Tue.Nov 07, 2023

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Spend Management Principles and Strategies for SMB's

AccountingDepartment

One of the most important aspects of running a successful business is managing the money that comes in and goes out. However, this can be especially tricky for small to medium-sized businesses, which often have fewer resources and smaller budgets to work with.

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Your need-to-know: vendor compensations and discounts | TaxConnex

TaxConnex

Hard to believe if you’ve ever dealt with sales tax jurisdictions, but they will actually give you a break on paying your sales tax in the form of vendor compensations and discounts. These discounts can also add up for large businesses that pay a great deal in sales tax every month to states where they have nexus , sometimes even more than paying for the services these companies use for sales tax compliance.

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Trending Sources

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Bring Home Your End-Of-Year Planning With Power BI

Acterys

The end of the year is often thought of as a time for celebration. But for finance teams, it’s also one of the busiest times of the year, and inefficient planning processes can lead to high levels of stress. Reviewing a business’s performance and financial situation, setting goals and developing a strategic plan requires a comprehensive view of business data.

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Procure-to-pay (P2P) — Everything you need to know.

Airbase

In this guide, we delve into the core of P2P, exploring its benefits for organizations, the software solutions that streamline the process, and best practices to overcome challenges. From simplified procurement processes to better control over spending and timely payment processing, each step offers insights into a system designed for efficiency and transparency.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Bring Home Your End-Of-Year Planning With Power BI

Acterys

The end of the year is often thought of as a time for celebration. But for finance teams, it’s also one of the busiest times of the year, and inefficient planning processes can lead to high levels of stress. Reviewing a business’s performance and financial situation, setting goals and developing a strategic plan requires a comprehensive view of business data.

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AI is a Copilot for Payroll, Not a Replacement, Says HR Exec

CPA Practice

By Christopher Wood, CPP. n a recent discussion on the role of artificial intelligence (A.I.) in the payroll industry, the head of product at a human resources management systems (HRMS) company said that the next-generation technology will function as more of a copilot for employers, practitioners, and professionals, rather than as a replacement of human talent.

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Many Retired Americans Aren’t Returning to Work as Predicted After Covid

CPA Practice

By Alex Tanzi, Bloomberg News (via TNS). More than three-and-a-half years after COVID struck, the U.S. still has around 2 million more retirees than predicted, in one of the most striking and enduring changes to the nation’s labor force. The so-called Great Retirement induced by COVID-19 is evident in the divergence between the actual number of retirees and that predicted by a Federal Reserve economic model.

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New Ruling Clarifies Local Sales Tax Rates for Multi-Location Businesses in Missouri

Anders CPA

When a business operates in multiple locations in the same state, complex sales tax regulations can often present a challenge. Special local sales tax districts, such as a community improvement or transportation development district, can exacerbate the difference in sales tax rates for business locations in neighboring municipalities. The Missouri Private Letter Ruling No.

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Yellen Sets Goals for 2024 Filing Season, Calls Out House GOP for ‘Playing Politics with IRS Funding’

CPA Practice

During remarks at IRS headquarters in Washington, D.C. on Tuesday, Treasury Secretary Janet Yellen laid out goals for the 2024 tax filing season, spoke about improvements the IRS has made over the last year since the Inflation Reduction Act was enacted, and responded to House Republicans’ recently passed $14.3 billion Israel aid bill that would be paid for by slashing funds for the tax agency.

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Nonprofits see revenue decline

Accounting Today

Not-for-profit organizations are putting more emphasis on cutting costs as they face the prospect of donors giving them less, according to a new survey.

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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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Understanding the Uses and Limitations of Net Operating Losses

inDinero Tax Tips

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. You do this by using an unprofitable year to offset future profits, which may sound a bit complicated. Not to worry. In this guide, we’ll present the rules and limitations of net operating losses and demonstrate how to use them to save money and grow your business.

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Academics Let AI Ruthlessly Slander Big 4 Firms, They’re Very Sorry They Didn’t Think to Fact Check

Going Concern

Generative AI is a powerful tool, most of all in the hands of people who know how to use it. Like all new technologies, things can also go awry when you let neophytes play around with it unsupervised. Particularly when you let the newbies play around with it unsupervised and then they take what the AI generated to a parliamentary inquiry and present it as fact.

