PYMNTS

JULY 3, 2020

The global pandemic has left no industry unscathed, but the travel business has the unfortunate distinction of being the sector that was slammed first and hardest, Colin Smyth , head of travel at payments platform Flywire , told Karen Webster in a recent conversation. “They took [that] punch in the stomach first, and they’ve had to rebuild, thinking about the ways they can survive until the industry opens back up again,” Smyth said.

Technology 140

Technology Manufacturing Finance 140

CapataCPA

JUNE 30, 2020

Paycheck Protection Program Reminder Just as a reminder, the Paycheck Protection Program (PPP) Loan application deadline is today (June 30, 2020). With today being the last day to apply for a PPP loan, there is no more time to wait if you have decided that this program is the right thing to do for your business. You will need to have. The post Paycheck Protection Program Reminder appeared first on CPA firm in Orange County, CA | CAPATA.

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cpa firm CPA 97

Patriot Software

JULY 1, 2020

If you have employees, you likely need to fill out and file Form 941 each quarter. Form 941 is jam-packed with different sections and calculations, which leaves room for errors. To avoid major mistakes, learn how to fill out Form 941 line by line. Form 941 recap Form 941, Employer’s Quarterly Federal Tax Return, reports […]. The post How to Fill Out Form 941: Your Step-by-step Guide appeared first on Patriot Software.

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tax return Tax payroll 96

MazumaBusinessAccounting

JUNE 29, 2020

Did you know that poor bookkeeping, or lack thereof, is one of the top reasons small businesses fail? It may not sound like the most exciting thing, especially if you don’t consider yourself a “math person”, but let’s face the facts, bookkeeping is essential for the success of any small business. Here at Mazuma, we believe that each small business has the potential to succeed with the right tools, mindset, and organization.

bookkeeping 83

bookkeeping business accounting financial statements Start-ups 83

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

Finance

PYMNTS

JULY 1, 2020

A group of big European banks is planning to challenge Visa ’s and Mastercard ’s positions as the world’s two largest payment processing networks, Electronic Payments International reported. . Dubbed the Pan European Payment System Initiative, or PEPSI, the group has the support of 20 French and German banks, and would handle all forms of cashless transactions. .

Government 130

Government Technology 130

GrowthForceBlog

JULY 1, 2020

Contribution Margin is not a number you see on a traditional financial statement- it's a management accounting calculation. If you want to do more than break-even and make a profit , you should understand your contribution margin. Analyzing your contribution margin is the fastest way to get your business to drive profits.

financial statements 68

financial statements management accounting management accounts accounted 68

MazumaBusinessAccounting

JUNE 29, 2020

Although COVID-19 has prevented some of us from traveling, some are still planning on that fun summer vacation. One of the perks of being a small business owner is that you can deduct some of those expenses from your summer vacation. You just need to know your motives before you go! To begin, let’s change the name of your “Summer Vacation” to a “Business Trip” Your goal shouldn’t be to “write off my vacation” but “how do I add some vacatio

Maine 75

Maine business accounting accounted Account 75

PYMNTS

JUNE 29, 2020

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. According to emails seen by WSJ, the auditing firm knew of and had questions about the arrangements and was signing off on Wirecard’s financial results for years anyway.

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auditor audit been audited financial statements 130

PYMNTS

JUNE 29, 2020

The COVID-19 pandemic is one of the most monumental crises the banking industry has faced, and the sector must stare down the dual challenges of creating safety measures at branch locations while addressing the ongoing economic downturn that has stretched their capacity for processing and deferring loans. Bank branches are either closing outright or slashing their business hours to help customers maintain social distancing guidelines — but fortunately, the growing familiarity of digital banking

online accounting 126

online accounting Government accountant accounted 126

PYMNTS

JUNE 27, 2020

When COVID-19 exploded into a global pandemic that more or less shut down everything worldwide, restaurants began diving for digital cover and rapidly embracing order-ahead, curbside pickup, delivery options, modified menus and rewritten business plans – anything and everything they could think of to survive the shutdown and stay alive long enough for patrons to return for on-site dining. .

