Sat.Oct 21, 2023 - Fri.Oct 27, 2023

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Why You Should Add Financial Services to Your Accounting Firm

CPA Practice

Accounting firms know that offering only tax preparation services makes maintaining consistent cash flow and workloads throughout the year challenging. During the busy season, you’re very busy and the cash flow is nice, but after that, things slow down considerably. Adding financial services to your accounting firm can help bridge the gap and allow you to have a consistent workload year-round.

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Managing busy season with a shortage of accountants

ThomsonReuters

Jump to: Automation, AI Technology: A Time and Resource Saver Outsourcing: Scale your business and reduce your costs A flexible work model: Expand your talent pool and gain a competitive edge How to handle the shortage of staff in your accounting department Recent trends have only amplified this challenge. More tax professionals are exiting the profession than are entering it.

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A Peek into Accounting's New Frontier

Insightful Accountant

HubSync's John McGowan discusses the challenges for navigating legacy systems in the tax and accounting landscape—and where the solutions may be.

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Creative disruption in accounting

Accounting Today

Lots of outsiders are disrupting accounting; it's time for accountants to disrupt back.

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Building a Business Case for Finance Automation

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.

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How to Keep Track of Business Expenses: Setting Up a System to Save Time at Tax Season

inDinero Tax Tips

Knowing how to keep track of business expenses is key to visualizing cash flow and maximizing tax deductions, but finding a system that is simultaneously easy, efficient, and accurate is no easy task. In this article, we’ll tell you everything you need to do to track expenses on autopilot, organize tax filings at the click of a button, and keep your most important financials front and center.

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Sales Tax Horror Stories: Audits

TaxConnex

“Scary” has five letters. Know what word in sales tax also has five letters? “Audit.” Few issues in the area of tax are more terrifying than this kind of exam from a tax authority. Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months.

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Warning, Warning, Fraud Ahead

Insightful Accountant

The Bonadio Group's Karen Webber breaks down the weak internal controls that could put your client at risk of fraud—and the warning signs you need to watch out for.

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Annual Financial Planning for Startups: Part-One, Preparation

BurklandAssociates

Welcome to the first article of a three-part series focused on helping growing startups budget and plan for success in the new year. The post Annual Financial Planning for Startups: Part-One, Preparation appeared first on Burkland.

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KPIs to Prove Your Firm’s Value to Clients

CPA Practice

By Richard Corn, CPA. Accounting firms are continuously innovating, developing new offerings and finding new ways to stand out in a crowded field. While many firms are (understandably) focused on securing new clients, in this competitive landscape complicated by increasing market challenges, it is as important as ever for firms to retain their existing clients as well.

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Disabled Family Members May Be Able to Benefit from ABLE Accounts

RogerRossmeisl

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Sales Tax Horror Stories: Automation

TaxConnex

Sales tax is a major obligation for your business. As with most such obligations, you probably ask, “Can automation help me?” In some ways, yes. Sales tax rates and taxability rules differ by state and even locality. Software that has the rates and taxability rules built-in helps make sure you charge the right sales tax with each purchase. Most sales tax calculation software today is SaaS-based (Software-as-a-Service), which often integrates with a company’s invoicing system.

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Tax Strategy: Year-end 2023 tax planning

Accounting Today

In spite of the lack of new tax legislation so far this year, taxpayers and tax preparers have plenty to focus on in preparing 2023 returns.

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Leading analyst IDC recognizes innovation in procurement solutions.

Airbase

If any finance process is overdue for innovation, it’s procurement. For decades, the many steps and stakeholders in large enterprise purchasing meant procurement teams had to rely on heavyweight, expensive solutions, while mid-market companies either had to adopt one of those overly cumbersome solutions or throw some ad-hoc procedures together to try to control spend.

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How to Do Power BI Write-Back and Planning

Acterys

Organizations rely on robust performance management processes to drive informed decision-making. While Microsoft Power BI’s native data entry option is useful for simple tasks, it falls short with complex data models and planning requirements. This limitation creates challenges for businesses in the Power BI ecosystem, but fortunately, they can leverage additional Power BI write-back and planning capabilities.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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.

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No One Will Be Surprised to Hear CPA Exam Candidate Numbers Are Down in Every Way the Numbers Can Be

Going Concern

As you may already know the 2023 AICPA Trends report is out , here’s our earlier write-up on how many accounting degrees were completed for the 2021-22 period covered in the new report (saving you a click: it’s 65,035). Today we’re going to look at CPA exam candidate numbers. In a vacuum the 2022 numbers aren’t terrible — 30,251 new CPA candidates, 67,336 unique CPA candidates, and 18,847 CPA candidates who passed their 4th section that year.

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Purdue sees spike in accounting enrollment

Accounting Today

Despite widespread reports of declines in accounting students, Purdue is defying the trend and seeing enrollment growing dramatically.

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7 hot takes on AI from SuiteWorld.

