Wed.Mar 08, 2023

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To reform or not to reform, that is the question

Accounting Insight

Suzanne Gallagher, UK Product Manager at Employment Hero explores the impact the passing of The Retained EU Law (Revocation and Reform) Bill could have on accountancy and payroll. The post-Brexit reform Bill is one of the most significant developments in recent employment law history, and if it is passed into law, it could be the one that causes the most confusion and disruption.

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Financial vs Tax Accounting

SMBAccountant

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations. Tax accountants must use the Internal Revenue Code (IRC) to provide accurate tax returns.

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Trending Sources

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Reshaping Xero to enable disciplined growth and focus

Xero

Below is the message shared with all Xero employees today Dear Xeros Over the past few weeks, as I have stepped into the CEO seat, we have had several conversations about Xero’s strengths and significant market opportunities. We have also talked candidly about our challenges following the rapid scaling of the company. As we look to the next phase of Xero’s growth, many of you have asked me what change is needed for us to simplify focus, strengthen our execution and balance growth with profitabi

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How Biden’s Proposed Wealth Tax Would Work

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) President Biden, who is set to release his FY 2024 budget proposal, wants to “raise some taxes.” In a recent speech, Biden said that tax increases should focus on the wealthiest taxpayers—an approach that some states have adopted or recently proposed. So, while you’re worrying about the 2023 tax deadline and trying to pay as little tax as possible, the wealth tax debate is heating up again … should billionaires and millionaires pay more?

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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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John Scott Named a Top Estate Planning Professional by Small Business Monthly

Anders CPA

John Scott, CPA, AEP/CGMA has been named a Top Estate Planning Professional for 2023 by the St. Louis Small Business Monthly. In the March 2023 edition of Small Business Monthly, John gave advice and talked about the greatest challenges and mistakes he has seen business owners come to face. He was one of seven professionals named who have proven their dedication to the success of small businesses in St.

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The Top Property Tax Compliance Challenges

CPA Practice

By Carl Hoemke. Anyone who deals with property tax knows firsthand how complex it can be to manage, especially given how tax laws differ not only between states but even among local jurisdictions within the same state. These inconsistencies, and many other variables, make it hard for accounting and finance teams to employ consistent and scalable processes, particularly during peak tax season.

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How can CPAs Help Give Private Companies a Competitive Advantage with ESG reporting

Withum

CPAs will be influential in assisting private companies in adopting proposed EC ESG Reporting Standards. Withum identifies opportunities for CPAs to assist private companies with their ESG strategy development and execution. Joe Holman , Market Leader of Withum’s ESG Services, believes private companies should adopt elements of the SEC’s proposed ESG Reporting Standards and use their internal accounting or audit group to help them effectively implement and maintain their reporting structure.

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PwC UK Fined £7.5 Million For Faking Evidence and Other Such Terrible Auditing of a Government Contractor

Going Concern

The Financial Reporting Council has fined PwC £7.5 million ($8.9 million USD) for work related to Babcock , a multinational corporation headquartered in the UK providing, among other things, engineering services. Babcock conducts most of its business with the government, particularly the Ministry of Defence (don’t @ us, that’s how they spell it across the pond).

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A Thank You to the Women of ADC! #IWD2023

AccountingDepartment

AccountingDepartment.com is proud of our amazing, hard-working, dedicated women who make up the bulk of our team and for this International Women’s Day, we would like to take a moment to thank all of these women that keep us moving forward on a day-to-day basis. Our female team members have made an incredible impact on our business over the years and we would not be where we are today without them!

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Enterprise Intercompany Relationships 'Live'

Insightful Accountant

No camera tricks. No switching the PowerPoint. It's just live QuickBooks Enterprise Intercompany Relationships the way you'd expect them to work in real life.

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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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4 Easy Ways to Show Appreciation to Your Employees Year Round

CPA Practice

By Marcel Schwantes, Inc. (TNS) March 3 was Employee Appreciation Day, and it was a good opportunity for leaders to reflect on how appreciation can improve their employee retention. According to a recent survey from Workhuman , an employee recognition and human capital management company, nearly half (46.4%) of all employees only feel “somewhat valued” at work, with over 10% sharing that they don’t feel valued at all.

