Sat.Oct 29, 2022 - Fri.Nov 04, 2022

article thumbnail

Detailing the Root Causes of Industry Burnout

Intuitive Accountant

The second chapter of FloQast's 'Controller’s Guidebook' survey program pinpoints the critical relationship between accountants and technology, and elevates potential solutions to encourage synergy.

article thumbnail

The Widening of the Tax Gap is the IRS’s Fault, Says the IRS

Going Concern

Accounting Today reported on Friday: The estimated gross U.S. tax gap increased to $496 billion annually for tax years 2014 through 2016, a rise of over $58 billion from the prior estimate — and the Internal Revenue Service estimates the gross tax gap will rise to $540 billion for 2017-2019. “The increase in the tax gap estimates reflects that the IRS needs to do more, both in improving taxpayer service as well as working to improve tax compliance,” said outgoing IRS Commissioner Chu

tax 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wrap up Your Accounting Period With Closing Entries

Patriot Software

When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period. What are closing entries? Closing entries are entries used to shift balances from temporary to permanent accounts at the end of an accounting […] READ MORE.

account 52
article thumbnail

Common Accounting Mistakes New Business Owners Make | Canopy

Canopy Accounting

Starting a new business is a pretty exciting time for any new business owner. The idea that they are beginning something great empowers them to work their hardest and do their very best to have a successful business. These first few moments as a new business owner are exciting times, however, they may cause the business owner to underestimate the importance of having good accounting practices in place from the very start.

account 105
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

article thumbnail

The Accounting Talent Shortage is Not New, You Guys

Going Concern

Although the accounting talent shortage seems like something that just popped out of nowhere and couldn’t possibly have been predicted, oh, a decade ago, I feel compelled to remind everyone that we here at Going Concern saw this coming. I don’t say that in a “hurr durr I’ve been talking about this for ten years and no one listened” way, I mean the writing was on the wall way back so the profession really shouldn’t be surprised that we ended up here.

account 125
article thumbnail

The Low-Down on Key Performance Indicators

AccountingDepartment

Clickthrough rates for web content, production efficiency, and average resolution time have one major commonality. These are all examples of key performance indicators, better known as KPIs.

More Trending

article thumbnail

St. Louis Inno Partnership: How to Find a Cofounder for Your Startup

Anders CPA

Adding the right cofounder to your startup team can open several doors, from bringing in a unique perspective to improving the quality of your product or service, to establishing credibility with prospective investors. Senior tax manager Josh Snyder detailed the benefits of recruiting a cofounder, how to choose the right fit for your startup and more in a recent article for the St.

cpa 98
article thumbnail

The accountant shortage threatens capitalism's future

Accounting Today

account 113
article thumbnail

Email Blunders for Accounting Teams to Avoid

Lockstep

We all know how frustrating email can be, especially for accounting teams. Sometimes it just doesn’t work as you want it to. Email often becomes a major source of frustration – especially when things go wrong. In Part I and II of this series, we took a look at some of the most common accounting email blunders that can cost time and money.

account 85
article thumbnail

Digital advertising tax blocked

TaxConnex

A new tax law in Maryland seemed ready to rattle every company that sold digital products in the U.S. But a court has now invalidated the Maryland Digital Advertising Tax. Earlier this month, an Anne Arundel County Circuit Court judge blocked the digital advertising tax, which was set to be levied on companies making more than $100 million. The judge ruled that the tax violates the Internet Tax Freedom Act and the U.S.

Maryland 130
article thumbnail

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.

article thumbnail

Benefits of GAAP

SMBAccountant

The benefits of following GAAP for Small Business: Many small business owners shy away from anything associated with Generally Accepted Accounting Principles (otherwise known as GAAP) thinking they apply only to large publicly held organizations. This thinking is far from true, however. GAAP was created to be a standard "rule book" for organizations to follow, and was intended to be used by all businesses -- small and large, private and public.

article thumbnail

Introducing Burkland’s New Toolkit to Help Extend Your Startup’s Cash Runway

BurklandAssociates

Burkland has compiled a new toolkit to help you extend your startup’s runway with intelligent scenario planning, cost reduction, and cash flow measures. The post Introducing Burkland’s New Toolkit to Help Extend Your Startup’s Cash Runway appeared first on Burkland.

account 130
article thumbnail

Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia

Going Concern

Last week the Australian Securities and Investments Commission (think Aussie PCAOB) informed us that Deloitte and KPMG need to take “continued deliberate and concerted action” to improve the quality of their audit work because apparently it is just that bad. Deloitte did not meet ASIC standards on half of audits inspected, KPMG came in at 48 percent.

auditor 109
article thumbnail

Sales tax concerns if you sell through multiple channels

TaxConnex

This article was originally featured in the Retailist on October 3rd, 2022. Businesses have new ways to sell today, as marketplaces such as Amazon and the business’s own website have joined established channels like direct retail sales and wholesale sales. Each brings different sales tax implications – and retail and ecommerce businesses aren’t always aware of their obligations.

article thumbnail

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.

article thumbnail

Types of Invoices for Small Business

Patriot Software

Like many small business owners, you send customers bills after providing a product or service. An effective invoicing system gives customers more flexible payment options. You need to know which types of invoices to send customers for different situations. Types of invoices There are many different types of invoices you can send to customers. Each […] READ MORE.

account 107
article thumbnail

Nicole Lyons names to AICPA FVS Executive Committee

Withum

Withum is proud to share that the AICPA appointed Nicole Lyons to their Forensic and Valuation Services Executive Committee. Nicole is a partner and member of the Firm’s Forensic and Valuation Services Group and Market Leader of Business Disputes and Economic Damages. As a CPA, certified valuation analyst and certified in financial forensics, she is a recognized expert throughout the east coast in the space.

