Tue.Nov 07, 2023

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Spend Management Principles and Strategies for SMB's

AccountingDepartment

One of the most important aspects of running a successful business is managing the money that comes in and goes out. However, this can be especially tricky for small to medium-sized businesses, which often have fewer resources and smaller budgets to work with.

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Your need-to-know: vendor compensations and discounts | TaxConnex

TaxConnex

Hard to believe if you’ve ever dealt with sales tax jurisdictions, but they will actually give you a break on paying your sales tax in the form of vendor compensations and discounts. These discounts can also add up for large businesses that pay a great deal in sales tax every month to states where they have nexus , sometimes even more than paying for the services these companies use for sales tax compliance.

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Procure-to-pay (P2P) — Everything you need to know.

Airbase

In this guide, we delve into the core of P2P, exploring its benefits for organizations, the software solutions that streamline the process, and best practices to overcome challenges. From simplified procurement processes to better control over spending and timely payment processing, each step offers insights into a system designed for efficiency and transparency.

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Academics Let AI Ruthlessly Slander Big 4 Firms, They’re Very Sorry They Didn’t Think to Fact Check

Going Concern

Generative AI is a powerful tool, most of all in the hands of people who know how to use it. Like all new technologies, things can also go awry when you let neophytes play around with it unsupervised. Particularly when you let the newbies play around with it unsupervised and then they take what the AI generated to a parliamentary inquiry and present it as fact.

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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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Many Retired Americans Aren’t Returning to Work as Predicted After Covid

CPA Practice

By Alex Tanzi, Bloomberg News (via TNS). More than three-and-a-half years after COVID struck, the U.S. still has around 2 million more retirees than predicted, in one of the most striking and enduring changes to the nation’s labor force. The so-called Great Retirement induced by COVID-19 is evident in the divergence between the actual number of retirees and that predicted by a Federal Reserve economic model.

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New Ruling Clarifies Local Sales Tax Rates for Multi-Location Businesses in Missouri

Anders CPA

When a business operates in multiple locations in the same state, complex sales tax regulations can often present a challenge. Special local sales tax districts, such as a community improvement or transportation development district, can exacerbate the difference in sales tax rates for business locations in neighboring municipalities. The Missouri Private Letter Ruling No.

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Nonprofits see revenue decline

Accounting Today

Not-for-profit organizations are putting more emphasis on cutting costs as they face the prospect of donors giving them less, according to a new survey.

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Understanding the Uses and Limitations of Net Operating Losses

inDinero Tax Tips

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. You do this by using an unprofitable year to offset future profits, which may sound a bit complicated. Not to worry. In this guide, we’ll present the rules and limitations of net operating losses and demonstrate how to use them to save money and grow your business.

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3 Minutes with Francesca Tricarico

Accounting Insight

Francesca decided 11 years ago that she wanted to create a better life for herself and her children, so went back into education. She’d always had a passion for accountancy, so she worked hard and focused her efforts on joining a top practice. As well as studying, she did voluntary work in the industry to become fully immersed in the subject. After graduating in 2014 she joined a top local accounting firm (after applying twice), learning about all areas of the business before falling in love wit

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Gen Z Optimistic About Retirement Despite Saving Less

CPA Practice

By Seychelle Thomas, Kiplinger Consumer News Service (TNS) Inflation hits everyone differently, but for some Americans, the high cost of goods and services means cutting back on long-term financial goals. In October, Bankrate released a new study that surveyed over 2,500 U.S. adults across multiple generations. They found that younger generations tend to be more optimistic about saving for retirement despite most estimating that over $1 million would be needed to retire comfortably.

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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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IRIS 1099: What to Know About the Information Returns Intake System

Patriot Software

Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s. Here’s what to know about IRIS 1099 filing. What is IRIS 1099?

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Meet the 2023 Best Firms for Young Accountants

Accounting Today

A look inside the 10 best places to start a career in accounting.

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Register For the #IgnitionPrecon at QB Connect

Insightful Accountant

Insightful Accountant is thrilled to be kicking off QuickBooks Connect 2023 as a Silver Media partner for Ignition’s highly anticipated Precon party!

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20 states that burden taxpayers the least

Accounting Today

The best five states have an average total tax burden of 5.97%.

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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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Master Year-End Close: 9 Tips for Seamless Financial Reporting 

Withum

As the year winds down, it’s essential for businesses to take a proactive approach to their year-end accounting and financial reporting processes. Year-end close is about wrapping up the past and setting the foundation for the upcoming year. To ensure your business closes its books accurately and is well-prepared for the year ahead, we’ve compiled the considerations below to guide you in your year-end close process. 1.

