Tue.Jul 18, 2023

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Key Financial Controls for Startups

BurklandAssociates

Mitigate the risk of fraud and embezzlement at your startup with these easy to implement financial controls. The post Key Financial Controls for Startups appeared first on Burkland.

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Understanding situs for sales tax

TaxConnex

We hear a lot about nexus and various thresholds but not as much as about tax situs. The situs is the location in which a taxing event occurs. It’s easy to determine when the entire transaction occurs at the point-of-sale but is more difficult when the transaction involves numerous sites. In direct retail, for instance, situs can influence sales tax obligations depending on where the tangible personal property is shipped from in origin states or where it’s shipped to in destination states (learn

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Study finds Great Recession increased physical pain as well as economic

Accounting Today

A recent study said that the Great Recession caused not just economic pain but long term physical pain in certain individuals as well, an effect that persists well into the present day.

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Back-to-School Spending Expected to Hit Record of $41 Billion

CPA Practice

As summer winds down, retailers are ramping up for what economic forecasters expect to be a big year. According to a new survey by the National Retail Federation, back-to-school spending in the U.S. is expected to reach a record $41.5 billion, up from $36.9 billion last year and the previous high of $37.1 billion in 2021. Back-to-college spending is expected to hit $94 billion, about $20 billion more than last year’s record.

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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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Google Searches For the Word ‘Delayering’ Up 558% Since Today’s EY Global All-Hands Call

Going Concern

Apparently there was an EY Global all-hands today and at some point during it, leadership mentioned an important tidbit of information and then promptly breezed right past it. A tipster tells us: EY all hands, people do not seem happy. Staff on the call were told the firm will be focused on ‘delayering’ in fiscal 2024. And then little more was said, leaving the non-consultants to have to Google what that even means.

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SOC 2 Compliance and Why It Matters | Canopy

Canopy Accounting

With reports of data breaches appearing on the news more frequently than ever, companies across the country are seeking increased security measures to protect the highly sensitive private information of their clients.

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More Trending

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Crypto scam losses soared in U.S., fell in rest of world

Accounting Today

Cryptocurrency fraud losses nearly doubled last year in this country, a marked contrast with the rest of the world, where they actually fell by around half.

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Estate Planning Tips: Avoid the Mistakes of Aretha and Prince

CPA Practice

By Elaine Silvestrini (elaine.silvestrini@futurenet.com) Kiplinger Consumer News Service via TNS. When James Brown died in 2006, his will left most of his estimated $100 million estate in a charitable trust that would fund scholarships for disadvantaged children. But because the estate became mired in litigation, no scholarships would be bestowed for at least 15 years.

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Forensic accountants aid suspicious spouses in divorces

Accounting Today

These experts aren't only helping businesses and investors uncover fraud — they also can help people who are going through a divorce trace assets.

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Survey Shows Top Reasons for Employee Turnover and the Impact of Pay Transparency

CPA Practice

A recent study shows that, while pay transparency can increase retention, other variables such as a company’s future outlook, fair pay perception, workplace culture, and manager relationships have a greater impact on why employees consider quitting their jobs. That’s according to data from the Retention Report , commissioned by Payscale Inc. , a provider of compensation data, software and services.

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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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What is UK Inheritance Tax? Guidance on the thresholds and gifting

Wellers Accounting

Tom Biggs answers the question, what is UK Inheritance Tax, and the potential strategies that can be implemented to help reduce this tax liability.

Tax 98
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Another QuickBooks Email – "Final Reminder"

Insightful Accountant

The newest email from Intuit QuickBooks is a Final Reminder to Become PCI Compliant Today. I have one and don't even have an active Payments Account.

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IRS encourages tax pros to adopt a written security plan

Accounting Today

The Internal Revenue Service wants practitioners, particularly in smaller tax practices, to use a new template to create a data security plan.

Tax 98
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Top KPIs for Manufacturing Businesses

AccountingDepartment

In the competitive world of manufacturing, success hinges on the ability to measure and improve crucial metrics that drive operational efficiency, quality, and profitability. Key performance indicators (KPIs) provide valuable insights into the performance of various aspects within a manufacturing company, enabling data-driven decision-making and fostering continuous improvement.

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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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Key audit matter disclosures point to greater financial distress

Accounting Today

The more KAMs disclosed in an audit report, the higher the distress level of a company, according to a new study

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Unincorporated businesses overlap relief

Inform Accounting

From 6 April 2024, all unincorporated businesses will be taxed on their profit or loss arising in the tax year, regardless of their accounting end date. The current tax year (6 April 2023 to 5 April 2024) is a transitional year for businesses whose year-end is not coterminous with the tax year or not deemed to be, i.e. they have a year-end earlier than 31 March.

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The top tax developments of 2023 — so far

Accounting Today

Forty of the most important court cases, revenue rulings, laws, regs and other guidance in the world of tax.

