Tue.Jun 20, 2023

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The Ultimate Guide to Accounting Services in 2023

IgniteSpot

What are accounting services? Accounting services are like having your own financial dream team—minus the hefty price tag. These services offer outsourced financial expertise that matches the capabilities of an internal accountant but with the added benefit of flexibility. Whether you need assistance with financial statement preparation, cost analysis, budget advice, or investment planning, expert accountants can rise to the challenge.

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States ease nexus thresholds

TaxConnex

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. Thresholds were established, filing forms and deadlines fixed and one by one states waited for the money to roll in (with Florida and Missouri among the latest of the 45, with Alaska perhaps soon to join them).

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Most Small Business Owners Don’t Want Their Kids to Inherit and Run Their Business

CPA Practice

Many Americans consider starting and running a successful business to be a key part of the “American Dream,” but these entrepreneurs don’t necessarily want their own children to take up where they left off. When it comes to succession planning, half (52%) of business owners say they do not want their children to inherit and run the business, according to a recent Wells Fargo study.

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EY and PwC Among the Many Entities Caught Up in the MOVEit Cybersecurity Breach Ransom

Going Concern

On the 15th, CNN broke the story of a “global cyberattack by Russian cybercriminals” (guys, we only need one “cyber” here) that exploited a vulnerability in file transfer software MOVEit. The breach affected numerous federal agencies as well as “several hundred” companies, per a senior CISA official. According to Tech Crunch , a dozen or so US agencies have active MOVEit contracts, among them the Department of the Army, Air Force, and the FDA.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Avalara Announces 51 Newly Certified Integrations into Business Applications

CPA Practice

Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced the release of 51 newly certified integrations with accounting, ERP, ecommerce, point-of-sale, mobile commerce, and CRM software applications. Avalara has been a partner-centric company since its founding in 2004, with a concerted focus on integrating with technology solutions already in use by existing and future customers.

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Forcing People Back Into the Office to Foster Mentoring Will Only Foster Resentment, Says Cringe Nicknamed Doctor

Going Concern

Looks like we have another expert chiming in to offer their view on the whole “Work-from-home,” “Don’t-work-from-home, “Work-from-home-but-come-in-once-in-a-while” cluster!@#$ of a post-pandemic office strategy. This time it’s nickname guru Dr. Gleb Tsipursky, who says you might be p **g off your senior talent if you force them to come into the office to mentor the children.

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Chris Passmore Named Top Leader on Los Angeles Business Journal List

Withum

Withum is proud to share that the Los Angeles Business Journal (LABJ) has named Chris Passmore to their LA500 List for 2023. The annual LA500 list highlights the most influential, most powerful, and most impactful business professionals in the Los Angeles region. It focuses not only on each honoree’s title but on their involvement in the business community and greater California professional landscape.

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Confused about IRS Pub 4557 vs FTC Safeguards Rule, and Which Applies to Your Firm?

CPA Practice

As of June 9, 2023, the FTC Safeguards Rule (part of the Gramm-Leach-Bliley Act) has entered the enforcement stage. Practitioners who fall under the ruling may be subject to an investigation by the FTC which could result in steep penalties and fines for not complying – up to $43,000 per day. While that part seems clear, there is confusion as to WHO this ruling applies to.

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Introducing the Anders Startup Funding and Outlook Survey: Getting a Pulse on the St. Louis Startup Ecosystem for Entrepreneurs and Investors

Anders CPA

As COVID-era funding programs wind down and new economic concerns emerge, many startup founders and investors are left asking, “ Where is the St. Louis startup ecosystem heading? “ To help answer this question and gauge how startups and investors have been impacted by external pressures and how they plan to move forward, the Anders Startup team is inviting startup founders, entrepreneurs, investors and funding sources to take our inaugural St.

