Wed.Jun 12, 2024

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Mastering Spend Management: Proven Tips and Strategies for Effective Cost Control

AccountingDepartment

Every business faces a variety of major accounting and spending-related challenges. Chief among them — how can a business keep its spending to a minimum while still ensuring that they invest in growth areas and achieve its business goals?

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Federal Income Taxes Are Set To Skyrocket

Withum

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates scheduled to occur as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%.

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Nearly One-Fifth of America’s Billionaires Went to Just Five Colleges

CPA Practice

By Morgan Haefner, Quartz (TNS) Out of the 813 billionaires in the U.S. , nearly a fifth of them went to just a handful of colleges. Forbes published its “ Top Colleges for Billionaires ” list June 9 that ranks American universities by the number of undergraduate alumni that have gone on to become billionaires. Take a look at the top five schools in the ranking, which have collectively graduated 126 billionaires with a total net worth of $927.4 billion. 5.

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CFOs Don’t Really Care About Technical Skills When It Comes to Who’s Replacing Them

Going Concern

Deloitte’s CFO Signals Survey 2Q 2024 is out and we were going to focus on how CFOs aren’t feeling very risky at the moment — only a little more than a quarter of them feel now is a good time to take risks — but instead we’re going to talk about succession matters because that’s probably more relevant to readers of Going Concern who aspire to one day fill their shoes.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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Nomination Period Opens for CPA Practice Advisor’s 2024 Tax & Accounting Technology Innovation Awards

CPA Practice

The nomination period has opened for CPA Practice Advisor’ s Tax & Accounting Technology Innovation Awards. The awards honor new technologies that help accounting firms and their small business clients operate more efficiently and profitably through improved workflow, increased accessibility, or enhanced collaboration. Now in their 21st year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.

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Founder Files: Starting a firm by accident

Accounting Today

Keila Hill-Trawick founded her firm, Little Fish Accounting, in 2018 after she started helping her friends with their taxes as a side hustle.

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New features announced at Xerocon London

Xero

We’ve just kicked off day one of Xerocon London and I’m buzzing about all the new Xero products and features that we announced this morning! Our vision is to build the most insightful and trusted small business platform. And Xero is making a big investment in the UK as part of its business strategy. If you couldn’t make it to Xerocon, or just need a recap, here are a few of the key announcements about things that are now available or coming soon.

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Breaking the Cycle: Groundhog Day On Repeat

CPA Practice

Picture this: every morning, you wake up to the same song on the radio—“I Got You Babe” by Sonny and Cher. No, you’re not dreaming. You’re stuck in your own personal “Groundhog Day”. Instead of the song playing on repeat it is April 15 th , back again. But don’t worry; we’re here to help you escape the loop and avoid spending the next 12,000 days in a time warp.

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EY plans $1B investment to entice young accountants

Accounting Today

Ernst & Young's U.S. firm intends to invest $1 billion over the next three years in talent and technology to improve the attractiveness of the accounting profession.

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How Fake Stories About IRS Stimulus Checks Took Over the Internet

CPA Practice

By Christopher Zara, Fast Company (TNS) Sketchy news websites are flooding the internet with bogus stories about stimulus checks and other government handouts in a growing scheme that has catapulted blatant misinformation to the top of Google’s trending search topics at least three times in the past two weeks. The websites appear to be once-legitimate domains that have been rebranded for the sole purpose of producing click-baity stories on high-interest search terms, with little regard for trut

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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The One-on-One Meeting: Empowering Employee Engagement

GrowthForceBlog

9 min read June 12th, 2024 As everyone remembers, the pandemic shifted the way workplaces needed to function. We moved out of the office and into our homes to work remotely. Key Takeaways Fears and Challenges: Employers fear that remote work will negatively impact productivity and engagement while employees have enjoyed the ability to have a healthier work-life balance where they don't have to waste time on a stressful commute or.

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Webinar: Tax Firm Innovation: Assessing and Enhancing Your Current Processes

CPA Practice

This webinar will be held on Tuesday, July 9, 2024 at 1:00pm ET Sponsor: SafeSend Duration: 1 Hour Register Now With so many new features, automation technologies and firm modernizations coming out in 2024, Tax & Accounting professionals have a lot to keep up with. Join SafeSend for an informative webinar where we press pause on all these notifications and break it down.

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Lessons in growth

Accounting Today

Strategies, tactics and best practices from Accounting Today's Firm Growth Forum.

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EY to Invest $1 Billion in Effort to Attract New Accountants

CPA Practice

EY US announced plans on June 12 to invest $1 billion over three years in talent and technology as a way to improve the attractiveness of the profession to young accountants. The Big Four firm said the investment includes a boost in compensation for entry-level accountants, artificial intelligence (AI)-enabled audit and tax platforms, a new “360 Careers” experience, outreach and support for college students, and enhanced well-being benefits.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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SEC charges AI-recruitment startup founder with fraud

Accounting Today

Ilit Raz, CEO and founder of now-shuttered Joonko, was charged with defrauding investors of at least $21 million by making false and misleading statements about the company.

