Basis 365

MARCH 23, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. This blog post will discuss the importance of an accurate balance sheet and why outsourcing accounting services can be the best option for businesses.

financial statements 52

financial statements accounting and finance accounting standards accounts payable 52

TaxConnex

MARCH 23, 2023

Looking to find out more about TaxConnex? What better way than hearing from our founders and partners? Learn from the best by hearing from the ones that built TaxConnex. Over the last few months, we've been highlighting the Partners of TaxConnex. Finally, we have our Chief Operating Officer, Jackie Breiter! Can you tell me about your career leading up to TaxConnex?

tax 130

tax Sales accounting and finance Technology 130

CPA Practice

MARCH 23, 2023

By Joseph Bustos, The State (TNS) South Carolina’s top accountant Richard Eckstrom says he will resign effective April 30 after disclosing to state lawmakers that he inflated the state’s cash balances for a decade, eventually reaching about $3.5 billion. Richard Eckstrom In a Thursday resignation letter to Gov. Henry McMaster, the comptroller general reiterated his advocacy that the Legislature move forward on legislation for a constitutional change to make his position appointed by the govern

account 122

account accountant accounted South Carolina 122

Patriot Software

MARCH 23, 2023

Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?

account 98

account accountant accounted 98

Advertiser: Paycor

All hourly workers want similar things, but when it comes to recruiting & retention, it helps to understand personal motivations. Download Paycor’s guide to learn how to find & keep the 5 types of hourly workers.

CPA Practice

MARCH 23, 2023

The IRS and the Treasury Department issued preliminary guidance on Tuesday that leans toward treating nonfungible tokens (NFTs) as a collectible for tax purposes. In a statement this morning, the IRS said: A nonfungible token (NFT) is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify authenticity and ownership of an associated right or asset.

tax 105

tax account accountant accounted 105

ThomsonReuters

MARCH 23, 2023

Frequently Asked Questions About Medical Expenses Related to Nutrition, Wellness, and General Health (Mar. 17, 2023); IRS News Release IR-2023-47 (Mar. 17, 2023) FAQs News Release The IRS has issued FAQs that explain when certain costs related to nutrition, wellness, and general health are medical expenses under Code § 213 that may be paid or reimbursed under a health FSA, HSA, or HRA.

Expense Reimbursements 98

Expense Reimbursements tax account accountant 98

Insightful Accountant

MARCH 23, 2023

In recognition of the upcoming 'National Mom and Pop Business Owners Day,' Epson gleaned entrepreneurial insights on efficient processes, reliable technology and customer service.

Technology 90

Technology 90

Accounting Seed

MARCH 23, 2023

As your business grows, you’ll want accounting software that allows you to dedicate more time to helping customers than inputting data or emailing teammates to ensure your information is the same. If you’re in search of accounting software that integrates with Salesforce, we’ll do you one better: Adopt Accounting Seed, which is built natively on Salesforce.

accounting software 91

accounting software account accountant accounted 91

Insightful Accountant

MARCH 23, 2023

QuickBooks is rolling out new instant deposit features for its Payments and Checking customers, making it easier for small businesses to access their cash.

quickbooks 93

quickbooks 93

Going Concern

MARCH 23, 2023

It’s a rare day we write about Accenture but because the firms we do write about have begun tightening their belts and even cutting advisory people ( KPMG , BDO ), we thought it prudent to inform you of what appeared in the 10-Q the company filed yesterday. This is from Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations : While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we

84

84

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.

auditor

AccountingDepartment

MARCH 23, 2023

As we move towards a more technology-driven world, it's important for business owners to adopt a "work smarter, not harder" mentality. One way to achieve this is through workflow automation with ERP software like NetSuite.

