Mon.Oct 09, 2023

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Financial Service Leaders Confident in Digital Fitness of Sector, But Worry Over AI

CPA Practice

The vast majority (94%) of financial service leaders are confident that their businesses are “digital fit for the future” but doubts remain with 26% saying they suffer from “tech anxiety” when it comes to AI and machine learning, according to new research. The study, from global digital transformation consultancy Kin + Carta , defines “tech anxiety” as the feeling senior leaders have as a result of the rapid pace of advancements in technology that are causing concern when it comes to how their b

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A Majority of Leaders Are Down to Give Financial Rewards and Promotions to Those Who Return to Office

Going Concern

KPMG released its 2023 CEO Outlook last week and we really don’t care that 73 percent of CEOs surveyed have confidence in the global economic outlook over the next three years nor do we care that three-quarters of them are concerned about rising interest rates leading to a recession. Let’s instead highlight the talent portion: This year’s challenging global landscape underscores the pressures CEOs feel to make decisions on a variety of critical issues — and they impact how CEOs plan

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Stressing About RMDs? Here Are Two Ways to Reduce or Even Eliminate Them

CPA Practice

By Stefan Greenberg, CFP, CFS, CLTC, Kiplinger Consumer News Service (TNS) Now might be a good time to start thinking about how RMDs, or required minimum distributions, might affect your retirement, tax situation, and perhaps the legacy you hope to leave your loved ones someday. Recent legislation with new RMD rules has increased the age at which you must begin taking annual RMDs from your 401(k), IRA or other qualified retirement plan to age 73.

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Pros and Cons of Different Types of Real Estate Funds

Cherry Bekaert

When investing in real estate funds , especially amid a volatile macroeconomic landscape, it is imperative to know the differences between the various types of funds. To ensure that you’re maximizing your investment dollars, you must understand the intricacies of the most notable types of real estate funds: real estate investment trusts (REITs), open-end funds and closed-end funds.

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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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Are there Drawbacks to a Hybrid Workspace?

CPA Practice

By Brandon Cohen. Hybrid work has been all the rage since the pandemic. The combination of remote work and working in office appeals to many employees, as they feel they get the best of both worlds, as well as employers, who feel they do too. However, the hybrid work environment has many drawbacks that aren’t discussed enough. Understanding the best fit for your company will allow you to make your employees happy, get the best work out of them, and create the most efficient workspace possible.

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The single client record is coming: here’s what your practice needs to know

Xero

*Please note that while the process remains the same, all references to Xero Tax are applicable to Australia and New Zealand only. One of the most important ways we’re helping you save time and grow your practice is by moving towards a future where Xero Practice Manager (XPM), Xero HQ and Xero Tax will be seamlessly connected. This will streamline your workflows and give you confidence that your data is accurate and your teams are all working from the same information – no matter what practice

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The 2023 Best Firms for Women

Accounting Today

Our annual ranking of the most female-friendly workplaces in accounting.

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FASB Issues Disclosure Improvements in Response to the SEC’s Disclosure Update and Simplification Initiative

CPA Practice

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were n

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Art of Accounting: Leaving your job to start your own practice

Accounting Today

Starting a firm is an opportunity and should not be treated as a chore or something that you have no choice in what you are doing.

Account 99
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Massachusetts Enacts Single-Sales Apportionment Among Other Tax Provisions

Withum

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), which will dramatically affect how businesses calculate their Massachusetts income. The legislation adopts a single sales factor apportionment formula for all corporations and also makes changes for how financial institutions source its income from investment activities and trading activities.

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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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AICPA Hits a Home Run with ESG Symposium

CPA Practice

Approximately 60 members and friends of the accounting profession gathered in New York City recently to share experiences, findings, expectations, and premonitions around this thing known as ESG which has taken on a life of its own in our society and in particular in corporate boardrooms. Environmental, Social, and Governance make up the pieces of ESG, and businesses are feeling the pressure from analysts and those who move money around in our economy to recognize and respect the influences of i

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New rules may make SBA financing easier

Accounting Today

Changes to the Small Business Administration's SOP affect both accountants and their small-business clients.

Finance 98
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Planning to Update Your Timekeeping Software in 2024?

Insightful Accountant

Hour Timesheet and Clockwise co-founder Debbie Sabin discusses the right time to upgrade your timekeeping software—and some tips for knowing when.

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Planning for the road ahead: Key insights from the NZ ‘State of the industry’ report 2023

Xero

We are pleased to share the key findings from our study of the accounting and bookkeeping sector in Aotearoa New Zealand. The State of the industry report 2023 is the first of its kind in Aotearoa New Zealand and benchmarks the industry, highlighting key trends, challenges, and opportunities faced by accounting and bookkeeping professionals. Despite a recession being declared midway through 2023 and rising inflation, the sector has shown incredible progress and resilience during these challengin

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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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What happens if shareholders move to a new state?

Accounting Today

Along with the possible requirement to file paperwork for establishing the corporation in the new state, there may be changes in tax responsibilities.

