Tue.Oct 25, 2022

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How to avoid giving free advice to prospects

Mark Lee

How to avoid giving away advice for free to prospective clients? I’m reminded of the old sex education message: Just say ‘no’! As an accountant you are, I’m sure, well used to prospective clients seeking free advice. I think the most common reason accountants give themselves, when they give away advice for free to prospective clients, is that it helps evidence their credibility, style, approach, knowledge and willingness to help clients.

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What was new in September for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Inflation bites. The Urban Institute told news outlets that 25 states recently reported year-over-year declines in sales tax receipts, a jump of more than a third in just a month. Less consumer spending amid persistently higher prices apparently triggered a decline in revenues.

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Why You Need To Keep Inventory Standard Costs Current During Inflationary Periods

Withum

According to a CNBC survey of businesses in 2022, 74% of businesses are dealing with supply cost increases. It is not uncommon for businesses to utilize standard costing inventory in their internal ERP system and update the standard cost for products on an annual basis. Standard costing is based on the expected costs of material, labor and overhead (typically established at the inception of a year) instead of the current actual costs incurred months later.

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Hear Me Out, Accounting Firms Should Add PvP and Achievements to the Metaverse

Going Concern

It’s 2022 and accounting firms are proudly buying up “real estate” in the metaverse, putting out self-congratulatory press releases about it like it’s supposed to make us think they’re ahead of the curve on technology. Really my first thought has always been “didn’t the Maryland Association of CPAs do this 14 years ago?

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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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QuickBooks Contractor Payments

Intuitive Accountant

Pay your third-party contractors using direct deposit without QBO accounting using the new QuickBooks Contractor Payments. It even tracks and prepares your end-of-year 1099s.

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EOG Accounting ties business goals to positive impact to embrace the beauty of giving

Xero

It’s easy to get lost in the day-to-day clamour of our working lives. Targets, KPIs, deadlines – these are the things that keep many people awake at night, and often distract from the bigger picture. Which is to try to do some good on this planet before we leave it. . The team at EOG Accounting , a solely Xero practice based in North Wales, understands the need to meet business targets, but also to make a positive impact whenever possible. .

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Corvee Adds Tax Planning Strategies Library to Website

Intuitive Accountant

Now tax professionals have free access to more than 1,500 detailed tax strategies and calculations.

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Conduct a Profit Margin Analysis to Pinpoint Profitability Problems at Your Business

Patriot Software

Your business’s profitability plays a major role in whether your company succeeds or fails. And if you want to find out how profitable your business is, you need to look at your profit margin. But if you really want to see where your business stands, you have to do a little more digging and analyzing. […] READ MORE.

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5 Signs It's Time To Consider Outsourced Accounting Services

AccountingDepartment

To outsource or not outsource your accounting? That is the question. Suppose you are like most business owners and managers. In that case, you often ponder the idea of outsourcing some or all of your accounting projects yet remain somewhat indecisive as outsourcing requires a small leap of faith. However, such a leap of faith is worth considering, especially when a proven team of experienced accountants is ready and willing to tailor outsourced accounting services to your company's nuanced numbe

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How does the US’s new Superfund Excise tax impact European businesses?

ThomsonReuters

Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax , which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Reinstated as part of the (IIJA), the Superfund Excise Tax was originally part of a government-led effort to clean up toxic waste dump sites across the United States.

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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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Federal Budget debrief – what was in it for small businesses?

Reckon

Well, there we have it – the 2022/23 Federal Budget has been dropped by Treasurer Jim Chalmers. As the Treasurer mentioned in his Budget speech to parliament , there were three main drivers behind the Budget, “In this same spirit, our Labor Government’s first Budget does three things: It provides cost of living relief, which is responsible, not reckless – to make life easier for Australians, without adding to inflation.

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Accountants Don’t B h About Their Pay as Much as Workers in Other Professions Do

Going Concern

LinkedIn recently came out with its latest Workforce Confidence Index survey , in which more than 32,000 U.S. professionals —including accountants—were asked if they felt well-compensated for the work they do. Fortunately for LinkedIn researchers, they conducted an online poll instead of having to wade through all the muck posts of accountants giving digital fellatio to their firms , patting themselves on the back for obtaining the CGMA , and posing with a pile of textbooks they can now burn aft

Account 52
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What Is the Penalty for Late Tax Return?