North Carolina 124

North Carolina Pennsylvania Maine Start-ups 124

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Technology

PYMNTS

JUNE 29, 2020

After spending years fine-tuning travel reward cards, banks have found that the coronavirus pandemic decimated all the effort by reducing the need or will to travel, The Wall Street Journal reports. The cards contained perks like sign up bonuses, points on airfare, hotel stays and more — but now, with the pandemic necessitating staying at home and out of crowded tourist spaces, customers are wondering if the payments are worth it at all.

California 123

California 123

PYMNTS

JULY 3, 2020

Robert Morris , founder and CEO of agricultural-imaging company TerrAvion Inc. , is bringing modern technology to what’s perhaps the world’s oldest business — farming. All with the simple goal of helping farmers more precisely grow the food that consumers want to eat — and grocery stores want to buy. “ Agriculture is the original high-tech industry,” Morris told PYMNTS.

Technology 117

Technology Agriculture Start-ups 117

PYMNTS

JULY 1, 2020

Stay-at-home mandates have consumers spending more on subscriptions, ranging from streaming services to buying retail products for day-to-day use. It is perhaps not surprising that merchants that are offering subscription services are flourishing. Yet, these services are still not immune to experiencing churn. Both consumers and businesses are tightening their belts in the face of the economic downturn caused by the pandemic, and many are actively considering plans to cancel their subscriptions.

Gaming 115

Gaming Retail 115

PYMNTS

JULY 1, 2020

B2B payments account for $25 trillion in the United States each year, but these transactions are often fraught with frustrations and challenges. Studies have found that B2B invoices take an average of 37.4 days to settle , a pace that is largely due to the business world’s lingering reliance on analog payment methods like paper checks. Digitizing these payments has been a top priority for banks, payments processors and businesses for several years, but this digitization has its own fair share of

B2B 114

B2B Alabama Gaming accountant 114

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

payroll

PYMNTS

JUNE 28, 2020

San Francisco’s planned next phase reopening scheduled for Monday (June 29) for outdoor bars, hair salons, museums and more has been put on hold. Mayor London Breed tweeted Friday (June 26) that the city will wait as the number of COVID-19 cases rise across California, CNBC reported. “Yesterday we saw 103 cases,” Breed wrote. “On June 15, when we first reopened outdoor dining and in-store retail, we had 20.

California 112

California Texas Hospitality Government 112

PYMNTS

JULY 2, 2020

Consumers’ commerce patterns have been very much upended in the past few months and shifted heavily to digital. On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks. But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation.

Start-ups 112

Start-ups accounted Account accountant 112

PYMNTS

JULY 3, 2020

Open banking is shaking up the financial industry and is poised to revolutionize the way banks share data with each other as well as with third-party app developers, FinTechs and payment providers. Open banking — a system in which banks allow third parties to freely access their data to develop new apps and services and provide bank customers with greater transparency — is accomplished with APIs that allow third parties to interface with bank systems and access data with minimal friction.

B2B 111

B2B accounting software corporate accounting Start-ups 111

PYMNTS

JULY 2, 2020

Deutsche Bank, the Frankfurt-based multinational financial services company, is in talks with regulators to rescue Wirecard Bank, the deposit-taking division of the German payment company that is facing one of the country’s biggest accounting frauds, the Financial Times reported. Wirecard Bank is separate from Wirecard AG, its parent company that filed for insolvency protection last week.

auditor 111

auditor audit Account accounted 111

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

Finance

PYMNTS

JUNE 29, 2020

On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. Then, cases in the U.S. had hit 1267 and there were 38 deaths, most of them concentrated north of Seattle, Washington. Worldwide, there were a reported 120,000 cases and 4,300 deaths. The WHO’s statements laid bare what everyone all over the world had feared: The coronavirus would hit every single country in the world and put every single citizen living on Planet Earth in its path.

Maine 110

Maine Washington Sales 110

PYMNTS

JULY 2, 2020

More than $25 trillion flows between U.S. businesses in the form of B2B payments each year, yet the payments industry faces a host of complications despite this impressive sum. The banks and payments providers that process these transactions often have difficulty interfacing with incompatible systems, slowing down the payments process and leaving the businesses involved to figure out how to make ends meet.

