August, 2022

article thumbnail

Do we need accounting firms?

Accounting Today

article thumbnail

What is the importance of Bank Reconciliation in Business?

Simple Accounts

You might have heard the term ‘Bank reconciliation’ multiple times but did not bother to go in-depth to find out what it is. If you are someone who is in the business game or who is interested in such details, you might know this. Let us see what it is and how it helps in your business in the simplest way. . Bank Reconciliation: Definition . Bank reconciliation is the process of identifying, comparing, and matching your financial records and bank statements.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Art of Accounting: 10 ways to better manage your time

Accounting Today

account 140
article thumbnail

Don’t Be Surprised to See Accounting Firms Aggressively Merging in the Next Year or Two

Going Concern

Have you heard? There’s an accountant shortage! This is probably coming as a shock to you but it’s true. Firms are trying all sorts of tricks to find and retain talent but the problem may be deeper than not having the right set of perks but rather an actual shortage of qualified talent. This issue has been building since accounting graduate numbers peaked in 2015-16, seven years later we’re starting to see the effects of a shrinking pool of accountants.

article thumbnail

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

article thumbnail

Keepin’ It in the Family: 10 Tips for Hiring Your Child

Patriot Software

Do you daydream about working with family members? You may consider hiring your child if you’re a small business owner. That way, you can show them the ins and outs of your business and the importance of hard work. At the same time, you gain an extra set of hands to get tasks done (win-win-win!). […] READ MORE.

payroll 98
article thumbnail

Why Accountants Should Be Using the Cloud | Canopy

Canopy Accounting

Cloud computing is the process of delivering hosted services using the internet. In a short time, cloud computing has emerged as an efficient and advanced way to boost the success of just about every type of business. Accounting firms are not alone in harnessing this practice and many are seeing tremendous savings in time and money.

account 98

More Trending

article thumbnail

QBO Monday Minute: New Employee Details Screen

Intuitive Accountant

To help you keep up with the many innovative features at Intuit, Liz Scott tells you everything you need to know about the new Quickbooks Online Payroll Employee Details screen.

article thumbnail

Wash Sale Rules and Cryptocurrency Tax Planning for 2022

Anders CPA

Cryptocurrencies are on the rise, but many investors don’t understand the tax treatment and impacts of these digital currencies. If you’re already investing or looking into investment opportunities, now is the time to familiarize yourself with current tax reporting requirements and wash sale rules before they apply to cryptocurrencies. What is a Wash Sale?

article thumbnail

How Do You Know When It’s Time to GTFO of Big 4? One Manager’s Opinion

Going Concern

Came across this on r/big4 this morning, let’s remember half of what you see on Reddit is just someone’s creative writing exercise and people who claim to make $200k/yr are often 14-year-old larpers but hey what kind of weirdo would pretend to be a Big 4 manager on the internet. Read on. I don’t think that this is talked about enough, and as a manager, I wanted to give my two cents on what I wish I was told back when starting my career.

Start-ups 113
article thumbnail

Eight tips to prepare for (and make the most of) Xerocon Sydney

Xero

In just a couple of weeks, accountants and bookkeepers from all over Australia, New Zealand and Asia will descend upon Sydney’s International Convention Centre (ICC) for two days of inspiration, education, connection and fun. You guessed it; we’re talking about the return of Xerocon! After a three-year hiatus, we couldn’t be more excited to bring you – our partner community – together again at the world’s most beautiful and innovative conference for cloud accounting leaders. .

article thumbnail

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.

article thumbnail

How to Gross up Payroll

Patriot Software

If you want to pay an employee supplemental compensation, such as a bonus or a relocation payment, you must withhold payroll taxes just like with regular wages. But, what if you want an employee to receive a specific amount after taxes? That is when you gross-up payroll figures. And to do that, you need to […] READ MORE.

