Wed.Dec 02, 2020

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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information.

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Stripe Capital Extends Business Lending To Online Platforms

PYMNTS

Payments giant Stripe is taking Stripe Capital , its push into online business finance and lending, to the next level. Stripe Capital first got off the ground in September 2019, offering customers and businesses financing options through its online platform. On Tuesday (Dec. 1), Stripe went live with the next phase in its business lending campaign, which enables online platforms to offer financing to their business customers through Stripe Capital.

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An Important PPP Loan Update For Skagit County Business Owners

SkagitCountyTaxServices

There’s both good news (for some) and bad news (for many) as we round the corner into December. And I’m not talking about our culture, or politics, or sports, or anything like that. I’m talking about TAXES. I’ll start with the good news. This is applicable to some of my readers only, but it is nice news for Skagit County business owners in certain high tax states.

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FedEx Makes Major Foray Into eCommerce By Buying ShopRunner

PYMNTS

FedEx took a big step on Wednesday (Dec. 2) toward beefing up its eCommerce capabilities, announcing a deal to acquire eCommerce platform ShopRunner for an undisclosed sum. “We are committed to growing the ShopRunner platform and combining it with our global digital and logistics intelligence to create new possibilities in eCommerce,” FedEx President and COO Raj Subramaniam said in a press release announcing the deal.

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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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How to Help Future-Proof Your 2020 Provider Compensation and Production Data

Katz,Sapper&Miller

COVID-19 has thrown a wrench into nearly everything in 2020. Despite the hope that the stroke of midnight on Dec. 31 will bring resounding relief, provider productivity and compensation tracking will continue to see the ghost of 2020 unless preemptive planning has taken place.

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SWIFT gpi Instant Goes Live In The UK

PYMNTS

Belgium-headquartered payments solution provider SWIFT is introducing a new service for real-time cross-border payments and transfers called gpi Instant. “This is an important milestone in our strategic ambition to help banks meet growing global demand for instant and frictionless cross-border payments,” David Watson , chief strategy officer at SWIFT, said in a statement on Wednesday (Dec. 2). .

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More Trending

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Facebook, Celebrities Join $50 Million Series B For FinTech Startup Step

PYMNTS

Silicon Valley FinTech startup Step has raised $50 million in a Series B funding round, the company announced Wednesday (Dec. 2). The funding round was led by new investor Coatue Management, a slew of celebrity backers and Big Tech executives. Founded in 2018 and launched in October, the all-in-one banking app has a half-million users and is geared toward teenagers and young adults to help them gain financial independence.

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Upcoming Webinar

RitaKeller

“Find out what you like doing best and get someone to pay you for doing it.” – Katherine Whitehorn. Save the date! – – Wednesday, December 9, 2020. Guy Gage and I will be presenting an informative webinar for The CPA Firm Management Association ( CPAFMA ). Here’s the scoop: Interview to Hire the Best Candidates. Date: Wednesday, December 09, 2020 Time: 03:00 PM EST / 02:00 PM CST / 01:00 PM MST / 12:00 PM PST Presenter(s): Guy Gage, III LPC and Rita A.

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Device ID Helps Fight Holiday Fraud Amid Record Online Shopping

PYMNTS

At a time when COVID-19 has seen global eCommerce and digital traffic grow by nearly 70 percent, security experts have braced for a commensurate surge in online fraud as the holiday shopping season continues. Mzukisi Rusi , vice president of customer success at device identity and authentication provider Entersekt , told PYMNTS in a recent interview that this age-old problem is intensifying due to the many lifestyle changes the pandemic has brought about. “ Fraudsters now have more avenues for a

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Three Ways to Budget your Company’s Expenses: What Works Best For You?

Withum

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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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Cyber Monday Rings Up $10.8 Billion In Record Sales

PYMNTS

Cyber Monday consumers rang up $10.8 billion in sales for the holiday, smashing records for the biggest online shopping day ever, according to new data from Adobe Analytics. "Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays," Taylor Schreiner, a director at Adobe Digital Insights, said in a blog post.

