Wed.Mar 13, 2024

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A Founder’s Guide to Efficient Financial Management in 2024

Shay CPA

No matter what kind of solution, service, or product a company delivers, it has one thing in common with every other business in existence today. What’s that underlying thread? They all need to be on top of their financial management. Sure, when you’re small and scrappy, you can probably scrape by. Some spreadsheets and a few dedicated hours each month might be enough to keep your books sorted.

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Acterys Recognized as an Accelerator in Nucleus Research’s 2024 CPM Value Matrix

Acterys

Navigating Corporate Performance Management (CPM) needs has become a strategic force for businesses eager to harness data for insightful decision-making. To cater to the evolving needs of SMBs and enterprises, Acterys has emerged as a distinguished accelerator in the 2024 CPM Technology Value Matrix by Nucleus Research, showcasing its innovative approach to integrating analytics and planning.

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Tax pros: Be careful what you tell clients about BOI

Accounting Today

Affected businesses may turn to their accountants for help, but are firms the best source to help clients report beneficial ownership information to the feds?

Tax 120
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10 U.S. Cities With the Largest Gender Pay Gaps

CPA Practice

By Chris Morris, Fast Company (TNS) March 12 is Equal Pay Day in the U.S., a representation of the additional number of days women must work in order to match the amount men earned last year. But in some cities, it could take even longer. A report from product research company, ChamberofCommerce.org, using data from the U.S. Census, examines which U.S. cities have the dubious honor of having the largest gender pay gaps.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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IRS Energy Credits Online: Register for Clean Vehicle Tax Credit Advance Payments

Insightful Accountant

Auto dealers and sellers must register with IRS Energy Credits Online to submit time-of-sale reports for Clean Vehicle Tax Credit advance payments for vehicles placed in service in 2024 and beyond.

Tax 105
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How Accountants Can Help Clients Navigate the New World of E-Invoicing

CPA Practice

By Alex Baulf. In the midst of the accounting profession entering a brave new world where digitization of tax and accounting processes is increasingly the norm, it should come as no surprise that the humble invoice is now in the crosshairs of governments around the globe, including the U.S. The invoice is essential to tax compliance processes, and the electronic invoice (e-invoice) is not only inevitable, but upon us.

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3 Ways to Help Ensure New Employees Stay

Insightful Accountant

Hiring in accounting, particularly for tax talent, is tough due to declining student enrollments and CPA exam takers. This trend puts pressure on the industry for hiring.

CPA 101
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The Benefits of Outsourced Accounting

Dent Moses

In today’s business environment, companies are constantly seeking ways to optimize operations and enhance efficiency. One strategy gaining prominence is outsourcing, particularly accounting functions. Outsourcing accounting services can offer a myriad of benefits, revolutionizing a business’s financial landscape. Firstly, outsourcing allows companies to tap into a pool of skilled professionals without the burden of hiring and training in-house staff.

Account 98
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Marketing by Numbers Joins Forces with CPAmerica for Accounting Marketing

CPA Practice

CPAmerica, Inc. has announced its latest partnership with Marketing by Numbers , welcoming them as a new preferred provider for the association. Marketing by Numbers’ platform will enable member firms to harness AI and expertly prepared articles to easily craft thought leadership content and communicate it through email and social media. Since 2018, Marketing by Numbers has assisted accounting firms of all sizes in streamlining their marketing processes and driving revenue growth.

Account 97
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Creating sustained success for nonprofits

Accounting Today

Nonprofit development and accounting departments are working toward the shared goals of sustainable growth and accomplishing their mission.

Account 110
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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Voice of the Customer in Commercial Due Diligence: Maximizing Post-Acquisition Growth and Strategic Decisions

Cherry Bekaert

KEY OBSERVATION: Incorporating voice of the customer methodologies into the commercial due diligence process can help businesses realize the full potential of their growth strategy. By using fact-based market analyses and asking the right questions, you can improve frontline performance, raise barriers to switching, grow profits and drive value accretion.

Sales 93
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BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm

Going Concern

BDO USA filed a federal trade secrets lawsuit against Ankura Consulting on Monday that alleges Ankura “unjustly enriched itself through the employee defections from BDO and stole the company’s confidential information.” The defections came in the form of several senior-level staff from BDO’s healthcare transaction advisory business who apparently left BDO with their national practice leader.

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Zero-Based Budgeting in Your Skagit County Small Business

SkagitCountyTaxServices

No business management technique is sacred anymore. And rightly so. In my world, there’s been a trend in recent years with businesses moving away from traditional, fixed budgets towards more flexible approaches. I think that could be said for most tasks within business management. The ever-changing market landscape, economic uncertainties, rapidly developing technology, and the global scene are all forcing us to look beyond what our predecessors taught us.

Texas 84
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Formerly Prestigious Firm Fires 327 People and Three Dozen Partners After Genius Money-Making Scheme Backfires

Going Concern

*Technically the partners are being forced to retire but the headline was already way too many characters It’s been more than a year since Australian Financial Review blew the PwC Australia tax scandal wide open and it’s been nothing but migraines for PwC leadership (and their cousins at other Big 4 firms also subject to relentless grilling by Aussie senators) since.

