Tue.May 09, 2023

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Pre-Revenue Startups Are Looking to FP&A to Manage & Preserve Cash

BurklandAssociates

In addition to helping startups manage short-term cash and extend runway, FP&A provides the data for a strong future game plan. The post Pre-Revenue Startups Are Looking to FP&A to Manage & Preserve Cash appeared first on Burkland.

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5 Questions to Ask Yourself Before Distributing Sales Tax Obligations to Other Team Members After Losing a Key Employee

TaxConnex

Losing an important member of your finance team can leave a big hole in many business processes, especially if most of your accounting functions are managed in-house. But what happens when you lose the person managing your sales tax obligations? For most businesses in this scenario – there are three options: Re-hire for the position Distribute tasks among other members of the team Outsource In this blog, we’ll look at the potential to distribute tasks to current team members.

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The Philippines is Running Low on Accountants and US Firms Should Be Worried

Going Concern

In recent years, US firms have shifted heavily into offshoring and it seems it never crossed anyone’s mind that offshore talent might be a finite resource. So far it seems dwindling accounting graduate numbers in the Philippines are mostly affecting in-country businesses and firms, still something worth keeping an eye on. This is from CNN Philippines in March : The country is facing a shortage of accountants as college enrollment for this field of study dropped while those licensed chose t

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Retaining Accounting Talent Starts With Knowing These Top 3 Job Search Motivators

CPA Practice

You may have heard that job openings in the United States dropped significantly in February, falling below 10 million for the first time since May 2021. But if you study the Bureau of Labor Statistics (BLS) data a little more closely, you’ll find that quits also edged up slightly that same month to 4 million. Further examination of BLS data shows monthly quit rates have been on a downward trend generally over the past year.

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Planning Your Restaurant's Path to Profitability

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.

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Meet the new faces of Australia’s XPAC

Xero

Xero wouldn’t be where it is today without the support of our partner community, and that includes our Xero Partner Advisory Council (XPAC). That’s why we’re thrilled to announce our latest XPAC cohort for Australia. The XPAC team is a group of experts connecting Xero to the community and industry alike. They both challenge and champion the needs of the accounting and bookkeeping sector by engaging in open discussion, sharing industry insights, and providing actionable feedback.

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Intuit QuickBooks Online Accountant Now Available in 170 Countries

CPA Practice

Intuit QuickBooks has enabled global free access to QuickBooks Online Accountant (QBOA), allowing accounting professionals in 170 countries “to move to the cloud faster, scale their practices and bring more value to their clients and the wider economy.” Accounting professionals make a huge contribution to the economy at a local, regional and global level, working as trusted business partners to the SMB community, which represents 90% of businesses and accounts for 70% of employment globally.

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Canopy Partner Connect

Canopy Accounting

At Canopy, we understand how critical it is to have access to trusted and reliable partners who can help you achieve your goals. To assist you in finding the missing piece to your puzzle, Canopy is excited to announce Canopy Partner Connect — our service provider partner program, which aims to provide our customers with even more value and support by partnering with top service providers in the industry.

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Take Advantage of Lifetime Exclusion While You Can

KROST

When a person passes away, the deceased’s assets are subject to federal estate tax if the total value of their estate exceeds a certain threshold. The lifetime exclusion, also known as the estate tax exemption, is a tax provision that allows individuals to pass on a definite amount of wealth to their heirs without being Read the full article. The post Take Advantage of Lifetime Exclusion While You Can appeared first on KROST.

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AccountingDepartment.com Awarded Inc. Best Workplaces 2023 Recognition

AccountingDepartment

We are thrilled to share that AccountingDepartment.com has been selected for inclusion in the Inc. Best Workplaces list, for the second year in a row. This 2023 recognition is a true testament to our accomplishments around the workplace we have created. We are grateful for the privilege of being acknowledged as an Inc. Best Workplace for back-to-back years and we extend our appreciation to our entire staff, who make it such a wonderful place to be every day.

