Tue.Aug 02, 2022

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3 Genius Reasons to Automate Your Accounting Workflow | Canopy

Canopy Accounting

Accounting workflow software is an investment, and before going all in, you’d probably like to know what the return will be. The vague, non-technical, CliffsNotes answer to that question might look something like this: a lot—your ROI will be a lot.

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Sales tax holidays for the rest of the year

TaxConnex

Holiday time already? In many states, sales tax holidays have been in full swing this year and will continue for months to come. Some of the deals are long-standing; others have been trotted out by lawmakers claiming to want to help constituents weather inflation. These holidays are limited times (frequently weekends) where a state allows sales tax to be eliminated or reduced on categories of consumer products.

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3 Ways Startups Can Cultivate Positive Mental Health in the Workplace

BurklandAssociates

Our careers and work are an integral part of our lives and even play a role in how we view ourselves and our identity. We spend, on average, 90,000 hours, Read More. The post 3 Ways Startups Can Cultivate Positive Mental Health in the Workplace appeared first on Burkland.

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New CalCPA chairs plan to focus on diversity, education in accounting

Accounting Today

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The 5 Types of Hourly Workers: An HR Guide to Recruiting and Retention

All hourly workers want similar things, but when it comes to recruiting & retention, it helps to understand personal motivations. Download Paycor’s guide to learn how to find & keep the 5 types of hourly workers.

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Wash Sale Rules and Cryptocurrency Tax Planning for 2022

Anders CPA

Cryptocurrencies are on the rise, but many investors don’t understand the tax treatment and impacts of these digital currencies. If you’re already investing or looking into investment opportunities, now is the time to familiarize yourself with current tax reporting requirements and wash sale rules before they apply to cryptocurrencies. What is a Wash Sale?

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IRS warns preparers on signs of data theft

Accounting Today

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More Trending

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Splashtop – A Remote Support Software Synopsis

Intuitive Accountant

Looking for a remote software solution alternative that offers more bang for your buck? Depending on your exact requirements, Splashtop might be what you've been waiting for.

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Key Skills for Accountants in A Post Pandemic World

Accounting Insight

The pandemic has forced everyone to change their business model! As businesses come out of hibernation and ramp up operations to meet the demands of a post-crisis economy, CFOs are expecting a different set of skills from accountants of the future. The next generation of accounting and finance professionals needs to be dynamic, versatile, and comfortable working with latest technology and software.

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Alert: IRS Sends Incorrect Balance Due Notices on Married Filing Jointly Returns

Nancy McClelland, LLC

(c) Matthew G. Bisanz, CC BY-SA 3.0 via Wikimedia Commons. After Forbes reported in early July that starting a month earlier, tax professionals had noticed a higher-than-usual volume of CP-14 notices — the type typically issued when a taxpayer has a balance due on their account — the IRS has finally admitted that this is a systemic issue.

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How accounting firms can fill talent gaps with technology

ThomsonReuters

With The Great Resignation accelerating staffing challenges for accounting firms of all sizes, it might be time to look for a non-traditional new hire: technology. Many firms have historically employed dedicated staff to manage specific manual tasks and processes. In fact, it’s how most entry-level positions start out—entering trial balance data into engagement software, formatting financial statements, or scanning spreadsheets for inaccuracies.

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8 Sins of a Manual Reconciliation

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.

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How to Get the Most Out of Your Online Accounting Firm

IgniteSpot

Start with Robust Onboarding. Efficient online accounting services don’t take shape overnight. We usually describe it the same way as starting a new job—it starts with a 90-day probationary period. The difference is that an employee spends 90 days learning the ropes, whereas an accounting team uses the time to set you up for success.

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Using tax technology to boost agility and retain staff

ThomsonReuters

Even as accounting firms emerge from the COVID-19 pandemic with a new appreciation for technology’s ability to enable remote work and seamless collaboration, a new challenge has surfaced. The mass exodus of employees from the workforce—known as The Great Resignation—is impacting the accounting profession and leaving firm managers scrambling to find quality staff.

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CalCPA BUZZ: Service Award Winners Announced

CalCPA

The following CalCPA Service Awards were presented at CalCPA’s Annual Meeting July 28: Outstanding Accounting Educator Award Dr. Gary Schneider, CPA CSU, Monterey. The post CalCPA BUZZ: Service Award Winners Announced appeared first on Hot Topics.