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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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Ultimate Guide to Financial Management for Architecture Firms

GrowthForceBlog

8 min read A survey of architecture firms from the American Institute of Architects has found that the top three concerns of industry leaders in 2024 are increasing their firm's revenue (30.3%), managing rising costs (21.8%), and negotiating appropriate project fees (20.1%). Key Takeaways Best Practices for Financial Management in Architecture Firms: Shifts in the economy and within the industry will impact your business.

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Your 10-step checklist for end of financial year in 2024

Xero

We know end of financial year is a busy time, so we’ve prepared a quick 10-step checklist to help you cover your bases at the end of FY24 and start the new financial year off strong. If you’re using Xero, you can find more helpful information in our handy guide for getting ready for financial year end. End of financial year checklist for business owners In no particular order, here are some tasks to tick off to set yourself (and your business) up for a successful FY25. 1.

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Get paid on time by fostering strong supplier relationships

Accounting Today

Finance departments have a powerful opportunity to help organizations remedy one of their most pressing concerns — late payments.

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Get set up for the new tax year with Xero Payroll

Xero

The end of the financial year is around the corner, so it’s time to review the latest changes and start getting ready to complete your payroll year end. Here are some key updates you need to know about, as well as our tips for a smooth transition into the 2025 financial year. Latest changes Payroll is always evolving, but there were a few little surprises this year.

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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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Praxity grows global revenue to $9.7B

Accounting Today

The Praxity Alliance of independent accounting firms reported revenue of $9.7 billion in 2023, an 11% increase over 2022 at constant exchange rates.

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Ben Richmond on the Benefits of the Cloud and the Future Role of Accounting

Canopy Accounting

In this episode, Ben Richmond, the U.S. Country Manager for Xero talks about the benefits of shifting your accounting firm to the cloud. He also delves into the difference between working on your business instead of for it, the positives of outsourcing, and how accountants are crucial to the future of business.

Account 59
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PwC Australia cuts hundreds of jobs in overhaul to lower costs

Accounting Today

The firm will make 329 roles redundant, while as many as 37 partners will be accelerating their retirement over the next nine months.

Account 70
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On-Demand Webinar: Navigating SEC’s New Climate Regulations

Withum

In response to investor demand, the SEC is requiring public companies within its scope to report greenhouse gas emissions and identify sources of climate risk that were financially material. Withum’s Sustainability and ESG Services Team hosted an informative on-demand webinar, where they analyzed the SEC’s ruling and discussed the implications that matter to you.

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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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Wolters Kluwer global minimum tax software launches in North America

Accounting Today

Wolters Kluwer announced that its solution support the global minimum tax in accordance with OECD Pillar II requirements.

Tax 68
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Sage Expands and Enhances Construction Solutions

Insightful Accountant

Sage's recent investments to provide an end-to-end construction cloud suite underscore their commitment to help construction customers thrive. Murph elaborates on Sage Transform announcements.

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3 Simple Ways to Collect Feedback From Your Clients

Ryan Lazanis

Level up your firm's customer experience with these three effective methods to gather and understand client feedback. The post 3 Simple Ways to Collect Feedback From Your Clients appeared first on Future Firm.

Account 52
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Tax Liability Insurance

Withum

Not all tax positions are created equal. Many times, taxpayers find themselves stuck firmly between black and white leaving themselves exposed to the IRS disallowing a position taken from a good faith reading of the tax code. In situations like these, taxpayers can turn to tax liability insurance. What Is Tax Liability Insurance? It’s an insurance policy that can be structured to cover the tax liability, interest, penalties, and other costs associated with an unsuccessful defense of an identifie

Tax 52
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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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Louisiana Doctor Gets 4 Years in Prison for Tax Evasion

CPA Practice

A Louisiana physician has been sentenced to 52 months in prison for tax evasion. According to court documents and evidence presented at trial, Dr. Melissa Rose Barrett, of Baton Rouge, owned and operated two urgent care clinics — Central STAT Care and STAT Care Clinic — and owed the IRS approximately $1.6 million in income taxes, excluding interest and penalties.

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Top 3 Financial and Accounting Tips for FemTech and Women’s Health & Wellness Companies

Withum

FemTech and Women’s Health & Wellness companies are at the forefront of revolutionizing women’s health. These businesses promise innovative solutions tailored specifically for women. In an enlightening session hosted by Dr. Brittany Baretto , CEO of FemHealth Insights, Katie Chefalas and Victoria Iezzi delve into valuable insights on building a financially sustainable FemTech business.

Account 52
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Bill on Alternate Path to CPA Licensure Gains Momentum in Minnesota Senate

CPA Practice

A Minnesota legislative committee advanced a bill in the state Senate on March 7 that would add an alternative pathway to CPA licensure while also maintaining the 150 credit-hour option. On a voice vote, the State and Local Government and Veterans Committee moved the bill, Senate File 1660 , to the Minnesota Senate Finance Committee, according to the Minnesota Society of CPAs, which has backed the legislation.

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IRS 2023 Discount Factors for Insurers

Withum

Rev. Proc. 2023-41 was issued on December 7, 2023 detailing the discount factors for accident year 2023 in all future tax years as well as the discount factors for all years to be used in the 2023 tax year. Discount factors are provided for various lines of business and should be applied to both loss reserves and estimated salvage recoverable. The discount factors are typically determined using the applicable interest rate (2.9%) compounding semi-annually.

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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.