Wed.Jun 22, 2022

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Bullet-Proof Your Accounts Payable with 3-Way Matching

xendoo

The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a business partner or vendor and sends a company an invoice for services that they didn’t actually deliver.

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Accountants as Advisors – and the Elephants in the Room!

PANALITIX

RESOURCES / ARTICLES. Accountants as Advisors– and the Elephants in the Room! How do Accountants sell more advisory services? This is a question we get asked a lot… and the answer can be more complicated than it appears. For starters, WHY would Accountants WANT TO sell more advisory services? There could be good reasons like: They find advisory work fun and rewarding, perhaps because they get to work more deeply with clients who value their support.

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Trending Sources

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I Sold My Small Business Stock After 4½ Years – Can I Qualify for the QSBS Exclusion?

Withum

I receive at least 5 calls per year with some variation of this question. The callers are asking about the exclusion for capital gain on the sale of qualified small business stock (QSBS). By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and they know there is a 5-year holding period in order to qualify for the QSBS exclusion in section 1202.

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Are your clients crying out for advisory services?

ThomsonReuters

Most business owners have a traditional understanding of what an accountant does. File taxes. Prepare financial statements. But are your clients asking you for more? In the latest episode of Pulse of the Practice, “ A Small Business Owner’s Cry for Advisory Help ”, Paul Miller, Owner of Business by Design , and I sat down with Majaliwa Bass, founder and owner of Pooters Diapers , to discuss how her call for advisory help went unnoticed—and her quest to find a trusted advisor dedicated to helpin

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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A Letter to a Dear Friend About His Lack of a Current Will 

Withum

About three years ago, a dear friend asked me for a checklist that he and his wife could fill out before they go to an attorney to get new wills and related documents. I saw him a few days ago and mentioned whether he ever got his wills done, and he sheepishly said he hadn’t. I dropped the matter. . I am using this blog to call his attention to the importance of getting it done and will be sending a link to him and his wife.

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Where’s my ERC refund?

Dent Moses

Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings. Below is an excerpt from the IRS website – IRS Operations During COVID-19: The IRS is now opening mail within normal timeframes. As of June 15, 2022, we had 3.7 million unprocessed Forms 941.

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How to Handle Stripe Disputes in E-commerce

Snyder

As your online store grows and attracts more customers, so does the risk of facing Stripe disputes. Disputes can lead to discrepancies and add more challenges to your accounting routine. How to deal with the dispute depends on the payment processor you use. With Stripe being among the most popular sales channels for e-commerce businesses globally, the question of resolving Stripe disputes is worth your attention.

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Withum Expands Transaction Advisory Practice with Investment Banking Services

Withum

Withum is excited to announce the expansion of its Advisory Practice to include Investment Banking Services. Kevin Bodnar joins the Firm as a Principal and leader of the new practice. With over 30 years of experience in Investment Banking and Financial Services, Kevin works with privately-held middle-market companies across numerous industries helping them grow, enhance value, and achieve their short and long-term goals.

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“The First State” Becomes the 11th: Delaware Paid Family Leave Coming Soon

Patriot Software

With the passage of the Healthy Delaware Families Act (the Act), Delaware became the 11th state to guarantee paid parental, medical, and military leave for employees. Delaware paid family leave (PFL) touches the lives of both employees and their employers. While the Act won’t go into effect until 2025, there are a number of things […] READ MORE.

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Getting Started with Lockstep Inbox – Free Forever

Lockstep

Lockstep Inbox creates an online workspace so there’s one place for your accounting team to work together, manage shared activities, and directly connect with customers and vendors. Lockstep Inbox automatically organizes emails and documents by subject and issue for specific vendors, customers, and transactions. This vastly improves efficiency in terms of managing your existing workflows, while integrating directly with your accounting system or ERP of choice.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Four ways to build a fighting fit practice in FY23

Xero

The world of advisory has undoubtedly changed over recent years. Since the pandemic’s arrival, many practices have had no choice but to adapt to an environment where uncertainty is the new norm. And despite some persistent challenges – such as hiring staff and rapid regulatory changes – this evolution has also brought about countless chances to grow, connect and innovate. .

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Audit Supervisors at the PCAOB Want Auditors to Better Supervise Their Auditors

Going Concern

The PCAOB adopted a new audit standard yesterday (AS 1206, Dividing Responsibility for the Audit With Another Accounting Firm ) to ensure that lead auditors are properly supervising the outside auditors they use. From the PCAOB : The Public Company Accounting Oversight Board (PCAOB) today adopted amendments to its auditing standards [ PDF ] to strengthen requirements that apply to audits involving multiple audit firms.

