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Optimizing your financial systems to meet your company’s evolving needs is not just a matter of implementing new software. “People and processes need updating as well when it comes to processes evolving,” Reuben Cook of Squire told Airbase CFO Aneal Vallurupalli at a recent What I Wish Knew session, The value of consolidating systems and processes. As Partner, CFO Services at Squire, Reuben works with companies through their transformative growth phases to establish best practices.
By Nick Tscornia. It may feel like automation has been the hottest tech topic for nearly a decade now, but when it comes to practical application we are only just beginning to scratch the surface. There is perhaps no industry in which this dynamic is more apparent than accounting; 75% of accounting processes are largely manual, according to a recent Deloitte survey of accounting professionals.
For a second there I was worried we’d have nothing to write about this week. Why is this profession so depressing? by u/Good-Honeydew3309 in Accounting TL;DR on the protest: Reddit announced an API pricing change, popular third-party apps that rely on the API to function were outraged at the exorbitant fees, moderators across the site organized a two-day blackout that began today to communicate their anger and frustration over the change.
The Illinois CPA Society (ICPAS)—one of the largest state associations in the nation serving the certified public accountant (CPA) community—has presented Daniel F. Rahill III, CPA/PFS, JD, LL.M., CGMA, with its prestigious 2023 Lifetime Achievement Award. The Lifetime Achievement Award is the highest honor ICPAS bestows on a member who has demonstrated distinguished service to both ICPAS and the CPA profession.
Intuit Ventures has announced an investment in Finch, the No. 1 API for employment systems. The investment will allow Finch to build deeper integrations with the Intuit QuickBooks ecosystem.
June 25-28, 2023 St. Louis, MO Register Now. Many accountants and bookkeepers struggle with process inefficiencies, dated technologies, scope creep, and high friction with client collaboration, resulting in extreme workload pressures and limited capacity in their practices and lives. In other words, they are “flapping” when they should be “soaring!” The training sessions and main stage sessions at Scaling New Heights 2023 will address the issues that keep you from soaring with cutting-edge CPE-e
June 25-28, 2023 St. Louis, MO Register Now. Many accountants and bookkeepers struggle with process inefficiencies, dated technologies, scope creep, and high friction with client collaboration, resulting in extreme workload pressures and limited capacity in their practices and lives. In other words, they are “flapping” when they should be “soaring!” The training sessions and main stage sessions at Scaling New Heights 2023 will address the issues that keep you from soaring with cutting-edge CPE-e
One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. The solution to commingling funds is simple but tedious. You must identify and reclassify the transactions as fringe benefits or as loans from your company to yourself. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses.
The IRS and the Treasury Department said on June 7 that penalty relief will be provided for corporations that failed to pay their estimated tax liability under the new corporate alternative minimum tax (CAMT), which was created last year by the Inflation Reduction Act. The CAMT applies to certain corporations reporting more than $1 billion in annual adjusted book income averaged over a three-year period.
Tennessee Works Tax Act Tennessee recently enacted the Senate Bill 275/House Bill 323, the Tennessee Works Tax Act , as the single largest tax cut in state history. The Tennessee Works Tax Act provides significant savings for Tennessee families and businesses through changes to state tax laws to increase Tennessee’s economic competitiveness. Changes include the phase in of single sales factor apportionment, conformity to federal bonus depreciation provisions in the Tax Cuts & Jobs Act (TCJA)
By Joy Taylor, Kiplinger Consumer News Service (TNS) The U.S. State Department can deny or revoke U.S. passports of people with federal tax debts of $59,000 or more on whom a tax lien or levy has been filed. This doesn’t include individuals who are paying their taxes under an installment agreement, people in bankruptcy, individuals who live in a federally declared disaster area, or people with a tax debt that the IRS has determined isn’t collectible because of hardship.
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.
For tax years beginning in 2022 and later, R&E expenses are required to be capitalized and amortized over a five-year period (or a 15-year period in the case of expenditures attributable to foreign research) beginning with the midpoint of the taxable year in which such expenditures are paid or incurred. R&E expenses are no longer allowed as deductible expenses as incurred.
By Jonnelle Marte – Bloomberg News (via TNS). U.S. consumers’ near-term inflation expectations fell last month to the lowest level in two years as their outlook for personal finances and credit conditions worsened, according to a Federal Reserve Bank of New York survey. Median one-year-ahead inflation expectations declined by 0.3 percentage point to 4.1%, the lowest reading since May 2021.
Specialist finance provider Capify were recently crowned SME lender of the year at the 2023 Credit Awards. The awards, which took place at London’s prestigious Grosvenor House on the 1 st June and were hosted by television’s Katherine Ryan, recognise innovation and best-practice in the financial services industry. In a fiercely competitive segment, which included banks, fintechs, asset finance providers, invoice finance companies, and P2P businesses, Capify was recognised as the SME lender of ye
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.
As taxpayers start seeing the 5 million to 8 million collection notices hitting the mail, your phone is going to start ringing. Are you ready for the rush?
By Nathan Baird, cleveland.com (TNS) The national landscape surrounding name, image, and likeness laws continues to evolve—with the latest development potentially impacting the operations of NIL collectives associated with The Ohio State University. Last Friday, the IRS’s Chief Counsel’s office released a memo stating that donations made to nonprofit NIL collectives are not tax exempt.
You can use your potential as a CEO Whisperer to offer differentiated advisory services. In Part 3 of G76's Peter Mares' four-part series, unlock the secrets to managing your business. Sign up for the June 14 webinar here.
Are you ready to take your bookkeeping knowledge to the next level? As bookkeepers, our clients come in an assorted variety of legal entities. Legal entities and owner compensation might not sound like the most exciting topic, but trust me, it’s essential knowledge for any bookkeeper looking to grow, gain confidence, or tackle clean-up projects. Understanding your client’s legal entity and how they should be compensated can make a world of difference in your work with US clients.
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.
Seven aspiring CPAs representing six Indiana universities were selected for this year’s Indiana CPA Educational Foundation Scholarship. This year’s new class of scholarship recipients will receive a total of $18,500: Galina Blomenkamp – Graduate Student, Purdue University Cooper Davis – Junior, Indiana University Bloomington Macie Hadley – Junior, Marian University Jessica Luna-Tovar – Sophomore, Marian University Kirsten Markey – Senior, IUPUI / Indiana University Indianapolis Matthew Organ – G
Good morning and happy Monday, here we are again. Let’s get this over with. Thousands of Reddit communities have gone dark to protest company’s controversial new API policy. Funny enough Reddit is completely down this morning so I can’t confirm r/accounting is MIA. Deloitte Impact Day came and went on Friday, @lifeatdeloitte spent the day retweeting people who spent their day giving back to the community.
By Erik Larson, Bloomberg News (TNS) Donald Trump can proceed with a lawsuit against his niece Mary Trump for providing information to The New York Times for its 2018 report on his taxes, a judge ruled. New York state court Justice Robert Reed on Friday rejected Mary Trump’s argument that the former president’s lawsuit violated a state law against frivolous litigation “aimed at chilling freedom of speech and the press.
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