Mon.Feb 26, 2024

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How Firms Can Better Package Advisory Services

CPA Practice

Progressive accountants know that advisory services are the future of accounting. We’re seeing a major shift in the industry from traditional accounting to a consulting role. Taking on an advisory role will not only improve your year-round cash flow but will also help you better serve your clients. In fact, 83% of clients want a tax professional who also offers advisory services.

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The 20 worst states for doing business

Accounting Today

The lowest-ranked states have property and unemployment insurance taxes like every state, but significantly they also have complex, non-neutral taxes with comparatively high rates.

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Banking Webinar Series | Understanding CRA’s New Retail Lending Test: What Banks of Every Size Need to Know

Anders CPA

Face your Retail Lending Test with confidence backed by to-the-minute research on an evolving regulation Wednesday, March 27 at 10:00am CT The new Retail Lending Test was introduced as part of the Community Reinvestment Act (CRA) final rule and its implementation will have considerable impact on large and intermediate-sized banks, in addition to the small banks who opt-in.

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FTC hits H&R Block over 'free' online filing claims

Accounting Today

The Federal Trade Commission filed a complaint against tax prep giant H&R Block accusing the company of deceptively marketing "free" online tax filing when its products often were not free and deleting consumers' data when they tried to downgrade to less expensive products.

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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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The 10 Most Common Words (and Misspelled Words) on Resumes

CPA Practice

A new study has revealed the most overused words on resumes, with ‘responsible’ coming in first, which features on more than 5.1 million American resumes. QR code generator QRFY , compiled a list of 50 commonly used resume words and phrases, and then ran each of these through Indeed’s Resume Search, to find which featured the most across resumes updated in the past 6 months.

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Shout-Out This Person Whose Jumping Ship Made It Into EY’s PCAOB Inspection Report

Going Concern

As mentioned in today’s Monday Morning Accounting News Brief and first spotted on Canadian Accountant , a shout-out is in order for this person who bailed on EY Canada to go work for the client and scored themselves a mention in the firm’s 2022 PCAOB inspection report: The firm reported one instance of potential non-compliance with PCAOB Rule 3500T regarding firm personnel negotiating prospective employment with an audit client.

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More Trending

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Spotlighting Women in Advisory Practice: “We needed to focus on what people wanted,” says Erin Heath, CPA

ThomsonReuters

There are many paths to accountancy, but this is one we don’t hear of often:  Erin Heath   grew up on a cattle ranch in South Dakota, where many of her “ranch-hand” duties sparked her interest in numbers. But it was an introduction to accounting class in high school that paved the way. “It was love at first sight,” she recalls. “I enjoyed it more than chasing cows.

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Chicago's contentious mansion tax vote struck down by court

Accounting Today

Mayor Brandon Johnson's plan to increase taxes on real estate transactions of $1 million or more was dealt a major blow.

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An Architect's Blueprint for Building a Successful Firm

GrowthForceBlog

9 min read With 110 employees, $25 million in top-line revenue, and 15% profits, Guy Geier is a managing partner, leading one of the largest architecture firms in the U.S., FX Collaborative. Key Takeaways Leading an Architecture Firm Through a Pandemic: The pandemic was a challenging time for all businesses, including FX Collaborative which saw business slow and revenue decline.

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Outsourced Accounting Frequently Asked Questions (FAQs)

Cherry Bekaert

Contributor: Veronica Vannoy Cherry Bekaert offers outsourced accounting services to businesses that want to reduce costs, improve efficiency and focus on core operations. Our certified accounting professionals produce accurate and timely financial reporting, while ensuring confidentiality and data security. With our help, your business can streamline accounting processes, increase productivity and make informed decisions based on reliable financial information.

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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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NRA loses landmark trial over millions in wasted donor funds

Accounting Today

One high point of the trial was the testimony of Oliver North, who said that in 2019 he pushed for an outside audit of the NRA's finances but longtime leader Wayne LaPierre refused.

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Lifelong Learning: More Than a Credits Requirement

Insightful Accountant

Continuing education is essential for tax practitioners, not just for credits but for career success and organizational growth.

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Making mentoring work

Accounting Today

AICPA chair Okorie Ramsey dives into how accounting firms can make the most of this important recruiting and career development tool, and the benefits it offers for both mentee and mentor.

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Unlocking Success: A Guide to an Effective User Acceptance Testing Plan

Withum

User acceptance testing (UAT), also called application testing or end-user testing, is a phase of software development in which the software is tested in the real world by its intended audience. User Acceptance Testing (UAT) is a critical phase in software development, where the end-users validate the system before its release. It ensures that the software meets business requirements, is ready for production and helps identify any issues that might affect the user experience.

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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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Art of Accounting: Moving staff up to replace a higher-level person

Accounting Today

You need a method to retain your staff, even for a little longer, so your firm doesn't get stuck when someone leaves.

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Matthew Kanas on The Year of Change Management ft. Ignition & AI

Insightful Accountant

Survey by Ignition reveals top challenges in accounting firms: staffing shortages, manual processes, and workload abundance. Gary and Matt discuss strategies and AI solutions for effective change management.

