Canopy Accounting
APRIL 21, 2023
If you've spent any time near a screen lately, you’ve heard of ChatGPT — a language model trained by OpenAI. Every day, a new thread appears of someone who has figured out the next thing ChatGPT can do. With the evolution of AI and OpenAI-based architecture, almost every industry must decide how to incorporate AI into their work models, including ours.
SMBAccountant
APRIL 21, 2023
The past few years have forced many small businesses to face issues with the supply chain that they had previously never considered. Even the most prudent risk manager couldn’t have anticipated the far-reaching impact that the pandemic had on nearly every aspect of life. These new challenges have changed purchasing habits for many small businesses and as things start to return to normal, practices, such as inventory may need to be reevaluated.
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CPA Practice
APRIL 21, 2023
Rethinking Succession: The Unconventional Choice It’s human nature to surround ourselves with people who are similar to us, after all who could be better than you but another you? When tasked with choosing a successor for your current role, whether as a partner at a firm, running your own practice, CFO, or any other position, the idea of finding a Mini-Me might feel comforting.
Insightful Accountant
APRIL 21, 2023
The new function will be released in a beta mode with select customers on April 26 with the expectation of rolling it out to Canopy’s full customer base in May.
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CPA Practice
APRIL 21, 2023
By Kyle Stock, Bloomberg News (TNS) Americans love a Ford pickup truck; it’s one of the few constants of the car business. So it was a huge win on Tuesday when Ford’s F-150 Lightning became one of just 10 vehicles to qualify for the full $7,500 in tax breaks laid out by the Inflation Reduction Act. Dozens of other electric cars and trucks didn’t make the cut, either because they aren’t manufactured in the U.S. or don’t use American parts and pieces.
Going Concern
APRIL 21, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Big 4 EY Confronts Slowing Growth After Breakup Deal Fails [ Wall Street Journal ] Read this whole thing because it’s hilarous(ly awful for EY).
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Going Concern
APRIL 21, 2023
Earlier this week WSJ’s CFO Journal posted a piece entitled “ Ernst & Young, After Its Failed Split, Could Find Itself Vulnerable to Staff Poaching.” They might as well have made the headline “Hey Big 4 Firms, There’s a Carcass Full of Meat Here For You to Pick Pieces Off Of” because the premise of the whole article is laying out in graphic terms just how exposed EY is right now and how easy it is to grab talent from them.
CPA Practice
APRIL 21, 2023
By Theresa Braine, New York Daily News (TNS) Death and taxes may both still be inevitable, but waiting to talk to the IRS soon won’t be, the agency claims. The IRS said Monday that its average wait times for phone calls is now 4 minutes, down from 27 last year. This year’s tax filing deadline is Tuesday. Thanks to last year’s Inflation Reduction Act, the IRS got a funding boost that enabled it to improve customer service all around for the 2023 tax season.
GrowthForceBlog
APRIL 21, 2023
6 min read In every workplace, people of different personalities, opinions, and experiences come together – and this kind of diversity can be of great benefit to businesses as everyone's different backgrounds and approaches can lead to incredible creativity, innovation, and problem-solving abilities. Differences, however, also tend to lead to conflict.
CPA Practice
APRIL 21, 2023
The Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA community through a variety of prestigious awards. “It’s such a privilege for us to be able to honor those who have gone above and beyond in their service to our organization and the accounting profession,” says Geoffrey Brown, CAE, ICPAS president and CEO.
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.
Randal DeHart
APRIL 21, 2023
Many problems can be traced back to the "Halo Effect," which happens when a contractor thinks, "We are so good at (fill in the blank) we should expand into (fill in the blank)." The most common situation is when a residential remodel contractor with a reputation and a substantial company generating 15% or more profits decides to start building custom homes.
CPA Practice
APRIL 21, 2023
Canopy , a provider of practice management software for accounting firms, has added ChatGPT AI to its all-in-one accounting practice management software. The new ChatGPT functionality in Canopy allows users to craft an email simply by adding keywords and adjusting the level of formality of the message with one click. It also allows for rephrasing messages, or quickly correcting spelling and grammar.
Cherry Bekaert
APRIL 21, 2023
The Internal Revenue Service (IRS) made headlines this past year with the news that they would be receiving an additional $80 billion towards their budget over 10 years through the Inflation Reduction Act of 2022. With the IRS facing many of the same issues they have been dealing with for more than six decades, the question remains: what will be different this time?
CPA Practice
APRIL 21, 2023
The American Institute of CPAs (AICPA) has expressed its support of H.R. 1477, the Freedom to Invest in Tomorrow’s Workforce Act. The bipartisan bill – sponsored by Representatives Abigail Spanberger (D-VA) and Rob Wittman (R-VA) – -, including professional credentials and certifications. It would provide accounting professionals with greater financial flexibility as they enter the workforce and seek to further their education.
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
Accounting Insight
APRIL 21, 2023
In light of the recent Spring Budget announcement, the Chancellor presented his proposals to reduce inflation by 50%, boost economic growth, and reduce debt. Despite the persistent challenges facing our economy, there is a growing inclination towards implementing digital reforms. Once more, the current economic climate poses a significant challenge for presenting a Budget.
