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Ed. note: the following is a guest post by Jack Castonguay, PhD, CPA, who has not yet been replaced by ChatGPT as far as we know. Or has he? Your senior is probably not a synth. Was ChatGPT sent to us from the future to rescue the industry from the pipeline crisis by filling open accounting jobs with cyborgs and sentient machines? Not to my knowledge – though that doesn’t mean it won’t shake up our industry anyway.
The funding market was challenging during the back half of 2022 and expectations are that trend will continue in 2023. With cash running short and funding abundance running dry, there Read More The post Selling Your Startup: Internal Preparations appeared first on Burkland.
The use of internal resources still seems the way to go for most companies struggling to meet their sales tax filing and remittance obligations. But for how long? Staying on top of the ever-evolving sales tax landscape takes constant time and attention. The employee landscape might make finding the right folks to handle your sales tax in-house difficult, if not impossible.
In the first installment of our Mergers & Acquisitions (M&A) Considerations series, we discussed internal preparations directly within a company’s control that can contribute to an efficient and effective M&A Read More The post Selling Your Startup: External Preparations appeared first on Burkland.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
By Steve Evans. Since the pandemic changed our attitudes towards working from home and accelerated an already growing trend towards remote working, there’s a common theme among accounting commentators that the world of work has moved on and accounting firms need to catch up. We’ve all heard stories of hiring accounting staff in remote teams. Like the previously high performing accountant whose productivity during remote working was so poor the firm viewed the tracking software they’d installed
Is there any limit to the robust and ever-growing suite of services offered by professional services firms? Apparently not. As we’ll learn in a sec, not even the sky is the limit. It was less than a year ago that EY put $3 million Aussie bucks into a space business in partnership with Swinburne University of Technology that “will solve big business problems by utilizing space-derived data and services for terrestrial benefit” per its lead partner Anthony Jones.
In the accounting profession, staying on top of current trends and looking for ways to leverage them as part of your growth strategy is crucial. One trend gaining traction is augmenting marketing operations with artificial intelligence (AI). According to Gartner, by 2025, organizations that use AI across the marketing function will shift 75% of their staff’s operations from production to more strategic activities.
In the accounting profession, staying on top of current trends and looking for ways to leverage them as part of your growth strategy is crucial. One trend gaining traction is augmenting marketing operations with artificial intelligence (AI). According to Gartner, by 2025, organizations that use AI across the marketing function will shift 75% of their staff’s operations from production to more strategic activities.
By Jo Constantz, Bloomberg News (via TNS). For many, reaching a six-figure salary is a watershed moment, yet it’s an illusory milestone: In reality, your take-home pay is much lower after taxes and factoring in the sky-high cost of living in many major cities. That’s especially true with slowing wage gains and nearly two years of persistent inflation.
By Irana Wasti. If you’re a leader in an enterprise company or large accounting firm, you wouldn’t make any big decisions without considering the broader budgetary and financial implications for your company. To make sure you’re seeing the full picture, you’d call your Financial Planning and Analysis (FP&A) colleagues and get them to run the numbers.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
It’s probably happened to you before. A client comes in to drop off all their tax prep information and stops to ask you a “quick question.” It’s a question that is easy for you to answer, but one that has nothing to do with the work you do for the client. You probably answered it without even giving it a second thought. But, what just happened was that you gave away your knowledge and expertise for free—expertise that you can and should be paid for when clients ask for advice t
KROST’s Restaurant Practice Leader, Jean Hagan, and Senior Manager, Derek Johnson, are attending the Restaurant Leadership Conference (RLC) on April 16-19, 2023, in Phoenix, Arizona at the JW Marriot Phoenix Desert Ridge Resort. KROST is honored to be one of the Silver Sponsors at this year’s Restaurant Leadership Conference. The conference will be a four-day event consisting of educational discussions, outdoor Read the full article.
I wonder if you make an all too common mistake. We all hope that clients will want us to provide a range of services to them. And we hope that clients will recommend and refer us to other prospective clients too… But, as I frequently point out, ‘hope’ is not a strategy. What do you do to ensure that your clients are aware of all the services you offer?