payroll 109
article thumbnail

IRS Announces Broad-Based Penalty Relief

Withum

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. The Notice also provides relief from certain information return penalties with respect to taxable year 2019 returns that were filed on or before August 1, 2020, and with respect to taxable year 2020 returns that were filed on or before August 1, 2021.

article thumbnail

The Newest QuickBooks Migration Tool for Desktop to Online

Intuitive Accountant

Intuit has been working on a new QuickBooks migration tool for desktop to online. We told you about some of its efforts last spring—now those efforts are full speed ahead with the new tool.

article thumbnail

Look for More IRS Form Revisions Now That the Inflation Reduction Act Is Law

ThomsonReuters

The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small business payroll tax credit for increasing research activities, after President Biden signed the Inflation Reduction Act ( H.R. 5376 ) into law, which includes a provision increasing the research credit next year. Background. . The Code Sec. 41 research and experimentation (R&E) tax credit first became a part of the Internal Revenue Code in 1981.

article thumbnail

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.

article thumbnail

Shocking News: 82.4% of Hiring Managers Are Struggling to Find Accounting and Finance Talent

Going Concern

What we’re about to share with you shouldn’t be news to anyone and in fact the only news here is that somewhere, 9.1% of public company hiring managers and 14.8% of private company hiring managers are not struggling to find talent. Well that’s what they reported to Deloitte, anyway. Sheryl Estrada writes in Fortune : Deloitte shared new data with me that found 82.4% of hiring managers for accounting and financial positions at public companies said talent retention is a big cha

article thumbnail

Small Business Owner’s Equity Guide

xendoo

If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement , but the owner’s equity is equally important (and often overlooked). . In this guide, we will explain what owner’s equity is and how to calculate it. We will also give tips on how to grow your equity and protect it from potential risks. .

article thumbnail

What Is a Cost of Living Raise?

Patriot Software

Employees love raises. Regular raises can improve employee happiness and put them in a better financial position. And, raises can reduce your employee turnover. You can give raises for merit or increasing job value. You might also give a cost of living raise. Employee raise expectations and employer plans are out of sync. Our free […] READ MORE.

payroll 105
article thumbnail

Will the Inflation Reduction Act Increase IRS Tax Audits?

Withum

There is a lot of chatter about the $80 billion of increased funding for the IRS in the Inflation Reduction Act, which President Biden signed into law on August 16, 2022. The burning question on everyone’s mind is whether the $80 billion of increased funding for the IRS will meaningfully increase IRS audit rates. The short answer is yes, it will, but don’t expect it to happen overnight.

audit 126
article thumbnail

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.

article thumbnail

ADP – A Payroll & Benefits Synopsis

Intuitive Accountant

First in our Payroll and Benefits Software/Apps mini-series is ADP. From basic payroll to a full suite of HR tools, it offers services most small- to medium-sized businesses need.

payroll 111
article thumbnail

Anders Jumps 11 Spots to #89 on IPA Top 100 Firms for 2022

Anders CPA

After joining INSIDE Public Accounting (IPA)’s list of Top 100 firms at #100 in 2021, Anders jumped 11 spots in 2022 to #89. The IPA Top 100, 200, 300, 400 and 500 recognize the top U.S.-based accounting firms based on net revenues. This is IPA’s 32nd annual ranking of the largest accounting firms in the nation. Anders rose through the ranks of the Top 200 firms for many years and broke into the Top 100 list in 2021 with 2020 firm revenue of $43.5 million.

article thumbnail

Monday Morning Accounting News Brief: EY Exploitation; Ethics Training Sucks; Stick Around in Public? | 8.1.22

Going Concern

Happy Monday! Here are your headlines. SOX turned 20 over the weekend. SEC Chair Gary Gensler had some things to say about Sarbanes-Oxley’s past, present, and future. Tim Ryan on leadership : “Too often, I find in corporate America, we go into the huddle where we agree on a pass play but not on what routes everybody is running,” he said in a recent interview. “My experience has taught me that one of the enemies of great teams is lack of clarity, on the part of our leaders

account 106
article thumbnail

What to expect from Xerocon Sydney

Xero

In case you haven’t heard, Xerocon is back with a bang. From London to New Orleans, and soon, Sydney, this year’s event series is an international tour celebrating our partner community around the globe. Whether you’re a first-timer or veteran, it’s safe to say you can expect the unexpected. After all, it’s been coined the world’s most beautiful and innovative conference for cloud accounting leaders for a good reason.

