Fri.Jan 05, 2024

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Choosing the Right Accounting Software

SMBAccountant

Beyond the mere transition in dates, New Year's marks a universal opportunity for change. It can serve as a catalyst for reflection, inspiring individuals to set resolutions, for themselves and their businesses. The beginning of a new year also means a fresh start for your Income Statement; which is why now is the perfect time to review your accounting software needs.

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IRS inaugurates Tax Professional Awareness Week

Accounting Today

The Internal Revenue Service will be hosting a Tax Professional Awareness Week starting Monday, Jan. 8, to give tax pros an opportunity to get ready for tax season.

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‘Why Does This Profession Think There Ought to Be No Client Left Behind?’

Going Concern

Our 2024 Predictions For the Accounting Profession survey is still open and we invite you to share your thoughts on what lies ahead. Not only do we care about the future, we also asked what issue is currently affecting the profession but not talked about nearly enough or even at all. Shout-out to all of you who mentioned pay as if that isn’t THE most talked about issue.

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Lawmakers weigh $100B tax deal for business, children

Accounting Today

Businesses eager to see Congress revive expired research and investment tax breaks have reason for optimism that a deal could come together as soon as this month.

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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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A Non-Exhaustive List of Reasons Why You Won’t Cut It as a CFO

Going Concern

If any of the qualities listed below sound familiar, don’t even bother. TL;DR Are you an annoying person without any friends who can’t strategize your way out of a paper bag? If so, the coveted CFO position is — and will likely remain — out of your reach. So, you think you’re ready to be a Chief Financial Officer (CFO)? Before you start fantasizing about that corner office and the fancy title, let’s get one thing straight: being a CFO is not as easy as you think.

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Exploring the Proposed IRS Ruling With Ron Quaranta of Wall Street Blockchain Alliance

Withum

Mark Eckerle and Ron Quaranta of Wall Street Blockchain Alliance, discuss WSBA’s activity within the crypto ecosystem and its plans for 2024. Listen now.

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10 Tips for Setting up Your QBO File for the first time

Ronika Khanna CPA,CA

The idea of using an accounting software can be a bit intimidating for some new business owners. Others are put off by the cost when a spreadsheet is both free and straightforward. While a spreadsheet makes sense when you have a simple business with very few transactions per year, accounting software has significantly more functionality. You can invoice your clients and customers , analyze the performance of the business, reduce the amount of manual data entry that your current accounting system

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Becoming A Better Project Manager By Improving Communication Skills

Randal DeHart

In the construction industry, communication takes many forms, including written reports, drawings, emails, and face-to-face meetings. Each form of communication has its own set of advantages and disadvantages. For example, written reports and illustrations provide a permanent record of information, but they may not be as effective in conveying complex ideas as face-to-face interactions.

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IRS gives auto dealers more time to submit sales reports for tax credits

Accounting Today

The Internal Revenue Service is extending the period for dealers and sellers of so-called "clean" vehicles such as electric cars to submit time-of-sale reports by a few days to qualify for tax credits.

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Manufacturing Industry Leaders Weigh in on the Shift to Renewable Energy

Cherry Bekaert

Transitioning our energy infrastructure to cleaner sources will take significant capital investment, rapid technological innovation, and collaboration between industries and regulatory bodies. Those were the key points shared by manufacturing leaders from both the supply and demand side of the energy equation, who spoke at a session about operations and sustainability during Cherry Bekaert’s 2023 Modernizing Manufacturing Symposium.

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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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NYC Biotechnology Tax Credit: A Refundable Financial Incentive for Life Science Companies

Withum

The NYC Biotechnology Tax Credit offers a valuable financial incentive to investors and owners of qualified biotechnology companies. This credit can offset various taxes including business corporation tax, general corporation tax, and unincorporated business tax. Eligibility Criteria To be eligible, a company must: Engage in Biotechnology: This involves manipulating living organisms to create products that enhance life and health, along with related scientific research and services.

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Lightyear records bumper year for retail and business investing

Accounting Insight

Investment platform Lightyear announces a record year of investment activity on the platform. Seeing nearly 20% month-on-month growth in assets under management (AUM), the appetite for investing – despite another rollercoaster year for the public markets – remains high. In 2023, the company also increased its headcount by 45%, taking the team size to over 50 people, released 8 new products and launched in 2 new countries. 2023 was the year of cash With the GBP interest rate reaching

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RSM US Adds 72 New Partners and Principals

CPA Practice

RSM US kicked off the new year by admitting 72 new partners and principals. Last year RSM, the fifth largest accounting firm in the U.S. by revenue, gave keys to the partnership to 109 individuals. “We are operating in a time of significant change and innovation, and this group of talented leaders have all proven that they not only embrace, but also thrive in this environment.

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Guide: 7 Tools That Increase the Productivity of Your Finance Team

Withum

Streamline Essential Financial and Operational Functions. Download the Guide As the roles of accounting and finance executives continue to modernize, they continue to ask themselves, “How can I become more productive in less time?” Your team can enjoy increased productivity and efficiency with the right automation tools. For businesses looking to enhance their financial planning and strategic decision-making, NetSuite provides the reports and tools needed for long-term growth and success.