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Overview of New Guidance Last summer, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03, “ Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ,” which clarifies how to determine the fair value of equity securities subject to contractual sale restrictions.
The IRS and the Treasury Department issued preliminary guidance on Tuesday that leans toward treating nonfungible tokens (NFTs) as a collectible for tax purposes. In a statement this morning, the IRS said: A nonfungible token (NFT) is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify authenticity and ownership of an associated right or asset.
Over the last decade, electric vehicles (EVs) have revolutionized the automotive industry. Not only are EVs gaining in popularity, but they also offer many opportunities. As EVs continue to gain traction, there will be more opportunities for automotive suppliers to capitalize on this trend. To take advantage of the EV trend, automotive suppliers must understand the underlying trends in the EV market.
In an increasingly competitive business world, the importance of showing gratitude and appreciation to staff members cannot be overstated. In fact, it can be used as a competitive advantage. This is especially true for accounting firms. Whether it’s during the long hours of tax season or just a typical work day, showing your staff you appreciate them can go a long way.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
New research being officially announced at BETT 2023 has found that almost half (47%) of Chief Financial Officers (CFO) working in Multi Academy Trusts (MATs) rate their finance software as ‘inadequate’ or ‘requires improvement’. The survey of 200 CFOs working in existing MATs on their current finance software experiences showed many are concerned that their finance software doesn’t currently make the grade.
s If you’re an accountant, you know that a big part of your job is staying on top of your company’s finances. And if you’re working with a small business, you know that every hour counts when it comes to keeping the books in order. According to recent studies, small businesses account for more than half of the private sector workforce and more than half of all net new jobs created in the United States.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
s If you’re an accountant, you know that a big part of your job is staying on top of your company’s finances. And if you’re working with a small business, you know that every hour counts when it comes to keeping the books in order. According to recent studies, small businesses account for more than half of the private sector workforce and more than half of all net new jobs created in the United States.
What is an ERP system? An enterprise resource planning (ERP) system is a comprehensive software solution for day-to-day operations. A well-integrated suite streamlines processes and provides support throughout a company, including accounting, compliance, supply chain operations, risk management and assessment, manufacturing, and more.
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028.
Menzies LLP - A leading chartered accountancy firm. ADR is a mediation process that can be used to resolve disputes between taxpayers and HMRC. It offers an alternative method for reaching and agreeing a settlement with HMRC with both parties able to avoid the cost of going to Tribunal. Neither party is obliged to participate in ADR and both can withdraw from the process at any time they wish.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
Short-term rentals remain a popular avenue for additional income. Due to outdated Treasury regulations, which were put into place by the IRS long before Airbnb or Vrbo, there are several different ways that taxes can be determined. Providing substantial services and material participation can have a substantial impact on how taxes for short-term rental properties are calculated and which tax deductions apply.
AuditClub, a collaborative “Audit Service Center” for CPA firms and companies, has introduced AuditClub One, a in order to address the talent exodus and pipeline problems prevailing throughout the profession. “Accountants are leaving corporations and audit firms in record numbers, as they reevaluate what they want from their careers. On average, about one-third of audit senior associates and one-fourth of audit directors and managers voluntarily left a Big 4 firm in 2022.
Employee engagement is on the decline. Are members of your accounting team among them? A 2022 Gallup survey found that employee engagement in the U.S. experienced its first annual decline in a decade — dropping from 36 percent engaged employees in 2020 to 34 percent in 2021. This pattern continued into 2022. Active disengagement has been on the rise each year since 2020.
Expensify, Inc. has announced a strategic partnership with accounting leaders to help shape the future of the industry for firms and clients alike. Expensify calls itself “a payments superapp” that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards, and bills, The inaugural Expensify Steering Committee is comprised of: Colman Edwards, Sr Director of Technology at Countsy Deb Defer, Managing Director, Business Service Outsourcing
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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