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Scaling in a High-Interest Rate Economy: Challenges and Opportunities

BurklandAssociates

While the challenges are significant, there are opportunities for startups with strong financial discipline and sufficient capital reserves. The post Scaling in a High-Interest Rate Economy: Challenges and Opportunities appeared first on Burkland.

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5 Common Business Situations That Can Expose You to Sales Tax Risk

TaxConnex

Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. So keeping up with the continual changes in states and local jurisdictions and maintaining a fully accurate compliance process for a complex business could make even the best of sales tax experts dizzy.

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Recruiting practices to combat the hiring crisis in accounting

Accounting Today

Firms are using different recruiting practices to attract younger talent, thinking outside the standard talent pool and prioritizing company culture and personal growth opportunities.

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What Does the Next Generation of Accounting Look Like?

CPA Practice

By Reyes Florez. Headlines highlighting rapid changes in the accounting industry are ubiquitous. The shifts are both obvious and subtle, and for those of us in the industry, it can seem daunting to predict what’s next as even the pace of acceleration is accelerating. Investing time to understand where things are headed is important to a firm’s and professionals’ ability to proactively evolve instead of merely reacting.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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QuickBooks Bill Pay Plans - User and ProAdvisor Discounts

Insightful Accountant

Intuit is offering a variety of discounts for QuickBooks Users and ProAdvisors adopting their QuickBooks Bill Pay plans in lieu of Melio Bill Pay which is no longer integrated into QBO.

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Utilizing The Power Of Financial Modeling In The Construction Industry

Randal DeHart

In the ever-evolving world of construction, financial modeling is a game-changer. It drives intelligent decision-making, minimizes risks, and ensures the revenue health of projects. Crafting precise and insightful financial models is a valuable tool for construction companies. It offers a panoramic view of the asset landscape and enables proactive planning and strategic management.

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GASB guidance aims to improve government financial reporting

Accounting Today

The Governmental Accounting Standards Board released an updated standard to improve some of the main components of the financial reporting model for state and local governments.

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AARP: One in Five Americans Have No Retirement Savings

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) One in five adults ages 50-plus have no retirement savings, and more than half are worried they will not have enough money to support them in retirement, according to a new AARP survey. The study reflects concerns amid a shaky economy, high prices and an uncertain future. “Every adult in America deserves to retire with dignity and financial security.

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Essential Facts about Shareholder Loans for Incorporated Small Business Owners

Ronika Khanna CPA,CA

There are three primary ways in which you, as an owner-manager , can withdraw funds from your corporation. You can: 1. Pay yourself a salary , 2. Declare or pay yourself a dividend or 3. Borrow money from the corporation. When you borrow money from your own corporation the Canada Revenue Agency (CRA) has put into place strict rules as to when you have to repay the loan to ensure that the owner-manager does not avoid paying taxes indefinitely.

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AccountingDepartment.com Attends VETS24

AccountingDepartment

Last week, AccountingDepartment.com Business Development Representative, Luke Backus, attended the Veteran Entrepreneur Training Symposium (VETS24) in Orlando, Florida.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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It’s a Miracle in May As Long-Awaited Core CPA Exam Scores Are Released Early

Going Concern

…granted it’s still been a months-long wait for some people but let’s stay positive here and celebrate The Powers That Be shaving a few days off of the first score release of 2024 for the core sections of the exam (AUD, FAR, and REG). On May 29, NASBA received and processed the following scores from the AICPA: pic.twitter.com/K2MYH6Lj0a — NASBA (@NASBA) May 29, 2024 Candidates were just as surprised as we were to see scores appear early, the target score release date for

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Art of Accounting: Invest time to save time

Accounting Today

Sometimes spending a little more time on something will save a lot more time later on or reduce the stress level for those involved with that project.

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New Small Business Grants Available from Intuit QuickBooks

CPA Practice

Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax , Credit Karma , QuickBooks , and Mailchimp , announced the QuickBooks Grant Program , which will award 20 small business owners $10,000 each and business mentorship resources to help drive their success. The program is one of several activations for Intuit’s Small Business Success Month , which recognizes and celebrates small businesses and provides tools, resources, and funding to fuel their growth.

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Embracing the Virtual Realm: How Tech is Shaping Our Financial Future

IgniteSpot

Can you believe how much the world of accounting has changed? It's like we blinked, and suddenly, everything's gone digital. But you know what? It's a game-changer, and it's upping our financial game. At least, that's what we've experienced at Ignite Spot. Let me take you on a little journey through the virtual landscape and show you why it's the best thing that's happened to our business – and could be for yours, too.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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We're Off To The Races with the 2024 ADC Summer Challenge!

AccountingDepartment

It's summertime at AccountingDepartment.com and we have all sorts of fun things happening! To kick off the summer season this past Memorial Day weekend, we launched our 13th annual ADC Summer Challenge.

