Tue.Sep 05, 2023

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Pros and cons of the Financial Data Transparency Act

Accounting Today

The trend toward digitization of government data has been affirmed as a priority by the passage of recent legislation.

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Dimensions of a Basic Treasury Policy for Venture-Backed Startups

BurklandAssociates

An active approach to treasury management can help startups reduce financial risk while putting excess cash to work. The post Dimensions of a Basic Treasury Policy for Venture-Backed Startups appeared first on Burkland.

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IRS agents probing high-income taxpayers need better training

Accounting Today

The service's LB&I Division has expertise in training agents on examining high-income taxpayers, but the IRS doesn't appear to be leveraging this expertise.

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81% of CFOs View Hybrid Workforce as a Cost Saver

CPA Practice

IWG, plc , provider of flexible workspaces and hybrid work solutions, recently studied CFO sentiments on workforce options. The findings from its CFO & Hybrid Work Survey showed that 78% of CFOs are cutting costs because of ongoing economic uncertainties and 81% see hybrid work as a top way to meet savings targets. The report examines findings from a new poll of more than 250+ U.S.

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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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Noble Consulting acquires Johnson Lambert insurance practice

Accounting Today

An insurance regulatory consulting firm that's part of Katz Sapper Miller, a Top 100 Firm based in Indianapolis, is growing by buying another firm's insurance regulatory practice.

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Who’s Putting Roofies in the Drinks at KPMG In-Office Get Togethers?

Going Concern

This post is not a joke about partners slipping Moloko into the Kool-Aid, someone is actually spiking drinks at KPMG New Zealand. The most disturbing part, putting aside the roofies which are plenty disturbing themselves, is that this likely happened on KPMG premises. For two months in a row, “grubby little cowards” have drugged drinks at a monthly work event.

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Keeping the heart of our cities beating

Reckon

By Sam Allert, Reckon CEO. I was recently lucky enough to visit Europe for a family holiday as well as the United States for a couple of work trips. What I brought back from those experiences was how pumping their CBDs were, for workers and tourists alike. There was an electrifying energy in many cities I visited. You could really feel the power of it.

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ERC audits: Be prepared

Accounting Today

The IRS is starting to get more interested in who prepared a claim for the Employee Retention Credit.

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IRIS Launches New Accounting Outsourcing Platform

CPA Practice

IRIS Software Group (IRIS), a global provider of professional accounting and payroll solutions, has launched its new IRIS Outsourcing for accounting firms in the Americas market. IRIS Outsourcing enables the outsourcing of routine accounts and payroll work for core accounting and payroll processes such as bookkeeping, payroll, financial statements, and tax solutions.

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Anna Chen is Attending INBOUND 23

KROST

Our Marketing Director, Anna Chen, is attending the INBOUND 23 conference at the Boston Convention & Exhibition Center. The event will run from September 5th – 8th and is designed for marketers, sales professionals, entrepreneurs, business owners, and industry thought leaders. There are a variety of dynamic activities on the agenda, including keynote speeches, breakout Read the full article.

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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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Contribution Margin Explained

AccountingDepartment

Business owners face many financial challenges, so understanding contribution margin is crucial to success. Contribution margin is an essential financial metric for any business striving to increase growth and revenue.

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Xero Beautiful Business Fund: Not-for-profit? You’re a small business too, so apply today!

Xero

Applications are quickly coming in for the Xero Beautiful Business Fund – thank you to all those who’ve entered so far. If you’re an organisation that operates on a not-for-profit basis, you might be wondering whether you’re eligible to apply. The short answer in most cases is yes (just make sure to double check the rest of our eligibility criteria here ) – because in our eyes, not-for-profit organisations are small businesses too.

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Record Retention Summer Cleaning – Only Keeping What You Need

KROST

As the scorching summer months approach, businesses across various industries are gearing up for a different kind of cleaning spree: record retention summer cleaning. With the sheer volume of documents accumulated over time, it can be overwhelming to navigate through the labyrinth of paperwork and determine which ones are important to keep and for how Read the full article.

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Let's Talk 'QuickBooks Desktop' at September's 'QB Talks'

Insightful Accountant

Murph is hosting 'QB Talks' on Sept. 20, where he hopes to discuss "QuickBooks Desktop 2024." He has put his chips on the table and is gambling that Intuit will have released the product and its embargo prior to his opening remarks.

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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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Tuesday Morning Accounting News Brief: Getting Roofied at KPMG?; PwC: ‘Burnout Should Be a Concern’ | 9.5.23

Going Concern

Good morning and happy Tuesday. Hope everyone had a nice Labor Day, I had a productive weekend of being AFK at Meat Week (get your minds out of the gutter, it’s Fallout). Let’s get right into it. It is suspected someone spiked a colleague’s drink at a KPMG NZ get together , it isn’t the first time either: Two people at KPMG are suspected to have been victims of drink-spiking at separate work drinks, with the executive chair saying whoever is responsible is a “grubby littl

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Ex-Americanas CEO says he's scapegoat

Accounting Today

Miguel Gutierrez argues he had nothing to do with the attempt to manipulate the retailer's financial accounts that led to a massive accounting scandal.

