Thu.Sep 07, 2023

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What the SEC's new data rules mean for accounting

Accounting Today

High-quality access logs and data access auditing capabilities bring much of the reporting information companies need to get their arms around a data breach.

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Inflation is Impacting Cash Flow of Almost Half of Small Businesses

CPA Practice

A new report from Xero , the global small business platform, shows that 48% of U.S. small business owners have experienced an extreme or high impact from inflation on their cash flow over the past six months, and 44% expect inflation to continue to have a similar impact throughout the next six months. Xero’s report, titled “ Money Matters: The impact of economic conditions on the cash flow of US small businesses “, interviewed more than 500 small business owners across the United States on the

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Meet the 2023 Best Midsized and Large Firms to Work For

Accounting Today

An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

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The Technology Lab Podcast – Security Risks Update – Sept. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the most recent and urgent security and technology risks that accounting, tax, and other financial firms face. Use the podcast player below to listen.

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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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Meet the 2023 Best Small Firms to Work For

Accounting Today

An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

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How Technology Offers New Levels of Accessibility to People with Disabilities

CPA Practice

By Josh Fields. Throughout human history, advancements in technology have helped people reach great heights, allowing our world to be more connected than ever before and even granting us the ability to explore beyond the barriers of our home planet. Through AI, technology has even edged into the creative sphere. For people with disabilities, technology has grown to a level that allows them to live, work, play, and communicate with greater accessibility.

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U.S. Employment Rose in August

CPA Practice

By Augusta Saraiva – Bloomberg News (via TNS). U.S. hiring picked up in August and wage growth slowed, offering a mixed picture of both resilience and moderation in the labor market. Nonfarm payrolls rose by 187,000 after the prior two months were revised significantly lower, a Bureau of Labor Statistics report showed Friday. The unemployment rate climbed to 3.8%, the highest since early last year and largely reflecting a pickup in participation.

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Intuit Ups QuickBooks Payments Rates for QBO Users

Insightful Accountant

Intuit increased QuickBooks Payments rates for QuickBooks Desktop users this past June. Now, it is making increases for Payments Customers using QBO effective in October.

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FASB OKs New Crypto Assets Standard

CPA Practice

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. 6 that will now require certain cryptocurrency assets, such as Bitcoin and Ethereum, to be measured at fair value. Richard Jones “I think in my brief term here [as FASB chair] there hasn’t been an issue that has excited such passion from people,” FASB Chair Richard Jones said during the board’s meeting Wednesday morning.

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7 Tips for Navigating Budget Season

AccountingDepartment

Budgeting is a vital process that enables small and medium-sized businesses to effectively allocate resources, plan for the future, and achieve financial stability. However, navigating the budgeting process can be challenging without a clear roadmap.

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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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Tax Fraud Blotter: Cons of concealment

Accounting Today

Strict liabilities; thanks for all the fish; on the beach where he used to run; and other highlights of recent tax cases.

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Work From Home Policy for Skagit County Businesses

SkagitCountyTaxServices

There’s no better way to celebrate work than by taking a day off. The irony of the Labor Day holiday gets me every year, but I do hope that it provided a little extra rest on the front end of a busy fall season. I mentioned in one of my recent notes another piece of irony: how Zoom recently started requiring their employees to come back to the office.

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Deloitte grows global revenue 14.9%

Accounting Today

Revenue from consulting services grew at the fastest pace at 19.1%, followed by risk advisory, and audit and assurance.

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Reimagining Accounting Workflow: WorkflowCon 2023 Coming in October

CPA Practice

The world of accounting and bookkeeping is on the cusp of a major transformation, and the key to staying ahead of the curve lies in mastering workflow optimization. Enter Financial Cents’ groundbreaking event, WorkflowCon 2023, the inaugural conference designed specifically for accounting and bookkeeping firm owners seeking to revolutionize their workflows.

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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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GASB plans guidance on subsequent events

Accounting Today

The board added a project to deal with issues related to subsequent events for state and local governments.

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Deloitte Global Smashed Revenue Records Again

Going Concern

Deloitte reported global revenue today and no one will be surprised to hear that it once again broke a record: $64.9 billion for the 2023 fiscal year ended May 31, 2023. That’s a 14.9% increase from Deloitte’s 2022 revenue , not quite as big a jump as the 19.6% increase between 2021 ($50.2 billion) and 2022 ($59.3 billion) but still impressive given the state of the economy.