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Intuit QuickBooks Offers New Small Business Grants

Insightful Accountant

New Small Business Grants available from Intuit QuickBooks will unlock $200,000 in funding for small businesses.

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IRS plans to make Direct File free tax prep permanent

Accounting Today

The Internal Revenue Service intends to expand the number of states and tax situations in which the free system will be available.

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3 Reasons Why AI Will Not Replace Accountants (But Can Help, Instead)

CPA Practice

By Fady Hawatmeh. The prospect of AI replacing accountants has stirred up some anxiety within the industry. However, it’s important to think of AI as a helpful tool designed to enhance, not replace, the capabilities of humans. Rather than seeing AI as a threat to their careers, accountants should view it as a catalyst that can help them work faster, smarter, and with greater impact.

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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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How to Hire and Manage Temporary Employees

Patriot Software

Do you need an extra set of hands for a few weeks or months? You may opt for a temporary employee. Temporary employees can cover for employees on leave, help during your busy season, or fill in gaps in the workplace. Hiring temporary employees can help you avoid overhiring.

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Cloud Accounting Software vs. Traditional Accounting Software

GrowthForceBlog

8 min read May 29th, 2024 Accounting software is integral to every business's operations, management, and financial health. Business owners must select the right accounting software to support their operating strategy, facilitate performance evaluation, and provide invaluable insights that can be used to maximize efficiency and profits. Key Takeaways Cost and Pricing Structure: Desktop accounting software is generally purchased with the initial cost of the software license (in addition to the co

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Roveel welcomed to Xero App Store to enhance drill-down reporting for small businesses

Accounting Insight

Roveel , the reporting software company based in Norwich (UK), has launched its global integration for Xero, unleashing the power of data held by small and medium businesses (SMEs). Now available for SMEs and accountancy firms via the Xero App Store, the reporting tool builds on the significant amount of data stored in a company’s accounting system and allows in-depth drill-down analysis to allow for smarter decision making.

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Expanded 401(k) eligibility is taking businesses by surprise

Accounting Today

There's a new method of counting defined contribution retirement plan participants that can make a big difference for clients.

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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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How to Maximize the Value of Your Cloud Services

CPA Practice

By Dr. Sangeeta Chhabra Cloud adoption has become the new norm in the modern corporate world. A majority of organizations are looking to migrate to the cloud for obvious perks like scalability, adaptability, data security, and low capital costs. However, challenges arise when an organization just jumps on the bandwagon without a proper strategy. Moving to the cloud shouldn’t be a hasty decision.

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Tuesday Morning Accounting News Brief: A New Kind of Audit Quality Report; Merger Mania; Skilled Talent, Not Newbies | 5.28.24

Going Concern

Welcome back to the workweek. I trust everyone had a safe and restful Memorial Day weekend. Although the weekend is behind us, you’re still welcome to weigh in on the weekend discussion: So What’s Next For the AICPA? Has anything of note happened since Friday? Let’s find out. First, a few pieces of merger news. The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company.

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Memoirs of a CPA Book

Withum

My Memoirs of a CPA book has been published and is available in Kindle and print editions at amazon.com. The book was written so students and those contemplating public accounting as a career or already working in a CPA firm would have an inside look at what CPAs do. However, this book is also valuable for anyone who uses the services of a CPA either for a complicated tax return or for their business, and here is why.

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Tax Plan Carefully with HSA Recommendations

Insightful Accountant

HSAs offer triple tax benefits: pretax contributions, untaxed earnings, and penalty-free withdrawals for medical expenses. Tax pros should be cautious of pitfalls in client tax planning with HSAs.

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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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Intuit's TurboTax lost 1M users this tax season

Accounting Today

Intuit has been working to cater TurboTax to those with more complicated tax situations, betting that those customers could use online help from experts.

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States With the Highest- and Lowest-Earning College Grads

CPA Practice

By Erin Bendig, Kiplinger Consumer News Service (TNS) We’re in the midst of graduation season—across the country, college grads are walking across the stage to accept their hard-earned diplomas. But after one big accomplishment comes another. Now’s the time to find a job and get serious about your finances. Not only does your degree factor into how much money you’ll make, but where you live also plays a part.

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At the Forefront of Billing for AI, PwC Gets in Bed with OpenAI

Going Concern

If any article needs the PwC Chad image, it’s this one As Big 4 firms scramble to be the fastest, trustiest, and billing-est firm in the race to monetize generative AI, PwC announced today it is not only ChatGPT’s biggest enterprise customer, it will be shilling the service to clients. It’s giving Hair Club For Men (I’m really dating myself with that reference aren’t I?).

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How accounting firms are innovating in 2024

ThomsonReuters

Jump to: 2024 top priorities Key Insights from the 2024 State of Tax Professionals Report Preparing your firm for the future In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities. Having weathered the waves of post-pandemic anxiety, many tax & accounting firms are now shifting their attention back to business fundamentals.

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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.