Airbase

AI was a constant presence at SuiteWorld this year, whether it was the focus of the presentation itself or folded into the topic. AI even featured in the high-octane opening session with a spoof about hallucinations from Evan — NetSuite’s not-quite-ready-for-prime-time AI assistant. There were at least three sessions specifically on AI-powered solutions, plus NetSuite had an AI Center on the floor in case you wanted more information.

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IRS Opens PTIN Renewal Season for 2024

CPA Practice

On your mark, get set, go! The 2024 preparer tax identification number (PTIN) renewal period for the nation’s nearly 800,000 active federal tax return preparers is now underway. All current PTINs expire on Dec. 31, 2023. Anyone paid to prepare or help prepare any federal return or claim for refund must have a valid PTIN from the IRS, which they must use as the identifying number on any returns prepared.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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What Do We Think About PwC Putting AI to Work Offering Clients Advice?

Going Concern

Article image obviously generated by AI. Reported by Bloomberg last week , PwC is putting AI to work. Officially. PricewaterhouseCoopers LLP has teamed up with ChatGPT owner OpenAI to offer clients advice generated by artificial intelligence as the Big Four audit firms look to cut costs and boost productivity. [emphasis ours] The accounting firm will use AI to consult on complex matters in tax, legal and human resources, such as carrying out due diligence on companies, identifying compliance is

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IRS opens PTIN renewal period for 2024

Accounting Today

The service began allowing nearly 800,000 tax preparers to renew their Preparer Tax Identification Numbers for next year.

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What is 3-way matching and why is it important?

Airbase

In the world of finance and procurement, accuracy and accountability are paramount. Every organization strives to maintain a meticulous record of its financial transactions while safeguarding itself against errors and fraud. Three-way match has long been an important control measure practiced by accountants to make sure that what was purchased, what was received, and what was paid are fully aligned.

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Joshua Lance, Founder of Lance CPA Group, Has Passed Away

CPA Practice

Joshua Lance, founder and managing director of Chicago-based Lance CPA Group and a six-time “40 Under 40” honoree by CPA Practice Advisor , passed away on Oct 21. He was 40 years old. According to a Facebook post by his mom, Carole Lance, Josh was diagnosed with bile duct cancer last December. Carole posted on Facebook yesterday that Josh died early Saturday morning surrounded by loved ones.

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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Some Guy Demonstrated Why WFH Is the Superior Way of Working By Bringing Explosives to the Office

Going Concern

On Monday afternoon an employee of Brown, Brown and Associates, an accounting firm on Main Street in Springfield, TN, decided to bring an explosive device to the office “to show around.” Actual explosives. The news didn’t say what exactly the device was, only that the man “reportedly found multiple explosives in an old house he was cleaning out and brought one of them into work to display.” “I was with a client, and a police officer came and knocked on my salon door

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IRS faces long-term challenges despite extra funding

Accounting Today

Commissioner Werfel encouraged Congress to keep the money coming.

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Chase Bank Requires QuickBooks Accounts' Reconnections

Insightful Accountant

As part of security enhancements being implemented between mid-October and the end of November 2023, Chase Bank will require all QBO and QuickBooks Desktop users to reconnect their bank connections.

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Carbon Accountants: What They Do and Why They Matter

CPA Practice

By Allison Arieff, MIT Technology Review (TNS) His official title is vice president of regulated reporting solutions. But really, Billy Scherba, CPA, is a carbon accountant. At Persefoni, a platform for climate management, Scherba works with companies to measure, manage, and disclose their contributions to climate change. Billy Scherba Carbon accountants help companies understand what data matters to their carbon footprint, how to collect that data in a consistent manner, and how to use it to ca

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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St. Louis Inno Partnership: As Series A Funding Dries Up, Startups Must Shift Focus from Growth to Profit

Anders CPA

Startups saw a surge in seed round funding in the aftermath of the COVID-19 pandemic throughout 2021 and 2022, but accessing Series A funding rounds has proven more difficult than ever. Investor priorities have shifted and placed a new focus on profitability rather than growth. Tax partner and leader of the firm’s startup practice Dave Finklang, CPA/CGMA, MBA , examined the phenomenon in his recent article for the St.

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How homeowners can benefit from the Inflation Reduction Act's tax credits

Accounting Today

The legislation incentivizes consumers to buy energy-efficient electric appliances, clean vehicles, rooftop-solar and home energy storage systems.

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How small businesses can get themselves ready for Cyber Monday

Xero

This guest blog was written by the team at ecommerce accounting integration, Amaka. Cyber Monday was originally an opportunity for ecommerce businesses to dish out huge promotions after Thanksgiving in the United States, but it’s now become a phenomenon around the world. In 2022, Cyber Monday brought in a total of $ 11.3 billion USD in the United States alone, representing one of the biggest online shopping days of the year.

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CPA.com Launches Generative AI Toolkit and Resources

CPA Practice

CPA.com, the business and technology subsidiary of the American Institute of CPAs, has added a suite of practical tools as part of its ongoing initiative to enable accounting and finance professionals to build their knowledge of generative AI and assess the opportunities and the risks of implementing the transformative technology into their practices.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

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.