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Accountants in the U.S. who earned the CMA and CPA designations make more than $38,000 than their noncertified counterparts, according to the 2023 Global Salary Survey from the Institute of Management Accountants (IMA). According to data from IMA members surveyed in the U.S. and Canada, management accountants who are both CMAs and CPAs have a median base salary of $137,800 compared to $99,375 for accountants who hold neither certification.
Murph says, "Size doesn't matter", big or small, for some clients a simple accounting platform works, for many others, it takes much more, it takes an ERP.
Accounting is a critical aspect of any organization, and keeping up with the latest trends and technologies in this field is essential to ensure that businesses remain competitive and successful. As we enter 2024, there are a few key trends that business owners simply cannot ignore. In this blog post, we will explore these trends in detail, discussing how they will impact the industry and what businesses can do to stay ahead of the game.
Beyond the mere transition in dates, New Year's marks a universal opportunity for change. It can serve as a catalyst for reflection, inspiring individuals to set resolutions, for themselves and their businesses. The beginning of a new year also means a fresh start for your Income Statement; which is why now is the perfect time to review your accounting software needs.
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.
In today's dynamic business landscape, optimizing efficiency and streamlining costs are crucial for success. One area where many companies are finding significant advantages is by outsourcing their accounting and bookkeeping services. But, is handing over the reins of your finances the right move for your business? This comprehensive guide delves into the pros and cons of outsourced accounting, empowering you to make an informed decision about your financial future. 1.
As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERTC claims. IRS is disallowing claims to entities that: did not exist, or did not have paid employees during the period of eligibility to prevent improper ERTC payments from being made to ineligible entities.
Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.
Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.
Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, and Xero , a cloud-based accounting software for small to medium-sized enterprises, have today announced a strategic partnership in North America and the United Kingdom. Xero integrates with Quadient’s Accounts Payable (AP) capabilities to fully automate and streamline accounting processes.
U.S. small businesses experienced job growth for all of 2023 and extended a cycle of consistent job growth for 33-straight months, according to December data from the Paychex Small Business Employment Watch. The Small Business Jobs Index closed the year at 101.21 (1.2% growth), while hourly earnings growth for U.S. workers in December (3.48%) was down from 4.93% in December of 2022.
Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?
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 IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously. The program is part of the IRS’ continuing efforts to combat questionable ERTC claims.
The ratio of Lifetime Customer Value to Customer Acquisition Cost (LTV:CAC) has long been a gold standard metric for SaaS startups, and for good reason. When properly used, this metric Read More The post LTV:CAC – An Important (But Often Misunderstood) SaaS Metric appeared first on Burkland.
Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.
Our 2024 Predictions For the Accounting Profession survey is still open and we invite you to share your thoughts on what lies ahead. Not only do we care about the future, we also asked what issue is currently affecting the profession but not talked about nearly enough or even at all. Shout-out to all of you who mentioned pay as if that isn’t THE most talked about issue.
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
During this holiday seasons, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients? Employee gifts Many businesses want to show their employees appreciation during the holiday time.
Your golden ticket to transformation. It's not flipping the calendar, but writing the story of 2024. Get ready for innovation, growth, and endless opportunities in the evolving landscape.
The Internal Revenue Service will be hosting a Tax Professional Awareness Week starting Monday, Jan. 8, to give tax pros an opportunity to get ready for tax season.
Mark Eckerle and Ron Quaranta of Wall Street Blockchain Alliance, discuss WSBA’s activity within the crypto ecosystem and its plans for 2024. Listen now.
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.
Every year, U.S. companies lose millions of dollars to vendor fraud. These schemes can be complex and usually involve collusion of multiple suppliers or suppliers and employees of the defrauded business. Small businesses that don’t use sophisticated vendor software or don’t have other anti-fraud resources are particularly vulnerable. But knowledge is power.
We got a pitch from “GenAI customer support experts DevRev” via email today that says accountants are third most worried about advancements in AI according to an analysis of search data for terms like “how will AI affect __” and “will AI replace _.” Meaning accountants are asking these questions quite a bit, just not as much as lawyers (#1) and artists (#2).
Professionals on the Move is a round-up of recent hiring and promotion announcements from across the profession. PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach Cherry Bekaery, an assurance, tax and advisory firm, recently completed an acquisition transaction with PKF Mueller , a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.
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?
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to withhold federal income taxes from pay.
FT ‘s Stephen Foley has written an opinion piece for, you guessed it, FT on the profession’s deadest of horses: the accountant shortage. Rather than rehashing bits of information that have been repeated ad nauseam for the last two years in the reputable accounting press and the last ten here at Going Concern, I’d like to call your attention to this bit of information: Membership of the American Institute of Certified Public Accountants, the US professional body, fell from 430,0
Auditor disclosures of client-specific quantitative materiality thresholds, which are required in the U.K. but not the U.S., could be encouraging some businesses to massage their earnings reports.
By Don Lee, Los Angeles Times (via TNS). These days, it looks like the bloom is coming off the rose for remote work : Many employers are talking tougher. New research shows employees are actually less productive when they work from home full-time. And, with the tight job market starting to slacken, some predict 2024 will be the year employers finally clamp down.
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!
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the non-tax benefit of using a company car.) Even better, current federal tax rules make the benefit more valuable than it was in the past.
If any of the qualities listed below sound familiar, don’t even bother. TL;DR Are you an annoying person without any friends who can’t strategize your way out of a paper bag? If so, the coveted CFO position is — and will likely remain — out of your reach. So, you think you’re ready to be a Chief Financial Officer (CFO)? Before you start fantasizing about that corner office and the fancy title, let’s get one thing straight: being a CFO is not as easy as you think.
Withum is proud to share that Victoria Iezzi has been named a Trailblazing Leader in Women’s Health and FemTech for 2023. Women of Wearables is an organization that brings together women in wearable technology. Their 200 Trailblazing Leaders in Women’s Health and FemTech celebrates leaders in the industry who have excelled and made significant contributions to innovative solutions for women’s health.
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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