Tue.Nov 22, 2022

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How promoting the role of accountants and bookkeepers can drive small business growth

Xero

In the House of Lords last week, I watched as we launched our manifesto to support small business recovery. Surrounded by our amazing accounting and bookkeeping partners and small business customers, I understood the magnitude of what we are fighting for. . It was great to be able to connect many with their local MPs and take their issues directly to them during the event.

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Accounting firms and sales and use tax advising: Perfect together?

TaxConnex

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. How can they go about making the move? Mark Friedlich, CPA, vice president of U.S. government affairs at Wolters Kluwer Tax & Accounting recently wrote that most CPA firms that have sales and use tax practices generally divide services offered into three categories: planning (nexus studies, taxability determinations, exemption certificate management and so on);

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EY Survey Ironically Finds the Four-Day Workweek is the New Standard at Many Companies

Going Concern

According to the latest EY Future Workplace Index survey, many companies are moving toward a four-day workweek thanks in part to competition for talent. The survey reveals surprisingly optimistic attitudes from company leadership on real estate investment despite economic tightening, says the press release, a sign that employers want you back in the office at any cost.

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How to Accelerate Your Financial Maturity (And How Virtual CFO Services Can Help)

IgniteSpot

Align Growth with Strategic Goals. To reach financial maturity, the best organizations stay goal-oriented. This can mean different things depending on your company.

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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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1099s – Why the Rush?

Dent Moses

While many would prefer to “think about that tomorrow” or in January, time spent now can significantly affect how hectic your January will be. The best practice is to have new vendors provide a completed W-9 before issuing a payment. We also recommend reviewing 1099 vendors a few times throughout the year and requesting any missing W-9s. Imagine skipping the frantic race to hunt down vendors to get information in time to prepare 1099s by late January.

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The Value of the QuickBooks Desktop Unpaid Job Bills by Vendor Report

Intuitive Accountant

Use the Unpaid Job Bills by Vendor Report with slight modifications to find unpaid vendor bills either assigned to a job or not, and whether marked billable or not.

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Free Yourself From Business Accounting by Outsourcing

AccountingDepartment

As the holidays approach, no business owner wants to be bogged down with accounting tasks, budgeting next year, or trying to prepare to close the books for 2022. Owning a business has many upsides to it, but one of the drawbacks for many is trying to keep track of the business's finances.

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Rumor: The Elliott Davis/Whitley Penn Merger Fell Apart in the Eleventh Hour, RIP Elliott Penn

Going Concern

This past summer, the second biggest news around the virtual watercooler of professional services (after the EY split) was that Elliott Davis and Whitley Penn would be combining forces to become — *dramatic flourish here* — Elliott Penn. “By proactively bringing these two firms together, Elliott Penn leverages the strengths of both firms and establishes a footprint predominantly positioned in the fastest growing markets in the country,” read the press release.

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The Dos and Don'ts of Navigating Successful Mergers and Acquisitions

GrowthForceBlog

9 min read. Between 70- 90% percent of acquisitions fail. Key Takeaways. Remember You Can't Simply Sell (or Grow) Your Way to Profits: As Aldridge added more clients and took over more market share, their revenue kept increasing. Despite the top-line growth, they noticed that their profits were suffering…. Invest in Employee Development to Retain Employees: They're also investing in employee development and career training.

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Exposure Drafts: A Very Taxing Thanksgiving

Going Concern

Listen to Oh My Fraud , a podcast by Caleb Newquist and Greg Kyte, and get free CPE through Earmark. And Exposure Drafts holiday cards are now available for purchase through Rubook Creative. The post Exposure Drafts: A Very Taxing Thanksgiving appeared first on Going Concern.

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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.

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How to Improve the Employee Workplace Experience

Intuitive Accountant

ADP's 'Voice of the Employee' survey to help predict employee behavior, simplifying results interpretation to help employers act on employee feedback and sentiment.

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Maybe 2023 Will Be the Year You Get That Big Promotion

Going Concern

If 2023 is anything like 2022, the odds are stacked in your favor if you work in public accounting, according to a recent LinkedIn analysis. Professional services was among the five industries that doled out the most promotions this year: And at the top seven largest public accounting firms in the U.S., that big promotion came with a sizable pay bump in 2022.