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Touchland Cleans Up Its Financial Systems with NetSuite

Insightful Accountant

NetSuite helps award-winning hand sanitizer business drive efficiencies and sustain its rapid growth.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

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

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Association for Accounting Marketing Announces Category Winners of 2023 Marketing Achievement Awards 

CPA Practice

Twenty-three awards for marketing achievement were presented to accounting marketers on May 8 at the Association for Accounting Marketing’s (AAM) annual Summit. AAM’s Marketing Achievement Awards feature awards in multiple categories, including advertising, branding, business development initiative, collateral and content marketing, events, marketing and PR campaigns, video and multimedia, website, corporate social responsibility and diversity, equity and inclusion.

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Making Mistakes

Withum

The following is abstracted from a speech by Ben Heinemann, CEO of BP Print Group, Lakewood, NJ. “Someone once told me a line I’ll never forget. ‘Failure is not failing. It’s just another step in growing.’ The first time I heard Ed Mendlowitz, who currently authors our Biz Wiz column, speak, I was at an event. The person introducing him talked about ten things that Mr.

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Accountants Say Small Businesses Still Have a Rocky Road Ahead

CPA Practice

Small businesses will continue to face challenges accessing fresh capital, boosting profits, managing payroll costs, weathering supply chain difficulties, and hiring new employees over the next year as economic turmoil persists in the U.S., accountants predicted in a new survey. The survey of 536 accountants who represent 100,000 or so small businesses was conducted during tax season in March and April by tax compliance automation provider Avalara in partnership with accounting news and analysis

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Resilience During a Recession: Strategies for Business Survival 

Patriot Software

For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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More Job Postings Include Retirement Benefits to Lure Workers

CPA Practice

By Reade Pickert, Bloomberg News (TNS) Over a year of rapid wage growth has U.S. companies turning to enhanced benefits to attract and retain workers. Mentions of employee benefits in job postings on ZipRecruiter soared to the highest rates on record, according to an analysis by the jobs site. A greater share of positions offered benefits like health insurance, paid time off, and paid parental leave than in prior years.

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How to Avoid the Traps and Take Advantage of State Tax Opportunities for the Professional Service Industry

Cherry Bekaert

State tax is often an afterthought when keeping up with the daily demands of running a business. A sharp rise in remote work locations has pushed states to focus more on identifying non-filers, and vague state guidance often leaves taxpayers unsure of how to allocate their revenue across various states. Most states have now enacted some form of a Pass-Through Entity Tax (PTET) election, which can result in significant federal tax savings in the right situations.

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How Outsourced Accounting Can Save Law Firms Time and Money

LSLCPAs

As a law firm your primary goal is focusing on your clients and cases. As a business you still need to be sure your financial statements are in order, bills are being paid, invoices are being collected, and your firm is in compliance with accounting principles and regulations. And, you want your firm moving in. The post How Outsourced Accounting Can Save Law Firms Time and Money appeared first on LSL CPAs.

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Deloitte Picks Up an EY Alum As Chief Tax Officer-in-Residence

Going Concern

This one is fresh off the newswire. Deloitte announced its Chief Tax Officer Program is bringing on Paul Stephens, a 25 year veteran of AT&T, to serve as independent senior advisor. His job will be to advise Deloitte Tax staff and senior leadership “while also helping CTOs and their finance organizations create value for their enterprises and communities.” Although the press release you will find right after this sentence does not mention the firm by name, it seems Stephens start

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Resilience During a Recession: Strategies for Business Survival 

Patriot Software

For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare.

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Sam Bankman-Fried Wants Criminal Charges Dropped

CPA Practice

By Molly Crane-Newman and Brian Niemietz, New York Daily News (TNS) Cryptocurrency entrepreneur Sam Bankman-Fried is asking for criminal charges against him to be dropped. The FTX founder alleges prosecutors in his upcoming trial made federal crimes out of what should be civil and regulatory complaints. A filing from his legal team, which came late Monday, argues 10 charges in Bankman-Fried’s 13-count indictment should be dismissed.

