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Hiring your first accountant, whether it be internal or external, for your business is a big step in terms of growth. It provides some further assurance that your company's finances will be kept in check. However, the first accountant or the current accountant that you work with might not be the best accountant or even the best option for your business.
Thanks to the Inflation Reduction Act the IRS is hiring thousands of new field agents and examiners. Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. As a result, the chances of getting audited became about the same as the odds of winning the Power Ball lottery.
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.
It doesn't matter if you run a marketing agency or a management consulting firm when it comes to managing a profitable consultancy business. It is only half of the job to provide your consulting services. In addition, your business must send accurate invoices to clients and collect payments promptly. For a service-based business to be profitable, it is essential to track time and invoicing accurately.
As a business owner, traveling for work can be exciting. After all, who doesn’t like going to a new place and meeting new people? But, travel for work can also be time-consuming, complicated, and frustrating. That’s why we’ve put together some travel tips to make travel for work more manageable. Keep reading to learn how […] READ MORE.
6 min read. Making the decision to enlist an outside company to handle any portion of your business is a big choice and one that should not be taken lightly. With the right outsourced professionals, your business stands to improve leaps and bounds. Selecting the wrong outsourced service provider, however, can cause irreversible damage to your company with inefficient and unorganized systems, poor communication, lowered standards, and unhappy customers.
The PCAOB is busy sniffing out poor audit behavior to remind everyone to be on their game and don’t get caught doing boneheaded things like faking your audit homework because the PCAOB test is tomorrow. Look, the audits don’t have to be perfect. They just have to be performed correctly. Now this guy is permanently banned so I guess the upside here is that he’ll never have to worry about another PCAOB inspection.
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.
Your Accounting Inbox Needs a Workflow Overhaul: Part 4. Email was never designed as an accounting tool. Using email to manage the inflow of communications and documents to/from customers and vendors may make sense on paper, but when scaling your operations, or when hiccups to your operations occur, email quickly outgrows its welcome for accounting teams.
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.
It has now been more than a decade since the AICPA observed — and worried about — a growing gap in the number of accounting graduates and the number of those graduates who pursue the CPA exam. In the time since, that gap has only widened and much effort has been expended to figure out why. In 2014, AICPA President, CEO, and Steely Dan fan club treasurer Barry Melancon gave his state of the profession address and in it he mentioned the gap and how they planned to put some brain power
Managing an e-commerce business may be both a blessing and a curse. In order to develop new strategies and level up business performance, all processes need to be run attentively and correctly. Even a small mistake may cause a ton of problems and result in a penalty if the discrepancies are noticed by the IRS during the tax season. Keeping track of the finances can be time-consuming, involve lots of numbers and terminology a business owner might not be familiar with.
There was an article in the Denver Post last week about the accountant shortage and in it, the Post talks to a professor who suggests that business students once fought over coveted, well-paid positions at accounting firms. This must have been before my time because in 2007 Big 4 firms were paying $50k starting salaries in the Bay Area which won’t even get you a box in the Tenderloin and a single avocado toast.
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.
Your company could be stacked with all kinds of human talent. A whole office building of ambitious, albeit nerdy, accountants with Ivy League universities listed on their resumes.
QuickBooks Desktop 2023 being released. Each year, QuickBooks Desktop comes out with a new version and a sprinkling of new features. This year's version has a few key features for specific businesses workflows that has been needed for some time. You might find that these features are not a great need to your business, and by all means you might not have the need to upgrade, but if you are using them currently or struggling to use a workaround, it could be a welcome relief to upgrade your version
The Virtual CPA Success Show: Episode 62. In this episode, Jamie Nau, our host and Summit CPA's Director of Accounting, sits down with Jody Grunden, Partner at Anders CPAs + Advisors, and James Enney, Virtual CFO, to talk about the critical indicators that will tell you that your company needs a Virtual CFO. They will also touch on dynamic forecasting, the value that a Virtual CFO can bring to a business, and important things a business owner should know before they hire a Virtual CFO.
After an internal fraud is discovered and fully investigated, a company and its employees must move forward. That might seem like a simple thing to do, but it is not always quite that easy. The financial blow of an internal fraud can be devastating. Employees have long-term memories that may not allow them to forget about the violation of their trust by someone who worked side-by-side with them or by someone who was responsible for their future.
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.
The corporate card alternative combines quick issuance along with seamless payments management, reconciliation and best-in-class integration with ERP systems.
If there’s one thing Katy knows best, it’s this: when you keep your mind and body in a healthy place, the demands of everyday life become far more manageable. A passionate and creative entrepreneur, she agrees that pressure is real (yet so is the opportunity to thrive!). If there’s one thing Katy knows best, it’s this: when you keep your mind and body in a healthy place, the demands of everyday life become far more manageable.
When the Gramm-Leach-Billey Act was passed, Congress codified that financial institutions are required to protect customer data. Here’s what you need to know about the Written Information Security Plan (WISP) for your firm and clients.
If there’s one thing Katy knows best, it’s this: when you keep your mind and body in a healthy place, the demands of everyday life become far more manageable. A passionate and creative entrepreneur, she agrees that pressure is real (yet so is the opportunity to thrive!). If there’s one thing Katy knows best, it’s this: when you keep your mind and body in a healthy place, the demands of everyday life become far more manageable.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
QuickBooks Desktop 2023 has improved banking connectivity, ensuring a safer and more reliable way for banks to provide customer account information and the details of banking data QuickBooks users will find more beneficial.
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