Mon.Apr 29, 2024

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How AI is transforming accounting

Accounting Today

A recent survey from EY found that 90% of respondents already use at least some AI in their work, and other recent developments around the technology.

Account 136
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Finding Your Financial Compass: Why Small Businesses in Los Angeles Thrive with Specialized Tax and Accounting Support

MyIRSRelief

Los Angeles, the City of Angels, beckons with its vibrant energy, diverse culture, and endless opportunities. It’s no surprise then, that thousands of ambitious entrepreneurs set up shop in the sprawling metropolis and its surrounding cities, forming the backbone of the Los Angeles-Long Beach-Anaheim, CA (LA Metro) economy. But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming.

Tax 130
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Insightful Accountant's Top 100 ProAdvisors for 2024

Insightful Accountant

Insightful Accountant proudly announces this year's Top 100 ProAdvisors along with our Emeritus ProAdvisors of the Year. Congratulations to all being recognized for this year's awards.

Account 130
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Marketing for Growth – 4 Tips for Firms

CPA Practice

By Sarah Acton, Chief Marketing Officer at BILL. Many accounting firms started 2024 with an eye toward expansion, and the post-busy season spring brings renewed purpose and fresh perspective to put plans into action. According to Accounting Today , 62% of the top 100 firms reported double-digit growth in 2023, and the majority are optimistic for continued growth this year.

Education 118
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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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IRS issues guidance for new round of advanced energy project credits

Accounting Today

Notice 2024-36 announces the second round of credit allocations for a program to allocate the remaining $6 billion in credits.

Tax 130
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Women Are More Stressed at Work—But Hybrid Has Helped, Deloitte Says

CPA Practice

By Sarah Lynch, Inc. (TNS) Women are still struggling in the workplace—and not just when it comes to the pay gap. Half of women say their stress levels have increased from a year ago, according to a recent survey of 5,000 women across 10 countries from Deloitte. Meanwhile, nearly half said they were “concerned or very concerned” about their mental health—one of their top three concerns, along with financial security and their rights.

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More Trending

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Internal Audit Foundation Report Finds Changing Risk Landscape Will Require Shift in Hiring Trends

CPA Practice

The recruitment and hiring landscape for internal audit must evolve to ensure the profession keeps pace with a changing risk environment. That’s according to the results of a new report ‘ Fueling the Internal Audit Student Talent Pipeline: Perspectives from Educators and Practitioners’ released at the Global Student Conference by the Internal Audit Foundation, sponsored by Deloitte.

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Monday Morning Accounting News Brief: Deloitte University vs. Non-Competes; Elon Doesn’t Take Getting Compared to Enron Kindly | 4.29.24

Going Concern

This past weekend’s weekend discussion: ‘Open to Work’ on LinkedIn, Yay or Nay? ‘Yay’ as in “yay I found a better job!” Also want to include this link from Footnotes in case you missed it, we’ll do a full story later: PIPCA Survey Sheds Light on What Existing CPAs Want and Why Some are Leaving [ INSIDE Public Accounting ] The report is found here: CPA Talent Retention 2024: Keeping Your Best Performers And now new news.

Account 110
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FreshBooks Updates Digital Payment Options with Stripe Connect

CPA Practice

The online small business management system FreshBooks has launched FreshBooks Payments, its new solution that uses the Stripe Connect digital payment platform’s latest features and makes it easier for business owners to accept payments seamlessly. The new payment method is in the later stages of beta testing, and will be available to all FreshBooks users this summer.

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10 Signs Your Business Accounting System Needs an Overhaul

IgniteSpot

Mastering the art of accounting is akin to discovering a treasure map to real wealth in the entrepreneurial journey. Yet, for many business owners in their prime years of building and scaling, accounting remains the least favored aspect of their venture. This is not due to a lack of effort or ambition but often because of a broken accounting system that silently drains their business's potential.

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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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IRS Opens Second Allocation Round For Advanced Energy Tax Credit

CPA Practice

The IRS issued new guidance on Monday that provides additional information about the second allocation round under the Qualifying Advanced Energy Project Tax Credit program. The program, which was re-established by 2022’s Inflation Reduction Act, renews and expands a tax credit created in 2009 through the American Recovery and Reinvestment Act. It provides incentives for clean energy manufacturing and recycling, industrial decarbonization, and critical materials processing, refining, and recycli

Tax 98
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The CFO's role in navigating gen AI transformation

Accounting Today

As we enter the next industrial revolution, CFOs will be central to striking the right balance between risks and growth opportunities.

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The Top KPIs for Construction Firms

GrowthForceBlog

9 min read April 23rd, 2024 Key performance indicators (KPIs) are metrics that are calculated using a business's operational and financial data. Generally, KPIs are used to measure, track, evaluate, and improve performance. Key Takeaways Types of Industry-Specific KPIs for Construction Firms: Depending on your construction firm's specific business strategy, goals, and challenges, there might be other types of KPIs that are relevant to measuring performance within your business's unique situation

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The permanence of change

Accounting Today

The truth that most things are writ in water may as well be carved in stone.

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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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Voting for 2024 International ProAdvisors Ends Tonight

Insightful Accountant

Tonight is your very last opportunity to cast your vote for our candidates for the 2024 International ProAdvisor Awards.

