Going Concern
JUNE 20, 2023
TL;DR: FloQast is hiring! Check it out. Remember your first job? Not your first real job, the one you took in high school before you were saddled with student loans, rent, and monthly bills. If you graduated in the last 10-15 years, it was no more than $15, likely closer to $7.25. When you grow up and score your first internship, $25 an hour is a lot of money (p.s.
Basis 365
JUNE 20, 2023
Efficient accounts payable management is vital for businesses, as it directly influences cash flow, vendor relationships, and overall financial stability. Unfortunately, many organizations fall prey to common mistakes in this area, leading to inefficiencies, errors, and financial losses. By recognizing and rectifying these errors, businesses can optimize their accounts payable processes and enhance their financial health. 1.
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Ryan Lazanis
JUNE 19, 2023
Busy season accounting can in many ways seem unavoidable, but it can be manageable with the right approach. In this post, I’ll lay out 10 simple tips your firm can implement to keep yourself sane and to avoid you from working long hours during the busiest time of the year. Table of Contents Why Does Busy Season Accounting Happen? 10 Tips to Master the Busy Season 1.
Menzies
JUNE 19, 2023
Menzies LLP - A leading chartered accountancy firm. Hospitality & Leisure Outlook According to Barclays’s 2023 Hospitality and Leisure Outlook , in 2022, many businesses in the hospitality and leisure sector reported upward of 100% growth vs 2019. However, with reduced labour supply, the decline of cash (and subsequent increase in bank fees), a slow recovery from the supply chain crisis, and inflation, that growth has been slowing.
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.
CPA Practice
JUNE 21, 2023
By Bob Purcell, CFO, Billtrust. The global economy remains on rocky footing, challenging businesses across industries and thrusting the financial professionals tasked with preserving their financial health into the eye of the storm. One area that’s felt an acute impact is the B2B sector, where organizations across industries are grappling with an influx of delayed payments at a time where predictable cash flow has become both more important and harder to come by.
Summit CPA
JUNE 21, 2023
Most businesses have a process to handle expenses incurred by their employees. These expenses can range from fees associated with a business trip (e.g., flight tickets, lodging) to fringe benefits (e.g., reimbursed costs for purchasing home office equipment). Establishing controls for this spending is necessary to properly track each transaction and ensure that the business banking information remains secure.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Xero
JUNE 19, 2023
There’s now a little over a month to go before old reports in Xero are retired. Our new reports are packed with powerful customisations that will help you get quick access to answers and streamline your financial analysis. As you finish up your work in old reports and prepare for the big day, it’s a good idea to understand where you can find information on new reports and get support from our team if you need a hand.
RogerRossmeisl
JUNE 19, 2023
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement accounts.
Acterys
JUNE 20, 2023
In the face of global economic turbulence causing widespread disruptions to supply chains, companies are diligently scrutinizing market dynamics to gain insights into consumer behavior and improve demand prediction. Amidst these uncertain times, in-depth demand planning analytics emerges as a crucial strategy for controlling operational expenditures, guaranteeing pleasing customer experiences, and securing long-term profitability.
TaxConnex
JUNE 20, 2023
Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. Thresholds were established, filing forms and deadlines fixed and one by one states waited for the money to roll in (with Florida and Missouri among the latest of the 45, with Alaska perhaps soon to join them).
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MyIRSRelief
JUNE 23, 2023
Tax matters can be complex and daunting, and navigating the ever-changing tax landscape can be a challenge. In such a scenario, having a qualified tax professional on your side is invaluable. The Enrolled Agent (EA) – a tax specialist authorized by the U.S. Department of Treasury to represent taxpayers before the Internal Revenue Service (IRS).
RogerRossmeisl
JUNE 19, 2023
In adversarial situations — such as divorces, contract breaches and shareholder disputes — you might need to hire an outside business valuator to evaluate complex financial matters. To get the most from these professionals, it’s important to understand the two key roles they can play in conflict resolution. Keeping these roles separate helps prevent valuators from being seen as “hired guns” by judges, juries, arbitrators and mediators.
BurklandAssociates
JUNE 19, 2023
Startups are quickly adapting to a new normal of constrained VC support and lower valuations. As part of this process, however, founders should also take care to adapt, or at Read More The post The Right Runway: Why Breakeven Will Be Among 2024’s Top Startup Metrics appeared first on Burkland.
TaxConnex
JUNE 22, 2023
It’s been five years since the U.S. Supreme Court’s Wayfair decision gave tax jurisdictions the power to require out-of-state companies collect and remit sales tax. Those governments jumped on the chance of such revenue and continue to do so. Some facets related to economic nexus are changing in certain states – sometimes for the better for remote sellers, sometimes for the worse.
