Thu.Dec 12, 2024

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Financial Forecasting for the New Year: What Businesses Need to Know

GrowthForceBlog

8 min read December 12th, 2024 Every new year brings new challenges and opportunities in business. It's up to business owners to ensure they are prepared for what lies ahead in the coming year. The best business leaders keep a continuous eye on the future. Key Takeaways Types of Financial Forecasts: Business leaders can generate forecasts for just about any aspect of their business.

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Marketplace facilitators, holiday sales and tricky nexus

TaxConnex

Holiday shopping season offers probably the years best chance for your online business to score big, not only through sales on your own website but also through household-name marketplace facilitators like Amazon. Black Friday this year saw a record $10.8 billion in U.S. online sales up 10.2% over last year. Cyber Monday wasnt far behind, as consumers looked to spend $13.2 billion, up more than 6% over 2023.

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Top Tips on Cash Flow Management for Startups

inDinero Tax Tips

It finally happened investors saw your vision, you raised a Series A, and now you have the green light to grow as quickly as possible. Now what? Or perhaps youre building an MVP and scrapping for revenue. Your idea has potential, but you have to diligently manage resources until you can raise seed funding. Regardless of where you are in your journey, cash flow management for your startup will be crucial.

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Forensic Accounting for Construction Claims

FraudFiles

Tracy Coenen talks about the prevalence of fraud allegations related to construction projects and the work a forensic accountant can do in construction claims. She goes through the basics of the financial analysis performed on the numbers and documents related to the construction project. The construction analysis includes a comparison of the following numbers: Total [.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Understanding Key Definitions and Reporting Requirements Under Regulation C for HMDA Reporting Purposes

Anders CPA

Navigating the complexities of Regulation C as it applies to HMDA reporting can be daunting, but understanding key definitions and reporting requirements can ensure your financial institution remains in compliance. Brad Stumpe, CPA, CRCM , partner and compliance and loan review practice leader, hosted a webinar, HMDA Refresher Including What Reporters Must Know Prior to Section 1071 Implementation , to inform financial institutions of their obligations under HMDA reporting requirements.

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IRS expands Tax Pro Account, launches enforcement effort

Accounting Today

The Internal Revenue Service is adding more features to the Tax Pro Account, Business Tax Account and Individual Online Account, and starting a new enforcement campaign.

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Tax Filers Face the Festive Pinch As Many Struggle to Down Tools 

Accounting Insight

63%* of people admit they find filing tax returns stressful Over a fifth (22%) admit losing sleep as the deadline looms The crunch is also affecting family time, with over a quarter (27%) of people saying they spent less time with friends and family due to the demands of filing their tax returns Incredibly, more than 25,000 people filed tax returns on Christmas Eve, Christmas Day and Boxing Day last year Executive Coach, Jessica Rogers offers top tips for staying financially and mentally healthy

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The best and worst states for corporate taxes

Accounting Today

From those with no corporate tax at all, to those that tax everything they can a guide to most and least competitive states when it comes to taxing businesses.

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Firms Tell the PCAOB There’s an Offshoring Brain Drain

Going Concern

The PCAOB released a Spotlight the other day [ PDF ] and it seems large firms are just now recognizing that increased offshoring might have a negative effect on the foundational skills early-career auditors. By “negative effect” we mean a loud sucking sound as these tasks get pumped to distant corners of the world where offshore staff work for pennies on the dollar.

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We Have a New Website!

CPA Practice

Its been months in the works, and today we are excited to share our new site with you! Please click around, enjoy the new features, explore the site, and by all means please share your feedback with us in the Comment section below!

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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How to Get Cost of Goods Sold for Your Business

Patriot Software

Before you can begin looking into your businesss profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including how to get cost of goods sold using the cost of goods sold equation.

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Every Season is Tax Season for Small Businesses. Better Financial Tools Can Reduce the Burden

CPA Practice

According to SCORE, 82% of small businesses fail due to issues managing cash flow. If money has not been set aside for taxes, an unexpected rise in expenses can cause their business to fail. As a result, personal savings can be wiped out, and those with small business loans can go into debt.

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Zoho announces payroll solution, plus other enhancements

Accounting Today

Zoho announced the US release of its end-to-end payroll solution, Zoho Payroll, on top of enhancements to its existing suite of finance products, which include Zoho Books, Zoho Inventory, and Zoho Practice.

