Tue.Oct 03, 2023

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Avoid These Common Budgeting Mistakes for Your Business

AccountingDepartment

Budgeting is crucial for any business that wants to succeed in the long term. As a business owner or CFO for a small to medium-sized business, you may have experienced the challenges of creating and implementing a budget.

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2024 Public Accounting Starting Salary Numbers Are In

Going Concern

Staffing authority Robert Half has released its much-anticipated 2024 Salary Guide and just like years past, the guide is packed with intel not only on finance and accounting but the greater job market that we really don’t care about. We’ll be deconstructing various aspects of the guide over the next few weeks, for now we’re taking a look at basic public accounting salaries and service lines.

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ERC Moratorium – What Does That Mean?

Withum

The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The moratorium does not mean that the IRS is shutting down the ERC program because the IRS does not have the power to do that; only Congress and the President can do that.

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Public Accounting Starting Salaries Expected to Increase Nearly 4% in 2024

CPA Practice

Starting salaries for roles in tax services are projected to increase an average of 3.6% in 2024, while audit and assurance services will see starting salaries likely go up an average of 3.8% next year, according to a CPA Practice Advisor analysis of public accounting pay data provided by specialized staffing firm Robert Half. Robert Half’s salary guide for 2024 was released on Monday, featuring starting salary projections for a plethora of roles in accounting and finance.

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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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SOX “Lite” Compliance Services: Benefits for Small Companies

Cherry Bekaert

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan , Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black , discuss the concept of SOX “Lite,” a controls diagnostic service for smaller or private companies that can help prepare companies to go public, help remediate material weaknesses or significant deficiencies, provide efficiencies for companies facing difficult audits and more.

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Client Relationships 2.0: Enhancing Trust with Expanded Offerings

CPA Practice

Client demands and expectations are shifting. Accountants report that there’s been a shift to advisory services to better meet the needs of clients and also improve revenue. Relationships are changing, too. This is what I call “client relationships 2.0.” Accounting firms must start to enhance trust and expand their offerings to keep clients around. Clients have many options, especially with virtual services, so it makes sense to do everything you can to retain clients by becoming an integral par

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Three Complex Tax Issues Businesses are Facing Now

CPA Practice

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses.

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Dreamforce 2023 Key Takeaways: AI and Sustainability

Cherry Bekaert

Another successful sponsorship of Dreamforce is in the books for Cherry Bekaert. Dreamforce 2023, Salesforce’s premiere technology conference in San Francisco, was all about artificial intelligence and sustainability, and we had a front-row seat to all the action. Cherry Bekaert was also on center stage, presenting on c-suites solving the carbon neutral puzzle with Net Zero Cloud.

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New FinCEN reporting rules approaching

Accounting Today

The 'beneficial ownership' disclosure requirements are a challenge for both small businesses and accountants.

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Talking Tax: Expert Crypto Tax Analysis From Withum’s Ryan Babiak

Withum

In this episode, Mark Eckerle sits down with Ryan Babiak, a Tax Partner at Withum, to delve into the taxation of cryptocurrency.

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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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Banking Webinar Series: Tread Carefully with TRID – Owning Your Fee Tolerances and Managing Disclosure Documents

Anders CPA

Wednesday, November 8 at 10:30am CT Has your financial institution taken its eye off the ball when it comes to TRID disclosures to focus on other priorities? Lending institutions should periodically reexamine their TRID management processes and evaluate its effectiveness as examiners remain laser-focused on the issue. Violations related to the loan estimate and closing disclosure remain common during regulatory examinations and can lead to consumer reimbursement for unfortunate lenders.

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The Pros and Cons of a Family Business

Insightful Accountant

While there are a number of dynamics at play, it is how you handle these situations that go a long way in determining if a family business is right for you. Bryan Cytron and Scott Cytron of Cytron and Company explain.

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How beating the digital drag can help fuel your small business growth

Xero

From your local plumber and barber, to your favourite cafe, these small businesses sit at the heart of our communities. They are the ones driving jobs, economic growth and a place for people to come together. These smallest businesses — those employing up to nine people — make up 15% of the UK’s turnover, and provide over a quarter of jobs. But despite this, a “digital drag” is holding the smallest firms back from reaching their full potential.

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What is Capital Gains Tax in the UK?

Wellers Accounting

Everything you need to know to answer the question what is Capital Gains Tax in the UK, from an explanation of the concept, to how it's applied.

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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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Cybersecurity spending rose 70% in four years

Accounting Today

A recent report from credit rating agency Moody's found organizations have increased their spending on cybersecurity by 70% over just four years.

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How Switching to Sage Intacct® Can Set Your Business Up for Growth

GrowthForceBlog

7 min read Sage ® is a business management software company that is quickly gaining traction in the space with products designed to cater to businesses of all sizes, providing software designed to streamline not just accounting, financial management, and compliance but also human resources, customer-response management, and business management across industries.