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How Cloud Hosting Fuels Talent, Consolidation, and Data Security

CPA Practice

By Christopher Stark, Founder & CEO, Cetrom. Professional accounting and tax firms face continually increasing challenges that require innovative solutions to drive growth and mitigate risks. These firms are facing talent scarcity, consolidation through mergers and acquisitions (M&A), and data security and compliance concerns. Many firms are looking to technology solutions to address these challenges, streamline productivity, reduce security risks, and focus on revenue-generating project

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Tailored Solutions for Financial Services Industry: Discover the KROST CPAs Advantage

KROST

At KROST, our professional team has in-depth knowledge and expertise in the Financial Services industry. Our focus is on management companies and their investment vehicles. We have assisted the management companies of Hedge Funds, Money Managers, Private Equity Firms, and their principals with a wide range of accounting and tax services for the last 15 Read the full article.

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8 Fast Facts to Make Giving Charitable Donations a Smooth Process

Patriot Software

Do you enjoy contributing to your favorite nonprofit organizations? If your business makes charitable donations, you’re automatically eligible for the joy of giving. And, you may qualify for a tax deduction. Knowing the ins and outs of small business charitable donations can help you better prepare for tax season.

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2023 Accounting Practice Management Survey

Canopy Accounting

New research finds accountants leveraging practice management tools experience higher levels of growth and work-life satisfaction.

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Warehouse Wednesday: Finale Inventory

Insightful Accountant

This week's Warehouse Wednesday features an inventory solution you can see while attending 'Scaling New Heights 2023.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Save the date: Xerocon London 2024

Xero

This week the UK welcomes another year of Glastonbury – the five-day music festival like no other, where world class acts take to the stage to perform in front of hundreds of thousands of dedicated festival goers, all of whom have overcome the odds to secure themselves a ticket to one of the most famous events on the planet. So in the spirit of Glastonbury, what better week to announce the Save the Date for our own version, a Glastonbury for accountants and bookkeepers: Xerocon London 2024.

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Optimizing Accounts Payable: Avoiding Common Mistakes for Financial Success

Basis 365

Efficient accounts payable management is vital for businesses, as it directly influences cash flow, vendor relationships, and overall financial stability. Unfortunately, many organizations fall prey to common mistakes in this area, leading to inefficiencies, errors, and financial losses. By recognizing and rectifying these errors, businesses can optimize their accounts payable processes and enhance their financial health. 1.

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Paychex Charitable Foundation Donates $1 Million to National Urban League

CPA Practice

Paychex, Inc.’s Charitable Foundation has announced a $1 million donation to the National Urban League. The grant, which allocates $250,000 annually over four years, will support job training and workforce development programs in key markets where Paychex has a high concentration of employees. Paychex is a provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services.

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KROST Industry Magazine: The Financial Services, Vol. 5 Issue 1, is Now Available!

KROST

We are happy to announce the release of our newest qindustry magazine! The Financial Services Issue highlights some of the hot topics in the Financial Services industry including the Silicon Valley Bank collapse, Section 1244, Section 1256, virtual currency, and more. What You’ll Find Inside this Issue: Federal Deposit Insurance, Corporation Insurance, and the Read the full article.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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EY Tops Rival Audit Firms in Public Company Clients

CPA Practice

EY audited 1,004 of the 6,950 public companies registered with the Securities and Exchange Commission between March 1, 2022, and May 14, 2023, the most of any audit firm, according to a new analysis by Audit Analytics. Overall, 258 audit firms competed for those 6,950 public company clients—a 4.5% increase in population compared to 2022. This is the fourth consecutive year the number of SEC registrants has increased, Audit Analytics said.

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Survey: Success Tied to Mastering Practice Management

Insightful Accountant

A new Canopy survey reveals practice management is a primary indicator of accounting firm success.

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Commercial Insurance Rates Increased by 5.6% in Q1 2023

CPA Practice

U.S. commercial insurance prices have continued to increase in the first quarter of 2023, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The quarterly survey compared insurance prices on policies underwritten during the first quarter of 2023 to those charged for the same coverage throughout the same quarter in 2022. The aggregate commercial price change reported by carriers was an increase of 5.6%, up from the rate of 4.8% in the previous quarter (Q4 2022).

