Wed.Jun 29, 2022

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Net Profit vs Revenue: What is the Difference

Snyder

When analyzing a company’s financial statements, you’ll often come across two different measures of profitability: net profit and revenue. But here arises the next question: What is the difference between profit and revenue? These two key performance indicators (KPIs) are both included into standard accounting reporting and are often confused. While both metrics are useful in their own right, they provide very different insights into the performance of a company.

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How Exactly Did EY Auditors Cheat on CPE Exams? Details From the SEC Order

Going Concern

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? This post will be long so we’ll get deeper into the CPA ethics portion of the cheating debacle in another article. The long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

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Handling Invoices that "Need Attention" in QuickBooks Online

SchoolofBookkeeping

QuickBooks Online uses an Invoice Tracker to keep track of the online status of your invoices. The Idea is when you send an invoice, you will be able to confirm it was sent, seen, paid, and deposited. Sounds awesome, right? In theory, it works well, but when issues arise to the resulting payment, the Invoice tracker can be stuck, and show a nasty "NEEDS ATTENTION" alert on the invoice on your home screen or the invoice.

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Which Firm Had the Most IPO Audit Clients In Q1 2022?

Going Concern

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. All told there were 84 IPOs on the New York Stock Exchange and Nasdaq between Jan. 1 and March 31, raising a total of $11.3 billion, compared to the 407 IPOs in the first quarter of 2021 , which raised nearly $134.7 billion.

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Planning Your Restaurants 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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The Certified Payroll Professional Corner: Employment Taxes

ThomsonReuters

Summer is starting, so if you are planning to take the Certified Payroll Professional (CPP) exam during the Summer/Fall 2022 testing period, it would be a good idea to start working on those flashcards and find information for the seven main topics of the CPP test. According to the American Payroll Association (APA) website, core payroll concepts make up 24% of the exam.

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Tax-deductible Donations to Ukraine: Employee PTO Donations

Patriot Software

Russia’s invasion of Ukraine has people across the U.S. thinking of ways to donate to the Ukrainian people. Businesses giving charitable donations, like money and property, are common. But, there are other ways to contribute. Employees can make PTO donations to Ukrainian refugees to help raise money for those in need. Read on to learn […] READ MORE.

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Minimum Wage Increase – July 2022

KROST

Beginning July 1st, we have local minimum wage increases taking effect in many of the cities that you operate in. In the cities of Santa Monica, Malibu, and unincorporated areas of Los Angeles County minimum wage is increasing from $15.00 to $15.96. In the City of Los Angeles, the new minimum wage will increase to Read the full article. The post Minimum Wage Increase – July 2022 appeared first on KROST.

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Three Google Sheets Formulas for Accountants

Lockstep

While most accounting teams use Excel for their spreadsheet needs, a growing number of teams and organizations are moving to Google Sheets. At time where remote teams are ubiquitous, collaboration and cost ( Google Sheets is a free tool), are driving greater adoption of Google applications. Here are three helpful formulas in Google Sheets that all accounting teams should know. .

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How to Manage Your Cash Flow: Stephen King's Advice on Timing It Right

GrowthForceBlog

9 min read. In inflationary times, cash is king. History is known to repeat itself- and history tells us that improving your business’s cash flow is the weapon of choice to combat inflation. How you manage your cash flow can make or break your business. So, what steps and actions can you take today to prepare your organization?

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Making a Difference

KROST

One of the most eye-opening experiences I ever had in my professional career was within the first two months of starting my public accounting journey. Let me set the stage. It was the end of busy season, everyone was tired and we saw a partner walking over. Immediately we thought we’d receive more work, but Read the full article. The post Making a Difference appeared first on KROST.

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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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Most Californians to Receive Up to $1,050 in Gas Rebate Checks

CPA Practice

As many as 23 million Californians will receive payments up to $1,050, thanks to that tax relief plan, which is estimated to be valued at about $17 billion. The state has a population of about 39.4 million.

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How Jessica Rose overcame burnout to keep the Jewellers Academy sparkling

Xero

Over the past two years, challenges posed by the pandemic as well as the rising cost of living have not only made it increasingly difficult for small businesses to survive and thrive, they’ve also placed a huge strain on owners’ mental wellbeing. . According to our study with CEBR (Centre for Economics and Business Research), only around half (55%) of small business owners know where to turn to get the mental health support they need.