NetSuite 82

NetSuite Technology account accountant 82

CPA Practice

MARCH 23, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. While both its sales and corporate tax regimes may be considerably lower than those of other countries globally, at 60%, Côte d’Ivoire’s income tax rates are markedly higher compared to developed countries.

income tax 71

income tax tax corporation tax Sales 71

MineralTree

MARCH 23, 2023

You’re researching flights for that much-needed vacation and are presented with two options: a direct flight or a connecting flight. Which do you buy? Given a choice, most people opt for the direct flight because it’s faster and easier. Connections add unnecessary time, stress, and risk to a trip – even when everything goes according to plan. Layovers that go awry also create a domino effect, enabling one delay or missed connection to disrupt your entire itinerary.

AP Automation 64

AP Automation account accountant accounted 64

CPA Practice

MARCH 23, 2023

As a high-growth firm or one reaching toward that distinction, you are likely to be focused on expanding your client base, increasing revenue, and driving business growth. In order to achieve those goals, your marketing efforts must be aligned with your company’s overall growth strategy. However, scaling your B2B marketing efforts can be challenging, as it requires a different set of skills and tactics compared to those used in the early stages of your firm.

B2B 64

B2B accounting and finance account accountant 64

Advertiser: Paycor

Discover the power of AI in recruitment with Paycor’s complete guide. Learn how to streamline your hiring process, increase interview pipeline, uncover candidates other tools miss, and save time. Get ready to revolutionize your talent acquisition strategy today!

inDinero Accounting

MARCH 23, 2023

Introduction In today’s competitive private equity (PE) landscape, portfolio companies (portcos) frequently confront significant obstacles in managing their finance and accounting functions. This comprehensive article delves into the underlying reasons for these challenges and presents practical solutions for PE firms and their portcos to streamline their finance and accounting processes, ultimately improving overall performance.

Finance 52

Finance account accountant accounted 52

Snyder

MARCH 23, 2023

As a small business owner, making sense of the accounting basics and bookkeeping terminology might be giving you a little bit of a headache. At the same time, being able to successfully maneuver the world of accounting is crucial to the success of your business. That’s why in this article, we will cover an essential topic for every business owner: what the difference between accrual and cash accounting is, and how to choose the right method for your business.

accrual accounting 52

accrual accounting account accountant accounted 52

Patriot Software

MARCH 23, 2023

According to the Small Business Administration, 81.2% of large employers and 24.8% of small employers are corporations. Structuring your business as a corporation comes with benefits like limited liability and increased access to capital. It also comes with its own unique small business tax return—Form 1120. Do you know how to fill out Form 1120?

tax return 52

tax return business tax tax account 52

CPA Practice

MARCH 23, 2023

The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies. Last October, the FASB recommended that fair value accounting was the right method for crypto assets, which was a noteworthy development because there currently are no accounting or disclosure rules specifically for crypto assets.

account 52

account accountant accounted accounting standards 52

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

Finance

inDinero Accounting

MARCH 23, 2023

Introduction In today’s competitive private equity (PE) landscape, portfolio companies (portcos) frequently confront significant obstacles in managing their finance and accounting functions. This comprehensive article delves into the underlying reasons for these challenges and presents practical solutions for PE firms and their portcos to streamline their finance and accounting processes, ultimately improving overall performance.

Finance 52

Finance account accountant accounted 52

CPA Practice

MARCH 23, 2023

By Reade Pickert, Bloomberg News (via TNS). Sales of new U.S. homes unexpectedly rose in February after a downward revision to the prior month, suggesting the housing market is beginning to stabilize after a tumultuous year. Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday.

Sales 52

Sales Construction Government account 52

Withum

MARCH 23, 2023

Many organizations receive, catalog, and produce large volumes of information but, unfortunately, do not leverage intelligent automation to manage that information which can lead to a lack of a centralized repository with consistent internal controls and best practices. Some solutions for this problem are not easily customized, are cost-prohibitive, and do not lend themselves to integration and transparency.

