GrowthForceBlog

JULY 19, 2022

10 min read. The mainstream buzz around the concept of a four-day workweek first gained steam in 2019 when Microsoft Japan reported experiencing a 40% increase in productivity, 23% reduction in electricity costs, and an effective halving of the average 60-minute meeting cut down to 30 minutes – all after cutting their employees' workweek down to four eight-hour days and continuing to pay them as if they were working five eight-hour days. [1].

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Canopy Accounting

JULY 20, 2022

Across all industries, businesses will run into necessary yet time-consuming repetitive tasks. The same is true for those in the accounting industry. So, what can you do to ease the burden? Well, thankfully there is an answer—automation. Research shows that at about 60% of jobs, about 30% of the activities completed can be automated. Industry trends show that accountants are already adopting automation into their workflow.

accounting firms 96

accounting firms accountant Account accounted 96

Lockstep

JULY 20, 2022

With inflation discussions dominating the conversation today, it is more important than ever to decrease your days sales outstanding (DSO). This not only increases your cash flow but reduces the risk across your business. One way to help ensure more customers pay on time (or sooner) is to increase the payment methods available to your customers. And choosing the right payment service can be complicated, especially when the options come with so many different terms.

accounting software 87

accounting software accountant Account Start-ups 87

TaxConnex

JULY 19, 2022

Online retailers face a lot of challenges today. Sales tax obligations are among them. It’s been four years since these obligations began landing on businesses’ plates nationwide, and the situation isn’t getting any easier. Only now are federal lawmakers beginning to wonder if the current sales tax landscape overburdens online businesses. In the meantime, your business may have to start collecting and remitting states’ sales tax – with severe penalties if you don’t.

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South Dakota Sales Tax tax consultant 240

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.

Account

RogerRossmeisl

JULY 16, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due.

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Tax income tax CPA business tax 213

VetCPA

JULY 19, 2022

Comparing a business’s key financial ratios with industry standards and with its own past results can highlight trends and identify strengths and weaknesses in the business. Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value. Getting the most mileage from financial statement data requires some analysis.

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financial statements Sales accountant Account 130

TaxConnex

JULY 21, 2022

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. Here’s a look at a few other things you should keep in mind – including how to avoid hefty penalties. Off to marketplace. Economic?nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states.

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Sales Tax Pennsylvania Ohio 212

RogerRossmeisl

JULY 17, 2022

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. These tools have become more prevalent in recent years, according to “Occupational Fraud 2022: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). But although almost 50% of businesses perform fraud assessments, many owners and managers may be unaware of the value of these procedures and how the assessment process works.

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auditor CPA 202

Intuitive Accountant

JULY 19, 2022

Utilizing the Maslach Burnout Inventory for the first time in an accounting setting, FloQast's survey reveals the alarming extent of burnout on professionals and its impact on critical accounting processes.

accountant 130

accountant Account accounted 130

Withum

JULY 20, 2022

As far as the IRS is concerned, not all tax scams should be treated equally. Last month the Service announced which scams made the list comprising the IRS’s “Dirty Dozen” for tax season 2022, meriting extra scrutiny. Included on the list is a wide range of tax evasion tactics. This article highlights four of them, namely syndicated conservation easements, micro-captives, return nonfiling, and secreting assets. .

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Tax Non-Profits tax return Government 125

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.

Account

Going Concern

JULY 19, 2022

We’re learning this morning that folks at EY will not be getting lunchtime DoorDash today, their paychecks from last Friday have been unceremoniously yeeted from their bank accounts. Per a tipster: There’s a payroll snafu of some sort at EY and seems just about everyone had their payroll reversed. Mass panic and overdrafts. And a Fishbowl thread: According to our tipster and comments on Fishbowl the firm has yet to send out any communications regarding the issue and it’s too ea

payroll 120

payroll accountant Account accounted 120

RogerRossmeisl

JULY 16, 2022

Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to cash out and transfer ownership to employees without immediately giving up control of the business. However, valuing stock held by an ESOP is an ongoing challenge for the fiduciaries who administer them, especially when the sponsoring company is privately held.

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CPA Tax 198

Xero

JULY 17, 2022

Ringing in the new financial year may come without fireworks or champagne, but it is a great opportunity to reflect on the present and what lies ahead. It can be a moment to pause and take note of where your business currently is and how it operates – as well as where you want to be. It’s also a useful time to make changes or upgrades, especially to systems and processes, so things will be smooth-running well into the future.

accounting software 108

accounting software Start-ups Government Sales 108

Withum

JULY 18, 2022

After receiving complaints from small business owners, the Senate Finance Committee held a hearing on June 14th to review the effect of the 2018 Supreme Court decision in South Dakota v. Wayfair on small businesses and remote sellers. In 2018, the Supreme Court reviewed and upheld the lower court’s decision in South Dakota v. Wayfair eliminating the physical presence requirement for a state to impose a sales tax on sales of goods or services in that state.

