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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.
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.
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.
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.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
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.
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.
Philanthropic giving plays a crucial role in our communities, and it is the lifeblood for many not-for-profit organizations. Having an in-depth understanding of philanthropic trends and dynamics – especially in changing times – can help not-for-profits create effective fundraising strategies and thoughtfully prepare for the future.
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Philanthropic giving plays a crucial role in our communities, and it is the lifeblood for many not-for-profit organizations. Having an in-depth understanding of philanthropic trends and dynamics – especially in changing times – can help not-for-profits create effective fundraising strategies and thoughtfully prepare for the future.
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
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
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. .
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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
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?
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
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. .
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.
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.
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!
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
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).
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.
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.
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.
Across industries and across the globe, industry experts continue to raise concerns about shifting B2B payment habits — often to the detriment of small vendors. But some analysis suggests supplier payment strategies are in flux to better support the working capital positions of corporates. Despite widespread disruption in global supply chains, a new report from Medius indicates that supplier invoice and payment volumes have actually remained relatively stable this year compared to last.
The pandemic has upended daily life – and in payments, it is moving analog, face-to-face transactions toward the digital realm. In an interview with PYMNTS, Michael Bermingham, co-founder and chief business officer for Nium , said the pandemic has been changing the very nature of cross-border payments. That’s due in part to the fact that across the globe, businesses have shuttered in the wake of lockdowns and government mandates – including money transfer agents and locations.
Palantir Technologies has a lot of irons in the fire as it reportedly gets ready for an initial public offering (IPO), including its current drive to raise nearly $1 billion from investors. In federal filing Wednesday (July 1), Palantir said it was offering securities totaling $961,099,010. The amount sold so far, the U.S. Securities and Exchange Commission (SEC) filing said, is $549,727,437.
Tokens are incredibly powerful tools to secure data and safely transport it from one point to another. Now is the time to take a broader look at them in the pandemic’s wake and the emphasis on touchless and digital commerce, CyberSource Vice President of Global Acceptance and Processing Mark Norris told PYMNTS in a MasterClass discussion. He said tokens are capable of providing a wide world of possibilities beyond their traditional use as just security tools.
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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