Wed.Sep 11, 2024

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Why Your Accounting Firm Needs Managed IT Services

CPA Practice

By Dr. Sangeeta Chhabra Efficiency and speed matter more than ever in today’s business environment—and for the majority of accounting firms. Managed IT services are a sure way to bring those elements to your practice. These services scale IT infrastructure to help accountants speed up accounting services, manage the workforce, adhere to global compliances, and lower operational costs.

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Opportunity zones and other gain deferral strategies save on taxes

Accounting Today

The OZ program allows investors to defer their capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

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Bloomberg Tax Predicts 2025 Standard Tax Rates, Standard Deductions, and AMT

CPA Practice

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% from 2024. This is about half the increase in 2024, and a significant drop from the 7.1% increase in 2023. The full report is available at: [link]. Bloomberg Tax’s annual Projected U.S. Tax Rates Report provides early, accurate notice of the potential tax savings that could be realized due to increases in deduction limitations, upward adjustm

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Tax inflation adjustments expected to shrink

Accounting Today

Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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Survey Results Are In: Charting the Future of Accounting

CPA Practice

By Chris Howard Executive Summary The accounting profession stands at the precipice of transformative change driven by rapid advancements in technology and evolving client expectations. This Canopy and CPA Practice Advisor survey asked respondents to share where they currently were and where they thought their firms would be three to five years from now on topics like automation, AI integration, workforce dynamics, remote work models, client interaction, digital transformation, security and more

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Illinois CPAs meet to discuss major issues in profession

Accounting Today

Illinois CPA Society president and CEO Geoffrey Brown and chair Deborah Rood discussed some of the hot topics in the accounting profession during a recent ICPAS Summit.

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More Trending

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How to Manage the Hospital Cash on Hand Crisis

Withum

According to an S&P Global Ratings report released on August 7, 2024, median days cash on hand for U.S. hospitals and health systems dipped to a 10-year low. While the upper half of U.S.-based nonprofit acute healthcare providers reported an average of 292 days, the concern is with those in the lower half, who reported 128 days on average. As a result of the lower cash on hand, the report noted that an uptick is expected in borrowing activity for many organizations in 2024.

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Program to Help California Cannabis Businesses Get Licensed

CPA Practice

William Melhado The Sacramento Bee (TNS) Delayed spending and a lack of oversight threaten to disrupt a $100 million grant program run by the Department of Cannabis Control intended to help businesses secure state licenses, a recent report by California State Auditor found. The August report identified local governments that had spent some of the state funds on things unrelated to the grant’s purpose and failed to properly track money designed to help businesses navigate cannabis regulations.

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Let’s Look at Apollo’s 10-Q to Get Specifics on Their Deal with BDO

Going Concern

In response to the post “ What’s going on at BDO USA? ,” an erudite Redditor with remedial EDGAR search skills pulled up Apollo’s 10-Q for the quarter ended March 31, 2024. As far as we know, the details of this deal haven’t been reported in the media, only that BDO and Apollo had done a $1.3 billion debt financing transaction.

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Colorado Set to Join IRS Direct File Program in 2026

CPA Practice

By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act. Beginning with tax year 2025—filing for which happens in early 2026—Coloradans will be able to use the IRS’s free Direct File program to submit their state and federal taxes online for free.

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Navigating Corporate Travel Changes Post-Pandemic

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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Inform Direct Launches New Client Portal

Accounting Insight

Company secretarial software and formations specialist Inform Direct is to unveil its latest update at Accountex Summit Manchester – a new flexible client portal which delivers a range of real benefits to accountants. The enhancement enables end-to-end automation of managing the production of clients’ confirmation statements, while still ensuring accountants can retain the control they need.

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NetSuite 2024.2 In-depth - Part 2

Insightful Accountant

This is a prologue to Murph's new series on Oracle NetSuite with an emphasis on their 2024.2 Release product enhancements. Today's article gives you a glimpse at some of their Manufacturing and Warehouse features.

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10 Ways We’re Getting Serious With Cybersecurity

Ryan Lazanis

Don't take cybersecurity for granted. Learn 10 steps we're using to protect ourselves and how they can help safeguard your business too. The post 10 Ways We’re Getting Serious With Cybersecurity appeared first on Future Firm.

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Optimizing Your Firm Sales Process

Insightful Accountant

Sales, Onboarding, and Service is commonly referred to as SOS in operations. This triad forms the backbone of client relationships and firm growth, making it essential for long-term success.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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How Should a 401(k) Plan Sponsor Respond to a Data Breach?

LSLCPAs

Data breaches are a growing concern in today’s digital age, and even 401(k) plans are not exempt from this risk. When a breach occurs, the response from the plan sponsor is critical to protect participants and maintain trust. Let’s explore a detailed response strategy, illustrated by a case study of a basic, fictional company. Case. The post How Should a 401(k) Plan Sponsor Respond to a Data Breach?

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Offshoring in Accounting: Insights from Justin Roper of TOA Global at Xerocon 2024

Insightful Accountant

Gary DeHart of Insightful Accountant and Justin Roper, Director of New Business for TOA Global North America, discuss the growing adoption of offshoring by accounting firms in the U.S. and Canada.

