Tue.Jul 09, 2024

article thumbnail

AI means fewer firms will charge by the hour

Accounting Today

A recent poll found professionals predict that as AI makes jobs more efficient, firms will move away from the billable hour model in favor of value pricing.

Tax 86
article thumbnail

Half a dozen ways to mismanage sales tax | TaxConnex

TaxConnex

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Just remember, a lot can go wrong along the way. 1. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

Sales 199
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

AI Can Save Professionals 12 Hours Per Week, According to Thomson Reuters Report

CPA Practice

Professionals taking part in the Thomson Reuters 2024 Future of Professionals report predict that artificial intelligence (AI) has the potential to save them 12 hours per week in the next five years, or four hours per week over the upcoming year – equating to 200 hours annually. This timesaving potential is the equivalent productivity boost of adding an extra colleague for every 10 team members on staff.

Legal 115
article thumbnail

Rich people freeze themselves, and fortunes, for future revival

Accounting Today

Estate attorneys are creating revival trusts aimed at extending wealth until people who get cryonically preserved can be revived, even if it's hundreds of years later.

Tax 112
article thumbnail

5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

article thumbnail

Retail Imports Continue to Rise, Despite Supply Chain Challenges

CPA Practice

Monthly inbound cargo volume at the nation’s major container ports is continuing to rise despite a variety of supply chain challenges, according to the Global Port Tracker report from the National Retail Federation and Hackett Associates. “Lulls between supply chain challenges seldom last long, and importers are currently looking at issues including high shipping rates, unresolved port labor negotiations and continuing capacity and congestion issues from the ongoing disruptions in the Red Sea,”

Retail 113
article thumbnail

The brightest lights in reselling: The 2024 VAR 100

Accounting Today

The firms in this year's VAR 100 see clients focusing ever-more strongly on the cloud — even as they suffer from 'change fatigue.

More Trending

article thumbnail

Cash Flow Strategies for Construction Firms

GrowthForceBlog

6 min read July 9th, 2024 Cash flow is the lifeblood of every business. Healthy cash flow is vital to ongoing operation, growth, and success. Key Takeaways Improving Cash Flow for Construction Businesses: About 90% of construction jobs go over budget. So, it's essential that you factor in unexpected costs and changes into your initial estimates, have agreements in place to help finance increased costs, and bill for the right amount after work is completed.

article thumbnail

Cross-Border Issues Add Challenges to Growing Businesses

CPA Practice

Avalara, Inc. , a provider of tax compliance automation software for businesses of all sizes, has published new analysis exploring the impact of cross-border complexity on businesses and consumers globally. The findings reveal a complex compliance landscape and a disconnect between consumer expectations and the realities of cross-border commerce. Cross-border complexity impacts growth for all businesses Overall, 82% of businesses surveyed around the world indicated that cross-border compliance c

article thumbnail

Enhancing equity in tax audits

Accounting Today

While the IRS and the Treasury have committed to tax administration equity, the Government Accountability Office recently found potential unintended biases in some of the systems and methods used by the IRS for audit selection — meaning some populations may be getting selected for audits at a higher rate than others.

audit 111
article thumbnail

Small Businesses Pulled Back on Hiring in June, CBIZ Index Shows

CPA Practice

For the first time since January, small business hiring declined in June as many small-to-midsized businesses are struggling to find skilled labor to meet the demand for their goods and services, according to top 15 accounting firm CBIZ. The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., reported a seasonally adjusted decrease of 0.08% in June, a month that historically experiences job gains with t

article thumbnail

How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

article thumbnail

Take Advantage of The Current Property Tax Exemptions Available in California

KROST

Effective February 16, 2021, Proposition 19 went into effect and made sweeping changes to property tax reassessments. Here are the current property tax exemptions available in California: 1. Homeowners’ Exemption The California Constitution provides for the exemption of $7,000 in assessed value from property tax assessment of any property owned and occupied as the owner’s Read the full article.

article thumbnail

The 2025 U.S. ProAdvisor Awards Are Now Open

Insightful Accountant

Insightful Accountant has launched the 2025 U.S. ProAdvisor Awards. ProAdvisors from the U.S. may apply, but we also encourage the nomination of your favorite ProAdvisor by fellow ProAdvisors and colleagues.

Account 81
article thumbnail

12 states that rely the most on income taxes

Accounting Today

Only 5% of total local tax comes from income taxes nationwide, but some states rely on it much more.

article thumbnail

Mastering Your Cash Flow Analysis for Financial Success

AccountingDepartment

Managing a business isn’t easy. Amongst juggling various roles and responsibilities, ensuring your financial health often becomes a daunting task. One powerful tool to help you stay on top is cash flow analysis.

Account 64
article thumbnail

3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

article thumbnail

St. Louis Inno Partnership: Top Takeaways from the Anders Startup Funding and Outlook Report

Anders CPA

A startup and funding source survey conducted by Anders Startup team found that securing late-stage startup funding is a top challenge for founders in St. Louis and surrounding areas. While the region has bountiful opportunities to access angel investor capital and other early-stage funding sources, a lack of later-stage funding could inhibit the city’s growth as a startup hub.

