Thu.Apr 27, 2023

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Retaining and Recruiting Talent in Accounting Firms: 5 Proven Strategies

Canopy Accounting

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.

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Helping Your Clients Get Access to Grants, Part 1

CPA Practice

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.

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PwC Has Set Aside $1,000,000,000 for AI

Going Concern

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

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Helping Your Clients Get Access to Grants, Part 2

CPA Practice

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

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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EY Australia’s Head of HR Abruptly Quits, Rumors Abound That Partners Could Get Chopped

Going Concern

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

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What to Make of Changes to Sec. 174 Research and Experimentation Costs

CPA Practice

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.

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AccountingDepartment.com Attends 2023 EOS Conference

AccountingDepartment

Last week, AccountingDepartment.com Business Development Representatives, Shawn Marcum, and Luke Backus attended the 2023 Entrepreneurial Operating System (EOS) Conference in Indianapolis, IN.

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Oh what a night! 2023 Xero Awards UK & Ireland

Xero

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.

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State CPA Societies in Action: The Texas Society of CPAs (TXCPA)

CPA Practice

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.

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How To Fill Out Form 1065

xendoo

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.

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Planning Your Restaurant's 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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PwC Leads the Pack in Vault’s Top 25 Accounting Firms for 2024 Ranking

CPA Practice

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.

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How To Fill Out Form 1065

xendoo

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.

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Professionals on the Move – April 2023

CPA Practice

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.

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Case Study: Bridal Manufacturer Compliments NetSuite Integration With Customer-Focused B2B E-Commerce Capabilities

Withum

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.

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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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Avalara and eBay Partner to Solve Cross-Border Compliance for Global Sellers

CPA Practice

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

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How Power Virtual Agents Can Transform Your Business with Intelligent Chatbots

Withum

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.

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FAF is Now Allowing You to Tattle on the FASB and GASB

CPA Practice

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.

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Speaker Q&A: Lee Chambers

Accounting Insight

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?

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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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10 Essential Tips for Successful Outsourcing: A Comprehensive Guide for Businesses

Basis 365

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.

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The One Thing I Always Need To Remind Firms To Do

Ryan Lazanis

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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Keeping Tax Records: Skagit County Small Biz Edition

SkagitCountyTaxServices

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.

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HHS Finalizes 2024 ACA Benefit and Payment Parameters

ThomsonReuters

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.

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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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Documents Needed to Analyze Income for Divorce

FraudFiles

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.

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OCR Proposes Modifications to Strengthen HIPAA Privacy Rule for Reproductive Health Care

ThomsonReuters

Proposed Rule: HIPAA Privacy Rule To Support Reproductive Health Care Privacy, 45 CFR Parts 160 and 164, 88 Fed. Reg. 23506 (Apr. 17, 2023); HIPAA Privacy Rule Notice of Proposed Rulemaking to Support Reproductive Health Care Privacy Fact Sheet (Apr. 12, 2023) Proposed Regulations Fact Sheet In response to the U.S. Supreme Court’s ruling in Dobbs v.

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QuickBooks Online ProAdvisor Recert Underway

Insightful Accountant

The renewal process for the annual QuickBooks Online ProAdvisor Certifications is now underway, and ProAdvisors have until June 30 to get required recertifications.

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How Will the End of the COVID-19 National Emergency Affect Extended Claims and Appeals Deadlines?

ThomsonReuters

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

Tax 52
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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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The Technology Lab Podcast – The Art of Data Wrangling – April 2023

CPA Practice

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.

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AICPA Accepting Applications for 2023 Leadership Academy

Insightful Accountant

Designed to strengthen and expand the leadership skills of promising young professionals, the Academy seeks to train the next generation of leaders.

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Community Banking With ICBA

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Community Banking With ICBA appeared first on Withum.

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Driving SOX Compliance: Cannabis Licensed Operators Embarking on a SEC Compliance Journey

Cherry Bekaert

The cannabis industry is a rapidly growing sector that has experienced significant growth in recent years. However, the industry faces unique challenges in terms of regulation and compliance, which can have a significant impact on the success of cannabis businesses. For Operators that have taken their companies public or are considering going public, one of the most important regulations they must comply with, or plan for, is the Sarbanes-Oxley Act (SOX) , which sets out requirements for corpora

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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.