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We’ve all heard the common reasons people stick with Excel: it’s easy to implement, easy to use, and, most appealingly, easy on the budget. However, these reasons only scratch the surface of why Excel remains the go-to tool for many organizations, despite more robust software alternatives. In fact, 32.8% of respondents in our 2024 FP&A Snapshot Survey said they still relied on Excel, even when using BI tools, FP&A software, or ERP systems.
Confidence in the global economy among accountants and finance professionals declined moderately in the third quarter and is now at its lowest since Q4 2023 and slightly below its historical average, according to the latest Global Economic Conditions Survey from the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA).
7 min read October 23rd, 2024 The most successful business leaders use financial insights to make data-driven decisions that improve operations and maximize productivity to strengthen the company's financial health and strategy. Key Takeaways Learn How to Customize Sage Intacct Dashboards for Financial Insights: To take advantage of the time-saving benefits of a customized dashboard in Sage Intacct, users must know how to manipulate Intacct's features to create their own, role-based dashboard.
Small and midsized businesses are facing growing staffing challenges, as rising business costs and economic conditions are prompting potential layoffs, according to the Fall 2024 Main Street Index from top 15 accounting firm CBIZ. Fifty-one percent of SMB owners surveyed say they are evaluating or changing current staff levels and outsourced partners to prepare for a potential economic downturn.
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
Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements. The inaugural Tax Firm Technology Report by the Thomson Reuters Institute sheds light on the current state of technology adoption, challenges, and future expectation
With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. The IRS encourages taxpayers to sign up for IRS Online Account , which provides a quick and easy way to obtain an IP PIN.
The role of IT is to support and maintain the systems that businesses use to calculate and manage indirect taxes (DT), ensuring that these systems are updated to reflect changing tax laws and regulations. With frequent changes in indirect tax laws, IT teams face the added challenge of continuously updating systems to ensure compliance. They have to quickly respond to requests for tax data while also maintaining security, protecting sensitive financial information, and ensuring that all IDT syste
The role of IT is to support and maintain the systems that businesses use to calculate and manage indirect taxes (DT), ensuring that these systems are updated to reflect changing tax laws and regulations. With frequent changes in indirect tax laws, IT teams face the added challenge of continuously updating systems to ensure compliance. They have to quickly respond to requests for tax data while also maintaining security, protecting sensitive financial information, and ensuring that all IDT syste
Managing a real estate portfolio involves a plethora of expenses, some of which are uncontrollable. These costs—such as property taxes, insurance premiums, utilities and debt—are essential for conducting business but are beyond the direct control of property owners or managers. While these costs cannot be directly controlled, there are strategic ways to manage their financial impact.
Tax technology company Blue J announced on Oct. 22 an enterprise agreement with top 15 accounting firm Crowe in which Crowe will use Blue J’s flagship generative artificial intelligence product, Ask Blue J, to augment the firm’s current GenAI tools, bolstering both practitioner education and client outcomes. “After an extensive evaluation of tax-focused service providers, Crowe selected Ask Blue J, which accelerates the adoption of generative AI for tax through an extensive curated database of
In the fast-changing business environment of today, automation is essential for boosting efficiency and productivity. The integration of Microsoft 365 Copilot (referred to as Copilot for business in this article) into Power Automate is transforming how businesses handle automation by making the creation of automated workflows easier and more effective.
The Public Company Accounting Oversight Board (PCAOB) posted three new resources on Oct. 23 related to the implementation of QC 1000, A Firm’s System of Quality Control , a new standard the board approved this past May. Before the new standard was adopted by the board, the quality control rules on the books were developed and issued by the AICPA before the PCAOB was established in 2002.
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
FT is reporting that a group of advisory underperformers have been axed from the King’s Deloitte , about 250 of them to be exact. There’s apparently been no official announcement or communication to teams, just the unlucky “winners” being quietly swept away one-by-one. There’s not much more to the story, Deloitte didn’t want to comment and they’re leaning on the “performance management processes” as reasoning for why some folks had to go so e
Fears about the integrity and reliability of crucial corporate reporting data are weighing on the minds of finance leaders around the world, but hopes are rising that Artificial Intelligence (AI) may offer some much-needed answers, according to the 2024 EY Global Corporate Reporting Survey. The ninth edition of the survey explores the views of more than 2,000 finance leaders and 815 institutional investors around the world on the state of corporate reporting.
Data released by the U.S. Census Bureau shows retail sales increased again in September as employment grew and inflation and interest rates fell, according to National Retail Federation chief cconomist Jack Kleinhenz. “While there have been some signs of tightening in consumer spending, September’s numbers show consumers are willing to spend where they see value,” Kleinhenz said.
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.
The global professional services firm founded by a group of former Arthur Andersen partners has attracted influential economists to its advisory board.
Tax practitioners looking to stay up-to-date with the latest information may be missing out on a key resource offered by the IRS- The Nationwide Tax Forum Online (NTFO).
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.
Running a firm can be stressful. Discover my top 8 stress-reduction tips that I used while running my firm and now in my current business. The post My 8 Best Tips to Reduce Stress in Your Firm appeared first on Future Firm.
Global professional services firm Andersen is launching the Andersen Institute for Finance and Economics under the leadership of Fabio Natalucci to focus on key global trends affecting the world economy, financial markets, and business decisions. Natalucci, a highly-regarded expert in global financial markets and macroeconomic policy, brings a wealth of experience from his tenure at the International Monetary Fund (IMF), where he served as Deputy Director of the Monetary and Capital Markets Dep
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.
Intuit says it recognizes the talent pipeline shortage continues to be a hurdle for the accounting industry. To help firms attract and retain valuable employees, it is updating the QuickBooks ProAdvisor Program with the launch of the ProAdvisor Academy, a new training and certification experience designed to help grow the accounting profession as a whole and provide ProAdvisors and their teams with a deeper focus on education and resources to grow in their roles.
AuditBoard , a cloud-based platform transforming audit, risk, compliance, and ESG management, has announced its collection of AI offerings now empowers teams to further automate core, time-consuming workflows and better stay ahead of proliferating risks. AuditBoard and Ascend2 Research recently conducted a survey finding 89 percent of organizations plan to use AI but face challenges like data privacy concerns and high costs, showcasing the balancing act organizations must perform to leverage th
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.
In this how-to guide on “Automating Your Payment Strategy from Engagement-to-Cash,” you will unlock the secrets of effective automation and learn how to eliminate manual work across the payment cycle. What you’ll discover: Learn strategies for enhancing efficiency at key touchpoints like engagement letters, invoice delivery, payment collection and reconciliation, and more.
As your startup grows, offering a solid benefits package helps you attract and retain the right talent. In our modern age, most employees expect their employer to provide health insurance for them. That means that even if you’re not legally required to offer this type of insurance, doing so might help you build the best team possible. If you do opt to offer health insurance as part of your benefits package, you might be required to offer an open enrollment period.
I am excited to share that I am experimenting with creating podcasts for my blog. I did a podcast to try it out and the topic is “The basics of accounting for long-term bonds payable” and it is aimed at students in introductory financial accounting.
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