Cherry Bekaert
APRIL 21, 2023
The Internal Revenue Service (IRS) recently released Notice 2023-21 clarifying how the postponed tax return filing deadlines in 2020 and 2021 affect amended return filings. In April 2020, the IRS issued Notice 2020-23 , which postponed certain 2019 federal tax return filing and payment deadlines until July 15, 2020. Similarly, in April 2021, the IRS published Notice 2021-21 , which postponed certain 2020 federal tax return filing and payment deadlines to May 17, 2022.
FraudFiles
APRIL 21, 2023
Education is a highly effective fraud prevention technique for companies. Studies have shown that companies with anti-fraud educational programs in place can cut their fraud losses in half. By educating employees, management is giving them the tools to help look for and stop fraud.
Dent Moses
APRIL 21, 2023
Our firm works with hundreds of businesses of all shapes and sizes. Though there are many different business structures and industries, there are many commonalities. Our business clients are usually focused on sales, cash flow, and growth. Accounting needs are often considered a necessary evil rather than a priority. Oftentimes, one of the owners or a family member is tasked with handling the dreaded accounting responsibilities.
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Withum
APRIL 21, 2023
As you may know from my first blog, How to Use Power Automate , Power Automate is a series of different tools that allow you to automate repetitive, tedious, or time-consuming tasks that can help increase the productivity of your business and its employees. With April finally here, Microsoft has announced what Power Automate users can expect in the upcoming months all the way until September 2023.
Canopy Accounting
APRIL 21, 2023
April 21, 2023 (Draper, UT): Canopy , provider of industry-leading practice management software, announced today the integration of ChatGPT AI in its all-in-one accounting practice management software.
CPA Practice
APRIL 21, 2023
The American Institute of CPAs (AICPA) has submitted suggestions for improvements to the Internal Revenue Service on the current section 645 final regulations election to treat a trust as part of an estate ( TD 9032 ). These recommendations will simplify filing for taxpayers and practitioners and will reduce the administrative burden on the IRS as well.
Accounting Insight
APRIL 21, 2023
Introducing Streem Connect, first time exhibitors at Accountex London. Spend a couple of minutes getting to know them and what they’ve got in store for the show. What do Streem Connect do? Streem Connect provide comprehensive bank statement analysis, reconciliation, and financial management tools for accountants and other financial professionals.
Advertiser: Paycor
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.
CPA Practice
APRIL 21, 2023
In a recent letter, the American Institute of CPAs (AICPA) provided comments on the need for guidance from the Department of the Treasury and the Internal Revenue Service (IRS) that can be used to assist taxpayers in properly calculating their losses on digital assets. The AICPA is asking that the IRS provide guidance that will clarify how digital asset losses are handled in various scenarios.
Withum
APRIL 21, 2023
Explore Other Episodes #CivicWarriors #WithumImpact The post Fighting and Surviving Cancer With Amanda Ferraro appeared first on Withum.
CPA Practice
APRIL 21, 2023
BPM LLP , one of the 40 largest public accounting and advisory firms in the country, has launched the BPM Business Lifecycle Center, a new, interactive resource for entrepreneurs, founders, business owners and executives, offering critical support to navigate the current market environment and pave the future. The multichannel platform delves into the three primary phases of organizational growth – Startup, Growth & Expansion, and Liquidity– as well as the potential challenges and opportunit
Going Concern
APRIL 21, 2023
The following tidbit of information about the aftermath of the Project Everest failure is going in Footnotes later today however we felt it important to call it out for those who skip the weekly linkwrap. Apologies for doubling down on EY news today. WSJ published an exclusive about the post-Everest mess at the crack of dawn yesterday and honestly the whole thing is worth a read, especially so if you have an EY.com email address.
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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.
CPA Practice
APRIL 21, 2023
Bloomberg Tax & Accounting today announced that it is releasing new data transformation and automation capabilities for its Bloomberg Tax Provision. The new functionality enables Bloomberg Tax Provision customers to automate workflows across the tax provision lifecycle. Tax professionals often receive financial data in inconsistent or unusable formats, and the steps to reformat this data are often manual and repeated period over period.
DMCL
APRIL 21, 2023
The recently released 2023 federal budget made significant commitments and offered significant incentives to encourage Canadians to go green. If you haven’t already, it’s time that each of us pause and take a serious look at how we can support a greener Earth. DMCL is no exception and, this Earth Day, we’re proud to share our journey towards becoming net-zero.
CPA Practice
APRIL 21, 2023
Auditing practices from the accounting profession can be adapted to identify academic fraud, according to new research by the University of St Andrews. In a paper published in the journal Research Integrity and Peer Review , the authors show how effective statistical tools can be employed by those who review scientific studies to help detect and investigate suspect data.
CPA Practice
APRIL 21, 2023
Lockstep , a connected accounting network, has announced that Lockstep Self-Service now allows companies to accept payments online from their customers using Stripe or PayPal or the merchant processor of their choice. Combined with Lockstep Inbox, Lockstep Self-Service – the latest application in the Lockstep Suite – is a free solution that allows users’ companies to manage their AR and AP workflows in one place.
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"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.
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