Wed.Jan 25, 2023

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Overcoming the Five Stages of Lease Accounting Grief

Going Concern

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!” The grief is understandable, although we’re not sure how “good” it is.

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Melio Now Integrates with Xero

Insightful Accountant

Xero has announced an integration with Melio, a leading B2B payment platform that will permit the automatic sync of A/P and A/R data between the two small business solutions.

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IRS Opens Free Online Portal for Businesses to File 1099 Forms

CPA Practice

Businesses can now file Form 1099 series information returns using a new online portal—called the Information Returns Intake System (IRIS) —that was unveiled by the IRS on Wednesday. “The IRS is excited to offer any business, especially small companies, a great new way to electronically file their 1099s for free,” Acting IRS Commissioner Doug O’Donnell said in a written statement.

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Xero Roadshow 2023: Every step counts

Xero

This February, we’re pumped to be hitting Australia’s major cities and regional towns for – you guessed it – Xero Roadshow 2023! From Geelong to the Gold Coast and Parramatta to Perth, we’ll be touring 17 locations between 7 to 27 February. Since we last hit the road in March 2022, the world has continued to experience lots of change (like talent shortages, rising inflation and cost of living pressures).

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Highlights of the SECURE Act 2.0 for Businesses

CPA Practice

The new SECURE Act 2.0, enacted late last year as part of a spending measure, features several notable provisions affecting individuals saving for retirement. But the new law will also have a significant impact on employers providing qualified retirement plans to employees. Following are several key changes for small businesses included in SECURE Act 2.0.

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US Small Business Sales Slow as Consumer Spending Tightens

Insightful Accountant

The recently released 'Xero Small Business Insights' reveals two slowest sales growth months since the start of 2021.

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The Accounting Cycle: Everything You Need to Know

AccountingDepartment

The accounting cycle is a multi-step process that involves accepting, recording, sorting, and crediting payments made within a business during a period of time. It creates an accurate record of the business's financials that are summarized on its financial statements.

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How to Use Power Automate: Best Practices to Get Started 

Withum

Wondering how to use Power Automate or wondering what exactly it is? Power Automate is an incredible tool in the Microsoft Power Platform toolbox that can help your business automate tasks by creating low/no code flows, freeing up your team members’ time to work on challenges that require a human touch. Here are some valuable Power Automate best practices I have learned along the way that help me stay organized when constructing flows.

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Maine Man Gets 33 Months in Prison for Misusing PPP Funds

CPA Practice

By Judy Harrison, Bangor Daily News, Maine (TNS). The second Maine man who admitted defrauding a pandemic business loan program was sentenced Wednesday in U.S. District Court in Bangor to 33 months in federal prison. Craig Franck, 40, of Levant admitted in August that he used more than $300,000 from two loan programs authorized by Congress during the COVID-19 pandemic for bail on a theft charge in Florida.

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Role of Accounting in Customer Experience

Lockstep

Accounting is often thought of as a purely financial discipline, but its role in customer experience (CX) and providing customer delight should not be underestimated. In today’s competitive landscape, businesses need to go above and beyond to win customers over and keep them coming back. That’s where accounting comes in. With its unrivaled ability to track money flows and optimize financial processes, accounting can play a vital role in enhancing the customer experience.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Congress Fails To Pass Key Tax Extenders, Now What?

Withum

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed. However, significant tax law changes embedded in the Tax Cuts and Jobs Act (TCJA) are impacting the 2022 and 2023 taxable years, leaving many business owners scrat

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Contractor Business Systems Series: Part 5 – Earned Value Management System

Cherry Bekaert

Stay Connected An Earned Value Management System (EVMS) refers to the software, processes, tools, templates and management controls a contractor uses to accomplish their earned value management activities in accordance with the guidelines established by the Electronics Industry Alliance (EIA) Standard 748. Earned Value Management Systems (EVMS) is the standard for DoD (Department of Defense) Earned Value Management System Programs and Defense Federal Acquisition Regulation Supplement (DFARS) 25

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Trends and Benefits in Smart Commercial Office Building Solutions

Withum

The commercial office real estate market has been undergoing an unprecedented number of disruptions and monumental transformations. Consequently, owners, investors, managers, and operators of office spaces might consider new strategies and innovative solutions, such as smart building technologies. According to real estate executives responding to a 2023 Deloitte Outlook Survey, approximately only 9% of their portfolio is currently comprised of smart building investments.

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7 Typical Digital Marketing Mistakes to Avoid for a Small Business

Snyder

In the digital marketing world, there are always risks of making crucial digital marketing mistakes that can lead to a waste of money for your business. Implementing a carefully thought-out strategy to make marketing and accounting work together , e-commerce businesses can think that they’re on the right path. However, a bit later, they can find themselves dealing with significant errors and losses.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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The Technology Lab Podcast – Review of FileThis – Jan. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review FileThis , a cloud tool that digitally gathers personal or business financial documents, across all of the financial, sales and ecommerce sites you use. Use the player below to listen to the podcast.

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Flying in private jets

Martin Quinn

Typically the remit of the wealthy and political sphere, private jets are beyond the reach of most given their purchase price. Some corporates lease jets or hire them by trip. Of course, the question of how environmentally sound they are looms large. A recent Guardian article gives some good insights.

