Wed.Mar 29, 2023

article thumbnail

Improve Your QuickBooks Online Experience with Lockstep

Lockstep

QuickBooks Online is a popular cloud-based accounting software that is widely used by small businesses to manage their finances. While it is a useful tool for basic bookkeeping and accounting tasks, it is limited in its capabilities, and can quickly become overwhelming as a business grows. To truly optimize and streamline accounting workflows, it is essential to use tools like Lockstep Inbox to enhance the power of QuickBooks Online.

article thumbnail

Don’t Take Tax Advice from Social Media

CPA Practice

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples. These can involve common tax documents like Form W-2 or more obscure ones, like Form 8944 that’s aimed at a very limited, specialized group.

Tax 137
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

A Tale of Two Pitchers

Withum

It was the best of times; it was the worst of times for New York Met Fans. On December 2nd, 2022, long-time Met’s pitcher Jacob deGrom signed a 5-year contract worth $185 million with the Texas Rangers. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to Texas for what he called a “winning culture” and likely tax savings.

Texas 122
article thumbnail

ChatGPT Talks About AI Taking Accountants’ Jobs From the Perspective of an Accountant Losing Their Job to AI

Going Concern

Ed. note: I asked ChatGPT to write about automation in accounting from the perspective of an accountant losing his or her job to AI. Here’s what it said. Note: Going Concern does not publish AI-generated content unless it’s clearly labeled as in this case. Believe it or not, humans write most of this crap. As an accountant, I have always known that my job was at risk of being automated.

article thumbnail

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.

article thumbnail

Consumers More Optimistic on U.S. Economy and Jobs Outlook

CPA Practice

Reade Pickert Bloomberg News (TNS) U.S. consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market. The Conference Board’s index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the gauge to fall to 101.

Michigan 119
article thumbnail

Researchers Shockingly Discover That If You Pay Low Level Grunts More, They Do Better Financial Reporting

Going Concern

A new working paper from Stanford Graduate School of Business professors Christopher Armstrong, John Kepler, and David Larcker, and Shawn Shi, Ph.D. ’23, of the University of Washington’s Foster School of Business has found a connection between how well low-ranking accountants are paid and the quality of their work. This is a new area for researchers as they are usually focused on CEOs, CFOs, and other such golden parachute-eligible executives when researching a connection between pa

auditor 105

More Trending

article thumbnail

What needs to happen for the metaverse to reach its potential for small business?

Xero

The amount of global coverage for the metaverse has ramped up in recent times, creating the impression that it will soon become a common way to sell, play and work online. But for many people, there is confusion around what the metaverse actually is and how it could be used in a practical way. The metaverse is a form of internet that operates as a blended and immersive virtual world, powered by a mix of virtual reality (VR) and augmented reality (AR).

article thumbnail

Uncovering Hidden Costs in Small CPA Firms

Insightful Accountant

EmpowerCPA's Julie Smith provides some insights on how to boost profits and avoid financial drain.

cpa firm 102
article thumbnail

Celebrating Women in the Financial Services Industry

Withum

In celebration of Women’s History Month, Withum’s Women in Financial Services Team is spotlighting some dynamic female leaders in the industry. With dedication, hard work, and collaboration, these women continue to break barriers, ensuring that they and those who come after them have a rightful seat at the table. An overarching theme among women leaders is the importance of advocating for other women and celebrating each other’s accomplishments.

article thumbnail

Identifying Top Concerns Among Finance Leaders

Insightful Accountant

A national survey by Trullion highlights major accounting pain points, including handling the talent gap, making time for strategy and life after a recession.

Finance 101
article thumbnail

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.

article thumbnail

A Financial Controller May Be Just What You Need, And More

AccountingDepartment

Considering the need for a financial controller for your business? To help you solidify the decision, learn more about the duties of a financial controller and the benefits of partnering with an outsourced client accounting services (CAS) provider to make it even easier!

