Number Of Corporate Accounting Errors Unexpectedly Climbs

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A research firm has discovered that the number of material accounting mistakes made by U.S. While the number of mistakes has declined every year since 2006, during the first six months of 2018, 65 companies found accounting mistakes that required them to restate and refile entire financial filings, compared with 60 companies for the same period last year. tax law and revenue accounting rules.

Gappify Launches Chatbot For Corporate Accountants

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Gappify is the latest company to roll out business accounting-related chatbot technology. 20) that it has launched Alan, chatbot technology designed to assist business accountants. The solution is integrated into Gappify’s cloud accounting software and can complete various tasks related to accounts payable, accounts receivable, payroll and other cash management functions, the company said. Cloud accounting company Sage launched its chatbot Pegg last year.

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B2B Subscriptions Change The Corporate Accounting Game

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Corporations are predicted to bump their spending on SaaS apps to $50.8 That expansion also means challenges for the businesses in how they manage their accounts and finances, as well as their relationship with business or consumer subscribers. ” When billing on a recurring basis instead of a single time, manual accounting tactics can make cash management monumentally more difficult.

Why Economic Volatility Opens Up Opportunity For The Modern Corporate Accountant

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With market volatility and economic pressure higher than it has been in more than a decade, the ways businesses manage and account for their money is inevitably included in that wave of operational change. ” Corporates Feeling The Pressure. Accountants, Auditors Respond.

How Do I Pay Myself and My Taxes as an S-Corporation?

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As their business grows, many business owners opt for S-Corporation Election due to the tax advantages it presents, but they must be mindful of how much they pay themselves, in order to remain compliant in the eyes of the IRS. How to Pay Yourself as an S-Corporation: Salary and Distributions.

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JPMorgan On The Digital Transformation Of Corporate Liquidity Management

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The rise of the coronavirus has spotlighted the need for corporate treasurers to make real-time decisions about cash management. They must also be able to reconcile those accounts and address funding requirements in a proactive, strategic manner.

Checks, Spreadsheets Expose Firms To Growing Fraud Risk

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Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems.

Accountants May Be Bucking The Innovation-Averse Trend

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The future of the corporate accountant is in flux. FinTechs are developing ways to automate accounting tasks, forcing human accountants to provide more strategic, value-added services. At the same time, an influx in the variety of financial management solutions for large and small businesses has some companies looking beyond the corporate accountant. That doesn’t mean corporate accountants are jumping ship, however.

Corporate Finance’s Interest In AI Doesn’t Lead To Adoption: Oracle

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Corporate treasurers are exploring AI for their own cash management and forecasting needs, while AI is also being explored among both traditional and alternative finance players for risk mitigation and underwriting purposes. Instead, the innovation is seen as a tool that can help automate some of the most mundane tasks for financial professionals, leaving experts — including SMB accountants — with more time to focus on value-added operations.

Data Key To The Build-Or-Buy Question Of Enterprise Finance Apps

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In the accounting space, that means integrations with enterprise resource planning (ERP), accounts receivable, accounts payable, procurement, banking and other portals. However, the data integration challenge in corporate accounting is about more than the movement of information from one platform to another, said Scott Love, CEO of enterprise software developer company Codence.

Data Hurdles Keep Accountants From Elevating Their Role

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This challenge exists for professionals across the back office, but in business accounting, the lack of data integration and accuracy mean finance experts are spending valuable time correcting information and moving numbers from one platform to another. ” Supporting an Accounting Shift.

UK Accounting Giants Reserve $212M For Possible Fines

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’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. The U.K.’s

EY Debuts Corporate Crypto Accounting, Tax Solution

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Corporate accounting and consultancy firm Ernst & Young is rolling out a new accounting solution designed to help businesses manage their crypto assets. EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. ” EY added that the software is the result of the acquisition of a range of acquired technology assets and related patents led by EY Foundry, the EY Tax corporate venturing unit.

Pulling Accountants Into The Corporate Payments Innovation Fold

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FinTech innovation has opened the floodgates for a stream of new platforms and products designed to help small businesses and corporates more efficiently manage money and make payments.

ACH Shows Signs Of B2B Payments Dominance

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New analysis from corporate payments firm Bill.com suggests ACH payments are dominating the accounts payable department. 13), Bill.com said in its report, “ The Rise of Modern Business Payments ,” that accounting professionals now point to ACH payments as the dominant way they pay their corporate bills, with 73 percent noting that they use ACH payments and online banking to pay their clients’ invoices.

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FinTech Targets The Cash Flow Needs Of CPAs

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The Certified Personal Accountant (CPA) today now has a plethora of FinTech solutions they can use to manage their clients’ money, with the number of digital tools — including cloud accounting portals, cash flow forecasting solutions and intelligent technologies like artificial intelligence (AI) — continuing to rise. These solutions create a disjointed, and sometimes ‘bloated’ experience for accounting professionals.”.