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More About Sage Accounting

Intuitive Accountant

Some of you have already asked for additional details about Sage Accounting, one of the Sage accounting products we featured in our General Ledgers at SNH-2022 (Part 4) feature.

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Why eCommerce companies should work with outsourced accounting providers

Basis 365

Finances can be confusing in the ever-changing world of eCommerce accounting. So, how can you make sure you can grow while still meeting all your obligations and requirements? You can rely on the services of an outsourced accounting company to help you stay ahead of your competitors. What financial statements are eCommerce companies required to make?

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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The Professional Association of Small Business Accountants Holds 16th Annual Awards Ceremony and Honors Six Members

Steve Feinberg

We’ve always been proud of the work we do at Appletree Business Services , from bookkeeping to payroll and tax-keeping packages, but it’s also satisfying to hear that your work has been recognized by some of the luminaries in your field. In the case of our founder, Steve Feinberg, his years of work and achievements have culminated in the prestigious lifetime achievement award for the year 2022 by the Professional Association of Small Business Accountants.

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Does Shopify Have Expense Tracking?

Snyder

It’s impossible to overstate the importance of accounting for e-commerce businesses. You might find yourself in a tight spot, especially if you’re solely relying on Shopify accounting. While you can use the platform to produce reports showing your total sales, or revenue by region, the functionality is fairly limited, and not sufficient for comprehensive expense tracking.

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Experiencing Bureau of Digital Events with Ashley Vaughn

Summit CPA

The Virtual CPA Success Show: Episode 57. In this episode, Jody Grunden, our CEO and Co-founder sits down with our Virtual CFO, Ashley Vaughn to talk about her experience attending the Bureau of Digital Owner's Camp and Owner's Summit. Jody and Ashley discusses the benefits and key takeaways from attending these events and how it can help us provide a better service to our clients.

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APPS Directory Spotlight — AccountingSuite

Intuitive Accountant

See how the powerful, all-in-one, cloud-driven business application gives gives business owners and employees anytime, anywhere access to their financial data and reports.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Taxpayer advocate sees much larger backlog than IRS reported

Accounting Today

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APPS Directory Spotlight — AccountingSuite

Intuitive Accountant

See how the powerful, all-in-one, cloud-driven business application gives gives business owners and employees anytime, anywhere access to their financial data and reports.

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Signing Bonus

RitaKeller

“My expectations were reduced to zero when I was 21. Everything since then has been a bonus.” – Stephen Hawking. Signing bonuses are just one bit of ammunition in your hiring arsenal. Just in case you aren’t up-to-date on what firms are doing in this area, a mid-size firm I recently talked with told me they are offering $10,000-$15,000 as a signing bonus.

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Wayfair hearing may lead to remedial sales tax legislation

Accounting Today

Sales 101
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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Scaling New Heights 2023 to be in St. Louis

Intuitive Accountant

Joe Woodard has announced that Scaling New Heights 2023 will be in St. Louis.

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Capital gains from Bitcoin estimated to be $30B

Accounting Today

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A few easy ways to support charities in your business (and get a tax benefit too)

Reckon

Embracing charity in your business is not only an altruistic endeavour, which benefits society, there are also tax incentives in doing so. In such a win/win scenario, it’s hard to conjure a reason why you wouldn’t be wanting to give back to worthy causes in whatever capacity you can. But it’s wise to give serious thought to who you want to support – and before you commit to assisting, be sure your chosen charity is as reputable as possible.

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Grant Thornton releases cloud solution for quality management

Accounting Today

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Gen Z is Wearing ‘Pajamas’ to Work and No One Cares

Going Concern

We here at Going Concern have always worked remotely, cranking out our hard-hitting investigative journalism from the nearest coffee shop or cat hair-covered couch in our nicest T-shirts since 2009. yes, “journalism” When the pandemic hit in early 2020, Bramwell and I applied our expertise (for once) and wrote a remote work guide for those of you suddenly thrust into the pantsless WFH life (which was pretty much all of you knowing how remote-averse accounting firms had been up until

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Biden seeks pause in gas tax

Accounting Today

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KPMG opens collaboration hub in the metaverse

Accounting Today

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Clariant restructures after accounting investigation

Accounting Today

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.