Wed.Aug 16, 2023

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5 Ways to Embrace Change in Accounting Firms

Canopy Accounting

In the ever-changing realm of accounting, adaptability, and innovation have become the foundations of success. Elizabeth Manso, CPA and owner of Brigade , was able to sit down with us for an interview and elaborate on how her firm embraces change and thrives in doing so. With a team of 13, Elizabeth's accounting firm takes a comprehensive approach, catering to small businesses bookkeeping, accounting, and advisory needs.

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Let’s Check Out Deloitte UK’s New ‘Future of Work’ Office

Going Concern

*pic not of the actual office, those are at the bottom Deloitte UK has officially announced its new ‘future of work’ office in Edinburgh , Scotland, ‘future of work’ in scare quotes being their choice not ours. The new digs are 16,383 sq ft of space at 9 Haymarket Square, a new, mixed-use development that includes “ Grade A offices, a 349 bed 4-star hotel and a mix of eateries all arranged around a public square.” And 433 people in green T-shirts soon, too.

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CPAs to Clients: The IRS is Coming for Cryptocurrency

CPA Practice

By Tim Grant, Pittsburgh Post-Gazette (TNS) Only a handful of Connolly Steel & Co. clients were dabbling in cryptocurrencies five years ago. But the number of clients buying and selling cryptocurrencies—digital money that can be used in online transactions and theoretically cannot be governed by any centralized authority, such as a government—has grown to a point where the Avalon, PA-based accounting firm had to invest in software that keeps track of cryptocurrency trades for tax purposes.

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The IRS Elects to Appeal the Court’s Decision in Farhy v. Commissioner

Withum

In the recently decided case of Farhy v. Commissioner , the U.S. Tax Court determined the IRS’s efforts to collect assessments for failure to file Form 5471 were unlawful. On July 12, 2023, the IRS filed notice of its intention to appeal the Tax Court’s ruling. The article addresses questions taxpayers might have about Farhy as the case heads into appeals.

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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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60% of Accountants Rate Their Job Fulfillment at C or Lower

CPA Practice

A new survey sheds light on accountants’ ideal on-the-job state, the role of technology in their future, and recommendations for their employers. Commissioned by FloQast, the Controller’s Guidebook – When Accountants Dare to Dream research found that most accountants recognize that their employers need financial transformation to drive strategic business performance, and in many cases, a lack of on-the-job fulfillment gets in the way of that reality.

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How accounting is taking on the challenges of fraud

Accounting Today

IRS warnings about a "wave of summer scams" and new business rules designed to combat fraudulent claims for refundable credits are among the latest developments.

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More Trending

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IASB completes two new standards

Accounting Today

Two major sets of changes are on their way, plus the board has released amendments regarding reporting on currencies that can't be exchanged.

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Accounting Firms Spend Far More Than Law Firms on AI

CPA Practice

Accounting firms spent almost four-times as much implementing Artificial Intelligence (AI) systems in the past year as law firms and other professional services organizations, according to the latest research by Moore Global and the Centre for Economics and Business Research. The Moore Global study reveals mid-cap accounting and finance businesses each spent $1.6 million on AI over the past year, almost four times the figure for law and professional services, which stands at $480,000, and slight

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19% of accountants have nightmares about revenue data

Accounting Today

Two different surveys suggest accounting and finance pros may be even more unhappy with their work than expected.

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Employers Consider Enhancing Retirement Plans

CPA Practice

As part of the seemingly endless battle to attract and retain talent, U.S. employers are making enhancements to their nonqualified retirement plans for key executives and highly paid employees, according to a new survey by leading global advisory, broking and solutions company WTW. The vast majority of large U.S. employers currently offer nonqualified retirement plans to executives and high-income earners.

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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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IRS touts big gains a year after IRA funding

Accounting Today

Billions of dollars later, the agency is claiming major improvements in service, technology and enforcement.

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Paren Knadjian is Speaking at the Mission Matters MxM Future of Healthcare Practices Talk

KROST

Our M&A and Capital Markets Principal, Paren Knadjian, has been invited as a panelist to speak at the Mission Matters MxM Future of Healthcare Practices Talk on August 17th. The event will be held at ScaleHealth in Los Angeles from 1:30pm to 6:30pm. In attendance will be healthcare professionals, doctors, investors, and the media. The Read the full article.

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A Peek at NetSuite 2023R2: A/P and Bill Capture Enhancements

Insightful Accountant

Murph begins a series of 'peeks' into the new features and functionalities on the way in the 2023 Release 2 update to NetSuite. Here, he looks at A/P and Bill Capture enhancements.

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The Power of Relational Accounting: Beyond Data-Driven Client Advisory Services

CPA Practice

Where data reigns supreme, it’s easy to forget the human side of accounting. We’re all drawn to the power of data analytics and the insights they can provide. But there’s more to being a successful accounting professional than crunching numbers. Relational accounting, the art of genuinely connecting with your clients, is a vital aspect that shouldn’t be overlooked.

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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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Calling All Accounting Professionals

Insightful Accountant

What are you doing to address the industry's talent crisis? The Center for Accounting Transformation is conducting a study to find out what's being done. See how your data can help.

