Mon.Nov 16, 2020

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Brazil Upgrades Real Time Payments Rails, Goes Live With PIX

PYMNTS

Real-time payments continue to gain traction around the world. Case in point: Brazil. The country’s banking system is giving an upgrade to its instant payments system. Called PIX , the new payment rails have been in the works for some time and launched last week. It will be fully operational starting Monday (Nov. 16) and has already processed 10 million transactions a day.

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Converting a Solo 401k to an IRA

Withum

A client just asked me about terminating his 401k and I think it affects many people, so I am posting my response here (and he is getting free advice from me for this). I answered in sections included.

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Credit Suisse, Bird Rides In Talks To IPO Via SPACs

PYMNTS

Scooter rental startup Bird is working on a deal with Credit Suisse Group to go public, according to a report from Bloomberg. The company, based in Santa Monica, California, has spoken with some special purpose acquisition companies (SPACs) about acquisition deals, although none have reached any agreements, Bloomberg reported, and some SPACs have expressed inbound interest.

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2021 Audit Planning: Peer Review Insights

ThomsonReuters

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Peer reviews have become increasingly cha llenging as the years progress. H ow can your firm stay ahead of the challenges to ensure a successful year? . I n this November 2020 webcast , “ Peer Review Insights: How to be Better Prepared and Spot Common Audit Deficiencies ”, Shawn O’Brien , Principal Consultant at Thomson Reuters, leads the discussion on peer review pl

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Planning Your Restaurants 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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Can Low Credit Card Balances Save Holiday Spending? Don’t Bet On It

PYMNTS

Here’s the scenario. Consumers have cut back on travel, in-person entertainment and restaurant spend. They have paid down their credit cards. Then they will use this newfound spending power to bring a new, vengeful spending strategy to the holiday season because, after all, the American consumer deserves a few gifts after all that they’ve been through this year.

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Invoice Tracker in QuickBooks Online

SchoolofBookkeeping

One of the nice features of QuickBooks Online when you are using Payments is the Invoice Tracker. The Invoice Tracker is is part of the Invoices Tab and allows you to see at a glance the status of your invoices. Read More. The post Invoice Tracker in QuickBooks Online appeared first on schoolofbookkeeping.com - Ignite Your Practice!

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PPP Loan Forgiveness Update: Why You Should Wait Before Applying

LyfeAccounting

?. As Robert Browning once put it. “It’s GOOD to forgive. BEST to forget”. That’s why in this post, I want to help you forget and forgive your PPP loan. Now there are some interesting developments going on right now related to PPP. For starters, lawmakers have spent the last few months fighting over the next round of relief, including another round of PPP, which has some accountants recommending to their clients that they should hold off on applying for PPP loan forgiveness.

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Banks Reinforce Protections As Cybercriminals’ Tactics Evolve

PYMNTS

Banks have long worked to anticipate and protect against emerging tactics of cybercriminals. Now, with the pandemic accelerating a move toward digital product acquisition, communication, purchases and money movement, financial institutions (FIs) and their clients need to be even more vigilant. Leslie Ragan manages transaction fraud prevention for Elan Financial Services , a unit of U.S.

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Bankruptcy Basics for Frontline Industries: FAQs

Withum

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How Alternative Lending Technology Stays Flexible For SMBs

PYMNTS

In the wake of the 2008 global financial crisis, and banks' subsequent pullback from the small- to medium-sized business ( SMB ) lending arena, a slew of alternative lenders emerged onto the scene to fill the credit gap. Over the years, that surge in competition gave way to a more collaborative spirit between traditional financial institutions (FIs) and FinTechs as both sides worked to digitize and modernize SMB financing.

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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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Withum Internship Program Ranked High for Accounting Interns

Withum

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COVID Crisis: What Happens If Most People Don’t Get The Vaccine?

PYMNTS

On the same day that COVID-19 cases in the U.S. topped 10 million and hit 50.5 million globally, the world got news that Pfizer and BioNTech had successfully completed Phase 3 trials of a COVID-19 vaccine on 43,000 people — and achieved an astounding 90 percent effectiveness rate. It was a day that medical scientists and epidemiologists had been awaiting for eight long months, marking a significant scientific breakthrough for the virus that hobbled the world.

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Real Skills (Success Skills)

RitaKeller

“Some people call these, “soft skills.” That’s because they’re not easy to measure. But for me, they’re real skills. The skills that actually determine how far we’ll go and how it will feel to work with us as we move forward.” – Seth Godin. For many years, in public accounting, we took note of the fact that many accountants dutifully achieved the expert category when it came to technical expertise.

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Facebook’s WhatsApp Gets Another Shot At P2P In Brazil As Google Shows Interest

PYMNTS

WhatsApp is getting another crack at grabbing a slice of Brazil’s fast-growing payments market. Facebook ’s messaging service will soon get a green light to start providing peer-to-peer (P2P) payment services in Brazil, Roberto Campos Neto , head of the country’s central bank, said at a news conference Monday (Nov. 16), Reuters reported. Campos Neto also noted Brazil’s central bank has talked to other Big Tech firms like Google about their interest in offering instant payments services in the co

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Maryland State Tax Updates

Withum

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CVS Pharmacy Unveils Contactless Payments Via PayPal, Venmo

PYMNTS

Customers at 8,200 CVS Pharmacy locations can use PayPal and Venmo to pay for purchases contact-free starting Monday (Nov. 16), the retailer announced in a press release emailed to PYMNTS. The purchase process will involve scanning QR codes on mobile devices, CVS stated in the release. Loyalty program discounts will be automatically applied to purchases at the time of sale.

