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Persistent inflation and slowing economic growth have led to a code-red situation for businesses globally. Market dynamics are in a constant state of flux; from a sudden shortage of raw materials to the risk of violating regulatory standards, just to name a few. As a CFO, you need to rely on complex financial models and contingency scenarios to make decisions that better mitigate risk and ensure optimal business performance.
Suppose your small business will be short-staffed this summer. You may decide to hire someone from the outside who may or may not work out. Alternatively, however, you might look instead at the person already familiar with your operation sitting right across from you at the kitchen table. In other words, you can hire your spouse. Frequently, the spouse of a small business owner pitches in when needed, but without any pay.
If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. Yet, when asked if they’ve seen audits increased, they’ve continually said the amount of audits they’ve seen has remained the same (66%).
Having discussed fraud schemes , trends , and fraudster characteristics identified in the ACFE’s Occupational Fraud 2022: Report to the Nations , let’s shift our focus to the industries with the highest fraud risk and how all organizations can safeguard themselves from fraud or investigate actual or suspected incidents of fraud. It is essential for organizations to prioritize fraud awareness and internal controls to minimize the risk of fraud.
In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Gone are the days when you need to sit at the desk to get those pesky admin jobs done. With our suite of mobile apps, you have real-time information about your business or practice at your fingertips, and can tick off those smaller tasks on the go. We’ve recently dialled up enhancements to our mobile apps, making it easier than ever to work from anywhere.
Business email compromise (BEC) is one of the most financially damaging cyber crimes currently facing businesses. Organizations often experience losses in the hundreds of thousands, if not millions, of dollars before this exploit is discovered. According to the FBI Internet Crimes Complaint Center, there were almost 22,000 complaints of BEC, resulting in over $2.7 billion in losses in 2022, which was over 25% of total financial losses due to cyberattacks. 1 Google and Facebook collectively lost
By Matthew Boyle, Bloomberg News (via TNS). Workers in the office spend 25% more time in career-development activities than their remote counterparts, according to new data from a team of economists who have analyzed working from home since the pandemic began. Those who came into work devoted about 40 more minutes a week to mentoring others, nearly 25 more in formal training and about 15 additional minutes each week doing professional development and learning activities, according to WFH Researc
By Matthew Boyle, Bloomberg News (via TNS). Workers in the office spend 25% more time in career-development activities than their remote counterparts, according to new data from a team of economists who have analyzed working from home since the pandemic began. Those who came into work devoted about 40 more minutes a week to mentoring others, nearly 25 more in formal training and about 15 additional minutes each week doing professional development and learning activities, according to WFH Researc
By Matthew Shanahan. In December 2022, the European Commission proposed a number of measures pertaining to the current EU Value-Added Tax (VAT) system. These findings are in accordance with the 2022 Value-Added Tax Gap report , which reveals that Member States lost approximately €93 billion (over $100 billion USD) in VAT revenues in 2020. The resulting measures “VAT in the Digital Age” (ViDA) seek to solve various VAT-related issues which have arisen due to the growth of the platform economy in
Keeping pace with the latest innovations in technology is important for any firm looking to remain competitive and better serve clients in today’s challenging environment. This is especially true for firms eyeing a capital infusion from private equity investors. [ This article first appeared on the Thomson Reuters blog.] While such investments may not have been much of a consideration in prior years, times have changed.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. What does this mean? The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. What does filing an “extension” do? • An extension is a form filed with the IRS to request additional time to file your federal tax return.
To help create a more robust platform that serves accountants and small business owners globally, Intuit QuickBooks has launched a dedicated rest-of-world app store that allows developers to build apps that seamlessly integrate with the QuickBooks platform. By launching the rest-of-world app store, Intuit says it is encouraging developers to create niche solutions, effectively increasing the power of the platform.
As businesses continue to evolve in the dynamic landscape of 2023, growth remains a top priority for entrepreneurs and business owners. With new technologies, changing consumer behaviors, and increased competition, business growth requires strategic planning and effective execution. Here are five tips for growing companies in 2023. 1. Embrace Digital Transformation In 2023, digital transformation will continue to be a key driver of business growth.
Intuit Inc., the financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, recently launched the Intuit QuickBooks Small Business Index , a new monthly indicator of employment and hiring among small businesses in the U.S., Canada, and the UK developed in collaboration with leading global economist and University of Chicago professor Ufuk Akcigit.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Not long after the November collapse of crypto exchange FTX one of the first questions asked was, naturally, “where were the auditors?” (Francine McKenna answers that question here on CoinDesk ) In the weeks that followed the FTX implosion, firms that once bragged about their crypto practices quietly shuttered them and walked away and the once darling of forward-thinking firms was now just a pile of smoldering rubble.
