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When is it worth getting a business problem off your plate? Businesses outsource tasks every day, from marketing to operations to finance. But is there more you should be outsourcing? Does it make sense to keep things in-house if you don’t have an expert on staff? A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax.
So you're interested in hiring a virtual bookkeeping company, but you're not sure how much making the switch will cost. When considering virtual bookkeeping, there are actually two costs to consider: the virtual bookkeeper and the accounting software. If you don't have online accounting software, you may need to acquire it alongside the virtual bookkeeping services.
For every organization, FP&A mandates professionals to have first-rate analytical thinking and numerical analysis skills to interpret financial data and produce insights surrounding business performance. However, crunching numbers and compiling insights is only the first part of the process. To paint the complete picture, they need to understand how those disjointed figures come together and put them in a cohesive narrative to effectively translate insights into game-changing decisions and r
Summary: LTV, or Lifetime Value of a Customer, is the average total revenue one customer generates for your business over their lifetime. CAC, or Customer Acquisition Cost, is simply the Read More. The post What’s a Good LTV:CAC Ratio for a SaaS Startup? appeared first on Burkland.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. You might need help mitigating tax exposure and ensuring tax planning, charitable giving, and other complex tax needs.
N.R. v. Raytheon Co., 2022 WL 278537 (1st Cir. 2022). Available at [link]. The minor beneficiary of an employer-sponsored group health plan, with his parents, sued the employer, the plan administrator, and the claims administrator, alleging that the plan’s exclusion of non-restorative speech therapy for autism spectrum disorder (ASD) violated the Mental Health Parity and Addiction Equity Act (MHPAEA).
Talent has always been something that firm leaders have had to manage carefully, but this year seems especially difficult and many firms are wondering what to do about it. Per Monster.com, accounting roles were ranked in the top 10 hardest positions to fill in 2021. And it looks like it might get tougher as we go along. According to the AICPA , over 75% of CPAs will retire in the next 15 years.
Talent has always been something that firm leaders have had to manage carefully, but this year seems especially difficult and many firms are wondering what to do about it. Per Monster.com, accounting roles were ranked in the top 10 hardest positions to fill in 2021. And it looks like it might get tougher as we go along. According to the AICPA , over 75% of CPAs will retire in the next 15 years.
Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.
QUESTION: We’ve heard there is a requirement to report prescription drug and health care spending to the government in 2022. What are the reporting requirements and when are the reports due? ANSWER: Year-end legislation passed in 2020 requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the government (see our Checkpoint article ).
Whether you’re partial to the Olympics or American football, this past week has brought some great athletic entertainment to many Skagit County homes and businesses. As we speak, the U.S. has managed to grab 16 medals – 7 of them gold. Among those gold medal winners is Erin Jackson , the first Black woman to win an Olympic medal in speedskating. And while he didn’t medal, Shaun White made his final snowboarding bow as he placed fourth in the halfpipe contest.
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
3 min read. In 2020 alone, there were over 10,000 reports of human trafficking to the U.S National Human Trafficking Hotline - and these numbers are likely only a fraction of the actual data. [1]. To their detriment, human trafficking survivors are often left with serious mental or emotional health consequences such as depression, anxiety, and substance abuse.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Act”) was signed into law on December 27, 2020. As part of the Act, the Internal Revenue Service (“IRS”) created a 4% floor on tax-exempt bonds issued after December 31, 2020 to finance new or existing buildings. The floor also applies to non tax-exempt financed acquisitions and rehabs with credit allocations after 2020.
The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. If you have ever tuned in to a business news channel, you have probably heard someone mention the Consumer Price Index at some point. Recently, the high rate of inflation is a topic of importance and concern. Inflation has risen 7% over the past year.
Having a powerful online presence is crucial to the success of every small business. Not having an online presence makes it nearly impossible for people to discover a business when searching for products or services. A user-friendly website and active social media presence quickly connects brands with their ideal audience – whether locally, globally, or both!
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.
As government contractors prepare to bid on a proposal for a governmental contract that requires an adequate accounting system, a pre-approval known as a “pre-award survey” (Form “SF1408”) assesses the adequacy of a government contractor’s accounting system prior to the award of a cost-reimbursable contract. A pre-award survey is necessary for contractors with cost-reimbursement contracts, or contractors receiving progress payments.