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South Dakota Sales Tax Missouri 118

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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.

financial statements

Going Concern

JULY 21, 2022

In comments to Financial Times , EY Global Chairman and CEO Carmine Di Sibio says splitting consulting and audit “would win its consulting division up to $10bn in extra fees by liberating it from conflicts of interest that block partnerships with the world’s largest tech groups.” Those consulting fees are as yet out of EY’s reach “because conflicts rules restrict it from working alongside the likes of Amazon or Salesforce.” The split would also benefit the aud

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audit Technology Tax 106

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially deductible.

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tax return CPA Tax 195

ThomsonReuters

JULY 21, 2022

QUESTION: Our company currently offers a general-purpose health FSA. If we switched to an HDHP/HSA, could our employees receive tax-free reimbursements for the same types of expenses from their HSAs? ANSWER: Yes, and they might acquire a few additional options. Like health FSAs, HSAs can provide tax-free reimbursement of out-of-pocket expenses for medical care as defined in Code § 213(d).

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Tax accountant Account accounted 105

Withum

JULY 21, 2022

A former student asked me to suggest some books she could read about starting a business. I read a lot and can recommend quite a few books, but then realized being an entrepreneur is a very broad topic and felt I needed some specifics before recommending something to her. Starting the business is just the first part. Running it is the major issue. In fact, most new businesses do not make it past their second year.

Real Estate 111

Real Estate accounting and finance Finance Tax 111

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

Sales

Anders CPA

JULY 19, 2022

The Employee Retention Tax Credit (ERTC) is gaining more and more attention as companies are discovering that they have through the end of 2023 (for 2020) and 2024 (for 2021) to amend their previously submitted 941s. Eligible companies impacted by the pandemic have been able to claim generous amounts, which makes the credit very appealing. But it’s important to keep in mind that there are gray areas in the IRS guidance around the credit.

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Tax audit CPA 105

RogerRossmeisl

JULY 16, 2022

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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income tax tax planning Tax CPA 190

Intuitive Accountant

JULY 17, 2022

The right clients will make your work enjoyable; the wrong ones will make you dread the office. Client Hub founder and QuickBooks ProAdvisor Judie McCarthy explains how you create the perfect fit.

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quickbooks 105

Xero

JULY 20, 2022

I’m so thrilled to be back at Xerocon London connecting with so many of our accounting and bookkeeping partners and app partner community. It’s been such a long time since we were all able to be together in person, and it’s great to be making real-life connections again. . As we all begin to navigate this post-pandemic business environment, it’s clear that many small businesses have faced huge challenges.

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bookkeeping Government Maine Start-ups 104

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Going Concern

JULY 18, 2022

We received a tip about a situation over at Grant Thornton that may or may not have any basis in reality but since the only time Grant Thornton ever gets mentioned here is to get made fun of over being so bad at auditing (it’s getting better OK!) we thought hey, let’s have a discussion about GT that doesn’t involve fines and failing companies.

Florida 100

Florida audit public accounting Start-ups 100

RogerRossmeisl

JULY 16, 2022

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a gallon, compared with $3.21 a year earlier.

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CPA Tax business tax 184

Intuitive Accountant

JULY 20, 2022

1st Step Accounting's Nayo Carter-Gray has all the information you need to thrive in today's digitally paced landscape. Sign up for her webinar, 'Taking Your Firm Virtual,' and see why it's time to embrace the cloud.

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accountant Account accounted 104

Xero

JULY 21, 2022

We’re numbers people here at Xero. And we know you – our partner community – are too. So to celebrate the return of Xerocon Sydney this September, we’ve gone and rounded up some stats to give you a taste of what to expect. Because if our calculations are correct, there are 1,161 reasons (and counting) to get excited about this unmissable event for cloud accounting leaders. . 12 keynote sessions.

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Gaming Technology accountant Account 103

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.

Going Concern

JULY 22, 2022

What new managers wish they’d known [ Journal of Accountancy ] “Having responsibility doesn’t mean I can’t be a little firm with my team. I learned how to say ‘no.'” Three PwC staff leave firm after ‘rating women’ scandal [ Australian Financial Review ] Three PwC staff members who allegedly attended male-only events where they rated the attractiveness of women in their office have left the firm, with the firm’s leadership labelling the behaviour as “unacceptable” fo

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RogerRossmeisl

JULY 16, 2022

Home Energy Saver Website: hes.lbl.gov/consumer (This is Blog Post #1238). The post You Can Crank It. But It’ll Cost You! appeared first on Roger Rossmeisl, CPA.

CPA 187

CPA 187

Intuitive Accountant

JULY 19, 2022

See how Pareto for Profit™ can help your firm pursue a better way of doing things. With its annual review of your client base, the Renew Group shows you how to see where the noise—and opportunity—is.

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Xero

JULY 20, 2022

It was so exciting to be back on stage at Xerocon London this morning for the first time in nearly three years. I’ve really missed the opportunity to connect in person with our amazing accounting, bookkeeping and app partner communities — especially on such a large scale. I was also really excited about one of the reasons I was on stage — to unveil the early release of Xero Go , a new mobile app we’ve developed to help ease the burden of financial admin for sole traders in the UK.

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