Mon.Apr 03, 2023

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Charging Your Worth as a Business Owner

MazumaBusinessAccounting

From location to branding, to management, and everything in between, there’s no question that business ownership comes with an array of difficult decisions. But settling on the right price to charge for the services you provide can be one of the most overwhelming decisions for many business owners. Pricing will play an incredibly important role and prompting factor for your customers.

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Los Angeles accountant for small business – Mike Habib, EA

MyIRSRelief

Small business owners often find themselves juggling multiple responsibilities, from managing employees to overseeing operations to marketing and sales. Amidst all these demands, managing finances can easily become overwhelming, especially for those who lack a strong financial background. That’s where an accountant (EA or CPA) can help. A Los Angeles, CA accountant can provide essential financial expertise and support to small business owners, helping them make informed decisions and manag

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The CPA Shortage Compels Accounting Firms to Embrace Digital Transformation

CPA Practice

By Cameron White. Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Deloitte ranks the talent shortage among the top challenges that are expected to influence or disrupt businesses this year. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

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Canadian Audit Quality Is Getting Suckier and CPAB Is Concerned

Going Concern

Up north, the Canadian equivalent of the PCAOB has said that audit quality in America’s hat is on the decline and that the level of significant findings at non-annually inspected firms is “concerning.” This is per the Canadian Public Accountability Board’s 2022 Annual Report [ PDF ]. The Globe and Mail reports : Problematic audits are on the rise at Canada’s accounting firms, according to the industry’s national regulator, which found issues in a third of the audits it ex

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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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U.S. and Canadian Astronauts to Return to the Moon in 2024

CPA Practice

By Richard Tribou, Orlando Sentinel (via TNS). Humans haven’t traveled beyond low-Earth orbit in more than 50 years, but that’s set to change with the launch of the Artemis II mission to orbit the moon next year with four passengers on board. Just who will be flying was revealed today. NASA and the Canadian Space Agency named the four astronauts that will climb aboard the Orion spacecraft to be launched atop the Space Launch System rocket from Kennedy Space Center as early as November 2024.

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Dread Doing Your Taxes?

Insightful Accountant

The Dancing Accountant, Nancy McClelland, gives you the lowdown on the IRS account transcript, a tool you can download for free to check your finances. Jump over to our sister site, Tax Practice News, to learn more.

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HOW TO BREAKOUT SHOPIFY FEES FOR ACCURATE FINANCIALS

Basis 365

As an e-commerce business owner, it's essential to understand your financials and where your money is going. One of the most significant expenses for any Shopify store is the fees charged by the platform. However, many Shopify store owners need to fully understand these fees and how they can affect their financial statements. In this blog post, we'll discuss how to break out Shopify fees for accurate financials and the benefits of outsourced e-commerce accounting.

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Arkansas Storm Victims Get Tax Deadline Extension to July 31

CPA Practice

Individuals and households that reside or have a business in Cross, Lonoke and Pulaski counties in Arkansas now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes and severe storms that occurred on March 31.

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Making the Busy Season a Little Less Busy

Insightful Accountant

FloQast's Mike Whitmire takes a deep dive into why automation just may be your secret weapon come the vaunted tax season.

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4 Retirement Plan Features You Need to Consider

Patriot Software

Offering a retirement plan comes with a host of benefits, including generous 401(k) tax credits, while also serving as a potent tool for recruiting and retaining top talent. There are also unique benefits that come from integrating your 401(k) plan with your payroll provider.

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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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Check Out These Interesting Top 100 Applicant Stats

Insightful Accountant

Here are some interesting tidbits from the ProAdvisors who have already finished their formal 2023 Top 100 Application forms.

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President’s Fiscal Year 2024 Proposed Budget: Breakdown & Analysis

Cherry Bekaert

On March 9, 2023, the Biden Administration released The President’s Budget for Fiscal Year 2024. It is currently unlikely that this budget proposal will become legislation, but it is important to recognize the tax revenue raises in this latest budget proposal. Parts of the latest proposed budget come from the drafted Build Back Better Act and early versions of the Inflation Reduction Act.

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Hawaii was Best State at Preventing Covid Deaths

CPA Practice

By Nina Wu – The Honolulu Star-Advertiser (via TNS). Hawaii was one of the top-performing stats when it came to responding to the COVID-19 pandemic, according to study recently published in The Lancet. Hawaii had the lowest death rate in the nation, at 147 per 100, 000, when age and underlying illnesses were taken into account, four times less than states such as Arizona, which had the highest, at 581 per 100, 000.

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Raising Your Risk Management Profile to Protect Your Assets

Cherry Bekaert

Growing Your Business Starts With Evaluating, Governing and Managing Risk Author: Brian Murrow, Managing Partner – Risk & Accounting Advisory Services Naturally, after unfortunate incidents, risk governance and security are on top of mind for many. Building an actionable risk management program provides security and a clear response to any emerging event.

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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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Restaurant Revitalization Fund – What Happens if All the Funds Were Not Spent?

KROST

On March 11, 2023, the period to use the Restaurant Revitalization Fund (RRF) for eligible expenses incurred between February 15, 2020, and March 11, 2023, ended. The next step for grant forgiveness is to complete and submit a Restaurant Revitalization Fund Program Post Award Report (SBA Form 3173) by April 30, 2023, detailing how the Read the full article.

