Tue.Nov 01, 2022

article thumbnail

Document Management Best Practices Accountants Should Follow | Canopy

Canopy Accounting

Your document management system is a big part of your accounting firm’s success. At least you hope that it is. It could also be the weak spot that prevents your firm from growing. Stay organized, and you take care of the clients you have while winning new ones. Drop the ball on document management, and your entire workflow grinds to a halt.

account 81
article thumbnail

Sales tax concerns if you sell through multiple channels

TaxConnex

This article was originally featured in the Retailist on October 3rd, 2022. Businesses have new ways to sell today, as marketplaces such as Amazon and the business’s own website have joined established channels like direct retail sales and wholesale sales. Each brings different sales tax implications – and retail and ecommerce businesses aren’t always aware of their obligations.

Sales 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia

Going Concern

Last week the Australian Securities and Investments Commission (think Aussie PCAOB) informed us that Deloitte and KPMG need to take “continued deliberate and concerted action” to improve the quality of their audit work because apparently it is just that bad. Deloitte did not meet ASIC standards on half of audits inspected, KPMG came in at 48 percent.

auditor 101
article thumbnail

Personal Goodwill as a Tax Strategy: 3 Requirements for Using Personal Goodwill to Reduce Taxation

CTP

Tax planners can provide tremendous value in the sale of a business. Business owners and shareholders may not be aware of the tax consequences that will come with selling their shares or assets—and offsetting these costs requires a thoughtful tax strategy. This is especially true for the sale of a C corporation since this business type is taxed separately from its owners.

tax 98
article thumbnail

Planning Your Restaurants 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.

article thumbnail

Understanding the Remote/Hybrid Workforce

Intuitive Accountant

Whether it's your firm or your clients, there are things to know about working remotely. ADP is offering critical insights and strategies on key compliance considerations. Sign up for the Nov. 3 event here.

98
article thumbnail

How to Open a Business Bank Account in 4 Steps

Patriot Software

Sixty-eight percent of businesses have separate bank accounts for personal and business finances. Separating accounts helps companies organize accounting records, avoid overspending, and accurately file taxes. You may decide to open a general business checking or savings account, payroll account, or business tax account. Regardless of the type, you need to know how to open […] READ MORE.

account 97

More Trending

article thumbnail

Learn All About Allowance for Doubtful Accounts (Aka Bad Debt Reserve)

Patriot Software

When it comes to your small business, you don’t want to be in the dark. Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. But, what happens if they don’t pay? To protect your business, you […] READ MORE.

account 97
article thumbnail

Future Forward: Trends for 2023 – Nov 30

Intuitive Accountant

Is your firm ready to seize the latest opportunities and benefit from the latest accounting tech trends? See what four industry thought leaders have to say in this conference kick-off session. Sign up for the Nov. 30 webinar now.

account 96
article thumbnail

What Is Bad Debt?

Patriot Software

Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt? What is bad debt? A bad debt occurs when someone owes you money but you are unable to collect it. The debt is […] READ MORE.

Sales 96
article thumbnail

Is Your Sales Team Using LinkedIn To Its Full Potential? Most Likely Not…

GrowthForceBlog

8 min read. How much time do you spend on LinkedIn? How much time do your sales team and human resources department spend on LinkedIn? Key Takeaways. Building a Personal Brand Is Essential: In addition to your professional posts, personal content can help you…. Focus on Proactive Recruiting: She sees many businesses missing out on a major opportunity for recruiting and building pools of potential candidates through….

Sales 84
article thumbnail

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

article thumbnail

Do You Know How to Find Net Income?

Patriot Software

Incoming revenue is vital to business growth, but it doesn’t paint the most accurate financial picture of your business. You must know whether your company is profiting after deducting business expenses. You need to determine your business’s net income. Calculating your business’s net income helps you determine your business’s profitability, decide whether to expand or […] READ MORE.

account 95
article thumbnail

The Low-Down on Key Performance Indicators

AccountingDepartment

Clickthrough rates for web content, production efficiency, and average resolution time have one major commonality. These are all examples of key performance indicators, better known as KPIs.

article thumbnail

9 Self-employment Tax Deductions You Should Be Taking

Patriot Software

If you are self-employed, you might be overwhelmed by the expenses you have, including your self-employment tax liabilities. However, you can claim self-employment tax deductions to reduce the amount you owe in taxes. See how you can take advantage of self-employed tax relief below. Who is self-employed? You are self-employed if your business is unincorporated. […] READ MORE.

tax 92
article thumbnail

eSports Industry Trends

Withum

There have been few industries that have seen surges in popularity and demand since the start of the pandemic in early 2020. Among the most dramatic has been in the eSports and online gaming arenas which boasted a market value, for the first time in its short history, of over $1 billion at the end of 2020 and is expected to double to just over $2.1 billion by 2025, and then to almost $4 billion by 2030.

article thumbnail

No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

article thumbnail

What Is Escrow, and Why Should a Small Business Owner Know About It?

