Mon.Dec 16, 2024

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AI and automation: Augmenting accountants, not replacing them

Accounting Today

Embracing artificial intelligence and automation can help accounting firms take a human-centered approach to efficiency.

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Client Accounting Services to Help Drive Your Business

AccountingDepartment

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas. Fortunately, there are ways to outsource a number of services, including client accounting services. This helps keep your company growing and succeeding, without the need to bring on more employees or overwork yourself to get everything done.

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A data security checklist for tax firms using GenAI

ThomsonReuters

Jump to 1. Use data encryption when working with clients 2. Implement access controls to use GenAI 3. Implement a quarterly security audit 4. What to consider when selecting the right technology 5. Provide security training as part of your firms annual curriculum 6. Minimize unnecessary data 7. Incorporate privacy considerations into the GenAI system 8.

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Segment Reporting and Broker-Dealers

Withum

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023, it applies to public entities, including broker-dealers. The goal of segment reporting is to provide insight into a companys business activities and economic environment.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Strategies for identifying and converting clients for advisory services

ThomsonReuters

Jump to Understand the value of an advisory model Identify ideal clients for advisory services Convert clients from compliance to advisory Build long-term, meaningful relationships with clients The shifting dynamics in the accounting industry present an opportunity for small and midsized firms to gain a competitive edge by moving beyond traditional compliance tasks and embracing a more advisory-focused approach.

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Enhancing Manufacturing Business Operations in NetSuite

Withum

Many manufacturing companies encounter challenges when trying to manage their operations within an ERP system. Unlike more standardized industries, manufacturing involves a wide range of variables, including custom production workflows, specialized machinery and intricate supply chain logistics that are often unique to your product. Configuring out-of-the-box NetSuite to meet these unique requirements can be particularly difficult.

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5 IRA and 401(k) Changes to Know for 2025

CPA Practice

Savvy savers should plan ahead to help save more and avoid penalties and tricky tax situations. Here are five changes coming to IRAs and 401(k)s in 2025.

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IIA and ACCA extend pact

Accounting Today

The Institute of Internal Auditors and the Association of Chartered Certified Accountants have renewed their memorandum of understanding for another three years.

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Streamline 1099 Prep: How Outsourced Accounting Teams Help

Basis 365

As the new year approaches, many business owners scramble to prepare for the January 31st deadline to file 1099 forms. These forms are essential for reporting payments made to vendors, contractors, and other non-employee service providers. Failing to file accurate and timely 1099s can result in penalties, frustration, and wasted time. However, with outsourced fractional accounting services , you can simplify this annual task.

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Ascend adds Walter Shuffain

Accounting Today

Private-equity backed firm Ascend has added Walter Shuffain to expand its footprint in the Boston market.

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Live Demo - Supercharge your Month End Close

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. 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 automation, and Why i

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2025 ProAdvisor Awards Application Process Continues

Insightful Accountant

You can still 'apply' for the the 2025 ProAdvisor Awards even though 3rd-party nominations have closed. Applications, new or in progress, must be submitted by February 11, 2025.

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CFOs have the worst job security in the C-suite

Accounting Today

Chief financial officers continue to experience a downward decline in tenure and the lowest level of job security in the C-suite, according to a new study.

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Key Implications of the Preliminary Injunction for Tax Practitioners

Insightful Accountant

The recent nationwide preliminary injunction against the Corporate Transparency Act (CTA) enforcement creates significant uncertainty for tax practitioners handling beneficial ownership information (BOI) reporting.

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Average audit fees grew 6.41%

Accounting Today

The average audit fee increased to $3.01 million from 2022 to 2023, up from $2.83 million in the previous cycle, according to a new report.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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SAP Announces General Availability of SAP Green Ledger

CPA Practice

Part of SAP Sustainability solutions, SAP Green Ledger allocates carbon emissions to specific economic activities and transactions captured by ERP solutions from SAP.

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How Your CRM Helps You Maintain Compliance Regarding Accountant-Client Privilege

Canopy Accounting

Accountant-client privilege is a vital element of building trust, but balancing compliance rules is challenging. Learn how the right CRM can help.

