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A Conversation with Consultant and Author Traci Schubert Barrett about: "How to Thrive in Your Second Act" I like to lose clients – in a good way, of course. Last year we had about ten, and this year we’re expecting another ten clients who are selling their business. It’s something I get excited about, professionally, because it means we’ve done our job for our clients by helping them grow to the point where selling makes sense.
Recently, the Financial Crimes Enforcement Network (FinCEN) told U.S. financial institutions to exercise caution when processing paper checks because they might be fake. Paper checks? Didn’t those go the way of the dodo? Jokes aside, electronic transfers have indeed replaced paper checks for many consumer and business payments. Yet paper checks are still used at many businesses and check fraud has been increasing.
We are excited to announce that we have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated's Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of 2023 Best of Accounting winners are more than 1.7 times as likely to be satisfied than those who work with non-winning firms.
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while it’s $20,800 for a head of household taxpayer.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Academics from 187 universities wanted to know how an AI chatbot would do on accounting exams. Recently, Open AI’s newest chatbot, GPT-4, which uses machine learning to generate natural language text, passed the bar exam with a score in the 90th percentile, passed 13 of 15 AP exams, and nearly got a perfect score on the GRE Verbal test, according to the folks at OpenAI.
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an attractive alternative to “qualified” retirement plans, particularly for small businesses.
As someone working in the accounting industry , I know first hand how important it is to keep your finger on the pulse and stay up to date with the latest accounting standards, regulations, and best practices. With the fast-paced nature of the industry and ever-evolving technology, it can be a challenge. That’s where ChatGPT comes in. I’m not one to get excited by every shiny new thing to hit the market but when I explored ChatGPT, albeit with much apprehension, over the weekend, I was qui
As someone working in the accounting industry , I know first hand how important it is to keep your finger on the pulse and stay up to date with the latest accounting standards, regulations, and best practices. With the fast-paced nature of the industry and ever-evolving technology, it can be a challenge. That’s where ChatGPT comes in. I’m not one to get excited by every shiny new thing to hit the market but when I explored ChatGPT, albeit with much apprehension, over the weekend, I was qui
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization.
If you happen to pursuing the internet today and see the exciting headline about NASBA increasing the time you have to pass the CPA exam from 18 months to 30 months , there is a bit of critical information you need that you might miss if you don’t read the article: current exam candidates remain under existing rules until, if and when, the board to which they applied makes changes.
Benchmarking — or comparing a company’s financials to those of industry peers and its own historical performance — can provide insight into future cash flows and operating risks. Business valuation professionals use the following types of benchmarks to assess company-specific risk and, in turn, a subject company’s expected return. Profitability Profitability metrics evaluate how much money the subject company earns from each dollar in revenue.
It’s promotion time at Deloitte and what is usually a time of celebration has devolved into disappointment and confusion for many. We’ve been tipped to unexpected promotion results and pointed to a thread on r/Deloitte that breaks it down: I just met with my coach and although I was rated as strong in all categories, the firm has decided to defer my promotion for 1 year.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But what about supporting records such as receipts and canceled checks?
One of the great benefits of a cloud-based software is that feature updates can happen regularly and nearly instantaneous. At Canopy, feature enhancements are highly influenced by customer feedback ( tell us what you want ) because we believe that you can have the firm you've always wanted with Canopy.
The Conference Board Consumer Confidence Index fell in April to 101.3 (1985=100), down from 104.0 in March. The Present Situation Index —based on consumers’ assessment of current business and labor market conditions—increased to 151.1 (1985=100) from 148.9 last month. The Expectations Index —based on consumers’ short-term outlook for income, business, and labor market conditions—fell to 68.1 (1985=100) from 74.0.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Understanding Why Workers Are Leaving Punch in, punch out, and collect a paycheck. Not only do most of us not use punch cards anymore, but our priorities have changed, so we expect our jobs to be fulfilling in a wider variety of ways. The result? Workers are calling it quits more easily and often.
Good news for those taking the CPA exam: When CPA candidates pass the first section of the exam, they will be given an additional year to conquer the remaining three sections without losing credit. That’s because the board of directors of the National Association of State Boards of Accountancy (NASBA) approved an amendment to the Uniform Accountancy Act (UAA) Model Rules on April 21 that provides CPA exam-takers a rolling 30-month period to finish the other three sections of the exam, up from 18
On April 12, 2023, the U.S. Bureau of Labor and Statistics (BLS) announced that the Consumer Price Index (CPI) increased 0.1% in March and increased 5.0% over the last year, which was the smallest increase since the period ending May 2021. The CPI and payroll are intertwined in a variety of ways. Employers and payroll professionals look to these monthly numbers to make changes and adjustments to payroll systems and also to forecast possible impact on the business in the near future.