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Plugging accounting skills gaps with retention and automation

Accounting Today

Firms need to develop new retention strategies, pairing automation with the changing role of the accountant.

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How accountants can win clients and keep them for life…

Mark Lee

Before delving into the strategies that can help you win and maintain clients for your accountancy practice, I must manage your expectations. There’s no magic bullet or hidden secret that will replace everything you already know about client relationships. What follows therefore are fundamental principles that, if you keep them in mind, will assist you in attracting and retaining the type of clients that you want.

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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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Study: Team integration, automation and client education top list of accounting industry challenges in the UK

Accounting Insight

While the demand for professional accounting services has risen dramatically due to increasingly complicated market conditions and economic uncertainty, the UK accountancy space is still struggling with generating sustainable growth, with a shortage of talent and skills being a key roadblock. A study by digital pension platform Penfold and Kaizen Accountancy Services has revealed that team integration, automation and client education are the top three challenges accountants face today.

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AI Unchained: Botkeeper Announces New Direction

CPA Practice

A software company’s conference is rarely complete without some announcements of improvements in the product, and Botkeeper did not fail to deliver on that front at the first (annual?!) Botkeeper conference, aptly named AI Unchained. Designed for current and would-be Botkeeper users, as well as those who just want to know more about the company and its product, Botkeeper’s September conference in Boston captivated more than 200 on-site and nearly 2,000 virtual participants with plenty of advice

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Unlock the Full Potential of Caseware Working Papers: It’s Time to Upgrade Your Workflow!

LSLCPAs

Are you making the most out of your Caseware Working Papers experience? If you’re like most professionals, you probably started using this powerful software years ago and have stuck with what you know. It’s understandable – who has the time to keep up with constant updates and improvements, right? But here’s the scoop: software evolves, The post Unlock the Full Potential of Caseware Working Papers: It’s Time to Upgrade Your Workflow!

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AP Automation Company Stampli Nets $61M in VC Funding

CPA Practice

Stampli , a provider of AI-powered accounts payable automation, today announced that it has raised $61 million in a Series D venture funding round led by funds managed by Blackstone, with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital. This latest funding round takes the total amount raised by the company to over $148 million.

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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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Swoop and Sage unveil Global Partnership to revolutionise Business Funding and Cost-Savings Solutions

Accounting Insight

Swoop , a fintech company specialising in funding solutions and Sage, the leader in accounting, financial, HR, and payroll technology, are excited to announce their global partnership aimed at helping businesses and accountants access a wide range of funding opportunities. The partnership will also help identify opportunities to reduce business costs in areas such as energy, banking and foreign exchange, providing a significant impact on the bottom line.

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Small-business wage and job growth slowed in September

Accounting Today

Hourly earnings growth slipped at small businesses last month to the slowest pace since September 2021, according to Paychex.

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What are the top 5 reasons for negative cash flow?

Reckon

Poor cash flow is often cited as the biggest barrier to growth and one of the prime causes of business stress and failure—for entrepreneurs, therefore, it’s no secret that keeping the rivers of cash flowing is the name of the game. So, if you’ve outlaid capital or done the work but have not yet received a return in the form of cash – you could be in trouble.

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401(K) Audit CPA Success Show: Keeping up with 401(k) Compliance Requirements

Anders CPA

As year-end and final deadlines approach, 401(k) plan sponsors and administrators should remember to double-check the fine details of their plan document to ensure they’ve followed guidelines set by the Department of Labor (DOL), ERISA and the IRS. Failure to follow these guidelines, such as acquiring a fidelity bond , passing all discrimination testing and adhering to your contribution schedule to ensure you avoid late deposits, could result in hefty fines, legal liability and even jail time fo

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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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Hundreds of Illinois CPAs Participate in Annual Day of Service

CPA Practice

Hundreds of certified public accountants across Illinois participated in the Illinois CPA Society’s 14th annual CPA Day of Service on Sept. 23, 2023, with others still planning activities later this fall. Goodwill and good times were plentiful as nearly 900 CPAs in their matching CPA Day of Service T-shirts took part in a wide variety of individual and group charitable and community service activities in support of the communities and causes they care for.

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How to appeal a tax penalty

Inform Accounting

There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records.

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MISys Manufacturing Now Offers Microsoft Azure Deployment

Insightful Accountant

MISys is offering a new cloud-hosting option for MISys Manufacturing for deployment with Microsoft Azure.

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UK dividends & the dividend tax rates - everything you need to know

Wellers Accounting

How UK dividends work and an explanation as to the dividend tax rates, the allowance, tax bands, and how to make payment for your liability.

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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.