AccountingDepartment

APRIL 10, 2024

In the competitive world of small business, every decision can determine the trajectory of success or failure. One concept that lies at the heart of strategic business decisions but is often overlooked is opportunity cost. It's not just an economic theory; it's a practical metric that every small business owner and entrepreneur should master to make better choices and drive competitive advantage.

NetSuite 86

NetSuite bookkeeping accounted Account 86

Withum

APRIL 10, 2024

In a recent development that underscores the dynamic landscape of Artificial Intelligence (AI) within government, the U.S. House has blocked the utilization of Microsoft’s Copilot by its staff, representing a noteworthy chapter in the ongoing narrative of AI’s journey through the hype cycle. Just as AI approaches the summit of the Peak of Inflated Expectations, there emerges a concerted effort, notably from the media, to hasten its descent into the Trough of Disillusionment.

Government 131

Government 131

Accounting Today

APRIL 10, 2024

The board imposed its largest-ever penalty of $25 million against KPMG's firm in the Netherlands, in addition to $2 million in fines against Deloitte's firms in Indonesia and the Philippines.

audit 124

audit accounted Account accountant 124

CPA Practice

APRIL 10, 2024

The accounting profession is struggling to deal with a talent shortage. Fewer students are selecting accounting as a major, and those who do often opt for careers outside of public accounting. Compounding the problem, the AICPA estimates that roughly 75% of its members are at retirement age. This isn’t news to most firm leaders who are continually seeking innovative solutions to attract and retain talent.

Technology 106

Technology accounting and finance cpas accounting standards 106

Speaker: David Warren

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

Sales

Accounting Today

APRIL 10, 2024

Plus, Google is making massive changes to Chrome, AI-powered tax chatbots aren't performing well, and seven other things that happened in technology this past month.

Technology 124

Technology Tax 124

CTP

APRIL 10, 2024

In a previous blog , we discussed the benefits of the 1031 exchange. This IRS rule allows property owners to defer capital gains taxes when they trade a property for a like-kind property. So if your client has a property that is used for business or held as an investment and exchanges it for another property that is used for business or held as an investment, they may qualify for 1031 treatment.

Real Estate 105

Real Estate Tax tax planning tax return 105

CPA Practice

APRIL 10, 2024

Professionals newly joining the workforce in 2024 can expect an active hiring market, according to research from talent solutions and business consulting firm Robert Half. In a recent Robert Half survey, 65% of companies said they plan to hire entry-level professionals, generally defined as individuals with 0-2 years of experience, in early 2024. The Outlook for Entry-Level Professionals Hiring Plans by Field Administrative and customer support 76 % Legal 75 % Marketing and creative 72 % Fi

auditor 98

auditor accounting and finance Legal Finance 98

CTP

APRIL 10, 2024

A common conversation with clients is how to minimize taxes on their investments. When it comes to business or investment properties, taxpayers may be hesitant to sell, even if the investment is turning out to be an unprofitable one, because doing so will mean paying a sizable capital gains tax. What other options are available? Taxpayers who are willing to stay in the real estate market could benefit from a 1031 exchange.

Real Estate 96

Real Estate Tax Maine Sales 96

Insightful Accountant

APRIL 10, 2024

Hotel Equities to implement NetSuite to help optimize business processes and improve visibility across its growing portfolio.

NetSuite 105

NetSuite 105

Going Concern

APRIL 10, 2024

In a story we’ve been following since Dutch news outlets started reporting on it last summer, it appears exam cheaters at KPMG Netherlands have , as we suspected they eventually would, been hit with a fine from the PCAOB. Not just a fine. The $25 million civil money penalty on KPMG Netherlands is the largest fine the PCAOB has ever imposed. First, the earlier reporting.

auditor 73

auditor audit accounted Account 73

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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

Accounting Today

APRIL 10, 2024

The International Accounting Standards Board has completed a new standard to give investors more readily comparable information about companies operating profits in one of the biggest changes to International Financial Reporting Standards in decades.

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international accounting standards accounting standards accounted Account 73

SkagitCountyTaxServices

APRIL 10, 2024

Lots going on this week. Namely… The tax filing deadline is Monday, April 15th. For any of our Mount Vernon business clients who haven’t yet reached out to us, we can still take you on by filing an extension on your behalf and then managing the filing after. But, remember, you still have to pay what you owe Tax Day or else you’ll wrack up penalties and fees.

Non-Profits 70

Non-Profits Tax CPA Finance 70

Accounting Today

APRIL 10, 2024

A new report shows that, increasingly, the respondents in Public Company Accounting Oversight Board enforcement actions are firms, rather than individuals.

Account 78

Account accounted accountant audit 78

Going Concern

APRIL 10, 2024

Some not so good news coming out of University of Warsaw this month: people who work remotely, even part-time, are less likely to get raises and promotions. And it’s male WFHers who miss out most. This research is the first of its kind post-COVID, surely academia will be investigating the matter further for many years to come. The study abstract : Work from home (WFH) has been a part of the professional landscape for over two decades, yet it was the COVID-19 pandemic that has substantially

accounted 67

accounted Account accountant 67

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

Accounting Today

APRIL 10, 2024

The firm may pursue its claims through an administrative office at the agency after agreeing with the federal government to dismiss its case.

Tax 70

Tax Government 70

Basis 365

APRIL 10, 2024

A business’s ability to remain agile will ensure it can quickly adapt to emerging trends and opportunities. Agility is not only a mindset of the team but the infrastructure the business has built over the years. Bogging your business down with layers upon layers of employees and middle management can prevent you from seizing an opportunity faster than your competitors.

