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By Mark Ballard, The Advocate, Baton Rouge, La. (TNS) Seeming to come out of left field, President Joe Biden last week blasted Republicans for pushing legislation that would abolish federal income taxes and the IRS then replace those revenues with a 30% or so national sales tax. “It would raise taxes on the middle class by taxing thousands of everyday items, from groceries to gas, while cutting taxes for the wealthiest Americans,” Biden said during a speech at the National Action Network’s Marti
Accounting is often thought of as a purely financial discipline, but its role in customer experience (CX) and providing customer delight should not be underestimated. In today’s competitive landscape, businesses need to go above and beyond to win customers over and keep them coming back. That’s where accounting comes in. With its unrivaled ability to track money flows and optimize financial processes, accounting can play a vital role in enhancing the customer experience.
When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!” The grief is understandable, although we’re not sure how “good” it is.
From a business owner's standpoint, the thought of handing off an entire area of your business for someone else to take care of may seem a bit nerve-wracking. But business owners should consider how much time is being used up on a daily, weekly, or yearly basis on an area of the business, like bookkeeping, that can be spent focusing on sales, growth, and future planning.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
What are your accounting goals? Many firms want to grow and expand. However, other businesses want to focus on: Increasing profit margins Boosting net profit Growing revenue At the same time, owners often find themselves stressed because they don’t maintain a healthy work-life balance. As the tax season picks up, we recommend that you sit down and reflect on the past before diving into your goals for the future.
FP&A provides data analysis and decision support to the entire organization, including the CFO who is responsible for strategic financial oversight. The post FP&A vs. CFO for Startups: What’s the Difference? appeared first on Burkland.
Menzies LLP - A leading chartered accountancy firm. As your business grows there will become a point in time where you need to upgrade your accounting and/or ERP systems to improve your reporting capability and insight to enable you to make smarter business decisions. Changing ERP systems can fill most business owners or directors with dread but there are steps you can take to make the process as seamless as possible.
Menzies LLP - A leading chartered accountancy firm. As your business grows there will become a point in time where you need to upgrade your accounting and/or ERP systems to improve your reporting capability and insight to enable you to make smarter business decisions. Changing ERP systems can fill most business owners or directors with dread but there are steps you can take to make the process as seamless as possible.
Steady cash flow is what supports your business in a very literal sense. Driving those numbers upwards should be applied not only at the sales and marketing level but the accounting level too. Improving your cash flow metrics with a smart accounting feature like a recurring invoice is a great example of how accounting software can become a reliable partner in your business venture.
Cash flow problems happen—often. It’s why 82% of small businesses fail. But if you have issues with your cash flow, you’re not doomed to close up shop. Instead, it’s like coming to a fork in the road. Turn right to power through, or turn left to call it quits.
As users or end-users in IT terms, we often receive notices and trainings to keep our company and client data safe. These tips are always helpful, yet the information does not readily translate to personal cybersecurity diligence. Our accompanying podcast, “Personal Cybersecurity Habits You’re Overlooking,” solicits advice from Withum’s Julie Tracy , Executive Cybersecurity Advisor.
According to the Global Corporate Treasury Survey , treasury departments increasingly recognize the strategic nature of their role. The survey revealed that the majority of participants consider “managing liquidity risk and overseeing financial risk management” to be crucial priorities. Additionally, improving cash forecasting and streamlining operations are significant concerns.
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
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Crystal ball time. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Among them: Online sellers will challenge more states’ concept of nexus and warehouses – especially for storing inventory for marketplace facilitators such
In a recent study conducted by Momentive, data security was ranked as the primary concern for 77% of IT decision makers when considering a new cloud service provider. Having delivered planning solutions to over 700 companies globally, Acterys understands that security is a top consideration for organizations when choosing a vendor. Acterys’s commitment to security has led to the successful completion of SOC 2 compliance audit.
The passage of the SECURE Act 2.0 provides a slate of retirement changes that could improve the retirement system for many people. The new law supplements earlier legislation that increased the age for required minimum distributions (RMDs) and allowed for additional retirement options. Below are the major changes to be aware of that affect employers and employees alike.
SECURE Act 20 is finally here. The long-awaited upgrade to the initial legislation known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019, was signed into law on December 29, 2022. SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes.
