Mon.Nov 25, 2024

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Financial Forecasting: How 3-Way Forecasts Help Predict Future Business Performance

Withum

What you know about the future can help you make better decisions for your business today. Developing forecasting and projections is a crucial aspect of strategic planning that can improve business management and help create a healthier, sustainable business. A three-way forecast, also known as a three-statement model, is a financial model that combines vital financial statements – profit and loss, balance sheet, and cash flow – into a consolidated forecast.

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How to Choose the Right Outsourced Accounting Services

Basis 365

Whether you’re a startup or an established company, outsourced accounting can provide the financial expertise you need to grow your business. Many businesses of all sizes have been turning to outsourced accounting services as an essential part of their competitive strategy. However, making sure you have the right accounting service provider is essential.

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Navigating ESG due diligence in vendor assessment

ThomsonReuters

Jump to ↓ ESG and supply chains What is ESG due diligence? Understanding ESG risks in the supply chain ESG due diligence checklist: What to look for when assessing a vendor How to communicate ESG expectations to vendors Staying ahead of ESG requirements The need for large corporations to conduct environmental, social, and governance (ESG) due diligence in their supply chains is rapidly becoming a mandatory piece of the corporate compliance puzzle.

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INCPAS and NABA, Inc. Launch Initiative to Strengthen Indiana’s Workforce and Talent Pipeline

CPA Practice

The Indiana Society of CPAs (INCPAS) and NABA, Inc. (formerly the National Association of Black Accountants) announce the launch of ConnectIN, a collaborative initiative designed to strengthen talent pipelines, workforce development, and entrepreneurship in fields such as accounting, finance, business, AI, and emerging technologies. This partnership aims to address critical talent shortages by creating bold, practical solutions to build a more robust and inclusive workforce while fostering innov

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Caseware Partners with Validis to Deliver Powerful Data Ingestion Tools to Audit Firms

Accounting Insight

Collaboration accelerates audit process enhancements and boosts efficiency for firms Caseware , a global leader in cloud and AI-enabled audit, financial reporting, and data analytics solutions, has announced a strategic partnership with Validis, a leading accounting data extraction and standardization tool. This collaboration will provide audit firms with powerful data ingestion tools that deliver audit-ready data from diverse sources; clean and readily available for analysis.

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INCPAS and NABA Launch Initiative to Strengthen Talent Pipeline in Indiana

CPA Practice

The Indiana Society of CPAs (INCPAS) and NABA Inc. (formerly the National Association of Black Accountants) announced on Nov. 20 the launch of ConnectIN, an initiative designed to boost talent pipelines, workforce development, and entrepreneurship in fields such as accounting, finance, business, AI, and emerging technologies. ConnectIN aims to address talent shortages by “creating bold, practical solutions to build a more robust and inclusive workforce while fostering innovation and economic gro

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SEC Fines UPS $45 Million Over Improperly Valued Freight Business

CPA Practice

By Kelly Yamanouchi The Atlanta Journal-Constitution (TNS) UPS has agreed to pay $45 million to settle a complaint with the U.S. Securities and Exchange Commission, which alleges the Sandy Springs-based shipper improperly valued one of its businesses. The SEC alleges UPS misrepresented its earnings because of improper valuation of its UPS Freight unit, which it agreed to sell in 2021.

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What auditors should keep in mind when taxes and laws change

ThomsonReuters

← Blog home As a new presidential administration takes shape, the potential for substantial shifts in tax laws and other financial regulations is top of mind for auditors. Audit professionals at all levels must be prepared to assess, evaluate, and respond to these changes, all while keeping clients’ needs at the forefront. Let’s take a look at some key considerations to keep in mind as your work to ensure your audit process is both compliant and resilient in an evolving regulatory landscape.

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Financial Cents Adds New Billing Feature For Accounting Firms

CPA Practice

Practice management software provider Financial Cents has introduced a new billing feature, which enables accounting firms to bill their clients on time, follow up on invoices automatically, get paid faster, and improve their accounts receivable turnover. Key features of the billing feature include: Ability to create one-off and recurring invoices: The billing feature lets you create invoices for your one-off projects, but that’s only one aspect.

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Autumn Budget – Inheritance Tax Changes

Menzies

Menzies LLP - A leading chartered accountancy firm. FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). Pensions may have been hit, with pension pots becoming liable to IHT from April 2027.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard

CPA Practice

The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606). The Post-Implementation Review (PIR) process is an important quality control mechanism built into the FASB’s standard-setting process to evaluate whether a standard is achieving its objective by providing investors and other financial statement users with relevant information in ways that justify the cost of providing it.

