Wed.May 03, 2023

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The Key Roles of the CFO in the Sales Cycle

IgniteSpot

4 Essential CFO Functions Do you really need your CFO to be involved in the sales cycle? Yes, because their job is rapidly becoming about more than reporting. Some even dip their toes into HR! CFO services make your organization more valuable to shareholders, increase your ROI, and improve internal and external relationships.

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Should I Move My SaaS Startup’s Fiscal Year-End from December?

BurklandAssociates

For mid- to late-stage SaaS startups with IPO plans, there can be material benefits to closing outside of December. The post Should I Move My SaaS Startup’s Fiscal Year-End from December? appeared first on Burkland.

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Why Investors Should Consider Using a 721 Exchange to Defer Capital Gains Taxes

CPA Practice

By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling a real estate investment property, there are a variety of strategies to leverage depending on circumstances. Usually, a 1031 exchange comes to mind; however, an often-underutilized tool that helps investors achieve a similar result is a 721 exchange, or umbrella partnership real estate investment trust (UPREIT).

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The Rumor Is True, PwC Is Returning to the Office

Going Concern

Today was the much-anticipated firmwide webcast in which we expected PwC leadership to announce a return to office. Lo-and-behold…it happened. A source tells us: 50 percent “people together,” virtual channel staff three times per month, firmwide events requirement two times per quarter. So return to work 50 percent starting July. r/PwC is discussing it and even had a poll earlier today getting opinions on what people would do if Tim Ryan announced an RTO.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Plenty of Other Firms Were Winners in Vault’s 2024 Accounting Rankings

CPA Practice

The two biggest headlines coming out of Vault’s rankings of the best accounting firms for 2024 were PwC taking the “Best Accounting Firm to Work For” award for the 11th straight year and Deloitte ending PwC’s 14-year run as “Most Prestigious Accounting Firm.” But those weren’t the only firms to receive kudos from Vault, a website that provides career resources and advice to students and job seekers.

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Carmine Will Not Let That Split Thing Go

Going Concern

Only days ago, WSJ ran the headline “ EY Breakup Plan Is Really Dead ” and included a quote from EY Americas Vice Chair of Tax Kevin Flynn, lifted from a recording of a staff call: “My message to everyone about Everest is, it’s behind us. Let’s not spend time in the rearview mirror.” And days before that we found out that EY will have to borrow something like $300 million to plug the Everest-sized hole the split plan left in their wallets lest partner payouts be affected by its failu

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Synder Helping Sharpen Online, Digital Payment Expertise

Insightful Accountant

The Synder SYNC partner program will help provide resources and education opportunities geared toward taking advantage of new revenue opportunities in the fast-growing landscape.

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Why resting and recharging is important for small business owners

Xero

There are plenty of positives to owning a small business – flexibility, being your own boss, financial benefits, and many more. But, it’s no secret there are challenges too. And small business owners have had a particularly tough few years: navigating a global pandemic, various lockdown restrictions, staff shortages, increasing costs of raw materials, and high inflation.

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10 Common Mistakes of Business Owners & CEOs

GrowthForceBlog

10 min read When running a business, the goal is to make money by providing valuable services or products to your customers. Before your business can thrive and make money, though, a business owner has to figure out how to help their business survive, and mere survival might be a bigger challenge than you realize. More than 20% of new businesses fail within the first year, and 90% of all businesses eventually fail.

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Professionals on the Move – May 2023

CPA Practice

Professionals on the Move is a round-up of recent hiring and promotion announcements from around the profession and supporting accounting space. Centri Taps Blake Roberts to Lead Technical Accounting Practice Centri Business Consulting, LLC , one of the industry’s fastest-growing and most respected accounting and advisory firms, recently announced the addition of a new Partner and Technical Accounting Practice Leader, Blake Roberts.

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Planning Your Restaurant's 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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Tooling up on sustainability

Accounting Insight

As accountants and finance professionals, we need to play a critical role in the creation of sustainability strategies for the businesses we work in and currently the timing for ensuring we are up to speed with the latest thinking in sustainability is crucial. We need to be in a position to respond coherently to the upcoming IFRS Sustainability Disclosure standards, the first of which will be released at the end of June: IFRS S1 General Sustainability-related Disclosures and IFRS S2 Climate-rela

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Beyoncé Fighting IRS Over Alleged $2.69 Million in Back Taxes

CPA Practice

By Evan Rosen, New York Daily News (TNS) After the IRS claimed Beyoncé owed nearly $2.7 million in back taxes from 2018 and 2019, she has now decided to file a petition disputing the claim. The 41-year-old music and fashion icon filed the petition earlier this month, and has also requested a trial over the matter in Los Angeles, reports People. A potential date for the trial is unknown.

