Tue.Jul 11, 2023

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Month-end reporting delayed by unreliable data say UK finance decision-makers

Accounting Insight

Research exploring how UK finance decision-makers plan, manage and deliver the finance function reveals that more than a third (39%) take over a week to prepare and submit month-end reports. Worryingly, almost one in five (17%) reported that it can take more than a fortnight – with unreliable data being the most significant cause of delay. Delayed month-end reporting places additional and unnecessary pressure on finance teams, as well as creating significant business risk by not providing crucia

Finance 40
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The Accountant Shortage is a Material Weakness Now

Going Concern

The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. It seems we are entering the “find out” phase of FAFO, the FA being shitty pay (and to a lesser extent, decades of ineffective recruiting strategies).

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Leading Change: Workplace Transformation is Possible in the Accounting Profession

CPA Practice

Overworked and under pressure, today’s accounting professionals face the harsh reality of time starvation. With a significant portion of their time taken up by workplace inefficiencies , strategic planning often falls by the wayside. Consequently, the ability to develop innovative solutions and implement growth strategies is compromised. Further, many leaders at the top look at the situation and the staff’s feelings on how much work is required and believe the mantra, “ This is just the professi

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Sales tax holidays and taxability of clothing/back to school (part 1)

TaxConnex

Returning to class probably doesn’t make too many students think of the word “holiday,” but tax jurisdictions have other ideas. In recent years, families have spent almost a grand each on back-to-school clothing and supplies. This time of year is a trove for online sellers of these products and states seem to realize it’s time to ring the bell on sales tax breaks for back-to-school.

Sales 100
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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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The Importance of Cash Flow for Small Business Owners

SMBAccountant

Running a small business comes with its fair share of challenges, especially when it comes to financial management. As a small business owner, understanding the importance of cash flow is crucial for the success of your venture. What is cashflow? Cash flow is the movement of money into and out of your business during a specific period. It represents the lifeblood of your company, allowing you to cover expenses, pay employees, invest in growth opportunities, and ultimately stay afloat.

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IRS renews cybersecurity push for tax pros

Accounting Today

The service and its Security Summit partners revived their summertime campaign to protect confidential client information against identity theft.

Tax 98

More Trending

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Senate panel looks into changing tax treatment of crypto

Accounting Today

Leaders of the Senate Finance Committee are sending an open letter seeking input from experts, stakeholders and interested parties about how to adjust the rules for digital assets.

Tax 98
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Global Sanctions Pose Significant Challenges for Financial Institutions

CPA Practice

Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has released its first-ever Global Sanctions Compliance survey. The survey canvassed decision makers at nearly 300 financial institutions around the world to understand how they are responding to Russia-related sanctions. Respondents included senior compliance professionals, senior management leaders and board members.

Legal 98
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PCAOB fines CohnReznick $20K for not disclosing proceedings in time

Accounting Today

The board sanctioned the Top 20 Firm for failing to disclose SEC disciplinary proceedings within five months.

audit 98
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The Technology Lab Podcast – Outsourcing for Tax and Accounting Firms – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the pros and cons, as well as the technologies and liabilities, of outsourcing tax and accounting tasking. Use the podcast player below to listen. (Transcript is below the podcast player.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

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.

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Advisor Alliance: Finale Inventory

Insightful Accountant

In this edition of Advisor Alliance, Murph introduces the benefits and rewards of becoming a Partner with Finale Inventory.

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Report Shows Risk Management Processes in U.S. Organizations Continue to be Outpaced by Growing Risks

CPA Practice

A new report from the Association of International Certified Professional Accountants representing AICPA & CIMA and North Carolina State University’s Enterprise Risk Management (ERM) Initiative found that 65% of senior finance leaders agree that the volume and complexity of corporate risks have changed “mostly” or “extensively” over the last five years.

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The Home Office Tax Deduction: Who Qualifies and How to Maximize

inDinero Tax Tips

The home office deduction can help business owners or remote workers cut back on their tax bills — but figuring out if you qualify or how to apply it can be challenging. In this guide, you’ll learn: Table of Contents What Are the IRS Rules for the Home Office Deduction? How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult t

Tax 90
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15-year old is the youngest to pass CPA exam

Accounting Today

On his way to law school, Jimmy Chilimigras broke an eight-year record by becoming the youngest student ever to pass the CPA exam.

