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Optimizing your financial systems to meet your company’s evolving needs is not just a matter of implementing new software. “People and processes need updating as well when it comes to processes evolving,” Reuben Cook of Squire told Airbase CFO Aneal Vallurupalli at a recent What I Wish Knew session, The value of consolidating systems and processes. As Partner, CFO Services at Squire, Reuben works with companies through their transformative growth phases to establish best practices.
Myth No. 1: Bookkeeping and accounting are the same. Fact: Bookkeeping shares some overlap with accounting but is a distinct role. In a perfect world, you should have both—plus a CFO and controller.
6 min read You can't run a business without a sound back office. Key Takeaways Why Some Businesses Consider Building Their Own Accounting Systems: Many businesses find that these software systems cannot meet their unique back-office needs because using an inflexible, one-size-fits-all software solution A Powerful Accounting Software Solution: While an investment of this size into custom-designed accounting software might make sense for a large corporation, for most small and medium-sized busines
Running a successful business involves juggling numerous responsibilities, and one crucial aspect is financial management. Bookkeepers play a vital role in maintaining accurate records and ensuring the smooth functioning of your business. However, it is essential to know the potential risks of bookkeeper fraud. Let's shed light on what business owners need to know about bookkeeper fraud, including statistics highlighting its prevalence.
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.
Startups can improve efficiency, reduce errors, and make better decisions by pairing emerging AI accounting tools with human accounting professionals. The post When AI & Human Accountants Team Up, Startup Founders Win appeared first on Burkland.
You work to improve your tax and accounting firm — increase profitability, expand into new areas, and find a better work-life balance. But you and your staff are already working hard and putting in long hours, and the demands on your team are becoming increasingly complex. Tax firms are feeling the pressure of changing tax regulations, along with clients who expect greater accuracy and faster responses in the digital age.
For a second there I was worried we’d have nothing to write about this week. Why is this profession so depressing? by u/Good-Honeydew3309 in Accounting TL;DR on the protest: Reddit announced an API pricing change, popular third-party apps that rely on the API to function were outraged at the exorbitant fees, moderators across the site organized a two-day blackout that began today to communicate their anger and frustration over the change.
For a second there I was worried we’d have nothing to write about this week. Why is this profession so depressing? by u/Good-Honeydew3309 in Accounting TL;DR on the protest: Reddit announced an API pricing change, popular third-party apps that rely on the API to function were outraged at the exorbitant fees, moderators across the site organized a two-day blackout that began today to communicate their anger and frustration over the change.
By Nick Tscornia. It may feel like automation has been the hottest tech topic for nearly a decade now, but when it comes to practical application we are only just beginning to scratch the surface. There is perhaps no industry in which this dynamic is more apparent than accounting; 75% of accounting processes are largely manual, according to a recent Deloitte survey of accounting professionals.
7 min read Your business is growing- congrats! But, with growth comes an increased responsibility for your back office, and your bookkeeper might need help keeping up. Key Takeaways What a Bookkeeper Does for Your Small Business: Bookkeepers are in charge of maintaining your books closely day in and day out. They generally do all data entry into accounting ledgers or software… Full-Time Bookkeeping for Small to Medium Businesses: The current average full charge bookkeeper's salary fluctuates bet
Prior to 2007 I had little idea the accounting profession existed. I mean, I knew it was a thing and it’s possible young me read a story or two on the Yahoo! homepage about Enron but it wasn’t until 2007 that I really knew about it. That was the year I started working in CPA review, Going Concern was founded two years later. Why am I talking about this?
Optimizing an organization’s financial health can be a challenging task, especially for CFOs and other finance leaders. Maintaining control over an enterprise’s spending and resources is crucial for success. Financial budgeting serves as a critical aspect of business planning, allowing organizations to effectively allocate their financial resources and gain valuable insights into their operations.
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 miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s age
Welcome to our comprehensive FAQ guide on the IRS Fresh Start Program ! Dealing with tax issues can be overwhelming, but the Fresh Start Program is designed to provide taxpayers with a second chance. In this article, we’ll answer your most pressing questions about this initiative, explaining its purpose, eligibility requirements, benefits, and how to apply.
Perhaps you’ve already seen this in 24 hours since it was released but let’s talk about it anyway because L-O-f **g-L. UK office furniture company Furniture at Work has published a hilarious anti-WFH piece called “From Claw Hands to Hunchbacks: How Working From Home Could Affect Our Bodies.” The article warns that if you continue to work from home you will end up looking like an enemy from Silent Hill by the time you are 70.
