Thu.Jun 08, 2023

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Don’t overlook these benefits when calculating the ROI of spend management.

Airbase

​ Calculating a return on investment for new software purchases is a good way to make decisions about where to spend your time and capital. It quantifies the benefits resulting from the software’s use and can therefore serve as a metric to compare the relative value of different projects. To use it for comparison purposes, however, requires consistency of measurement across solutions, even when measurement can be difficult.

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TaxConnex Unveils New Client Portal for Improved Client Experience and Data Security

TaxConnex

TaxConnex ® is excited to announce the launch of a new client portal, Client Connexion. Client Connexion will provide a streamlined client experience and enhanced data security through an intuitive user interface and encrypted portal. Clients will be given individual logins to provide their data, review their cash requests, pull reports, and tax returns, and view historical data, thus removing some of the manual processes clients and practitioners navigated through previously.

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AICPA Broadcasts 100th Town Hall Video from Engage Conference: CPA Profession is ‘Resilient and Rising’

CPA Practice

As the AICPA & CIMA hosted its annual Engage Conference in Las Vegas this week, it also broadcast its 100th AICPA Town Hall live from the Dolby Stage before more than 1,000 live attendees, and thousands more watching live online. Hosted by CPA.com CEO Erik Asgeirsson, the CPE-eligible live broadcast Town Hall events are 1-hour in duration, and were started at the onset of the COVID-19 pandemic, as a means of keeping professionals up-to-date on key issues, regulatory and legislative activitie

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Finally Having Something to Roast Them About, KPMG CEO Takes This Opportunity to Talk Sh*t About PwC

Going Concern

A quickie from Sydney Morning Herald on yesterday’s Senate committee hearing in which KPMG Australia CEO Andrew Yates took the opportunity to throw some barbs at PwC while he has the chance: KPMG boss Andrew Yates publicly rebuked PwC for the tax scandal that is impacting the entire multibillion-dollar financial consulting industry while apologising for his firm’s own failings, which include 1000 staff cheating on an exam about acting with integrity in their work.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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House Ways and Means Passes Bill on Easing ACA Reporting Requirements

CPA Practice

By Thomas Gase, Times-Herald, Vallejo, CA (TNS) The House Ways and Means Committee passed Rep. Mike Thompson (R-CA) and Rep. Adrian Smith’s (R-NE) Employer Reporting Improvement Act on Wednesday with a bipartisan vote. The bill now goes to the House floor for consideration. “I am glad that the Ways and Means Committee today passed my bill reducing administrative burdens and making it easier for businesses to comply with the Affordable Care Act,” said Thompson in a news release.

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Understanding the New QuickBooks Online Pricing Changes for June 2023

SchoolofBookkeeping

Is't that time of year, time for the next round of Pricing changes and trying to decipher what they mean to our clients, and our firms. In an email sent June 8, 2023, The QuickBooks Team outlined upcoming change for the QuickBooks Online, Online Payroll, and Online Payments products and service. We will comb through this email and offer our take on what this means to you as a QB Online user or those who support QuickBooks Online Clients.

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Withum’s Henil Shah Named to NACVA 30 Under Thirty

Withum

Withum is proud to announce that the National Association of Certified Valuators and Analysts® ( NACVA® ) named Henil Shah as a 30 Under Thirty Honoree. Henil is a manager in Withum’s Forensic and Valuation Services Group. He has seven years of experience in providing business valuation and transaction advisory services for a multitude of industries, including technology, consumer products, life sciences, and others.

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11 CPAs Honored by AICPA and CIMA

CPA Practice

The American Institute of CPAs and Chartered Institute of Management Accountants honored eleven CPAs during AICPA & CIMA ENGAGE 2023 in Las Vegas this week. The awards highlight CPA efforts in a specific accounting specialty area, excellence in volunteer efforts or significant contributions to the accounting profession. Awards presented include the P.

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How to Build an Enterprise Data Strategy Framework – Getting Started

Cherry Bekaert

Data is central to any business, and the ability to strategically manage it is growing exponentially. As companies lean in on digital transformation efforts, their data strategy will be a true marker of their ability to compete and future-proof their business. According to Harvard Business Revie w , “cross-industry studies show that on average just 26.5% of organizations report having established a data-driven organization (2022).

