Lockstep
JUNE 1, 2022
As the Federal Reserve tightens interest rates at the highest level in over 20 years, it’s a good time to review your manual accounts receivable (AR) processes to seek out your unresolved cash traps. Even with rates on the rise, bank lending is accelerating faster than in recent years. It’s no surprise that rising interest rates are causing companies to evaluate their AR and cash position. .
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MazumaBusinessAccounting
MAY 31, 2022
Have you ever wondered how long to keep important financial records such as receipts, bank statements, and credit card bills? You’re not alone! Rather than keep everything forever and let the stacks of paper reach the ceiling, develop an organized system of keeping receipts for the recommended amount of time. Remember, the IRS recommends keeping tax-related documents for at least six years.
RogerRossmeisl
MAY 31, 2022
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. You must: Get a “qualified appraisal,” Receive the qualified appraisal before your tax return is due, Attach an “appraisal summary” to the first tax ret
Speaker: Amanda Adams, Fractional CFO, CPA
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.
BurklandAssociates
MAY 31, 2022
Even in a down market, 2022 has the potential to be a solid year for fundraising for startups with a sizable market opportunity, proven product-market fit, and solid metrics. As Read More. The post What is a Startup CFO’s Role in Fundraising? appeared first on Burkland.
Accountant Advocate Submitted Articles
MAY 31, 2022
It can be appealing to view the federal government as a customer, but do you know what it takes to prepare a federal government contract bid?
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
MAY 30, 2022
These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S. Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020. But in the event of a loss, processing such claims can be expensive, and insurers are becoming more selective about the companies they agree to insure and for how much.
Withum
JUNE 1, 2022
Over the past two years manufacturers and resellers have struggled to maintain inventory levels due to global supply chain issues, and now are facing the highest inflation rates since 1981. Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) metho
Intuitive Accountant
MAY 31, 2022
Based on increasing demand for QuickBooks Online and its mission to help its customers thrive, QuickBooks is accelerating its investment in QBO platform products. Liz Scott digs a little deeper.
Xero
MAY 30, 2022
Cloud-based apps and tools, like those in the Xero App Store or wider Xero Ecosystem, have given small businesses the ability to use a combination of apps to build their own bespoke business engine. And according to the numbers, the more apps the merrier. Our research has shown that organisations who use five or more apps have seen sales growth of 4.3% , while those who don’t use any at all have experienced a 3.4% decline (year to December 2020).
Speaker: Abdi Ali, Sr. Lease Accounting Consultant
Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.
RogerRossmeisl
MAY 30, 2022
Financial statements are an important source of data for valuing a business. But they tell only part of the story. An accurate business valuation hinges on a comprehensive understanding of the subject company’s relative performance and its future earnings power. To help clarify matters, experts often make various adjustments to the financials. Here are some examples.
Going Concern
JUNE 2, 2022
Have you attended a pizza party lately? Has your firm been trying to seduce you back into the office with the promise of under-seasoned jarred sauce and crust? Have you ever stared down a tiny tub of garlic butter sauce wondering wtf you’re doing with your life? Then this piece (heh) is for you. Wikipedia describes a pizza party as : A pizza party is a social gathering at which pizza is served.
Withum
JUNE 2, 2022
Understanding the stock market is difficult, but much easier when you know the basics and can match them with what you are trying to accomplish. For the last few years, I have been publishing (as a PDF) a booklet explaining how the stock market works. I cover all of the basics and some pretty sophisticated added information written in my down-to-earth style [this blog is a sample of my writing style].
Patriot Software
JUNE 2, 2022
Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup—and knowing this difference is how you can set prices that lead to profits. Unsure about the difference between markup and margin in accounting? We’ve got […] READ MORE.
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
RogerRossmeisl
MAY 30, 2022
As posted to the ARK Invest YouTube Channel on 5/19/22 (Run Time: 16 min, 20 sec) ARK Invest believes that autonomous ride-hailing will reduce the cost of mobility to one-eighth the average cost of ride-hail today, spurring widespread adoption and unleashing unprecedented economic productivity. ARK believes that this could be “one of the most meaningful economic productivity delivering innovations of all time” and the GDP contribution from autonomous ride-hail systems could total ar
Going Concern
JUNE 3, 2022
Accountant Finds Out Client Has “Skeletons In The Closet”, Gets The IRS Involved And Makes Him Lose Everything [ Bored Panda ] It was posted on Reddit so obviously it must be true. How a New Accounting Rule Is Making Bank Earnings Go Wild [ Wall Street Journal ] The new accounting standard, known as current expected credit loss, or CECL, says that a bank has to set aside funds to offset loan losses that might come anytime in the future.
