Fri.Nov 27, 2020

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Tax Responsibilities of COVID-Closed Businesses

RogerRossmeisl

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes.

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A Targeted Approach To eCommerce Firms' Biggest Banking Pains

PYMNTS

It's been more than a decade since the boom of neo and challenger banks stepping into the market to fill the biggest service gaps left by FI giants. Generally considered more nimble and digital-friendly than legacy banks, challengers have injected a much-needed dose of technological innovation into the sector, with business banking an increasingly popular focus for new players.

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Controls are Ineffective When Managers Go Rogue

RogerRossmeisl

Management overrides of internal controls can make your company more vulnerable to fraud. This is true even when managers have innocent intentions — for example, they don’t feel they have time to follow proper accounts payable procedures because a vendor is requesting immediate payment. Your company is at even higher risk of fraud losses. controls are ineffective. if a senior manager intentionally ignores the rules to manipulate financial statements.

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Mapping Out Merchants’ Maneuvers For 2021

PYMNTS

From restaurants to the farthest reaches of retail, rapid digitization is making the best of the COVID-19 mess while setting up conditions for an elevated set of future payments experiences. The 2021 New Merchant Business Models Playbook , a research-based report created in collaboration with American Express , explores the matter in detail, noting how tech innovation has essentially saved at least one sector — restaurants — from pandemic oblivion.

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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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Tax Issues Divorcing Couples Should Understand

RogerRossmeisl

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four tax issues divorcing couples should understand if they’re in the midst of a divorce.

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Remote Onboarding Boom Being Secured By Multifactor Authentication

PYMNTS

Remote onboarding has overtaken (some might say overwhelmed) banks and merchants all year long as a deluge of faceless applicants opened accounts and cards. Financial institutions (FIs) and other issuers need more assurance than they’ve been getting, however, as cyber scams founded on false identities and bogus accounts are through the roof. PYMNTS November 2020 Digital Consumer Onboarding Tracker® done in collaboration with Melissa , takes on the topic in depth and detail, noting that “Consumer

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Deep Dive: How Real-Time Payments Can Help Meet B2B, P2P Expectations

PYMNTS

Consumers and businesses alike have long been familiar with digital payments, but both now expect smoother payment experiences as the COVID-19 pandemic’s financial impacts continue. Friction points that once proved to be minor nuisances have become legitimate financial challenges, especially for consumers and smaller businesses. Companies attempting to more transparently view their cash flows can no longer afford to spend time processing paper checks, and their use of digital payment tools has t

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Don’t Get Swindled by Your Financial Advisor

FraudFiles

Yesterday I read a horrifying local story about Edward Matthes, a former financial advisor for Mutual of Omaha who stole at least $2.6 million from his clients. According to the Information in the federal case, Matthes carried on his fraud between 2013 and 2019. SIX YEARS!!!! He swindled at least 23 clients. He’d convince them to bring investment accounts over to Mutual of Omaha.

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Solving B2B eCommerce Friction At The Intersection Of Payments And Trade Credit

PYMNTS

As B2B eCommerce accelerates its technological innovation, and as adoption grows, it continues to look toward the world of B2C to implement optimized end-user experiences – for both the buyer and the seller. But B2B eCommerce is inherently more complex than consumer-facing sales and payments flows, thanks to the need for corporate buyers to establish payment terms or purchase on credit with suppliers.

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Support Black-Owned Businesses 11/28/2020

RogerRossmeisl

(This is Blog Post #929). The post Support Black-Owned Businesses 11/28/2020 appeared first on Roger Rossmeisl, CPA.

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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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Deep Dive: How Businesses Deploy APIs And Webhooks To Meet Real-Time B2B Transaction Demands

PYMNTS

The B2B payments world is changing fast due to both the increased adoption of digital payment methods over the past several years and the economic upheaval brought on by the COVID-19 pandemic. Approximately $25 trillion in payments flows between American businesses annually, and B2B payments total $120 trillion globally. One-third of B2B payments are processed electronically, but accounting professionals are still pushing to expand that share.