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.
Shipping is indispensable to eCommerce yet sales tax on it remains a mishmash of regulations across the states. In our previous blog, we looked at how exemptions, the taxability of the item being shipped and selling into tax-free states affect sales tax on shipping. What other factors change your shipping/sales tax obligations and in what states? Pick-up lines Delivery methods and options seem to add to the confusion in Mississippi and California.
I was cleaning out pics on my phone and was reminded of something I saw on Reddit a few weeks back: a screenshot of someone’s many, many, MANY CPA exam attempts over twelve years. Most people would have given up around the tenth attempt but this person persisted. And persisted. And persisted. So if you are still hurting from the January 10th score release just remember, the only way to fail forever is to stop trying.
Xero has announced an integration with Melio, a leading B2B payment platform that will permit the automatic sync of A/P and A/R data between the two small business solutions.
The Internal Revenue Service is reminding employers of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. Employers must file copies of their 2022 Form W-2, Wage and Tax Statements , and Form W-3, Transmittal of Wage and Tax Statements , with the Social Security Administration by January 31, 2023.
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?
By now, you’ll be familiar with Single Touch Payroll Phase 2. This will see your business build on its existing STP reporting to share more information with the ATO and additional government agencies whenever you process a pay run. With Xero’s deferral soon coming to an end, mandatory Phase 2 reporting is set to commence from 31 March 2023. This means that all Xero Payroll users must transition to the Phase 2 reporting standard.
Last week someone complained about the format I’ve been using for this linkwrap since I started doing it many, many Mondays ago so just for them, here’s some bullet-free bullet points in lieu of one giant paragraph. Don’t say I never did anything for you. Brazilian retailer and PwC client Americanas filed for bankruptcy, its three largest shareholders said over the weekend they had not known of $4 billion in accounting inconsistencies. “We didn’t know of and would n
By Tod McDonald. With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. In short, with interest rates on the rise and recessionary fears growing, the tide is, at long last, going out — and when the tide recedes is when we see what truly lies beneath.
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!
This February, we’re pumped to be hitting Australia’s major cities and regional towns for – you guessed it – Xero Roadshow 2023! From Geelong to the Gold Coast and Parramatta to Perth, we’ll be touring 17 locations between 7 to 27 February. Since we last hit the road in March 2022, the world has continued to experience lots of change (like talent shortages, rising inflation and cost of living pressures).
When big layoffs began in tech last year, accountants everywhere justifiably celebrated for having chosen a career that may not be the most prestigious (or exciting or lucrative…) but will always be in demand. While their employees were quietly boasting about not losing their jobs, it seems EY leadership was waiting in the wings hoping to snap up some of the newly-liberated tech talent.
The Bonadio Group’s Kristin Kowalski discusses some of the ins and outs of what is becoming a potential growth opportunity in 2023 and beyond. Here’s what today’s accounting professionals should know.
By Daniel F. Rahill, CPA/PFS, JD, LL.M., CGMA. Three years after the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted, SECURE Act 2.0 is now law, with the goal of “securing” American workers’ retirement options well into the future. With the act containing upward of 100 new retirement provisions, here are six of the most notable changes taking effect this year.
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.
This blog was first published in April 2022 and updated in January 2023. If you’re a VAT-registered business , you may have received a letter or email from HMRC, informing you that the new penalty system for Making Tax Digital (MTD) for VAT is now in place. Arriving at the beginning of this year, the system is described as simplified penalties for late VAT submissions and payments, with a goal of making these fairer and more proportionate for customers.
RSM International CEO Jean Stephens spoke to Financial Times recently and let everyone know that her firm is totally open to a little wheeling and dealing that would bump them up from their current spot as the sixth largest firm (#5 on the IPA 500 ). Coincidentally, RSM just released their revenue numbers and they are anything but shabby. A few bullets from today’s press release : Global revenues increase by over 41% in three years Double-digit growth across all RSM regions for a second co
The IRS sent out a reminder on the second day of the 2023 filing season that all digital asset-related income must be reported when taxpayers file their 2022 federal income tax returns. One change of note on forms 1040 this year is the IRS has replaced the term “virtual currency” with “digital assets,” a term that covers more than just cryptocurrencies but also stablecoins and nonfungible tokens.
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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