Thu.Jul 25, 2024

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Automating AR processes brings transformative benefits

Accounting Today

Companies that lag in making payments more streamlined have the potential of risking customer dissatisfaction and falling behind competitors.

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How to Track Employee Hours Without Going Crazy 

Patriot Software

Tracking your employees’ time worked ensures you pay them accurately and comply with labor laws. Although you can use whatever method you want, you need a dependable and organized system, especially as your business grows. Learn how to track employee hours with time and attendance software and other alternatives. Why does tracking employee hours matter?

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IRS enhances online accounts, adds more e-file business forms

Accounting Today

The Internal Revenue Service reported further progress on offering more online tools and expanded taxpayer service.

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IRS Boasts New and Improved Online Tools and Digital Services For Taxpayers

CPA Practice

Thanks to the funding it received from the Inflation Reduction Act, the IRS said it has continued to make significant enhancements to online taxpayer services, including adding six new features to the Individual Online Account, a Spanish version of the Business Tax Account tool, and more amended business forms that can be filed electronically, the agency said on July 25.

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Broker-dealer audits continue to have high deficiency rates

Accounting Today

The PCAOB issued its annual report on its audits of brokers and dealers and noted that it's seeing at least one deficiency in 70% of the 103 audit engagements it reviewed in 2023.

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Local Governments are Addicted to Sales Tax Revenues

CPA Practice

The years following the pandemic have seen increases in local and other small jurisdictional sales taxes, as well as new taxes and fees, as municipal governments across the country respond to economic pressures, and tightening state budgets have raised the need for revenue at the local level. The 2024 Mid-Year Sales Tax Rates and Rules report, commissioned by Vertex Inc., outlines the evolving landscape of local tax implementation, proliferation of fees, and increasing complexity of tax complian

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Asian-American Ex-PwC Principal Alleges White Guys at the Firm Are Hatin’ Ass Haters

Going Concern

We’ve made the editorial decision not to use the PwC Chad image for this article even though that would be ironically funny. In a lawsuit filed on July 22, former PwC principal, FinTech magazine top woman in fintech, and 55-year-old Asian-American Nina Owens alleges that she was ousted from the firm one day before her five-year anniversary “that would have afforded her greater job protection and full vesting of her 401(k) account.” This despite exceeding revenue targets and hig

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Five tips to make the most of app exhibitors at Xerocon Nashville

Xero

It feels like the magical two days that were Xerocon London just happened, and we’re already preparing to hit the road again for Xerocon Nashville this August! It’s the perfect time to not only meet some of the apps being exhibited at this year’s Xerocon, but hear real-life stories on how connecting apps with Xero can streamline your work and expand your possibilities.

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Top Remote Accountants of the Week | July 25, 2024

Going Concern

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. TAX AND ACCOUNTING CANDIDATES FTE Senior Tax and Accounting | Candidate ID #22044344 Certifications: CPA in process Education: BS Accounting Experience (yea

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Why You Need to Improve Customer Service in Your Skagit County Business

SkagitCountyTaxServices

Sometimes I have to smack my head when I see what passes for “tax advice” online. In the next round of “Don’t believe everything on social media”, there’s now a scam going around about a self employment tax credit. The influencers claiming this say you can get pandemic era payouts similar to the Employee Retention Credit. But, the credit actually being referred to is a much more restrictive one that relates to specific sick leave and family leave situations that occurred in 2020 and 2021.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?

Going Concern

TLDR Assurance is out, Advisory is in. CPA Journal has published an intriguing deep dive into Big 4 revenue , specifically how the firms started making more money in advisory than audit or tax in the last 10+ years. You should go read it if this is at all interesting to you but we’re just going to focus on two charts because the Going Concern audience, and its editorial team, have the attention span of squirrels that got into a case of Red Bull.

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IRS Continues To Expand Taxpayer Services and Online Tools

Insightful Accountant

Quarterly update highlights expansion on individual, business online accounts; Document Upload Tool hits 1 million submissions and more amended returns can be filed electronically.

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UBS questioned by senator over $350M tax evasion case

Accounting Today

UBS Group AG was asked by a powerful U.S. lawmaker about whether the bank it acquired, Credit Suisse Group, failed to report an American accused of evading taxes on $350 million in income.

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Uncertainty and Global Risks Outpace Risk Management Processes

CPA Practice

A report issued today by the Association of International Certified Professional Accountants representing AICPA & CIMA and North Carolina State University’s Enterprise Risk Management (ERM) Initiative found that 65% of senior finance leaders agree that the volume and complexity of corporate risks have changed “mostly” or “extensively” over the last five years.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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Tax practitioners both excited and concerned about gen AI

Accounting Today

A recent survey of tax professionals has found that practitioners hold both excitement and concerns about generative AI, though there is slightly more of the latter than the former.