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Deloitte Picks Jason Girzadas to Succeed Joe Ucuzoglu as CEO

CPA Practice

Jason Girzadas, the managing principal of business, global, and strategic services at Deloitte, was selected earlier this month as the Big Four firm’s next US CEO. If his nomination is approved by a partner vote, Girzadas will take over as chief executive on June 4. In addition, Lara Abrash, current chair and CEO of Deloitte & Touche, the firm’s audit and assurance practice, will take over as chair of the Deloitte US Board of Directors on June 4, succeeding Janet Foutty, who opted not to see

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AuditClub's Weekly Passes Offer 'Lifeline' to CPA FirmsStruggling for Talent

Insightful Accountant

The new passes allow members to subscribe to AuditClub professionals with an experience level geared to the support they need during the upcoming busy season and beyond.

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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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RSM US Finally Might Be Taking Audit Quality a Little More Seriously, According to 2021 PCAOB Inspection Report

Going Concern

Based on the 2021 PCAOB inspection reports we ’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent inspection cycle, RSM cut its deficiency rate by half, according to its 2021 auditing report card from the PCAOB.

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New AuditClub Passes Help CPA Firms and Companies Find Talent

CPA Practice

AuditClub, the Audit Service Center and creator of the innovative auditors-as-a-service model, has announced new and enhanced weekly passes that allow members to subscribe to AuditClub professionals with an experience level geared to the support they need during the upcoming busy season and beyond. Members experience convenience and peace of mind by reducing the panic created by today’s talent exodus.

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Padgett & Padgett, PLLC CPA’s 7 Keys to Lowering Shipping Costs

SkagitCountyTaxServices

Seen on Twitter this past weekend: Seems pretty typical with the way the IRS has operated over the past few years. If you’ve had any trouble with them processing anything of yours … well, that’s one explanation (and there are plenty more where that came from). But, now that they’re increasing staff with that big cash infusion from the American Rescue Plan, chances are, things will get better… right?

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Manchin Floats Bill to End EV Tax Credits for Unqualified Cars

CPA Practice

By Riley Beggin, The Detroit News (TNS) U.S. Sen. Joe Manchin, D-West Virginia, introduced legislation Wednesday to immediately end EV tax credits for vehicles that don’t meet federal battery and mineral standards. If enacted, the bill would make new electric vehicle tax credits—and their strict content requirements—go into effect without waiting for the U.S.

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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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A Fresh New Look: SECURE Act 2.0

Patriot Software

The SECURE Act of 2019 gave employers new incentives to offer retirement plans. Now, the SECURE Act 2.0 promises to deliver even more. Passed by Congress at the end of 2022, the SECURE Act 2.0 is a new and improved version of the previous bill. So, what’s inside the new bill?

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Revenue Recognition for SaaS Companies

Shay CPA

Founders, as you embark on your journey of starting your SaaS-based business, one thing that will come up time and time again will be the concept of “revenue recognition.” That, of course, begs the question: what is revenue recognition? In short, it’s the process of recognizing revenue received from customers at the right time periods for financial statement purposes.

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OECD Pillar 2 – Global Minimum Tax: What Action Should You Take?

Menzies

Menzies LLP - A leading chartered accountancy firm. G20 and 136 OECD Members have agreed to reform global tax by establishing a 15% global minimum tax rate. The UK government announced (based on draft legislation) that from 31 December 2023, large multinational businesses with consolidated group revenues of at least €750m per year will need to apply Pillar Two’s “Income Inclusion Rule” (IRR).

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Why Outsourcing Your Accounting Reduces Risk

Basis 365

Outsourced accounting services can benefit almost every business, whether big or small. Outsourcing your accounting services will bring you many benefits, including lower overhead costs, increased reliability, and the expertise of a whole team of accounting professionals. In addition, outsourcing your accounting services can be especially beneficial because it lowers the risk.

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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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Improve Efficiency with Custom Software with Ian Robinson

Summit CPA

The Virtual CPA Success Show: Episode 72 In this episode, Jamie Nau, our host and Summit CPA's Director of Virtual CFO, and Jody Grunden, Partner at Anders CPAs + Advisors, talk with Ian Robinson, Founder and President of Enliven , a software company that builds custom software platforms to unlock sustainable growth for business. If you’re a business owner in need of updating or customizing your company’s software, this episode is for you.

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What are angel investors in the UK? How they can help grow your business

Wellers Accounting

Joe Lennon FCCA explains what angel investors are, and how they can help your early stage business.

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Lockstep Inbox Product Updates 01.24.23

Lockstep

The Lockstep Team is excited to share some of the latest updates to the world’s first shared inbox designed for accounting, Lockstep Inbox. These enhanced features, included in the free application are designed to save you hours of manual processes every week, while enabling you to better collaborate across your accounting workflows. Approval Activity Improvements If you’re like most accounting teams, you spend a lot of time managing approvals.

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Tax checks for a taxi, private hire, or scrap metal licence

Menzies

Menzies LLP - A leading chartered accountancy firm. From 4 April 2022 onwards individuals, companies or partnerships who work in the following sectors need to be aware of the need to obtain a tax check when renewing or applying for a licence to continue operating: Taxi drivers Private hire drivers Private hire vehicle operators Scrap metal sites Scrap metal collectors What is a Tax Check?

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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.