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Are Your Restaurant and Retail Clients Overpaying Sales Tax?

Intuitive Accountant

Accountants and bookkeepers with restaurants, retailers and other service-based brick-and-mortar clients often are challenged to keep up with the needs of these clients. Here's what you can do.

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The Environmental Impact of Hybrid Work (Post-COVID)

Withum

Lawyers have the tendency to argue just about any topic, and today’s topic is remote and hybrid work. During the height of the pandemic, many firms were forced to go fully remote; however, as we move into the post-COVID era, there has been a significant tug-of-war between returning to the office or remaining remote. Those who advocate for a return to the office wish to go back to the way things were – arguing in-person work creates culture, trains staff and allows leaders to lead.

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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.

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What Is Quick Ratio? Learn How to Swiftly Calculate This Metric

Patriot Software

Does your business have enough liquid assets to cover short-term liabilities in a pinch? To find out, you can use the quick ratio. Keep reading to learn the quick ratio definition, how to calculate your ratio, and more. What is quick ratio? The quick ratio (aka liquidity ratio or acid test ratio) measures liquidity and […] READ MORE.

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An Essential Guide to Accounting and Basic Accounting Principles for Beginners

Snyder

It can be hard to keep up with new opportunities and technologies in our rapidly changing and evolving world, especially in a professional field such as accounting. Old tricks aren’t always relevant today, so whether they like it or not, people must adapt, whether it’s a business owner who needs to learn at least the basics, or a busy accountant who’s trying to find something new to help with their workflow.

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Increase in National Insurance Contributions on the Way

Menzies

Menzies LLP - A leading chartered accountancy firm. National Insurance Contributions (NICs) have been the subject of every budget announcement this year. If you haven’t kept up with the reversals and reversals of the reversals, we summarise the key changes here. Introduction. As part of a measure to raise additional funds for health, social care and to help cover the costs of the Covid-19 pandemic, NICs were raised by 1.25% across the board from 6 April 2022.

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What the IRS's $80 billion in funding means for your tax return

Accounting Today

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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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Behavioral Red Flags of Financial Fraud

FraudFiles

There are a number of common signs that we may see when someone is engaged in financial fraud within a company.

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IRS warns about 1099-K compliance

Accounting Today

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Comments on the AASB’s Tier 3 Standard for NFPs

Accounting for Good

The post Comments on the AASB’s Tier 3 Standard for NFPs first appeared on ACCOUNTING FOR GOOD.

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Year-end tax planning must-dos for clients

Accounting Today

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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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Is the recession a reason to be more proactive with clients?

Mark Lee

The latest economic predictions in the UK prompted me to consider ways in which accountants could be more proactive as regards their clients. As so many were at the start of the pandemic in 2020. The technical definition of a recession, as we know, means two consecutive quarters of negative growth. The relevant figures are updated monthly which is why it takes time to have certainty on such matters.

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Deducting gifts to charities requires strict compliance

Accounting Today

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PayPal and QuickBooks Accounting: How to Enter and Record PayPal Fees in QuickBooks

Snyder

Recently, PayPal has been a source of negative attention due to a $2,500 fine in its PayPal Misinformation Policy, and though the fine has subsequently been removed from the policy, the confusion among users remained. Today, we’ll turn to a different problem that also generates confusion: how to accurately and easily record PayPal fees in QuickBooks (QB).

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Reality TV stars Todd and Julie Chrisley sentenced to prison for tax evasion

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.

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Converting to a Roth IRA in 2022 Could Decrease Your Future Tax Burden

Anders CPA

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right. Key Takeaways: Roth IRA contributions are taxed up front, as opposed to traditional retirement accounts, which are taxed when you take distributions at retirement

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New RIA acquirer makes second billion-dollar deal in a month

Accounting Today

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Maner Costerisan celebrates its fifth annual volunteerism day

Accounting Today

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BNY Mellon's Frankfurt offices raided in German tax scandal probe

Accounting Today

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.