Going Concern
MARCH 21, 2023
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 note: the following is a guest post by Jack Castonguay, PhD, CPA, who has not yet been replaced by ChatGPT as far as we know.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.
BurklandAssociates
MARCH 21, 2023
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.
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TaxConnex
MARCH 21, 2023
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.
BurklandAssociates
MARCH 21, 2023
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.
Advertiser: Paycor
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CPA Practice
MARCH 21, 2023
By Joseph Bustos and Javon L. Harris, The State (TNS) After South Carolina Comptroller General Richard Eckstrom’s office made a multibillion mistake, a panel of Senate budget writers are suggesting the Republican be removed from his position and the office stripped of several responsibilities. Under the recommendations unveiled March 15 by senators who oversee the comptroller general’s budget, the comptroller’s responsibilities, which include assembling the state’s annual financial report, would
ThomsonReuters
MARCH 21, 2023
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
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Going Concern
MARCH 21, 2023
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.
CPA Practice
MARCH 21, 2023
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.
Insightful Accountant
MARCH 21, 2023
Thanks to the new partnership, Relay will become the official online banking platform for the network of certified coaches and trainers.
CPA Practice
MARCH 21, 2023
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.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.
Insightful Accountant
MARCH 21, 2023
Trullion CEO Isaac Heller explains why technology offers an answer—and the promise—of revitalizing an industry.
CPA Practice
MARCH 21, 2023
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.
KROST
MARCH 21, 2023
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.
CPA Practice
MARCH 21, 2023
The IRS and the Treasury Department proposed rules on Tuesday regarding tax incentives that the Biden administration hopes will boost the making of semiconductors and semiconductor manufacturing equipment within the U.S. The Creating Helpful Incentives to Produce Semiconductors Act of 2022, commonly known as the CHIPS Act, allocated $52.7 billion in grants over the next five years to increase American chip manufacturing, promote the building of new semiconductor manufacturing facilities in the U
Advertiser: Paycor
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Mark Lee
MARCH 21, 2023
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?
Cherry Bekaert
MARCH 21, 2023
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.
Accounting Insight
MARCH 21, 2023
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.
CPA Practice
MARCH 21, 2023
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.
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
Withum
MARCH 21, 2023
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.
ThomsonReuters
MARCH 21, 2023
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.
GrowthForceBlog
MARCH 21, 2023
9 min read Roughly 1,000 new architecture firms are established every year with a scant 25% three-year survival rate [1].
Lockstep
MARCH 21, 2023
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.
Speaker: Raul Perez, VP and CFO of Lancaster Leaf
Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.
IgniteSpot
MARCH 21, 2023
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.
Inform Accounting
MARCH 21, 2023
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
MARCH 21, 2023
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.
Anders CPA
MARCH 21, 2023
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.
Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker
If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!
CPA Practice
MARCH 21, 2023
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.
ThomsonReuters
MARCH 21, 2023
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.
CPA Practice
MARCH 21, 2023
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
Accounting Insight
MARCH 21, 2023
The reintroduction of creditor winding up petitions on companies in Northern Ireland can be expected soon and will lead to creditors pursuing companies in financial distress, a Belfast accountancy and advisory firm has warned. Insolvency Practitioner Darren Bowman, a Partner at Belfast practice Baker Tilly Mooney Moore, has said the introduction of the Insolvency (Amendment) Rules (Northern Ireland) today, Monday 13 March 2023, will pave the way for the lifting of restrictions on the filing of n
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, almost like magic! 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 au
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