Thu.Jun 29, 2023

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Costs of non-compliance (part 1)

TaxConnex

What a major issue for your remote business these days. Constantly changing regulations. Tens of thousands of tax jurisdictions coast to coast, from the biggest states to the tiniest municipalities and everywhere in between. All wanting you to calculate, collect and remit the precise amount of sales tax if you have nexus there. Can all those tax authorities really all keep up with your obligations?

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401(k) Gender Gap: Women Save Way Less for Retirement Than Men

CPA Practice

By Adam Shell, Kiplinger Consumer News Service (TNS) You’ve probably heard of the gender pay gap. But a new report from Bank of America reveals there’s a sizable gender gap when it comes to retirement savings, too. The gap is large enough to put women on notice that a secure retirement isn’t a sure thing unless they start socking away more for their golden years.

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Trending Sources

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Already Underpaid PwC UKers Get Told Bonuses Will Suck This Year

Going Concern

Although Big 4 audit fees have increased so much in the last several years clients wrote a strongly worded letter to complain about it , PwC UK told its 25,000 staff last week that things will be tight this year. “Challenging” market conditions mean smaller raises (if they get raises at all) and bonuses. Oh yay. Reports Financial Times : The firm’s junior auditors were told on a webcast last week that the pay band for one cohort would be frozen while others would increase by 3 or 6 p

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IRS to Mail Taxpayers in Disaster Areas CP14CL Notices

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. The new IRS mailing will go to many California residents and taxpayers in designated disaster areas in other states, including Alabama, Arkansas, Florida, Georgia, Indiana, Mississippi, and Te

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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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Withum Names Nineteen New Partners 

Withum

Withum is proud to announce its 2023 New Partner Class. I’m excited to introduce this year’s New Partner Class. To get to this level takes an incredible amount of grit, passion and determination. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. The accomplishments of each individual are evidence of a larger trend—that of professionals going above and beyond, never ceasing to learn, create and innovate to b

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One team, big dreams: Accounts and Legal win Large Firm of the Year

Xero

Established in 2015, Accounts and Legal has always had one mission – to make the lives of business-owners simpler. Guided by three main principles: offering a more than once-a-year service, putting technology at the forefront, and acting as a one-stop-shop for small business support, the firm has gone from strength to strength and has since grown rapidly to now having four offices nationwide across Manchester , London , Liverpool and Brighton.

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Ledgible Launches NFT Suite – NFT Management, Portfolio Tracking, & Accounting Software for NFTs

CPA Practice

Ledgible , the leading digital asset tax, accounting, and data platform for Enterprises & Institutions, today announced the company launched its new NFT Suite , a professional offering for NFT portfolio management, tax & accounting tracking, reporting, and year-round planning. This new offering seeks to bolster the growing and thriving NFT space, providing industry-leading tax and accounting software for NFTs and a full-service portfolio and tracking tool for active investors, traders, f

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18 Unbeatable Benefits of Using Business Process Automation

AccountingDepartment

Business Process Automation (BPA) is used for operations in production workflows, accounting systems, data management, customer service processes, and even sales funnel coordination. Forms of BPA have become indispensable in industries such as manufacturing, banking, telecom, shipping, stock trading, food production, and many others. NetSuite is a software solution that offers many superior benefits for businesses that make the transition to automated processes.

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Unleash the power of APIs with an automation consultation

ThomsonReuters

As most of us know, tax and accounting automation involves s treamlining and standardizing tax inputs and workflow processes using technology. The result is more accurate results in less time — and more time for rewarding, high-value work that engages staff and wows clients. While standard tax software offers some of these benefits, the most transformative results come as a result of the holistic integration of APIs.

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KPMG Got Extra Roasted By the FRC Thanks to the Firm’s “Poor Disciplinary Record”

Going Concern

Both KPMG and PwC have been fined by the Financial Reporting Council (FRC) in relation to the statutory audits of the financial statements of Eddie Stobart Logistics plc, a shipping and logistics company based in Warrington, UK. It seems KPMG handed the client off to PwC in 2018 after a breakdown in KPMG’s relationship with ESL management having had a hell of a time obtaining sufficient appropriate audit evidence for the 2017 audit.

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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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Small business news wrap for June!

Reckon

What’s been happening recently in the Australian business landscape? What are the top news stories through June 2023 that may affect your small business? Let’s do a quick recap to keep you up to speed… SMEs expand their interest in generative AI as employees fear job loss According to the latest research by Zoho , SMEs are increasingly warming to generative AI.

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Top 5 accounting problems: How to meet them head on

ThomsonReuters

How’s your accounting firm? Like any company, your firm faces daily accounting problems that are part of normal operations : staffing, client acquisition, cash flow, and profit management. But as part of the accounting industry, your firm encounters unique challenges based on the services you provide. Read on to learn more about the top five accounting challenges and how to proactively prepare for them.

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PwC Sold a Part of Its Australian Business for $1 Because of Tax Leak Scandal

CPA Practice

By Ananya Bhattacharya, Quartz (TNS) PwC is selling its scandal-ridden Australian government services business for next to nothing. The consulting firm June 25 announced the sale to Sydney-based private equity firm Allegro Funds for the price of just $1 Australian dollar ($0.67). The deal, which is expected to conclude at the end of July, will give rise to two different businesses, with PwC Australia exiting from all government advisory work, at both the state and federal levels.

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How to manage challenging tax clients

ThomsonReuters

Managing tax clients isn ’ t always easy. Providing good customer service is essential to growing your tax and accounting practice but, as many professionals have come to realize, dealing with difficult clients can be hard. Some tax clients may be too demanding, disrespectful to staff, or fail to adhere to firm policies and procedures. The problem is that challenging or tough clients can hinder a firm ’ s job performance and profitability, and they can negatively impact staff morale.

