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We’ve all heard the common reasons people stick with Excel: it’s easy to implement, easy to use, and, most appealingly, easy on the budget. However, these reasons only scratch the surface of why Excel remains the go-to tool for many organizations, despite more robust software alternatives. In fact, 32.8% of respondents in our 2024 FP&A Snapshot Survey said they still relied on Excel, even when using BI tools, FP&A software, or ERP systems.
Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.
About half of global employers report they are effectively delivering on each of the six individual core objectives of pay programs, despite pay being the most commonly cited reason employees join and stay with an employer. This is according to the 2024 Pay Effectiveness and Design Survey by WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company.
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.
TLDR: Boomer numbers at accounting firms appear to be dwindling, more than half of staff at firms are under 40, Gen X gets ignored as usual as if they don’t exist. INSIDE Public Accounting released a batch of facts and figures they’ve collected from their industry-leading survey of the country’s accounting firms — about 600 participated in 2024 — and this bit stood out to us as of particular interest to our audience given that a majority of our readers are under age
The accounting industry thrives on precision, compliance, and efficiency. However, when implementing new systems, processes, or technologies, firms often face challenges like inconsistency, prolonged onboarding times, and resistance to change. One secret to overcoming these hurdles? Accounting templates.
In the fast-paced world of small and medium-sized businesses (SMBs) and startups, reliable accounting services are crucial. Recently, a new trend has emerged—accounting firms operated with the help of venture capital funding. On the surface, these services may appear attractive due to their low costs and initial benefits. However, SMB owners, entrepreneurs, and finance professionals need to tread carefully.
Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.
← Blog home Jump to ↓ How to communicate with clients effectively What should an advisory consulting proposal include? Writing an advisory services proposal with a template An easier way to write advisory proposals The shift toward providing more higher-value advisory services continues to gain momentum as accounting firms increasingly look for ways to better serve clients, sharpen their competitive edge, and drive greater profitability.
Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience. Since 2019, Grant Thornton has teamed up with Workday , a leader in enterprise cloud applications for finance and human resources.
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.
You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. In this article, we’ll cover everything you need to know about Nevada LLC taxes, from pass-through treatment to self-employment, sales, and payroll taxes.
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
7 min read October 23rd, 2024 The most successful business leaders use financial insights to make data-driven decisions that improve operations and maximize productivity to strengthen the company's financial health and strategy. Key Takeaways Learn How to Customize Sage Intacct Dashboards for Financial Insights: To take advantage of the time-saving benefits of a customized dashboard in Sage Intacct, users must know how to manipulate Intacct's features to create their own, role-based dashboard.
The AICPA Foundation has launched the Barry C. Melancon Professional Accounting Research Fellowship to support the next generation of accounting and finance professionals with the skills, knowledge and training to advance the accounting and finance profession. The Fellowship has been established as a legacy of Barry Melancon’s 30-year leadership tenure at the AICPA & CIMA as well as his dedication, advocacy and future-focused commitment to the profession.
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
Chaser , the leading accounts receivable platform, is proud to mark its 10-year anniversary. What began in 2014 as a tool to automate overdue invoice reminders has evolved into a globally recognized platform, and has empowered over 7,000 businesses to manage credit control efficiently. In the past decade, Chaser has helped businesses recover £30 billion in late payments and saved more than 6 million hours of manual work by continuously advancing the field of credit management with AI and automa
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss.
Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements. The inaugural Tax Firm Technology Report by the Thomson Reuters Institute sheds light on the current state of technology adoption, challenges, and future expectation
By Garrett Wagner, CPA. So, let’s get something out of the way: I’m “old” now. At over 40, I’m no longer the young buck, fresh out of college, wide-eyed and optimistic about the accounting world. I mean, I’ve reached that age where I squint at Gen Z’s TikToks and think, “This is what’s cool now?” But before I delve too deep into self-pity, let’s focus on something we can all agree on: we’ve all heard this same refrain since the dawn of time—“This new generation doesn’t get it.
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 Rule of 40 helps you balance rapid growth with long-term profitability as you scale your SaaS startup. The post Achieve Sustainable SaaS Growth with the Rule of 40 appeared first on Burkland.
That firm? Allegedly it’s IPA Top 100 #47 Cohen & Company of Cleveland (revenue of $153,896,588). We’re told they did an internal announcement today and will make the news of a minority investment from Lovell Minnick Partners public tomorrow. Of themselves and their investment strategy Lovell Minnick says : Lovell Minnick Partners (“LMP”) invests in growth-oriented companies.
← Blog home When it comes to tax legislation, change is the only constant. While many accounting firms find a shifting regulatory environment to be a significant challenge, forward-looking firms are harnessing the latest technology to give their firm a competitive advantage. But how do you know where to start? Sometimes, the best business insights come directly from the clients you serve.
The Public Company Accounting Oversight Board (PCAOB) posted three new resources on Oct. 23 related to the implementation of QC 1000, A Firm’s System of Quality Control , a new standard the board approved this past May. Before the new standard was adopted by the board, the quality control rules on the books were developed and issued by the AICPA before the PCAOB was established in 2002.
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?
Managing a real estate portfolio involves a plethora of expenses, some of which are uncontrollable. These costs—such as property taxes, insurance premiums, utilities and debt—are essential for conducting business but are beyond the direct control of property owners or managers. While these costs cannot be directly controlled, there are strategic ways to manage their financial impact.
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.
A prestigious group of hotels has chosen UK-based iplicit’s award-winning cloud accounting software as the platform for running its finances. Cedar Court Hotels is the largest independent collection of four-star hotels in some of Yorkshire’s most desirable locations. The business has 35 years of experience in welcoming guests to the county, with hotels in Harrogate, Huddersfield, Bradford and Wakefield.
In May of 2024, the Department of Justice (DOJ) issued proposed language that would reschedule marijuana from a Schedule I controlled substance to a Schedule III controlled substance, subject to section 280E of the Internal Revenue Code. The American Institute of CPAs submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) requesting guidance for cannabis businesses in advance of the impending transition away from engaging in a trade or business that subjects
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 the fast-changing business environment of today, automation is essential for boosting efficiency and productivity. The integration of Microsoft 365 Copilot (referred to as Copilot for business in this article) into Power Automate is transforming how businesses handle automation by making the creation of automated workflows easier and more effective.
FT is reporting that a group of advisory underperformers have been axed from the King’s Deloitte , about 250 of them to be exact. There’s apparently been no official announcement or communication to teams, just the unlucky “winners” being quietly swept away one-by-one. There’s not much more to the story, Deloitte didn’t want to comment and they’re leaning on the “performance management processes” as reasoning for why some folks had to go so e
Avalara, Inc. , a provider of tax compliance automation software for businesses of all sizes, has expanded the capabilities of AvaTax with AvaTax for Accounts Payable. The enhancement provides a comprehensive solution built into AvaTax that is designed to automate tax calculation and compliance for purchases. The solution ensures more accurate tax calculation by identifying both over- and underpaid taxes on purchases.
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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