article thumbnail

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.

article thumbnail

6 Tips on how to protect your data with remote employees

Basis 365

Many organizations are now at greater risk due to the dramatic increase in people who work from home. Therefore, you and your employees must take steps to protect sensitive data in your company and its privacy. You can start by ensuring everyone in your team is aware of these best practices for data protection when working remotely. 1.Keep your devices patched up and current You can prevent your devices from becoming vulnerable by setting aside time each week for security updates.

payroll 98
article thumbnail

IRS Updates Simplified Method for Portability Election

Withum

On July 8, 2022, the IRS issued a simplified method for taxpayers to obtain an extension to make a portability election. This new publication, Rev. Proc. 2022-3,2022-1 IRB 144 , has superseded the 2017 publication, Rev. Proc. 2017-34,2017-26 IRB 1282. A portability election is an election that allows a surviving spouse to apply a deceased spouse’s unused exclusion, also known as their “DSUE” amount, to be transferred to the surviving spouse for any Federal estate and gift tax purposes during th

article thumbnail

How to Make Tech Work for You

Intuitive Accountant

With fewer firms vetting what software is right for them, Tax Practice News' Christine Gervais explains why it might not be the system, but you. Check it out on our TPN site.

tax 111
article thumbnail

How a Solo 401(k) Plan Can Help College Athletes Win in Retirement

Anders CPA

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. To deduct some of their expenses against this new form of income, many college athletes have set up LLC’s making their income reportable on Schedule C on their tax return. As self-employed individuals, they are also searching for ways to begin saving for their future retirement.

article thumbnail

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.

article thumbnail

The Accounting Profession is Scaring Away Gay People (and Lesbians, and Transgender People, and…)

Going Concern

Despite accounting firms changing their Twitter logos to rainbows for the month of June, a shocking number of LGBT accountants are straight up leaving the profession because they feel they don’t belong. This is very bad news considering how shallow the talent pool is to begin with. Thomson Reuters on IMA and CalCPA research : LGBTQ+ accountants’ high attrition rate — with one-in-five LGBTQ+ respondents in the US reporting they have left the profession due to a lack of DEI — is highlighted

account 105
article thumbnail

3 Things to Look for in a Virtual Bookkeeping Vendor

IgniteSpot

What Is Virtual Bookkeeping? Virtual bookkeeping is the process of maintaining your financial records. It’s a lot like traditional bookkeeping, but what makes it special is that it’s totally online. Virtual bookkeeping is both flexible and convenient—no muss, no fuss with an in-person consultant or the usual paper trail—and provides access to expertise you may not otherwise find in your area.

article thumbnail

Hiring an Outsourced Accountant - What Are the Benefits?

Basis 365

Outsourcing accounting services allows you to focus on running your business while letting an expert handle all the bookkeeping details. Why Should You Hire an Outsourced Accountant? If you're looking for ways to save money, consider hiring an outsourced accountant. An outsourced accountant will help you keep track of your finances so you can make better decisions about how to spend your money.

account 98
article thumbnail

How the Expansion of the 2023 R&D Tax Credit Impacts You

Withum

President Biden signed the Inflation Reduction Act into law on August 16, 2022. With its passage, R&D tax credits in the form of payroll tax offsets have effectively doubled for qualified small businesses. The payroll tax offset cap is increasing from $250,000 for the 2022 tax year to $500,000 for tax years starting after December 31, 2022. This is significant taxpayer-favorable news for small businesses and start-ups alike, as the effective doubling of the R&D tax credit potential will

tax 122
article thumbnail

Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.