Tue.Aug 29, 2023

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How to Calculate Burn Rate at Your Startup

BurklandAssociates

Tracking your monthly burn rate helps ensure you don’t run out of cash runway while investing in your startup’s growth. The post How to Calculate Burn Rate at Your Startup appeared first on Burkland.

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Navigating the Complexities of Sales Tax in the Ever-Changing Landscape of Online Selling (part 1)

TaxConnex

Online selling of products and services has always been in the vanguard of sales tax obligations. The situation has only gotten more complicated in the five years since the Supreme Court unleashed economic nexus with the Wayfair decision. Since, every state with a statewide sales tax (and countless localities, especially in places like California and Alaska ) has enacted economic nexus laws, meaning e-commerce vendors of products and, increasingly, services must collect and remit sales tax and f

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Guy Who Works at a Firm Actually Named FML on Why Accounting Is a Great Career

Going Concern

So a guy named Brian Kelleher who works for the hilariously named FML CPAs has written an opinion piece for the Hartford Courant entitled “Opinion: Accounting is a fantastic career — despite common misconceptions.” Let me preface everything that is about to be said here with this: Accounting is a fantastic career and I sincerely believe that or I wouldn’t have spent the last 15 years painstakingly and often obnoxiously pointing out things that are wrong with it.

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PCAOB sanctions firm over auditor independence

Accounting Today

These are the first sanctions ever against a firm over independence violations because it's a member of an alliance where another firm did work for the same client.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Treasury, IRS Formally Propose New Rules for Claiming Clean Energy Tax Credits

CPA Practice

The Treasury Department and the IRS issued detailed—but more flexible—regulations on Tuesday regarding the new prevailing wage and registered apprenticeship requirements, which are linked to companies claiming clean energy tax credits under the Inflation Reduction Act. In addition, the IRS released frequently asked questions and Publication 5855 , which is an overview of the prevailing wage and apprenticeship requirements and the applicable credits.

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Tax partners matter more than firms when it comes to corporate taxes

Accounting Today

Accounting firms are less important than the partner leading the team in terms of the impact on the business's effective tax rate and the probability it will face an audit.

More Trending

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The 'revolving door' between accounting and the IRS

Accounting Today

Nearly 500 service employees worked at large firms or big companies either before, during or after they worked at the IRS, according to a new report.

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The Year of Efficiency Part 3: Empowering Your Employees

Cherry Bekaert

Technology products and software that are hyper-focused on creating efficiencies within an organization can save time and money, and even help scale a business. But as a technology leader, have you taken a step beyond that to explore what it can mean for the empowerment of your employees? Join Cherry Bekaert’s Client Accounting Services Leader, Dixie McCurley , as she discusses the importance of breaking down silos within an organization and creating a culture of true collaboration with our gue

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IRS and Treasury release guidance on wage requirements for clean energy jobs

Accounting Today

The Internal Revenue Service and the Treasury Department issued guidance to require employers to meet the prevailing wage and apprenticeship requirements for clean energy jobs and tax credits under the Inflation Reduction Act.

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5 AI Strategies Accountants Can Use to Unlock More Freedom and Productivity

CPA Practice

By Shane Westra. Artificial Intelligence, or AI as it is regularly referred to…is undoubtedly the business buzzword of the year. This is for good reason because this technology continues to make many common business functions far more efficient than ever before, including new solutions that can help accounting firms advance their productivity and unlock more freedom for firm owners and employees.

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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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Small business news wrap for August!

Reckon

No time to read and digest the glut of business news swirling in the online jet stream? Here’s a quick roundup of Australia’s most pressing and interesting business news in August 2023. What does the end of 3G mean for Australian businesses? Not everyone is aware that the groundbreaking 3G network is about to be switched off across the country in favour of 4G and 5G.

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Keynote Speakers Announced for Digital CPA Conference

CPA Practice

Rapid technological advancement and innovation present an enormous opportunity for the accounting profession to reimagine its role as trusted business advisors, and the Digital CPA (DCPA) conference connects CPAs and firm leaders with insights, business model strategies and tools to transform their practices to maximize the opportunity. DCPA 2023, hosted by CPA.com and the AICPA & CIMA, will take place at the ARIA Resort & Casino in Las Vegas Dec. 3-6, 2023.

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Inspector General’s Office Reviewing Labor Department’s Efforts to Stop Child Labor Law Violations

ThomsonReuters

Federal labor law for children The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in federal, state, and local governments. Federal child labor laws are designed to protect the educational opportunities of minors and prohibit their employment in jobs and under conditions detrimental to their health or well-being.

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SEC Nabs Its First NFT Case, Commissioner Peirce Won’t Be Throwing a Party

Going Concern

Yesterday the SEC announced charges against Impact Theory, LLC , a media and entertainment company headquartered in Los Angeles, for conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of morons investors, including colossal idiots investors across the United States, through the offering.

