Fri.Sep 27, 2024

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The Fraud Factor: How Outsourced Bookkeeping Can Safeguard Your Company

Randal DeHart

Fraud can be a significant threat to businesses of all sizes in any industry. Construction companies are not spared and are even more vulnerable to various fraudulent activities, from bid rigging and inflated costs to payroll fraud and misuse of funds. Many small business owners have become increasingly concerned about fraud after the pandemic. According to SAP Concur (An expense management solutions company), a staggering 85% of businesses surveyed expect the risk of fraud to continue.

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IRS Reveals New Process For Third-Party Payers to Fix Erroneous ERC Claims

CPA Practice

The IRS is opening a supplemental claim process to help payroll companies and third-party payers and their clients resolve incorrect claims for the Employee Retention Credit (ERC), the agency announced on Sept. 26. The move comes more than a month after the IRS announced it has once again opened the ERC voluntary disclosure program through Nov. 22. Businesses that incorrectly claimed and received the pandemic-era tax credit can voluntarily repay 85% of it back to the agency without having to pay

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Friday Footnotes: Private Equity DGAF; Controllers Reflect on Their Future Skill Set; PCAOB Does Something | 9.27.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Remote Tax Roles Disappear as Job Seeker Demand Soars

CPA Practice

The number of candidates looking for remote tax roles in the accounting sector is significantly outweighing the number of remote jobs available, according to a new analysis. The research , led by specialist staffing agency, Distinct, compares job post and seeker volumes from July 2023 to July 2024. It reveals a growing disconnect as accounting employers pull back on remote positions as demand for them continues to rise.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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On the move: MACPA names 2024 Women to Watch

Accounting Today

Your Part-Time Controller appoints chief growth officer; LBMC launches family law support services practice; and more news from across the profession.

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The Road to Commercial Property Tax Savings: Understanding the Methods for Property Valuation

CTP

As property tax bills continue to rise, property owners are turning to us as tax professionals asking what they can possibly do to lower these costs. If someone owns an income-producing property, they may be especially dismayed to find that taxes are taking up a significant portion of that income—or they may have a newly-purchased property that is not yet making enough money to justify the hefty tax bill.

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Executive Roundtable Meets in New York City

CPA Practice

The place to be this week is New York City where many leaders of the accounting technology community are talking about the issue of responsible AI. The annual meeting of the AICPA/CPA.com Executive Roundtable featured presentations by 47 technology vendors serving the accounting profession as well as in-depth discussions about the future of the profession, an update from AICPA President and CEO Barry Melancon and CPA.com President and CEO Erik Asgeirsson, the latest news about private equity and

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Data shows there is room for both advisory and compliance

Accounting Today

Recent data has found that successful firms maintain a balance of both advisory and compliance engagements.

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Weaver’s Upgrading to a Whole Floor in NYC

Going Concern

Cue The Jeffersons theme song, Weaver’s movin’ on up in Manhattan. According to The Real Deal , Weaver (#31 IPA 100, $328,276,610 in revenue) is taking 36,500 square feet at the Penn 1 building in Midtown. The move comes after they merged with Buchbinder Tunick & Company who already had 8,000 square feet at the tower. A source tells TRD asking rent for the entire 28th floor was $105 per square foot and the lease duration is 11 years.

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IRS debuts new process for third parties with bad ERC claims

Accounting Today

Third-party payers like payroll providers can now withdraw claims for individual clients.

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Navigating Corporate Travel Changes Post-Pandemic

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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Are AI and Automation the Same? FAQs to Guide Your Company’s Technology Strategy

Anders CPA

Many businesses are exploring the advantages offered by automation and AI, but with so many options to choose from, it’s difficult to know where to start. Understanding the different types of automation and the various case uses of AI are the first step to learning how these technologies can impact your business. Julia Deien , Anders partner and technology practice lead, answered some frequently asked questions business leaders want to know before they take on AI and automation in an article for

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Commercial Property Tax Savings: Know the Methods for Property Valuation

CTP

The latest property tax bills are giving property owners a severe case of sticker shock—especially if they are still in the process of getting a new income-producing property to actually produce income! If you own a commercial property, you may find yourself hustling to cover the cost of your recent tax bill. Before the next bill is issued, one of the best uses of your time may be to learn how to appeal your property tax assessment.