Tax 73
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Navigating Risk: Best Practices for Managing Crypto and Digital Asset Investments

Withum

The crypto and digital asset market operates 24 hours a day, 7 days a week, 365 days a year. Without proper risk management, institutional firms become susceptible to the risk of financial loss by way of misappropriation of assets. Three Key Risk Areas Here are three key risk areas both individuals and organizations should be aware of for best practice and proper risk management.

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U.S. Hiring Surged in September

CPA Practice

Reade Pickert, Bloomberg News (via TNS). U.S. employment unexpectedly surged in September, illustrating a durable labor market and bolstering the case for another Federal Reserve interest-rate hike. Nonfarm payrolls increased 336,000 last month — the most since the start of the year — after sizable upward revisions to the prior two months, a Bureau of Labor Statistics report showed Friday.

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Thomson Reuters Unveils ONESOURCE E-Invoicing

Insightful Accountant

Thompson Reuters has unveiled ONESOURCE, a new e-invoicing solution for multinational businesses. The new solution simplifies global e-invoicing compliance with integrations and API connectivity.

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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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Amendment under IGST Act effective from 01.10.2023| GST exempted on ocean freight on Import of Goods and others

VJM Global

Apex Indirect Tax Body, i.e., CBIC , has made major amendments under IGST Act which will be having impact on both, businessmen and end users. Some services tend to get costlier for end users and importers are getting major relief from payment of tax on some services. This article contains a detailed analysis of amendments w.e.f. 1st October, 2023 in Integrated Goods and Service Tax Act, 2017 ( IGST Act ): 1.

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Solving Cash Flow Issues in Your Web Design Business

Steve Feinberg

As a web designer, your business relies on a steady cash flow to keep your company afloat and your client services running smoothly. However, cash flow issues in web design business are not uncommon, and businesses with cash flow problems may struggle to pay their bills, pay their employees, and invest in new equipment or technologies. In this blog post, we’ll explore the common cash flow challenges faced by web designers, and examine some strategies to help you manage cash flow problems t

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Deloitte U.K. Partners Paid Over £1 Million Despite Slowdown

CPA Practice

By Irina Anghel, Bloomberg News (TNS) Partners at the U.K. arm of Deloitte LLP will earn more than £1 million ($1.2 million) again this year despite a recent slowdown in demand. The amount shared by the accounting firm’s 1,300 U.K. equity partners is broadly the same as last year. They also pocketed another £53,000 each after the firm made £38 million from selling Deloitte Total Rewards and Benefits, it said Sept. 29.

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Foreign Exchange & Interest Rate Risk Management and Accounting

Cherry Bekaert

In an increasingly global economy, it is more important than ever to understand how foreign exchange affects business through interest rates, central bank policy and foreign market conditions. Our speakers will cover what drives foreign exchange volatility, what the risks are to corporations and how to manage those risks. Additionally, learn about corporate hedging and how it could benefit your business.

Account 52
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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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Tailored flexibility: The Best Firms for Women

Accounting Today

The 2023 Best Firms for Women have fostered a culture of encouragement and specialized support.

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Key performance indicators for NFP accountants

Accounting for Good

Key performance indicators for NFP accountants are the best way to measure performance outcomes and gain beneficial financial insights for your clients | AFG

Account 52
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The greater the connection, the greater the service

Accounting Today

As business evolves, the importance of collaboration with clients, tech and regulators for accountants will only increase.

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Monday Morning Accounting News Brief: The EY Executive Who Never Was; Deloitte Doesn’t Get in Trouble | 10.9.23

Going Concern

Good morning, happy Monday, etc. etc. Here’s the news or what passes for it in our sector this time of year. Project Everest claims another one. How it started: Our article: Woman Quits Her Job to Be CFO For Big 4 Business That Doesn’t Exist Yet (January 12, 2023) How it’s going : EY finance chief left after failure of spin-off plan Jamie Miller, who was appointed global chief financial officer of EY in January, quit the accounting firm after less than six months following the collap

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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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The art of mindful selling: Becoming a cherished advisor

Accounting Today

It's time to shift your focus from the transactional to the relational.

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How to roster your staff effectively

Reckon

If you’ve got staff on the payroll – especially a revolving roster of casual and part-time staff – rostering effectively is not only essential but could be the difference between your overall business success…or failure. If you don’t get your rostering right, you might have nobody running your business when it counts. But that’s just the tip of the iceberg.

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Thomson Reuters Launches ONESOURCE E-Invoicing for Multinationals

CPA Practice

Thomson Reuters has launched ONESOURCE E-Invoicing. The platform is designed to streamline electronic invoicing management for multinational businesses who are being mandated to comply with e-invoicing regulations around the world. The new solution gives customers a single access point to manage e-invoicing compliance. It offers pre-built integrations connecting financial systems, including common enterprise resource planning (ERP) systems.

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Two Supreme Court Cases Could Change the Tax Landscape

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) The Supreme Court’s new term started October 2. There are some interesting cases on its docket. Two could majorly change the tax landscape. First, is taxing unrealized income valid? This has come up in a case in which a couple who are minority owners of an Indian corporation were charged the repatriation tax.

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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.