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Getting Ahead of CMMC Compliance: Latest Insights & How to Prepare

Cherry Bekaert

Is your company and its supporting technology ready for Cybersecurity Maturity Model Certification (CMMC) 2.0 compliance? Watch our panel discussion to learn the latest on what’s happening now with CMMC: new updates, legal risk areas, data security considerations and what contractors can do in preparation. Don’t underestimate the time and resources required for compliance.

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Lightyear launches business accounts to offer better rates on billions of pounds of British businesses’ savings

Accounting Insight

From today, businesses in the UK can access Lightyear’s new business accounts and start putting their money to work through cash interest and investments on the platform. This comes as the neobroker releases analysis on new Bank of England data highlighting the increase in the total amount of cash British businesses hold – nearly half a trillion pounds – but the near-to-nothing interest rate the majority of it gets.

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Merging TradeGecko into QuickBooks Online

Insightful Accountant

Murph looks at the enhancements to QuickBooks Online that resulted from Intuit's acquisition of TradeGecko.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

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Boost Your Team's Efficiency With This Month-End Close Checklist

AccountingDepartment

In the world of finance, the month-end-close process is akin to the grand finale of a well-orchestrated performance. Every note must be in tune, every movement precise, and any slip-ups must be corrected before the curtain falls.

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The Credit for Increasing Research Activities – What Expenditures Can I Include? Contract Research Edition

Withum

The Research & Development (R&D) Tax Credit is one of the most lucrative tax incentives that companies can take advantage of to lower their federal and state tax liability or offset their quarterly payroll taxes (i.e., FICA, Medicare). To properly calculate the R&D tax credit, you must calculate the total amount of U.S.-based qualified research expenses your company has for the credit year.

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4 Ways to Reduce Capital Gains on the Sale of Your Home

LSLCPAs

Selling a home can result in a significant capital gains tax liability, but there are several ways to reduce this burden. Here are four effective strategies to minimize capital gains on the sale of your home: Qualify for the Home Sale Exemption Deduct the Purchase Cost of the Home Deduct Closing Costs and Fees from. The post 4 Ways to Reduce Capital Gains on the Sale of Your Home appeared first on LSL CPAs.

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Acumatica Launches Alliance Program to Expand Partner Ecosystem

CPA Practice

Cloud ERP provider Acumatica has announced a new program designed to increase its reach in identifying small and mid-sized businesses that would benefit from cloud-based business management solutions. The no-cost Alliance Program , launched this week, aims to drive co-innovation for growth, foster collaboration at scale and invest in the future. By partnering with industry, technology and finance experts, Acumatica will enhance efficiency and drive operational excellence, supporting businesses a

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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Airwallex Partners with Float to Deliver Bill Payments in Canada

Insightful Accountant

Float’s new Airwallex-powered Bill Pay product expands its leading end-to-end payment solution for Canadian businesses. Embedding Airwallex’s global infrastructure helped Float efficiently bring the product to market.

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What Are CFO Firms? What Do They Specialize In?

Summit CPA

Likely, if you’ve come across the term CFO firm , you’re a small business owner or entrepreneur looking for a trusted financial expert. In this blog post, we will help you determine what a CFO firm does, and if this type of accounting firm might be the right fit for your business.

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Solving the WhatsApp Dilemma

Accounting Insight

Jersey based software company ClientWindow, which launched in 2023, may be relatively new but it is making significant waves in both the communications arena and in financial services, with accountants and bookkeepers especially experiencing the benefits. What’s more, it has just released a brand new feature which will have a significant impact on how teams communicate with their clients by linking WhatsApp to business email.

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Why Use a Forensic Accountant in a Divorce Case?

FraudFiles

One of the hot things in the area of divorce, especially for high net worth clients, is using a law firm that has forensic accountants on staff. Sometimes the divorce attorneys themselves have credentials in the area of forensic accounting, such as a CPA license, CFE (Certified Fraud Examiner) credential, or CFF (Certified in Financial [.

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8 Pillars of Leadership Development

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.

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Review of Canopy Tax – The Accounting Technology Lab Podcast – July 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, take a look at Canopy , a firm-wide operating system that let’s you do the same amount of work you have today, with the talent you have, but in less time, with less stress, and while creating better client experiences. Use the video player below to watch, or the podcast player below to listen to the podcast.

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IRS Chief Not Too Worried About Fallout From Loper Bright Ruling

CPA Practice

IRS Commissioner Danny Werfel told reporters on July 24 that he’s “fairly optimistic” a recent Supreme Court decision won’t deter future efforts by the agency to provide improved services for taxpayers. Last month, the Supreme Court gave judges more power to block new regulations if they are not clearly authorized by federal law. The court’s conservative majority on June 28 overturned a 40-year-old rule, known as the Chevron doctrine , that said judges should defer to agencies and their regulati

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