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Intelligent Automation: Robotic Process Automation Positions Middle Market Organizations for Growth

Cherry Bekaert

Doing business today, is tough business. Middle-market organizations are facing unrelenting disruption. They are challenged with innovating their products and services, reaching new customers and delivering results faster, all while developing and supporting their employees and partners. And, if they are like those successful businesses presently dominating the market, chances are that Digital Transformation is at the forefront of their business strategy.

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U.S. Consumer Confidence Increased Slightly in March

CPA Practice

The Conference Board Consumer Confidence Index increased slightly in March to 104.2 (1985=100), up from 103.4 in February. The Present Situation Index —based on consumers’ assessment of current business and labor market conditions—decreased to 151.1 (1985=100) from 153.0 last month. The Expectations Index —based on consumers’ short-term outlook for income, business, and labor market conditions—ticked up to 73.0 (1985=100) from 70.4 in February (a slight upward revision).

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How accounting practices can tackle employee turnover

Accounting Insight

Across industries we’re seeing a fierce competition to attract and retain talent. But some are battling more than others… The accounting industry has seen large scale turnover with the Association of Certified Chartered Accountants finding that 44% of surveyed accountants expected to move to their next role in a 12-month timeframe. Any business will know how hard it is keeping up the same level production when you’re down an employee, but have you ever done the math?

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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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General Business Credit (Form 3800): How To Fill it Out and Get Tax Credits

xendoo

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? What forms do you need to file?

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Sole Proprietorship vs LLC: How to Choose Your Small Business Entity

inDinero Accounting

This may not be the most fun part of starting a business, but it shouldn’t be painful either. If terms like S corp, C corp, and sole proprietorship make your head spin, you’re definitely in the right place. This article will help you choose between a Sole Proprietorship vs LLC as well as provide a comparison of the five most common business organizations in the United States.

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Busy Season Survival Secret? CRM!

CPA Practice

By Bruce Reading. The annual (and rapidly approaching!) tax deadline means lots of things to lots of people. For the accounting industry, it can mean a frenetic pace over many months, perhaps with long commutes to clients and plenty of stress. But putting these challenges aside to embody “always on” customer service is what we service professionals have to do everyday.

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Monday Morning Accounting News Brief: Bullying at KPMG; Germany Bans EY; It’s All the Firms’ Fault! | 4.3.23

Going Concern

Hey and happy Monday. Let’s get the big news out of the way and work our way down. Daily Mail Australia spoke to a former KPMGer who says she reported bullying and then promptly got fired : Speaking under the condition of anonymity, a 35-year-old woman now claims she was subject to bullying by her colleagues within months of being employed as a manager in KPMG’s tech department at the firm’s Sydney office last August.

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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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2023 Retail Sales Forecast to Grow 4% to 6%

CPA Practice

The National Retail Federation has issued its annual forecast, anticipating that retail sales will grow between 4% and 6% in 2023. In total, NRF projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year. “In just the last three years, the retail industry has experienced growth that would normally take almost a decade by pre-pandemic standards,” NRF President and CEO Matthew Shay said.

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Is It Ethical to Endorse an Educational Path That Is Susceptible to Cheating?

Going Concern

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver The AICPA’s website includes a statement titled Purpose in action that, in its 129 words, uses “trust” (twice), “integrity”, “ethics”, and “public interest”. Yet, its pipeline acceleration plan proposes an Experience, Learn & Earn (ELE) Program that, in my opinion, may perpetuate academic dishonesty.

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HOW IS THE CURRENT ECONOMIC CLIMATE IMPACTING BUSINESS VALUATIONS?

Menzies

Menzies LLP - A leading chartered accountancy firm. Businesses are in the midst of a hugely uncertain time, with a combination of increasing energy costs, interest rates and supply chain uncertainty. As a result, it is becoming increasingly challenging to forecast earnings to produce a valuation. ESTIMATING FUTURE MAINTAINABLE EARNINGS The most commonly used valuation method for a trading entity is the Capitalisation of Earnings approach.

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General Business Credit (Form 3800): How To Fill it Out and Get Tax Credits

xendoo

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? What forms do you need to file?

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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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Sole Proprietorship vs LLC: How to Choose Your Small Business Entity

inDinero Accounting

This may not be the most fun part of starting a business, but it shouldn’t be painful either. If terms like S corp, C corp, and sole proprietorship make your head spin, you’re definitely in the right place. This article will help you choose between a Sole Proprietorship vs LLC as well as provide a comparison of the five most common business organizations in the United States.

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Equality, Diversity and Inclusion (EDI) – practical ways to reap the benefits

Menzies

Menzies LLP - A leading chartered accountancy firm. EDI is no longer something just the big companies do to tick boxes. A company of all available talents delivers better performance. Here’s why, and some practical steps that smaller companies can take. First, the terminology. In short, the Chartered Institute for People Development (CIPD) says that: Equality ensures everyone has equal opportunities, regardless of their background, identity or experience.

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Accountex London launches most diverse Seminar Programme yet

Accounting Insight

Thought leaders, trailblazers and pioneers in the profession, will be delivering the 180+ education programme at Accountex London this Spring. The show will be returning to ExCeL on the 10-11 May 2023 with 13 stages and a packed CPD accredited programme. Here are some programme highlights to look forward to at this year’s show. Taking the main stage is Sharon Cooke, Technical Director at 2020 Innovation for her session ‘ Top 10 tax considerations for 2023/24 ’ where she will explore tax con

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Shortage of Accountants

RitaKeller

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison I got the following via Going Concern. It came to them from a recruiting company. Anyway, it should be of interest to you.

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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.