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With many accountants quitting in the past two years and the dwindling number of college students entering the accounting field, there is an increased focus on employee retention for accounting firms. Not only because turnover is costly, but it disrupts workflow and results in losing valuable skills and expertise.
By Julio Gonzales. [ Read Part II.] What’s one of the biggest challenges that small businesses face? Lack of funding. Loans are an option, but they’re not always easy to attain. In fact, large banks only approve 25% of Small Business Association (SBA) loans. Many of your clients are likely in need of funds for their businesses, and they may have overlooked one valuable source of funding – grants.
We’ve used that PwC Chad image way too many times recently so have this AI-generated fantasy forest instead. It wasn’t that long ago that Big 4 accounting firms were cagey about staff playing around with ChatGPT on company equipment, consumed by the fear of sensitive client information being fed into the AI black hole. But then they got over it and both PwC and KPMG proudly announced proprietary AI tools, leading the way in what will no doubt be a transformative time for professional
The Xero Responsible Data Use Advisory Council recently held its seventh meeting, with a focus on the extraordinary developments in the field of generative AI, and the myriad potential applications for small business. The council is made up of myself, Laura Jackson of Popcorn Shed (business owner), Maribel Lopez of Lopez Research (technology analyst), Wyndi and Eli Tagi of WE Mana (advisors), Aaron Wittman of XBert (app developer), Anna Johnston of Salinger Privacy (privacy compliance speciali
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.
Although EY continues to deny it, Accountants Daily reports that lead partners at EY Australia have been instructed to draw up a list of everyone who isn’t pulling their weight so they can figure out who to chop, per a source. AD’s sources made it sound like no one is safe, not even partners. Sources at the firm told Accountants Daily that no-one would be safe from the lists, which would be drawn up by lead partners running service lines – who sit atop the 700-plus Australian partner
The annual Xero Awards is a particularly special night for us at Xero. It’s a chance for us to show our appreciation and admiration to the many incredible accounting, bookkeeping, and app partners in our community. This year’s awards evening, which took place at Ministry Venues, Elephant & Castle, showcased the achievements of the “rockstars” of the accounting world.
By Julio Gonzalez. [ Read Part I.] Are you unsure of whether grants are a good option for your clients? Be sure to read part 1 of this series, where I cover: Grant eligibility/requirements Types of grants Grant readiness assessment Once you’ve read through the first article, it’s time to walk your clients through the grant application process. Tips When Filling Out Your Grant Application Grants.gov has over 2,000 grants that businesses can apply for (you can find more in Part 1), but you need yo
By Julio Gonzalez. [ Read Part I.] Are you unsure of whether grants are a good option for your clients? Be sure to read part 1 of this series, where I cover: Grant eligibility/requirements Types of grants Grant readiness assessment Once you’ve read through the first article, it’s time to walk your clients through the grant application process. Tips When Filling Out Your Grant Application Grants.gov has over 2,000 grants that businesses can apply for (you can find more in Part 1), but you need yo
Last week, AccountingDepartment.com Business Development Representatives, Shawn Marcum, and Luke Backus attended the 2023 Entrepreneurial Operating System (EOS) Conference in Indianapolis, IN.
By Scott Ibbotson. Section 174 of the Internal Revenue Code underwent significant changes in recent years, with the Tax Cuts and Jobs Act (TCJA) requiring mandatory capitalization and amortization of Section 174 “research and expenditure” costs for tax years beginning on or after Jan. 1, 2022. For many businesses, this may mean a significantly higher tax bill.
One of the oldest and largest societies in the United States, the Texas Society of Certified Public Accountants or TXCPA currently has 28,000 members. Founded in 1915, the Texas Society of Certified Public Accountants (TXCPA) provides a wide array of professional resources for CPAs. TXCPA also provides education and professional development opportunities while actively defending and promoting the CPA professional throughout the state.
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.
Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines.
For the 11th straight year, PwC is the top public accounting firm to work for, according to the recently released Vault Accounting 25 for 2024. PwC had a score of 8.584 out of 10, just ahead of Deloitte which had a score of 8.432. Rounding out the top five were KPMG, BDO USA, and RSM US, which moved up from eighth in Vault’s 2023 ranking to fifth for 2024.
The renewal process for the annual QuickBooks Online ProAdvisor Certifications is now underway, and ProAdvisors have until June 30 to get required recertifications.
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.
Professionals on the Move is a roundup of recent hiring and promotion announcements from around the accounting profession. FASB Names Three New Members to Its Investor Advisory Committee The Financial Accounting Standards Board (FASB) recently announced the appointment of three new members to its Investor Advisory Committee (IAC). The IAC works closely with the FASB to ensure that investor perspectives are effectively communicated during the development of accounting standards.
Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines.
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss useful techniques for managing data within a firm. Click here to visit the podcast page.
Learn how Withum helped a Bridal Manufacturer improve and optimize its e-commerce capabilities by successfully implementing and fully leveraging NetSuite’s SuiteCommerce Advanced (SCA). Download a PDF of this case study. Executive Summary After successfully implementing Oracle NetSuite’s ERP and Suite Commerce “SC” solution, a leading U.S. wedding dress designer and manufacturer looked to Withum to improve and optimize its e-commerce capabilities.
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.
Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced its cross-border compliance solutions support eBay International Shipping — a program that takes the complexity out of selling products on eBay and shipping them internationally. eBay International Shipping leverages Avalara software natively to determine Harmonized System (HS) commodity classification codes, identify item-level trade restrictions, and generate landed cost pri
Have you ever wished you could create your own chatbot that can answer questions, provide information and perform tasks for your customers or employees? Do you want to save time and money by automating common business processes and reducing support requests? If so, you might be interested in Power Virtual Agents, a powerful tool that lets you build intelligent chatbots and virtual agents without any coding or AI expertise.
By Kristin Alexander. When it comes to managing excise tax compliance, many energy and fuel businesses are burning the midnight oil to keep up. The industry faces continual pressure from mounting environmental and health standards. Complex tax laws that vary across products and jurisdictions add fuel to the fire. Factor in that 63% of energy businesses and 48% of fuel companies included in a recent Aberdeen Strategy & Research study were hit with penalties or interest from audits in the
Lee Chambers is a respected psychologist and founder of Essentialise Workplace Wellbeing. After a diverse career, including time in corporate finance, elite sports and scaling and exiting a videogame business, Chambers decided to launch Essentialise in 2020, to support businesses in making wellbeing effective and provide value on investment. How did you get into the profession?
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.
Avalara, Inc. , a provider of cloud-based tax compliance automation for businesses of all sizes, has expanded its collection of e-invoicing certifications as it has become a Peppol certified service provider in Australia, Japan, New Zealand, and the European Union. The company also shared its involvement as a technical committee contributor for the Business Payments Coalition’s E-invoice Exchange Market Pilot , an effort supported by the Federal Reserve, and announced the Digital Business Networ
Outsourcing has become a widespread practice for businesses of all sizes, from startups to large corporations. It involves hiring external companies or individuals to handle tasks or functions that are not part of a company's core operations. Outsourcing can be a cost-effective and efficient way to streamline processes and increase productivity and specialized access expertise.
The Financial Accounting Foundation (FAF) has given the financial reporting community an opportunity to raise potential concerns about compliance with the due-process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Now available via the FAF website , stakeholders can flag for the FAF’s Oversight Committee alleged failures of either the FASB or the GASB to follow their due-process procedures as outlined in the FAF bylaws.
Are you tired of working too hard for too little? In this episode, we’re going to talk about a common mistake that many businesses make – underpricing. Let’s explore why some firms fall into this trap and how to avoid it. Listen below. 0:34 – In this episode, we delve into why some firms struggle with underpricing and how to avoid it to achieve better results. 1:20 – Good pricing strategies can lead to earning more while spending less time with clients, while poor p
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If you’re doing the books, juggling the hiring, navigating supply problems, delivering work to clients, and thinking about big-picture items for the year … you might be a small business owner. If you’ve got a lot on your mind and more gets added daily? You might be a small business owner. If you don’t have a big staff and get pulled in a lot of different directions and you’re doing the mundane task of organizing your tax documents … you might be a small business owner.
Final Rule: PPACA, HHS Notice of Benefit and Payment Parameters for 2024, 45 CFR Parts 153, 155 and 156, 88 Fed. Reg. 25740 (Apr. 27, 2023); Fact Sheet: HHS Notice of Benefit and Payment Parameters for 2024 Final Rule (Apr. 17, 2023) Final Rule Fact Sheet HHS has finalized regulations that amend and refine several benefit payment parameters and other Affordable Care Act (ACA) insurance market and Exchange related rules for 2024.
What documents must be obtained in a divorce proceeding when your forensic accountant needs to evaluate and investigate the income of the parties? In the below video, Tracy Coenen lists some of the basic documents that are needed to analyze wages, self-employment income, and investment income.
QUESTION: Due to the COVID-19 emergency, we have been required to extend deadlines for participants and beneficiaries to submit claims and appeals under our employee benefit plans. How does the end of the COVID-19 national emergency affect these extensions? ANSWER: Various plan-related deadlines have been extended—but for no longer than one year—by disregarding (tolling) the COVID-19 “outbreak period,” which ends 60 days after the end of the national emergency unless another end date is announc
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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