Tue.Apr 04, 2023

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Six tips to respond to a sales tax audit

TaxConnex

You just got notice of a sales tax audit. What now? Ideally, you’ve done your homework and put in place processes to comply in those jurisdictions where you have nexus for sales tax purposes. And not ideally? Wherever you are in your sales tax compliance, these steps will help your audit process run smoother. Don’t take it personally Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level ov

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Cash vs. Accrual Accounting for Startups: Which is Best?

BurklandAssociates

Accrual accounting generates a more accurate long-term financial picture, is required for GAAP, and is what prospective investors and lenders expect to see. The post Cash vs. Accrual Accounting for Startups: Which is Best? appeared first on Burkland.

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Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

RogerRossmeisl

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, not all expenses are eligible.

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What ChatGPT and the acceleration of AI means for small business

Xero

If you ever worked with Office 97, you’ll remember Microsoft’s iconic assistant Clippy. The animated AI-based paperclip would pop up in your document and offer to help you format whatever you were working on. Clippy would analyse and structure words in your document and help you format it according to what you were working on. For example, if anything vaguely resembled a resume, you would be prompted with: “It looks like you’re writing a resume!

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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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Volunteering and Campaigning for a Great Cause With The Leukemia & Lymphoma Society

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Volunteering and Campaigning for a Great Cause With The Leukemia & Lymphoma Society appeared first on Withum.

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Americans Forecast to Spend $24 Billion on Easter in 2023

CPA Practice

U.S. consumers plan to spend a collective $24 billion on Easter this year, up from $20.8 billion in 2022 and the previous record high of $21.7 billion in 2020, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. Eighty-one percent of Americans will celebrate the holiday and spend an average of $192.01, the highest figure on record.

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More Trending

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Progress of Women in Leadership is Stalling

CPA Practice

A pandemic-prompted change in working practices has brought about only slight progress for women in senior leadership, according to Grant Thornton’s 2023 International Business Report (IBR) research into women in business in the global mid-market. Unless businesses develop cultures that empower people through flexible ways of working and take additional steps to support women into senior leadership positions, only 34% of senior leadership positions in mid-market businesses globally will be held

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Cash Flow, The Lifeblood of a Business

AccountingDepartment

Cash flow is the lifeblood of any business, and managing it properly is crucial for success. While many businesses focus on generating revenue, it's equally important to maintain positive cash flow to ensure that operations can continue smoothly. In this article, we'll discuss some cash flow best practices that businesses should consider implementing to be more successful.

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Tax Credits & Incentives Advisory Services

Cherry Bekaert

As a key benefit to growing businesses, Cherry Bekaert can provide support for your organization’s tax credits and incentives requirements. Cherry Bekaert’s Tax Credits & Incentives Advisory (TCIA) practice helps our clients with many cost-saving activities that can help increase cashflow and improve their tax position, through vehicles such as: Research and Development (R&D) Activities Design or Development of New or Improved Products, Processes or Software Construction of New Buildings

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iHeartMedia and Intuit Quickbooks Launch Podcast for Small Businesses

Insightful Accountant

'Mind the Business: Small Business Success Stories' is designed to help aspiring small business owners across the country find success.

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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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Easily Set Up Automated Late Fees

Canopy Accounting

What's new: Encourage on-time payments from your clients by setting up automated late fees. With a simple setting option within Canopy, you can automatically apply late fees to invoices that are past due. When activated, text will be added to all outstanding invoices to help inform clients about potential fees upfront, which reads “ Invoices are subject to a late fee of (N)% when (N) days past their due date.

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Deleting Clients

Insightful Accountant

While ridding yourself of a client may be difficult to do, deleting them from QuickBooks Online-Accountant is easy.

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Small Business Jobs and Wages Saw Modest Increase in March

CPA Practice

Small business employment has grown consistently during the first quarter of 2023, according to the Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index, which measures employment growth, increased modestly (0.06%) from the previous month to 99.73. The March report also showed average hourly earnings increased slightly from the previous month to 4.64 percent.

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Lying on Your Résumé Paid Off For This Laid-Off Accountant

Going Concern

Insider has published a first-hand account from a 37-year-old who lost their job at the beginning of the pandemic when the accounting firm they were working for went under (side note: had to be one tiny firm or we would have heard about that no?). They did what most people did in that situation, enjoyed the break offered by unemployment and spent time with their child.

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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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New York State Society of CPAs Launches “Smart Money Habits” Financial Literacy Initiative

CPA Practice

The New York State Society of Certified Public Accountants (NYSSCPA) has launched its new “ Smart Money Habits ” initiative. The newly created initiative is meant to educate and empower the public regarding vital aspects of financial literacy. The campaign includes a resource webpage that provides original and sourced content from trusted partners and organizations which will support everyone from students to seasoned professionals to senior citizens.

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Being prepared by building a resilient business – just in case!

Menzies

Menzies LLP - A leading chartered accountancy firm. In the aftermath of a series of impactful events that have caused businesses to alter the ways in which they operate, even the strongest amongst them have learnt how important strategic planning is. Even though you cannot always predict what is on the horizon, it is worthwhile dedicating some time preparing for the unexpected.