Patriot Software

Transactions between two parties can be tricky business. As a small business owner, you need to make sure that things like selling tangible and intangible assets goes smoothly. You might consider using an escrow agent to help. So, what is escrow? What is escrow? Escrow is the safekeeping of monetary items by a neutral party. […] READ MORE.

account 90
article thumbnail

How to Make Your Small Business Dreams a Reality

MazumaBusinessAccounting

Starting a business is a dream that many people have. The idea of creating something that is your own, being your own boss, and being able to turn your passion into a full-time job is compelling. In order to be successful and make your small business idea come to life, you have to take time to figure out all aspects of your business to see if it has potential.

article thumbnail

401(k) Audit CPA Success Show Podcast: Final Year-End Preparations for 401(k) Plan Sponsors

Anders CPA

As a new year approaches, 401(k) plan sponsors and administrators should begin planning for 2023 to maximize plan participation and minimize compliance risks. CPAs and Anders 401(k) auditors Kim Moore and Karen Hill explained how plan sponsors could encourage employee participation, how to better optimize a plan for higher levels of participation as well as innovative ways to ensure compliance with federal requirements.

audit 52
article thumbnail

Market Approach for SBA Business Valuations

Withum

SBA Business Valuation Methods and Multiples. There are a wide range of methods available to appraisers when considering the market approach for SBA business valuation engagements. The confusion can be great when one considers the sources of data are not all reported in the same manner, the applicability of comparable companies, the unknown factors not reported in the data, and the level of control indicated from each method (controlling versus minority) among other factors.

article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

article thumbnail

Mastering Your Client Accounting and Advisory Skills

Intuitive Accountant

Can your firm offer the kind of consultative insights your clients need today? Bootkeeper's Deneen Dias, ADP's Heather Sperduto and Jirav's Mike Triantos will show you what you need. Sign up for Nov. 3 webinar here.

account 52
article thumbnail

What Is Operating Income?

Patriot Software

When you are tracking your business’s financial health, you will track many indicators. And if you are seeking money from investors and creditors, they will want to see these numbers, too. Operating income is one of the numbers you should calculate. What is operating income? Operating income measures how much of your business’s profit comes […] READ MORE.

account 52
article thumbnail

Three Requirements for Using Personal Goodwill to Reduce Taxes

CTP

What does personal goodwill have to do with the sale of a business? Business owners looking to maximize their profits from selling their shares or assets will need a strategy to reduce the tax consequences. This is especially true for the sale of a C corporation since this business type is taxed separately from its owners. When a C corporation sells assets, that gain is taxed once at the corporate level and again at the shareholder level.

tax 52
article thumbnail

The Basics of Small Business Revenue

Patriot Software

Revenue is a vital part of your business. Your business needs revenue to survive. So, it’s important that you understand revenue. Below you will learn what revenue is, why revenue is important, how to calculate it, and how to increase it. What is revenue? Revenue is the money your business receives during a certain accounting […] READ MORE.

account 52
article thumbnail

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.

article thumbnail

Tax planning in an unpredictable political and financial climate

Accounting Today

article thumbnail

What is a retained earnings statement?

Patriot Software

When it comes to managing your business’s finances, you can never be too organized. Creating financial statements paints a picture of your company’s financial health. Financial statements help with decision making and your ability to get outside financing. One statement you could create is the retained earnings statement. The statement of retained earnings is not […] READ MORE.

article thumbnail

M&A roundup: Weaver, Rea, Gross Mendelsohn and Bowman expand

Accounting Today

101
101
article thumbnail

What Are Articles of Incorporation?

Patriot Software

There are different requirements to set up all the types of business structures. If you want to structure your business as any type of corporation, you need to create and file articles of incorporation. What are articles of incorporation? Articles of incorporation are legal documents you must file with a state government when you incorporate […] READ MORE.

Legal 52
article thumbnail

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.

article thumbnail

Blucora sells off TaxAct for $720M, rebrands as Avantax

Accounting Today

tax 101
article thumbnail

A Guide to Start Buying Wholesale for Small Business

Patriot Software

You know that spending less on business expenses like supplies and inventory can help you maximize your business’s profits. You can’t just eliminate those expenses; otherwise, you wouldn’t have anything to sell. But, you can possibly reduce how much you spend through wholesale buying. Wholesalers supply businesses with products in large quantities. Businesses that buy […] READ MORE.

account 52
article thumbnail

BDO USA expands NetSuite capabilities with new collaboration

Accounting Today

article thumbnail

Fixed vs. Variable Costs

Patriot Software

Business expenses are categorized as either fixed or variable costs. You should identify your company’s fixed and variable expenses for accurate books. Learn the difference between fixed vs. variable costs to help with budgeting, pricing, and decision making. Fixed vs. variable costs You need both fixed and variable costs to run your business. Fixed costs […] READ MORE.

account 52
article thumbnail

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.