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AICPA Asks Treasury for Clarification of Long-Term and Part-Time Employee Rules

CPA Practice

In a letter sent to the U.S. Treasury and Internal Revenue Service (IRS), the AICPA submitted recommendations regarding regulations related to long-term, part-time (LTPT) employee rules for cash or deferred arrangements under section 401(k). The recommendations touch on points made in the November 2023 proposed regulations related to the changes to LTPT employees made by SECURE 2.0 in relation to when they are permitted to participate in an employer-sponsored, tax-qualified retirement plan.

CPA 69
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IFRS revenue and expenses jump 41%

Accounting Today

The IFRS Foundation attributed the increase in revenue and expenses to consolidated operations in its 2023 annual report.

Account 83
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PwC Australia Makes AI a Key Part of Its Three-Year Plan Because AI Isn’t Invited to the Secret Government Tax Meetings

Going Concern

Still-scandalized PwC Australia released its three-year plan on Friday and no one should be surprised that they’ve put trust front and center. Funny considering PwC US just got rid of that whole Trust nonsense in people’s job titles and everywhere else where weird nicknames for assurance are required. Whatever. Unlike PwC US, PwC Australia definitely needs to keep repeating the trust part until it sticks.

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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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PCAOB Group Seeks Input On the Most Decision-Useful CAMs or KAMs

CPA Practice

Calling all public company executives, board members, auditors, financial analysts, and investors: The Public Company Accounting Oversight Board’s Investor Advisory Group (IAG) needs a favor. The IAG said during its April 24 meeting that it’s seeking nominations for the most decision-useful critical audit matter (CAM) or key audit matter (KAM) contained in public company audit reports included in 2023 Form 10-Ks and Form 20-Fs.

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AIA Scholarships Awarded to Aspiring Accountants from the Commonwealth and UK

Accounting Insight

AIA is delighted to announce the recipients of the 2024 AIA Scholarships, funded by the AIA Educational and Benevolent Trust. These scholarships are awarded to students demonstrating a strong commitment to pursuing a career in accountancy or auditing, providing them with full financial support to achieve the AIA professional qualification. The deserving winners of this year’s scholarships are Shantelle Malcolm from Jamaica, Michael Jefferson Nelson from Ghana, and Tony Li from the United Kingd

Account 64
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Expected changes to company size thresholds from 1 October 2024

Menzies

Menzies LLP - A leading chartered accountancy firm. Substantial change to company size thresholds The UK government has recently announced a substantial change to company size thresholds, the first revision to the thresholds since 2016, as they attempt to simplify the regulatory landscape for UK businesses. The changes are intended to reduce the complexity and administrative burden for companies and will directly impact the type of accounts a company is required to prepare and whether the compan

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PCAOB IAG seeks nominations for best CAMs, KAMs

Accounting Today

The PCAOB Investor Advisory Group is accepting public nominations for the most decision-useful CAMs or KAMs of 2023.

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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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Canopy's 2024 Roadmap- Making Your Life Easier

Canopy Accounting

Speakers: KC Brothers & Shane Westra Tax Day has come and gone and we know you’ve been busy, we have the metrics to prove it. In this webinar we’ll share how much you worked (like the more than one billion data requests Canopy facilitated). We’ll also do a deep dive into some new features meant to make your life easier and will let you in on what we have planned for the future.

Tax 52
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The importance of record keeping in a digital world

Reckon

Guest post by AON. Here’s why keeping appropriate records can help during a claim. In a world where almost everything is paperless, keeping records and filing documentation is something that might slip your mind as you go about your usual business. While digitisation has made record keeping easier in some ways, it has also brought about some complexities.

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Daniel Dustin to Take the Reins of NASBA in August

CPA Practice

Daniel Dustin will succeed the retiring Ken Bishop as president and CEO of the National Association of State Boards of Accountancy on Aug. 1, NASBA announced on Friday. “Dan’s long history and expertise in accounting regulation makes him uniquely qualified to assume the role as president and CEO of NASBA. I have had the distinct opportunity to collaborate with Dan over the years on key initiatives and programs, including the Uniform Accountancy Act, CPA Evolution, and professional licensure,” NA

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There’s more to managing risk than insurance: 6 pillars of managing risk in a service based business

Reckon

Guest Post by AON. There’s not much in life that comes without risk – whether it’s starting a business, or even just crossing a road. When it comes to running your business, the biggest risk in your mind is probably not making a profit. However, events such as a client tripping over and injuring themselves while at your premises, or having legal action taken against you due to advice you provided are also incidents that can have a substantial impact on your business.

Legal 52
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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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Rescheduling Cannabis – Legal and Fiscal Implications

Anders CPA

The cannabis industry is at a very critical point as the recommendation and legal procedures needed to reschedule marijuana could have a massive impact on the taxation and profitability of legal cannabis. The biggest challenges for most small and independent industry players are taxation and competition, with most finding it tough to get out of the 1-3 year start-up phase.

Legal 52
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Efficiently Handle IRS Notices with Tech

Insightful Accountant

IRS notices surged in 2024 after a pandemic pause, causing confusion and stress for clients receiving past due balance notifications from as far back as 2020.

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Art of Accounting: How to make clients your sales team

Accounting Today

Learn how to get more referrals from existing clients who are truly happy about their relationship with you.

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FreshBooks launches FreshBooks Payments

Insightful Accountant

FreshBooks expands payment operations for business owners with new and innovative Stripe Connect features.

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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.