Tue.Nov 08, 2022

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What Is a Cash Flow Statement?

Patriot Software

Knowing how your business’s finances are going is one part of owning a small business. You should have the three main financial statements at your business: balance sheet, income statement, and cash flow statement. What is a cash flow statement? What is a cash flow statement? A cash flow statement, or statement of cash flows, […] READ MORE.

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Sales tax and crypto: Latest developments

TaxConnex

Most of us are familiar with the scrutiny placed on cryptocurrencies by the IRS. The next federal 1040 has an even longer set of probing questions about crypto transactions. How does sales tax fit into this? Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price.

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Lockstep announces AR automation partnership with SYSPRO

Lockstep

Seattle, WA – – Lockstep , the award-winning accounting automation pioneer, today announced it has partnered with SYSPRO to grow the connected accounting network. Lockstep will provide SYSPRO’s North American customers access to award-winning accounts receivable (AR) automation software, Lockstep® Receivables. Lockstep Receivables allows SYSPRO customers to manage the invoice-to-cash process through automated communication; customer-self-service, including online payment capabiliti

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The Typical Occupational Fraudster

Withum

Beware, your most trusted employees could be fraudsters. You trust your employees to perform their daily job functions properly. Maybe they are not. How can you tell? Continue reading to learn about who tends to commit the costliest frauds and the red flags to watch out for. In our previous two articles, 2022 ACFE Report to the Nations: Fraud Trends and Key Takeaways and Fraud: Is It Happening to You?

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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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How to streamline accounting processes—a step-by-step guide

ThomsonReuters

Most accountants know that choosing the right accounting technology can boost the ability to serve clients, satisfy staff, and build deeper client relationships.?But how do you take full advantage of technology to streamline accounting processes? . The answer lies in implementing an end-to-end tax workflow automation solution backed by an integrated technology ecosystem.

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Aza Ghazaryan named Leaders of Influence by LABJ

Withum

Withum is proud to share that the Los Angeles Business Journal has named Aza Ghazaryan on their Leaders of Influence: Women in Accounting list for 2022. Aza Ghazaryan is a Tax Partner with over 15 years of experience. She provides tax compliance and consulting services to partnerships and high-net-worth individuals and serves business clients in various industries, including real estate , technology , manufacturing , restaurants , professional services and not-for-profit.

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Microsoft Enabling New Security Enhancement to Combat MFA Fatigue Attacks

Anders CPA

Microsoft is taking steps to combat a rise in Multifactor Authentication (MFA) Fatigue attacks that have been plaguing Authenticator app users. These attacks are used to overwhelm users into approving unexpected and unauthorized requests for access into critical systems. Microsoft’s latest security feature aims to add an extra layer of security to prevent potential breaches.

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Some Partners at PwC Cyprus Did Not Want to Lose Their Russian Clients So They Started Their Own Firm

Going Concern

In March of this year, Deloitte Global posted a little message on its website about the then-developing situation in Ukraine saying the firm had “suspended business operations and client service in Ukraine as we focus on taking care of our people and their loved ones.” Within days, that message changed to saying they are “currently reviewing our business and presence in Russia,” making Deloitte the first Big 4 firm to publicly express that they were considering pulling ou

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Paul Hamann on the Myths of Reasonable Compensation

Intuitive Accountant

The founder of RCReports dispels some of the myths surrounding the service and discusses why your firm should be a trusted advisor. Only on Insightful Accountant's Accounting Insiders' YouTube channel.

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How to Find Accounting Errors in Your Books: 5 Tips to Follow

Patriot Software

Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn how to find accounting errors. Common accounting errors Before digging deep into finding accounting errors, let’s briefly recap some of the most common accounting errors out there.

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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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Revisiting Great Concepts: Post Historical Payroll

Intuitive Accountant

Sometimes you need to post historical payroll on a pay-period basis, monthly or quarterly basis. You may need to do this if you're using Desktop Payroll or a do-it-yourself Manual Payroll in QuickBooks. Here's an easy way.

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How to Calculate Depreciation Expense

Patriot Software

As a small business owner, you need equipment to run your company. Whether it’s a machine or vehicle, costs can add up fast. Did you know you can get major tax breaks for business property expenses? You can lower your tax burden with depreciation. Find out how to calculate depreciation expense for your small business. […] READ MORE.

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Crypto Currency Accounting Changes for Not-for-Profits

Withum

Has the Financial Accounting Standards Board (FASB) just saved us from unfavorable accounting? On October 12, 2022, the FASB issued a board ruling that certain crypto assets should be measured at fair value. Who’s Affected by This Ruling? This ruling applies to all entities, public and private, who are currently holding or are considering investments in crypto assets.

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Origin vs. Destination Sales Tax

Patriot Software

If you’re like many small business owners, you need to collect sales tax on some of your offerings. Your sales tax responsibilities depend on your location. This fact surely begs the question: do I charge sales tax for out-of-state customers? To stay compliant, understand which sales tax laws apply to your business. And, you need […] READ MORE.

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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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Tackling the 3 Top Challenges in Business Payments

Intuitive Accountant

Corpay Payable's Sven Hinrichsen drills down on the biggest obstacles for today's treasury and payment professionals.

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Should You Pass Along Swipe Fees to Customers?

