Thu.Nov 23, 2023

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Here Are Some Things to Read If You’re Hiding Out From Your Family Today

Going Concern

Happy Thanksgiving! To our non-American readers, we’re on a lazy schedule this week so our content standards are even lower than usual. To our American readers, traffic patterns over the years consistently show that many of you come to the site on Thanksgiving and Christmas (fun fact: Christmas week is also when the newsletter gets some of the highest open rates of the year, yikes) which we’ve extrapolated means that you’re so miserable with your families you’d rather rea

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Add some "Style" to Your QBO Inventory with Item Variability

Insightful Accountant

As Intuit incorporates more of the QuickBooks Commerce inventory related functionality into various QuickBooks Online SKUs, they are adding some "Style" to QBO Advanced Inventory.

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Happy Thanksgiving From AccountingDepartment.com!

AccountingDepartment

This year we're especially thankful for our clients and our team - it is their collective energy, positivity, and dedication to success that has made this such a great year.

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How to optimize supply chain costs through foreign-trade zone-to-zone rules

ThomsonReuters

Global supply chains are getting more difficult to manage by the day, making it all the more important for businesses to use every advantage they can get. That’s why businesses would be wise to explore strategies that help them defer costs incurred from customs duties, taxes, and other expenses, and minimize encounters with bureaucratic regulations. “As global supply chains become increasingly more complex, companies must find ways to optimize costs while still maintaining efficiency

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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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Crypto traders vary little from general investing public

Accounting Today

A recent study from the National Bureau of Economic Research says there is no longer a typical crypto investor, as there are few characteristics that differ greatly from the general population.

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An Autumn Statement for the Hospitality and Leisure customer, not the business owner

Menzies

Menzies LLP - A leading chartered accountancy firm. Chris Maloney, Business Advisory Partner and Head of the Hospitality & Leisure team at Menzies LLP At a time when hospitality sector business insolvencies are rising at a rate of 66% year on year, there were high expectations for today’s Autumn Statement. However, while there were some positive signs, the overall impression that was much more could have been announced to support our sector and that it failed to address some key concerns.

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The Autumn Statement 2023 - the announcements you need to know about

Wellers Accounting

Tom Biggs summarises and analyses the Autumn Statement 2023 key announcements, and the implications for the finances of individuals and businesses.

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Autumn Statement: What’s the impact on the financial services sector?

Menzies

Menzies LLP - A leading chartered accountancy firm. Overview: Investment in changes to retail payments with own legislation to prevent fraud Simplification and digitalisation of ISAs Legislation of open banking Download our full Autumn Statement report 2023 How will the government commit to growing the retail payments sector? The government is also committed to growing the UK’s world-leading retail payments sector.

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Mint App to End January 1, 2024

Insightful Accountant

Intuit will merge some Mint functionality into Credit Karma and focus on improving it as a personal financial tool using Intuit Assist.

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Simplified sales accounting with Dext Commerce

Inform Accounting

Designed with bookkeepers, accountants, and businesses in mind, Dext Commerce's accounting automation software is a game-changer, providing the necessary data, insights, and tools for companies to thrive in the digital sales arena.

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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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A tribute to Brian Dore

Wellers Accounting

Stuart Crook provides a tribute to our former managing partner, Brian Dore, who has sadly passed away.

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Tax Planning for Partnerships: What Are the Requirements for Using Special Tax Allocations?

CTP

If you are working with business partnerships or entrepreneurs trying to decide on an entity type, be sure to introduce them to the tax benefits of establishing a partnership. As a pass-through entity, any income, losses, credits, and deductions from the partnership “pass through” to its partners who are taxed at personal income tax rates. This setup allows for the use of special tax allocations, which allow the partnership to distribute profits and losses to individual partners in the most adva

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Autumn Statement 2023: How R&D Relief changes will impact you

Menzies

Menzies LLP - A leading chartered accountancy firm. In this week’s autumn statement, the government has a chance to provide much-needed clarity around R&D relief. Find out what changes have been made to R&D Tax incentives, and how they could impact your business. Download our full Autumn Statement report 2023 Single Scheme R&D regime The single scheme R&D regime is bad news for tech clients, particularly loss making companies, as it means a further reduction in R&D tax relief

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Making the Most of Business Partnerships: How to Qualify for Special Tax Allocations

CTP

One of the hidden benefits of setting up your business as a partnership is the ability to use special tax allocations. Because a partnership is a pass-through entity, income, losses, credits, and deductions “pass through” to the business owners who are taxed at personal income tax rates. Special tax allocations allow the partnership to distribute these profits and losses to the partners in the most advantageous way, regardless of the percentage of the business each person owns.

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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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Spread a little cheer this christmas with tax-free gifts for staff

Inform Accounting

'Tis the season for spreading cheer, and what better way for employers to do so than by gifting their hardworking staff with tax-free delights? In this blog, we unwrap the intricacies of the 'trivial benefit' exemption, and the all important staff christmas party. From the cost considerations to the types of gifts that qualify, we'll delve into the details that make this a win-win for both employers and employees.

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Buying food and drink – when is it subsistence, entertainment or just not allowable?

Inform Accounting

Puzzling over whether that quick lunch or client dinner can be claimed on your tax return? If so, you´re not alone. This is something that a lot of business owners struggle with. Why? Because the rules around food and drink expenses are anything but straightforward.