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From Data to Decisions: How CFO Support Services Enhance Strategic Financial Planning

AccountingDepartment

In today's rapidly evolving business landscape, the ability to turn raw data into actionable insights is paramount for sustainable growth and success. For many organizations, especially those without the resources to maintain a full-scale finance department, CFO support services offer a critical link between data and decision-making. These services transform complex financial information into strategic plans that drive business excellence.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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54% of Hiring Managers Warn Against Too Much Honesty at Work

CPA Practice

While 70% of hiring managers believe employees should feel comfortable discussing personal issues with their manager if they impact their work, nearly 39% find it challenging to help employees navigate these issues (e.g., health, relationships, finances) to improve productivity.

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Tax Fraud Blotter: Chips have fallen

Accounting Today

Dutch treat; for the record; last Resort; and other highlights of recent tax cases.

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Retirement Regrets Spark Financial Resolutions for the New Year

CPA Practice

82% of employees over the age of 45 wish they had sought advice or guidance on retirement savings when they were younger.

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Does Your Business Need an In-House Accountant or a CPA Firm?

Summit CPA

It takes a lot of hard work, time and skill to keep a small business running smoothly, day to day. There are so many tedious tasks that take time away from the important work that needs to be done. Even if you have all the brains and brawn to wear all those different hats, trying to take care of everything yourself could soon become very overwhelming.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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Students Stressed and Anxious While Higher Education Funding Questions Loom

CPA Practice

Two of their top eight stressors include finances. Cost of living is the second-most common stressor (35%), followed by paying for college/student loan debt (29%).

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Podcast: A Snapshot into Pre-Pack Administrations

Menzies

Menzies LLP - A leading chartered accountancy firm. Join Giuseppe Parla , Bethan Evans , and Alexandra Davies for an insightful discussion on the fundamentals of administrations, the concept of pre-packed administrations, and how the profession has worked to enhance perceptions of these arrangements. If you’re a creditor, discover the key factors to watch for when a company enters administration.

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Survey Emphasizes the Importance of AI in the Future of the Controllership Function

CPA Practice

The report concluded that Generative AI has the potential to reduce the burden of human interaction for many types of tasks, freeing up a workforce for higher productivity and space for more ambitious strategies.

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Revenue Canada Interest, Penalties and Payment Arrangements for Income Tax and GST/HST Returns

Ronika Khanna CPA,CA

Whether you are an individual or a business in Canada, taxes are an inescapable part of your existence. All sources of income need to be calculated, tax returns needs to be filed and taxes owing must be paid. This is somewhat easier if you are an employee as your employer tends to take care of the majority of remittances. Self-employed individuals, sole proprietorships , partnerships and corporations on the other hand, must account for their income and expenses , determine taxes payable and remi

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

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2025 ProAdvisor Awards Application Process Continues

Insightful Accountant

Even though 3rd-party nominations of ProAdvisors for the 2025 Awards have closed, ProAdvisors can still Apply (or complete their applications) until February 11, 2025.

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Optimizing Sales and Efficiency in Chemical Manufacturing Through CRM Solutions 

Withum

Are you struggling to keep your chemical manufacturing operations efficient while driving sales? In this fast-paced industry, staying competitive is essential. The current sales process is complex and challenging to systematize. Lets explore how to rethink your sales process and offer simple CRM strategies that can enhance sales, minimize inefficiencies and optimize regulatory compliance.

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Firm Feature Fridays: Withum Talent Recruitment and Retention

Insightful Accountant

Withum is driving talent recruitment and retention using technology and innovation.

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Top Remote Accountants of the Week | December 12, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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Top ProAdvisor Profiles: Rhonda Rosand

Insightful Accountant

Rhonda Rosand of New Business Directions in North Conway, New Hampshire, is our ProAdvisor Profile focus this week.

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COSO offers governance framework for RPA

Accounting Today

The Committee of Sponsoring Organizations of the Treadway Commission published a framework for imposing internal controls over robotic process automation.

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Consumer Housing Sentiment Up Significantly Year over Year

CPA Practice

This month, a new record-high share of consumers indicated that they expect mortgage rates to decline over the next 12 months, while fewer respondents said they expect home prices to rise.

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Bill announces 1099 filing tool

Accounting Today

Payment solutions provider Bill released a tool that lets users manage their AP needs and 1099-NEC and 1099-MISC forms together from a single platform.

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8 Pillars of Leadership Development

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.