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Accountants have a distinct advantage over many other professionals. Your clients need your help regularly, at least annually—often more. This repeat engagement gives you a natural opportunity to build strong, long-lasting relationships. However, it can also lead to complacency. Unlike solicitors or financial advisers, accountants often assume their clients will stick around as long as there’s no grumbling.
Jump to ↓ How GenAI empowers small accounting firms Practical steps for integrating GenAI into small firm operations Are you ready to integrate GenAI into your small accounting firm? No matter the size of your accounting firm, GenAI offers a transformative opportunity for operational efficiencies and sustainable growth. From automating routine tasks to enhancing tax research, AI-powered tax technology can provide significant strategic advantages, particularly for small accounting firms.
If you’re looking to generate more profit to fund operating expenses, pay your team more, offer better benefits, and fuel growth—while still keeping more profit for yourself—it’s time to focus on key financial and pricing drivers. Here are actionable strategies to help you improve your gross profit margins and achieve your goals. When people talk about profit, it can mean different things depending on the context.
Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. Watch the video, or listen to the audio podcast below (transcript below): – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.
You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.
Pay equity represents a strategic opportunity to drive tangible business benefits — if approached with the right framework and tools. But, although many business leaders report seeing the value in pay equity, many still haven’t elevated it to a priority level. For 71% of business leaders , implementing pay equity initiatives is a reactionary compliance exercise rather than a strategic initiative.
Tax reporting requirements for online marketplace sellers and gig workers who receive payments via apps like PayPal and Venmo will change dramatically in 2026 when the new $600 Form 1099-K reporting threshold kicks in. The IRS announced on Nov. 26 that payment apps and e-commerce marketplaces like Amazon, eBay, and Etsy—referred to by the agency as “third-party settlement organizations” (TPSOs)—will be required to report transactions when the amount of total payments for those transactions is mo
If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. Defined as the systematic process of managing all tasks involved in the preparation, filing, and review of tax returns, today’s tax workflow encompasses AI-powered tools, processes, and procedures used by tax professionals to complete their work efficiently and accurately.
If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. Defined as the systematic process of managing all tasks involved in the preparation, filing, and review of tax returns, today’s tax workflow encompasses AI-powered tools, processes, and procedures used by tax professionals to complete their work efficiently and accurately.
7 min read October 26th, 2024 We all understand the importance of wellness checkups for maintaining the health of our bodies. We visit the doctor regularly to ensure our ongoing well-being by checking in on our vital signs and laboratory test results to make sure our physical systems are functioning properly. We also use these appointments to check in on ongoing health challenges like chronic illnesses in addition to setting goals like losing weight, exercising more, or eating a more nutritional
Menzies LLP - A leading chartered accountancy firm. Have you ever considered outsourcing your business finance function? There are many myths that can deter businesses from considering this as an option, and we explore them below: Outsourcing Means Losing Control Myth : Many business owners fear that outsourcing the finance function will mean losing control over their financial operations and decisions.
Working on 1099s can feel overwhelming—especially with the time it takes to double-check everything. Typically, we need to pull up the Profit and Loss report and the 1099 Vendor list to compare data and ensure it aligns. But I've got a game-changing trick for you! With this tip, you can see the vendor, account, and 1099 information in one custom report, making it easier to share with clients for approval.
Feeling financially confident is energising. For sole traders and SMB owners, knowing you’ve organised your finances to work for you not only gives peace of mind but also the freedom that keeps you doing what you love, even better. But keeping up with financial admin, including submitting your Self Assessment, can be a stressful and unwanted distraction.
The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.
Hard to believe Turkey Day is here again. Harder still to believe some of the strange sales tax laws that come with it. Those laws depend on where you’re eating. So as you plan to arrive at your family’s early, marvel that the Detroit Lions are actually good and get ready to send the stuffing around again, chew on these sales tax considerations associated with the feast.
As the year comes to a close, family foundations have an important opportunity to review their governance practices, ensure compliance, and refine strategies to better align with their philanthropic missions. A proactive year-end review can help minimize risks, maximize impact, and prepare for future success. Below, we outline key best practices to guide your family foundation’s governing board.
On Friday, a tipster generously handed us information that Grant Thornton had engaged in more layoffs. They said: I’d like to anonymously report that Grant Thornton is conducting another round of layoffs, affecting approximately 150 employees, primarily within the tax division. This comes amid broader concerns about the firm’s direction and workforce strategy.
Seasons greetings! The holiday season is upon us, and the new year is fast approaching. 2024 was packed full of challenges and successes, so at Reckon, the leadership team wanted to share with you our holiday messages: Sam Allert, Chief Executive Officer 2024 has been another year full of challenges and victories. A major milestone for me personally would have to be the pride in my daughter for finishing and graduating high school.
Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.
Patents aren’t just paperwork—they’re power moves. Learn how to leverage them for your startup’s success. The post Patents as Strategic Leverage for Startups: Insights from Jeff Schox appeared first on Burkland.
In the fast-paced realm of business technology, staying updated with the best tools is no longer a luxury—it’s a necessity. Recently, Intuit announced the discontinuation of QuickBooks Desktop products like.
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
By Katie Kelton Bankrate.com (TNS) Imagine you’ve got the perfect holiday gift idea for your kiddo, but it’s sold out in stores. Luckily, you found a seller online who can ship the gift for a low price! They send you a link to their digital payment account so you can pay for the gift in advance. After all, the item is popular, and you want to get it before someone else does.
Updated: Nov. 26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Vacation time? Pay off bills? [ Jump to the estimated refund date chart below or just scroll down.
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
By Ted Rossman Bankrate.com (TNS) There are plenty of conversational landmines to avoid around the holiday dinner table. Money leads the way, according to a recent Bankrate survey. We found that only 38% of U.S. adults are comfortable discussing their bank account balances with family members and close friends. Fewer than half (47%) are comfortable discussing their love lives, and just 52% are comfortable talking about their credit card debt.
We here at Insightful Accountant wish you, your family and friends, a Happy Thanksgiving. We are thankful for the trust and confidence you have shown in us.
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.
In the fall of 2018, the federal government decided to introduce a tax incentive called the Accelerated Investment Incentive (AII). The purpose of this program was to stimulate business investment by increasing the amount of capital cost allowance (CCA) on depreciable property (the terminology, sadly, is a bit less stimulating). In layman’s terms, it means you could claim a higher amount of depreciation on assets such as computer, equipment, furniture etc, in the year of purchase, thereby reduci
The ASU clarifies how the existing guidance would apply to settlements of convertible debt instruments with cash conversion and other features that have become more prevalent.
In this episode of the Accounting Insiders Podcast, host Gary DeHart interviews Margie Remmers-Davis, CEO and founder of Akadian Accounting Education. Margie shares her inspiring journey to the development of her training programs.
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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