article thumbnail

Deloitte Just Canned a Bunch of Old Leaders to Make Way For Younger Ones in the UK

Going Concern

FT is reporting that Deloitte just axed half of UK executives this week, a surprisingly abrupt move that was announced to staff yesterday. The reason? “The changes were driven partly by a desire to replace older members of the management team with younger partners who would be young enough to run for election as chief executive at the end of North-South Europe CEO Richard Houston’s second term in 2027,” a source told FT.

account 104
article thumbnail

Anders Named to Best Accounting Firms List by St. Louis Small Business Monthly

Anders CPA

Anders celebrated being named a Best Accounting Firm at SBM’s Best in Business Awards luncheon on November 1, 2022. The Best Accounting Firms were nominated by St. Louis area businesses and voted to have the top accountants in St. Louis as part of Small Business Monthly’s Best in Business awards. View the full list of Best Accounting Firms in 2022 by St.

article thumbnail

Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

article thumbnail

Profit vs. Profitability

Patriot Software

As a business owner, you need more incoming than outgoing money to keep your company afloat. How much money you have left over after you pay expenses is known as profit. You should measure your business’s profits, which is known as profitability. Understand profit vs. profitability to analyze your company and make financial decisions. Profit […] READ MORE.

account 103
article thumbnail

Withum Awards $95K to Aid Team Members in Student Loan Repayment 

Withum

Withum announced the award of $95 thousand in grant funding through the Thomas R. Suarez Student Loan Grant program to aid team members in their repayment of student loans. Withum, a top-ranked national advisory and public accounting firm, announced the award of $95 thousand in grant funding through the Thomas R. Suarez Student Loan Grant program to aid team members in their repayment of student loans.

article thumbnail

This NASBA Tweet Is Going to Disappoint A LOT of People Today

Going Concern

On Thursdays the official NASBA Twitter account publishes #ThursdayThoughts, usually some kind of tip or trick like last week’s advice on what to do if you are having trouble matching to your NASBA Dashboard’s CPA Portal account ( here’s the link for that if you need it). But today’s thought is less a tip and more of an abject dream-crusher.

cma 104
article thumbnail

Getting Ready for Top 100 – Training Part 2

Intuitive Accountant

Murph is back for Part 2 of his series on training and how it can impact your Top 100 ProAdvisor score. Here, he gives you some reasons to remember 'where you were' and 'what you took' when it's time to complete your application.

98
article thumbnail

Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

article thumbnail

Dan Schindler Named MOCPA’s Outstanding Young Professional

Anders CPA

Anders tax partner Dan Schindler has been named the 2022 Outstanding Young Professional by the Missouri Society of Certified Public Accountants (MOCPA). The annual MOCPA Impact Award for Outstanding Young Professional honors one CPA under the age of 35 who is viewed as an emerging leader within the profession and is active in the community as well as professional organizations.

article thumbnail

Personal Goodwill as a Tax Strategy: 3 Requirements for Using Personal Goodwill to Reduce Taxation

CTP

Tax planners can provide tremendous value in the sale of a business. Business owners and shareholders may not be aware of the tax consequences that will come with selling their shares or assets—and offsetting these costs requires a thoughtful tax strategy. This is especially true for the sale of a C corporation since this business type is taxed separately from its owners.

tax 98
article thumbnail

Monday Morning Accounting News Brief: Fear and Loathing at KPMG; FASB? More Like SLOWB; EY, Esq. | 10.31.22

Going Concern

Happy Spoopy Day! Here are your morning headlines: As critics suggest FASB is too slow to make new rules, FASB chair Rich Jones hits back : The standards for financial statements are “designed to provide the best information for capital allocation decisions” by investors, he said, but “at the end of the day, it’s applied by accountants, and it’s evaluated by auditors.

account 104
article thumbnail

Understanding the Remote/Hybrid Workforce

Intuitive Accountant

Whether it's your firm or your clients, there are things to know about working remotely. ADP is offering critical insights and strategies on key compliance considerations. Sign up for the Nov. 3 event here.

98
article thumbnail

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.

article thumbnail

Tax Preparation Tips for 2023: Tax Tips to Prepare Your Business for Tax Season

Snyder

A small business owner usually has a lot to deal with. From managing customers to marketing and budgets – the list is almost infinite. Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. So it’s no wonder that the business tax season is a hot time for small business owners, just as it is for accountants , especially when you need to deal with all this manual data entry

article thumbnail

Where to start on your Xero education journey

Xero

We know it’s not enough to just create really #beautiful accounting software – we also need to teach you to use it. Spending time educating yourself on Xero can help you get time back once you’ve built up your confidence. . You probably know by now that when you have a question about Xero, Xero Central is your first stop. But did you know it’s also your home for proactively learning about Xero?

article thumbnail

Friday Footnotes: PwC Does Some Things; Bad Client Dumps EY; ‘Going From Balloon Animals to Accountancy’ | 11.4.22

Going Concern

Footnotes is a weekly wrap-up of all the news in and around the accounting profession, published every Friday at 5 p.m. Eastern. To get more headlines delivered on the regular, subscribe to our newsletter. Big 4. PwC Retirees Get Early Approval for $267 Million Pension Deal [ Bloomberg Tax ]. PricewaterhouseCoopers LLP’s $267 million settlement with retirees seeking higher pension benefits received early approval from a New York federal judge, paving the way for resolution of a 16-year-old class

audit 98
article thumbnail

Investing at Year-end – Is it Time for a Strategy Change?

Intuitive Accountant

As the end of the year draws near, it's not too soon to examine your portfolio, and discuss potential alternatives and strategies with your financial advisor or broker. Here are some things you might want to discuss.

98
article thumbnail

2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.