Wed.Oct 18, 2023

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The Technology Lab Podcast – Quantum Tech in Accounting – Oct. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss how a new generation of computing will impact accounting firms. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors. Also, due to the intro to the podcast, add apx. 10 seconds to the time stamps below.) SPEAKERS Randy Johnston, Brian F.

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IRS questions security of planned ID verification system

Accounting Today

The service has faced challenges in transitioning the system it uses for authenticating the identities of taxpayers and tax professionals.

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Trending Sources

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Ensuring Success 2023 Sessions Announced: Earn 14 Hours of CPE in Two Days

CPA Practice

The sessions and CPE fields of study for Ensuring Success 2023 have been announced. Ensuring Success will be held December 6-7, 2023. Earn up to 14 hours of free CPE during this 2-day annual, virtual conference. Register now and mark your calendar for Ensuring Success, to ensure you meet your year-end CPE requirements. This is the original, completely virtual online CPE conference for accounting and tax pros, so you can attend and earn free CPE credits from the comfort of your office.

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Reckon’s partner of the year, Clayton Oates, talks partnerships and the importance of creating value

Reckon

This week we sat down to have a chat with Reckon’s partner of the year, Clayton Oates. Clayton is the founder of QA Business , a leading accounting professional and a prolific keynote speaker. Focused on educating other accounting professionals and adept at building partnerships, we wanted to hear Clayton’s thoughts on how to foster great professional networks and how he views the technological future of accounting.

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Live Demo: How to Achieve Reconciliation Zen

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. 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 automation, and Why i

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Retail Sales Grew in September, But Core Year-Over-Year Gains Are Slowing

CPA Practice

Retail sales continued to grow in September even as consumers faced continuing economic pressures, according to the National Retail Federation. “September retail sales show that consumers have retained the ability and willingness to spend despite accumulating economic headwinds from higher interest rates and slowing growth,” NRF President and CEO Matthew Shay said.

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Withum Wealth Management Named to Forbes’s Top RIA Firms List

Withum

Withum is proud to share that Withum Wealth Management (WWM) was honored by Forbes on its annual SHOOK Top RIA Firms List. Compiled by SHOOK Research, the world’s only advisor research firm in the world with a specialty in quality, the list is an annual ranking of registered investment advisory firms that provide reliable, trusted service for clients and have a talent for preserving wealth in the long term.

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Who Had ‘Do More Fraud’ on Their Things That Could Save the Accounting Profession Bingo Card?

Going Concern

When a tipster sent this over yesterday it seemed obvious prior to clicking the link they were joking when they suggested that “people exposed to fraud have a modest increase in joining the accounting profession.” Surely that had to be a joke about professors always spouting how great it is to work at Big 4. But no, that’s actually what the research in “ Externalities of Financial Statement Fraud on the Incoming Accounting Labor Force ,” published in the Journal of

Account 105
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Bloomberg Tax AI Lab Enables AI Functions for Bloomberg Tax Research

CPA Practice

Bloomberg Tax & Accounting has launched its new AI Lab to enhance the Bloomberg Tax Research experience. The new Bloomberg Tax AI Lab offers customers the option of testing new AI-driven tools, beginning with an enhanced search experience using AI functionality. The first enhancement included in Bloomberg Tax AI Lab is a question and answer service, combining Bloomberg Tax Research with a large language model (LLM) to produce an AI-generated summary response.

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Oracle NetSuite Introduces Enterprise Performance Management

Insightful Accountant

NetSuite's newly unveiled Enterprise Performance Management will help finance leaders increase productivity, efficiency and profitability.

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It’s Time for Your Clients to Tackle Meeting Minutes

CPA Practice

By Nellie Akalp. Accountants are crucial for guiding clients through the various financial and administrative aspects of running a business. Tasks like meeting minutes might not be the most exciting part of running a business, but they are crucial for ensuring transparency, accountability, and legal compliance. As the year-end approaches, your business clients must ensure they have taken proper meeting minutes.

Legal 106
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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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ACCA warns of ethical dilemmas in sustainability

Accounting Today

The association is cautioning accountants about the risk of greenwashing when reporting on a company's environmental efforts.

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Special Report: Technology Innovation Awards 2023

CPA Practice

In just a year, the promise of artificial intelligence has grown from a topic of science fiction movies into practical business applications. From the advent of first-to-market generative AI systems like ChatGPT, to highly specialized, accounting-focused systems, proponents of AI are fervent in their belief that the technologies will dramatically improve client services, firm management, small business accounting, and many other areas of operations.

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EY Expects Its People to Build a Better Working World Together In Person Up to 60% of the Time

Going Concern

While none of us read HR Brew they interviewed Frank Giampietro, chief well-being officer for the Americas, about EY’s return-to-office expectations so guess we’re reading them today. Firms’ attitudes toward remote and hybrid work have changed quite a bit since PwC proudly announced all 40,000 U.S. client services employees can work virtually and live anywhere they want in perpetuity two years ago so it’s good to find out what the firms are doing with RTO from time to tim

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PwC partners with ChatGPT creator OpenAI

Accounting Today

The accounting firm will use artificial intelligence to consult on complex matters in tax, legal and human resources.

Legal 115
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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5 Crucial Components Your ERP System Should Include

AccountingDepartment

Enterprise resource planning (ERP) systems are instrumental in helping businesses achieve optimal efficiency. By integrating various essential business functions into a unified platform, ERP systems provide a real-time overview of the business while supporting day-to-day operations and workflows.