Organized retail crime (ORC) is a perpetual and burgeoning problem for the U.S. retail industry, and evidence suggests it is growing in both scope and complexity, according to a new report by the National Retail Federation. The report, Organized Retail Crime: An Assessment of a Persistent and Growing Threat , was conducted in partnership with K2 Integrity, a global risk advisory firm.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
A Conversation with Consultant and Author Traci Schubert Barrett about: "How to Thrive in Your Second Act" I like to lose clients – in a good way, of course. Last year we had about ten, and this year we’re expecting another ten clients who are selling their business. It’s something I get excited about, professionally, because it means we’ve done our job for our clients by helping them grow to the point where selling makes sense.
On March 20 th , the IRS issued a warning to promoters and businesses making aggressive claims for employee retention credits (“ERC”). These aggressive ERC refund claims have been added to the 2023 Dirty Dozen list of tax scams. The following excerpts were included in the IRS news release: “Blatant attempts by promoters to con ineligible people to claim the credit” “Promoters who have been blasting ads on radio and the internet touting refunds” “These promotions can be based on inaccurate infor
What's new: Streamline the way you view your client data with these new updates. Layout and design has changed to make it easier for you to view your data and interact with it. Resize columns, show and hide columns, infinitely scroll, and search directly on the client list page.
A South Carolina return preparer has pleaded guilty, after his jury trial had begun, to two counts of filing false tax returns. According to court documents and evidence presented at trial, Jeffrey Harmon of Lexington, South Carolina, owned and operated TFL Worldwide, a tax preparation business through which he willfully prepared and filed returns for clients that claimed fraudulent deductions relating to, among other things, rent, utilities, meals, gifts, dues, and depreciation.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Are you experiencing connection issues between Oracle NetSuite and Avalara? A recent bundle upgrade may be the root cause. But have no fear, Withum consultants are here! First, check your NetSuite version. The rolling upgrades to version 2023.1 are in progress and may have already been completed on your account. To check your version, navigate to your home dashboard screen and scroll down to the bottom.
A new Reuters news poll showing that more Americans are interested in purchasing an electric vehicle (EV) may be due in part to the increased tax credits for such purchases. Reuters and Ipsos, a multinational market research and consulting firm, conducted a seven-day poll of just under 4,500 Americans that found 34% of all respondents would consider an EV purchase.
Internal controls are not confined to just accounting and financial reporting; they are also part of ESG reporting requirements. ESG information is becoming equally important and requires an equally robust control structure, and failures in ESG reporting, the endpoint of internal controls, can be costly. If material misstatements are made during ESG reporting, directors can be sued, customers become disenfranchised, and management makes decisions using incorrect information.
Menzies LLP - A leading chartered accountancy firm. Have you tested the market by completing a few overseas projects or selling through a distributor? Are you now contemplating setting up business abroad? Setting up abroad sounds relatively simple, but what do you need to know before you take the plunge? Expanding business operations in certain countries can be achieved in less than 24 hours, while in other countries the process is timing-consuming and bureaucratic.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
Excited to exhibit at Accountex London are All in Place. Their framework, cashflow and reporting tool helps business owners guide their clients to better financial outcomes. They help with private client work from remuneration and liquidity, to exit and profit extraction. What do All In Place do? We offer a secure framework enabling accountants to develop truly integrated business and personal financial plans for their clients.
As a business owner, managing your finances and keeping accurate records of your transactions is crucial for the success of your venture. However, accounting can often be complex and overwhelming, especially if your books could be more well-organized. This is where the concept of "cleaning up the books" comes into play. Let's explore what it means to clean up the books and why it is essential for simplifying your accounting processes.
Both businesses and individuals have become much more wary in recent years about securing their technology after facing increasingly sophisticated cyber-attacks. Security measures like two-factor authentication (2FA) help ensure there’s no unauthorized access to your organization’s network. One common form of 2FA, SMS 2FA, has a number of security flaws associated with it, making it imperative to consider alternative methods of 2FA outside of SMS verification.
GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), is in effect for fiscal years beginning after June 15, 2022. This podcast episode will focus on GASB 96 implementation and its implications in airports. Scott Anderson , a Director on Cherry Bekaert’s Government & Public Sector (GPS) team who has recently returned from his GASB fellowship, and Jim Holman , Digital Advisory Services Strategy & Operations Leader, sat down with Danny Martinez , Governme
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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