CPA 76
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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

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Elevate your firms advisory services

ThomsonReuters

Facing a rise in client expectations and an increasingly complex regulatory environment , a growing number of firms are looking to transform their practice and take their advisory services to the next level. Is your firm among them? Accounting professionals have long been trusted advisors for their clients. That relationship was shifted into higher gear by the onset of the COVID-19 pandemic as many companies turned to their tax and accounting professionals to help keep their businesses afloat.

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The top VARs for 2023

Accounting Today

These 15 resellers are the leading performers on this year's Accounting Today VAR 100.

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Benefits of Migrating From Lotus Notes to Microsoft SharePoint: Part 2

Cherry Bekaert

Many organizations are opting to migrate from Lotus Notes to Microsoft SharePoint — both online and on-premises — for faster, simpler access to data and applications. In today’s evolving market, businesses need to adopt agile and flexible technology platforms that will enable collaboration and workplace productivity. In this second episode of Cherry Bekaert’s Digital Journeys podcast series, Trace Armstrong , Senior Manager in our Digital Advisory practice, reconvenes with Erin Robinson , Seni

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B. Riley acquires Crawford & Winiarski

Accounting Today

A financial services company headquartered in Los Angeles has bought a forensic accounting and litigation consulting firm based in Detroit.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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Tools, technology, and training aid accounting staffing challenges

ThomsonReuters

Accounting firms turn to a three-tiered approach to uncover opportunities Accounting firms are severely impacted by the dynamic post-pandemic economy. Firms are faced with the external challenges of meeting new client demands, increasing compliance pressures, and tax law changes. They are also experiencing an internal struggle to cope with the decreasing talent pool and growing need to use technology to stay efficient.

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In the blogs: The jig is up

Accounting Today

Next phases for the IRS; trust and bullies; tariffs' effects; and other highlights from our favorite tax bloggers.

Tax 75
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BILL Balance is the New Way to Pay

AccountingDepartment

BILL has rolled out BILL balance, a new way to pay vendors!

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Hightower invests in GMS Surgent

Accounting Today

The wealth management firm has made a strategic investment in a tax and advisory firm.

Tax 74
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8 Pillars of Leadership Development

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.

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Why Won’t You Leave?! Korean Big 4 Firms Have the Same Low Attrition Problem Everyone Else Does

Going Concern

When KPMG US laid off 5% of its workforce last month, the firm’s official statement made mention of “historically low attrition” as a contributing factor, meaning firms were no longer bleeding talent as they’d been just a year before. KPMG was not unique in experiencing this, it’s something we’ve been hearing since late last year: generous industry offers were starting to dry up and perhaps a bit freaked out by the state of the economy, would-be jumpers stayed

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Manage your accounting firm's device fleet to control costs

Accounting Today

Device-as-a-service offers businesses a secure mobile solution that's easy to manage.

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The Home Office Tax Deduction: Who Qualifies and How to Maximize

inDinero Tax Tips

The home office deduction can help business owners or remote workers cut back on their tax bills — but figuring out if you qualify or how to apply it can be challenging. In this guide, you’ll learn: Table of Contents What Are the IRS Rules for the Home Office Deduction? How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult t

Tax 52
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Can you still be competitive without embracing AI?

Reckon

It’s here people! We’ve heard for many years that artificial intelligence would take the world by storm, “just you wait”. Well, the wait is over. With programs like Chat GPT4 booming onto the stage, and a variety of different programs in development, no doubt, small business owners with a sense of curiosity will already be scoping out which new technologies to harness.

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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.

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Seamless. Scalable. Leading Edge.

Insightful Accountant

SmartVault's SmartRouting feature is helping UltraTax CS users unlock higher levels of efficiency, improving user experience and creating more collaboration.

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The 2023 VAR 100

Accounting Today

With the ever-evolving state of technology, the leading resellers and implementers of accounting tech are more in demand than ever.

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Aussies Hate Tax Time, Too

Insightful Accountant

More than 30% of Aussies find tax time stressful, while nearly 20% of them would prefer to clean up after their pooches than do their taxes.

Tax 52
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Schneider Downs Announces Seven Additions to Ownership Group

CPA Practice

Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is proud to announce the addition of seven new shareholders to its ownership group. “We’ve had another monumental year at Schneider Downs,” said Steven Thompson, Co-CEO. “Each of these talented individuals has demonstrated exceptional commitment to our clients and the Schneider Downs community, and we’re thrilled that they’re continuing to grow with the firm.

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How to Set Better OKRs and Drive Results

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.