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Tips for Solo Virtual Bookkeeping Success

Accounting Web

Practice Excellence Tips for Solo Virtual Bookkeeping Success.

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Should I change my accounting date?

Inform Accounting

In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. At present, once an unincorporated business is established, it is taxed on the current year basis. This means that the profits which are taxed for a particular tax year are those for the accounting period that ends in that tax year.

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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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Not Your Parent's Credit Card

Intuitive Accountant

In the world of B2B payments, virtual cards now transmit money and data without plastic at all. Corpay's Keith Axelsen on how the technology is powering new digital business models.

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Deloitte Survey: C-suite Execs are Burned Out, Delusional, and Lack Empathy (And Also Want to Quit)

Going Concern

There’s some new Deloitte research out this week and it is hi-lar-ious. It seems executives have absolutely no clue what their underlings are going through, mistakenly think they’re doing a good job of making said underlings think they care, oh and they too are stressed AF and thinking about quitting their jobs. Man, things are F *D. Deloitte partnered with independent research firm Workplace Intelligence to survey 2,100 employees and C-level executives across four countries: the Uni

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How to Repurpose Video Content into Blog Posts, Social Media, and More

Summit CPA

Creating a content marketing strategy can quickly feel overwhelming. There are many types of content that you can produce including email, social media, blog posts, white papers, video, and much more. As a business owner, you know that creating a valuable, educational, and impactful content plan places you directly in front of your audience if executed well.

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EY New Hires Are Gonna Have a Tough Time Getting Straight Answers From Reddit For the Time Being

Going Concern

In case you’ve been in a 24 hour coma and missed the news, we heard yesterday of an EY cheating scandal that led to the SEC slapping them with a $100 million penalty, the largest ever imposed by the SEC on an audit firm. Well Reddit certainly didn’t miss the story. Good luck to any incoming interns/first years trying to get serious answers to their career questions for the foreseeable future.

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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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What is Money Laundering?

FraudFiles

Money laundering is fun to talk about. It just sounds cool to begin with. And the whole process is fascinating to me. It is important to know that money laundering is not a fraud scheme. It is a crime that is committed to cover up other crimes, but it is not the same thing as fraud. The primary purpose of money laundering is to take money that has been received from criminal activities (dirty money) and make it appear legitimate (clean money).

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Focusing on the employee experience in 2022

Accounting Today

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Moving the Revenue Needle

Intuitive Accountant

Mango Practice Management CEO Carl Coe on how you can increase the profitability of your firm by measuring these three client engagement metrics.

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IRS implements new fingerprinting process for e-file

Accounting Today

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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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Intuit Tax Advisor Program Set to Roll

Intuitive Accountant

Intuit is preparing to offer its new 'Tax Advisor' to support advisory services by ProConnect and Lacerte tax users.

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Ernst & Young IPO will create a lot of sour grapes

Accounting Today

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Regular Bookkeeping vs Construction Company Bookkeeping: What’s the Difference?

Steve Feinberg

Every business needs a strong bookkeeping system at its core to account for the everyday variables that make a business profitable— taxes and fees , payroll, expenses, etc. Bookkeeping is a highly specific task, and it’s understandable that not every business owner would know how to, or would even want to, take on the job themselves. When it comes to construction companies, though, bookkeeping is even more important due to the highly variable nature of what makes individual jobs, and constructio

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The workplace of the future: The war for talent

Accounting Today

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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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How Much Does the Average Shopify Owner Make?

Snyder

Without a doubt, the future of retail business relies on the internet. Therefore, every business owner is now trying to figure out how they can take advantage of the growing online shopping community to increase their sales. Fortunately, well-established and reliable e-commerce platforms like Shopify have made it possible for small and medium enterprises to have online stores without spending large amounts of money on creating e-commerce websites.

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4 B2B content marketing strategies that get results for firms

Accounting Today

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The workplace of the future: Hybrid is here to stay

Accounting Today

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FASB reports on agenda consultation

Accounting Today

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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.