Account 98
article thumbnail

Intuit QuickBooks Survey: Technology Continues to Drive Firms' Growth

Insightful Accountant

The 'Intuit QuickBooks Accountant Technology Survey' takes a deep dive into how accountants are embracing the power of technology and artificial intelligence.

article thumbnail

Being a Leader vs. Being a Manager: Level Up Your Managing Skills

GrowthForceBlog

8 min read "All of the folks who ever report for us. they've all worked for someone before us, and let's face it. There are a lot more bad managers out there than good ones.

98
article thumbnail

How to Know it’s the Right Time to Move Clients to QuickBooks Online Advanced

CPA Practice

When you’re meeting with your clients and prospects, how do you instinctively know which version of QuickBooks Online is right for them? After all, you want your clients to have a seamless experience you can manage and the client can use with ease, while also using the data to help the client grow their business. There’s QuickBooks Online … and then there’s QuickBooks Online Advanced.

article thumbnail

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.

article thumbnail

iplicit makes new hire as part of its continued bid to disrupt the UK education sector

Accounting Insight

Award-winning accounting software provider, iplicit , has hired a successful figure in the world of education technology (EdTech) to lead its charge into the schools and multi-academy trusts (MATs) market. Alex Middleton has been in the world of EdTech for over 10 years, working exclusively with MATs to help them develop and deliver their digital transformation strategies.

article thumbnail

Accounting Today Names KROST Top 100 Firm and Regional Leader 2023

KROST

Los Angeles, CA – KROST has been recognized as a Top 100 Firm by Accounting Today for the third year in a row. The firm ranked 72nd with a 16.60% change in revenue from the previous year. In addition, KROST has also been named a Regional Leader of 2023. The firm recently launched a new Read the full article. The post Accounting Today Names KROST Top 100 Firm and Regional Leader 2023 appeared first on KROST.

article thumbnail

Navigating Compliance and Contractor Business Systems

Withum

Whether you are pursuing a new contract or have extensive experience in the industry, having the proper contractor business systems in place can ensure that your business is on the path to profitability and compliance. An adequate business system is based on the extent in which the overall system allows the organization to comply with regulations, adhere to internal control frameworks such as the Integrated Internal Controls Framework issued by the Committee of Sponsoring Organizations (COSO) an

article thumbnail

Former IRS Worker Guilty of Fraud and Identity Theft

CPA Practice

On January 26, 2023, in the Eastern District of California, Deena Vang Lee was found guilty of three counts of wire fraud, two counts of aggravated identity theft, five counts of aiding and assisting in the preparation and presentation of a false and fraudulent return, and three counts of making and subscribing a false and fraudulent tax return. According to the court documents, from 2012 through 2016, Lee who at certain times was an Internal Revenue Service (IRS) employee, prepared and filed ta

article thumbnail

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.

article thumbnail

Vocabulary Guide

Accounting Seed

Topics Billing & revenue Payables & expenses General ledger Financial reporting Project accounting Multi-company Multi-currency Taxation Orders & inventory Billing & revenue Account / Customer Textbook Definition Customer master record used to record billing addresses, payment terms, etc. Street Definition The info you need to hunt down the customer to firebomb them when they won’t pay.

article thumbnail

AICPA Provides Comments on Interim Guidance Regarding Application of Corporate Alternative Minimum Tax

CPA Practice

Following the release of interim guidance ( Notice 2023-7 ) by the Department of the Treasury and the Internal Revenue Service (IRS) addressing how the Corporate Alternative Minimum Tax (CAMT) applies to corporations, certain partnerships, troubled companies and affiliated groups of corporations that file consolidated tax returns, the American Institute of CPAs (AICPA) submitted comments and recommendations which identify and provide additional information regarding CAMT guidance provided in the

Tax 64
article thumbnail

2023 Tech Company Tax Tips

Shay CPA

Does thinking about filing your taxes put some tension on your shoulders? If so, it’s probably because you’ve had a less-than-ideal filing experience in the past. And in most cases, those unwelcome filing instances come from surprises. Or you might be feeling stressed because you don’t know what to expect. Either way, we can help. By giving you a heads-up in some key areas, we can make filing your tech company’s 2022 taxes gets a whole lot easier — and less stressful.

