October, 2022

article thumbnail

An Accountants Guide To Successful Document Management | Canopy

Canopy Accounting

Document management is a core element of every accounting project, but it can quickly become a headache if you don’t have a good system in place. Here are a few key things to keep in mind as you create your document management strategy.

account 98
article thumbnail

Accountants, remove these 5 things from your to-do list

Accounting Today

account 124
Insiders

Sign Up for our Newsletter

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

article thumbnail

Cash flow vs Trial Balance. Which one to trust?

Simple Accounts

Cash flow and Trial balance are two different yet connected terms that are familiar to everyone involved in the business. Discussions have been going around for a very long time to decide which is better or which one to trust. Take another look at both before moving on to conclusions based on the knowledge you already have. . Cash Flow . The simplest definition of cash flow is the movement of money into and out of business.

article thumbnail

Happily Ever After - Achieving a Fairy Tale Month-End Close | CFO.University

Accountant Advocate Submitted Articles

A Professional Community of Member-Scholars, Companies and Trusted Advisors committed to the education and development of Chief Financial Officers.

Education 130
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

IRS Warns About False Employee Retention Credit Claims

Withum

On October 19, 2022, the IRS issued a press release ( IR-2022-183 ) warning taxpayers to be wary of third parties who advise them to claim an employee retention credit (ERC) when they do not qualify. According to the IRS, these third parties “often charge large upfront fees or a fee that is contingent on the amount of the refund.” The IRS is also concerned that these third parties “may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by

article thumbnail

Young Accountant Narrowly Misses the Tragedy of Working For Grant Thornton

Going Concern

Someone on r/accounting posted this over the weekend and I thought it worth sharing because it reminds everyone of two very important facts when it comes to recruiting: 1) never bank on a verbal offer and 2) don’t work for Grant Thornton. Oops wait, I meant 2) if firms recruiting on campus engage in any kind of screwy behavior you should report it to your school’s accounting chair/director/benevolent overlord.

account 115

More Trending

article thumbnail

'Sage Transform 2022' Awaits — And Murph Will be There

Intuitive Accountant

Murph is off to Orlando for 'Sage Transform' — the conference for Sage Intacct users and partners. To get you ready, he thought he'd provide a preview of what he plans on covering.

105
105
article thumbnail

Common Accounting Mistakes New Business Owners Make | Canopy

Canopy Accounting

Starting a new business is a pretty exciting time for any new business owner. The idea that they are beginning something great empowers them to work their hardest and do their very best to have a successful business. These first few moments as a new business owner are exciting times, however, they may cause the business owner to underestimate the importance of having good accounting practices in place from the very start.

account 105
article thumbnail

Can Participants Certify Electronically That They Have a Financial Need for Which a Hardship Distribution Can Be Made?

ThomsonReuters

QUESTION: When participants request hardship distributions under our 401(k) plan, we collect and store documents showing that the participant had one of the immediate and heavy financial needs that are deemed sufficient to permit a hardship distribution. Could we instead allow participants to certify their needs electronically? We already use self-certification to establish that the requested distribution is necessary to satisfy the need.

audit 105
article thumbnail

Three Cybersecurity Gaps Not to Overlook

Withum

Cybersecurity Awareness: A Business Imperative. The landscape within cybersecurity has moved, and it is not just regulated industries that really need to be concerned about cybersecurity. Cybersecurity is a business imperative for all. It is a business decision to implement the best security practices to keep you, your business and employees safe. Three Cybersecurity Gaps.

account 131
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

Some High Level Folks Have Abruptly Left BDO and No One Seems to Know Why

Going Concern

People who know know there’s something happening at BDO USA. We are working on getting to the bottom of a few things that we can’t quite share with you until we have more information but in the meantime, we need to talk about how leadership is apparently getting axed — or leaving? — and no one knows why. Well, someone knows why.

Start-ups 109
article thumbnail

Who Pays Unemployment Tax?