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A New Approach to Make Next Tax Season Go More Smoothly

CPA Practice

By Richard Lavina. The accounting profession has been facing a staffing crunch brought on by fewer college graduates entering the profession and experienced tax practitioners transitioning to different careers in accounting. Due to the increasing demand for bookkeeping, taxes, compliance, consulting, and audits, especially with more people and businesses in the United States, tax season becomes increasingly difficult for short-staffed firms across the U.S.

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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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Rewind 'Bulk Linking' Feature Now Available

Insightful Accountant

Rewind, the No. 1 rated commercially-available backup app for QuickBooks Online, has just introduced a new bulk linking feature, which makes it easier than ever for ProAdvisors to protect their clients' data.

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Small business retailers, beat the tax time woes with these simple tips

Xero

If your inbox is anything like ours right now, emails spruiking EOFY discounts, mid-year promotions and stocktake clearances are piling up by the dozen. And with a new financial year around the corner, it’s no surprise that retailers are cleaning house in preparation. So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end.

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Intuit Unleashes the Power of Generative AI on its Platform

Insightful Accountant

Intuit has unleashed the power of generative AI on its platform to ignite innovation at scale for millions of consumer and small business customers.

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KROST is Attending the Trusted X LA Technology Summit

KROST

Our Sports & Entertainment industry professionals, Stacey Korman, Brad Pauley, Alan Lo, and Andrea Bonilla, are attending the Trusted Advisor’s second annual Trusted X LA Technology Summit on June 8th. The exclusive one-day event is held in Santa Monica from 1:00pm-7:00pm and consists of opening and closing remarks, various panels presented by industry experts, and Read the full article.

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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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Manage Invoices an Payments Easily with Tipalti

AccountingDepartment

Imagine having the ability to scale accounts payables (AP) operations for your e-commerce business, with the same amount of staff, or even less. With Tipalti's AP automation technology, businesses can do just that and accelerate their AP processes across the board.

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A Step-by-Step Guide to Business Loans

SkagitCountyTaxServices

Ever feel like the whole world is taking a summer vacation except you? That’s real: Small business owners can’t always afford to step away from the helm to take those long, glorious vacations you see on social media (maybe beach and Europe photos are already popping up in your feed?). Whether you do have some breathing room in the next few months, or whether this is your busy time of year, I just want to remind you: Your work matters.

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Gen Z, Millennials and Men Top List of Worst Tippers

CPA Practice

According to a new Bankrate report, Americans are tipping less often for numerous services, demonstrating a steady decline over the last few years. Additionally, two-thirds (66%) have a negative view about tipping, including feeling like businesses should pay their employees better rather than relying so much on tips (41%), feeling annoyed about pre-entered tip screens (32%), feeling that tipping culture has gotten out of control (30%), saying they would be willing to pay higher prices if we cou

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The Dancing Accountant Named Top 100 ProAdvisor by Insightful Accountant

Nancy McClelland, LLC

I am truly honored and delighted to make the Insightful Accountant Top 100 ProAdvisor list! Insightful Accountant identifies and recognizes the Top 100 QuickBooks ProAdvisors across the globe each year in its annual award program, formally recognizing recipients at the Scaling New Heights Accounting Technology conference, to be held June 25-28, 2023 in St.

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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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How Do You think About the Business?

Insightful Accountant

In Part 2 of G76's Peter Mares' four-part series, the CEO Whisperer will help you answer some of the questions that can why you are in business. To learn more, you also can sign up for the June 14 webinar.

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Professor Accuses Professional Accountant Body of Hoarding Fines Like Smaug Hoards Gold

Going Concern

It appears the Institute of Chartered Accountants in England and Wales (ICAEW) has finally pushed Sheffield University’s Richard Murphy over the edge. The Professor of Accounting Practice at Sheffield’s Management School issued a new report chastising the group for hoarding funds. Murphy’s report [ PDF ] says the ICAEW is just flat out keeping fines and other sums of money levied against chartered accountants who did shitty work.

