Tue.Aug 08, 2023

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Top 3 Business Best Practices of a Well-Oiled Accounting Firm

Canopy Accounting

In our recent Canopy webinar we dove into 3 key topics that can allow firms to make more money and scale their organizations more sustainably. There are so many ways a firm can operate with more focus and strategy, but in the recent webinar we dove into the big ways that can make fast changes.

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Understanding the VC Cycle

BurklandAssociates

The venture capital industry is cyclical and ultimately self-correcting. Be patient if you can, better conditions are not far off. The post Understanding the VC Cycle appeared first on Burkland.

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Managing Exemption Certificates – the importance of validation

TaxConnex

Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Yet a surprising number of companies have inadequate processes to receive, validate, maintain, and update exemption certificates. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. That leaves you open to liability.

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Big Four: AI will augment, not replace, accountants

Accounting Today

The four largest firms are squarely on 'Team Human' when it comes to artificial intelligence — and don't believe the tech is even at a level where it can take over all of a human's job.

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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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Los Angeles Business Journal Names Two Withum Leaders As Influential Women

Withum

Withum is proud to share that the Los Angeles Business Journal (LABJ) has named Aza Ghazaryan, Partner, and Kerra Diener, Senior Manager, on their Leaders of Influence: Women in Accounting list for 2023. Aza Ghazaryan CPA, MBA, is a tax partner with over 15 years of experience in helping business minimize their tax liability. She provides tax compliance and consulting services to partnerships and high-net-worth individuals and serves business clients in various industries, including real estate

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Accounting Firms Are Messing Up on Audits at an Unacceptable Rate, Says PCAOB Chair

CPA Practice

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. The report, “ Staff Update and Preview of 2022 Inspection Observations ,” presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit fir

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Why Inclusive Workforces Matter, What They Look Like, And How to Build One

CPA Practice

By Michael DeAngelo. The accounting profession is going through a period of real change. The introduction of hybrid-work, a new generation of accountants entering the workforce, the rise of lifestyle firms, and an increasingly complex operating environment all have implications for firm leaders wanting to attract and retain the best talent. I’ve dedicated my career to helping organizations, both big and small, build the right People Strategy.

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IRS employee union gets new leader

Accounting Today

The National Treasury Employees Union, whose members include Internal Revenue Service agents and revenue officers, elected Doreen Greenwald, a longtime federal employee and local union leader as the next national president.

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In Shocking Blow to Pro-Office Leadership, People Will Quit If You Force Them Back Into the Office

Going Concern

Just in case the C-suite needs more evidence that precious talent hates being corralled back into their cubicles, Deloitte has released a new survey that says if you force it, they will not come. Most people are surprisingly OK with going into the office, just not all the time Here are the key findings from “ Cultivating employee engagement in financial services ,” specific to financial services institutions but no doubt applicable across offices everywhere (and certainly those belon

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Job Seekers Still Favor 401(k) Plans Amid Economic Uncertainty

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) Job seekers continue to see 401(k) savings accounts as a must-have benefit when considering a new job, as they find that current economic conditions are making it difficult to save for retirement, according to a new Charles Schwab survey. Some 62% of workers listed inflation as an obstacle to saving for a comfortable retirement, up from 45% last year, and 42% said that stock market volatility is another obstacle, up from 33% last year, the

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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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Choosing the Right Outsourced Accounting Firm Key Factors to Consider

Basis 365

With the dynamic business landscape, many companies are turning to outsourced accounting firms to streamline their financial processes and gain access to specialized expertise. Outsourcing accounting functions can offer numerous benefits, including cost savings, improved accuracy, and enhanced efficiency. However, selecting the right outsourced accounting firm is crucial for the success of your organization.

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Massachusetts High School Students Explore Accounting Careers at MassCPAs Summer Program

CPA Practice

The Massachusetts Society of Certified Public Accountants (MassCPAs) recently partnered with Suffolk University to host two cohorts of the Accounting Careers Exploratory (ACE) Leadership Program for 26 high school students across the state. These free, specialized programs ran from July 17-21 and July 24-28 at Suffolk University. ACE students spent the week learning about accounting careers and other business-related professions.

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‘The American Accounting Association Is Not Serious’ and Other Such Thoughts From a Professor Who’s Quitting the AAA

Going Concern

Editor’s note: The two essays you are about to read were sent to us by J. Edward Ketz, Associate Professor of Accounting at Penn State. In the first, he explains why he is quitting the American Accounting Association (AAA). The second essay — “Ernst & Young in an Ethics Scandal: Ho-Hum” — is the opinion piece he wrote for the AAA to meet their request for a piece that would “provoke thought on an important contemporary issue.” The AAA chose not to pu

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New York Business Stifled Due to Federal Research Capitalization Rules

Withum

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. It is every accountant’s nightmare to explain that the ability to immediately deduct research and experimental (“R&E”) activities is no longer available for federal budget reconciliation reasons.

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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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Revitalizing the Accounting Talent Pipeline

CPA Practice

By Rina Henning. Recruiting and employee retention have topped the priority list of businesses at large in the recent past, but for the accounting industry, it has been a primary focus for most of the last decade. Competition for accounting talent is fierce. As soon as sophomore year of college, accounting majors seemingly already have internships lined up for consecutive seasons, and some even have “offers in-kind” for when they graduate.