52

52

Anders CPA

MARCH 23, 2023

Hackers and cybercriminals’ methods have become more sophisticated within the last 10 years, but not every business has the updated cybersecurity network necessary to reduce their vulnerability to attack. But Who’s Counting? host David E. Hartley discussed the need for businesses to overhaul outdated security systems to a strong cybersecurity policy with Anders Principal and Director + Technology Jason N.

cpas 52

cpas Technology cpa 52

Speaker: Raul Perez, VP and CFO of Lancaster Leaf

Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.

accounting and finance

CPA Practice

MARCH 23, 2023

The Paychex Charitable Foundation , a part of Paychex, Inc. , will provide a $1 million grant to Mental Health America (MHA) to support the organization’s work raising awareness about the importance of prioritizing mental health care. The grant, which allocates $250,000 annually over the next four years, focuses on improving access to mental health education and resources in the company’s key markets across the U.S.

payroll 52

payroll Education 52

Anders CPA

MARCH 23, 2023

The collapses of Silicon Valley Bank (SVB) and Signature Bank magnified the uncomfortable challenges facing the banking sector, both domestically and abroad. Already, commentators and industry insiders have drawn comparisons to the 2008 recession and banking crisis, but despite emotional similarities, there’s very different causes driving this fraught 2023 banking cycle.

cpas 52

cpas cpa Real Estate Government 52

CPA Practice

MARCH 23, 2023

By Augusta Saraiva, Bloomberg News (via TNS). Applications for U.S. unemployment benefits unexpectedly eased for a second week, underscoring a still-tight job market in which employers are reluctant to reduce headcount. Initial filings for jobless benefits fell by 1,000 to 191,000 in the week ended March 18, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 197,000 applications.

Indiana 52

Indiana Illinois New York Hospitality 52

Anders CPA

MARCH 23, 2023

As the banking industry continues to adjust to the fallout from the collapses of several banks, including Silicon Valley Bank (SVB) and Credit Suisse, many businesses who bank with community and regional banks are unsure of how to proceed. Uncertainty abounds as the market decides whether the steps that have been taken to combat this wave of bank collapses is positive or negative.

cpas 52

cpas cpa Missouri Indiana 52

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

Spend Management

CPA Practice

MARCH 23, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Acumatica , an easy-to-use and customizable cloud ERP system that helps improve profitability, efficiency, and more. Use the podcast player below to listen to the podcast.

cpa 52

cpa Technology audit account 52

ThomsonReuters

MARCH 23, 2023

QUESTION: We understand that SECURE 2.0 significantly expands the rules for self-correcting 401(k) plan errors. Can you tell us more about these changes? ANSWER: SECURE 2.0 (see our Checkpoint article ) expands access to self-correction for 401(k) plans in multiple ways. As of December 29, 2022, self-correction under the IRS Employee Plan Compliance Resolution System (EPCRS) may cover any eligible inadvertent failure that would disqualify the plan, unless (1) the IRS identifies the error befo

tax 52

tax account accountant accounted 52

CPA Practice

MARCH 23, 2023

By Brian Niemietz, New York Daily News (TNS) The Securities and Exchange Commission said Wednesday it would accept settlements from celebrities, including Lindsay Lohan, who promoted cryptocurrency without disclosing they were being paid for their services. “On February 11, 2021, Lohan—a well-known actress, singer, and internet personality—touted on social media a crypto asset security that was being offered and sold,” the SEC said in a cease-and-desist order.

New York 52

New York Pennsylvania 52

ThomsonReuters

MARCH 23, 2023

Presidential Veto H.J. Res. 30 President Biden issued the first veto of his presidency on March 20, 2023, blocking H.J. Res. 30, a bill that would have nullified a DOL rule allowing retirement plan fiduciaries to consider the potential financial benefits of investing in funds that take into account climate change and other environmental, social, and corporate governance (“ESG”) factors without automatically running afoul of fiduciary duty requirements (see our Checkpoint article ).

tax 52

tax account accountant accounted 52

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing, almost like magic! We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process au