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IRS Releases Final Regulations on Sec. 1031 Like-Kind Exchanges

Withum

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P97 Networks Teams With Visa's Cybersource To Fuel Digital-First Payments Adoption

PYMNTS

P97 Networks and Cybersource, Visa ’s international payment and fraud management platform, have unveiled a new multi-year international partnership to provide mobile payment acceptance tools that come with integrated risk management for fuel and convenience merchants, according to a Wednesday (Dec. 2) announcement emailed to PYMNTS. The relationship will scale and grow P97’s PetroZone® cloud-based mobile commerce system internationally, with initial implementations in North America, the Middle E

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Case Study: Leading Irrigation Business Strengthens its Business Position Through Cybersecurity

Withum

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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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Visa Teams With Circle On USDC Digital Currency Corporate Card

PYMNTS

Visa is linking its 60 million-merchant-strong international payments network to the U.S. Dollar Coin (USDC), which Circle Internet Financial built, Forbes reported. Visa will provide a credit card that allows companies to make and get payments with the digital currency via the card once Circle graduates from Visa’s Fast Track initiative. Ultimately, firms will have the capacity to spend those funds with any firm that takes Visa after they are changed to fiat.

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AR Innovations Lag AP Advances For B2B Payments

PYMNTS

There’s an imbalance in B2B payments — between buyers and suppliers, and between automation on one side of the cash flow equation and manual, paper-based processes on the other. Mark Aquilina , senior vice president of product and strategy at WEX , told PYMNTS that’s partly because digitization of accounts receivable (AR) lags behind that of accounts payable (AP) on the technological front.

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Canada Seeks Digital Tax On Google, Netflix And Other Global Web Giants

PYMNTS

Facing a growing budget deficit and the cries from local businesses about fairness, the Canadian government is proposing a new digital tax on foreign web giants such as Netflix, Facebook, Amazon and Google. The digital tax is part of a broader five-year, $3.4 billion levy that was unveiled in parliament Monday (Nov. 30) as the country’s finance minister revealed the impact COVID-19 has had on the economy.

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Holiday Rebound: Apparel Retailers Drive Sales With Flexible Payment Options

PYMNTS

Many American consumers are feeling the financial squeeze as the holiday shopping season goes on and will be turning to flexible spending plans to help put them at ease. More merchants are embracing buy now, pay later (BNPL) options to allow consumers to pay in four installments interest-free. This will not only help retail items be more accessible to more consumers but could help merchants bounce back from what may have been a rocky year in sales due to the pandemic.

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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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Lightspeed Buys Restaurant POS Upserve To Strengthen Hospitality Offering

PYMNTS

Lightspeed , which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve , according to a press release. Lightspeed bought Upserve for $430 million , consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed, which is subject to post-closing adjustments, the release stated.

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BNPL Firm Afterpay Tops $2 Billion In Sales For November

PYMNTS

Buy now, pay Later (BNPL) company Afterpay surpassed $2.1 billion in sales for the month of November, a new milestone that more than doubled last year’s November transactions, the company said in a statement on Wednesday (Dec. 2). November sales were bolstered by a busy Black Friday and Cyber Monday, with monthly sales records set in all regions worldwide.

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Basware Unveils AP Software Tools For 'Power Users'

PYMNTS

Basware has added a collection of functionalities meant for “power users" to its Accounts Payable (AP) Automation offering, according to a Wednesday (Dec. 2) announcement. These types of users handle a greater quantity of invoices than business users and conduct complicated invoice handling activities akin to AP workers. The additional functions offer a “desktop-optimized” look into all pertinent invoice data, enabling them to match bills with purchase orders and easily access coding tools.