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Thomson Reuters Adds Integration with SAP for ESG Reporting Compliance

CPA Practice

Thomson Reuters has announced the latest evolution of its strategic partnership with SAP to introduce a product integration aimed at supporting customers with environmental, social and governance (ESG) reporting, simplifying compliance with emerging regulations for multinational corporations. The integration plans include combining Thomson Reuters ONESOURCE Statutory Reporting and SAP Sustainability Control Tower, enabling customers to prepare, gather, and file ESG data seamlessly within a unifi

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New NetSuite Connector for SalesForce On-the-way

Insightful Accountant

A new NetSuite - SalesForce integration, planned for release within the next 12-months, should help users enhance data management, streamline processes, expand business insights, and improve decision-making.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Global Demand for EVs Slows Due to Lack of Charging Locations

CPA Practice

Global demand for electric vehicles (EVs) has slowed, and for prospective EV buyers, the main concern is a lack of charging infrastructure, according to the fifth annual EY Global Mobility Consumer Index report. The report – based on 19000 respondents from 28 countries – shows that while globally those looking to buy an EV has risen from 55% to 58% since last year, demand is leveling off, having increased from 30% to 55% between 2020 and 2023.

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SuiteProcurement hopes to reduce ‘cost of doing business.’

Insightful Accountant

Oracle NetSuite’s new procurement offering and vendor collaborations with Amazon Business and Staples Business Advantage should help businesses increase productivity and control spending.

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Workiva and Visual Lease Announce Partnership for Financial and Sustainability Reporting

CPA Practice

Visual Lease (VL) , a platform for integrated lease management, accounting, and reporting, has announced a strategic partnership with Workiva , a platform for assured integrated reporting, at Workiva Amplify 2024. Both companies focus on empowering mutual customers to streamline financial and sustainability reporting. “At VL, we saw firsthand how challenging portfolio management was for the Office of Finance in adopting the accounting standards (ASC 842, IFRS 16, GASB 87 & 96),” said Robe

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New User Experience for Oracle Fusion Cloud Supply Chain & Manufacturing

Insightful Accountant

To help organizations build smart and responsive supply chain operations, Oracle has announced new user experience enhancements within Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).

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Best Practices to Streamline Compensation Management: A Foundation for Growth

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.

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Charting the Future of Accounting

CPA Practice

In this engaging webinar a panel of accounting professionals will dive into the data, share their insights, and forecast where they see the profession going in the future. The survey focused on automation, AI, technology usage, security, client interactions, workforce dynamics, work models and more. Come learn what your peers had to say and get some insights on the future of the profession.

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Thomson Reuters and SAP: Empowering businesses with advanced ESG reporting tools for EU standards

ThomsonReuters

← Blog home In response to the growing demand for transparency and accountability in environmental, social, and governance (ESG) practices, the European Commission has established a new regulatory framework through the Corporate Sustainability Reporting Directive (CSRD). This directive mandates that companies annually report their ESG data, for financial years starting on or after January 1, 2024.

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Paystand Expands Its Zero-Fee Payments Network into the Canadian Market

CPA Practice

Paystand , a provider of blockchain-enabled B2B payments, has announced its zero-fee B2B network is expanding to Canada. While Paystand first introduced limited service in Canada in 2018, Canadian payers will now be able to access all the benefits of the Paystand Platform and the Zero-Fee B2B Payment network. A recent Atradius report highlighted that in the face of heightened credit risks and a sharp rise in bad debt, Canadian businesses in the past two years are opting for cash-based B2B trans

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Accounting Co-Sourcing: What Does It Mean and When Is It the Right Solution for Your Business? – Recording

Cherry Bekaert

What exactly is accounting co-sourcing? How is it different from outsourcing? During this CPE webinar, we will explore the differences and dive into how co-sourcing can benefit accounting departments of various sizes and when a co-sourcing model is an appropriate solution over outsourcing. Learning Objectives: Understand the definition of accounting co-sourcing Identify specific areas or projects where co-sourcing is appropriate Determine the right accounting solution model to support your organ

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A Quick Historical Bookkeeping Cleanup

Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

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What is a Ponzi Scheme?

FraudFiles

Tracy Coenen explains exactly what a Ponzi scheme is: an investment scheme in which the promoter takes money from "investors" and promises to invest it. There is little to no real investment, and when it comes time to pay "returns" those investors, the promoter needs money from NEW "investors" to pay them. The promoter is [.

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Using WhatsApp to Streamline Tax Season: Tips for Accountants from ClientWindow

Accounting Insight

Navigating the intricacies of tax season is a demanding task for accountants, and as more professionals search for ways to optimise their efforts, many are turning to popular communication apps like WhatsApp to streamline tax. Why? Well, as the world’s leading messaging app more professionals are recognising the immense value WhatsApp has in facilitating client engagement.

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From Talking to Doing: Revolutionizing Your CPA Firm's Approach to Client Services

Insightful Accountant

As a CPA firm owner, you've likely heard about being proactive. In fact, the word has become so overused that it is talked about constantly. But are you walking the walk?

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Sustainability investments increased this year

Accounting Today

Climate change remains a top issue for global business leaders in the C suite, according to a report by Deloitte.

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.