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What Today's Accounting Professionals Want (and Need)

Insightful Accountant

'Wolters Kluwer Annual Accounting Survey' reveals the Top 5 challenges and 2023 goals for today's accounting professionals.

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International Women’s Day: UK founders share their experiences and advice

Xero

This International Women’s Day, we want to celebrate the fantastic work being done by some of our women business owners. We spoke with Nadine Oei, founder of cosmetics brand Loella , and Anna Morrison, founder of Amazing Apprenticeships , who tell us more about their stories. What advice would you give to women looking to start a business? Nadine : The most important thing is getting your finances in order.

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Top Seven Microsoft 365 Features To Modernize Traditional Work Habits

Withum

Every organization has employees accustomed to traditional means of working who may find difficulty transitioning to a digital workplace. Guide these employees by clearly demonstrating how their current work habits are an improved but familiar digital work experience. Below are some statements of what I often hear from these traditional workers and how these Microsoft 365 features can evolve work habits. 1.

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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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Why QuickBooks Online works better with Lockstep Inbox

Lockstep

s Accounting professionals rely on QuickBooks Online to keep their finances in order. But Lockstep Inbox takes things a step further: it’s the only shared inbox specifically tailored for accountants. Connected seamlessly with both Outlook and QBO, this groundbreaking solution streamlines accounting workflows – ensuring data accuracy and enhancing productivity like never before!

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Defense in Depth Is Key To Protecting Your Digital Assets

Cherry Bekaert

Author: Steve Ursillo , Partner and Leader, Information Assurance & Cybersecurity As cryptocurrencies and non-fungible tokens (NFTs) become a more common part of organizations assets and transactions, cybercriminals are increasingly turning their attention to how they can target them. In the last few years alone, HedgewithCrypto.com 1 reported a marked uptick in successful attacks on crypto exchanges, bringing the total amount stolen since 2012​ to a $2.72 billion.

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Top 5 tips for accounting firms to find qualified workers

Accounting Insight

Trouble finding qualified staff continues to be a top concern for accounting firms of all sizes, according to the AICPA’s 2023 Top Issues Survey. Fewer students graduating with accounting degrees, a plummeting number of graduates sitting for the CPA exam, retiring Baby Boomers and a high burnout rate that has traditionally plagued the accounting industry are just several of the reasons that have contributed to the dwindling number of qualified staff.

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JumpRope Increases Financial Efficiency by 400% with Accounting Automation

Accounting Seed

Co-found, Justin Meyer, uses Accounting Seed automation to create a tailored solution, spending less time in the back office and more time in the classroom. Think back to the days of sitting in a classroom, listening to your math, science, or English teacher. Do you remember what you learned? Unlikely. But you’ll probably remember asking your teacher near the end of a semester, “What are my grades looking like?

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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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How to Get Accounting Clients? 7 Tips to Help You Find Accounting and Bookkeeping Clients

Snyder

If you’re running your accounting business and are looking to attract more clients, you probably noticed that the landscape has changed vastly. The increased client turnover and growing demand for additional services, in particular business advisory ones, call for a different approach to client acquisition and retention. In this article, we’ll review how the working relationship between accounting clients and accountants and bookkeepers has changed and what the new challenges in this new market

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FASB to Update ASC 842 Related-Party Lease Accounting

Cherry Bekaert

The Financial Accounting Standards Board (FASB) actively engages with stakeholders to monitor implementation of Accounting Standards Codification ASC Topic 842, Leases (ASC 842). As part of its review, FASB recognized that implementing ASC 842 has been challenging for entities related to leases under common control arrangements. FASB recently voted to approve an update to ASC 842.

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Can AI Actually Predict When an Employee is Going to Quit?