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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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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). It is like a complex machine, with many parts that must work together to create an effective system. Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. This comprehensive guide provides an overview of GAAP accrual accounting, highlighting its basic principles, methods for recording transactions, cash versus accrual

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MarginEdge's [me] finance First Payable Solution Automation for Restaurants

Insightful Accountant

The powerful new tool is designed to automate processes, simplify workflow and provide valuable insights.

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Should you hire a Controller or a Bookkeeper?

Basis 365

When managing your company's finances, several roles come into play. Two of the most important roles are the bookkeeper and the controller. But do you need both or can you get by with just one? In this blog, we'll explore the differences between a bookkeeper and a controller and help you determine which role(s) you need for your business. What is a Bookkeeper?

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How Vendor Management Impacts Supply Chains

MineralTree

How Vendor Management Impacts Supply Chains The future of the supply chain remains an uncertainty for many companies. Nearly one out of four companies ( 23% ) are unsure of when their inventory will return to normal levels. The pandemic, war in Ukraine, labor shortages and disputes, and other issues have left companies struggling to stabilize their supply chains.

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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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U.S. Employers Expect 4% Payroll Increases in 2024

CPA Practice

Salary budgets for U.S. employees are expected to remain high in 2024 as employers become accustomed to ongoing labor market challenges. According to the latest Salary Budget Planning Survey by WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, organizations are budgeting an average increase of 4.0% in 2024. Though down from the actual increase of 4.4% in 2023, the numbers remain higher than the 3.1% salary increase budget in 2021 and years prior.

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A Letter to My Grandson at Summer Camp

Withum

Dear Grandson, How are you? Are you having a good time? I am fine. I’ll see you when camp is over. Love, Grandpa This letter is probably not much different than what my grandparents sent to me when I was in summer camp. One reason is because of the gap in the connection between the family’s oldest and youngest generations. However, many other things have changed and here are some of them.

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Mitigating cybersecurity risks in accountancy

Accounting Insight

It’s a sad fact that accountancy is one of the industries most targeted by cyber-crime. It’s a real problem for firms up and down the country. Indeed, when firms fall victim to a cyber-attack, they can face everything from legal and regulatory penalties, to reputational damage, and client distrust. On top of this, they can incur financial losses, which can be particularly severe: according the Cyber Resilience Centre, accountancy firms could lose as much as £15,300 in costs due to lost data or a

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Paving Your Own Road to Success: Navigating the CPA Career Paths

DMCL

The choice to pursue a CPA designation is not one to be made lightly. If you’re considering a career as a professional accountant, you likely already understand that the road to receiving your designation is long, intensive and marked by many important decisions. What you may not know, however, is that choosing your CPA career path is just as important of a decision as choosing to pursue a CPA designation in the first place.

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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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Key O’Keefe, CPA Elected Chair of FICPA

CPA Practice

Key O’Keefe, CPA, began her tenure as the 96 th Chair of the Florida Institute of Certified Public Accountants on July 1, 2023. “I am honored to serve as Chair of this great organization, and I am proud to give back to the profession that has given me so much,” O’Keefe, Managing Partner at O’Keefe, Somerville and Associates, PLLC, said. “I sincerely believe in the mission and vision of the FICPA, and I am passionate about sharing the story of our profession.

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Preventing Fraud Requires Strong Leadership

LSLCPAs

“They” are lurking out there, just waiting for an opportunity to make money at your organization. Who are “they”? They’re not the prospective workforce; they’re fraudsters! Unfortunately, fraud has seen massive growth in the last few years. The lingering effects of COVID-19, supply chain issues, and increased dependence on technology—combined with advanced new and innovative.

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The Technology Lab Podcast – Review of Audit Technology Trends – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss technology trends for audits. Use the podcast player below to listen. (Transcript is below the podcast player.) Podcast Transcript (Add apx 10 seconds to time stamps due to intro.) Randy Johnston 00:03 Well, good day. Welcome to Technology Lab. I’m Randy Johnston with my co host, Brian Tankersley.

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What Triggers an IRS Letter or Audit?

Dent Moses

IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% in 2020. Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit? IRS Matching Program The IRS has a matching program.

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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.

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Crypto: Common misconceptions

Menzies

Menzies LLP - A leading chartered accountancy firm. Investing in cryptoassets is becoming more commonplace, but only 42% of crypto owners were aware there might be tax to pay when using crypto in a survey commissioned by HMRC in 2022. Even when taxpayers are aware a liability might exist, it’s not always clear which tax is chargeable. What counts as a taxable event?

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Teamwork skills for the future

Wellers Accounting

Adventurer, entrepreneur, & motivational speaker, Caspar Craven, guest blogs on building a thriving team in a changing world.

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401(K) Audit CPA Success Show: Is Your 401(k) Plan Protected from Cyber Threats?

Anders CPA

It is the fiduciary duty of the plan sponsor to ensure the safety of participants’ funds, which includes protecting those funds from cybercriminals and fraudsters. Cybercrime tactics have evolved aggressively in recent years and, with the arrival of A.I. technology, these methods have become even more difficult to identify and defend against. Ignorance of security vulnerabilities in your plan is no excuse if the worst-case scenario occurs and plan participants have funds stolen from them.

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Corvee Helping Revolutionize R&D Tax Credit Management

Insightful Accountant

With the introduciton of its Instead and Instead Pro solutions, the software and solutions company is providing an unprecedented ability for businesses and accountants to manage and optimize R&D tax credits.

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.