Mon.Jul 08, 2024

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5 Signs It’s Time to Move On from QuickBooks

Accounting Seed

A revealing list of the top 5 reasons businesses make the switch from QuickBooks to Accounting Seed for their accounting needs.

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IRS fights misleading social media claims

Accounting Today

The Internal Revenue Service has stepped up efforts to combat dubious tax advice promoting schemes involving the Fuel Tax Credit, the Sick and Family Leave Credit, and household employment taxes.

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AICPA News – July 2024

CPA Practice

AICPA News is a collection of recent announcements from the American Institute of CPAs and the Chartered Institute of Management Accountants. AICPA Recognizes Six Individuals with 2024 Outstanding Young CPA Award The AICPA & CIMA recently recognized six practicing CPAs under the age of 40 with the 2024 AICPA Outstanding Young CPA Award. Every year, these awards are given in memory of Maximo Mukelabai, a member of the inaugural class of the AICPA Leadership Academy whose life was tragicall

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Ryan lawsuit halts noncompete rule

Accounting Today

A federal court issued a stay and a preliminary injunction against the Federal Trade Commission's non-compete rule after a lawsuit by the Ryan, a Dallas-based tax services firm, and the U.S. Chamber of Commerce.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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Most People Think Their Salaries Won’t Give Them Financial Security

CPA Practice

By Bruce Crumley, Inc. (TNS) Business owners facing employee requests for higher pay have plenty of reasons why they can’t increase salaries over current levels, and a new survey suggests another one. They may not be making enough money to feel financially secure themselves. A new poll shows that people across a wide range of revenue levels believe they need far higher incomes to feel financially secure—considerably more than businesses could possibly pay them.

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Deadline for MP Elite 2024 submissions extended for final time

Accounting Today

Due to extensive interest, Accounting Today is extending the deadline for submissions for its annual Managing Partner Elite list to the end of the day on Monday, July 15.

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More Trending

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RNC platform highlights tax cuts, border

Accounting Today

A Republican party committee approved a 2024 platform ahead of next week's convention that includes addressing the migrant border crisis, cutting taxes and boosting domestic energy production.

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Gen Zers Think Fraud is OK Because the Economy is So Unfair

CPA Practice

By Ben Kesslen, Quartz (TNS) Generation Z believes that the economy is so stacked against them that committing fraud is justified, according to a new report. Sift, an AI-powered fraud decisioning platform, released its Q1 report showing a third of Gen Z either knows someone who has committed first-party fraud or done so themselves. Sift said the Zoomers were purposefully disputing charges they knew to be legitimate.

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PSA to Clients: Be Sure to Ask Your Auditor If They’ve Committed Egregious Standards Violations Before Signing That Engagement Letter

Going Concern

This image is the first one that popped up when searching “advice” on the stock photo site we use. Let’s just roll with it. In the wake of Colorado firm and former Trump Media auditor BF Borgers being charged with “massive fraud” by the SEC in May , law firm Armstrong Teasdale has helpfully crafted some thought leadership aimed at those seeking audit services.

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Debunking the Myths Can Help Firms Start Implementing AI

CPA Practice

By Shane Westra. Over the past several years, artificial Intelligence (AI) and machine learning technologies are becoming increasingly integrated into the daily operations of accounting firms. This change offers both challenges and opportunities, which is an important perspective to maintain as you navigate the adoption of AI in your practice with an eye on maintaining high levels of overall security.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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David Hartley Appointed to the SIU Foundation Board of Directors

Anders CPA

David Hartley, CPA, CISA, advisory partner-in-charge at Anders CPAs + Advisors (Anders), has been appointed to the Southern Illinois University (SIU) Foundation Board of Directors effective July 1, 2024. With a distinguished career and a deep commitment to philanthropy, Hartley brings invaluable expertise to the Foundation’s mission of supporting SIU’s academic endeavors.

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Younger Workers Would Take a Pay Cut to Spend More Time With Their Pets

CPA Practice

By Bruce Gil, Quartz (TNS) Pets play a large role in how Americans make financial decisions—and for some younger Americans this even means they would take a pay cut for their four-legged friends, according to a survey from the financial services firm Empower. Empower surveyed 1,000 pet owners online and found that 94% of them consider their pets as a part of the family and spend money on them accordingly.

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About the 2025 ProAdvisor Awards Nomination Form

Insightful Accountant

In this third article of Murph's miniseries on the 2025 ProAdvisor Awards forms, he examines the new Nomination Form and gives some quick tips on its use.

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IRS: Kentucky Storm Victims Qualify For Tax Relief

CPA Practice

By Janie Slaven, The Times-Tribune, Corbin, Ky. (TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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Accounting Today news quiz: July 8

Accounting Today

Test your accounting knowledge on identity theft, sales tax reliance, and more. No. 2 pencil not required!

