Tue.May 23, 2023

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Data Management Best Practices for Financial Institutions

Cherry Bekaert

In today’s digital age, it’s imperative to manage your organization’s data for policies, procedures and best practices to maintain the system integrity and performance. On this episode of the Risk & Accounting Advisory podcast, join Neal Beggan , Partner and Cherry Bekaert’s Risk Advisory Practice Leader, and Alan Swan , Managing Director and Risk & Data Management Leader, as they dive into data management and emerging technologies, their institutional impacts and how banks provide a

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Loopholes and other odd sales tax rules, part 2

TaxConnex

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Take diapers. Almost half the states have stopped sales tax on diapers, but these baby products still, despite frequent efforts at repeal, incur sales tax in Maine, Ohio, Michigan, New Mexico, Nebraska, Washington and Nevada.

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What are the Important Financial Records for Startups to Keep?

BurklandAssociates

Maintaining accurate and complete financial records is critical for compliance, business intelligence, and investor due diligence. The post What are the Important Financial Records for Startups to Keep? appeared first on Burkland.

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Financial Performance and Financial Reporting

Insightful Accountant

B2B CFO's Don King continues his multi-arc series on explaining why mastering these areas will help management monitor their financial performance and identify areas for improvement—among other things.

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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.

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What She-cession? More U.S. Women Are Working Than Ever

CPA Practice

By Reade Pickert, Augusta Saraiva, and Jonnelle Marte, Bloomberg News (TNS) Three years ago, a global pandemic triggered a so-called “she-cession,” as millions of women lost their jobs or left the workforce to care for loved ones. Now, they’re leading the recovery. Companies have more women on their payrolls than ever before, in part because of a steady rise in the share of women ages 25 to 54 who are employed or searching for work.

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FloQast Introduces Compliance Management Solution

Insightful Accountant

The solution integrates controls capture directly into financial close and other processes, reducing complexity, costs and compliance implementation and maintenance efforts.

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More Trending

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IRS Has Done a Better Job Nipping Tax ID Theft in the Bud This Filing Season

CPA Practice

The IRS is using nearly 70 additional filters for the 2023 tax-filing season to identify potential identity theft tax returns and prevent fraudulent refunds from being issued, and those extra fraud detection tools seem to be working well, according to the interim filing season report released by the Treasury Inspector General for Tax Administration on May 10.

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An Employer’s Guide to Multi-State Payroll Tax Withholding for Remote Workers

Anders CPA

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees. Payroll remediation by experienced state and local tax advisors can alleviate these difficulties by working with the appropriate state and tax authorities to rectify past mistakes and ensure future compliance.

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AICPA Endorses Legislation to Simplify Tax Filing Extension Process

CPA Practice

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. The Simplify Automatic Filing Extensions (SAFE) Act of 2023 would assist the Internal Revenue Service (IRS) with receiving extensions earlier in the year, providing taxpayers, CPAs and the IRS with a streamlined process and reducing the need for many penalty abatement requests.

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Software-as-a-Service Company Saves $900,000 Through Mitigating Sales Tax Exposure

Cherry Bekaert

Company Background A technology company (the Company) that provides cloud-based Software-as-a-Service (SaaS) has more than 160 customers across 33 different states. Founded in 2015, the Company has grown its annual recurring revenue to more than $6 million. Situation: Sales Tax Obligations Spanning Multiple States The Company was only registered with and reporting sales tax to its home state.

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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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No Change in IRS Interest Rates for Q3 2023

CPA Practice

The IRS said on Monday that it will not raise interest rates for the third quarter of this year. Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily. Here is a complete list of the Q3 rates: 7% for overpayments (payments made in excess of the amount owed), 6% for corporations. 4.5% for the portion of a corporate overpayment exceeding $10,000. 7% for underpayments (taxes owed but not fully paid). 9% for large corporate underpaymen

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Carmine Talks About AI Putting HR Out of a Job, Attrition, and a Rough Labor Market

Going Concern

EY Global Chairman and CEO Carmine Di Sibio and King Charles III stan showed up on Squawk on the Street today talking about the labor market and, more notably, how the firm is using an AI chatbot to answer payroll questions. The AI segment begins around 3:05. He also discussed hiring, saying they’ve been seeing a slowdown in hiring across the board (he means outside of the firm), “particularly in professional services” (so, in the firm).

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Decentralized Storage Unveiled – The Future of Cloud Storage With Storj Labs

Withum

Explore Other Episodes The post Decentralized Storage Unveiled – The Future of Cloud Storage With Storj Labs appeared first on Withum.

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Special Report: 2023 Reader’s Choice Awards

CPA Practice

Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers, most of whom are tax and accounting professionals in public practice or in corporate roles, a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients, in addition to client-side systems that may help streamline the relationship with the firm.

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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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A Second Look at Hour Timesheet

Insightful Accountant

Murph takes another peek at Hour Timesheet, a DCAA-compliant timekeeping software that integrates with QuickBooks Online or QuickBooks Desktop.

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Disgraced Ex-PwC CEO Tom Seymour Finally Shows His Face in Public

Going Concern

Don’t know why but this article is hilarious, it feels way more TMZ than you ever expect an article about disgraced former professional services leaders to be. The Australian has informed the world that scandal-plagued ex-PwC CEO Tom Seymour was spotted in public three days after the firm announced he would be retiring on September 30th. It appears he is wearing a hoodie from Deer Valley Ski Resort in Park City, Utah.

