This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
To deal with economic and market turbulence, businesses must create well-rounded financial plans and monitor business performance against targets regularly. Luckily, the board of directors and C-level executives can rely on the expertise of FP&A professionals. FP&A teams play a key role in ensuring the financial stability of a business. They monitor past data, understand the present financial position, and prepare for the future accordingly.
If you’ve followed financial news over the past several months, chances are you’ve seen at least one headline about the ongoing accountant shortage. Maybe you’ve even experienced the pains of struggling to hire candidates at your firm. Several factors contribute to the shortage, like mid-career CPAs changing professions, or early retirements spurred by the pandemic.
Moving away from a paper-based office has been welcomed by accountants worldwide. Working online has allowed accountants to take on more clients, save hours of time every day, automate many of the repetitive tasks, and enjoy unprecedented freedom that comes with having a digital office. However, there’s a price to pay – it all comes down to accounting cybersecurity, or, in broader terms, making sure that your clients’ data is well-protected from cyber-threats, such as personal data theft, ident
Two techniques fall under the income approach umbrella when valuing a private business interest: the discounted cash flow (DCF) method and the capitalization of earnings method. How do these two commonly used methods compare — and which one is appropriate for a specific investment? Fundamentals of discounting The DCF method estimates the present value of future expected net cash flows using a discount rate.
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.
A client asked me recently what they should do about an underperforming employee. This employee was entry-level, had been with the company for less than 90 days, and wasn’t performing Read More The post Why Hiring Slow and Firing Fast Still Works appeared first on Burkland.
For an executive or business owner, keeping up to date with accounting regulations is low on the to-do list. However, you should make an exception for “Accounting Standards Codification Topic 606: Revenue from Contracts with Customer” often referred to as ‘ASC 606’ or ‘FASB ASC 606’ What Is ASC 606? Developed by the International Accounting Standards Board (IASB), ASC 606 establishes new rules for recognizing revenue in contracts with customers.
Menzies LLP - A leading chartered accountancy firm. JENSON, AUDIT JUNIOR I graduated from the University of Portsmouth in 2021 with a 2:1 in Accounting with Finance. I joined Menzies this year as an Audit Junior, after working for a different accounting firm previously. I was aware of the company from a family member and was looking for a role where there was more focus on training towards a professional qualification.
Menzies LLP - A leading chartered accountancy firm. JENSON, AUDIT JUNIOR I graduated from the University of Portsmouth in 2021 with a 2:1 in Accounting with Finance. I joined Menzies this year as an Audit Junior, after working for a different accounting firm previously. I was aware of the company from a family member and was looking for a role where there was more focus on training towards a professional qualification.
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).
Listen to Oh My Fraud , a podcast by Caleb Newquist and Greg Kyte, and get free CPE through Earmark. The post Exposure Drafts: It’s Busy Season, But Don’t Be Too Busy For Money appeared first on Going Concern.
“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” — Lao Tzu Predictions about the state of the economy are notoriously difficult. In fact, one study by the International Monetary Fund concluded that economists are uniformly unsuccessful at predicting recessions. In the words of Prakash Loungani, one of the study’s authors, “the failure of economists to forecast recessions is virtually unblemished.
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
Nearly 30 of the most influential consultants, practitioners and accounting technology visionaries convened in New York City Feb. 20-22, 2023, for CPA Practice Advisor ‘s 13th annual Accounting Thought Leader Symposium. CPA Practice Advisor editor-in-chief Gail Perry, CPA, leads discussion with attendees at the 2023 Accounting Thought Leader Symposium.
According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.
All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Imperial Rome’s Julius Caesar is considered to have implemented a proper sales tax, a 1% flat rate across his entire Empire.
Procure-to-pay (P2P) software originated from the need to oversee the process of acquiring supplies for manufacturing and other industries, and to manage inventory in the retail sector. Procurement has faced numerous challenges in recent years: transportation issues, inflation, labor shortfalls along the supply chain. But organizations can overcome those difficulties and position themselves to grow and thrive — with the help of the right technology.
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.
By Erin Bendig, Kiplinger Consumer News Service (TNS) Maybe you had a child change their mind and not go to college or you saved more than necessary, and now you’re wondering what to do with the cash locked away in your 529 plan. Thanks to the SECURE 2.0 Act, you’ll soon be able to roll over funds from your 529 plan into a Roth IRA, as long as certain conditions are met.
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years.
New pay transparency compliance laws make this responsibility all the more daunting, with real fines as a repercussion. The post Teaming Finance and People Ops to Manage Pay Transparency appeared first on Burkland.
We are excited to share in that we closed out 2022 breaking our annual new business revenue goal! We saw a 40% increase in new sales as compared to the prior year and are set for a great 2023. “Many businesses continue to try and manage sales tax in-house, but this past year showed that the economic un-certainty along with a lot of turnover and layoffs has left compliance in the hands of those that don’t have the bandwidth or expertise,” explained Brian Greer, CRO of TaxConnex.
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?
What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff. That’s the finding of two newly released reports by leading software provider Caseware International , which surveyed more than 6,000 accountants and auditors globally.
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications.
“Could your team benefit from some soft skills training?” Read why your answer should always be yes! The post The Importance of “Soft Skills” for Organizations appeared first on Burkland.
The salary cap in the NFL is up to $208 million per team for 2022 and continues to rise each year by about $20 million. This salary cap sets a maximum budget that each team can pay their entire player roster. Even with this rise, the wage gap between the minimum salary and the highest individual salary for NFL players has continued to widen. The current minimum salary for a first-year player is $705,000 meanwhile, the highest average salary is over $50 million (Aaron Rodgers, Quarterback, Green
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!
Technology has made significant contributions to the practice of accounting and is on the verge of another evolution with the advent of artificial intelligence tools coming into the mainstream. In the past four months there has been a frenzy around Open Ai’s ChatGPT, which is a natural language application where you can type in questions and get comprehensive answers in a format that is almost impossible to distinguish from that which you would expect from another educated human.
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents.
If you are a new manager, or if you plan on promoting an individual contributor to a management role, here are some core areas to offer training. The post The ROI of Investing in New People Leaders appeared first on Burkland.
The moment is here; the final step of Xero’s Single Touch Payroll Phase 2 roll out is now available to all customers. Once your payroll data is updated and you’ve marked each step as complete in the STP2 Portal, you’ll be able to enrol in Phase 2 reporting – step four of the transition. This will see your business share more information with the ATO and other government agencies whenever you process a pay run.
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.
By Kristin F. Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. As of Feb. 3, the IRS said it has processed more than 16.7 million tax returns—29% more than in 2022, nearly four million more.
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.
Despite a growing number of large company job cuts, the layoff rate as a whole in the US is at about 1%. There is also about 1.8 jobs for every Read More The post Maximizing Benefits with PEOs: A Solution for Small Employers’ Labor Challenges appeared first on Burkland.
I don’t know how I didn’t see this a week ago when it was posted but…enjoy. via r/accounting It’s the Comic Sans for me. The post Some Crazy SOB Got Debit and Credit Tattoos appeared first on Going Concern.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content