CPA 64
article thumbnail

Citrin Cooperman acquires S&G

Accounting Today

The Top 25 Firm in New York has added an assurance, tax and advisory firm in Worcester, Massachusetts, the latest in a series of acquisitions since it received private equity funding.

article thumbnail

Up-and-Comer Seattle Area Firm Clark Nuber Decided Its Staff Probably Need More Sunlight

Going Concern

As proudly announced by commercial real estate firm Hughes Marino and reported in Pacific Northwest real estate news site The Registry , Clark Nuber (#89 on the INSIDE Public Accounting Top 100 with $56,428,415 in revenue) is moving into two floors of the old Microsoft stomping grounds in Bellevue, Washington. Ready for the big reveal? S ource: Google Street View Wow.

article thumbnail

Xero Accepting Entries for the Xero Beautiful Business Fund

CPA Practice

Xero , the global small business platform, has announced the return of the Xero Beautiful Business Fund for 2024 — an initiative offering more than $460,000 in funding to support small businesses and non profits with their growth plans and help drive future success. Entries for the Xero Beautiful Business Fund are officially open to Xero small business customers in Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, United Kingdom and the United States.

article thumbnail

How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

article thumbnail

Having Watched Their American Cousins Sell Out, Grant Thornton UK Might Be Exploring a Private Equity Deal

Going Concern

The Times has reported that Grant Thornton UK is “exploring a radical plan” to sell off some of its non-audit business to private equity. Shocker. No solid details yet, only that they appear to be shopping around. Grant Thornton UK has begun sounding out private equity firms over a potential deal that could see them buy into the business, which is jointly owned by more than 200 partners.

audit 62
article thumbnail

Supreme Court continues to limit gov't agencies

Accounting Today

A ruling in the Corner Post case that makes it easier to sue over government regulations will cause 'chaos,' says one expert.

article thumbnail

How the Estate Tax Exemption “Sunset” Will Impact Fund Managers

Cherry Bekaert

On December 31, 2025, the current federal lifetime estate and gift tax exemption amount is scheduled to revert to pre-2018 limits, effectively reducing the tax benefit by 50%. This has the potential to greatly impact investment fund managers and other high-net-worth individuals. Without adequate and timely estate planning, these individuals may miss out on potentially millions of dollars in tax benefits.

Tax 52
article thumbnail

New Intuit Tech Survey Findings Released

SchoolofBookkeeping

A recent Intuit QuickBooks survey reveals that the greatest risk to the accounting industry is failing to keep up with technological advancements. This risk surpasses concerns about higher interest rates, rising costs, and hiring challenges. These insights come from the 2024 Intuit QuickBooks Accountant Technology Survey , which surveyed 700 accountants in the US.

article thumbnail

How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

article thumbnail

Tax expert: Federal tax impact post-Loper Bright

ThomsonReuters

In a landmark decision that has sent ripples through the legal and tax communities, the recent Loper Bright ruling has the potential to reshape the landscape of federal tax in significant ways. As businesses and individuals alike scramble to understand the implications of this pivotal case, Checkpoint turns to an expert who can shed light on the complexities and consequences of the ruling.

Tax 52
article thumbnail

Be Insightful Program Goes Live July 15

Insightful Accountant

Insightful Accountant's Be Insightful membership program kicks off July 15 with the first event scheduled for July 18, followed by the 23rd and 30. Join now to get the most out of the program. Join by July 30 for the best rate.

Account 52
article thumbnail

Newer Crop of Tax Writers Prepares to Take on 2017 Tax Law

CPA Practice

By Caitlin Reilly, CQ-Roll Call (TNS) Member turnover on the tax-writing committees and in Congress broadly has given rise to a feeling on and off Capitol Hill that nothing is off the table in next year’s tax deadline negotiations, including provisions made permanent by the 2017 tax law. The effects of this turnover are likely to be felt more deeply in a Republican sweep or divided government next year, as churn has been more dramatic on the GOP side of the dais.

Tax 52
article thumbnail

Celebrating Financial Independence: Lessons from Ben Franklin

LSLCPAs

My family and I are big fans of Benjamin Franklin and his writings. As we just celebrated Independence Day last weekend, I thought it would be fun to share with you a few nuggets from his famous essay “The Way to Wealth”, written in 1758. Ben was a staunch advocate for personal liberty and financial. The post Celebrating Financial Independence: Lessons from Ben Franklin appeared first on LSL CPAs.

cpas 52
article thumbnail

How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

article thumbnail

AICPA Offers Comments on Proposed Regs for Registered Investment Advisors

CPA Practice

In a letter to the U.S. Securities and Exchange Commission (SEC) last week, the American Institute of CPAs (AICPA) commented on RIN 1506-ab66, Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers as proposed by the Financial Crimes Network (FinCEN). The proposed ruling under FINCEN 2024-10738 specifically addresses concerns regarding the implications of the proposed regulations on Registered Investment Advisers (RIAs).

article thumbnail

Orange County Business Journal Names Withum a Best Place to Work

Withum

Withum is proud to share that the Orange County Business Journal named us a 2024 Best Place to Work in Orange County ! Withum was recently recognized as one of the best places to work in Orange County for large businesses in 2024. The list was designed to identify, recognize and honor the best places of employment in Orange County, California, benefiting the county’s economy, workforce and businesses.

article thumbnail

Rehmann to Merge in CPA Firm Walker, Fluke & Sheldon

CPA Practice

In a move that will expand its footprint in western Michigan, top 40 accounting firm Rehmann will be combining with fellow Michigan-based firm Walker, Fluke & Sheldon (WFS), effective Aug. 1. Operating under the Rehmann name, WFS’s three Michigan locations in Hastings, Ionia, and Richland will remain open, and all employees will continue to work in their respective offices.

article thumbnail

Manufacturing Sector: Post Election Commentary 2024

Menzies

Menzies LLP - A leading chartered accountancy firm. The UK electorate may have voted for a change in government, but underpinning the Labour manifesto is a strong emphasis on stability. Whilst in some key policy areas it remains to be seen what practical changes will apply to businesses in the manufacturing space, there is no doubt that the sector will be impacted by a wide range of policies.

article thumbnail

Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.