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11/28/20 is Small Business Saturday

RogerRossmeisl

(This is Blog Post #928). The post 11/28/20 is Small Business Saturday appeared first on Roger Rossmeisl, CPA.

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Whole Paycheck: Walmart Adds To Last Mile Services With JoyRun Acquisition

PYMNTS

In the middle of the biggest week in the biggest season, Walmart and Amazon are making news with their moves to solidify their shopping experience and last-mile delivery — because it’s hard to claim the whole paycheck for U.S. consumers if the goods can’t be delivered. Walmart, in particular is making last-minute adjustments on its last-mile capabilities.

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Secondhand News: Economy, Pandemic Create New Role For Pawnshops

PYMNTS

At a time when the coronavirus has caused a spike in unemployment and crippled countless small businesses, the pawnbroking industry has found itself in a perfect storm of sorts, which has fueled a surge in demand for loans as well as an appetite for secondhand merchandise. “Obviously pawning is the meat and potatoes of the business,” said Len Summa , CEO of Data Age , which owns the widely used PawnMaster software platform.

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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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Dermatology 2.0: Dr. Dhaval Bhanusali Goes B2B With Online Skincare Platform AIRE

PYMNTS

There’s nothing quite like being on Zoom calls for several hours of one’s workday to remind one of proper skincare’s importance. There’s something undeniably motivational about seeing one’s own face poorly lit on a computer screen when it comes to remembering to go to the dermatologist. That’s part of the reason why dermatologist Dr. Dhaval Bhanusali has been so busy of late.

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Video Content Creates Digital-First Brand Loyalty

PYMNTS

The great digital shift didn’t start in March. Though the world before then seems hard to remember, consumers were already in the process of shifting shopping habits toward digital before then, while workers were already leveraging the digital world to work from home. Cash was already on the decline, and digital banking was already on the rise. But as Guy Atzmon , senior vice president of product and creative at SundaySky , told PYMNTS in a recent discussion, COVID-19 rapidly accelerated that di

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Merchants Get Clarity Around Compliance As Global Payment Regulations Evolve

PYMNTS

Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust. In other words, banks and financial institutions (FIs) have an obligation to make sure you are who you claim to be. Trust. And it’s gotten much more difficult as remote onboarding spikes and cybercrooks get their hands on the hottest tech underground evildoers have to offer.

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Security Demands Spur Virtual Debit Card Adoption

PYMNTS

More consumers than ever are turning to online shopping channels to meet their needs during the pandemic, but many are also aware that cybercriminals are looking to capitalize on this stepped-up online activity to steal their card data. These kinds of concerns could encourage shoppers to change up how they make payments. Some are turning to virtual cards to keep their debit account numbers safe, providing shoppers with newly generated codes that can be restricted to work only when paying specifi

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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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B2B FinTechs Pull More Than $46M In Funding

PYMNTS

It was a slow week for B2B FinTech venture capital investments, though the industry still managed to pull more than $46.8 million in fresh funding. The leader this week is a B2B payments and trade credit startup offering a point-of-sale financing solution for B2B buyers, while additional funding landed across RegTech, logistics and other startup verticals.

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Digital-First Holiday Weekend Off To Hot Start

PYMNTS

The digital-first Holiday shopping weekend got off to a hot start as Thanksgiving looked more like Cyber Monday. Reports from Adobe, Salesforce and Shopify showed that retail sales on Thursday Nov. 26 were well ahead of expectations as the pandemic kept stores closed and online connections decidedly open. Salesforce , which tracks retail orders through its data analytics capabilities, projected a 27 percent increase over 2019 and warned that the hot start to the season could further strain fulfi

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On The Agenda: Expert Panel Debates How Consumers Will Get Their Holiday Shopping Groove

PYMNTS

The holiday shopping season — which normally would be “officially” kicking off as soon as the Thanksgiving dishes are cleared — is going to be quite a bit different than it has ever been before in 2020. It’s one that’s difficult to predict, as evidenced by all of the conflicting holiday spending forecasts. There are a lot more questions than answers out there at this point and consumers — facing lockdowns, a pandemic that’s getting worse by the numbers every day, employment concerns and anxiety

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