Wed.Mar 16, 2022

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How to Set Up Accounting for a New Business: A Full Guide

xendoo

If you are reading this, then it probably means you’ve just launched or intend to start a new business in the near future. As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it might seem mundane, good accounting is integral to the success of any business.

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4 Tips on How Small Businesses Can Reduce Taxes

VetCPA

As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that stress, taxes shouldn’t be something to focus on only at year’s end.

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What Businesses Need to Know Surrounding the Most Recent Russia Sanctions

Withum

On March 11, 2022, the U.S. Government issued Executive Order 14068 prohibiting certain imports, exports and new investment with Russia. The following transactions by U.S. Persons are prohibited: the importation into the United States of Russian-origin fish and seafood (defined below), and preparations thereof, alcoholic beverages (defined below), and non-industrial diamonds; the exportation, reexportation, sale, or supply, directly or indirectly, of luxury goods (see below) as determined by the

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Are Employees More Productive at Home?

GrowthForceBlog

6 min read. Before the pandemic, many business and nonprofit leaders viewed working from home as a sort of forbidden fruit, assuming that remote work from home might improve employee morale and satisfaction but significantly reduce productivity.

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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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Spotlighting Women in Financial Services

Withum

This March, Withum’s Women in Financial Services group is celebrating Women’s History Month by spotlighting some of our female leaders in the world of entrepreneurship including emerging fund managers, venture capital, private equity, startups and SPACs. According to PitchBook, in 2021, female founders had a standout year for venture capital exits and women founders in the United States tallied a record number of public listings and acquisitions.

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5 internal controls you should have implemented yesterday

DMCL

March is Fraud Prevention Month across Canada, and as we enter the busiest stretch of tax season there’s no better time to consider the internal controls you might be overlooking that are crucial to the security, transparency and integrity of your business’s financial statements. For those who can’t keep up with all the CPA lingo (who can?), internal controls are mechanisms to identify, control, and reduce the risks to your business which may arise from a failure to comply properly with laws, re

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The SEC Only Gives Out Wrist-Slaps to the Big 4 When They Break Independence Rules On Providing Non-Audit Services to Audit Clients

Going Concern

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients. Michaels reported that last year the SEC’s office in Miami sent letters to each of the Big 4 firms as well as some smaller accounting firms “seeking information about clien

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What is Connected Accounting?

Lockstep

Every business activity results in the sharing of accounting information. The only way that accountants have to share information today, is to email PDFs back and forth to each other, and open them, read them, and manually enter them into whatever their financial system (ERP) is. There is a better way. While most accounting teams have some level of automation (usually a central AP or AR email account), the extensive use of email and spreadsheets to manage accounting workflows is an indicator of

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Salary Increases

RitaKeller

“Of course, it is not the employer who pays wages. He only handles the money. It is the product that pays wages and it is the management that arranges the production so that the product may pay the wages.” – Henry Ford. I get a lot of questions about salary increases and when I talk to CPA firms, year after year, they disclose that their average salary increase will be 5%.