June, 2023

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How is artificial intelligence (AI) affecting accounting?

Reckon

Artificial intelligence, hereafter simply referred to as AI, has evolved momentously over the last decade. But just in the last 6 months, these leaps have been gargantuan. As the discipline relies on data processing, it’s not surprising accounting professionals have been particularly vocal about the advancement of AI (and machine learning) for many years.

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Tax, Accounting and Legal Pros are Cautiously Optimistic about Generative AI

CPA Practice

Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. How are these professionals facing this new technology with regards to risk and benefit? What are the perils? Thomson Reuters, a global content and technology company, has released new research on generative AI that gauged the sentiment of professionals in legal, tax, and accounting firms in the United States, United Kingdom, and Canada.

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Boosting eCommerce Success: Solving Accounting Challenges with Outsourced Accounting and Basis 365

Basis 365

Running an eCommerce business comes with challenges, and accounting is a critical aspect that often poses difficulties. Accurate financial records, managing cash flow, ensuring compliance with financial reporting standards, and conducting financial analysis are all essential to running a successful eCommerce venture. However, these tasks can be complex and time-consuming, leading to potential errors and setbacks.

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The Surviving “Busy Season Accounting” Guide

Ryan Lazanis

Busy season accounting can in many ways seem unavoidable, but it can be manageable with the right approach. In this post, I’ll lay out 10 simple tips your firm can implement to keep yourself sane and to avoid you from working long hours during the busiest time of the year. Table of Contents Why Does Busy Season Accounting Happen? 10 Tips to Master the Busy Season 1.

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Which Month-End Close Automation Software is Right for You?

Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.

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States ease nexus thresholds

TaxConnex

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. Thresholds were established, filing forms and deadlines fixed and one by one states waited for the money to roll in (with Florida and Missouri among the latest of the 45, with Alaska perhaps soon to join them).

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Business Valuation Pros Can Wear Two Hats

RogerRossmeisl

In adversarial situations — such as divorces, contract breaches and shareholder disputes — you might need to hire an outside business valuator to evaluate complex financial matters. To get the most from these professionals, it’s important to understand the two key roles they can play in conflict resolution. Keeping these roles separate helps prevent valuators from being seen as “hired guns” by judges, juries, arbitrators and mediators.

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More Trending

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UK accountancy sector sees growth across nation

Accounting Insight

A new study has revealed that the UK accounting services sector has experienced consistent growth across the country, with increased demand for their services resulting in a 62% increase in new businesses in the sector since 2017. Tyl by NatWest , the payments partner supporting UK SMEs and micro businesses, has commissioned the Evolving Enterprise Index report , revealing the fastest growing and fastest emerging sectors in the UK.

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No Escape: How to Live with the New Lease Accounting Standards

CPA Practice

By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole. Instead, exceptions are applied on a lease-by-lease basis depending on certain policy elections: ASC 842, IFRS 16, and GASB 87 all have exceptions for short-term and immate

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Kill the Audit Industry, Says Ex-Auditor

Going Concern

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax av

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TaxConnex Unveils New Client Portal for Improved Client Experience and Data Security

TaxConnex

TaxConnex ® is excited to announce the launch of a new client portal, Client Connexion. Client Connexion will provide a streamlined client experience and enhanced data security through an intuitive user interface and encrypted portal. Clients will be given individual logins to provide their data, review their cash requests, pull reports, and tax returns, and view historical data, thus removing some of the manual processes clients and practitioners navigated through previously.

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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.

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4 Tax Challenges You May Encounter If You’re Retiring Soon

RogerRossmeisl

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement accounts.

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Small firm, big impact: Tennick Accountants win hotly contested Xero Award

Xero

You win, or you learn – that’s one of Tennick Accountants’ internal mottos, and one that encouraged the firm to put themselves in the running and enter the 2023 Xero Awards UK & Ireland. For Graeme Tennick and his team that belief paid off, with the firm taking home the Small Firm of the Year award, the most hotly contested category of the programme.

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Rewind 'Bulk Linking' Feature Now Available

Insightful Accountant

Rewind, the No. 1 rated commercially-available backup app for QuickBooks Online, has just introduced a new bulk linking feature, which makes it easier than ever for ProAdvisors to protect their clients' data.

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AICPA and CPA Practice Advisor Announce the 2023 ‘Most Powerful Women in Accounting’

CPA Practice

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the 12th annual ‘Most Powerful Women in Accounting’ awards, which recognize leaders for their significant contributions to the profession. The 2023 awards were presented at a ceremony at Dolby Live Stage at the Park MGM Casino during the AICPA ENGAGE conference in Las Vegas on June 6, 2023.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.