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Governor Hogan Signs PTE Legislation to Maximize the $10,000 SALT Deduction

Withum

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American Express Links Up With PayPal, Venmo To Enable Customers To Split Payments

PYMNTS

American Express is teaming up with PayPal and Venmo to offer a new way for their customers to send money, split purchases and manage their expenses. The new program enables American Express consumer cardholders to use the new Amex Send & Split service, according to a news release. Cardholders will be able to send money to any PayPal or Venmo customer directly from the American Express App.

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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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Hogan’s Heroes – “Schultz Knows SOMETHING”

Withum

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NEW DATA: Closing The Instant-Disbursements Perception Gap

PYMNTS

Payments speed is a crucial consideration for today’s consumers and microbusinesses when receiving disbursements, with PYMNTS’ research finding that more than half of the former and roughly 70 percent of the latter say they received at least one nongovernment payment within the past 12 months. These disbursements are sent using a variety of methods, but approximately half of them leverage legacy payment options such as automated clearing house (ACH), checks and cash.

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SEC Issues Corporate Fraud Warning As BEC Scams Climb

PYMNTS

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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Airbnb Files For IPO Likely To Value The Company Around $30B 

PYMNTS

Airbnb filed paperwork with the U.S. Securities and Exchange Commission on Monday (Nov. 16) for an initial public offering (IPO) that will reportedly value the travel giant at some $30 billion. According to a Form S-1 filed with the SEC, the company applied to list its Class A common stock under the “ABNB” ticker symbol on the Nasdaq. Airbnb, which as a private company doesn’t currently release quarterly results, also gave a rare peak at its finances.

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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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Touchless Is Pushing Payments Beyond The Card

PYMNTS

Will anyone miss keypads when they go? Will POS terminals without a clear purpose make us long for the days of swiping plastic, punching buttons and squinting at tiny screens? In a word: no. Touchless is here to stay. Now comes the work of embedding touchless payments anywhere and everywhere people might want them. In Beyond the Card: Toward the Cardless and Contactless Future , a PYMNTS and i2c Inc. collaboration, both roadblocks and workarounds are detailed for issuers and partners navigating

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Germany's Razor Nets $33M To Buy, Grow Amazon Sellers

PYMNTS

Germany's Razor Group , which works to acquire and scale Amazon brands, has raised 25 million euros (about $26.7 million) in a new funding round, according to a report from eCommerce News. Just 12 weeks ago, Razor Group, also raised 5 million euros (about $5.9 million) in initial financing. The new round, the report stated, comes with equity financing and a credit line, with 10 million euros (about $11.9 million) coming from existing investors, led by Sweden's Redalpine , and another 15 million

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Moderna Solved The Supply Chain Problem, But Will Consumers Embrace A COVID-19 Vaccine?

PYMNTS

With COVID-19’s worldwide case count officially exceeding 11 million and waves of closures sweeping U.S. states in an attempt to stifle the resurgent threat, an island of good news has appeared in what looks increasingly like a sea of bad tidings. Following Pfizer’s announcement last week of a COVID-19 vaccine showing 90 percent effectiveness in clinical trials, U.S. biotech firm Moderna announced on Monday (Nov. 16) that its rival vaccine boasts a 94.5 percent efficacy rate.

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Today In Payments Around The World: JD.com Touts $25.7B Q3 Net Revenues; Ozon Considers $750M Initial Public Offering

PYMNTS

In today’s top payments news around the world, JD.com saw its Q3 2020 net revenues increase to $25.7 billion, while Ozon is now considering plans for a $750 million IPO. Plus, Finland is progressing with legislation that would allow individuals to modify their personal identity codes some instances. JD.com Touts $25.7B Third-Quarter Net Revenues, Sales Surge In Indonesia.

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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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Shogun Brings Big Retail Tech To Digital-First Retailers

PYMNTS

Don’t read too much into the name. Yes, a Shogun was a feudal lord in 16th century Japan who commanded rival military units. It is also the title of an epic 1,200-page novel by James Clavell, which has sold more than 12 million copies so far. When he first came up with the idea for an eCommerce technology company, Co-founder and CEO Finbarr Taylor was in the process of plowing through this story of medieval Japan.

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Mastercard’s Vosburg Sees Consumer Spending Changes

PYMNTS

Craig Vosburg , Mastercard ’s president of North America, said at a conference Monday (Nov. 16) that the company is seeing new consumer spending trends as a result of the pandemic. Speaking at the Citi 2020 FinTech Conference , Vosburg recounted some of the trends seen in the latest quarter and beyond, saying “we see moderate levels of growth” in overall transaction volume and in spending levels and transactions.

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Japan’s Rakuten Introduces Retail Tool For Digital Transformation

PYMNTS

Rakuten , a Japanese tech company specializing in digital eCommerce solutions for retailers, is introducing a new subsidiary to bolster physical stores. Tentatively called Rakuten DX, the new unit will launch schemes for digital transformation at retailers’ physical shops, Rakuten said in a statement on Monday (Nov. 16). The subsidiary is tracking to launch in January of next year to meet the accelerating demand for online shopping and digital payments.

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European Central Bank To Launch Probe Of 10-Hour Payments System Outage

PYMNTS

The European Central Bank (ECB) has plans to independently investigate an incident that affected its TARGET2 real-time gross settlement system on Oct. 23 this year, which resulted in a near 10-hour outage, according to a press release. An initial probe determined that a software defect in a specific device was what caused the incident, the release stated.

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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.