Wed.Nov 18, 2020

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Bringing Order To Chaos: Open Banking Meets Healthcare Payments

PYMNTS

In the accelerated, digital-first world, few things are more complicated than healthcare payments. In fact, even a medical school degree isn’t enough to sort out the different payment accounts, billing statements and various insurance plans. However, chaos invites someone or something than can bring order, and i2c wants to contribute to that effort.

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2020 Indiana Manufacturing Survey: COVID-19 Special Edition

Katz,Sapper&Miller

In a year of unpredictable outcomes and business projections, the manufacturing industry took a hit early in the COVID-19 pandemic but is bouncing back to end the year strong.

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US Consumers Pay Down $10B In Credit Card Debt In Q3

PYMNTS

Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. This follows a record $76 billion drop in Q2 credit card debt, as people used COVID-19 stimulus money and pandemic unemployment to pay down financial obligations.

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Donor Advised Funds

Withum

A client just asked me about terminating his 401k and I think it affects many people, so I am posting my response here (and he is getting free advice from me for this). I answered in sections included.

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Planning Your Restaurants 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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Carrying Cash Could Become A Casualty Of COVID

PYMNTS

While its imminent death has been long forecast, cash just keeps on living to pay another day. Cash may not be king in the U.S. market anymore, but reports of its demise have often proved to be a bit premature. U.S. consumers’ cash use has declined over the last several years in terms of its share of the overall payments pie, but as consumers spend more, the pie gets bigger, and as people continue to use cash, cash usage continues to grow.

Maine 121
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Eric Islinger Joins RL Leaders

RLLeaders

New CFO tasked with managing growth as public and private sectors seek solutions to vexing challenges. WASHINGTON, DC – RL Leaders announced today that Eric Islinger has joined their senior leadership team as Chief Financial Officer (CFO). The announcement comes on the heels of RL Leaders’ announcement that Darren West would lead Business Development efforts.

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Goal setting at your year-end business retreat

FusionCPA

A business without goals is similar to a ship without a destination. In the ship’s case, rations will eventually run out, and the crew will probably perish. The same fate is likely to occur with your business if you do not have short-term and long-term goals you are actively trying to achieve.

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Billtrust Upgrades ML Power For Faster B2B Cash App

PYMNTS

New Jersey-based invoice-to-cash platform Billtrust has upgraded the machine learning (ML) capabilities of its business-to-business (B2B) cash application software, the company announced Wednesday (Nov. 18). “Business continuity involves future proofing operations and becoming more efficient,” Billtrust President Steve Pinado said in the announcement.

B2B 102
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How to Plan Your Year-End Business Retreat

FusionCPA

A business without goals is similar to a ship without a destination. In the ship’s case, rations will eventually run out, and the crew will probably perish. The same fate is likely to occur with your business if you do not have short-term and long-term goals you are actively trying to achieve.

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Real-Time Payments Go Beyond The Need For Speed

PYMNTS

Is real-time ready for prime time? The pandemic has exposed glaring points of friction in any number of verticals – including banking, where it’s apparent that legacy systems and processes were not designed to handle real-time anything, and certainly not payments. Banks have been playing catch-up with FinTechs in the bid to bring speed to their processes, especially when it comes to B2B payments.

B2B 98
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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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Business Retreat for Organizational Goal-Setting 

FusionCPA

A business without goals is similar to a ship without a destination. In the ship’s case, rations will eventually run out, and the crew will probably perish. The same fate is likely to occur with your business if you do not have short-term and long-term goals you are actively trying to achieve. Having defined organizational goals will help ensure that your team maintains clarity on your organization’s vision.

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Today In Payments: US Consumers Pay Down $10B In Credit Card Debt In Q3; Amazon Takes On Pharmacies

PYMNTS

In today’s top news, U.S. consumers paid off $10 billion in credit card debt in the third quarter of 2020, and Amazon Pharmacy launched for consumers to order prescription medications. Plus, Walmart+ gets a closer look after the retail giant’s third-quarter earnings call. US Consumers Pay Down $10B in Credit Card Debt In Q3. Americans paid off $10 billion in credit card debt in the third quarter of 2020, following a record $76 billion drop in credit card debt in the second quarter.

Retail 91
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QuickBook Connect 2020 Takeaways

SchoolofBookkeeping

2020… What a year. A year we might want to forget. The COVID-19 pandemic, the election, Murder Hornets, and so on and so on and so on. This is a year that everything changed, and one of those changes was how. Read More. The post QuickBook Connect 2020 Takeaways appeared first on schoolofbookkeeping.com - Ignite Your Practice!

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Wegmans Places Purchase Limits On Items To Prevent Panic Buying

PYMNTS

As a response to the recent rise in COVID-19 cases across the U.S., Wegmans issued guidelines and safety measures to manage shopping crowds during the holiday season. The grocery chain has placed purchase limits on 14 everyday items in an attempt to prevent item shortages caused by consumer hoarding, an issue seen widely during the first wave of the coronavirus.

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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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Tax Planning 2020 – Part THREE

LSLCPAs

Part THREE: PPP Loans, Required Minimum Distributions, and 401(k)s SO much has happened this year and SO much has to be done before the year-end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope you will too. […]. The post Tax Planning 2020 – Part THREE appeared first on LSL CPAs.

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Cash Out: PhonePe On India’s Mobile Payments Adoption

PYMNTS

Companies that are looking to launch offices in more countries and serve customers in new markets need to be able to easily pay staff in those locations. The economic downturn caused by the COVID-19 pandemic has made it even more important that firms deliver payroll quickly, as employees are facing greater financial strains that may make them more eager for prompt salary disbursements.