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Enhancing IDT compliance in 2024 and beyond: Strategic collaboration for e-invoicing success

ThomsonReuters

← Blog home In 2024, Poland, Romania, Denmark, and Malaysia are implementing electronic invoicing (e-invoicing) mandates that demand more tax data in real-time. They are not alone in this trend: More than 30 jurisdictions have enforced some form of e-invoicing mandates. Countries such as Poland, Belgium, Germany, Spain, and China, among others, have announced mandates to begin within a two-year period amidst a global surge in continuous transaction control (CTC) systems.

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Barnes Dennig and Greenwalt CPAs to Join Forces

CPA Practice

Top 200 accounting firm Barnes Dennig and Indianapolis-based Greenwalt CPAs are combining, effective Jan. 1, 2025, expanding services for clients of both organizations. The combined firm will have about 215 employees and five offices in three states: Ohio, Indiana, and Kentucky. All locations will maintain their current offices and employees, with two locations in Indianapolis, as well as offices in Cincinnati and Dayton, OH, and in Crestview Hills, KY.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Case Study: From Pain Points to Progress – Union Pension Fund Optimizes Operations

Withum

Operational Process Mapping and Optimization Opportunities for Improvement Download a PDF of this case study. Executive Summary A client in the union pension fund space offers various services including healthcare benefits, retirement and pension plans, disability and life insurance and advocacy support. The company faced challenges with its business systems – expressing a need for comprehensive and holistic general organizational process improvements.

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AuditBoard Adds New Features to Risk Management Platform

CPA Practice

Audit, risk, and compliance software provider AuditBoard has expanded its cloud-based risk management platform with new features to help audit teams improve efficiency and foster collaboration. Available immediately, the new functionalities include: AuditBoard Analytics Enhancements: Nine new out-of-the-box workflows to automate testing and analysis to help audit and internal controls teams uncover risks faster, minimize routine tasks, and enable focus on higher-value initiatives.

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Forethought on Exiting Your Business – The Transaction Accountant’s Perspective

Withum

A vast majority of lower middle market business owners have not taken the time to plan for their future exit from the business. There are a number of steps that can and should be taken in the years leading up to this event. The topics discussed below are certainly not all inclusive but meant to give an overview of areas to start with when the eventual exit is likely to be a sale.

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[CPE] Stop Resisting Change & Start Controlling It

CPA Practice

This webinar will be held on Thursday, October 24, 2024 at 3:00pm ET Sponsor: Canopy Software Duration: 1 Hour Register Now This session will delve into the frequent challenges and roadblocks that professionals encounter when initiating change within their firms and with clients. By analyzing real-world case studies and fostering thoughtful discussions, participants will walk away equipped with a comprehensive understanding of change management essentials and their practical application in acco

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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What is E-Invoicing, and do I need to worry about it as a UK business owner?

Menzies

Menzies LLP - A leading chartered accountancy firm. There has been a clear shift – in Europe and Globally – regarding the adoption of E-Invoicing, with many governments targeting a mandated shift over the coming years. Here we look at what E-Invoicing really means, the drivers of change, and the current state of play for UK businesses. Definitions When we are talking about E-Invoicing in this respect, it is not simply an invoice in electronic format (a pdf, word file or png) which can be unstruc

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Formats for Financial Data in Fraud Investigations

FraudFiles

How should your accounting records be provided to your forensic accountant? Tracy talks about how she wants to receive the general ledger and related data. (Hint: Digital is preferred over paper.

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Accountex Summit Manchester increases attendees by 50% in two years 

Accounting Insight

The sun was shining in Manchester for the sixth edition of Accountex Summit Manchester, which took place on 17 September 2024. The show has continued to break records, welcoming over a thousand more attendees through its doors since 2022. Portfolio Director, Caroline Hobden commented “We are thrilled with the overwhelming feedback from Accountex Summit Manchester this year!

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Kirsch CPA announces ESOP

Accounting Today

Kirsch CPA Group in Hamilton, Ohio, is one of the first small firms to transition to an employee stock ownership program.

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Best Practices to Streamline Compensation Management: A Foundation for Growth

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.

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Investors' relief - a guide to how it works

Wellers Accounting

Tom Walker explains Investors' Relief, how it works, the qualifying conditions, the tax benefits, and compares it to other related tax breaks.

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Welcome the whip-crackers

Accounting Today

Private equity may bring valuable, if not entirely welcome, changes to the accounting profession.

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Top 3 Takeaways from Dreamforce 2024

Accounting Seed

Dreamforce 2024 was nothing short of extraordinary! As Salesforce’s flagship event, it provided unparalleled insights into the future of business technology, innovation, and customer success. Having been to the annual user conference for over 12 years, the Accounting Seed team remains inspired by all that Salesforce brings to San Francisco during a fantastic action-packed three days.