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Pillar Two tax concerns jump at large multinationals

Accounting Today

Many are considering extra hiring to handle the upcoming mandates, according to KPMG.

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How can we tackle stress in the workplace

Accounting Insight

According to recent surveys ( IPSOS ) almost two in five workers have had to take time off work due to stress in the past year. If this was a disease we could fight with a vaccine, it would have been declared a pandemic and vaccination enforced. There are approximately seven and a half million people in the UK living with a diagnosed mental illness right now.

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PwC to cut around 600 U.K. jobs

Accounting Today

The bulk of the cuts will be aimed at the advisory division.

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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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iplicit offers benefits of accounts payable automation to all its customers

Accounting Insight

The finance platform iplicit is offering the time-saving advantages of accounts payable (AP) automation to its full range of customers in the latest update to its product. iplicit’s own AP automation features will sit alongside the system’s ability to integrate with third-party applications such as Lightyear, offering a choice of ways to increase accuracy and digitise previously manual processes.

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Why QB Desktop File Optimization May Fail

Insightful Accountant

Returning to his old ‘Desktop tech tinkering,’ Murph tips you off on how to prevent ‘file optimization’ failures.

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3 questions you must answer before spending time and money seeking out new clients

Mark Lee

l am regularly approached by accountants who want to know how they can get more clients. And many more accountants are asking each other similar questions in groups on facebook. Invariably they want to know if social media is worthwhile, where to advertise, what marketing activities to pursue, what networking activities might be worthwhile, how to get more traffic to their website and much more – all in a similar vein.

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10% of S&P 500 companies disclosed cybersecurity incidents

Accounting Today

Only four companies said the events were "material.

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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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Empowering Your B2B E-Commerce Customers With Self-Service

Withum

Self-service is becoming increasingly preferred in B2B e-commerce, with 99% of buyers willing to make a purchase in an end-to-end digital self-service model. This allows customers to place orders and manage their accounts without human interaction – giving them the flexibility and convenience to order anytime, anywhere. Without a doubt, customer behavior is changing.

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Krulak's Law: How frontline staff reflects your brand

Accounting Today

Very few firms are asking themselves how they can make sure their client service associates are doing the very best job they can.

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AICPA Honors 11 Forensic and Valuation Professionals

CPA Practice

The AICPA recently recognized the contributions of 11 finance professionals during the 2023 AICPA & CIMA Forensic and Valuation Services Conference held in Las Vegas in November. AICPA, as part of the Association of International Certified Professional Accountants, hosts this annual conference to provide the profession with cutting-edge information on new technology and quality networking opportunities.

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Understanding the Uses and Limitations of Net Operating Losses

inDinero Tax Tips

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. You do this by using an unprofitable year to offset future profits, which may sound a bit complicated. Not to worry. In this guide, we’ll present the rules and limitations of net operating losses and demonstrate how to use them to save money and grow your business.

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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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Black Ore Launches with $60 Million in Funding to Bring AI to Financial Services

CPA Practice

Black Ore , an AI platform for financial services, has launched and announced $60 million in financing led by a16z and Oak HC/FT. The company plans to use the funds to onboard new customers, grow its team, and accelerate the development of additional AI-products across financial services. Black Ore offers an AI and automation platform that accelerates core workflows for financial services businesses and simplifies the experience for their clients.

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Xero’s H1 FY24 financial results: Evolving Xero to deliver on our global aspirations

Xero

Today we announced Xero’s half year financial and operating results to 30 September 2023 (H1 FY24). The results highlight our continued strong revenue growth, which contributed to Xero’s emerging profitability. The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a 90% increase in EBITDA compared to H1 FY23, to $206.1 million.

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PwC to Cut Around 600 Jobs in the U.K.

CPA Practice

By Irina Anghel and Jamie Nimmo, Bloomberg News (TNS) PricewaterhouseCoopers LLP is to slash as many as 600 jobs in the U.K. in response to a fall in the number of staff leaving the accounting giant to work elsewhere. The firm, which has 25,000 U.K. staff, is set to launch a voluntary redundancy program for between 500 and 600 employees, according to a person familiar with the plans.

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Tips for a Successful Year-End Close

Withum

When it comes to your company’s year-end close, it’s important to look back at the year that has passed and make sure all books and records are complete and accurate. Part of this process is making sure the financial records for the prior year are closed out properly. There are a number of steps that should be taken to make sure the year-end financials are complete and accurate.

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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.