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B2B Government 109

PYMNTS

JUNE 29, 2020

A Chinese startup is landing hundreds of millions in additional financing as a group of investors – which includes Tencent – eyes the country’s fast-growing grocery delivery sector. Tencent and private equity heavyweight Primavera are spearheading the $300 million investment in Xingsheng Youxuan, Bloomberg reported , citing sources familiar with the deal, which values the company at a healthy $3 billion.

Finance 109

Finance Retail 109

PYMNTS

JULY 1, 2020

Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? It’s true, but not for long. “Migrating to cloud- and AI-based solutions could help FIs handle growing calls for faster banking tools during the COVID-19 pandemic, and recent trends show they are beginning to do so,” according to PYMNTS’ June 2020 Dig

Technology 107

Technology Maine 107

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

CPA

PYMNTS

JUNE 30, 2020

The pandemic may be here for a while. But bit by bit, economies are reopening and taking tentative steps toward normalcy. The “new normal,” however, for firms across any industry — but especially across the payments and commerce spheres — must include a “digital-first” mindset. We queried 35 payments executives about their individual efforts to fast-track the leap to digital and recount what has happened in the past 12 weeks — and what will need to happen moving forward to keep that digital shif

B2B 107

B2B Maine 107

PYMNTS

JULY 3, 2020

Retail CEOs faced a parade of problems in 2020’s first six months, but some executives look ready to set off plenty of fireworks in the year’s back half. . Who will come up with revolutionary solutions to the COVID-19 slowdown and other challenges? Here’s a July 4 th look at some top executives in retail who seem ready to declare their independence from business as usual in 2020’s final six months. .

Retail 106

Retail Gambling Start-ups Sales 106

PYMNTS

JULY 2, 2020

Amazon is moving its annual mid-summer Prime Day shopping bonanza until at least October, according to numerous published reports. No exact date has been given, but Business Insider reported that Amazon told one retailer to expect the event to be held around Oct. 5. . The news outlet quoted what it said was a leaked Amazon email to a supplier as stating: “Every year, Prime Day is a huge hit with customers, who enjoy some of the best deals of the year.

Sales 106

Sales Retail 106

PYMNTS

JUNE 29, 2020

When Bolun Li was in high school, a local bank came in and offered a heavily branded PowerPoint presentation about financial services and money management to students who reacted pretty much the way one would expect. Since it was an ungraded class with no immediate connection to their lives, students mostly looked at their phones, texted each other and waited for the presentation to be over.

Education 105

Education Start-ups Finance Maine 105

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

Spend Management

PYMNTS

JUNE 30, 2020

Financial institutions (FIs) are on the cusp of change, as the great digital shift is forcing them to bring new products and services to market with speed and agility. That means updating legacy systems and bringing banking processes and infrastructure to the cloud. In an interview with Karen Webster, Ariff Kassam , CTO at NuoDB , delved into the roadmaps FIs should develop as they move to the cloud over a timeframe that best aligns with end users’ evolving (and sometimes rapidly changing) needs

Start-ups 104

Start-ups 104

PYMNTS

JULY 2, 2020

Corporates of all sizes and verticals are taking an introspective look at internal operations to pinpoint areas of opportunity for working capital optimization. Often at the center of this initiative is the accounts payable (AP) department — and unsurprisingly for these volatile times, the strategy can turn toward lengthening the days payable outstanding (DPO).

accounts payable 104

accounts payable B2B Hospitality accounting and finance 104

PYMNTS

JULY 1, 2020

For one of his first assignments early in his consulting career, Alex Ramirez was given a task in warehouse operations, and the client was a retailer called Walmart. From this auspicious beginning, Ramirez — now CEO of warehouse management platform CognitOps — has been working on and innovating in an essential-but-underappreciated part of eCommerce , bringing data and artificial intelligence (AI) into the infrastructure and logistics space.

Start-ups 103

Start-ups Retail Sales 103

PYMNTS

JULY 1, 2020

A team of investigators raided Wirecard AG’s offices in two countries as part of the probe into the 1.9 billion euros ($2.1 billion) that went missing from the payments company’s accounts, Bloomberg News reported. According to the report, a dozen Munich prosecutors and 33 police officers searched the company’s headquarters in Aschheim, Germany and two offices in Austria.

Sales 103

Sales accounted Account accountant 103

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Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.