Wed.Nov 08, 2023

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Cybersecurity for CPAs: Don't empower imposters

Accounting Today

By clicking on malicious links and then entering your login information, you risk letting cybercriminals pretend to be you and send out $250,000 worth of fake invoices.

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2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.

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Annual Financial Planning for Startups: Part-Three, Executing on Your Plan

BurklandAssociates

The final installment of a three-part series focused on helping growing startups budget and plan for success in the new year. The post Annual Financial Planning for Startups: Part-Three, Executing on Your Plan appeared first on Burkland.

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What Types of Expenses Can’t be Written Off by Your Business?

RogerRossmeisl

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of §162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in c

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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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What is vendor management and why is it important?

Airbase

Vendor management is an integral part of financial management, enabling companies to control costs, mitigate risks, streamline operations, and maintain a healthy supply chain. Finance teams play a crucial role in vendor management, providing expertise in contract negotiation, payment processing, performance evaluation, and relationship building. By effectively managing vendors, finance teams can significantly contribute to the overall financial success of their organizations.

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What are the Tax Implications of Winning Money or Valuable Prizes?

RogerRossmeisl

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. You must report 100% of your winnings as taxable income. They’re reported on an “Other income” line of your 1040 tax return.

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Don’t Let Your Industry Be Your Fraud Risk

RogerRossmeisl

Occupational fraud risk isn’t necessarily shared evenly by all business sectors. Certain industries — for example, construction, real estate, manufacturing and transportation — are usually more vulnerable to employee theft, according to the Association of Certified Fraud Examiners (ACFE). Other industries may not have greater fraud exposure but face specific threats.

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IPSASB unveils accounting standard for retirement benefit plans

Accounting Today

The International Public Sector Accounting Standards Board has issued an accounting standard for governments around the world to use for reporting on retirement plans.

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Why Employees Don’t Ask for a Raise—Even When They Deserve One

CPA Practice

By Shalene Gupta, Fast Company (TNS) Ask and you shall receive—but what about those of us who dread asking? B2B Reviews, a platform that collects reviews for business-to-business companies, surveyed 1,000 employees in America to understand how they felt about asking for raises. If you’re afraid of asking for a raise, take heart: you’re not alone. Overall, most people are afraid of asking for a raise : 80% of Americans feel like they deserve a raise, but only 60% intended to ask for one, and 58%

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Keith Hamasaki, Steve Chhuor, & Aric Wong Named Top 100 Accountants by Los Angeles Business Journal

KROST

LOS ANGELES, CA — Keith Hamasaki, CPA, Steve Chhuor, CPA, and Aric Wong, CPA, MBT, have been recognized as Top 100 Accountants by the Los Angeles Business Journal. In partnership with CalCPA, the LABJ will be hosting the second annual Top 100 Accountants event on November 8th, 2023, at the Intercontinental Los Angeles Downtown from 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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AI Website Chatbots: A Double-Edged Sword for Firms

CPA Practice

The rise of artificial intelligence has touched virtually every facet of business operations, and accounting firms are no exception. These intelligent systems promise increased efficiency and a transformative approach to client services. However, this cutting-edge technology also brings unique challenges, acting as a double-edged sword for those who wield it.

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Grant Thornton lays off 200 more employees

Accounting Today

The move comes after the firm cut 300 jobs earlier this year, despite reaching record levels of revenue.

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Shawn Slavin Leaves a Legacy at ITA

CPA Practice

By Gail Perry. This past week, the Information Technology Alliance (ITA) welcomed its new president, Geni Whitehouse , who will hold the reins of this prestigious member-only organization as it heads into the new frontier of AI and improved technology. But before we look forward, let’s take a moment to recap the story of ITA’s most recent president, Shawn Slavin, who stepped down from his leadership role this year.

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Expert Tips For Attending QuickBooks Connect 2023

Nancy McClelland, LLC

One of my favorite books when I was a kid was “ Hail, Hail, Camp Timberwood ,” about a girl who goes to summer camp for her first time. She’s standing around, feeling (and probably looking) uncomfortable as all the return campers are running around, hugging each other, excited to be reunited. All of a sudden, someone runs up to her and gives her a big hug and says how happy she is to see her again.

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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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IFAC taps its next CEO

Accounting Today

The IFRS Foundation's Lee White will succeed Kevin Dancey at the International Federation of Accountants in March.

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Unlocking the Power of Client-Centric CFO Services for Mid-Market Companies

GrowthForceBlog

6 min read With the rise in inflation and subsequent rise in interest rates, operating costs and the cost of capital have increased across the board in every industry. The decreased purchasing power of the dollar and increased cost of borrowing have put a squeeze on many mid-market companies in the United States, shrinking profit margins and diminishing the bottom line.