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Focusing on What Works: Embedding Data and Evidence into Government Programs

Cherry Bekaert

This session provides government officials with a foundational understanding of the definitions, tools, and frameworks used in evaluations. The session also highlights for government officials how the federal government has prioritized evidence and evaluation in recent stimulus funds, including specific examples from ARP, IIJA, and IRA. Presenters share Results for America’s ARP Dashboard and discuss the themes that emerged from studying thousands of ARP Performance Reports and share recom

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IRS Offers Relief on IRA Withdrawals

Dent Moses

The SECURE Act of 2019 required non-spouse beneficiaries who inherited an IRA after December 31, 2019, to withdraw all the funds within ten years of the original owner’s death. The ACT also increased the RMD age from 70 ½ to 72. Next, the SECURE 2.0 Act increased the RMD age to 73 beginning in 2023. In 2033, the RMD age will increase to 75. Unfortunately, those who turned 72 in 2022 were required to take a 2022 RMD no later than April 1, 2023.

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Grants Management Best Practices and Updates for Your 2023 Single Audit

Cherry Bekaert

Many state and local governments have received more federal funding in the last three years any other three-year period. This course will cover how to strengthen your grants management processes within your organization to handle this increase in funding to maximize efficiency bolster internal controls over compliance. We will then discuss specific changes you can expect for your 2023 Single Audits based on new funding sources and changes in the 2023 compliance supplement.

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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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A Closer Look: Firm Insights

Canopy Accounting

Come get a closer look into diving into data on your clients, tasks, capacity, and time. We'll explore how you can quickly spot trends, set up alerts, schedule reports, drill down, utilize custom formulas, build dashboards, and make better, data-driven decision as a result.

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Cybersecurity in Education: Regulations, Incidents, and Practical Considerations

Cherry Bekaert

Protecting children is top of mind for most families and for the public institutions that support them. However, public education is highly budget-constrained, with the bulk of funding going to teacher salaries. Protecting educational information, though, is one place where Federal privacy and cybersecurity regulations are strong and uniform across the U.S.

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4 Steps to Streamline Your Client Onboarding Process

Ryan Lazanis

Client onboarding is a critical process that comes with its fair share of challenges. In this episode, I explained the importance of the client onboarding process and shared four tips on how to streamline it. Listen Below. 0:48 – My best clients, those who remained and built strong relationships with my firm, were consistently those who had a seamless and stress-free onboarding. 1:32 – Automated processes can be overly impersonal and robotic, lacking the human touch.

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EY Split is Back on the Menu, Boys

Going Concern

Financial Times reported yesterday that TPG Capital — “a leader in the alternative asset space” — approached EY to discuss the possibility of the PE firm getting a piece of the firm’s consulting business through their own version of a split: TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY’s audit business in a letter sent to the firm’s global and US bosses.

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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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GASB Updates

Cherry Bekaert

This session discusses GASB pronouncements that have been issued and will be effective this year and in years to come. We also discuss ongoing GASB projects and their potential impacts on state and local government organizations. Learning Objectives: Understand GASB pronouncements yet to be implemented. Identify challenges when implementing GASB 96 and potential solutions.

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Pack your bags: how automated tech has finally enabled accountants to switch off

Accounting Insight

A well-earned summer holiday is something many of us seek. But it can sometimes be tricky to balance our need for relaxation while ensuring business matters run smoothly. This is a reality deeply familiar to those working in accountancy. Whether it’s being unable to truly switch off or running deadlines to the wire before leaving the office, there may be a perception that holidays actually cause more stress for accountants than it’s worth.

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Leading a Government Finance and Accounting Function Following the Great Resignation

Cherry Bekaert

Studies show that the state and local government workforce has not returned to pre-COVID levels. Combine that with the shrinking pipeline of accountants, especially in the governmental realm, and many state and local governments are having to do more with less than ever before. This course evaluates the current landscape for governmental finance and accounting functions, identifies the potential current and future impacts of this shortage on their government and communities, and shares best prac

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Your clients will want to ignore this problem, but you must help them fix it

Accounting Insight

Our experience at Swoop is that business owners don’t want to engage in energy costs. We need your help to make sure they get the best deal possible. At Swoop we have a problem, and it affects your clients: We know that talk of energy costs can make business owners’ eyes glaze over. It’s not the most exciting bit of running a business is it? Our approach has been to be really upfront with the risks of ignoring the problem and then follow up with a quick and easy solution, ideally with the promis

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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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Finance Function of the Future and the Importance of Cost Allocation

Cherry Bekaert

Contributor: Auropon The finance office needs to change to be more predictive and strategic instead of being reactive. The key to delivering effective services to citizens is understanding the full cost of these services. This course discusses the importance of identifying and allocating indirect costs and developing Cost Allocation Plans to deliver services successfully.

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Meet the Brand: Goodman Nash

Accounting Insight

Goodman Nash have Business rates at the heart of everything they do. Get to know them before seeing them at Accountex Summit Manchester next month! What do you do? At Goodman Nash we’re experts in business rates and property tax. We work directly with clients and also partner with accountancy firms to deliver genuine, tangible savings. We recover around £10 million each year for hundreds of clients across a broad range of sectors.

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How to Manage the Career Trajectory of Your Best Employees

Summit CPA

One of the keys to growing your business and achieving financial success is attracting and retaining talent that will help you reach your business goals. Establishing a team that can successfully deliver services to your clients increases the likelihood that those clients will remain or return. With that said, it's essential that you keep your top talent at your company.

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4 Recruiting Challenges for CPA Firms (And the Solutions)

Accounting Insight

All too often, CPA firms focus the bulk of their efforts on lead gen, which tends to create compromises in other critical areas of the business – namely recruiting exceptional accounting talent. Lead gen is crucial to growing any company, no one will deny that. However, if there isn’t strong talent in place, all the leads in the world could be rendered useless.

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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.