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Attracting Gen Z talent to the accounting profession

ThomsonReuters

A notable portion of today’s accounting curriculum in college is dedicated to teaching aspiring accountants how to use current accounting technology. When Gen Z talent head out into the real world, they have an expectation that their employers will be using—at a minimum—the tools they learned in school. And many graduates are likely looking forward to learning even more advanced technology on the job.

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Unleashing AI in Recruitment: The Ultimate Guide

Discover the power of AI in recruitment with Paycor’s complete guide. Learn how to streamline your hiring process, increase interview pipeline, uncover candidates other tools miss, and save time. Get ready to revolutionize your talent acquisition strategy today!

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The 2022 MP Elite

Accounting Today

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Are outsourcing accounting services a good idea for a mid-sized business?

Basis 365

Accounting is not dependent on the size of the company. It is equally essential for all businesses. Financial aspects are important to businesses as they provide insight into their finances and help them make informed decisions. Larger companies usually have a team of qualified accountants and bookkeepers who help them achieve accuracy and maintain proper accounting.

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How to prepare for potential climate change disclosure requirements

Accounting Today

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Happy 125th Birthday, KPMG!

Going Concern

Today is August 2 and KPMG is turning 125! Way to prove the naysayers wrong as they pointed and jeered and insisted that we’d be down to just three Big 4 firms by the end of the 2010s. YOU GO, KPMG. Don’t listen to those haters. There’s a press release because of course there is: KPMG LLP, the U.S. audit, tax and advisory firm, is celebrating its 125th anniversary on Aug. 2.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

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.

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FloQast, Microsoft Collaborating on Workflow Integration

Intuitive Accountant

FloQast is joining the Microsoft Business Applications ISV Connect Program to help deliver an efficient and more accurate financial close.

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Forging ahead: Leading an accounting firm into the future

Accounting Today

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Los Angeles Might Outsource Its 211 Phone Service to Deloitte and People Are Not Happy

Going Concern

Deloitte Consulting might be picking up a new client: the downtrodden of Los Angeles County. ABC7 reports : Los Angeles County’s nonprofit “211LA” hotline to health, human and social services is on the verge of being turned over to a private company, pending a vote by the county’s Board of Supervisors. The supervisors are slated to vote Tuesday on whether or not to transfer control of the phone service to Deloitte Consulting, which would get a seven-year, $67.25 million c

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Kentucky storm victims get federal filing relief

Accounting Today

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Chit Chat: Elevating the Month-End Close Process Through Automation – Lancaster Leaf

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.

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Omnichannel NetSuite Integrations Reshape Veteran Businesses

AccountingDepartment

Veteran businesses that have been around for years before high-level technology was commonplace could often find themselves juggling between multiple systems. These systems may have been adopted over the years to help make operations run smoother and simplify some manual processes within the company - or create more.

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IRS adding more filters trying to catch business tax fraud

Accounting Today

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Compensation Watch ’22: Did Huge Revenue Boost = Better Raises For BDO USA Employees?

Going Concern

Last week we reported on BDO USA’s stellar fiscal 2022, as the firm raked in just under $2.5 billion in revenue —a nearly 25% increase over 2021’s revenue of $2 billion. At the end of last week’s post, we wondered whether BDO’s large revenue gain would benefit employees during comp conversation time. Well, the 2022 BDO comp thread is out on r/accounting , so let’s take a look. .

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Build Back Better born again (sort of)

Accounting Today

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Putting the ‘Tech’ in Spend Management Techniques

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!

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Business Bank Account Fraud: What to Do If You Notice an Unauthorized Transaction

Patriot Software

You’re doing a bank statement reconciliation (aka the process of comparing your bank statement to books) like normal. But, things don’t add up. Suddenly, you realize the discrepancy is because there’s a large charge on your statement … but not in your books. Where’d this come from? I never spent this! And indeed, you haven’t—you’ve […] READ MORE.

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Small business hiring and wage growth slowed in July

Accounting Today

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Relief for homeworking expenses post Covid-19

Inform Accounting

The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to home working, post pandemic, many employees have continued to work from home some or all of the time. Household expenses. Employees who work from home may incur costs as a result, such as increased household bills. The tax legislation allows employers to make a tax-free payment of £6 per week (£26 per month) to employees who work from home at least some of the time to help

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Yoga pose or killer tax strategy? The discreet charms of a reverse rollover

Accounting Today

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Live Demo: Bring Magic to Your Month-End Close

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