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Have you ever been totally in the zone, grinding away at work oblivious to the world around you when you’re rudely interrupted by a *DING* that snaps you right out of your trance and back to the tedium of a seemingly infinite inbox? Or maybe you were cruising along on some project you’d been putting off when a calendar reminder pops up to tell you you’ve got ten minutes of focus remaining until you need to be in yet another useless meeting (this is me).
You’ve made certain that every operating unit has clear policies to control the risks that are created when employees engage a vendor and agree to pay for products and services. Some examples of these policies might include: Finance has clear expense policies in place, including what documentation is required and who needs to approve new purchases. IT requires SOC reports for new software vendors.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Talent Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing [ Wall Street Journal ] For Connor Verrett, an economics major and entrepreneurship minor at Washington & Lee University who ex
A new survey shows that continued inflation and economic disruptions are the top concerns for more than half of organizations in 2023. Despite this, most organizations expect their revenues to either increase or stay the same this year. As a result, three quarters of organizations plan to resume business travel in 2023 and half of organizations surveyed plan to invest in analytic technologies that can help navigate uncertain economic conditions.
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.
If you're a QuickBooks accounting professional, you may have noticed a recent change in how new subscriptions to QuickBooks Online are handled. Well actually, you probably haven't noticed it because the process is part of the setup interview that most people may not even realize what's happening. Intuit, the company behind QuickBooks, has started automatically creating QB Payments accounts for all new subscriptions.
In a recent letter to Senators Marsha Blackburn (R-TN) and Catherine Cortez Masto (D-NV), the American Institute of CPAs (AICPA) expressed strong support for an issue identified by the Internal Revenue Service National Taxpayer Advocate (IRS NTA) in its Annual Report to Congress, or Purple Book. The IRS NTA expressed the need to amend section 7502(c) so that electronically submitted tax payments and documents will be treated as submitted on the day they are transmitted, even if the IRS processes
Long gone are the days of relying on international “just-in-time” systems for supply chains. Thanks to the volatile environment that has become the new norm, supply chains have been permanently disrupted. Manufacturers now bear increased costs while still being saddled with outstanding debt. Today’s U.S. middle- and small-market manufacturers do not have the time or ability to reassess supply chain optimality.
Long gone are the days of relying on international “just-in-time” systems for supply chains. Thanks to the volatile environment that has become the new norm, supply chains have been permanently disrupted. Manufacturers now bear increased costs while still being saddled with outstanding debt. Today’s U.S. middle- and small-market manufacturers do not have the time or ability to reassess supply chain optimality.
The U.S. accounting profession is facing a much-discussed conundrum. Approximately 300,000 professionals left public accounting in 2021 and 2022 and fewer college students are choosing to pursue accounting as a career. Add to that the estimate that nearly 75% of accounting professionals are planning to retire in the next 15 years, and it is no wonder that firms are offering previously unheard-of incentives to attract and retain talent.
Our AccountingDepartment.com family is proud of its vibrant and diverse “cast of characters”—we span the country with our team members coming from all backgrounds and personalities. Included among our team are some amazing Military Spouses whose hard work, dedication, and contributions are part of what makes our family so strong—and theirs as well.
You should work to define your marketing budget annually. It may sound like a simple task, but to do it justice, you must take the past into account and identify future goals for a period of time, such as the one, three, and even five years. That alone can help identify: How to allocate your marketing budget; Where to focus your efforts on existing and new target markets and; How to prioritize marketing initiatives.
New business owners may be excited to learn that the IRS also allows them to deduct their annual business mileage as a business expense. However, they may be less prepared for the task of keeping accurate records of their business trips and educating themselves on the precise rules around what counts as business mileage. This is where you as a tax planner can relieve some of the uncertainty and provide guidance on how to set oneself up for success.
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.
By Joshua Tehee, The Fresno Bee (TNS) A former Fresno IRS employee who also worked as a private tax preparer was sentenced Thursday for 13 felonies related to identity theft and wire and tax fraud. Deena Vang Lee received four years and six months in prison and must pay a $191,597 fine, according to a release from the IRS. Lee was arrested in 2019 and convicted in January on three counts of wire fraud, two counts of aggravated identity theft, five counts of preparing and presenting false and
9 min read Women own 50% of businesses but generate only 4% of total revenue, and 90% of woman-owned businesses generate less than six figures in revenue per year.