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Monday Morning Accounting News Brief: PwC Denies It Got DUI Partner Drunk; KPMG Misses a Huge ‘Error’ | 11.25.24

Going Concern

Morning, all. And an early Happy Thanksgiving to our fellow Americans! Thanks Kuya Mike for alerting us to this situation first thing in the morning in such an entertaining way. HAHAHAHAHAHAHAHAHAHAH @KPMG @KPMG_US YALL SUCK HAHAHAHAHAHAHAHAHAHAH @going_concern [link] — Kuya Mike UNHINGED (@KuyaMikeDG) November 25, 2024 What happened, according to NYT : Macy’s said on Monday that an employee had misstated up to $154 million in delivery expenses over the past few years, forcing the retailer

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New Jersey Society of CPAs Announces 10 Winners of its CPA Exam Fee Lottery

CPA Practice

The New Jersey Society of Certified Public Accountants (NJCPA) has awarded 10 of its members $750 each towards their CPA Exam fee costs. The lottery winners, which are Affiliate or Student members of the NJCPA, were selected at random out of more than 60 entries. Established in 2019, the NJCPA’s CPA Exam Fee lottery was designed to partially offset the cost of preparing for and taking the CPA Exam, which can exceed more than $2,500 considering enrollment fees, review courses, study guides and ot

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Generative AI will upgrade you, not replace you: KPMG

Accounting Today

KPMG research has found gen AI has a 3-17% EBITDA impact, but this is no reason to replace human accountants.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps

CPA Practice

The Consumer Financial Protection Bureau (CFPB) has finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.

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IRS plans National Tax Security Awareness Week

Accounting Today

The Internal Revenue Service and its partners in the public and private sectors are planning to highlight the importance of cybersecurity next week.

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IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool

CPA Practice

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. The agency said in an email on Nov. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We are looking for comments and suggestions from stakeholders who will use the BTA online platform,” the IRS said.

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AI costs go beyond AI systems themselves

Accounting Today

Developing an AI system can carry a hefty price tag that includes not just the coding of the system itself but secondary costs like labor, training and data fees.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Bloomberg Tax & Accounting’s Compliance Tracker Expands Global and Indirect Tax Capabilities

CPA Practice

Bloomberg Tax & Accounting has made a significant expansion to its Compliance Tracker, a workflow tool available on Bloomberg Tax Research that enables tax professionals to track progress of their filing obligations paired with automation of the cumbersome, time-intensive process of tracking and gathering of deadlines and forms. In response to customer feedback, Compliance Tracker users can now track and collaborate on filing activities for income tax obligations in over 200 countries.

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IRS extends R&D tax credit transition period

Accounting Today

The Internal Revenue Service is extending the transition period for revising claims for the research and development tax credit through Jan. 10, 2026.

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New GASB Members Named

CPA Practice

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

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Macy's delays earnings after worker hid millions in expenses

Accounting Today

An employee "intentionally" made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years.

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Live Demo - Supercharge your Month End Close

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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FASB Seeks Feedback on Clarification to Interim Effective Date for Disaggregation of Income Statement Expenses Standard

CPA Practice

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) that, for public business entities that do not have an annual reporting period that ends on December 31, clarifies the interim effective date of Accounting Standards Update No. 2024-03 , Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.

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Art of Accounting: An idea from a Chinese takeout menu

Accounting Today

What would happen if CPAs offered clients a list of suggested services for a fixed fee?

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GASB Proposes Guidance on Subsequent Events

CPA Practice

The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. The primary objective of the exposure draft, Subsequent Events , is to re-examine the existing requirements in Statement No. 56, Codification of Accounting and Financial Reporting Guidance C

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GASB proposes standard on subsequent events

Accounting Today

The Governmental Accounting Standards Board issued an exposure draft on how to account for transactions that occur after the date of the financial statements.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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CPE Sessions Announced for Ensuring Success

CPA Practice

On December 18-19, 2024, CPA Practice Advisor is hosting its annual Ensuring Success conference, an online CPE event where professionals can earn up to 14 hours of free CPE credit, with 7 one-hour sessions each day. There is no cost to users to register, attend, and earn CPE credit, and they can choose the ones they want, or can stay for all of the sessions.

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The Guide to 2025 Tax Season - Individual Updates

Canopy Accounting

Identify and comprehend the latest updates and changes in tax laws for the upcoming 2025 tax year.

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Grant Thornton lays off about 150 workers in U.S.

Accounting Today

The layoffs span the accounting firm's advisory, tax and audit businesses.

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Driving Year-End Efficiency in Tax Practices: A Manager's Guide

Insightful Accountant

As tax season approaches, tax practices face increasing pressure to optimize operations while maintaining service quality. Forward-thinking managers and owners should focus on key efficiency drivers.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.