One of the best things that you can do for your business is to understand financial statements. One of the biggest issues that come with reading financial statements is understanding the differences between Retained Earnings vs Owner’s Equity. The first step is defining the two. Retained Earnings is the company’s net income or loss over the period of the company.
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
Call it a sales tax or a delivery fee of 27 cents. Just don’t call Colorado the only state implementing or considering such a surcharge on online sales: New York lawmakers will soon debate their own and Minnesota’s kicks in next year. Retailers, online marketplaces and services must now charge the delivery fee if an order will be delivered to a Colorado address using a motor vehicle and includes at least one item subject to the state sales or use tax.
By Joy Taylor, Kiplinger Consumer News Service (TNS) The U.S. State Department can deny or revoke U.S. passports of people with federal tax debts of $59,000 or more on whom a tax lien or levy has been filed. This doesn’t include individuals who are paying their taxes under an installment agreement, people in bankruptcy, individuals who live in a federally declared disaster area, or people with a tax debt that the IRS has determined isn’t collectible because of hardship.
Some time back, KPMG UK released novel research that analyzed the career paths of more than 16,500 partners and employees at KPMG over a five-year period to discover that socioeconomic background, measured by parental occupation, had the strongest effect on how quickly an individual progressed through the firm. So if a KPMG employee’s highest earning parent was in a manual or blue-collar job when they were growing up, that person progressed more slowly through the ranks compared to peers w
Many of today’s accounting professionals have a new perspective on when and how they want to work. Are firms heeding the call? The onset of the COVID-19 pandemic forced countless businesses, including accounting firms, to go remote essentially overnight due to mandated shutdowns and stay-at-home orders. Now with the public health emergency officially over , the shift to more remote work has become the new normal.
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.
Sales tax compliance involves a highly complex set of rules and regulations. These rules change frequently in many jurisdictions, and the question of whether (and how) your company needs to collect and remit sales tax to a certain jurisdiction can be quite difficult to determine. Many companies believe that when going with a sales tax automation option everything is taken care of.
By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. Now is the time to understand those implications and consider strategies to help mitigate the potential tax risks—and this article can help you get started.
Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. “There has been a significant increase in profitability at all the audit firms. They have the resources available to increase the pay levels of more junior people that they want to attract into their firms and it’s up to them whether th
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?
Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. For 2023, the indexed exemption rose to $12.92 million ($25.84 million for married couples).
A Top Technology Initiative Article. June 2023. With the spring conference season wrapping up, watching the frenzy around Artificial Intelligence (AI) and its applicability in the profession has been amazing. As noted in my April column , there are various innovative uses of AI and privacy risks for your client data. Recently, Google released its SAIF (Secure AI Framework) regulations based on six principles to enable the creation of high-quality, secure artificial intelligence.
Artificial intelligence (AI) has proven that it is a far cry from just a buzzword. Over the years, AI in accounting has increasingly gained traction and, going forward, it will continue to transform the tax and accounting profession. Is your firm ready? Like many industries, the accounting profession is exploring how AI can improve efficiencies and help strained firms better serve clients.
Ever since ChatGPT exploded onto the scene late last year people of all stripes have been using, discussing, exploiting, and fearing it. Which category you fit in depends on your age, profession, familiarity with technology, knowledge of decades-old conspiracies about robots taking over the world, and most importantly your willingness to embrace the new and exciting.
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!
A new study has revealed that the UK accounting services sector has experienced consistent growth across the country, with increased demand for their services resulting in a 62% increase in new businesses in the sector since 2017. Tyl by NatWest , the payments partner supporting UK SMEs and micro businesses, has commissioned the Evolving Enterprise Index report , revealing the fastest growing and fastest emerging sectors in the UK.
By Jeannie Ruesch. Imagine this: Your morning routine includes client consultations, processing a few bills for each of your clients via AP automation in just a couple of minutes, closing the books for one client, reconciling them for another. Then at lunch, you leave your home office behind and head out to Walt Disney World for the afternoon. And then imagine that this day is just one of many.
Indian media is reporting 25-year-old Prasad Navaneeth, formerly a senior associate at BDO USA’s growing India office BDO RISE, was detained for making a hoax bomb threat targeting his office at the RMZ Ecospace tech park in Bellandur. Several articles state that he’d been told to resign due to poor performance and that he refutes this claim, citing ‘office politics’ as the reason for his forced departure.
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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