Fri.Jul 28, 2023

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Navigating the Ecommerce Accounting Maze Top Challenges & Solutions

Basis 365

In the fast-paced world of eCommerce, the surge in online shopping has revolutionized how consumers interact with businesses. The allure of virtual storefronts, global market reach, and unparalleled convenience has propelled eCommerce companies to unprecedented heights. However, beneath the surface of this digital retail revolution lies a labyrinth of accounting complexities that demand attention.

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The Tax Payoff for Life Insurance

CPA Practice

No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Background: Although there are many variations of permanent whole life insurance, let’s stick with the basics.

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Should You Transition to a Paperless Office (and What CRA Has to Say about It)

Ronika Khanna CPA,CA

Imagine having an office without clutter, free from sad looking boxes and filing cabinets filled to the brim, where you don’t have to rifle through unlabeled containers to find a receipt for a scanner that you bought three years ago. An office that would make Marie Kondo (queen of decluttering) proud by getting rid of (almost) anything that does not bring you joy and surrounding it instead with items that inspire (or at least improve productivity).

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Pros and Cons of the “Kiddie Tax”

CPA Practice

Despite its cute moniker, the “kiddie tax” is anything but innocent. If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family. But you may be able to cut the tax down to size with some astute planning before year-end. Background: Generally, income is taxed at the rate of the person who receives it, which can be as low as 10% (or even zero).

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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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Friday Footnotes: KPMG Pays High Schoolers 20 Bucks an Hour; Deloitte Cyberattacked Too; IRS on ERC | 7.28.23

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. News Obituary of Jerome A. Seidman [ The Scarsdale Inquirer ] Jerome A.

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Answers to Retail Business Questions About Sales Taxes

CPA Practice

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law. But if you’re selling online and shipping items all over the state or country, you may not know what sales tax rate to charge.

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More Trending

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Tech News: New AuditBoard solution focused on IT risk management

Accounting Today

New AuditBoard solution focused on IT risk management; KPMG deepens relationship with Service Now; and other news and updates from the accounting technology arena.

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The Rundown To Running Your Own Construction Business

Randal DeHart

Getting your construction business up and running and making a profit is usually much more complicated than it sounds. So let's focus on honing the skills you'll need to make it happen by acquiring these yourself or consulting professionals to help you. What it means to be your own boss Being your own boss might sound like it is the ultimate ticket to freedom and financial success – and it can be.

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PCAOB sanctions firms over audit committee communications

Accounting Today

The Public Company Accounting Oversight Board disciplined five auditing firms for violating its rules and standards when communicating with audit committees.

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Why Your Nonprofit Should Focus On ACH Recurring Donations

GrowthForceBlog

6 min read Cultivating reliable revenue streams can be a major challenge for nonprofit organizations. While year-end giving represents the largest portion of revenue for many nonprofits and donors are grateful for the opportunity to participate in the spirit of the holiday season, a focus on year-end giving can result in particularly challenging cash flow management during the rest of the year.

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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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On the move: MACPA elects a new chair

Accounting Today

KPMG partner Christina Aspell will lead the Maryland association's board; Dean Dorton consolidates in Raleigh; and other firm and personnel news.

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The Technology Lab Podcast – Update on the Verizon Data Breach – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the recent Verizon data breach and what firms need to know and do to protect their firm and client data. Use the podcast player below to listen.

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Congress hears from tax pros about ERC challenges

Accounting Today

Tax experts testified during a hearing about the Employee Retention Credit and the issues they and their clients are facing.

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How to Maintain Cashflow During The WGA Strike

KROST

At KROST and KROST Wealth, we have many clients engaged in the entertainment industry who lean on us for our expertise. From accounting, tax, wealth management, and the like, we are in solidarity with our clients and understand the situation they are going through. Below are some timely tactical financial planning ideas that may help Read the full article.

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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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Practice Profile: Baby goats, dog parades and Squishmallows

Accounting Today

It all sounds like fun, but Mize CPAs' recruiting and retention strategies are serious business.

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A Review: The Ultimate Guide to Power & Influence

Withum

The Ultimate Guide to Power & Influence by Robert Dilenschneider is a must-read for any leader or anyone aspiring to be a leader. Having power and not using it to influence others or having influence without using it to make those around you better is a waste of your gifts. Here is why I recommend this book. For starters, I know Bob Dilenschneider longer than almost anyone else, having met him when I was starting my practice and he had first arrived in New York from Chicago.