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2023 Not-for-Profit Speaker Series: Cryptocurrency in Not-for-Profit Organizations

Cherry Bekaert

In today’s environment, the use of cryptocurrency is becoming a growing topic among nonprofit organizations striving to reach fundraising goals. Before accepting any digital assets as donations, it’s important for your organization to understand the policies and best practices needed as it relates to holding cryptocurrencies in your gift program. In this video, we review cryptocurrency basics, examine the risks and rewards of holding cryptocurrencies and discuss the proper accounting under U.S.

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Illinois License Renewal Fees Waived for Frontline Health Care Workers – How Health Care Facilities Can Capitalize

Anders CPA

Illinois Governor J.B. Pritzker announced plans to waive licensing fees for frontline health care workers during fiscal years 2023 and 2024. While it’s welcome news that renewals and new applications will come at no cost for Physicians, Registered Nurses and more, health care facilities responsible for managing those renewals can find themselves overburdened.

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Recruit and Retain New Blue-Collar Talent

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.

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Future Forward 2023: Process to Price to Profits

Insightful Accountant

Get the lowdown on the art of pricing, saying no and having the business you want. Sign up today.

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CEOs Concerned About Stability of Banks

CPA Practice

Nearly two-thirds of mid-market CEOs are concerned about the stability of their company’s bank – but not enough to change institutions, according to the latest Marcum LLP-Hofstra University CEO survey. The survey, coming less than a month after the failure or federal rescue of three regional banks, reveals executives’ uncertainty about the implications of the bank collapses and how to respond.

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Warehouse Wednesday: Revisiting Manufacturing KPIs

Insightful Accountant

Murph travels back to a series he wrote on measuring manufacturing performance by providing a list of manufacturing KPIs and the related links to the articles with definitions and uses.

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AICPA & CIMA Offer New Learning Tools

CPA Practice

The AICPA & CIMA have released a new online learning platform to help accounting and finance professionals improve and update their skills to take advantage of a digital accelerating business environment. According to a 2021 World Economic Forum report , more than half of all employees worldwide will need to reskill or upskill by 2025. To address this need, the new system boasts single-platform availability, enhanced navigation and other tools that foster emerging technology–driven skills

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

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.

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Case Study: U.S. Industrial Distributor Enhances Cybersecurity With Business Impact Analysis

Withum

Learn how Withum helped a U.S. Industrial Distributor strengthen its resilience and preparedness for disruptive events, minimizing the impacts on its operations and improving business continuity. Download a PDF of this case study. Executive Summary A large national equipment and supplies distributor looked to Withum to improve their business continuity planning to sustain operations during a disruption.

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Top 4 Business Strategies to Navigate the Challenges Ahead

Basis 365

Small businesses have been hit hard by the recent economic downturns but have shown resilience and adaptability. With the pandemic, companies that failed to pivot quickly or implement effective strategies faced closure. However, others weathered the storm by embracing change and innovation. Here are five proven strategies to help your small business thrive in an unpredictable economy. 1.

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Navigating the World of Bookkeeping for Marketing Agencies

Steve Feinberg

Bookkeeping and accounting for marketing agencies may not be the most exciting or glamorous aspect of the business, but they are essential for your agency’s success. Proper financial management can help you make informed decisions, identify areas for improvement, and avoid costly mistakes. From tracking profit margins to monitoring budget constraints, bookkeeping offers insight into the financial health of a digital marketing agency’s operations.

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New focus for tax firm leaders: 2023 Tax Professionals Report summary

ThomsonReuters

The 2023 State of the Tax Professionals Report sheds light on the current state of the tax industry and how firms are adjusting to meet the demands of an ever-evolving profession. From leveraging artificial intelligence and machine learning to streamlining tax preparation processes, the report explores the innovative approaches that firms are taking to remain competitive in today’s dynamic tax industry.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.