Tax 98
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Statutory Lease Accounting: Much Ado About Nothing

Withum

Lease accounting for lessees has been a hot and widely discussed topic for several years and the new standard under generally accepted accounting principles (“GAAP”), Accounting Standards Codification (“ASC”) 842, Leases , became effective for private companies with fiscal years beginning January 1, 2022, and later. The relative lack of buzz in the insurance industry resulted from the National Association of Insurance Commissioners’ (“NAIC”) decision not to adopt the significant elements of ASC

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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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Why we Support the Greater Vancouver Food Bank

DMCL

DMCL is proud to announce we are returning for our third year as the Presenting Sponsor for the 2023 Greater Vancouver Food Bank ‘s (GVFB) Fore for Food annual fundraising tournament on July 19, 2023 at Northview Golf and Country Club. At the heart of our firm, we’re a group of people who live, work and play in our communities. To build healthy communities, you need to build a solid foundation that includes access to basic necessities like food.

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In Memory of James D. Huber 

Anders CPA

James D. Huber, retired tax partner at Anders CPAs + Advisors, passed away on July 13, 2023 surrounded by his loving family. He is survived by his adoring wife, children and 13 beloved grandchildren. Jim started his public accounting career in 1974 working at the firm his father, William Huber, founded in 1965, Huber, Ring, Wolling & Co. He went on to lead the firm and in 1989 merged with Helm & Co.

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Carve-out Transactions: How They Differ from a Typical Acquisition

Cherry Bekaert

  What is a carve-out transaction? And what makes it different from a typical acquisition? As persistently higher interest rates and inflation pressure dampen the earnings outlook, corporations have begun to focus on opportunities to raise cash from divestiture of non-core business segments. On the surface, these carve-out transactions may present a compelling opportunity to acquire a mature business, but there are often hidden challenges below the surface that can impact the buyer’s ability t

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Just How Many People Left Big 4 Firms Last Year?

Going Concern

Just how many people left Big 4 firms — voluntarily or not — in 2022? About 56,600 according to this CFO Journal piece published on WSJ this morning. For this year, the number is about 21,400 through June, a 11.6% drop from the same period the year prior. That’s from workplace data analyzed by Revelio Labs. This year marks the first year the number of leavers has decreased rather than increased since 2019.

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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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Preserving the personal allowance

Inform Accounting

The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually reduces the personal allowance until it is lost. The taper applies when adjusted net income exceeds £100,000. It operates by reducing the personal allowance by £1 for every £2 by which adjusted net income exceeds £100,000.

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3 Ways Businesses Accidentally Create More Cybersecurity Risks

Anders CPA

Cybercriminals grow bolder by the day, forcing businesses to develop creative tactics to combat hackers’ increasingly sophisticated attacks. Unfortunately, some businesses may be inadvertently increasing their cybersecurity risks and leaving their operations open to network and systems intruders. Businesses that understaff, underbudget and fail to plan for inevitable cybersecurity attacks leave themselves in poor shape to properly respond to one, let alone prevent it from happening in the first

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NetSuite Gives Business Users Tools for Guided Learning

CPA Practice

To help customers maximize the value of the suite and accelerate adoption, Oracle NetSuite today announced NetSuite Guided Learning. NetSuite Guided Learning provides step-by-step guidance embedded in NetSuite to help educate users about system functionality and features. Available to all NetSuite licensed customers at no additional cost, the contextual learning guides help businesses leverage the full capabilities of the suite and reduce time spent on training.

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HubSync Unveils Gateway

Insightful Accountant

The integrated and centralized dashboard helps enhance client engagement and provides CPA firms of all sizes with 360-degree visibility across operations.

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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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Canada to stick with planned tax on big tech the U.S. opposes

Accounting Today

Ottawa has pledged to implement a new digital services tax in early 2024, unless a global tax agreement is ratified by OECD countries.

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How to Achieve a Zero Accounts Receivable Business

Insightful Accountant

Ignition's Matt Kanas explains how firm owners can build or transition their business to have zero AR.

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How to deliver advisory services for maximum success

Mark Lee

‘How to deliver advisory services for maximum success’ is the sub-title of a superb new book for accountants that I read recently. I’ll share the author and title later in this post. Let’s just say that I wish I had written this book, as I am already recommending it to accountants, without reservation. In her introduction, the author asks if, like her, you are sick of hearing “compliance is dead” and that all accountants should move into advisory work?

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What is the long-term goal for your architecture business and how can ESG help?

Menzies

Menzies LLP - A leading chartered accountancy firm. Architects have a vital role in global sustainability, not only as businesses that trade and employee thousands of people, but because they design the buildings and areas we will be using in the future. ESG stands for Environmental, Social, and Governance. It is a framework for evaluating the sustainability and ethical impact of an organisation.

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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.