and they’re leaning on the “performance management processes” as reasoning for why some folks had to go so e

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Holiday Shopping Report 2024

Insightful Accountant

Intuit QuickBooks Report shows Consumer spending down, but small business sentiment remains strong.

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My 8 Best Tips to Reduce Stress in Your Firm

Ryan Lazanis

Running a firm can be stressful. Discover my top 8 stress-reduction tips that I used while running my firm and now in my current business. The post My 8 Best Tips to Reduce Stress in Your Firm appeared first on Future Firm.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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IRS Nationwide Tax Forum Online: A Valuable Resource for Tax Professionals

Insightful Accountant

Tax practitioners looking to stay up-to-date with the latest information may be missing out on a key resource offered by the IRS- The Nationwide Tax Forum Online (NTFO).

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Andersen Launches the Andersen Institute for Finance and Economics

CPA Practice

Global professional services firm Andersen is launching the Andersen Institute for Finance and Economics under the leadership of Fabio Natalucci to focus on key global trends affecting the world economy, financial markets, and business decisions. Natalucci, a highly-regarded expert in global financial markets and macroeconomic policy, brings a wealth of experience from his tenure at the International Monetary Fund (IMF), where he served as Deputy Director of the Monetary and Capital Markets Dep

Finance 52
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Intuit Unveils New ProAdvisor Academy and Names Ted Callahan as new QuickBooks ProAdvisor Program Leader

Insightful Accountant

Ted Callahan's role at Intuit has been expanded to now include "Leader of the ProAdvisor Program.

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Intuit Unveils New ProAdvisor Academy and Names Ted Callahan as new QuickBooks ProAdvisor Program Leader

CPA Practice

Intuit says it recognizes the talent pipeline shortage continues to be a hurdle for the accounting industry. To help firms attract and retain valuable employees, it is updating the QuickBooks ProAdvisor Program with the launch of the ProAdvisor Academy, a new training and certification experience designed to help grow the accounting profession as a whole and provide ProAdvisors and their teams with a deeper focus on education and resources to grow in their roles.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Open Enrollment: Picking Providers and Managing the Process

Shay CPA

As your startup grows, offering a solid benefits package helps you attract and retain the right talent. In our modern age, most employees expect their employer to provide health insurance for them. That means that even if you’re not legally required to offer this type of insurance, doing so might help you build the best team possible. If you do opt to offer health insurance as part of your benefits package, you might be required to offer an open enrollment period.

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AuditBoard Expands AI Capabilities, Empowering Customers to Define the Future of Audit, Risk, and Compliance

CPA Practice

AuditBoard , a cloud-based platform transforming audit, risk, compliance, and ESG management, has announced its collection of AI offerings now empowers teams to further automate core, time-consuming workflows and better stay ahead of proliferating risks. AuditBoard and Ascend2 Research recently conducted a survey finding 89 percent of organizations plan to use AI but face challenges like data privacy concerns and high costs, showcasing the balancing act organizations must perform to leverage th

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[New Podcast Episode] Unlocking the Basics: A Dive into Accounting for Long-Term Bonds Payable

Wendy Tietz

I am excited to share that I am experimenting with creating podcasts for my blog. I did a podcast to try it out and the topic is “The basics of accounting for long-term bonds payable” and it is aimed at students in introductory financial accounting.

Account 40
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Eliminate Manual Work and Accelerate Accounts Receivable

CPA Practice

In this how-to guide on “Automating Your Payment Strategy from Engagement-to-Cash,” you will unlock the secrets of effective automation and learn how to eliminate manual work across the payment cycle. What you’ll discover: Learn strategies for enhancing efficiency at key touchpoints like engagement letters, invoice delivery, payment collection and reconciliation, and more.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.