article thumbnail

Update #3: IRS Tax Relief on California Storm Victims

KROST

The Internal Revenue Service (IRS) has once again extended the tax relief to California storm victims. The deadline to file federal income taxes for qualified California residents has been extended to October 16, 2023 as announced by the IRS on March 10, 2023 (CA-2023-03). The relief applies to deadlines that fall within the relief period Read the full article.

article thumbnail

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.

article thumbnail

Sam Bankman-Fried Charged for Bribing Chinese Officials

CPA Practice

Ava Benny-Morrison, Muyao Shen and David Pan. Bloomberg News (TNS) Sam Bankman-Fried was charged with bribing Chinese officials, adding a new dimension to the U.S. government’s case against the FTX co-founder. The new charge was unsealed Tuesday in a revised indictment by federal prosecutors in Manhattan. Bankman-Fried is accused of authorizing the payment of $40 million to get Chinese officials to unfreeze accounts at Alameda Research, a Hong Kong-based trading firm affiliated with FTX, holding

article thumbnail

Going Green: How a Manufacturer Can Drive Profits While Reducing Carbon Footprint

Cherry Bekaert

Creating a Difference in the World Without Sacrificing Profits Assumptions An average annual U.S. factory’s electric bill is approximately $6M, or 60 GWHs total per year. Current factories average a purchasing grid power of approximately 20MW for their operations. Actions New 20MW solar array capital project costs estimated at $20M, are down from several times that amount a decade ago.

article thumbnail

Understanding Accounting Software and DCAA Compliance

Accounting Seed

What does it really mean to be compliant? In a nutshell, being DCAA compliant means that the organization simply has systems and procedures in place to comply with the DCAA audit. The DCAA audits assess whether or not your organization meets: Cost Accounting Standards (CAS) Federal Acquisition Regulation (FAR) And any other government rules that are required for every government project Download our comprehensive guide to find out everything you need to know about becoming DCAA compliant and how

article thumbnail

Internal Revenue Service Employee Charged with Theft of Government Vehicle

CPA Practice

On January 11, 2023, in the Central District of California, Graham Hefner was arrested on one count of theft of Internal Revenue Service (IRS) property. According to the court documents, on January 10, 2023, Hefner, a 13-year IRS employee while on administrative “Leave Without Pay” status was seen at the El Monte IRS office. On this same date, two separate witnesses observed vehicle keys and a General Services Administration (GSA) fuel card for an IRS Government Owned Vehicle (GOV) prior to Hefn

article thumbnail

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.

article thumbnail

Accounting on Salesforce Guide

Accounting Seed

The Ultimate guide to accounting on Salesforce The Ultimate Guide to Accounting on Salesforce shows you how to save time, money, and stress, all while making your data-informed strategies more powerful. In this guide Besides being the most formidable sales management and Customer Relationship Management (CRM) solution on the market, Salesforce is equipped with native accounting software that works seamlessly with the rest of its IT environment.

article thumbnail

The Annual Tax on Enveloped Dwellings - what you need to know about ATED

Wellers Accounting

Tom Biggs ACA CTA , explains the Annual Tax on Enveloped Dwellings and what you need to look out for.

Tax 52
article thumbnail

Integrating an Accounting System

Accounting Seed

A guide to integrating an accounting system Integrating your accounting software with the rest of your business software lets you streamline your company’s entire financial cycle. Many businesses cringe at the thought of integrating to a new accounting system, anticipating an expensive, complicated process. But it doesn’t have to be that way if you transition to a modern accounting system that uses a robust API.

article thumbnail

New England Firm Joins 10th Largest Global Accounting Network

CPA Practice

Baker Newman Noyes has joined HLB International, of independent advisory and accounting firms with 40,831 professionals across 156 countries. Baker Newman Noyes has a wide client base that they serve locally, regionally, and globally from five full-service offices in Maine, Massachusetts, and New Hampshire. They are a leading tax, assurance, and advisory firm in the region and work in a host of sectors including banking and financial services, healthcare, life sciences and biotech, real estate a

article thumbnail

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.