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Silencing the inner critic: How to conquer imposter syndrome and bring on more new clients for your practice

Mark Lee

I hope this post will be of general interest even though it is intended primarily for those accountants in practice who have a degree of imposter syndrome or who struggle with low self-worth or low self-esteem. Such struggles invariably impact self confidence and this can have a negative impact on the prospect of receiving referrals and recommendations, of closing deals with new clients and on discussions about increases in fees.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Spend Management: Tips and Strategies for Effective Cost Control

AccountingDepartment

Every business faces a variety of major accounting and spending-related challenges. Chief among them — how can a business keep its spending to a minimum while still ensuring that they invest in growth areas and achieve its business goals?

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A Definite Guide to Demand Planning: Exploring the Whats, Whys, and Hows

Acterys

In the face of global economic turbulence causing widespread disruptions to supply chains, companies are diligently scrutinizing market dynamics to gain insights into consumer behavior and improve demand prediction. Amidst these uncertain times, in-depth demand planning analytics emerges as a crucial strategy for controlling operational expenditures, guaranteeing pleasing customer experiences, and securing long-term profitability.

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Let’s talk about selling with Reckon’s sales team leader

Reckon

Want to learn more about the art of selling and how to train a sales team or employee? We recently sat down with Francis Benitez, sales team leader at Reckon, to chat about his approach to selling, what he’s learnt, and the lessons he imparts to his team. Hi Francis, can you tell us a bit about what you do at Reckon? Sure, well my official title is sales team leader for the partner team.

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A Definite Guide to Demand Planning: Exploring the Whats, Whys, and Hows

Acterys

In the face of global economic turbulence causing widespread disruptions to supply chains, companies are diligently scrutinizing market dynamics to gain insights into consumer behavior and improve demand prediction. Amidst these uncertain times, in-depth demand planning analytics emerges as a crucial strategy for controlling operational expenditures, guaranteeing pleasing customer experiences, and securing long-term profitability.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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The New Company Towns: Beware Employer-Subsidized Housing

CPA Practice

By Erin Lowry – Bloomberg Opinion (via TNS). As high mortgage rates make potential sellers wary of listing a home and buyers feverishly compete for disappearing inventory, some employers are stepping in to offer employees affordable housing solutions. An offer too good to refuse? It may not be as simple as that. Housing help can come in many flavors.

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Unlock Your Worth: Finding Better Pay and Camaraderie in the Accounting Industry

Going Concern

TL;DR: FloQast is hiring! Check it out. Remember your first job? Not your first real job, the one you took in high school before you were saddled with student loans, rent, and monthly bills. If you graduated in the last 10-15 years, it was no more than $15, likely closer to $7.25. When you grow up and score your first internship, $25 an hour is a lot of money (p.s.

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Take Advantage of New Section 45L Tax Credit Opportunities Under IRA

Cherry Bekaert

The Inflation Reduction Act (IRA) significantly altered the 45L Energy Efficient Home Credit (45L) credit and the Section 179D Energy Efficient Commercial Buildings Deduction (179D) amounts and qualification criteria, creating more tax-saving opportunities for home builders and multi-family developers constructing energy-efficient homes. Here is a rundown of some of the major changes, plus what is required to take advantage of these opportunities.

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Democrats’ Latest Child Tax Credit Plan Pushes Bonus for Babies

CPA Practice

By Laura Weiss, CQ-Roll Call (TNS) House Democrats’ latest proposal to expand the child tax credit includes a new feature: a $2,000 payment for newborn babies. The two parties have been battling over the tax benefit since before a larger version of it lapsed after 2021. Past attempts to revive the pandemic-era child credit expansion haven’t included the new twist added this year by House Democrats, which could push the total benefit to as high as $5,300 in the first year of a child’s life.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.