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AI is transforming the tax industry, yet professionals are wary of embracing it fully due to data security, ethics, and client relationships. Practice owners must navigate this shift for success.
Artificial Intelligence (AI) has certainly made its mark across a number of industries and the accountancy & finance sector is no stranger to the rapid advancements taking place. If used responsibly, AI serves as a powerful tool to aid Accountants, streamline their workload, improve accuracy and help them work smarter. Accountancy and finance recruitment specialists, Spencer Clarke Group , have witnessed firsthand how Artificial Intelligence is helping accountancy professionals refine their
By Dr. Sangeeta Chhabra Here’s a sobering stat for accountants and business owners alike: 74% of data breaches occur due to human errors, encompassing mistakes, privilege misuse, stolen credentials, or social engineering. But there is hope—through proper training, your firm and ultimately your clients can significantly reduce the risk of a breach. Do staff follow data security policies?
Agency owners often get to a point where they become stuck. Maybe they've been growing for a while and they've hit a plateau. Maybe they're still growing, but their day-to-day is out of control. Or as one of my clients said: “It's hard to think about what you'll cook for dinner when you've got a knife stuck in your leg.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
In this episode of Accounting Insiders, Gary DeHart and Jeremy Clopton from Upstream Academy discuss consulting for accounting firms, emphasizing leadership and vision strategy.
Integrating Artificial Intelligence (AI) into the accounting sector has been a game-changer, offering unprecedented efficiency improvements and accuracy levels. However, while AI has significantly advanced, it’s essential to recognize its capabilities and limitations within this industry.
Integrating Artificial Intelligence (AI) into the accounting sector has been a game-changer, offering unprecedented efficiency improvements and accuracy levels. However, while AI has significantly advanced, it’s essential to recognize its capabilities and limitations within this industry.
It's crucial to assess your eligibility for federal grants before applying, as pursuing grants for which you are not legally eligible can waste time and resources. For small businesses, understanding various factors is essential. This includes budgeting, expense tracking, and reporting to ensure funds are used appropriately and in compliance with grant terms.
If you didn’t catch it, The Economist published this the other day: Sigh. They weren’t taking liberties with the word “sexy” either. The intro paragraph reads: In tiktok parlance, “accountant” is code for a sex worker. Now proper beancounters want to reclaim the title and make it appealing to prospective recruits, on the popular short-video app and elsewhere.
Economic nexus thresholds in many states depend on two numbers. Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.
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
Explore the considerations and benefits of hiring a Fractional CXO for your company in various functions like finance and procurement. The post Is a Fractional CXO the Right Move for Your Growing Business? appeared first on Burkland.
Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. Another study released this week , from credit-building platform Self Financial, analyzed the lifetime cost of tax in the U.S. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.
Withum is excited to announce that on March 31, 2024, BBD LLP (BBD); a public accounting, tax and advisory firm dedicated to serving nonprofit and government organizations headquartered in Philadelphia, will join its practice with Withum. BBD’s five partners and 40 team members will be added to the Withum roster, remaining at their current Philadelphia office location at 1835 Market Street, Suite 300.
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 story I’m about to share with you is not directly related to the accounting profession however it’s just as relevant in this sector as any because of the principle at work: ‘AI’ isn’t always AI. In fact, it quite often isn’t. As we race toward a glorious future in which AI handles all the most boring accounting tasks and frees up professionals to do more critical thinking, let’s remember we’re living in Oz and have yet to meet the Wizard face-t
Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. The Internal Revenue Service has heeded the concerns of CPAs from across the country and taken steps to curb fraudulent ERC claims. As previously scheduled by the IRS, the voluntary disclosure program has come to an 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?
A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits. He’s looking at 55 counts of aiding and assisting in the preparation of false tax returns, five counts of mail fraud, one count of aggravated identity theft and two counts
A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.
Ongoing court cases and questions about whether accountants can actually work on BOI reporting make the Corporate Transparency Act a source of serious confusion.
In this episode of Cryptonomix, Mark Eckerle and Anurag Sharma, Partner and Systems & Process Assurance Group Leader at Withum, break down SOC 1, 2, and 3 Reports and the differences between them.
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!
Real estate news site The Real Deal reports everyone at PwC’s San Jose office will be moving away from downtown and into new digs soon: Accounting firm PricewaterhouseCoopers has signed a long-term lease for 141,000 square feet in Federal Realty Investment Trust’s Santana Row development, according to a Federal Realty press release. PwC’s current 15-year lease in downtown San Jose expires in 2025 and the agreement allows the firm to move to One Santana West in 2026.
The month-end is coming up and that means it is time to close. A monthly close can be a laborious process that is dreaded by some accounting and finance departments, but it doesn't have to be that hard!
Who says 'progress' is always good? Sometimes it's a mess. Here's one case of QB Enterprise to QBO Advanced migration that was more of the later than the former. Maybe you can help???
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.
Over the weekend, The Times published a bit of a scary article about how the consulting business is so slow over there in the UK McKinsey is now trying to force out some of its engagement managers and associate partners. But they aren’t laying them off right away. McKinsey is offering to pay hundreds of its senior employees to leave the firm and look for work elsewhere, the latest attempt by the consulting giant to reduce staff amid a sector-wide downturn.
Jump to: The allegations The IRS investigation Ohtani’s response Implications for Ohtani and the Dodgers Broader impact on professional sports Uncovering the truth The Internal Revenue Service (IRS) launched an investigation into the financial scandal involving Shohei Ohtani, the star player for the Los Angeles Dodgers. The probe centers around Ohtani’s former interpreter, Ippei Mizuhara, who has been accused of illegal sports gambling and significant financial theft.
Accounting-related class-action lawsuit filings and settlements both increased in 2023, according to a new report, even though the cases took longer to be filed.
Intuit recently launched QuickBooks Line of Credit , giving small businesses a new way to access funding quickly—from $1,000 to $50,000—with loans issued by WebBank. With this new feature, small businesses can tap into funding when and how they need it, depending on their specific cash flow requirements, Intuit said in a news release. The line of credit is designed to provide small business owners with the ability to draw from their available credit limit to support business growth, pay expense
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.
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