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More money available for Low-Income Taxpayer Clinics

Accounting Today

The IRS is particularly interested in applications covering Hawaii, Kansas, Nevada, North Dakota, South Dakota, West Virginia and Puerto Rico.

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Unlocking the Potential: How Proof-of-Reserves Is Changing the Game

Withum

Proof-of-reserves is a method cryptocurrency exchanges and other financial institutions use to demonstrate that they hold the funds they claim to have on deposit to ultimately fund customer balances. The concept behind proof-of-reserves is to provide transparency and to assure customers and regulators that the institution has the necessary assets to meet its financial obligations.

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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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Mauldin & Jenkins merges in CFO Navigator

Accounting Today

The Regional Leader has added a firm that offers financial guidance to businesses and nonprofit organizations in the Atlanta area.

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Danielle Supkis Cheek Named VP at Caseware

CPA Practice

Caseware International , a global leader in cloud-enabled audit, financial reporting and data analytics solutions, is pleased to announce the appointment of Danielle Supkis Cheek as Vice President, Head of Analytics and AI. Supkis Cheek joins Caseware from MindBridge where she was Vice President of Strategy and Industry Relations. Her outstanding career, spanning over 15 years in public accounting, includes senior leadership roles within various small and medium sized firms, as well as several y

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The FTC Safeguards Rule: Get Your Dealership in Compliance

Withum

As of June 9, 2023, the FTC Safeguards Rule took full effect and is now required to be implemented for compliance. The rule expanded applicability to auto dealers that hold or process personal information and are considered a “non-banking” financial institution. What does it mean for auto dealers? Well, June 9, 2023, has come and gone. Owners and management should receive periodic updates on the status of their cybersecurity program as they are accountable.

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The Bonadio Group Raises $25K for Charitable Campaign

CPA Practice

The Bonadio Group , a nationally ranked accounting firm, has announced the results of its second annual “The Big Give” fundraising campaign, including nearly $25,000 of donations, 1,250 staff volunteer hours, and support to over 50 non-profit organizations across the firm’s national footprint. The fundraising campaign, which ran from October 1 through December 31, 2023, encouraged employees to raise money for an organization of their choice by earning a $20 cash grant from the Bonadio Foundation

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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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Key Takeaways From the 2023 AICPA Dealership Conference

Withum

There is no better place for automotive accountants and CFOs to pack in CPE credits, networking, good food, and fun than at the AICPA Dealership Conference. The CPAs at Withum always look forward to this event in Las Vegas in October after deadlines have settled. It’s a chance for us to get together with our industry contacts, clients, and other accounting firms to discuss hot topics for the current year and the upcoming year.

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Voting for 2024 Domestic ProAdvisor Awards Begins March 5

Insightful Accountant

Insightful Accountant is expecting to launch the 2024 voting for Domestic (US and US Territory) ProAdvisors by Tuesday March 5, 2024.

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Maximize Your Dealership’s 2024 Returns With These 4 Tax Credits and Reporting Requirements

Withum

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. While these mundane things can often get lost in the shuffle, keeping these items at the forefront is imperative. They can potentially result in heavy penalties for missed deadlines or lost opportunities for dealers to save money.

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Monday Morning Accounting News Brief: Semper Fi-nancial; EY Gets a D in Auditing; Deepfake CFOs Are a Thing | 2.26.24

Going Concern

Hi, welcome to another Monday. *insert sassy observation here* As you ready yourself for the week ahead, take some time to contemplate the fact that there’s better s**t to do with your life than work it away. I took off yesterday afternoon and this afternoon to help my son find another car, because his car was totaled a couple of weeks ago. I am so thankful that my schedule now allows me to take an afternoon or two off if I need to.

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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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Structuring: What Are the Most Common Fund Structures and Entity Types?

Withum

In this release of Venture To Know we discuss structuring and the most common fund structures and entity types from a tax perspective. What Are the Most Common Fund Structures? Emerging managers typically employ a three-vehicle structure, which includes a fund, a general partner entity, and a management company. The fund serves as the vehicle for subscribing limited partners, receiving capital, and making investments.

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Choosing an Online Bill Payment Solution for QuickBooks Online

SchoolofBookkeeping

QuickBooks Online is a popular accounting software for small businesses and it provides a range of bill pay options. One of the most important features for business owners is the ability to pay bills electronically, which can save time and reduce errors. There are different bill pay options available in QuickBooks Online, a newly launched Quickbooks Bill Pay Service, Melio, Bill.com, and Corpay One among others.

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Hubdoc and Dext: Powerful Xero pairings for burgeoning businesses

Xero

Financial data lies at the heart of any small business operation. Managing it can be a juggle, but there are an array of tools you can use to stay on top of this crucial information and better manage your cash flow and compliance. Depending on what stage of the business growth journey you’re on, some Xero-connected solutions are more appropriate than others.

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Thomson Reuters Acquires Pagero for $800 Million

CPA Practice

Thomson Reuters Corporation has completed its acquisition of Pagero for $800 million. The acquisition marks the sixth deal closed by Thomson Reuters since January 1, 2023, with a total acquisition value of approximately $2.1 billion, contributing to a stronger, strategically aligned portfolio with exciting growth prospects. Pagero is a provider of e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.

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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.