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The Benefits of Selling on eBay

xendoo

eBay and Amazon were both founded in 1995. Amazon back then specialized in selling. books, and eBay had few other competitors in the ecommerce selling space at first. As we know, this is no longer the case – by a long shot. eBay is now up against giants. like Amazon and Walmart (whose relatively new marketplace has taken the ecommerce. industry by storm) and Shopify to name a few.

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Maersk Predicts Shipping Rebound As US Retail Sales Fuel Demand

PYMNTS

Shipping giant Maersk is predicting a better 2021 in a move that bodes well for the battered but now recovering global economy. A rebound in retail sales in the United States has resulted in a quicker than expected resurgence in shipping demand, with Maersk now expecting EBITDA to weigh in between $8 billion and $8.5 billion, the company said, according to a Reuters report.

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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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More Important Than Ever

RitaKeller

“You never get a second chance to make a first impression.” – Will Rogers. Websites are on my mind today. When comes to promoting your firm, yourself, and your people, your website is more important than ever. As you might guess, I constantly look at CPA firm websites. If you ever send me an email or if your firm is ever in the news, you can bet I will be perusing your website.

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Chime CEO Predicts Mobile Banking Surge Is Here To Stay

PYMNTS

Chime , a mobile-based startup delivering banking services that has gained strength during the pandemic, is here to stay, according to CEO Chris Britt , CNBC reports. The company’s good fortunes come as people have largely stopped trying to conduct business transactions in person that they can do online. Chime’s transaction volume has more than tripled this year.

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Impacts of Private Equity in the New Normal

Withum

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The Clearing House: RTP Network Drives New Use Cases, Creates Value For SMBs This Holiday Season

PYMNTS

The Clearing House 's RTP network is now several years old, and while the real-time payments capability is gaining traction, adoption in the B2B landscape remains muted. Indeed, it can be difficult for businesses to change their payment habits. Just ask the estimated 42 percent of small- to medium-sized businesses ( SMBs ) that continue to use paper checks to make B2B payments.

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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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8 Important Steps for Skagit County Non-Profits Before Year-End

SkagitCountyTaxServices

With the increased standard deduction this past year ($12,400 single, $24,800 married filing jointly, $18,650 head of household), some smaller charities began to see a decrease in donations. This year might be worse. Yes, I hate to be the one to say these things, but I’m also privy to the books and financials for a variety of Skagit County businesses and individuals, and these are just the facts.

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Amex Study: Social Media Shout-Outs Could Pump $197B Into SMB Economy

PYMNTS

As the holidays grow closer, American Express says research has shown that social media promotions and engagement could be a big boost for this year's Small Business Saturday event, according to a press release. The event is the company's 11th annual one, and the American Express Shop Small Impact study found that 78 percent of businesses reported that a social media campaign had helped to drive sales, with endorsements of small- to medium-sized businesses (SMBs) having the potential to be worth

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Mastercard, Network International To Introduce Commercial Cards In Middle East, Africa

PYMNTS

Mastercard is teaming up with Network International , which works in digital commerce for the Middle East and Africa, to help drive the adoption of commercial payment services in that region, according to a press release. In the fourth quarter, the two companies aim to work with "business and corporate cards, travel cards, fleet cards and procurement cards, among other corporate payment solutions" to aid businesses of varying sizes and sectors to move cashless payments.

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Boston Market Deploys AI To Fight Fraud, Improve ROI

PYMNTS

Artificial intelligence (AI) is transforming the food service sector by helping restaurants boost their sales as well as improve and automate systems that were once managed by staff. It can also serve as a powerful tool in restaurants’ fight against fraud, which is becoming an increasingly prevalent issue as bad actors target the flood of customers using digital channels during the COVID-19 pandemic.

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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.

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Visa Expands Fast Track Program To Give FinTechs A Post-COVID Digital-First Edge

PYMNTS

Visa ’s goal of building what it has called a “network of networks” reflects its view of what adds value in a global financial services ecosystem where the shared interest in doing what’s best for consumers and businesses is what drives outcomes. Collaboration and not competition, Visa’s Senior Vice President, Global Head of FinTech Terry Angelos told Karen Webster in a discussion on the recent advancements and updates to Visa’s Fast Track program , is quite evident — particularly when one obser

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LGBT+ Digital Bank Daylight Launches With Visa Fast Track Boost

PYMNTS

Daylight , the first digital bank for the LGBT+ community, just went live in a Nov. 18 launch made possible by a big assist from Visa’s Fast Track program. Daylight is just the latest member of Visa’s Fast Track program, an initiative that provides FinTechs looking to get off the ground with a bank sponsor and external payments processor. Led by LGBT+ entrepreneurs and co-founders Rob Curtis, Daylight CEO, and Billie Simmons, Daylight chief of staff, the new digital bank plans to offer a range o

Legal 68
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FTC Sues Beam Financial For Failing To Deliver Mobile Banking Users’ Funds

PYMNTS

The Federal Trade Commission (FTC) has alleged that the mobile banking app Beam Financial has misled customers about quick transfers of funds, a press release says, with some customers receiving funds late or not at all. According to a complaint filed by the FTC in federal court, Beam Financial and its founder and CEO Yinan Du, who is known as Aaron Du , told users they’d be able to make transfers from their accounts and get the funds within three to five business days.

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Google Pushes Feds To Turn Over Documents Used To Build Antitrust Case

PYMNTS

Google wants the federal government to cough up the documents it used to draft its antitrust case against the $1 trillion search and tech behemoth, and to do so fast, Reuters reported. With Google scrambling to file a response to the government’s case by Dec. 21, an attorney for the tech giant said it needs access to the material quickly in order to draft its defense, according to Reuters.

Legal 61
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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.