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UK Revolut Customers Get Access To Early Payday Option

PYMNTS

London-based FinTech Revolut is introducing a new feature in the U.K. that will give its more than 3 million customers access to direct deposits a day early. “Early access to salaries could be a genuine lifeline for many during these tough economic times,” Nik Storonsky , founder and chief executive officer of Revolut, said in a statement on Wednesday (Dec. 2). .

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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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CFPB Clarifies Position On Earned Wage Access Policy; Says Programs Are Not An Extension Of Credit

PYMNTS

The U.S. Consumer Financial Protection Bureau issued an advisory opinion Monday (Nov. 30) that earned wage access (EWA) products do not represent extensions of credit under one of its key regulations. Earned wage, or on-demand, payroll access is used by many companies to give their workers access to their pay before the scheduled payday arrives. The solutions in this area run from variations on payday loans, to sliding fees to straight fee arrangements to interest payments.

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Swedish Startup Voi Scoots To $160 Million Funding For AltTransportation

PYMNTS

Voi Technology , a Sweden-based eScooter startup, has raised $160 million as European companies vie for superiority in the new market for alternative transportation, the Financial Times (FT) reported. The announcement comes after rival Tier , a German eScooter company, raised $250 million, FT reported. Last month, Estonian ridesharing service Bolt pledged to invest another 100 million euros ($121 million) into scooters.

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Ant Group Reportedly Eyes Sale Of 30 Pct Stake In India’s Paytm

PYMNTS

China’s Ant Group, which owns the widely used Alipay payments app, is looking at selling its 30 percent stake in India’s Paytm as friction between the two countries grows, sources told Reuters. However, the news service said no formal sale process has begun, and both Ant and Paytm denied that such a move is underway. A Paytm spokesman told Reuters that “there has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake.”.

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Alibaba On Facilitating Cross-Border Trust To Boost International Commerce

PYMNTS

The pandemic has triggered a massive surge in eCommerce businesses looking to expand internationally. Consumers began tightening their belts after the pandemic was declared in mid-March, and the resulting economic downturn and widespread cash flow shortages had businesses directing their focus abroad to find new customers and business partners. These businesses initially had to overcome several logistical challenges before they could go global, however.

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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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Report: Amazon Eyes Buying Startup Wondery As Entry To Podcasts

PYMNTS

Amazon is in talks to purchase of podcast maker Wondery , a startup that could help the tech giant push more into the burgeoning podcast sector, The Wall Street Journal (WSJ) reported Wednesday (Dec. 2). WSJ cited unnamed sources as saying the talks have valued Wondery at over $300 million — a big increase from the podcast company's value at its last funding round in June 2019, which priced the firm at about $100 million.

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How Credit Unions Help SMBs Get Creative To Navigate Market Uncertainty

PYMNTS

Small businesses are turning toward their financial service providers now more than ever, not only for access to working capital and key products to run their business, but also for advisory services and guidance on how to navigate today's volatile market. It's a difficult moment for the small business community, too, considering the pains of forced store closures, patronate limitations and other pandemic-related factors affecting how a business can operate — or whether it can stay open at all.

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Shake Shack Eyes Expansion With Curbside Pickup, Digital Ordering In Plans

PYMNTS

Shake Shack is among the first restaurants to implement restaurant designs inspired by the things people did during the pandemic lockdowns this year, CNBC reports. The “Shack Track” rolled out in May made curbside pickup a full-time permanent feature, letting users utilize drive- and walk-up windows for picking up orders. The restaurant’s sales took a hit from the pandemic, CNBC writes, with more people deciding to stay home.

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FinTechs Embrace Collaboration For Corporate Card Solutions

PYMNTS

On the path to payments innovation, collaboration is key. This week's Commercial Card Innovation Tracker finds FinTechs and payment technology players like Mastercard, Visa and Nets embracing partnerships to roll out new corporate card solutions, including virtual commercial cards and small business credit cards designed to enhance spend management and help SMBs access credit during turbulent times.

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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.