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Layoff Watch ’23: The KPMG Workforce is Shrinking By About 5% (UPDATED)

Going Concern

Stock photo of KPMG office in London. Look, the logo is the same ok. Rumors have been buzzing for a few weeks now that KPMG would be making some cuts, the most notable of these buzzes an extra buzzy post on Reddit suggesting an incoming RIF. This morning (Monday), all-hands calls started appearing in people’s calendars and, well, you know what happens after that.

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Federal Estate and Gift Tax Exemption Will Sunset After 2025: How to Prepare Now

Cherry Bekaert

Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. For 2023, the indexed exemption rose to $12.92 million ($25.84 million for married couples).

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Financial Statement Fraud: Don’t Believe Everything You Read

RogerRossmeisl

Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial statements must be reliable.

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Changes are coming to the contact overview page

Xero

Changes are coming to the contact overview page We wanted to share the next step in improving the contacts experience in Xero, helping you better manage the relationships with your customers and suppliers, as well as your cash flow. We’re excited to share that we’ve updated the design of our contact overview page, and introduced search and filter functionality.

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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.

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Forwardly Instant Payments Debuts to Improve Cash Flow for SMBs

Insightful Accountant

See how the First Real-Time Payments only solution empowers US businesses to get paid up to three days faster, while saving money on processing fees and streamlining workflows with automatic payment reconciliation.

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What to Know About the Tax Deductibility of Funeral Expenses

CPA Practice

By Anthony Martin, Kiplinger Consumer News Service (TNS) The passing of a loved one is always a difficult burden to bear—physically, emotionally, mentally and monetarily. Most, if not all, of the time, death and passing come as a surprise, with family members left behind having to carry the burden of shouldering funeral expenses, which often come at a costly price, especially in the absence of burial insurance.

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The Funniest Anti-WFH Propaganda You’ll See All Week

Going Concern

Perhaps you’ve already seen this in 24 hours since it was released but let’s talk about it anyway because L-O-f **g-L. UK office furniture company Furniture at Work has published a hilarious anti-WFH piece called “From Claw Hands to Hunchbacks: How Working From Home Could Affect Our Bodies.” The article warns that if you continue to work from home you will end up looking like an enemy from Silent Hill by the time you are 70.

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Withum Names Nineteen New Partners 

Withum

Withum is proud to announce its 2023 New Partner Class. I’m excited to introduce this year’s New Partner Class. To get to this level takes an incredible amount of grit, passion and determination. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. The accomplishments of each individual are evidence of a larger trend—that of professionals going above and beyond, never ceasing to learn, create and innovate to b

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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The IRS Has Just Announced 2024 Amounts for Health Savings Accounts

RogerRossmeisl

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.

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Over a third of accountants considering leaving the profession in next five years, citing work-life balance issues

Accounting Insight

Over a third (36%) of accountants are considering leaving the profession in the next five years, including 30% of under 25s, new data from cloud pre-accounting platform Dext has revealed. This is particularly concerning as the number of accountancy students has decreased in recent years. Dext surveyed 250 accountants and bookkeepers across the UK to determine accountant attitudes towards the profession and what they need to be happier in their roles.

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Eight New Apps in the QuickBooks App Store

Insightful Accountant

Just because you are not at Scaling New Heights doesn't mean you can't have an 'exhibit hall' of your own. Check out these eight new apps in the QuickBooks App Store, I guarantee it won't be nearly as many steps to walk.

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Businesses Could Save Lots in Taxes Under House GOP Plan

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) Now that a debt default has been diverted, Republicans in the House of Representatives are turning toward taxes. They’ve laid down their opening marker. It can pass the House, but not the Senate. GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats.

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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Rumor: BDO USA Is Switching From a Partnership to a Corporation on July 1

Going Concern

For those who have been paying attention and noticed us teasing a big story coming out of BDO for months now I’m sorry to say this is not it. I’d also like to say that while I totally understand the accusations of “clickbait” and “b t” (I see you, Fishbowl), that’s not why we can’t report on it yet. Just getting those ducks in a row, thank you for understanding.

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Belgium Ends Sharing Information With the IRS on U.S. Persons Resident in Belgium

Withum

On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).

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Keep These DOs and DON’Ts in Mind When Deducting Business Meal and Vehicle Expenses

RogerRossmeisl

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S.

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). It is like a complex machine, with many parts that must work together to create an effective system. Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. This comprehensive guide provides an overview of GAAP accrual accounting, highlighting its basic principles, methods for recording transactions, cash versus accrual

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8 Signs Your Accounting Team Is Ready to Automate Month-End Close

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.