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Vertex Named a Leader in 2024 IDC MarketScape in 3 Categories

CPA Practice

Vertex delivers innovative tax technology designed to support complex operations across industries, helping ensure accurate tax determination, and seamlessly integrating with evolving business models.

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KBST&M merges in Varanko & Black CPAs

Accounting Today

Kahn, Berman, Solomon, Taibel & Mogol in Hunt Valley, Maryland, is adding Varanko & Black CPAs, another firm in Baltimore County, effective Jan. 1, 2025.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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NJCPA Delivers Nearly 2,500 Pounds of Food and Supplies to Community FoodBank of New Jersey

CPA Practice

The NJCPA Emerging Leaders Council, which sponsored the Food Drive, also held a volunteer day at the FoodBank to help pack food for seniors and veterans.

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Art of Accounting: A holiday gift for my readers

Accounting Today

Ed is offering to email a bundle of articles that provide helpful tax, valuation, financial planning and practice management advice.

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Rainbow Lodge – Who is Claude Robinson?

Accounting for Good

An Australian Of The Year Finalist in the local hero category, Claude Robinson and Rainbow Lodge care for the men nobody wants.

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AICPA & CIMA Announces 2024 Leadership Academy Graduates

CPA Practice

The program, now in its 16th year, was held in Durham from December 9-12. The AICPA Leadership Academy was created to inspire, nurture and empower the next generation of diverse CPA leaders by providing them with advanced leadership training.

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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.

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Chicago nixes property-tax hike as Olympic loan payment extended

Accounting Today

Chicago Mayor Brandon Johnson is reversing his plan to raise property taxes by offering to use some bond refinancing savings and defer a loan repayment.

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Monday Morning Accounting News Brief: Oh Man, the Deloitte Hack Is Bad; Grant Thornton’s $2.31 Billion in Debt PE Deal | 12.16.24

Going Concern

Good morning and happy Monday! I heard you like news so here’s some just for you. A Los Angeles firm is doing a reverse pioneer thing and planting a flag in Salt Lake City : Salt Lake Citys growing and vibrant business base, experienced workforce, and the presence of world-class accounting programs at local universities are prompting HCVT, the largest CPA firm based in Los Angeles, to open a sizable office in the market, company officials announced today.

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2025 UK tax deadlines and other important financial dates

Wellers Accounting

Tom Biggs ACA CTA, provides a comprehensive list of the tax and financial dates you need to be aware of in 2025.

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Workflow Automation Tools: Optimize Your Power Automate Cloud Flows

Withum

As businesses continue to evolve and embrace digital transformation , the need for efficient and automated workflows has never been greater. Power Automate, a versatile workflow automation tool from Microsoft Power Platform , empowers organizations to create cloud flows that automate a wide range of tasks, reducing the need for manual intervention. To maximize the benefits of Power Automate, it is essential to follow best practices that ensure your Power Automate cloud flows are not only efficie

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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.

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Cannabis Collection Agency: What Is It and How Can It Help Your Cash Flow?

Anders CPA

As the son of a commercial collection attorney, Brett Gelfand never wanted to get into debt collection. But when he found himself in the thick of the cannabis business in Colorado, where delinquency rates were through the roof, he saw an opportunity that would lead him to create Cannabiz Collects – the only cannabis debt collection agency. Brett started wholesaling his product on terms in 2015, before that was common in the industry.

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Modulr Secures its First-Ever Contract with HMRC for Confirmation of Payee Services

Accounting Insight

Modulr, a leading digital payment services provider, is today announcing a significant new contract with His Majesty’s Revenue and Customs (HMRC) for the provision of Confirmation of Payee (CoP) services. Under the agreement, Modulr will continue to protect the security of HMRC’s payments to individuals and businesses through its CoP service, which helps prevent fraud by validating bank account details in real-time with receiving banks and payment institutions.

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UK Construction: 2024 Challenges & Opportunities

Menzies

Menzies LLP - A leading chartered accountancy firm. The Ever-Changing Economic Landscape As decades pass working in the UK, the nature of the boom and bust cycle continues to evolve. From high interest rates to low, and from slow growth to unsustainable surges, the economic tides shift constantly. Yet, one thing seems to remain the same: the construction industry persists as the bellwether of the economy.