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.
CPA Practice
JUNE 23, 2023
By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) In the context of a 1031 exchange, “boot” refers to the portion of a transaction that doesn’t meet the tax-free criteria and thus becomes subject to immediate capital gains tax. Forms of boot might include cash proceeds, mortgage reduction and non-transaction costs. Although boot won’t disqualify a 1031 exchange, understanding its implications is crucial for optimizing tax benefits and preventing unnecessary liabilities.
RogerRossmeisl
JUNE 19, 2023
Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial statements must be reliable.
Going Concern
JUNE 19, 2023
For those who have been paying attention and noticed us teasing a big story coming out of BDO for months now I’m sorry to say this is not it. I’d also like to say that while I totally understand the accusations of “clickbait” and “b t” (I see you, Fishbowl), that’s not why we can’t report on it yet. Just getting those ducks in a row, thank you for understanding.
Xero
JUNE 21, 2023
You win, or you learn – that’s one of Tennick Accountants’ internal mottos, and one that encouraged the firm to put themselves in the running and enter the 2023 Xero Awards UK & Ireland. For Graeme Tennick and his team that belief paid off, with the firm taking home the Small Firm of the Year award, the most hotly contested category of the programme.
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
CPA Practice
JUNE 21, 2023
Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. How are these professionals facing this new technology with regards to risk and benefit? What are the perils? Thomson Reuters, a global content and technology company, has released new research on generative AI that gauged the sentiment of professionals in legal, tax, and accounting firms in the United States, United Kingdom, and Canada.
RogerRossmeisl
JUNE 19, 2023
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.
Going Concern
JUNE 21, 2023
About an hour ago the Public Company Accounting Oversight Board (PCAOB) announced a settled disciplinary order [ PDF sanctioning Marcum for violations of PCAOB rules and quality control standards. This order imposes a $3 million civil penalty against the firm, this is on top of a $10 million penalty from SEC proceedings around the same conduct. The PCAOB’s penalty is the largest it has imposed on a “non-affiliate firm,” meaning an audit firm that is not a member of a global network.
Withum
JUNE 21, 2023
On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).
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CPA Practice
JUNE 20, 2023
Many Americans consider starting and running a successful business to be a key part of the “American Dream,” but these entrepreneurs don’t necessarily want their own children to take up where they left off. When it comes to succession planning, half (52%) of business owners say they do not want their children to inherit and run the business, according to a recent Wells Fargo study.
RogerRossmeisl
JUNE 19, 2023
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S.
Going Concern
JUNE 22, 2023
Yesterday, Deloitte released a new report in collaboration with independent research firm Workplace Intelligence that tackles the important issue of employee well-being. Like the employees, employee well-being isn’t doing so great. To arrive at these conclusions, they conducted a survey in March 2023 among 3,100 employees, managers and C-level executives across the U.S., U.K., Canada and Australia.
Cherry Bekaert
JUNE 23, 2023
As Lotus Notes was initially established in the 1980s as a standard software, the circumstances have radically transformed now that technological solutions, such as Microsoft SharePoint, have advanced in the marketplace. Organizations now recognize the power of more robust collaboration platforms for increased collaboration and productivity. In this episode of Cherry Bekaert’s Digital Journeys podcast series, Trace Armstrong , Senior Manager, and Erin Robinson , Senior Architect in our Microso
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CPA Practice
JUNE 19, 2023
By Jo Constantz – Bloomberg News (via TNS). A small but growing list of big-name companies like BlackRock Inc., Walt Disney Co. and Chipotle Mexican Grill Inc. are taking their return-to-office mandates up a notch, calling employees back to their desks four days a week. It’s a form of RTO creep, as companies test what has emerged as the post-pandemic norm of two to three days in the office and fan the debate over remote work.
RogerRossmeisl
JUNE 19, 2023
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on strike have expressed concerns that screenwriting is becoming part of the gig economy.
Going Concern
JUNE 22, 2023
This guy showed up when I searched for “dork” on the stock photo site, not the actual guy in the story. The description is “Peeping tom, Staring man, Creepy man image.” Good enough. H. Dennis Beaver, Esq. (great name btw), I don’t know who you are but I do know I’m glad you wrote this article for Kiplinger. Somewhere out there there’s a firm managing partner asking himself what he should do if he finds out a treasured but lonely manager is tangled up wit
Withum
JUNE 22, 2023
Introducing the newest offering from our Digital and Technology Transformation Services Team – Withum’s Viva Minute! Microsoft’s Viva is an accessible, functional and integrated employee experience platform built within Microsoft 365 and Microsoft Teams that gives your organization support, connections, insights, education and more using your existing infrastructure.
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"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.
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