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UK Tightens Accounting Standards As Corporate Collapses Continue

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More high-profile corporate collapses in the U.K. have led the Financial Reporting Council (FRC) to enact more stringent accounting standards, The Guardian reported on Monday (Sept. Recent corporate failures have, for good reason, adversely affected that confidence.” B2B Payments accounting audits B2B corporate accounting FRC investigations News regulation requirements standards U.K.

Coconut Expands PrePay Solutions Partnership With Invoicing Feature

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based challenger bank, is expanding its existing partnership with digital payments company PrePay Solutions (PPS) to add corporate accounting and invoicing to its platform. 15), Coconut pointed to sole traders making the shift to become limited companies as a use case that could particularly gain from the new account and invoicing tool. Coconut , a U.K.-based

UK’s FRC Triples Fines Against Big Four Accountants

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s Big Four corporate accountancy and auditing firms — Deloitte, PwC, KPMG and EY — saw nearly three times as many fines last year as they did in 2017, according to the Financial Times. million, respectively, once accounting for settlement discounts). The surge in fines come amid rising calls to boost competition in the sector and improve audit quality following several high-profile corporate collapses in the U.K. The U.K.’s

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Head Of UK’s Financial Reporting Council Quits Amid Scrutiny

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s Financial Reporting Council is reportedly stepping down from the position amid continued scrutiny that the FRC lacks effectiveness to prevent corporate accounting scandals and industry failures. Some lawmakers have called upon the government to break up the FRC into two separate bodies that may be more effective at preventing accounting failures. s auditing market as some policymakers have called on the government to break up the nation’s Big Four accounting firms.

California CPAs Call For Crypto Accounting Clarity

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Certified Professional Accountants (CPAs) in California are calling on an industry watchdog to clarify standards for cryptocurrency accounting, with expectations that corporations will increase their use of cryptocurrencies moving forward. ” The committee also suggested in its letter that standards approach cryptocurrency accounting the same way they would for a corporation holding and using foreign currencies.

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AccuFund Adds New Features To Government AP Offering

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AccuFund, an accounting and ERP solution provider for nonprofits and government entities, this week announced the launch of new features. In a press release , AccuFund said its newest version of its Accounting Suite introduces new automated capabilities as well as enhanced data-management functions. Among the updates is the addition of AccuBot, an “Intelligent Automation” feature that interconnects various accounting processes to provide greater insight.

Closing The Books Is Now A Lesson In Corporate FinTech Innovation

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Corporate accounting software is now a continually evolving space, but progress doesn’t occur in a vacuum: External forces and trends, from changing regulations to increased adoption of FinTech by the enterprise, force businesses to adjust how they record and report financial data. Technology is now instrumental to corporate accountants’ jobs, and to their efforts to overcome challenges like a lack of transparency and understanding of financial data.

Corporate Investors Irked By Lease Accounting Changes

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Chief financial officers are changing their views on how they assess corporate performance in light of changes to lease accounting rules coming into play. The publication reported Thursday (May 2) that the International Financial Reporting Standards will apply to organizations across 140 countries, shifting the way businesses account for their leases in financial statements.

WhatsApp Message Leads To Stock Drop In India

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The message reportedly put into question Infibeam’s accounting practices for its iPhone and iPad retail activities. It has set its eyes on B2B payments in order to allow corporates to pay their utility bills and other invoices. With the service, users can make payments directly from their bank accounts via a virtual ID, noted the report. International corporate accounting digital payments Digital Wallet eCommerce India News Payments India What's Hot

India Gives NBFCs Two Years To Adopt New Accounting Standards

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The Securities and Exchange Board of India will reportedly give non-bank financial companies (NBFCs) two years to adopt and implement changes to accounting standards, the Financial Express reported Wednesday (Sept. The new Indian Accounting Standards (Ind AS) are expected to have a significant impact on NBFCs’ financial management strategies, leading India regulators to defer implementation for these entities, reports said.

PwC Probe Uncovers $7.4B Steinhoff Accounting Fraud

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According to Reuters , in what the publication described as the largest corporate scandal in South Africa, corporate auditing firm PwC has uncovered a $7.4 billion accounting fraud at South African retailer Steinhoff. Steinhoff first disclosed irregularities in its books in December 2017, but it wasn’t until PwC conducted and completed its investigation into the matter that the accounting fraud was revealed, Reuters reported on Friday (March 15).

SEC Fines KPMG $50M For ‘Ethical Failures’

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Corporate auditing and accounting firm KPMG remains in the crosshairs of regulators in various parts of the globe. government’s Public Company Accounting Oversight Board. financial watchdogs are cracking down on the broader corporate auditing sector, with some policymakers calling for a forced breakup of auditing and accounting operations among the Big Four firms, KPMG, PwC, Deloitte and EY. failing to detect and prevent high-profile corporate collapses.