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It's 'Suite Success' for Brazilian Manufacturer MogiGlass

Insightful Accountant

This week in our 'International coverage,' Insightful Accountant is featuring MogiGlass of São Paulo, Brazil, which is using NetSuite to make its processes more efficient and provide a platform for continued growth.

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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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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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The Impact of Client Accounting Services and Empowering Businesses

KROST

As the season starts to turn and we begin to plan for the upcoming holidays, now is the best time to prepare for the end of the year and the start of 2024. Individuals and businesses that are growing or in the start-up phase should review and evaluate the specific needs and goals for the Read the full article. The post The Impact of Client Accounting Services and Empowering Businesses appeared first on KROST.

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Vendor Spotlight: Puzzle

Accounting Today

In this Vendor Spotlight we catch up with Sasha Orloff, co-founder and CEO of AI-based accounting solution Puzzle, which launched this past July.

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What items are exempt from VAT?

Accounting Insight

It’s essential to stay on top of your company’s VAT requirements. This requires sound knowledge of the rules and what authorities expect of businesses. This includes dealing with supplies of goods and services outside standard VAT obligations. Not every product or service incurs VAT. This is VAT exemption. VAT exempt supplies of goods and services – what are they?

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Trader loses last fight to kick out $1.8B U.K. tax fraud case

Accounting Today

The U.K. Supreme Court rejected lawyers' claims that London isn't the proper place for the Danish tax agency to bring its claim.

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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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Partnership Income Tax Returns & More Skagit County IRS Targets

SkagitCountyTaxServices

Though the days are getting shorter and the weather is taking a turn, there are some great revenue reasons to get excited about the next two months. As we round the bend into Black Friday territory (which for many began at the end of October), it’s time to get nimble with your business plans. We all know the power of the holiday season for boosting sales — revenue-increasing opportunities abound.

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With Bankman-Fried Convicted, Investors Now Looking into Tom Brady and Other FTX Promoters

CPA Practice

By Malathi Nayak, Bloomberg News (via TNS). Sam Bankman-Fried’s criminal fraud conviction came just as the FTX implosion was approaching its first anniversary. But for others who helped promote the cryptocurrency exchange, the legal fallout will continue for years. Attention now turns to a sweeping class-action suit in Miami federal court by investors who claim they lost billions in the collapse of FTX and seek to pin blame not just on Bankman-Fried and his inner circle, but also on celebrities

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Let’s talk about the ‘S’ in ESG.

Menzies

Menzies LLP - A leading chartered accountancy firm. When people talk about ESG or Sustainability, often it is the Environmental aspect that gets the focus. However, the Social piece is arguably the largest and most evolving part of the equation. The S in ESG stands for social, and it is important because it encompasses a wide range of factors that affect a company’s relationship with its employees, customers, suppliers, and the communities in which it operates.

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November 2023 Summit VCFO by Anders Employee Spotlight: Kelly Schuknecht

Summit CPA

As a hybrid firm , not only do we serve our clients remotely, but our team members are often distributed as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services while being hybrid, and we couldn't do any of it without our amazing team.

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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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Expert Tips For Attending QuickBooks Connect 2023

Nancy McClelland, LLC

One of my favorite books when I was a kid was “ Hail, Hail, Camp Timberwood ,” about a girl who goes to summer camp for her first time. She’s standing around, feeling (and probably looking) uncomfortable as all the return campers are running around, hugging each other, excited to be reunited. All of a sudden, someone runs up to her and gives her a big hug and says how happy she is to see her again.

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The Top 4 Non-Productive Activities for Firm Owners

Ryan Lazanis

Maximize efficiency by recognizing and minimizing non-productive tasks. Explore the top 4 tasks to enhance productivity. The post The Top 4 Non-Productive Activities for Firm Owners appeared first on Future Firm.

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Agile Financial Management: Embracing Virtual Solutions for Enhanced Flexibility

IgniteSpot

Growing a business is no small feat, especially when you're in the fast-paced world of $1M to $6M annual revenues. Many entrepreneurs, just like you, grapple with making savvy financial decisions, scaling efficiently, and maintaining a work-life balance.

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Three Ways Game Developers Can Claim R&D Tax Credits

Shay CPA

Developing a game isn’t cheap. Even if you have a team of 3D modeling pros with lots of programming experience and heaps of creativity, the hours you’ll all dump into building your game are hours people expect to be paid. And even if your internal team can handle the bulk of the development process and is willing to work on a tight budget until the game launches, you might need to pay third parties for things like music and marketing.

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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.