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St. Louis Inno Partnership: Why Established Businesses and Startups Should Learn to Work Together

Anders CPA

Businesses are looking for ways to be more efficient and accelerate growth, which is why some established companies are connecting with startups to devise innovative new solutions to meet the modern age. There are a variety of ways for established businesses to connect with startups, including full immersion in a startup environment, such as an incubator co-working space, or acquiring talent from a startup.

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Synder Placed in GetApp’s Category Leaders Report for Accounting Software

Snyder

Each year GetApp, an online review resource businesses can use to make smart decisions about software, reviews leaders in a variety of business software categories and puts together a list of the best in the industry. We’re proud to announce that Synder has been recognized as a top solution by GetApp in its latest Category Leaders report for Accounting Software.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Protected: Does Your Business Have the Proper Business Licenses?

Dent Moses

This content is password protected. To view it please enter your password below: Password: The post Protected: Does Your Business Have the Proper Business Licenses? appeared first on Dent Moses, LLP.

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HMRC information notices – Schedule 36 FA 2008

Menzies

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. These powers are contained within Schedule 36 to Finance Act 2008. Schedule 36 provides a framework that dictates what information HMRC is entitled to; when they are entitled to ask for that information and who they may request that information from.

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Sean McKenzie Named a Top St. Louisan to Know to Succeed in Business

Anders CPA

Sean McKenzie, CPA, tax principal at Anders, has been named to the St. Louis Small Business Monthly’s Top 100 St. Louisans to Know to Succeed in Business list for 2023. Honorees were nominated and selected based on their efforts, contributions and experiences giving back and helping business owners reach their goals. Sean has over 20 years of experience in public accounting working with individuals and closely-held businesses on tax strategies and compliance.

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HMRC late payment interest rates to be revised after Bank of England increases base rate

Inform Accounting

The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of England base rate to 4.25% from 4%. HMRC interest rates are set in legislation and are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase. These changes will come into effect on: ⦁ 3 April 2023 for quarterly instalment payments, and ⦁ 13 April 2023 for non-quarterly instalments payments.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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It’s That Time Again…. How to Get a Head Start on your Annual Incurred Cost Submission

Cherry Bekaert

It’s that time of year. Year-end financial statement audits are going on, you are working with your accountant on your tax returns hoping to complete on time, and just around the corner, you are required to submit your Incurred Cost Submission (“ICS”). Is there time to breathe? As we know, for companies with a fiscal year ending December 31, the annual ICS will be due by June 30, six months after the close of that fiscal year.

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AuditDashboard Successfully Completes 7th SOC 2 Type 2 Audit

CPA Practice

AuditDashboard , a client collaboration platform for accounting professionals and their clients, has completed its 7 th SOC 2 Type 2 audit for the period of review from February 2022 to January 2023, as it continues expanding its global reach and offering for enterprise customers. The independent attestation affirms AuditDashboard’s information security practices, policies, procedures, and operations meet the rigorous System and Organization Controls (SOC) standards established by the Associatio

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You Are An Educator

RitaKeller

“Nothing will work unless you do.” – John Wooden I have an interest in John Wooden , former UCLA basketball coach and a legend in basketball. I enjoy reading quotations credited to Wooden and other articles about his methods and success. I recently read an article that researched Wooden’s methods. 75% of Wooden’s teaching acts contained specific information geared at providing the athlete with a clearer picture of what to do or what not to do.

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Digital Transformation in the Energy Sector

Cherry Bekaert

Cherry Bekaert is accelerating new product development and global delivery scale for an innovative software-based energy grid controls company: PXiSE Energy Solutions – A Yokogawa Company. PXiSE, a San Diego-based company, enables utilities, campuses and communities to hit their clean energy goals by giving grid operators the control they need to manage unlimited renewables and distributed energy resources (DER) while still providing safe and reliable power.

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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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Some accountants undermine their credibility. Do you?

Mark Lee

One of the accountants I mentor has long been proud of how efficiently they look after their own business affairs. Others though are embarrassed at their inefficiencies. And there are some who do not appear to give any thought as to how they are perceived. Some of the accountants in this category may, unintentionally, be undermining their credibility.

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KPI Checklist for Evaluating Your CFO or Controller

IgniteSpot

What is the difference between a CFO and a controller? CFO, controller. potato, po-tah-to.

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Payment fraud rises following SVB bank crisis. How to protect your company.

Airbase

TL;DR: In the wake of a banking crisis, cyberattacks are on the rise, especially relating to change of accounts. Vigilance and careful practices are the first and most important lines of defense. The transaction software you use for payables is key to identifying and thwarting attacks. Airbase provides additional levels of security that can be especially helpful in this environment.

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App Partner Stories: Reinventing the wheel, with bite

Xero

Shark Wheel is a Southern California wheel company that is literally reinventing the wheel. They have produced a new type of a 540° sine wave-shaped wheel that outperforms the traditional wheel in almost every use – from skateboarding and roller skates through to luggage, forklift wheels and tractor tires. The latest breakthrough Shark Wheel has had is with its new farming wheel – the company has signed a major deal with Bridgestone-Firestone, the world’s largest tire manufacturer.

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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.