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3 Minutes with Francesca Tricarico

Accounting Insight

Francesca decided 11 years ago that she wanted to create a better life for herself and her children, so went back into education. She’d always had a passion for accountancy, so she worked hard and focused her efforts on joining a top practice. As well as studying, she did voluntary work in the industry to become fully immersed in the subject. After graduating in 2014 she joined a top local accounting firm (after applying twice), learning about all areas of the business before falling in love wit

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Layoff Watch ’23: PwC UK Needs a Few Hundred People to GTFO

Going Concern

Financial Times reported late yesterday that the King’s PwC will cut up to 600 jobs but first they’re going to try to get that many people to leave voluntarily. The historically low attrition rate over there has dropped even further to a mere ten percent. Given that a much higher amount of churn is baked into the business model, people gotta go.

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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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Gen Z Optimistic About Retirement Despite Saving Less

CPA Practice

By Seychelle Thomas, Kiplinger Consumer News Service (TNS) Inflation hits everyone differently, but for some Americans, the high cost of goods and services means cutting back on long-term financial goals. In October, Bankrate released a new study that surveyed over 2,500 U.S. adults across multiple generations. They found that younger generations tend to be more optimistic about saving for retirement despite most estimating that over $1 million would be needed to retire comfortably.

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Register For the #IgnitionPrecon at QB Connect

Insightful Accountant

Insightful Accountant is thrilled to be kicking off QuickBooks Connect 2023 as a Silver Media partner for Ignition’s highly anticipated Precon party!

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Yellen defends IRS against cuts, plans ambitious tax season

Accounting Today

The Treasury secretary addressed a group of service employees as the agency fends off cuts pushed by House Republicans.

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IRIS 1099: What to Know About the Information Returns Intake System

Patriot Software

Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s. Here’s what to know about IRIS 1099 filing. What is IRIS 1099?

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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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Meet the 2023 Best Firms for Young Accountants

Accounting Today

A look inside the 10 best places to start a career in accounting.

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Why QB Desktop File Optimization May Fail

Insightful Accountant

Returning to his old ‘Desktop tech tinkering,’ Murph tips you off on how to prevent ‘file optimization’ failures.

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20 states that burden taxpayers the least

Accounting Today

The best five states have an average total tax burden of 5.97%.

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Master Year-End Close: 9 Tips for Seamless Financial Reporting 

Withum

As the year winds down, it’s essential for businesses to take a proactive approach to their year-end accounting and financial reporting processes. Year-end close is about wrapping up the past and setting the foundation for the upcoming year. To ensure your business closes its books accurately and is well-prepared for the year ahead, we’ve compiled the considerations below to guide you in your year-end close process. 1.

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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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Pillar Two tax concerns jump at large multinationals

Accounting Today

Many are considering extra hiring to handle the upcoming mandates, according to KPMG.

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How can we tackle stress in the workplace

Accounting Insight

According to recent surveys ( IPSOS ) almost two in five workers have had to take time off work due to stress in the past year. If this was a disease we could fight with a vaccine, it would have been declared a pandemic and vaccination enforced. There are approximately seven and a half million people in the UK living with a diagnosed mental illness right now.

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PwC to cut around 600 U.K. jobs

Accounting Today

The bulk of the cuts will be aimed at the advisory division.

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iplicit offers benefits of accounts payable automation to all its customers

Accounting Insight

The finance platform iplicit is offering the time-saving advantages of accounts payable (AP) automation to its full range of customers in the latest update to its product. iplicit’s own AP automation features will sit alongside the system’s ability to integrate with third-party applications such as Lightyear, offering a choice of ways to increase accuracy and digitise previously manual processes.

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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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3 questions you must answer before spending time and money seeking out new clients

Mark Lee

l am regularly approached by accountants who want to know how they can get more clients. And many more accountants are asking each other similar questions in groups on facebook. Invariably they want to know if social media is worthwhile, where to advertise, what marketing activities to pursue, what networking activities might be worthwhile, how to get more traffic to their website and much more – all in a similar vein.

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AI will only work if ethics and transparency are at the core, says leading global accountancy body

Accounting Insight

ACCA says benefits of AI can be realised as it pledges to ensure its members have the skills and ethical knowledge necessary ACCA (the Association of Chartered Certified Accountants) is urging the UK government to put ethics, transparency and governance at the heart of its AI (artificial intelligence) policy. As the UK government’s AI Safety Summit meets at Bletchley Park – one of the birthplaces of computer science – to discuss how AI benefits can be realised, ACCA says that the only way to ens

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10% of S&P 500 companies disclosed cybersecurity incidents

Accounting Today

Only four companies said the events were "material.

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AICPA Honors 11 Forensic and Valuation Professionals

CPA Practice

The AICPA recently recognized the contributions of 11 finance professionals during the 2023 AICPA & CIMA Forensic and Valuation Services Conference held in Las Vegas in November. AICPA, as part of the Association of International Certified Professional Accountants, hosts this annual conference to provide the profession with cutting-edge information on new technology and quality networking opportunities.

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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.