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A Closer Look: Roles

Canopy Accounting

See how powerful tools can help you get more work done with less confusion and coordination, clearer assignments, and work queues. We'll show you how roles can be applied on tasks, subtasks, templates, and client records.

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Businesses Must E-file Form 8300 in 2024, IRS Says

CPA Practice

Starting on Jan. 1, 2024, businesses will be required to electronically file Form 8300 , Report of Cash Payments Over $10,000 , instead of filing a paper return, the IRS said on Aug. 30. This new requirement follows final regulations amending e-filing rules for information returns , including Forms 8300, that were released last February. Businesses that receive more than $10,000 in cash must report transactions to the federal government.

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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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MPs told UK SMEs facing working capital squeeze

Accounting Insight

ACCA paints gloomy picture of SME finance to parliamentary inquiry Giving written evidence to the UK Parliamentary Treasury Committee inquiry into SME finance , ACCA set out a gloomy picture of SMEs struggling to access finance. Drawing on its Global Economic Conditions Survey (GECS), ACCA says that the proportion of SMEs having problems accessing finance remains below the long-term average.

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AICPA News – Sept 2023

CPA Practice

AICPA News is a roundup of recent announcements from the American Institute of Certified Public Accountants. AICPA Updates Digital Assets Practice Aid, Adding Audit Guidance The American Institute of CPAs (AICPA), representing AICPA & CIMA, has updated its practice aid for accounting and auditing of digital assets, with added material on auditing.

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Tax Deductions for Self-Employed Physicians Filing Form 1099

Anders CPA

Making the transition from a W2 to a 1099 filer as a physician can unlock significant tax deductions that can minimize your tax burden and free up your funds so you can reinvest in your business. Potential deductions available for 1099 filers include the home office deduction, auto or vehicle expenses deductions, CME and CME travel, medical malpractice, the QBI deduction and more.

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Understanding CPFF Contracts

Insightful Accountant

Hour Timesheet and Clockwise co-founder Debbie Sabin discusses CPFF contracts and the imperative of DCAA compliant timekeeping.

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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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5 REASONS BUSINESSES CHOOSE OUTSOURCED BOOKKEEPING

Basis 365

You have many tasks to perform as a business owner to ensure your operation runs smoothly. Bookkeeping is one of these time-consuming yet essential tasks. You must keep your financial records up-to-date and organized to make informed decisions. Outsourced bookkeeping is a great option. You can save time and money by outsourcing your bookkeeping to a professional provider.

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New Tech Automates Federal and State Compliance Tracking

CPA Practice

Bloomberg Tax and Accounting has launched Compliance Tracker, a workflow tool available on Bloomberg Tax Research that enables tax professionals to automate the cumbersome, time-intensive process of tracking and gathering of federal and state tax deadlines and forms, while providing alerts about approaching and changing filing obligations. Corporate tax professionals spend dozens of hours each quarter collecting and verifying due dates and forms for their entities across all domestic jurisdictio

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Importance of Selecting a Service Provider for Your Benefit Fund

Withum

It is crucial to choose service providers that are fit for your organization and its needs. It is a fiduciary responsibility, best for the Plan’s participants, and essential for your organization’s operations. The implications of poor service providers can be significant: A recordkeeper with insufficient staffing and inadequate systems, given the size and complexity of your Plan, could result in incorrect allocations of investment earnings, incorrect payment of benefits and more.

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Hitendra Patil Named President of Global CPA Outsourcing at Datamatics Business Solutions

CPA Practice

Datamatics Business Solutions, Inc. (DBS), a global provider of outsourced accounting, bookkeeping, finance, tax preparation, audit & assurance, payroll and demand generation & data services, has announced the appointment of Hitendra Patil as the President of its global CPA outsourcing services business. DBS is currently a strategic partner to over 150 global CPA firms, streamlining their operations, improving productivity tapping into a rich talent pool and leveraging a global operating

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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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How to Nurture Client Relationships

Insightful Accountant

FFP Wealth Management's John Graziano explains how firms can beyond just the numbers and dive into the arts of providing better service and improving client relationships.

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Warren Averett Was the Recipient of a First-Ever Penalty From the PCAOB

CPA Practice

In first-ever sanctions levied against an audit firm related to its membership in an accounting alliance, the Public Company Accounting Oversight Board (PCAOB) on Aug. 29 fined top 50 firm Warren Averett $200,000 for auditor independence violations during the 2019 and 2020 audits of an issuer. The issuer was identified by the PCAOB as CytoDyn, a Vancouver, WA-based clinical-stage biotechnology company focused on developing medical treatments.

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Wirecard whistleblower starts platform to detect wrongdoing

Accounting Today

Pav Gill is setting up Confide, catering to companies that want to boost their corporate governance.

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Small Business Expo Brings Expensify to Thousands of Attendees

CPA Practice

Expensify, Inc.’s chat-based platform, New Expensify , has been selected by Small Business Expo as the featured conference networking tool for the 5,000+ attendees of its Los Angeles event on Wednesday, Sept. 6, 2023. Expensify is a financial management app for expenses and corporate cards. Small Business Expo, one of America’s largest business networking and educational events, is tailored to business owners, start-ups, and entrepreneurs.

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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.