How ChatGPT (and GPT-4) is Changing the AI Climate Artificial Intelligence (AI) has seen massive growth in recent years, and it’s difficult to discuss modern technology without at least recognizing the impact of artificial intelligence. Lately, OpenAI’s ChatGPT has propelled AI into the mainstream and caused an amazing amount of interest in the field from corporations and individuals alike.
6 min read Outsourcing provides organization-wide solutions for business owners looking to super-charge their companies while saving time and money, maintaining scalability, and increasing their profit margins. Additionally, outsourcing can provide a dynamic solution to talent acquisition challenges in a competitive hiring market.
Intuit Mailchimp has launched Email Content Generator, which provides GPT AI technology to allow customers to create marketing email campaigns based on industry, marketing intent, and brand voice. Email Content Generator is part of a suite of AI-powered features within Mailchimp, and this latest release represents the next step in Mailchimp’s goal to transform email marketing for small and mid-size businesses.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
The accounting world is in a constant state of evolution, with trends, technologies, and company cultures changing with the passing of every year. It’s time to get to grips with the latest accounting buzzwords and understand what they mean in a living, breathing business context. Whether you’re a seasoned professional or a beginner, we’re going to explore the 5 buzzwords you won’t be able to avoid in 2023.
By Giles Pearson. “Stanley” was recently hired by an accounting firm in Los Angeles. His resume showed the experience he’d had with a reputable medium sized firm in a staff accountant role. He was personable and confident at interview, and was hired. The cracks showed within a few days. He needed to complete various reconciliations in his new role, but seem to have no understanding what this actually involved.
Although the banking regulators have already proposed requirements to address the enhanced risks brought about by recent events, it falls squarely on every financial services institution to ensure the security of their own infrastructure and collectively to maintain the integrity of the global financial system. There are several key initiatives organizations can establish as it relates to the integrity of their risk management program.
Augusta Saraiva Bloomberg News (TNS) U.S. payrolls rose at a firm pace last month with the unemployment rate dropping again near record lows, paving the way for the Federal Reserve to increase interest rates at its next meeting. Nonfarm payrolls increased 236,000 — in line with forecasts — after an upwardly revised 326,000 advance in February, the Bureau of Labor Statistics said Friday.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Three somewhat unpleasant but minor issues crossed my laptop screen yesterday. I am on the board of directors of an organization and was emailed six voluminous proposals (by the same person) for a major project that we were considering funding. I tried to respond to a digital polling question and while the choices were limited, I was given an opportunity to provide my own comments.
Both of last year’s COP summits made it pretty clear that we can’t rely on governments alone, and we really need to count on businesses to step up and take a leading role in tackling climate change. Reassuringly, 96% of businesses feel increasing pressure to become more sustainable. Of course, it’s easier said than done, but with a little effort, the rewards for business are plentiful: ✔ Boost competitive advantage ✔ Boost brand ✔ Attract talent ✔ Please stakeholders ✔ Save time ✔ Save money ✔
“Only those who will risk going too far can possibly find out how far it is possible to go.” — T.S. Eliot Stephen Vono of McGowanPRO has been a good friend for many years. If you don’t know Steve, you are missing out on some joy and laughter (and some great knowledge). McGowanPRO has announced the second episode of their new podcast, Risky Records!
The obvious and logical answer is yes, of course you are! But how clear is the vision of your future (healthier) firm? Have you worked out (for, let’s say 5 years’ time) how many clients you will have? And how many team members; What about fee levels; Technology; How will your firm be structured; Which clients will/won’t you be working with; What will people say/feel about working with your firm; What will your fees-per-full-time-employee equivalent be?
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax, physical and economic nexus tax, franchise tax, and gross income tax. Historically, in the U.S., Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax.
Believe it or not, the collapse of SVB and Signature revealed that the US banking system is resilient. The Customer Obsession Advantage's Marbue Brown explains.
State of Alabama A business license is required for basically everyone engaged in business within the state. The state and county licenses are issued by the county Probate Judge or License Commissioner in the county where the business is located. The county then remits a portion of the license fees to the state. The Alabama Department of Revenue does not administer municipal licenses.
By Low De Wei, Marika Katanuma – Bloomberg News (via TNS). Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform. Twitter “no longer exists” after being merged with X Corp., according to an April 4 document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative act
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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