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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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New Xero Beautiful Business Fund to Award SMBs with Funding

CPA Practice

Xero , a global small business platform, has announced a new global small business fund with more than NZ$750,000 in funding, to support the future aspirations of small businesses globally. Designed to celebrate small businesses, empower success and accelerate their growth, the Xero Beautiful Business Fund will be open to Xero small business customers in Australia, New Zealand, Singapore, South Africa, the United States, Canada and the United Kingdom.

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13 Non-deductible Expenses and Other FAQs for Tax Time

inDinero Tax Tips

Separating deductible and non deductible expenses can be tough. You may find yourself asking: Does this expense go on the personal card or the business card? For all the lists of valid business expenses, sometimes it’s easier to know what is deductible by knowing what’s non-deductible. This article will help you avoid commingling funds and maintain the personal asset protection of your LLC by guiding you away from potential non-deductible pitfalls.

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Meta, Google face digital tax in New Zealand beginning in 2025

Accounting Today

New Zealand will introduce legislation this week that enables a digital services tax on large multinational companies, though the levy won't be imposed until 2025.

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How Real Estate and Construction Companies Can Take Advantage of the Expanded Section 45L Tax Credit

Cherry Bekaert

The Inflation Reduction Act (IRA) drastically changed the 45L Energy Efficient Home Credit ( Section 45L) and the Section 179D Energy Efficient Commercial Buildings Deduction ( Section 179D) quantities and requirements, thus allowing more opportunities for home builders and multi-family developers constructing energy-efficient homes to earn money back.

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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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Balancing automation and compliance in expense reporting

Xero

This guest blog post was written by the team at financial management app, Expensify. Finding the right balance between automation and compliance in any business process can be challenging. For example, when it comes to managing expenses, manual expense tracking and paper-based processes can lead to errors, delays, and inefficiencies. On the other hand, automating every aspect of expense reporting without proper checks and balances can potentially result in compliance issues too.

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Scarcity of accounting talent creates material weaknesses

Accounting Today

While companies are working in overdrive to fill accounting positions, they are finding themselves up against a confluence of factors.

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The Perils of Not Having Real-Time Data for Your Business

AccountingDepartment

For any business to thrive, it is essential to have accurate and up-to-date information about its operations. Real-time data plays a crucial role in a business's success regardless of its industry or size. However, businesses that use outdated technology and traditional data management techniques, such as manually inputting data into spreadsheets or relying on quarterly reports, miss out on valuable insights regarding their business operations.

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September's 'QB Talks' is All About QuickBooks Desktop 2024

Insightful Accountant

Insightful Accountant has scheduled Murph to host our regular 'QB Talks' on Sept. 20 to discuss "QuickBooks Desktop 2024.

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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.

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How FinTech Can Help Firms Elevate, Expand and Enhance Services

CPA Practice

By Max Lillard. Fintech has become increasingly popular with consumers, so much so that it’s starting to have a noticeable impact on their relationship with financial professionals. A recent Capterra survey found that more than half of fintech users seek advice from fintech apps before consulting their accountant, and 64% say these tools have significantly reduced their need to interact with their financial advisor.

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Auditors find ways to examine AI despite lack of framework

Accounting Today

Even without formal standards, professionals are still finding ways to examine and test AI.

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Nominations Open for CPA Practice Advisor’s “40 Under 40” and “20 Under 40” Awards

CPA Practice

Nominations for the 2023 Awards are now open. Click here to go to the free nomination form. The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession through their exemplary leadership, their innovative thinking, their collaborative efforts to provide unity to the profession across the generations, and their community outreach which extends the visibility o

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IRS delay of catch-up rules comes with clarifications for industry

Accounting Today

The agency and the Treasury Department two-year reprieve gives retirement advisors time to prepare — and a preview of upcoming guidance about Secure 2.0.

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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.

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5 steps that will help you get engaged by your ideal prospective clients

Mark Lee

Some accountants just want to work for anyone who can afford them and who will engage them. Some accountants have more specific aspirations. And some accountants have very specific prospective clients in mind. All are perfectly reasonable approaches – as long as you do more than simply hope and dream. I see an awful lot of adverts and marketing messages for and about various accountancy firms.

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10 ethical and enforceable tactics to make sure your invoices get paid

Inform Accounting

Wouldn’t life be simple if you could guarantee that your invoice would get paid on time, every time? Sadly, this isn’t always the reality. With the economy coming out of recession, there is a very clear and present danger that your business invoices may not get paid in a timely fashion. Here are our best tips for getting your invoices paid.

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#CallForChange to Help Accounting, Tax Professionals Reclaim Profitability

Insightful Accountant

Industry thought leaders Dawn Brolin, Logan Graf, Tiffany Davis, Ryan Lazanis, Eric Green, and others, are partnering with Ignition to institute a new wave of change for US accountants and tax professionals.

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What’s New with Business Central’s 2023 Release Wave 2

Withum

Microsoft Dynamics 365 Business Central has long been a trusted solution for businesses seeking to streamline operations and enhance efficiency. With the upcoming 2023 Wave 2 update, Business Central is poised to deliver a trio of game-changing features that will improve how global organizations manage their processes. Let’s delve into the top three features that have us buzzing with excitement, and explore the remarkable benefits they bring to corporate users.

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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.