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The Benefits of Outsourcing Your Accounting with Xero

Basis 365

In today's fast-paced business world, entrepreneurs constantly seek ways to streamline operations and maximize efficiency. One area that often demands a significant amount of time and expertise is accounting. Accounting tasks, from managing financial records to preparing tax returns, can be overwhelming and time-consuming. This is where outsourcing your accounting with Xero can be a game-changer for your business.

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3 must-have strategies for recruiting and retaining top audit staff

ThomsonReuters

In today’s competitive audit landscape, organizations must stay ahead of the curve to ensure they have the best audit staff in their workforce. To do this, it is essential to have a comprehensive recruitment and retention plan that incorporates key strategies such as technology, data analytics, and fostering an engaging work environment. These strategies help companies make informed decisions about their recruitment and retention processes by optimizing their recruitment process with techn

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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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A New System of Quality Management

DMCL

As you likely know, the landscape is evolving around accounting and assurance standards. In recent years, there’s been an increased regulatory focus and the accounting industry as a whole is being held to a higher standard. At DMCL, we’re regulated by three oversight bodies: CPABC – CPABC is the Chartered Professional Accountants of British Columbia.

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People Who Have No Problem Ghosting You For No Reason Suddenly Butthurt About AI-Assisted Cover Letters

Going Concern

Google Discover recently threw a Mashable article at me about using ChatGPT to help write cover letters and how HR professionals are apparently displeased by this so I figured let’s talk about it since some of you might be looking for a job in the coming months. The figures come from a report by tech-forward talent company iCIMS called “Class of,” a sort of snapshot of the year’s graduating class.

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Reflecting on a year of Plastic Packaging Tax (PPT)

Menzies

Menzies LLP - A leading chartered accountancy firm. When the UK Government introduced PPT in April 2022, the aim was to encourage the use of recycled plastic within packaging. PPT should be considered by all businesses who either manufacture plastic packaging in the UK or import it into the UK. Recent HMRC data reveals that PPT has raised a total of £263 million through the first 10 months of the scheme, exceeding HMRC targets.

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Estimated Tax Payments Are Due June 15, IRS Says

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The upcoming deadline for 2023 estimated tax payments is June 15, which is approaching quickly. If you don’t have taxes automatically deducted from a regular paycheck due to being self-employed or retired, for example, you may need to make estimated tax payments. The reason why is that in the United States, we have a pay-as-you-go system for taxes.

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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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HHS Investigation of Business Associate Results in $350,000 Settlement

ThomsonReuters

Resolution Agreement: MedEvolve, Inc. (March 17, 2023); HHS Press Release (May 16, 2023) Available at [link] HHS has announced a resolution agreement with a business associate that had contracts with two covered health care entities to handle and protect individual electronic protected health information (ePHI) containing sensitive information such as patient names, billing addresses, telephone numbers, primary health insurers, and social security numbers.

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Wage Growth in Job Postings is Declining Sharply, Indeed Says

CPA Practice

By Alex Tanzi, Bloomberg News (TNS) Wage growth in U.S. job postings has been softening for more than a year now, and at the current rate it could return to pre-pandemic levels by early 2024, according to Indeed Hiring Lab. Advertised wages rose 5.3% in May from a year earlier, a marked decline from the peak of 9.3% in January 2022, according to Indeed’s wage tracker.

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Here We Go Again: Participants Prevail at Pleading Stage on Excessive Fee Claim Against Mega 401(k) Plan

ThomsonReuters

Tolomeo v. R.R. Donnelley & Sons, Inc., 2023 WL 3455301 (N.D. Ill. 2023) Participants in a “mega” 401(k) plan (i.e., a plan with over $500 million in assets) brought this lawsuit claiming that their employer and plan benefits committee breached their fiduciary duty of prudence by allowing the plan to pay excessive bundled recordkeeping and administrative fees, and that the employer and its board of directors breached their duty to monitor those fees.

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Illinois CPA Society Presents 2023 Advancing Diversity Awards

CPA Practice

The Illinois CPA Society, one of the largest state associations in the nation serving the certified public accountant community, has announced the recipients of its 2023 Lester H. McKeever Jr. Advancing Diversity Awards. Each year, these awards, which are named in honor of McKeever—a passionate civic leader and advocate for increasing diversity in the accounting profession; partner at Mitchell & Titus LLP; managing principal of Washington, Pittman & McKeever LLC; and a founding member of

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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.