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How GenAI-powered Just Ask Xero will reimagine accounting

Xero

It was so exciting to demonstrate Just Ask Xero (JAX) live in front of an enthusiastic crowd of accountants and bookkeepers at Xerocon London today. We previewed this innovative new product at our Investor Day earlier this year, and we’re really proud to be able to show a live demo only a few short months later. JAX, your smart business companion, available in beta in August this year, will help you and your clients run your businesses more efficiently.

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BDO Survey: Election Year Fosters Concerns for Tax Leaders

CPA Practice

While more strategic tax leaders are most concerned that the 2024 election will result in changes to certain Inflation Reduction Act renewable energy credits, tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey from top six accounting firm BDO USA. BDO’s 2024 Tax Strategist Survey, which was released on June 10, shows that fewer tax leaders are operating at a highly strategic level, compared to last year’s study.

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It’s a wrap! Day one at Xerocon London

Xero

After my first Xerocon as CEO at Sydney last year, the bar was set high for this year’s event here in London. And wow! Day one has knocked it out of the park. We kicked off with an incredible performance from Harry Yeff, also known as Reeps One, who uses AI to create unbelievable sounds and music. Our brilliant host (and a familiar face on British TV) Sue Perkins, then welcomed everyone to Xerocon London and quickly had us all in stitches.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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How To Achieve Success Using Artificial Intelligence and Copilot for Microsoft 365

Cherry Bekaert

Across the globe, organizations are trying to determine how they can use artificial intelligence (AI) to optimize growth and streamline processes. Some organizations are ahead of their competition when it comes to using AI in their operations. The organizations that are maximizing their use of AI followed certain steps to achieve success. They didn’t just flip the switch and start realizing beneficial results.

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Vertex Acquires Artificial Intelligence Sales Tax Capabilities from Ryan, LLC

CPA Practice

The global tax technology provider Vertex has acquired the tax-specific AI capabilities from Ryan, LLC, a tax services and software firm, The AI functions are designed to more effectively manage the complexity of transaction tax mapping. Financial terms of the acquisition have not been disclosed. The categorization of products for taxability is a manual and time-consuming process that is critical for achieving enhanced tax accuracy, especially for high-volume businesses that must manage indirect

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CIMA names next president

Accounting Today

In addition to leading the Chartered Institute of Management Accountants, Simon Bittlestone will also serve as chair of the Association of International Certified Professional Accountants.

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KPMG Collaborates with Databricks for Audit AI

CPA Practice

KPMG LLP’s Audit practice is embedding the Databricks Data Intelligence Platform within KPMG Clara, its global smart audit platform that brings together data and analytics, artificial intelligence and automation, collaboration capabilities and audit workflow, to deliver a better audit experience. By leveraging Databricks technology, KPMG auditors can analyze billions of financial transactions across thousands of audits, driving enhanced audit quality and deeper insights into audit-related risks

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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Survey Confirms What We Already Knew: RTO Mandates Were Intended to Get People to Quit

Going Concern

While readers of accounting profession news have been getting hammered by headlines about dire talent shortages , a dry pipeline , and firms bleeding qualified staff with years of experience , another phenomenon has been quietly at work behind the scenes. To explain the phenomenon I’m talking about, let’s pull this excerpt from a May 2023 article about a CNBC interview with EY Global Chairman and CEO Carmine Di Sibio : He also discussed hiring, saying they’ve been seeing a slowdown i

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Charity CEO accused of embezzling funds to dine at Per Se, Masa

Accounting Today

Keith Taylor is charged with embezzling about $2.5 million intended to help working families, allegedly spending it on rent for a luxury Manhattan high rise, and meals at top restaurants and steakhouses.

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How does productivity in your industry or region stack-up?

Xero

Earlier this year, we shared that we’d be releasing the second part of our Xero Small Business Insights (XSBI) productivity report series. Our latest report, Small business productivity: industry and regional trends , builds on the first report released in April. It takes a deep deep dive into labour productivity at the industry and regional level across Australia, New Zealand, and the UK.

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Ohio train victim payments are tax-free

Accounting Today

The Internal Revenue Service has determined that the Feb. 3, 2023, derailment qualifies as "an event of a catastrophic nature.

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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Is In-Person Better Than Remote?

Ryan Lazanis

I'm a strong advocate of remote work but in-person shouldn't be overlooked. Find out the benefits and drawbacks of each approach. The post Is In-Person Better Than Remote? appeared first on Future Firm.

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Exploring the complexities of accounts management and financial reporting

Reckon

Guest Post by Imed Bouchrika, Computer Science professor from the University of Southampton, UK. Imagine starting your own business and having your own products or services, marketing strategy, and sales team in place. You think everything is good to go. Unfortunately, there’s something very essential you might have missed: an accounts management and financial reporting system.

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BlueFaucet App Focuses on Small Business Management

CPA Practice

BlueFaucet has announced the rollout of its new app, which is designed to transform operations for businesses with fewer than five employees by organizing and managing daily tasks and client interaction with one or two clicks. Supporting small business is top of mind for BlueFaucet as it partners with personal-related, house-related, and restaurant merchants.

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Power Up Your Retirement Savings: How Accountants Can Help Clients Leverage 401(k) Plans

Insightful Accountant

In today's competitive environment, accountants are constantly seeking ways to add value for their clients. One powerful tool often overlooked is the 401(k) plan. Read more about it!

Account 52
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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.