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John Roman on the Digital Transformation Journey

Insightful Accountant

No matter what size your firm is, keeping in step with technology is critical. Insightful Accountant's Gary DeHart and The Bonadio Group's John Roman explain why in this episode of Accounting Insiders.

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FASAB proposes to update MD&A for federal accounting

Accounting Today

The Federal Accounting Standards Advisory Board wants to improve the guidance for the management's discussion and analysis section of reports by federal agencies.

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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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Fair Value Accounting Coming to Crypto Assets

Withum

On September 06, 2023, the Financial Accounting Standards Board took a bold and definitive step towards formalizing and adopting accounting and disclosure guidance for crypto assets. The new guidance will fall under FASB ASC 350-60  Intangibles – Goodwill and Other – Crypto Assets – Accounting for and Disclosure of Crypto Assets. The Board approved for finalization the crypto asset guidance that would require entities to subsequently measure crypto assets that are in-scope at fair value in

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The future of accounting is here: Are you ready to move forward?

ThomsonReuters

Jump to: What is the future of accounting? Prepare for the future of accounting with Thomson Reuters Practice Forward® How to turn transactions into connections In today’s economic landscape, roles are constantly shifting and evolving to meet the demands of compliance frameworks, changes in tax laws , and the expectation of more data on demand. Clients are turning to their professional teams, including their accounting firms, to take on more advisory roles.

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Accounting specialists Azets and Dext combine forces to spearhead technology adoption

Accounting Insight

Azets , the UK outsourcing, compliance and advisory group, has today announced its strategic partnership with cloud accounting platform provider Dext to underpin and support the implementation of its Digital strategy. Dext and Azets share a common goal of digitising the accounting workflow. The strategic partnership will see the companies providing bespoke services to clients through the use of new emerging technologies, harnessing Applied AI, Machine Learning and a mobile app.

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How to master financial forecasting for tech companies

Menzies

Menzies LLP - A leading chartered accountancy firm. With technology’s fast-paced and rapidly evolving landscape, financial forecasting can prove challenging for many tech companies. What’s more, advancements in technology and changes in consumer preferences can drastically disrupt the market, making it difficult to predict future trends and revenue streams.

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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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Executives Say Economic Outlook is Looking Up

Insightful Accountant

According to a AICPA & CIMA survey, as recession fears fade, the outlook on the US economy is showing signs of brightness. Check out the some of the details.

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The Ultimate Guide to Bookkeeping for Home Service Contractors

Steve Feinberg

For home service contractors, completing your workload, attracting new clients, and keeping up to date with all the applicable codes and licensing your business needs can already be a monumental task. Adding bookkeeping on top can be more than most contractors are willing or able to handle. However, keeping track of your finances is essential to running a successful business.

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Feeling the Impact

Insightful Accountant

New Xero study shows that nearly half of small businesses feel the impact of inflation on their cash flow. Here's a snapshot of the report.

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How to Fix the Business of Your Firm

Canopy Accounting

In this eBook, we’ll dive into some foundational ways we can turn our technical skills into great businesses and enjoy the benefits of great cash flow, more efficiency, and more work enjoyment.

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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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Child and dependent care tax credit 101

ThomsonReuters

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. To help offset these expenses, the IRS offers the child and dependent care tax credit.

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STEP AWAY FROM THE BOOKS AND LET BASIS 365 HELP

Basis 365

It can be nerve-racking for a business owner to think about handing over an entire part of their business to someone else. Business owners should consider how much time they spend on daily, weekly, or annual bookkeeping. This could focus on sales, future planning, and growth. Cost savings have always been a benefit of outsourcing the bookkeeping aspect of a company.

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Child tax credit: FAQ

ThomsonReuters

Jump to: What is the child tax credit? Who qualifies for the child tax credit? How much is the child tax credit? What is the advance child tax credit? What is the difference between the child tax credit and the child and dependent care credit? Are there any recent changes with child tax credit legislation? Which tax software can accountants use for calculating the child tax credit?

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Bennett Thrasher Continues Growth with Acquisition of Valuation Practice in Denver

CPA Practice

Bennett Thrasher, a nationally recognized full-service accounting and advisory firm, has acquired the tax reporting valuation practice from Intrinsic LLC, a Denver-based transaction advisory and valuation firm. This move marks a significant milestone in Bennett Thrasher’s continued success, positioning the firm to better serve clients both in the Rocky Mountain region and nationwide while accelerating its growth strategy.

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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.