Tue.Apr 11, 2023

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Future-Proofing Financial Planning: How CFOs Can Benefit from Autonomous Planning

Acterys

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.

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5 Tips to Minimize Risk Associated with Sales Tax Audits

TaxConnex

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%).

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Five Benefits of Hiring Your Spouse

CPA Practice

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.

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Don’t Be A Victim of Fraud – Protect Your Organization

Withum

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.

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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 EY Split Is Officially DEAD

Going Concern

Called it ! Financial Times reported moments ago : EY has called off the plan to break up its audit and consulting businesses after months of internal disagreement. The decision is set to be communicated to partners in a note on Tuesday, said people with knowledge of the matter. More to come shortly. The post The EY Split Is Officially DEAD appeared first on Going Concern.

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The High Cost of Business Email Compromise: Protecting Your Company from Financial Fraud

Withum

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

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What Does A Tax Extension Mean For You?

Nancy McClelland, LLC

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.

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What the ViDA Regulation Means for U.S. Companies

CPA Practice

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

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Mastering Growth: 4 Essential Tips for Businesses in 2023

Basis 365

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.

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Intuit QuickBooks Launches Rest-of-World App Store

CPA Practice

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.

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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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Work from anywhere with these new updates to our Xero apps

Xero

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.

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Intuit Launches QuickBooks Small Business Index

CPA Practice

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.

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From Seed to Sale

Insightful Accountant

RCReports' Paul S. Hamann takes a deep dive into calculating Reasonable Compensation for today's growing cannabis businesses.

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Just Be Glad You Didn’t Have FTX As a Client

Going Concern

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.

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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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The QuickBooks Online App for Windows and Mac Users

Insightful Accountant

The new app for Windows and Mac Users offers innovative navigation and enhancements to transition workflows for migrating desktop users.

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Top 3 Outsourcing Trends To Watch For In 2023

GrowthForceBlog

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.

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How To Avoid Hiring a ‘Stanley’

CPA Practice

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.

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Accounting Buzzwords 2023: Deciphering Workplace Conversations

Accounting Insight

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.

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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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Seven Risk Management Activities to Safeguard Your Financial Institution Against Damaging Risk Exposures

Cherry Bekaert

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.

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U.S. Employment Still Strong, But May Show Sign of Cooling

CPA Practice

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.

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Being Understood and User-Friendly

Withum

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.

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Imports Climbing But Remain Below Pandemic Peaks

CPA Practice

Import cargo volume at the nation’s major container ports should climb steadily through this summer but will remain below record-setting levels seen during most of the pandemic, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Last spring and summer were the busiest ever as consumers spent freely and retailers brought in merchandise to meet demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

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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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How sustainability can give your business an edge in 2023

Accounting Insight

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 ✔

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Gen Z Homebuyers Put Higher Priority on Pets

CPA Practice

More Gen Z adults (ages 18–26) would consider a fenced backyard essential if buying a home (48%), compared to those who say the same of a double sink in the primary bathroom (28%) or a kids’ playroom (24%). Nearly one-quarter of Gen Z pet owners would want to move if their home was no longer working for their pet (22%), but only 12% would want to move if their home was no longer working for their partner.

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Risky Records Podcast

RitaKeller

“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!

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Are you ready for a brighter & healthier firm of the future?

Accounting Insight

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?

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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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More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

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.

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Does Your Business Have the Proper Business Licenses?

Dent Moses

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.

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On-Demand Webinar: Navigating Through Uncertain Times: An Economic Update for Manufacturers with Dr. Chad Moutray 

Withum

All companies in the supply chain are impacted by the current economic conditions and the uncertainties in front of us. To successfully navigate these times, businesses have been forced to consider new strategies, develop new alliances and pivot quickly to react to market demands. Understand what the economic data is indicating and where we are likely to go.

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AuditClub Appoints PwC Veteran in Leadership Expansion

CPA Practice

Brian Yujuico has been named vice president and senior chief auditor at AuditClub, the Audit Service Center and creator of the innovative auditors-as-a-service model. In this newly created role, Yujuico, a Certified Public Accountant, will oversee day-to-day activities of the growing team of chief auditors, crew and cadets. He will also drive the growth of the newly introduced assisted entrepreneurship career alternative, AuditClub One, and other strategic company initiatives.

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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.