Withum
JUNE 3, 2022
Withum is proud to share that Zsia Rosmarin , Partner and Team Leader of Technology and Emerging Growth Services , was honored as a Woman Worth Watching in STEM by Profiles in Diversity Journal. Zsia was acknowledged for her leadership role at the Firm in both her client-facing work and her position as a leader of Women of Withum , a Team Member Resource Group whose mission is to motivate, advocate and elevate women professionals with the tools they need to succeed.
Patriot Software
MAY 31, 2022
You don’t know what you don’t know. This phrase couldn’t be more true, especially when it comes to taking up your business’s accounting. After all, it’s a technical and complex subject. And when it comes to your responsibilities, you probably have a million accounting questions—even if you don’t know exactly what they are. Have questions […] READ MORE.
Speaker: David Warren and Kevin O’Neill Stoll
Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng
RogerRossmeisl
MAY 31, 2022
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in a bona fide business.
ThomsonReuters
JUNE 2, 2022
IRS Employee Plans News (May 25, 2022). Available at [link]. A recent edition of the IRS’s employee plans newsletter summarizes the electronic submission requirements for Form 5300, Application for Determination for Employee Benefit Plan, as set forth in Revenue Procedure 2022-4 (see our Checkpoint article ). Electronic filing of Form 5300 is available beginning June 1, 2022, and required beginning July 1, 2022.
Withum
JUNE 3, 2022
Withum is proud to share that Peter Kim , Principal of the Forensic and Valuation Services Group , was honored as an Asian Leader Worth Watching by Profiles in Diversity Journal. Peter was acknowledged as a CAMS—Certified Anti-Money Laundering Specialist and an outstanding leader in both his professional network and in his community. At Withum, Peter reviews and tests compliance programs through audits and independent tests and manages remediation and execution of transaction monitoring, in addi
Reckon
JUNE 2, 2022
For better or worse, the pandemic has disrupted the accounting industry forever. Dave Francis, General Manager of APS, has witnessed enormous changes industry wide. One of the most significant has been a distinct shift in where work is done. Since the onset of COVID-19, adopting new working patterns has been a necessity for many firms. While some pandemic-borne trends are fleeting; hybrid and remote work models are here to stay.
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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.
RogerRossmeisl
MAY 30, 2022
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your bases to zero.
Going Concern
MAY 30, 2022
EY Global Chairman and CEO Carmine Di Sibio is out here making some wild claims, namely that EY’s 20-somethings are eager to get back to the office. From CNBC : In the tug of war between returning to the office and working from home, Ernst & Young (EY) CEO and Global Chairman Carmine Di Sibio falls on the side of offices, and he believes younger workers are with him.
ThomsonReuters
JUNE 2, 2022
QUESTION: The claims administrator for our ERISA group health plan sometimes records telephone conversations between a plan participant or beneficiary and the claims administrator’s representative. These recordings are used for training and quality assurance purposes only, not claim administration. Contemporaneous notes of the conversation are used for tracking and administering the claim, and are included in the administrative record that is available to claimants upon request.
Reckon
MAY 31, 2022
27 May – 3 June marks National Reconciliation Week in Australia. This is an important time to consciously recognise and respect our nation’s first people and consider the way we can move toward a more inclusive and respectful future. “National Reconciliation Week (NRW) is a time for all Australians to learn about our shared histories, cultures, and achievements, and to explore how each of us can contribute to achieving reconciliation in Australia.” – Reconciliation Australia.
Speaker: Mark Stovel
When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.
RogerRossmeisl
MAY 31, 2022
Purchase price allocations are an important part of negotiating a successful M&A transaction. The value of most assets — such as receivables, inventory and equipment — may be fairly straightforward. But the value of non-compete agreements is often a sticking point. To complicate matters, the buyer and seller may have conflicting tax objectives. This is because the buyer must amortize the amount allocated to non-competes over 15 years, whereas the seller must recognize the allocation as ordin
Going Concern
JUNE 1, 2022
When I started in public accounting, one of the audit partner s I worked with shared the elevator metaphor: working in public accounting is like riding an elevator—the longer you stay on, the higher up you will go. When should you leave? The go-to response from all partners at every firm ( stay until manager ) is probably the biggest load of horseshit they will ever try to sell you—although “ one year here is the same as two or three in industry ” and “I had to do that, so you should, too” are c
ThomsonReuters
JUNE 2, 2022
CMS: HIPAA Administrative Simplification Regulations Overview (May 2022). Available at [link]. CMS has created an online fact sheet that summarizes the HIPAA administrative simplification requirements that apply to covered electronic health care transactions. These provisions are designed to streamline and simplify health care transactions through standards, operating rules, unique identifiers, and code sets, which can help the health care community save time and money.
Patriot Software
JUNE 3, 2022
Ready to move beyond bookkeeping into a slightly more complex role? If so, you might consider full charge bookkeeping. But, what exactly does a full charge bookkeeper do? In this article, we’ll cover everything you need to know about full charge bookkeeping, including: What is full charge bookkeeping? How to become a full charge bookkeeper […] READ MORE.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
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