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How CPA firms can boost accounting automation

Accounting Today

Since automation in the accounting profession has been a huge win for firms, it's no surprise that most of us are automating many different processes.

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4 Steps to Measuring Your Corporate Carbon Footprint

Withum

Having insight into company emissions is of utmost importance, given the intricate and expansive nature of greenhouse gases (GHG). Organizations must familiarize themselves not only with the classification of GHG but also with their sources, emission output, corporate carbon footprint, reporting timelines and areas and reduction strategies. This article navigates the fundamental concepts of GHG emissions, how to compile a precise emissions inventory, and presents a summary of the best reporting

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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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Unlocking E-commerce Success BY Navigating Cash Flow Challenges for Growth

Basis 365

In the bustling realm of eCommerce, where innovation and competition intertwine, cash flow management is a formidable challenge for businesses seeking sustainable growth. As digital marketplaces continue to revolutionize consumer behavior, eCommerce enterprises navigate a complex landscape of financial intricacies. Despite the allure of boundless opportunities, cash flow-related issues still need to be addressed, demanding astute attention and strategic insight.

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Patriot Software Brings Enhanced Manager Permissions to HR and Time & Attendance Software

Patriot Software

Canton, Ohio Patriot Software, a leading provider of cloud-based accounting and payroll software solutions, announces the addition of enhanced manager permissions in their HR software and Time & Attendance software add-ons.

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Top Accounting Issues Faced by Companies Building Tech Products

Basis 365

Companies building tech products are at the forefront of innovation in today's fast-paced and ever-changing technological landscape. As they develop cutting-edge software, embrace subscription-based models, and leverage cloud infrastructure, these companies face various accounting challenges. Effectively managing financial records and complying with intricate regulatory standards are paramount for their sustained growth and success.

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The Technology Lab Podcast – Update on the Verizon Data Breach – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the recent Verizon data breach and what firms need to know and do to protect their firm and client data. Click here to visit the podcast page.

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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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Unraveling Cash Flow Challenges in Tech Businesses

Basis 365

In the fast-paced world of technology, innovation, and creativity thrive, but so do financial challenges. One of the most critical aspects of running a successful tech business is managing cash flow effectively. Even the most promising startups and established tech giants can face significant hurdles in maintaining a healthy cash flow. Let's explore the standard cash flow-related issues that tech businesses encounter and propose strategies to navigate these stormy waters.

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New Jersey Amends Unemployment Compensation Reporting

Withum

In an effort to expedite claims and increase reporting burden on employers, amendments to the Unemployment Compensation Law are being rolled out as of July 31, 2023. New Jersey employers will need to report additional unemployment insurance obligations or risk facing heavy penalties for failing to comply with the new amendments. Currently, employers are required to provide every employee immediately upon separation with Form BC-10 , which provides information about unemployment benefits.

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A Fraud Investigation Report

FraudFiles

Reporting the findings of a fraud investigation will require varying levels of detail and precision, depending on the specifics of the engagement. Yet it is fairly easy to develop a standard reporting process that can be followed by staff.

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Scandal-hit retailer nears end as advisors reap $495M in fees

Accounting Today

Steinhoff, the former owner of Mattress Firm in the U.S., has been battling to survive ever since auditors refused to sign off on its financials.

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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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David Cofer

GBQ

The job market has allowed companies like GBQ to think more broadly about talent attraction and growth opportunities. This conversation highlights Columbus State's innovative collaboration with local employers, including GBQ. The job market has allowed companies like GBQ to think more broadly about talent attraction and growth opportunities. This conversation highlights Columbus State's innovative collaboration with local employers, including GBQ.

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ISSB proposes digital taxonomy of sustainability information

Accounting Today

The International Sustainability Standards Board is proposing to create an XBRL version of its recently released ESG standards.

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Nominations Open for CPA Practice Advisor’s “40 Under 40” and “20 Under 40”

CPA Practice

Nominations for the 2023 Awards are now open. Click here to go to the free nomination form. The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession through their exemplary leadership, their innovative thinking, their collaborative efforts to provide unity to the profession across the generations, and their community outreach which extends the visibility o

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SEC's Gensler warns of stability risks

Accounting Today

He reiterated that American officials must be able to review the audit papers of Chinese companies that trade in the U.S.

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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.