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According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.
We’re thrilled to be launching Future Focus, a series dedicated to removing the mystery, hype — and maybe even fear — from some of those futuristic technologies you’ve always wondered about, but never knew how, or who, to ask. Our aim is to help you get your head around them now so that the implications and path to adoption later becomes clearer. Let’s take a look at blockchain and distributed ledger technologies and applications — an area we are getting asked about often.
Two techniques fall under the income approach umbrella when valuing a private business interest: the discounted cash flow (DCF) method and the capitalization of earnings method. How do these two commonly used methods compare — and which one is appropriate for a specific investment? Fundamentals of discounting The DCF method estimates the present value of future expected net cash flows using a discount rate.
QuickBooks Online is giving Estimates and Invoices a makeover. Before rolling them out to everyone, it has been giving some customers the new experience and getting feedback.
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.
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years.
By Kristin F. Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. As of Feb. 3, the IRS said it has processed more than 16.7 million tax returns—29% more than in 2022, nearly four million more.
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications.
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications.
Since it’s Monday and all, let’s start with this: ‘Bare Minimum Monday’ is the latest workplace trend hitting productivity We’ll write this one up later: Accounting firm Ernst & Young launches probe into sexual harassment claim filed by Hong Kong employee after allegation goes viral online [ South China Morning Post ] Employee says she and her colleague were harassed by senior male manager at karaoke bar ‘We have also adopted immediate measures to ensure the safety and well
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents.
KPMG laid off staff from its U.S. advisory practice last week in an effort to “better align our workforce with current and anticipated demand in the market,” the Big Four firm’s head of advisory said. The layoffs on Feb. 15 amounted to about 5% of KPMG’s advisory practice—roughly 700 people—which is approximately 2% of the firm’s total U.S. workforce.
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.
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.
A recent report from Robert Half shows that accounting and finance are among the most in-demand by companies looking to hire in the first half of this year.
Ask any business owner whose company has been defrauded by an employee, and you’ll probably hear a common refrain: “I never would have suspected that person!” In many cases, spotting fraud perpetrators before they commit a crime is difficult, especially if you don’t work closely with them on a daily basis. But many fraudsters exhibit performance and interpersonal behaviors that can tip off owners, managers and HR professionals to more serious issues.
We often get questions about what to do when a person wants to give up their authority over their personal and financial life. If they do not already have a Revocable Living Trust that provides for a transfer of that authority, then the next best thing is a Power of Attorney (POA). The person who Read the full article. The post What is a Power of Attorney?
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).
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.
Stay Connected If your tech company is outgrowing its accounting system or experiencing pain points while transitioning to a SaaS model, this podcast episode is for you! Join Technology Industry Practice Leader, Michael Valerio , and Strategic Alliances Director, John Bartz , as they discuss how Cherry Bekaert’s digital advisory team works with tech companies to provide services around strategy, implementation, optimization and support while utilizing Sage Intacct.
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary school. Tuition tax credits You can take the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college — a 100% credit for the first $2,000
All-around awesome person Byron Patrick tweeted a bit of a manifesto on the 150 hour rule today and I want to share it as a movement to lower the CPA licensure requirement of 150 units to ease the CPA shortage is currently underway. Minnesota just introduced a bill to add a 120 units/two years of work experience option to the existing CPA pathway and we anticipate other states may follow.
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or non-cash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by employers and tips received from other employees under tip-sharing arrangements.
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.
"I’m able to spend more quality time with my clients. And because I’m more organized and the client has already been able to complete a lot of the paperwork through the client portal, the time we spend together is more efficient for both of us." —Peter Mar, Northwest Tax Associates. Background Peter Mar of Northwest Tax Associates needed a better way to manage his tax practice.
Many startup ventures have never generated positive cash flow — or even revenue. How can a valuation analyst value a startup business when it has no track record? Without historical performance to rely on, valuators often turn to the entrepreneurs’ forecasts. However, no one can see into the future. So, prospective financial statements can be subjective and risky, especially in today’s volatile marketplace.
What's New: Sharing a file with clients or key stakeholders has just gotten easier. Now you can send a file using a secure link. Recipients will receive an email (to the one you designate) with a secure link that will allow them to open and view the file via a browser. They will not need to have access to the client portal or even have to be one of your clients.
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.
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.
Email marketing – if done right – can be a powerful business tool helping explore customer behavior , increase sales, and build strong customer relations. At this point, regular communication is vital. Engaging a lead can’t be enough – you might want to maintain contacts and encourage conversion. One of the ways to do it is by email follow-up. In this article, we’ll observe some marketing follow-up strategies and best practices you might want to consider.
In the second installment of this webinar recap, internationally renowned ProAdvisor Esther Friedberg Karp (with an assist from Murph) drills down into the data entry and reporting feature and how they can benefit you.
Whether you’re a plumber, electrician, construction worker, mechanic or carpenter, every tradie needs the right tools for the job. So why is it so useful to be running your trade business using proper cloud accounting software? Let’s look at the needs of your industry and how proper cloud accounting software can help… Why not fire off your invoice the moment the job’s done?
Even with prices falling, interest in cryptocurrency is on the rise. It is important to know the tax implications before you jump into the world of crypto. Whether you are invested in, accept or make payment with, or receive a gift of crypto it may give rise to a taxable event. The following chart is courtesy of Time.com : It should be noted the gift limit for 2022 is $16,000, up from $15,000 in 2021.
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.
If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023. At present, voluntary contributions can be made to plug gaps back to April 2006, but this will be curtailed from April. National insurance (NI) contributions are made by employed and self-employed individuals based on their earnings.
If you’ve followed financial news over the past several months, chances are you’ve seen at least one headline about the ongoing accountant shortage. Maybe you’ve even experienced the pains of struggling to hire candidates at your firm. Several factors contribute to the shortage, like mid-career CPAs changing professions, or early retirements spurred by the pandemic.
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 small businesses.
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.
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