Pressure Mounts On Big Four Auditors

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The former chairman of the Australian Securities and Investments Commission has warned of Enron-style corporate collapses thanks to failings of the nation’s auditing industry, according to ABC.net news reports this week. Former ASIC Chairman Greg Medcraft warned that declining audit quality runs the risk of high-profile corporate collapses, pointing to the Enron scandal that went undetected by auditors — described as the “gatekeepers” that “facilitate trust,” Medcraft said.

UK Watchdog’s Tesco Accounting Fraud Case Collapses

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corporate finances following a series of scandals. Separate reports on Thursday in AccountingToday said the nation’s top auditors, including KPMG and PwC, have been urged to improve their corporate accounting processes, with the U.K.’s Earlier this year the FRC became the target of scrutiny as the government launched a “root and branch” review of its effectiveness following series of accounting scandals.

London B2B FinTechs Win Big As Market Preps For Disruption

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Preparations for corporate banking disruption and PSD2 are stirring the innovation pot, it seems. Corporate Banking. While Soldo first began as a personal finance solution, specifically a tool to help parents give money to their children and manage their spend, Soldo has increasingly turned towards the corporate banking and spend management space. Corporate Accounting. More than $30 million in venture capital stuck around the U.K., the U.S.

UK MPs Urge Audit Legislation To Avoid High-Profile Collapses

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lawmakers are calling for new legislation that would ensure auditors and accountants are better able to identify and call out issues within their clients’ finances as the government works to avoid more high-profile corporate collapses. 4) that MPs say an “urgent” new law must emerge to introduce corporate finance and auditing reforms in the wake of the failures of Thomas Cook and Carillion.

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Accounting Expertise In C-Suite Can Compromise Financial Reports

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It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. The conclusions represent a shift in perception regarding the importance for CFOs and other C-level executives to have accounting expertise, following a string of high-profile accounting scandals over the years.

Wirecard Expands KMPG Audit To Clear Fraud Allegations

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Wirecard hired KPMG in response to previous allegations laid out in a Financial Times article last month, which accused the Germany-based firm of accounting fraud. He added that the expansion of KPMG’s audit will include a look into separate allegations Wirecard overstated merchant cash advances, as well as financials related to third party acquiring accounting, according to reports. B2B Payments accounting fraud B2B corporate accounting KPMG News What's Hot In B2B Wirecard

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SMB Challenger Banks A Hot Spot With VCs

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The largest round of the week went to OakNorth , but other significant investments landed at supply chain management, corporate accounting and small business finance players, totaling more than $821 million in total VC funding. In the past year, corporate customers have become a larger portion of its customer base. Today, the company said, its B2B operations account for 70 percent of the firm’s net revenue growth. The U.K.

BlackRock Throws Support Behind Controversial Financial Watchdog

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In August the Institute of Directors called for a breakup of the FRC following the collapse of major government contractor Carillion, which some critics argue showcased the FRC’s inability to identify and mitigate Carillion’s accounting failures. ” B2B Payments Audit B2B BlackRock corporate accounting financial regulation Financial Reporting Council News U.K. Amid calls to restructure or shutter the U.K.’s

Firms Offered More Time To Adopt New Accounting Standards

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The Financial Accounting Standards Board (FASB), which establishes accounting standards in the U.S., is offering corporates more time to adopt some revised standards, The Wall Street Journal said on Thursday (Oct. In addition to the extended deadlines, the FASB said it will continue to provide workshops for smaller lenders to prepare them for the CECL accounting standard changes.

Asiana Airlines CEO Quits Amid Accounting Debacle

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The co-chief executive officer of Asiana Airlines is exiting the company following an accounting debacle that led two auditors to reject the company’s annual reports. Analyst pointed to the company’s lack of accounting transparency as a key factor behind those warnings. B2B Payments Asiana Airlines auditing B2B corporate accounting Kumho Industrial News What's Hot In B2B

Accounting Changes Balloon Liabilities For Chipotle, Nordstrom

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Changes in lease accounting standards have led top retailers and restaurant chains in the U.S. The lease accounting standard overhauls, led by the Securities and Exchange Commission (SEC), change the way companies report their lease commitments. That compares to the average 10 percent increase that the accounting standard changes account for in other markets, CFRA Research Global Director of Research and Analytics Zach Gast told the publication.

UK Auditing Market Pressure Grows With Parliamentary Probe

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Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. Other recent accounting scandals at retailer BHS and Patisserie Valerie have similarly raised concerns that auditors are unable to adequately identify accounting issues at major corporations before it’s too late.

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