The death of a loved one is a challenging time for a family. Not surprisingly, it’s also a challenging time for an employer. There are several considerations when handling the wages and benefits of a deceased employee. . Considerations regarding wages and benefits of a deceased employee. Wage payment. In general, state laws will dictate how wages are processed for a deceased employee.
“Mature companies fail because they forget why they were born.” – Simon Sinek. When was your firm born? When did your one or two founding partners decide to leave another firm and form their own? What were they thinking? If your firm has been around for 90 years, when did your current oldest partner join the firm, and what was it like then?
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?
Perhaps it’s just a generational thing, but to be honest I don’t understand cryptocurrencies. I’ve read various articles and can spout off definitions of blockchain, bitcoin and a host of other cool tech-sounding words and phrases. It does make me feel a little better when I read what the IRS has published over the past couple of years on the subject.
The indoor cannabis growth market sector is experiencing unprecedented growth. New licenses are being awarded in multiple states, and the industry’s expansion is destined to become nationally accepted. As the industry expands, new license holders find themselves toe to toe with Multi State Operators (MSO) competing for market share. While many license holders have seen unparalleled success, others have struggled to make it out of the gate.
Job fit is critical when hiring new accountants for your firm. The right accountant in the right role means a happy, engaged, and thriving employee. That is why matching candidates’ skills, experience, and attitudes to the job description and requirements is crucial. Another important factor to evaluate is organizational or cultural fit. A candidate may check all the boxes for the job, but what about that person’s standards, beliefs, and expectations?
Financial advisors are continually recommending retirement plans to business owners. They often make that recommendation every tax year and wonder why the owners never do. When asked, about 40% of small business owners do not believe they have enough money to invest in a retirement plan for themselves or for their employees. Almost 75% believe that retirement plans are too expensive, and 61% lack the resources to administer a program.
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!
It is the time of year when everyone adult Canadian should be thinking about investing into their registered retirement savings plan (RRSP) prior to the deadline of March 1st. Many of you might think that you are young and have time or conversely that you are older and it’s too late. The truth is that it is never too early or late to start a RRSP. You simply need to set a goal and start doing it.
Download a PDF of this case study. Executive Summary. A growing financial exchange operator was dealing with siloed processes, multiple disparate systems and manual processes, which prevented the company from achieving the level of reporting they desired and created an inability to implement the expected level of controls. The client realized it was time to develop and align their growth and technology strategies.
Every tax and accounting firm is unique, so there’s really no one-size-fits-all approach to hiring. However, there are seven key factors to consider before posting your next job advertisement. 1. Company culture. Understanding your company culture is a useful step in finding a new accountant who is the right fit for your firm. Take some time to understand your company culture, the environment of your office, and the types of people on your team.
Imagine you’re shopping for a new washing machine and the cashier offers you a handwritten bill rather than a detailed invoice. Will you be satisfied with the shop? Will you ever visit the store again or recommend it to someone else? If you are the service provider, consider yourself a customer to work in a customer-friendly manner. Accounting automation aids in building a professional foundation for your company.
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Are you feeling unsure about how to fill out Forms 1099-NEC and W-9? When the time of the year rolls around to prepare these forms, you might struggle to remember how exactly to go about it. In this article, I’ll explain how to fill out Forms 1099-NEC and W-9. Form 1099-NEC for Non-Employee Compensation. Non-employee compensation is reported in Box 1.
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Document management is critical in any fraud investigation. Larger cases mean more documents, so the process of managing them is even more important (and maybe more complicated). Part of the document management process is preserving original evidence so that it may someday be used in court. While an investigator often never knows if a case will ultimately end up in front of a judge, the most prudent way to handle evidence is to assume that you will be in court one day and to handle the evidence
Form 8950 (Application for Voluntary Correction Program (VCP)) and Instructions (2022). Form 8950. Instructions. The IRS has revised Form 8950 (Application for Voluntary Correction Program (VCP)), and its instructions, to accommodate anonymous pre-submission conference requests under the Voluntary Correction Program (VCP) portion of the Employee Plans Compliance Resolution System (EPCRS).
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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