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Tips for taking on a messy comingling cleanup in QuickBooks Online

5 Minute Bookkeeping

Starting with a new bookkeeping client can be an exciting opportunity, but what happens when their books are a mixed mess of personal and business transactions? It becomes crucial to implement effective strategies to untangle the comingling mess and establish proper bookkeeping practices. When that happens to you, here are my tips for taking on a messy comingling cleanup in QuickBooks Online.

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Tax Implications and Structuring Alternatives To Avoid Dual Partner-Employee Status

Cherry Bekaert

Does the grant of an unvested profits interest to an employee create “partner” status? If so, what are the tax implications of treating a partner in a partnership as an employee? What are some structuring alternatives to avoid dual partner-employee status? In this post, we evaluate a hypothetical scenario to illustrate how different structuring options affect a company’s tax obligations and its ability to reward an employee with profits interests.

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Holographic wills: More risk than reward

Accounting Today

The recent case of Aretha Franklin's estate highlights the issues surrounding these handwritten testaments.

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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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Key Factors to Consider While Choosing the Right Bookkeeping Service Provider

AccountingDepartment

Outsourcing bookkeeping functions can be a strategic decision for businesses, providing professional expertise and freeing up valuable time for core operations. However, selecting the right bookkeeping service provider is crucial to ensure a seamless and successful partnership. In this blog post, we will guide business owners in choosing the right bookkeeping service provider by highlighting key factors such as industry experience, service offerings, reputation, technology integration, and clien

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Business groups oppose PCAOB's NOCLAR standard

Accounting Today

Several prominent business trade groups are objecting to the Public Company Accounting Oversight Board's proposed changes in auditing standards related to noncompliance with laws and regulations.

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HOW creative agencies can make more profit

Inform Accounting

Managing Director, Sian Kelly, of Inform Accounting shares what businesses in the creative industries should be doing to help increase their profits and improve Inform are firm of accountants in the West Midlands. Inform are expert cloud accountants and a Xero Gold Partner. If you would like to talk to Sian please get in touch.

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The 2023 MP Elite

Accounting Today

In its 12th edition, this annual report highlights 10 outstanding accounting firm leaders.

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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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Your Guide to Getting the Most Out of Dreamforce 2023

Accounting Seed

Top 5 Tips for Your Dreamforce Experience Dreamforce —Salesforce’s most-loved user conference—has been a highlight for many business professionals since its inception in 2003. This year, Dreamforce is taking place in San Francisco from September 12-14 at the Moscone Center. From on-site training and networking opportunities to exciting concerts and parties, Dreamforce brings no shortage of valuable experiences for Salesforce administrators, developers, partners, users, and prospects alike.

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The MP Elite: Tips for bolstering the talent pipeline

Accounting Today

The 2023 Managing Partner Elite discuss how to reverse the trend of fewer young people joining the profession.

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Let’s Speculate Wildly About Why All the BDO USA Partners Are Getting Together for a Secret Meeting in Florida

Going Concern

The BDO bowl at Fishbowl is abuzz over a discovery that partners — apparently all of them — have suddenly booked travel to Orlando next week and no one there seems to know what for. Thanks to a tipster for providing screenshots as plebs like us are not authorized to view the bowl. Text: An in person all partner meeting with < a week of notice to book flights … let the wild speculation begin!

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Private Equity Midyear 2023 Report

Cherry Bekaert

Down, But Not Out – Middle-Market PE Holds Strong More than 12 months of inflationary pressures, rising interest rates, market volatility and global banking instability continued to damper private equity (PE) activity during the first half of 2023. Deal markets are feeling the full effects of uncertainty that is rampant across global markets. PE investments, exits and fundraising have been more difficult since last summer when global monetary policy shifted to rising interest rates in an effort

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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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New rules for the submission of R&D tax relief claims

Menzies

Menzies LLP - A leading chartered accountancy firm. What is happening? HMRC have introduced new rules for the submission of R&D tax relief claims. When is this happening? From 8 August 2023. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules.

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Centri Strengthens Accounting Support Capabilities with Launch of Accounting Transformation Service Line

CPA Practice

Centri Business Consulting, LLC , an accounting and advisory firms, has launched its Accounting Transformation service. Accounting Transformation is a new offering under the firm’s Accounting Support Practice, led by Accounting & Audit Support Practice Leader and Managing Director Tori Jancovic. Through its new Accounting Transformation services, Centri will provide growth-oriented clients with a comprehensive review of their internal accounting processes and controls, enabling them to more

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Embracing Innovation and Growth: Our Perspective on Dreamforce 2023

Cherry Bekaert

Dreamforce, the annual technology conference hosted by Salesforce, has become a highly anticipated event for industry professionals, entrepreneurs and technology enthusiasts alike. With each passing year, Dreamforce continues to raise the bar, highlighting groundbreaking innovations, inspiring keynote speeches and networking opportunities that leave attendees energized and motivated.

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What Are My Responsibilities as a 401(k) Plan Sponsor if We Outsource to a Third-Party Administrator?

Anders CPA

As a plan sponsor, even if you outsource the administration of your organization’s 401(k) plan to a third-party administrator (TPA), you still hold fiduciary responsibilities that require your attention and care. As a fiduciary of the plan, you are considered personally liable for the plan. While outsourcing tasks to a TPA may allow you more time to manage your regular day-to-day duties as the business owner, CFO or other high-level role, you are still responsible for ensuring compliance and mak

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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.