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Professionals on the Move – July 2024

CPA Practice

Professionals on the Move is a round-up of promotion and staffing announcements from around the profession. Daniel Winokur joins Wipfli as partner, healthcare services Wipfli LLP , an advisory firm, recently announced that Daniel Winokur has joined the firm’s national healthcare services practice as a partner. Winokur is an executive management consultant with 15 years of experience advising federally qualified health centers and other socially responsible ventures.

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Art of Accounting: Growing by not learning

Accounting Today

When it comes to practice management, try to learn as much as you can from whatever source is available.

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Survey: Nearly Half of Americans Won’t Be Able to Afford a Summer Vacation

CPA Practice

By Ben Kesslen, Quartz (TNS) Around half of Americans can’t afford to take a summer vacation this year thanks to the rising costs of living, according to a new survey. Fourty-four percent of the 2,500 eligible U.S. voters surveyed by Redfield & Wilton Strategy and Newsweek said they have no travel plans in the next three months. And 53% said they wanted to go on a vacation but couldn’t swing it due to rising prices.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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The Xero Beautiful Business Fund is back for 2024

Xero

We’re thrilled to announce the return of the Xero Beautiful Business Fund for 2024. With a prize pool of over NZ$750,000, the Xero Beautiful Business Fund is back to support small businesses and non-profits in seven countries with their growth plans and help drive future success. Small businesses are driven by dedicated and passionate individuals who work hard to contribute to their communities and their local economies.

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U.S. Job Market Shows More Signs of Slowing, ADP Data Suggests

CPA Practice

By Jarrell Dillard, Bloomberg News (TNS) Labor data Wednesday added further evidence that the labor market is slowing down. U.S. companies hired workers at a more moderate pace in June and wage growth cooled in private payrolls, according to data from the ADP Research Institute. Recurring claims for unemployment benefits rose for a ninth straight week, the longest stretch since 2018 that indicates a growing number of people are having difficulty finding a new job.

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How great works of art can bring grand tax savings on capital gains

Accounting Today

Art carries higher rates than most investments, but financial advisors and their clients can tap into trusts, charitable donations, loss harvesting and the stepped-up basis.

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Staying Profitable in a Competitive Cannabis Market: A Conversation with Marianne Cursetjee of Alibi Cannabis

Anders CPA

Cannabis cultivation is not for the weak of heart. It’s also not for fly-by-the-seat-of-your pants kind of people. When Marianne Cursetjee co-founded Alibi Cannabis in Oregon, they had to finance it all themselves: the land, the construction, the equipment. Luckily, she was disciplined enough to run the numbers, start small, and create high-quality, high-value cannabis that now regularly sells out before the four-month journey from seed to product.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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BDO's new COO and chair plan improvements

Accounting Today

BDO USA recently appointed a new COO to oversee efforts to improve its audit practice and technology, as well as implement its ESOP.

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Monday Morning Accounting News Brief: Should Partner Pay Be Tied to Audit Quality?; Capital Markets Cry Out for Accountants | 7.8.24

Going Concern

Morning! I trust everyone had a safe and fun 4th of July except for our non-American readers who I hope enjoyed their Thursday. It’s summer so spirits should be high regardless. I don’t expect there to be much news out there today, maybe the profession watercooler will surprise me. I found out from Reddit over the weekend that AI is going to put both you and me out of a job.

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Canada enacts digital-services tax amid US reprisal threat

Accounting Today

U.S. lawmakers and government officials view the tax as unfair and have threatened to retaliate if Canada moved forward with it.

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Pennsylvania Institute of CPAs publishes Firm Tech Report

Insightful Accountant

The Pennsylvania Institute of CPAs has published a 29-page CPA firm Tech Report with insightful information on the use of technology and where firms are moving related to tech.

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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New Year, New Business Plan

Reckon

Your business is always changing, and your business plan should reflect that. This handy document is key to tracking your company’s progress and helping you and your team stay on target. And with the new financial year upon us, now might be the perfect time to take your business plan out of the drawer and give it a fresh update. Yes, you’ve probably got a lot on your plate already, but getting into the habit now can pay off down the track.

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Automating Your AP Nightmare with Smart Data Extraction

Insightful Accountant

Many accounting professionals struggle with the time-consuming and error-prone task of managing accounts payable (AP). If you missed our recent App Academy , MakersHub presented how their innovative solution can revolutionize this critical process.

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7 Reasons to Make Time for Strategic Planning

LSLCPAs

In the bustling world of business, where every minute counts and the pace seems relentless, it’s easy to get caught up in the daily grind and lose sight of the bigger picture. However, amidst the chaos, there exists a crucial activity that is often overlooked but holds the key to long-term success: strategic planning. Strategic. The post 7 Reasons to Make Time for Strategic Planning appeared first on LSL CPAs.

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The Importance of Crypto Investigation Tools

Withum

The Cryptocurrency market has become a booming industry over the past few years, with an influx of investments in digital assets like Bitcoin, Ethereum, and many others. However, as the popularity of cryptocurrencies grows, the number of scammers and hackers trying to exploit people’s lack of knowledge and experience in the field also increases.

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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.