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NetSuite Chosen to Supercharge Steeda Autosports

Insightful Accountant

Stedda has Ford in its DNA, and now Oracle NetSuite will help supercharge the next evolution of Stedda's High-Octane Business.

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Treasury’s On-Demand Pay Proposal Shows IRS’s Concern with Constructive Receipt, Says Tax Services Director

ThomsonReuters

A tax services director in Washington D.C. says that the Treasury Department’s proposal to clarify the tax treatment of on-demand pay arrangements makes it “clear” that the IRS is concerned with the constructive receipt issue of this trending employee benefit. Earned wage access According to the Treasury, employers and third-party payors increasingly allow employees to receive payment of earned wages before their regularly scheduled pay dates.

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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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Future Forward Summit - May 23 - 24 - Register Today

Insightful Accountant

Insightful Accountant is hosting its Future Forward Summit - Integrate to Accelerate - on May 23 -24, featuring 8 sessions with CPE and some of the top speakers in the profession.

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CPACharge Partners with Indiana CPA Society

CPA Practice

CPACharge has announced a new Strategic Partnership with the Indiana CPA Society. Strategic Partners are companies that support INCPAS and work closely with its members throughout the year. CPACharge empowers accounting firms and finance teams to streamline their billing processes and increase cash flow, safely and securely through credit, debit, and eCheck online payments.

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Using Your R&D Tax Credit Against Payroll Taxes

Shay CPA

As you wrapped up the 2022 books for your startup, you probably did some high-level financial review and analysis. Looking over key documents like your profit and loss statement, you get a better idea of what’s driving revenue — and where you’re spending. For most companies, payroll makes up a huge category in the latter. Paying your team is likely one of the biggest, if not the biggest, expenditures for your company.

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May 2023 Summit CPA Employee Spotlight: Greg Wallis

Summit CPA

As a distributed company , not only do we serve our clients remotely, but our team members are distributed as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services while being distributed, and we couldn't do any of it without our amazing team.

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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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iplicit launches pilot scheme to support multi-academy trusts’ accounting needs

Accounting Insight

Following its launch into the education sector at the EdTech event Bett UK in March, accounting software provider, iplicit , is inviting multi-academy trusts (MATs) to become pilot sites with access to its award-winning accounting software. MATs are being offered the chance to take part in an exclusive project, under which they have access to iplicit’s true cloud accounting software, on preferential terms, until October 2023.

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Should accountants do bookkeeping for clients?

Mark Lee

I hate being asked questions like that. Well, not ‘hate’ exactly. It’s one of those questions when I know my reply will start with ‘It depends’ The question implicitly assumes that all accountants are the same. And, as I frequently point out – that’s just not true. In the context of the question, some accountants enjoy bookkeeping and some have a bookkeeping rather than an accounting qualification.

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Padgett’s Best Practices for Terminating an Employee

SkagitCountyTaxServices

We’ve all got a bit of FOMO about FOMC’s (Federal Open Market Committee’s) big meeting this week , waiting to see if yet another interest rate hike will be coming. Most indicators say likely. Since March 2022, there have been NINE such increases to interest rates all in an effort to deter a recession, which the Fed is still optimistic about being able to do (even though most of the economic recession indicators are blinking red).

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There is Only One Minivan Eligible for EV Tax Credits

CPA Practice

By Ira Boudway, Bloomberg News (TNS) After months of debate and lobbying over exactly how the U.S. Treasury Department would interpret new battery-sourcing rules for electric vehicle tax credits, the list of EVs that qualify for the full $7,500 incentive is down to 10. This exclusive lineup includes some marquee names: There’s the first ever all-electric Cadillac, plus Ford’s reinvention of an iconic American truck and a pair of groundbreaking Teslas.

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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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SEC Chief Blasts Hedge Fund Fees as Agency Readies New Regulations

CPA Practice

By Austin Weinstein, Bloomberg News (TNS) Gary Gensler is again blasting hedge funds and private equity firms for the fees they charge investors, as the Securities and Exchange Commission plows ahead with plans to boost oversight of the private fund industry. “Today, private fund advisers receive multiple levels and types of fees—from management to performance to portfolio company fees.,” the SEC chief said in remarks prepared for a Managed Funds Association trade group conference.

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