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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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Jobs Report Shows Higher Wages

CPA Practice

By Augusta Saraiva, Bloomberg News (via TNS). U.S. job growth picked up in December and wage gains exceeded expectations, diminishing prospects for an imminent Federal Reserve interest-rate cut. Nonfarm payrolls increased 216,000 after downward revisions to the prior two months, a Bureau of Labor Statistics report showed Friday. The unemployment rate held at 3.7% as the workforce shrank.

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Is it time to install solar panels on your warehouse rooftop?

Menzies

Menzies LLP - A leading chartered accountancy firm. “Unused warehouse roofs could generate ‘15GW a year’ in solar energy.” – UKWA The manufacturing sector possesses approximately 45M square feet of warehousing space in the UK; a significant percentage of commercial roof space which could be utilised for energy production in the form of solar panel installations.

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Vegas CPA Gets Prison for Bribery and Tax Fraud

CPA Practice

A Nevada accountant was sentenced Wednesday to 13 months in prison for his role in separate bribery and tax fraud conspiracies. According to court documents and statements made in court, Dustin M. Lewis, of Henderson, was a CPA employed by Las Vegas-based accounting firm L.L. Bradford & Company. Beginning in February 2015 through about February 2016, Lewis conspired with and paid a public official with the U.S.

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Follow the Money, Find the Fraud

FraudFiles

Forensic accounting existed quietly for a long time before the general public started to become aware of it. Twenty years ago when the frauds of Enron, WorldCom, and Tyco became big news, the work of forensic accountants was finally given the spotlight. It has been a slow evolution, but the general public is becoming more [.

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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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FASB Adds New Members to Not-for-Profit Advisory Committee

CPA Practice

The Financial Accounting Standards Board ( FASB ) has appointed six new members to its Not-for-Profit Advisory Committee ( NAC ), effective January 1, 2024. The NAC serves as a standing resource for the FASB. Its role is to obtain input from the not-for-profit sector on existing financial reporting guidance, current and proposed technical agenda projects, and longer term or pervasive financial reporting matters affecting those organizations.

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Make late payments a thing of the past with Chaser

Inform Accounting

We have joined Chaser’s Partner Programme to help SMEs get paid faster with market-leading credit control software and debt recovery services. We are proud to announce our recent partnership with award-winning credit control software and debt collections services company Chaser.

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Who pays VAT – Buyer or Seller?

Accounting Insight

Did you know? Over 170 countries worldwide have implemented VAT or GST. Despite how common VAT is, the tax is difficult at the best of times to understand. Knowing who pays VAT – the buyer or the seller – is straightforward, though, if you take the time to learn about the tax or have help. That’s why we share plenty of knowledge on the topic, from an in-depth introduction to EU VAT to how VAT changes when trading between different EU countries.

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Employers added 216K jobs in December, including 4.4K in accounting

Accounting Today

The unemployment rate remained unchanged at 3.7%, the U.S. Bureau of Labor Statistics reported.

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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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Worried About Losing Your Job in 2024? You’re Not Alone

CPA Practice

A new survey from MyPerfectResume found that 85% of employees fear losing their job in 2024, with 50% saying they were a little worried and 35% saying they were definitely worried. Other key findings from MyPerfectResume’s 2024 Workplace Trends Survey , which polled 1,867 U.S.-based respondents this past October, also reflect a not-so-positive outlook from job seekers for 2024: Eight in 10 respondents (78%) expect a recession in the U.S. in 2024. 69% believe that competition for jobs will incr

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On the move: Hantzmon Wiebel admits pair to partnership

Accounting Today

Brown Schultz Sheridan & Fritz assumes new name of Brown Plus; FASB appoints six to Not-for-Profit Advisory Committee; and more news from around the profession.

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A Business Valuation for Your Skagit County Business

SkagitCountyTaxServices

Making New Year’s resolutions seems like a waste of time. Sure, we might start with the best of intentions, but by February most of us have quit the gym, returned to normal eating habits, and left books unread on our bedside tables. But something I do believe in making at the start of the year are goals — both personally and professionally, short- and long-term.

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Navigating the global maze for small businesses eyeing expansion

Accounting Today

CPA firms play a pivotal role in supporting small businesses as they embark on the challenging path of international expansion.

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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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5 Considerations to Recession Proof Your Finance Technology Stack Using Sage Intacct

Cherry Bekaert

While the U.S. inflation rate has dropped significantly from a year ago—3.2% for the 12 months ended October 2023 compared to 7.7% in October 2022, companies carry on in their pursuit to remain resilient in the shadows of financial uncertainty. While several financial ratios exist to assess an organization, a single metric alone cannot identify overall financial health.

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Saltmarsh adds Ruggiero, Martinez & Norton

Accounting Today

The Regional Leader merged in a firm in Winter Park, Florida.

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The Accounting Technology Lab Podcast: Jan 6, 2024 – Review of Zoho Practice

CPA Practice

Randy Johnston and Brian Tankersley, CPA, review Zoho Practice , a complete practice management software that streamlines accountant workflows for enhanced efficiency, collaboration, growth, and exceptional client service. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors.) SPEAKERS Randy Johnston, Brian F.

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Biden budget director not optimistic Congress can avoid shutdown

Accounting Today

The debt ceiling agreement included a side deal that would allow $70 billion in accounting moves to spare agencies most cuts, though $20 billion in cuts to IRS funds may be accelerated.

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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.