Patriot Software

Right now, more than 175 million American adults have at least one credit card. With fewer people carrying cash, it’s common for customers to break out a credit card for everyday purchases. While credit cards offer customers more spending options, swipe fees attached to charges could mess with your small business finances. Swipe fees are […] READ MORE.

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Governor Murphy Announces a New Grant Program To Support Manufacturers

Withum

Governor Murphy announced the development of a pilot program to give New Jersey manufacturers grants to purchase equipment necessary to improve their business operations on October 17, 2022. The New Jersey Manufacturing Voucher Program (MVP) will be created and administered by the NJ Economic Development Authority (NJEDA) and funded with approximately $20M from the 2023 State Budget.

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What Is Form 1099-MISC, and Are You Responsible for Distributing It?

Patriot Software

If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC? What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return businesses use to report miscellaneous payments. Before 2020, business owners also reported nonemployee compensation on Form […] READ MORE.

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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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Inflation Reduction Act of 2022 - What Tax Pros Need to Know | Canopy

Canopy Accounting

Let’s address the elephant in this Act. The IRS is getting $80 billion dollars. This is designed to cover the cost of hiring an additional 87,000 IRS employees and improving services and infrastructure – over the next ten years, not all at once. Bear in mind that 52,000 of the most experienced employees will be eligible to retire in the next 6 years.

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6 Financial Ratios for Small Business Owners to Live By

Patriot Software

As a small business owner, you work hard to make your company successful. When problems come up, you face them head-on to push your business forward. Whether you go an inch or a mile, you record all your financial moves in your small business online accounting records. If you simply write down your transactions, you could […] READ MORE.

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What’s Hot on Checkpoint for Payroll and Benefits Professionals?

ThomsonReuters

In this edition, we take a look at the new 1099 filing platform, WARN laws, and annual cost-of-living adjustments to key figures. Please note that access to the resources below requires a Checkpoint subscription except as otherwise stated. Not yet a subscriber? Sign up for a free 7-day trial today! New 1099 Filing Platform to Launch in 2023. Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers.

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Outstanding Deposit: The Basics for Small Business

Patriot Software

To keep your small business’s finances on track, reconcile your books and bank account statement. Sometimes, transactions are only recorded in one financial record when you reconcile the balances. If your books and bank account balances don’t match, you might have an outstanding deposit. What is an outstanding deposit? An outstanding deposit is a receipt […] READ MORE.

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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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What’s Hot on Checkpoint for Accounting, Audit, and Corporate Finance Professionals?

ThomsonReuters

In this edition, we take a look at recent editions to Checkpoint’s ESG toolkit, new SEC rules on clawback of executive compensation, and new FASB guidance on revenue contracts. Please note that access to the resources below requires a Checkpoint subscription except as otherwise stated. Not yet a subscriber? Sign up for a free 7-day trial today!

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6 Requirements to Qualify Your Small Business for SBA Loans

Patriot Software

Do you need more ways to finance your business? The U.S. Small Business Administration (SBA) offers loan programs specifically designed for small business owners. Rather than directly giving you a small business loan, the SBA makes financing more available to you by giving you a seal of approval to take to a third-party lender. The SBA […] READ MORE.

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CPA Exam Candidates Who Tested on October 1 Have Finally Gotten Their Scores

Going Concern

This, friends, is the end of an era. If you don’t know, there was a bit of a mix-up last month and by “mix-up” I mean the AICPA screwed October 1 test takers by changing the dates on the day before which meant instead of getting their scores on the 11th like they thought, they would now have to wait until the next score release which is — today!

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What Is Negative Cash Flow?

Patriot Software

As a small business owner, you need to balance income with your expenses. When you track patterns in your spending and earnings, you are looking at your business’s cash flow. Sometimes, your cash flow is negative. What is negative cash flow? Cash flow explained To understand negative cash flow, you first need to grasp the […] READ MORE.

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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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The Supreme Court Had Better Things to Do Than Hear Appeal From Ex-Dallas Cop Who Murdered PwC Accountant

Going Concern

Former Dallas police officer Amber Guyger knows a thing or two about someone being shot down. The Dallas Morning News reported on Monday: The U.S. Supreme Court declined on Monday to review the case of former Dallas police officer Amber Guyger, who is serving a 10-year prison sentence for the murder of Botham Jean in his apartment. The high court’s refusal to hear Guyger’s case upholds her 2019 conviction and sentence.

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Navigating the Workplace Evolution

Intuitive Accountant

Is your firm making considerations about today's remote and hybrid work landscape. In this ADP webinar, The Radical CPA Jody Padar walks you through the process. Sign up for the Nov. 16 webinar today.

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Net Revenue and Discounts

Patriot Software

Do you offer discounts in your business? If so, understand how discounts help—or hurt—your small business’s net revenue. What is net revenue? Net revenue is the money you earn from sales after subtracting your direct expenses. Direct expenses include deductions (e.g., discounts, returns, and allowances) and cost of goods sold. Net revenue is different from […] READ MORE.

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Why You Should Keep Funds in Your HSA Account and Not Withdraw Them

LSLCPAs

To withdraw or not to withdraw funds from your HSA: what should you do? We advise our clients to keep their HSA funds in the account and not to withdraw funds for medical expense reimbursement. Here’s why: The HSA can be invested and the investment earnings grow tax free. It is even better than a. The post Why You Should Keep Funds in Your HSA Account and Not Withdraw Them appeared first on LSL CPAs.

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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.