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bookkeeping accounts payable financial statements bookkeeping services 59

Accounting Insight

APRIL 10, 2024

Chaser, the leading credit management automation platform, announces a new integration with Microsoft Dynamics 365 Business Central (MS Dynamics), an all-in-one business management solution for small to midsize companies, empowering businesses to effortlessly manage their accounts receivable process, by using automation and AI. MS Dynamics is designed for small-medium enterprises to help them manage their finances, operations, sales, and customer service and is popular worldwide.

accounting and finance 59

accounting and finance Finance Account accounted 59

CPA Practice

APRIL 10, 2024

The American Institute of CPAs has submitted a letter to the Internal Revenue Service requesting simplified procedures for when taxpayers either fail to make a timely election out of automatic allocation of Generation-Skipping Tax (GST) exemption or make a section 2632(c) election inadvertently. These recommendations will simplify filing for taxpayers and practitioners and will reduce the administrative burden on the IRS as well.

Tax 59

Tax cpas Legal 59

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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

Accounting Today

APRIL 10, 2024

Failure to maintain an acceptable accounting system may result in the withholding of payments from the government to a contractor.

Government 70

Government accounting system accounted Account 70

Withum

APRIL 10, 2024

Intuit recently announced the QuickBooks (QB) Desktop discontinuation, halting new subscriptions for several QB Desktop products after July 31, 2024. What does this mean for your business? In this on-demand webinar, we delve into the recent announcement and share the necessary knowledge and strategies to navigate this transition smoothly and effectively.

quickbooks 52

quickbooks accounting software accounted Account 52

Ryan Lazanis

APRIL 10, 2024

A lot of firms struggle with their marketing. In this episode, I shared a marketing strategy that might be inefficient but works. The post The Inefficient Marketing Strategy That Works appeared first on Future Firm.

accounted 52

accounted Account accountant 52

CPA Practice

APRIL 10, 2024

A fine of $25 million to the Netherlands arm of Big Four firm KPMG for systemic exam cheating over a five-year period is the largest financial penalty doled out thus far by the Public Company Accounting Oversight Board (PCAOB), the U.S. audit regulator said on April 10. The PCAOB found that widespread improper answer sharing occurred in the firm’s internal training program and that KPMG Netherlands lied to the PCAOB about its knowledge of the rampant cheating.

audit 52

audit accounted Account accountant 52

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

Healthcare

LSLCPAs

APRIL 10, 2024

Transitioning to a new Enterprise Resource Planning (ERP) system can be a transformative experience for your local government agency. It can create efficiencies that most times were thought not possible. New accounting rules seem to be coming out of the woodwork that changes how our systems from 20 years ago were implemented to be used. The post Cleaning Up Your Records in Preparation for a New ERP System…Where to Start?

cpas 52

cpas Government accounted Account 52

CPA Practice

APRIL 10, 2024

The Public Company Accounting Oversight Board (PCAOB) issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose several metrics —including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new form that would be accessible to investors. Erica Williams “Sound and consistent information bolsters confidence in our capital markets, and can drive audit quality,” PCAOB Chair Erica Williams said in a statement on T

audit 52

audit auditor public accounting accounting firms 52

Withum

APRIL 10, 2024

The surge in supply chain ESG data requests marks a critical shift in sustainability reporting. More than ever, companies are being asked to share their ESG data with business partners. While navigating this scenario may seem daunting and complex, it presents a substantial opportunity to strengthen relationships with customers, enhance brand reputation, and unlock various ancillary benefits by setting the stage for sustained success.

Real Estate 52

Real Estate CPA audit Sales 52

Dent Moses

APRIL 10, 2024

As housing prices and mortgage rates continue to escalate, many young people struggle to purchase their first home or upgrade. One option is for parents or family to finance the purchase of the home and hold a mortgage. The transaction is documented like a regular mortgage with monthly payments. Let’s look at the advantages: Favorable interest rates.

Finance 52

Finance Tax Construction Account 52

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

Accounting Insight

APRIL 10, 2024

Accountex London is returning next month, on 15-16 May 2024. London’s ExCeL is expected to welcome over ten thousand accounting and finance professionals through its doors. The final two main stage programmes (Orbit and Horizon) have just been announced, and include sessions on everything from MTD for ITSA to personal branding. Visitors will get actionable advice and stay up-to-date from CPD-accredited seminar programme, that includes over 250 seminars by thought-leaders from the accountanc

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accounting and finance Tax audit Technology 52

Canopy Accounting

APRIL 10, 2024

For the accounting firm focused on maximizing profit and efficiency, antiquated practice management solutions that only meet a few needs are no longer sufficient for accounting firms. Having an operating system that seamlessly connects all processes within an accounting firm is crucial for maximizing efficiency and providing a superior client experience.

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accounting firms Account accounted accountant 52

CPA Practice

APRIL 10, 2024

FloQast, a finance and accounting operations platform provider created by accountants for accountants, has announced the successful closure of its Series E funding round, raising $100 million. The round was led by ICONIQ Growth, with Roy Luo, representing ICONIQ Growth, joining FloQast’s Board of Directors. BDT & MSD Partners and WiL (World Innovation Lab) also join as first-time investors, alongside the continued participation from board member Meritech Capital as well as Sapphire Ventures.

accounting and finance 52

accounting and finance Technology Finance Education 52

Ryan Lazanis

APRIL 10, 2024

Dive into the world of offshore accounting: Discover benefits, challenges, and best practices in this comprehensive guide. The post Offshore Accounting: Everything You Need to Know appeared first on Future Firm.

Account 52

Account accounted accountant 52

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.