Patriot Software

Forgetting to submit your tax return can be stressful. And even worse, the IRS can charge you a late filing penalty. Read on to learn about the penalty for late tax return and what you can do to avoid future penalties. Want to avoid a late tax return … and the penalties that come with […] READ MORE.

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How to Start a Virtual Bookkeeping Shop: Starting an Online Business From Scratch

Snyder

Introduction. Having been in accounting for the majority of my career, working both in-office and remotely, it’s fair to say that with some help, accountants can begin their own firm and do everything from taxes and payroll to personal finances. Our clients are all over the country, but they work with us and our staff online. It’s an exciting career and one that many accountants are flocking toward these days because it allows them to work remotely while still providing them with opp

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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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5 Tips to Protect Your Company’s Data Against Ransomware Attacks Going into 2023

Anders CPA

Ransomware attacks remain an area of concern for businesses due to their constantly evolving and increasingly sophisticated methods of gaining access to vulnerable systems. With October being Cybersecurity Awareness Month, there’s never been a better time to reevaluate your security network. Keeping a ransomware attack from happening in the first place is the best line of defense, as recovering from an intrusion can be lengthy and costly.

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Intuit QuickBooks Welcomes New Intuit QuickBooks Partner Council Members

Intuitive Accountant

Seven accounting professionals from across the country will join forces with Intuit QuickBooks to help today's small businesses succeed.

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Accountants worried over economy and inflation

Accounting Today

Account 106
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APPS Directory Spotlight — Divvy

Intuitive Accountant

The spend management solution offers the credit businesses need and the software to manage it.

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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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IAASB proposes changes in audit evidence standard

Accounting Today

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Monica Dominic

GBQ

Asked to describe her personality using hashtags: #LovingLife #NeverMetAStranger #SmileOften. While these qualities have contributed to her BD/marketing success in start-ups and Fortune 500s, we're adding #PSICoOwner #WomanInIT #GoalChaser. Asked to describe her personality using hashtags: #LovingLife #NeverMetAStranger #SmileOften. While these qualities have contributed to her BD/marketing success in start-ups and Fortune 500s, we're adding #PSICoOwner #WomanInIT #GoalChaser.

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Free agent nation: Adjust your tax prep strategy to the new normal

Accounting Today

Tax 98
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Monica Dominic

GBQ

Describing her personality using hashtags, Monica favors #LovingLife #NeverMetAStranger #SmileOften. While these qualities have contributed to her success as a BD/marketing leader in start-ups and Fortune 500s, we're adding #PSICoOwner #WomanInIT #GoalChaser. Describing her personality using hashtags, Monica favors #LovingLife #NeverMetAStranger #SmileOften.

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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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Want a big tax break for a Porsche? Better move fast

Accounting Today

Tax 98
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What expenditures would have been capitalized versus expensed in converting a church building to Belltower Brewing Co.?

Wendy Tietz

What expenditures would have been capitalized versus expensed in converting a church building to Bell Tower Brewing Co.? The owners of Bell Tower Brewing Co. in Kent, Ohio, purchased a 150-year-old church a few years ago. Over a three-year period, they converted the church building into a two-story, 9,000-square foot brewery. Pews from the church […].

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CLA merges in Hayashi Wayland

Accounting Today

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EY Israel Has Rejected the Split

Going Concern

Financial Times is reporting that EY Israel is joining EY China in rejecting the proposed split of audit and consulting services. “From our point of view in the Israel business, the split will not create benefits,” said EY Israel Managing Partner Doron Sharabany to FT. EY China’s decision was based on regulatory hurdles that could not be overcome, not that anyone over there thought cashing out millions of dollars would not be beneficial to those doing the cashing out.

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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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Stimulus support staff cuts mean limited fraud monitoring

Accounting Today

Account 97
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Maryland's digital ad tax struck down

Accounting Today

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New tool eradicates unwanted data

Accounting Today

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In the blogs: Happy now?

Accounting Today

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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.