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If the term “AI” catches your eye, it’s highly likely that ChatGPT comes to mind. And you would be absolutely correct in making that association. The launch of ChatGPT has taken the world by storm. Its success has kickstarted an AI race that has compelled almost every company to embed artificial intelligence and machine learning algorithms into their software architecture to mirror the same level of agility and productivity.
When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning. What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged.
For CFOs and financial analysts, having tools that go beyond traditional reporting is critical. While Microsoft Power BIs native data entry option is useful for simple tasks, it falls short with complex data models and planning requirements. Fortunately, Power BIs ability to write back data directly within reports is revolutionizing financial workflows.
The Benefits of Outsourcing Bookkeeping for Small Business Growth Outsourcing bookkeeping has become a game-changer for small businesses looking to streamline operations, cut costs, and focus more on growth. For many small business owners, managing the books can be time-consuming and complex, especially when juggling payroll, tax preparation, and other essential financial tasks.
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
The 'trust equation,' outlined in The Trusted Advisor by David Maister, Charles Green, and Robert Galford, is a formula that quantifies trust in professional relationships: take a persons credibility, reliability, and intimacy and divides it by their self-interest.
Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies. As part of this evolution, the IRS has introduced new digital asset reporting regulations.
This article is a primer for founders without finance backgrounds who want a sense of what should be on their minds when developing a financial plan for their SaaS startup. There are plenty of free spreadsheet templates online, but without an understanding of how or why to customize them, they aren’t particularly useful. It’s like the difference between copying someone else’s homework and doing it yourself.
This article is a primer for founders without finance backgrounds who want a sense of what should be on their minds when developing a financial plan for their SaaS startup. There are plenty of free spreadsheet templates online, but without an understanding of how or why to customize them, they aren’t particularly useful. It’s like the difference between copying someone else’s homework and doing it yourself.
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next years inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you?
TaxConnex is paving the way for a new category of sales tax management services UPSOURCING. Building on our strong foundation of sales tax advisory services and managed sales and use tax filing and remittance services, we are introducing two powerful new solutions into our portfolio: Sales Tax Calculation Software: Designed to simplify the process of calculating the proper sales tax, this software integrates seamlessly with a variety of business systems and shopping carts to provide precise, re
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.
Without a clear understanding of what your workforce is capable of today, planning for tomorrow becomes a guessing game. This is where workforce analysis becomes a game-changer transforming vague assumptions into informed decisions. Yet Gartner research reveals that only 8% of organizations have reliable data on the skills their workforce currently possesses and those that drive business success.
Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. economy and their own organizations for the next 12 months, according to the fourth-quarter AICPA & CIMA Economic Outlook Survey. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies.
Founders usually know how much runway they have, but may not be budgeting for their startup with an explicit system. While this can work for a time, investors want to see clear, data-backed strategies for how their money will be or is being used to deliver returns. This guide will walk you through the essential steps to develop a budget that supports growth and helps make a strong business case for prospective investors.
The end of the year is a busy time for many of us. Preparing for the upcoming holidays, spending time with family and friends, and planning for the New Year take a lot of time and commitment. Countless to-do lists and responsibilities at home and work make the most wonderful time of the year more stressful than it needs to be. Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements,
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.
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and necessary expenses of business travel when away from their tax homes.
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. NOMAD news. Will “NOMAD” soon be just a NOD? The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later.
In the dynamic world of medium-sized businesses, growth isn't just a goalit's a necessity for survival and success. Yet, achieving sustainable growth requires more than just ambition; it demands a strategic approach powered by accurate financial insights. This is where precise financial reporting becomes a game-changer, offering a roadmap to navigate the complexities of business expansion.
UHY is getting an injection of private equity funding from Boston-based investment firm Summit Partners, calling it a significant milestone in its growth and strategic development, the top 30 accounting firm said on Dec. 3. Financial terms of the deal weren’t disclosed. With this deal, more than 35% of the top 30 accounting firms in the U.S. by revenue have sold stakes in their firms—many a controlling stake and some a minority stake —to private equity investors.
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
Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. This type of AI advances from basic automation or content generation to developing systems capable of autonomously performing complex tasks and making decisions. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.
With the Malaysian government’s push towards a digital economy, small and medium enterprises (SMEs) must adapt to new requirements. One key development is the National E-invoicing Initiative. This initiative aims to modernize how businesses manage invoices, helping to streamline operations, improve compliance, and enhance efficiency across industries.
Job applicants must work hard to stand out in a crowded marketplace. For some, that means bending the truth or outright lying about their experience, skills and education. According to a survey performed by resum-writing service StandOut CV, a staggering 64.2% of Americans have lied on their resum at least once. Bad hires can generate direct and indirect costs, including lost productivity, customer dissatisfaction and wasted training time.
7 min read December 18th, 2024 The process of closing out financial records is complex, and there are lots of places where nonprofit financial mistakes can occur. However, your final financial reports and records must be accurate and compliant. Key Takeaways 5 Common Year-End Financial Reporting Mistakes Nonprofits Should Avoid: In addition to recognizing pledged contributions at the correct time, nonprofits must also separate the revenue they receive into distinct categories.
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.
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.
Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. Watch the video, or listen to the audio podcast below (transcript below): Or use the below 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 Tankersley.
Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. This type of AI advances from basic automation or content generation to developing systems capable of autonomously performing complex tasks and making decisions. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.
Itd be one thing if payroll year-end meant a single last pay run. But this busy period involves meeting multiple deadlines and submission dates, all while following HMRC rules. Whether youre a seasoned payroll manager or doing it for the first time, payroll year-end can be tricky. Heres a step-by-step guide to the process. What is HMRC payroll year-end?
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?
Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Lets take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that you cant deduct any part of the cost of taking clients out for a round of golf or to a football game.
On Thursday, December 12, 2024, the Internal Revenue Service (IRS) released a fact sheet addressing Form 8275 and the disclosure of tax positions related to IRC section 280E. Form 8275 is used by taxpayers to disclose positions taken on tax returns for which substantial authority does not exist. Substantial authority is defined as a tax return position that has more than a 40% chance of success based upon its merits.
In an ever-evolving business landscape, anticipating and adapting to future challenges and opportunities is crucial for achieving long-term success. As companies strive to stay ahead, CFO support services have emerged as a vital component in future-proofing business operations. Providing expert financial guidance, strategic planning, and technological integration, these services play a pivotal role in ensuring stability and growth.
A new report reveals a dramatic shift in the expectations that businesses and individuals who use accountants have of those professionals, with findings that highlight the need for seamless technology, proactive communication, and personalized service. The 2024 Client Satisfaction Report , commissioned by accounting technology maker TaxDome , provides invaluable data to help firms adapt to the evolving needs of their clients.
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!
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