A new survey conducted over several weeks shows a loss of confidence in financial institutions among several key demographics based on age, race, gender and income. The survey by the National Endowment for Financial Education (NEFE) explores consumer trust in financial institutions through two national opinion polls that bookended global, mainstream news coverage of the Silicon Valley Bank and Credit Suisse bank collapses.
Taking steps to create a good foundation in the early days of your business is essential for a sustainable and profitable future. It's rare these days that your prospective leads happen to find your construction business and become a client with no work. Your company has to grab people's attention, turn curious visitors into leads and then convert those leads into sales.
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.
Expensify has announced the international expansion of their employee reimbursements functionality. Businesses managing spend and expenses across borders can now reimburse employees almost anywhere in the world. Expensify is a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards, and bills.
If so, you may want to go back and review your schedule of expenditures of federal awards (SEFA)! A number of local governments have discovered after the fact that these programs were part of the federal Coronavirus State and Local Fiscal Recovery Funds program (Assistance Listing 21.027) when they received a letter from the SWRCB. The post Did you receive any funding from the State Water Resources Control Board (SWRCB) as part of their water and wastewater arrearage program?
Hunter Boyce The Atlanta Journal-Constitution (TNS) Zephalto , a French company offering what they call “the most pristine spaceship of the 21st century,” is planning something daring: an opportunity to straddle the stratosphere while enjoying fine dining. It’s a step towards the stars for commercial space exploration, but it also comes at an astronomical cost.
A highlight: “Generally, you shouldn’t have a year end one after the other,” says Tara. “But the company went under a hiring freeze and I wound up with five or six clients’ year ends back to back. I was working excessively long hours and work life balance just went out of the window. I’d get into work at 8AM and leave at 4AM,” she says. Overworked and underpaid: Why grads are ditching jobs at the Big Four [ The Tab ] The post Big 4 Recruiting is Gonna Hate This appeared first on Going Concern.
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 IRS Independent Office of Appeals is asking the public for ideas on how to provide taxpayers who don’t live near an appeals office better access to its services. The appeals office tries to resolve federal tax disputes without the need for litigation. If a taxpayer’s dispute with the IRS qualifies for an appeal, the office will review the issues and schedule a conference.
As CPA firms navigate the ever-evolving digital economy, they are faced with various challenges that threaten their profitability and longevity. From leveraging automation and artificial intelligence to recruiting and retaining top talent, CPA firms must find innovative solutions in order to stay competitive. But fear not, because, with the right approach, CPA firms can turn these challenges into opportunities for a brighter future.
May 2023 It’s hard to believe that this year is almost halfway gone, and some of our most important projects for helping our team and improving the tools we use are just now getting started. Technology tools for your firm’s stack continue to improve and innovate. But how do you determine what is fact and what is hype? Please check out our podcast coverage of tools at The Technology Lab.
International tax planning is undergoing enormous change. By the beginning of 2024, a new Global Minimum Tax (GMT) regime will come into effect under the OECD’s base erosion and profit-sharing initiative. With these newly introduced “Pillar Two” rules, multinational companies with revenues of more than €750 million will have to pay a minimum 15% rate of tax, wherever their profits are booked.
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The Massachusetts Society of Certified Public Accountants (MassCPAs) has awarded 51 scholarships totaling $175,000 to students from across the state as part of the MassCPAs Educational Foundation Scholarship Program. The students will be honored for their awards at MassCPAs annual, member-wide networking event, Connect 2023: Conversations & Cocktails, on May 18.
When you use a vehicle for business, the tax benefits available go beyond the date of purchase. The IRS also allows you to deduct your annual business mileage as a business expense. This is easier said than done, especially if your vehicle use is split between business and personal trips. Who among us typically keeps documentation of each mile we drive?
In any firm, the margin for success is in the details. So for your firm to remain competitive and sustain success in an ever-evolving business landscape, it’s crucial to create pricing as a center of excellence. But how do you do it? Let’s look at building processes and systems so that pricing decisions become a source of strength for your business operations—not something stuck in the shadows or treated as an afterthought.
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss the practical application of ChatGPT for accounting professionals, as well as the possible benefits, limitations and risks. Click here to visit the podcast page.
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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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