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4 Essential Tools That Can Set A Business Up To Scale

AccountingDepartment

In today's fast-paced business environment, organizations must leverage the right tools and technologies to stay competitive and achieve sustained success. Efficient management of enterprise resources is critical for smooth operations and growth.

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App Partner Stories: Make the most of the small business summer rush by preparing ahead of time

Xero

With the busy summer season approaching in the northern hemisphere, many small businesses are gearing up for the busiest time of the year. And while the increase in customers provides a nice boost in revenue, the summer months also bring unique challenges. If your small business is one that experiences heavy traffic during the summer season, you’re likely preparing to meet the steep demand while also keeping your team motivated and focused.

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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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Minnesota CPAs Introduce Legislation to Protect Profession

CPA Practice

The Minnesota Society of CPAs (MNCPA) introduced legislation this session at the Minnesota Legislature to broaden the pathways to CPA licensure, leading to many conversations with multiple stakeholders. It is in these conversations that new ideas and rationales emerge for making change. It is also where objections are raised — and these are just as important to address as the problems we seek to solve.

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The Future Is Decentralized: Web 3.0 Valuations and the Rise of Blockchain Technology

Withum

Within the vast and quickly changing world of internet technology, some of the most recent conversations include a discussion of Web 3.0, including crypto, NFTs (Non-Fungible Tokens), the metaverse and blockchain. So, what exactly is Web 3.0, and how will it impact the internet and the valuation of startup companies operating in Web 3.0? To answer this question, we begin with a survey of Web 1.0 and 2.0.

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Adams O’Rourke scoops Sole Practitioner of the Year at the 2023 Xero Awards UK & Ireland

Xero

With another epic Xero Awards evening behind us, it’s time for us to reflect on the success of our accounting and bookkeeping community. Judged by Xero leadership and a panel of guest judges from across the accounting industry, the 2023 Xero Awards programme for the UK & Ireland celebrated the rockstar accountants, bookkeepers and app partners across the region.

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Canopy Claims 8 Awards from G2 & Capterra

Canopy Accounting

accounting practice management software for accountants. This is possible only because we listen to our clients, incorporate feedback, and push ourselves to improve and impress.

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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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What Thomson Reuters is doing with AI to help customers

ThomsonReuters

The term “artificial intelligence” (AI) has come to mean many things, from the brains behind such digital assistants as Siri and Alexa to the supposedly unstoppable technological force that will eventually take everyone’s job away. In truth, however, AI is really just another tool developed by humans to help them perform certain tasks faster and easier.

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Why Are Accountants Quitting?

Canopy Accounting

The accounting profession has always been challenging and demanding, requiring much time, dedication, and attention to detail. However, in recent years, there has been a growing trend of accountants quitting their jobs and leaving the industry altogether. And there are fewer students graduating with accounting degrees. This trend is concerning for firms, clients, and the industry as a whole.

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Why CFOs Love Outsourced Accounting Services

Basis 365

As the business world becomes increasingly fast-paced and complex, CFOs (Chief Financial Officers) always seek ways to maximize efficiency and cut waste. One solution that many CFOs are turning to is outsourcing their company's accounting and accounting tasks. In this blog post, we will discuss why CFOs love outsourced accounting services and the many benefits that they provide.

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Accountex London welcomes record breaking number of visitors 

Accounting Insight

Over 10,000 attendees visited Accountex London at ExCeL on the 10-11 May 2023. Celebrated as Europe’s largest accountancy and finance event, the show had countless new additions, areas and theatres for visitors to explore. Portfolio Director, Caroline Hobden was overjoyed with the reaction “The show exceeded our expectations, with it being the biggest and best show in the history of Accountex!

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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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Why you should always know your BATASFI when negotiating fees with clients

Mark Lee

This is probably one of the most valuable tips I share during 1-2-1 mentoring sessions. It’s not just relevant to sole practitioners though. Every client facing partner needs to know their BATASFI when negotiating fees with clients. Indeed it’s equally relevant to service providers way beyond the accountancy profession. I even know some accountants who have shared thus thinking around BATASFI with those clients for whom they provide business advice.

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Hard Times for Colorado Weed Industry

CPA Practice

By Megan Ulu-Lani Boyanton – The Denver Post (via TNS). The heyday of marijuana sales in Colorado — back in 2020 when recreational and medical sales topped out at a combined $226 million — is a distant memory, as the state’s dispensaries struggle through an economic downturn, with sales plummeting and small businesses foundering. “The market’s just bad.

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New Jersey Considers Tax Cuts for Seniors and Businesses

CPA Practice

By Brent Johnson, Derek Hall – nj.com (via TNS). New Jersey’s top two state lawmakers gave an indication Monday that tax cuts — one proposed for seniors, another already planned for large corporations — are likely to be a big focus, and possibly spark a big fight, in the final weeks of state budget negotiations. State Assembly Speaker Craig Coughlin , D-Middlesex, proposed a plan to “effectively cut” property taxes in half for all people 65 and older who live in the Garden State.