CPA Practice

By AJ Hess, Fast Company (TNS) Artificial intelligence may be making human resource departments less human. “AI has the potential to automate some tasks in human resource (HR) departments, but it is unlikely to completely take over HR departments in the foreseeable future,” reads one ChatGPT response on the subject. “AI can assist with tasks such as resume screening, candidate matching, and even initial interviews, which can free up HR professionals to focus on higher-level tasks such as employe

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People Angry About an Elevator Are Angrily Marching to Deloitte’s Vancouver Office Today

Going Concern

Today, residents of the Portland Hotel in Vancouver are marching to Deloitte offices to speak to Varun Banthia, Policy Specialist at Deloitte Future of Canada Centre. The issue? Their nine-story dwelling does not have a working elevator and Banthia sits on the board of directors of the PHS Community Services Society, a charitable non-profit that provides housing, healthcare, harm reduction and health promotion for some of the most vulnerable and under-served people in Vancouver and Victoria (des

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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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International Women’s Day 2023 — Interview with Heather McGhie

DMCL

The theme for this year’s International Women’s Day (IWD) is #EmbraceEquity, encouraging all of us to reflect on the idea of a diverse, inclusive and gender equal world and how we can all take steps towards creating that world together. At DMCL, we’re celebrating IWD and the opportunity to show our appreciation for our staff, partners and clients who identify as women and to mark their achievements.

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LeaseCrunch and Allinial Global Partner for Lease Reporting

CPA Practice

LeaseCrunch LLC , an accounting software company, and Allinial Global , a member-based association for independent accounting and consulting firms, are partnering for lease reporting. With this partnership, Allinial Global members have access to LeaseCrunch’s award-winning automated lease accounting software for compliance with the new lease reporting requirements.

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Inadequate INTERNAL CONTROLS Can Stunt Your Growth Potential

LSLCPAs

What, Why, Where, Who, When, and How + Recommendations! While LSL CPAs has posted about a dozen articles relating to internal controls over the last decade—like this one from 2010, “Internal Controls Can Save Your Business” — each post has a unique theme supporting the necessity for robust internal controls. This post relates to internal. The post Inadequate INTERNAL CONTROLS Can Stunt Your Growth Potential appeared first on LSL CPAs.

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Case Study: Technology Company Positioned for Compliance With Bank Requirements To Address AML Risk Mitigation

Withum

Learn how Withum’s BSA (Bank Secrecy Act)/AML (Anti-Money Laundering) experts helped build a unique compliance program for an industrial technology company, allowing them to continue business operations while satisfying all AML requirements of their commercial bank, saving both time and money while addressing compliance needs for the company and their bank.

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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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COGS in SaaS: Understanding Cost of Goods Sold

Shay CPA

Unlike e-commerce businesses and manufacturers, software-as-a-service (SaaS) companies usually don’t have inventory in the traditional sense. Instead, modern software is delivered to customers through the rental of servers and cloud storage services, where the software lives and “computes.” When the end user/customer is using your product, what they’re actually accessing is an instance of your software that lives in a server and that can, in real-time, deliver your service.

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ACCA calls on employers to continue to progress flexible working on International Women’s Day

Accounting Insight

As employers around the world today mark International Women’s Day, ACCA is emphasising the importance of flexible working and training in accelerating diversity. Remote and hybrid work, education and training are proving invaluable in extending access to opportunity and ACCA is calling on employers to maintain the momentum. Following the completion of a major piece of research surveying 8,000 finance professionals around the world, ACCA has found most people want hybrid working, believing it ma

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Agency Profitability with Marcel Petitpas

Summit CPA

The Virtual CPA Success Show: Episode 75 In this episode, our host, Jamie Nau, Summit CPA's Director of Virtual CFO, and Jody Grunden, Partner at Anders CPAs + Advisors, discuss time tracking and project management data to improve agency profitability with Marcel Petitpas , CEO and Founder of Parakeeto.

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LeaseCrunch, Allinial Global Announce Strategic Partnership

Insightful Accountant

The partnership will give the member-based association access to LeaseCrunch’s award-winning automated lease accounting software for compliance.

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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.