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By Jim Boomer, CPA. As a leader, no matter your position or stance, you must lead effectively through diversity, equity and inclusion (DE&I) opportunities that ultimately impact us all. Pursuing diversity is essential, but how do you build such an environment? This article busts some myths about diversity in the accounting profession and provides tips and strategies on how CPA firm leaders can cultivate a culture of belonging within their organizations.
The four largest firms are squarely on 'Team Human' when it comes to artificial intelligence — and don't believe the tech is even at a level where it can take over all of a human's job.
With the dynamic business landscape, many companies are turning to outsourced accounting firms to streamline their financial processes and gain access to specialized expertise. Outsourcing accounting functions can offer numerous benefits, including cost savings, improved accuracy, and enhanced efficiency. However, selecting the right outsourced accounting firm is crucial for the success of your organization.
Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. The report, “ Staff Update and Preview of 2022 Inspection Observations ,” presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit fir
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.
Your online business is painfully aware of tax deadlines for income, payroll, property and other local taxes. Sales and use taxes have their deadlines, too – a dizzying number to follow, potentially with bad consequences if you miss even one. A lot of complications Currently, sales tax across the U.S. has many deadlines, often every month – but not on the same day for every business or state.
Asset misappropriation schemes make up more than half of all occupational fraud schemes, according to the Association of Certified Fraud Examiners. It’s a broad category that includes everything from skimming cash to stealing inventory to paying “ghost” employees. One hotspot for asset misappropriation is the accounts receivables department, where dishonest staffers could potentially divert customer payments for their own use.
By Rina Henning. Recruiting and employee retention have topped the priority list of businesses at large in the recent past, but for the accounting industry, it has been a primary focus for most of the last decade. Competition for accounting talent is fierce. As soon as sophomore year of college, accounting majors seemingly already have internships lined up for consecutive seasons, and some even have “offers in-kind” for when they graduate.
By Rina Henning. Recruiting and employee retention have topped the priority list of businesses at large in the recent past, but for the accounting industry, it has been a primary focus for most of the last decade. Competition for accounting talent is fierce. As soon as sophomore year of college, accounting majors seemingly already have internships lined up for consecutive seasons, and some even have “offers in-kind” for when they graduate.
Outsourcing bookkeeping functions can be a strategic decision for businesses, providing professional expertise and freeing up valuable time for core operations. However, selecting the right bookkeeping service provider is crucial to ensure a seamless and successful partnership. In this blog post, we will guide business owners in choosing the right bookkeeping service provider by highlighting key factors such as industry experience, service offerings, reputation, technology integration, and clien
Businesses today face increasing pressure to optimize their financial operations while focusing on core competencies. Outsourcing accounting functions has emerged as a strategic solution to enhance financial efficiency, allowing companies to streamline processes, reduce costs, and access specialized expertise—benefits of outsourcing accounting and how it can contribute to improved financial efficiency.
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.
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.
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.
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.
Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Yet a surprising number of companies have inadequate processes to receive, validate, maintain, and update exemption certificates. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. That leaves you open to liability.
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.
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
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.
IVIX , the first AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, has closed a $12.5M Series A funding round led by Insight Partners with participation from Team8, Citi Ventures and Cardumen Capital. This investment comes after significant growth and customer acquisition and will position IVIX to accelerate its research and development capabilities — expanding its capacity to help more governments identify financial crimes and close th
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. The $160,200 Social Security tax ceiling is up from the $147,000 ceiling for 2022, and it’s only going to get worse in future years, thanks to inflation.
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.
The Intuit QuickBooks team is advising accountants and ProAdvisors of impending changes to QBO Navigation, which will give them time to start working with their clients on the upcoming enhancements.
From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC.
Major accounting software companies view AI as a way to step up the timetable on their long-term ambitions as they work the new technology into their products.
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies to a broad range of actions and to a wide range of people involved in a business.
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?
The comment period for “ Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations ” (is now closed which means we get to see the comment letters ( here ). As you would expect (and hope), most are thoughtfully presented and argued like the Center for Audit Quality’s 13,803 words. If you want a serious read on this topic, check out FT’s article.
A South Carolina woman was sentenced today to 37 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, Georgina Gonzalez, formerly of Miami, worked as a tax return preparer since at least 2013. For the 2016 and 2017 tax filing seasons, Gonzalez temporarily relocated to South Carolina to prepare returns and manage multiple locations of a tax preparation business located in Columbia.
Taxpayers who aren't under examination have a new option that promises to make it easier to request relief when they need to file international tax forms and documents past a deadline.
Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies. Here’s an overview of how valuators modify their analyses to take advantage of objective, market-based indicators of value. Recognizing key differences Public companies differ from private ones in the following five critical ways: Level of oversight, differing goals.
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!
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.
Technologists Randy Johnston and Brian Tankersley, CPA, discuss the 2023 Accounting Firm Operations and Technology Survey (AFOT). Use the podcast player below to listen. Transcript (Note: There may be typos due to transcription errors.) SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA Randy Johnston 00:03 Good day. Welcome to Technology Lab.
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, text or social media channels about a tax bill or refund.
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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