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The second chapter of FloQast's 'Controller’s Guidebook' survey program pinpoints the critical relationship between accountants and technology, and elevates potential solutions to encourage synergy.
Accounting Today reported on Friday: The estimated gross U.S. tax gap increased to $496 billion annually for tax years 2014 through 2016, a rise of over $58 billion from the prior estimate — and the Internal Revenue Service estimates the gross tax gap will rise to $540 billion for 2017-2019. “The increase in the tax gap estimates reflects that the IRS needs to do more, both in improving taxpayer service as well as working to improve tax compliance,” said outgoing IRS Commissioner Chu
When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period. What are closing entries? Closing entries are entries used to shift balances from temporary to permanent accounts at the end of an accounting […] READ MORE.
Starting a new business is a pretty exciting time for any new business owner. The idea that they are beginning something great empowers them to work their hardest and do their very best to have a successful business. These first few moments as a new business owner are exciting times, however, they may cause the business owner to underestimate the importance of having good accounting practices in place from the very start.
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.
Although the accounting talent shortage seems like something that just popped out of nowhere and couldn’t possibly have been predicted, oh, a decade ago, I feel compelled to remind everyone that we here at Going Concern saw this coming. I don’t say that in a “hurr durr I’ve been talking about this for ten years and no one listened” way, I mean the writing was on the wall way back so the profession really shouldn’t be surprised that we ended up here.
Clickthrough rates for web content, production efficiency, and average resolution time have one major commonality. These are all examples of key performance indicators, better known as KPIs.
All businesses have assets. Assets can be broken down into two categories: tangible and intangible. Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate. Tangible vs. intangible assets Both tangible and intangible assets add value to your business. But, tangible assets are physical while intangible assets are […] READ MORE.
All businesses have assets. Assets can be broken down into two categories: tangible and intangible. Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate. Tangible vs. intangible assets Both tangible and intangible assets add value to your business. But, tangible assets are physical while intangible assets are […] READ MORE.
Adding the right cofounder to your startup team can open several doors, from bringing in a unique perspective to improving the quality of your product or service, to establishing credibility with prospective investors. Senior tax manager Josh Snyder detailed the benefits of recruiting a cofounder, how to choose the right fit for your startup and more in a recent article for the St.
We all know how frustrating email can be, especially for accounting teams. Sometimes it just doesn’t work as you want it to. Email often becomes a major source of frustration – especially when things go wrong. In Part I and II of this series, we took a look at some of the most common accounting email blunders that can cost time and money.
The benefits of following GAAP for Small Business: Many small business owners shy away from anything associated with Generally Accepted Accounting Principles (otherwise known as GAAP) thinking they apply only to large publicly held organizations. This thinking is far from true, however. GAAP was created to be a standard "rule book" for organizations to follow, and was intended to be used by all businesses -- small and large, private and public.
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.
Burkland has compiled a new toolkit to help you extend your startup’s runway with intelligent scenario planning, cost reduction, and cash flow measures. The post Introducing Burkland’s New Toolkit to Help Extend Your Startup’s Cash Runway appeared first on Burkland.
This article was originally featured in the Retailist on October 3rd, 2022. Businesses have new ways to sell today, as marketplaces such as Amazon and the business’s own website have joined established channels like direct retail sales and wholesale sales. Each brings different sales tax implications – and retail and ecommerce businesses aren’t always aware of their obligations.
As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions. Profit […] READ MORE.
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
Last week the Australian Securities and Investments Commission (think Aussie PCAOB) informed us that Deloitte and KPMG need to take “continued deliberate and concerted action” to improve the quality of their audit work because apparently it is just that bad. Deloitte did not meet ASIC standards on half of audits inspected, KPMG came in at 48 percent.
We know it’s not enough to just create really #beautiful accounting software – we also need to teach you to use it. Spending time educating yourself on Xero can help you get time back once you’ve built up your confidence. . You probably know by now that when you have a question about Xero, Xero Central is your first stop. But did you know it’s also your home for proactively learning about Xero?
Like many small business owners, you send customers bills after providing a product or service. An effective invoicing system gives customers more flexible payment options. You need to know which types of invoices to send customers for different situations. Types of invoices There are many different types of invoices you can send to customers. Each […] READ MORE.
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.
FT is reporting that Deloitte just axed half of UK executives this week, a surprisingly abrupt move that was announced to staff yesterday. The reason? “The changes were driven partly by a desire to replace older members of the management team with younger partners who would be young enough to run for election as chief executive at the end of North-South Europe CEO Richard Houston’s second term in 2027,” a source told FT.
Watching the World Series has me thinking about the importance of excellence in every skill a player needs. These include pitching, batting, catching, throwing, hitting the cutoff man, running, sliding, stealing a base, bunting, practicing, working out, training, loosening up, following signals, getting coached, making sure equipment is maintained, studying opposing players, planning for the game and teamwork.
Running a small business takes passion, gumption, and determination. But, becoming a small business owner isn’t a fast track to getting rich. So, how much do small business owners make? How much does a small business owner make a year? Incomes vary because of factors like industry, geographic location, and experience. Being a small business […] READ MORE.
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?
On Thursdays the official NASBA Twitter account publishes #ThursdayThoughts, usually some kind of tip or trick like last week’s advice on what to do if you are having trouble matching to your NASBA Dashboard’s CPA Portal account ( here’s the link for that if you need it). But today’s thought is less a tip and more of an abject dream-crusher.
Getting your first sale from business is a great milestone to accomplish. Once you have a steady stream of customers, it’s time to start thinking about growing. With a solid growth strategy, you can take your business to new heights. Small business growth strategies give you a roadmap for expanding your company. A plan will […] READ MORE.
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!
Happy Spoopy Day! Here are your morning headlines: As critics suggest FASB is too slow to make new rules, FASB chair Rich Jones hits back : The standards for financial statements are “designed to provide the best information for capital allocation decisions” by investors, he said, but “at the end of the day, it’s applied by accountants, and it’s evaluated by auditors.
From early November 2022, we’ll be updating some fields in Xero Practice Manager (XPM) and Xero HQ. This is all part of our work to provide you with a more unified client record in the future, so you can enjoy a seamless connection between our practice tools. . What’s changing in XPM and Xero HQ. Over the coming weeks, the fields in your practice tools will look a little different.
When you sell goods or services, you need to create a record of the transaction. Depending on the situation, you will either give customers an invoice or receipt. What is the difference between an invoice and a receipt? Understand invoice vs. receipt distinctions to avoid confusion. Invoice vs. receipt Both invoices and receipts are paper […] READ MORE.
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.
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