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Top-earning men see wage growth longer than others

Accounting Today

The researcher sourced data from IRS tax forms to track wages for men between the ages of 25 to 55.

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Why Use a Value Added Reseller (VAR)? Benefits for Organizations

Cherry Bekaert

“A value-added reseller (VAR) is a business that specializes in offering supplier software and technologies which may be coupled with integrations and services to enhance a product offering to its customers.” Why Consider a Value-Added Reseller (VAR) The concept of using a VAR to purchase software and hardware can sometimes be confusing for organizations.

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Generative AI use growing for both business and consumers

Accounting Today

The rising popularity and use of generative AI since it recently exploded on the scene has not abated. Indeed, recent polls show it is rising.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Right Networks Rebrands as Rightworks, Unveils Improved and Unified Experience for Accounting Firms

CPA Practice

Right Networks has rebranded as Rightworks, and announced a platform launch to offer the only intelligent cloud purpose-built for accounting firms and professionals. The new brand unifies accounting profession staples—Right Networks, Rootworks and Transaction Pro. Now, Rightworks combines best-in-class technology, thought leadership and community engagement tools to create a unique offering that enables accounting firms and professionals to build modern, sustainable and profitable businesses.

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3 common cybersecurity mistakes accountants make

Accounting Today

Firms don't always make the best decisions when it comes to locking down the data that resides in their applications.

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IRIS Software Group appoints new Managing Director for Accounting to drive industry-leading cloud platform, IRIS Elements

Accounting Insight

IRIS Software Group (IRIS), is today announcing the appointment of Mark Chambers as the new Managing Director (MD) for Accountancy, with a focus on the adoption and support for the industry-leading accountancy cloud platform, IRIS Elements. Chambers will use his extensive digital transformation and Software-as-a-Service (SaaS) experience to help customers unlock new IRIS Elements capabilities and explore advisory opportunities.

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The 10 Trickiest States for Sales Tax Filing

CPA Practice

By Gail Cole. Sometimes the most difficult tasks in life are the most rewarding, and sometimes they’re simply the most difficult. With sales tax compliance, it’s the latter. The fact is, not all states are equal when it comes to sales tax filing and remittance. For a variety of reasons, sales tax compliance in certain states takes more time and causes more headaches than sales tax compliance in others.

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Planning Your Restaurant's 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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Reduce Financial and Digital Clutter

Withum

We are sometimes overwhelmed with clutter. Sometimes paper and, more lately, digital. The difference is that you can see the piles of paper while the digital clutter lurks in your computer. No matter what we do, it seems to grow and grow and grow. This can not only cost time and money but can set traps for you that could become quite costly, rob you of funds and cause countless added time to straighten out.

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5 States with the Lowest Combined Business Taxes

CPA Practice

By Dawn Moser. Are you an entrepreneur looking to establish a new business? One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. Therefore, it’s important to explore states with the lowest taxes for businesses in order to make an informed decision that aligns your total tax burden with your financial goals and objectives.

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A RECAP of the New Eligibility for Student Loan Forgiveness for Physicians Working in Non-Profit Hospitals

LSLCPAs

To save you time, we have recapped below some key provisions of the latest Public Service Loan Forgiveness program dated 9/18/23. We encourage you to read the online information sheet from the California Medical Association for details. We also urge you to continue to check the most up-to-date version at cmadocs.org/pslf, as the CMA will add material as.

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Upcoming Tax Issues Facing Dealerships That Need To Be Addressed Now

Withum

“Those who fail to plan, plan to fail.” These words apply to all sorts of things in life and, of course, when it comes to taxes. With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. Interest Limitations Under Section 163(j) With record profits, reduced inventory, and favorable add-backs (depreciation and amortization until 12/31/2021), most dealerships have not

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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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9 Strategies to Differentiate Your Accounting Firm

Ryan Lazanis

Discover how an online community can be a factor in securing more deals, improving client experience, and a differentiator for your firm. The post 9 Strategies to Differentiate Your Accounting Firm appeared first on Future Firm.

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AICPA Honors Financial Reporting Leader with Gold Medal

CPA Practice

The American Institute of CPAs has awarded Robert H. Herz, CPA, CGMA, FCA, with its 2023 AICPA Gold Medal Award of Distinction. The award, presented since 1944, is the highest honor bestowed by the AICPA, recognizing CPAs “whose influence on the accounting profession has been especially notable.” The award was presented by Tracey Golden, Past Chair, AICPA and the Association of International Certified Professional Accountants, at the fall meeting of the AICPA governing council.

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Boost Your Startup with the Revamped R&D Tax Credit: What You Need to Know

Shay CPA

The landscape for small businesses and startups is constantly evolving, especially when it comes to taxes. One area ripe for taking advantage of is the Research and Development (R&D) Tax Credit. Recent changes in tax laws have made this opportunity even more enticing. Let’s dive in and examine what the Inflation Reduction Act of 2022 has in store for you.

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On-Demand Service Marketplace Compliance Can Be Challenging

CPA Practice

By Dawn Moser. Ah! On-demand service marketplaces: great for midnight ice-cream cravings or last-minute school project supplies; complicated for tax compliance. And with marketplace facilitator laws in effect, more and more on-demand service providers are responsible for managing taxes for the transactions on their platforms. Depending on how varied your offerings are and how many markets you operate in, complying with tax regulations can get timeconsuming and expensive.

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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.