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In this webinar “Lies Accountants Tell Themselves”, our panelists discuss Canopy’s recent 2023 Accounting Practice Management Survey and how some of the findings may indicate that accountants are convincing themselves of “truths” that may be damaging their attempts at building a successful firm. Watch the replay video below to gain some perspectives that can help you take a closer look at your own business practices and where there is room for improvement.
How to fix the crumbing talent pipeline in the accounting profession is a topic on the minds of many people these days. And it popped up at a session during the first day of the 2023 Unique CPA Conference, “Bridging the Gap,” in the Chicago suburb of Rosemont, IL, on Tuesday. Jackie Cardello During the panel discussion, “Accounting Across Generations: Assessing the Current State of the Industry,” the question, “What do we have to change to rebuild the talent pipeline in the accounting profession
Thomson Reuters recently spit out its Future of Professionals special report , a survey of more than 1,200 professionals working in the legal, tax & accounting, global trade, risk, and compliance fields who are employed at firms, corporate in-house departments, and government agencies based in North America, South America, and the United Kingdom.
CPAs who are also top executives at their companies are feeling a little more upbeat about the U.S. economy as recession fears fade, according to a new survey.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Tracking your monthly burn rate helps ensure you don’t run out of cash runway while investing in your startup’s growth. The post How to Calculate Burn Rate at Your Startup appeared first on Burkland.
Sales tax automation has come a long way since the Quill vs. North Dakota case in 1992. Now, even the smallest multi-state businesses and startups have access to sales tax automation options that lower costs and ease the burden of compliance. AI is even making it’s way into the sales tax world, but how much do you trust an automated bot or machine with your sales tax obligations?
The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.
The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.
Another state has pushed to allow prospective CPAs to sit for the exam with just a bachelor’s degree worth of units and that’s good ol’ Texas. Effective September 1, future CPAs can sit for the exam with 120 units of education. Before anyone gets too excited, note candidates still need 150 units for licensure. Rules state the 120 units to sit must consist of no fewer than 24 semester hours of accounting, 21 of which must be upper-level accounting courses including two semester
By Shane Westra. Artificial Intelligence, or AI as it is regularly referred to…is undoubtedly the business buzzword of the year. This is for good reason because this technology continues to make many common business functions far more efficient than ever before, including new solutions that can help accounting firms advance their productivity and unlock more freedom for firm owners and employees.
The COVID-19 pandemic, an economic slowdown, more restricted access to capital — for many organizations, the last few years have been marked by quick pivots and continual re-forecasting. This uncertainty and fast pace of change have laid bare the limitations of the traditional monthly close. Fast responses demand accurate and up-to-date data. As a result, more and more finance teams now realize the advantages of a continuous close, sometimes called a “rolling close.
There are many types of professional practices. Examples include medical, architecture, engineering, accounting, advertising, design and law. From a business valuation perspective, it’s important to recognize the common denominators these businesses share. Reliance on intangible assets Professional practices provide services rather than sell products (at least primarily).
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
Online selling of products and services triggers sales tax obligations today like never before – and has ever since the Supreme Court’s 2018 Wayfair decision unleashed economic nexus on e-commerce merchants nationwide. Since, every state with a statewide sales tax (and countless localities, especially in places like California and Alaska ) has enacted economic nexus laws, meaning e-commerce vendors of products and, increasingly, services must collect and remit sales tax and file sales tax return
We are at a pivotal point in our lives technology-wise. Artificial Intelligence is taking the markets by storm and has become a tool that almost anyone can use with just Read More The post Managing AI & ChatGPT in the Workplace appeared first on Burkland.
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the helpful steps you can take to release them.
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.
SuiteWorld has massive potential for new connections, growth, and learning. But, it’s also just HUGE. With some research, you don’t have to waste time trying to figure it all out once you arrive. A conference pass isn’t cheap, so you don’t want a lack of planning to keep you from getting the best experience possible. In a digital age, you can’t beat these opportunities to physically connect with relevant vendors and other professionals in your field.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due.
Online selling of products and services has always been in the vanguard of sales tax obligations. The situation has only gotten more complicated in the five years since the Supreme Court unleashed economic nexus with the Wayfair decision. Since, every state with a statewide sales tax (and countless localities, especially in places like California and Alaska ) has enacted economic nexus laws, meaning e-commerce vendors of products and, increasingly, services must collect and remit sales tax and f
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?
AI is reshaping the workforce and leading to a paradigm shift in recruiting and hiring practices and in-demand skillsets. The post How AI is Creating a More Human Approach to Recruiting and Hiring appeared first on Burkland.
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the steps you can take to release them.
Prospective unicorns focus on rapidly scaling their business to reach the elusive $1B valuation. However, in that rush, their infrastructure typically progresses in a painfully inadequate and often disorganized manner. Systems and processes are continually straining and require updating to respond to the ever-shifting demands created by growth. Effective change management recognizes that these changes, even positive ones, can be disruptive for employees.
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Construction contractors have a tough job these days, given labor shortages, supply-chain headaches and mushrooming regulation. If you’re in this industry, the last thing you need added to your load is sales tax. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. But sales tax has to be your concern if you engage in contracts in different states.
The venture capital industry is cyclical and ultimately self-correcting. Be patient if you can, better conditions are not far off. The post Understanding the VC Cycle appeared first on Burkland.
Internal audits play a crucial role in the success and sustainability of a company. They are systematic and independent evaluations of a company’s internal controls, financial reporting, and operational processes. Conducting regular internal audits helps identify potential risks, improve operational efficiency, and ensure compliance with laws and regulations.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
For many mid-market companies, it’s a little early to staff a procurement department. At Airbase, I’m the controller of a 300-person tech company without a dedicated procurement professional, so the responsibility to ensure that the procurement function is being fulfilled (policy compliance and vendor management) falls to me. Even in the absence of full procurement teams and legacy solutions, there are still steps that can help us controllers adhere to procurement best practices.
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section 179 depreciation deduction is $1.16 million.
When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Every state has nuances on how sales tax applies to the manufacturing process, equipment and materials. These gray areas can create big exposure for your business.
The Internal Revenue Service issued guidance Wednesday on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the pandemic.
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
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