Patriot Software

When an employee becomes unemployed, they might qualify to receive unemployment benefits. Unemployment benefits are funded by unemployment taxes, which are paid based on employee wages. But who pays unemployment tax? You or your employees? Types of unemployment taxes Before you can learn who pays unemployment taxes, you need to know about the two types […] READ MORE.

tax 108
article thumbnail

Creating the VIP Client Experience Through Automated Services

CTP

When it comes to creating a peaceful and profitable tax practice, there is ONE recipe for success that you can ALWAYS count on: automation! Here’s the cold, hard truth: Client experience is what makes or breaks a tax practice. Without a thoughtful and efficient system in place, your clients may end up feeling confused, overwhelmed , and ready to move on to a new tax pro.

tax 105
article thumbnail

Debra Kilsheimer on Billing, New Tech Selections and Running a Successful Firm

Intuitive Accountant

On the latest episode of Accounting Insiders, the owner of Behind the Scenes Financial Services and Top 100 ProAdvisor joins Gary DeHart to talk shop—and more. Check out the interview on the Insightful Accountant YouTube page.

account 105
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

What you can expect from this year’s Xero Singapore Roadshow

Xero

With just two weeks to go ’til Xero Singapore Roadshow, we are buzzing with all that we have in-store for our accounting and bookkeeping community. Here are some things you can expect. Benchmark your practice. Opening the day, Managing Director of Xero Asia, Koren Wines will unveil some topline findings from our annual Singapore State of Accounting Industry Report.

article thumbnail

Your Practical Guide to a Cyber Incident Response Plan

Withum

A cyber Incident Response Plan (IRP) can help an organization prepare to reduce the overall impact of an incident. A potential cyber breach incident can be a ransomware attack , a malicious insider, an external attacker that gained access via a phishing campaign or internal human error, among many others. When dealing with incidents, we often say it is not if, but when an incident will occur.

Legal 124
article thumbnail

Hear Me Out, Accounting Firms Should Add PvP and Achievements to the Metaverse

Going Concern

It’s 2022 and accounting firms are proudly buying up “real estate” in the metaverse, putting out self-congratulatory press releases about it like it’s supposed to make us think they’re ahead of the curve on technology. Really my first thought has always been “didn’t the Maryland Association of CPAs do this 14 years ago?

article thumbnail

Do Employers Have to Give Pay for Jury Duty Leave?

Patriot Software

When an employee is called to serve on a jury, it can be a strain on your business. You might need to adjust schedules to fill the employee’s absence. Product creation or services might be disrupted. When your employee is fulfilling their civic duty, your business doesn’t stop. But, when an employee is on jury […] READ MORE.

payroll 106
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

Be Prepared – 2022 Year-End/Year-Round Tax Planning Guide

Dent Moses

Dent Moses is committed to helping you maximize your income through a variety of tax-saving strategies. We are sharing our 2022 Year-End/Year-Round Tax Planning Guide. . 2022 Year-End/Year-Round Tax Planning Guide. With the lingering impact of the global pandemic and the recent passage of the Inflation Reduction Act, there are a number of tax developments to consider for the current tax year.

article thumbnail

Accepting Payments on Etsy with PayPal and its Alternatives

Snyder

When you’re an e-commerce business owner, setting up your online store with Etsy sounds like a great option for creating an additional revenue stream, with over 96 million active buyers across the world purchasing goods on the platform. One thing that might be complicated is choosing a payment option that will work best for you — and one that will guarantee your customers an excellent online shopping experience.

article thumbnail

Anders Partners with Fifth Avenue to Provide Streamlined Credentialing and Provider Enrollment Process in Missouri and Illinois

Anders CPA

Anders is expanding our partnership with Fifth Avenue Healthcare Services (Fifth Avenue) to offer a streamlined, outsourced credentialing and provider enrollment process for physician practices and health systems in Missouri and Illinois. With an industry-focused team of health care advisors, Anders has the provider enrollment expertise that pairs perfectly with Fifth Avenue’s delegated credentialing specialization.

article thumbnail

Federal Government Extends Deadlines for Hurricane Ian Victims, States Extensions Are Unclear

Withum

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. Even though Florida does not impose a state income tax, there has been no indication thus far that the filing deadline for the victims of Hurricane Ian, who have state income tax filing obligations in other states, has been extended.

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

Audit Partner Really Bad at Auditing Won’t Be Auditing Any Time Soon (Or Ever)

Going Concern

The PCAOB has made it painfully clear that they are done pussyfooting around and sick of auditors not doing their jobs. Chair Erica Williams said in September the Board plans to use every tool at their disposal to bring the hammer down on naughty auditors and it seems that’s exactly what they’re doing. Wanna alter work papers and then double down when you’re caught?

audit 100
article thumbnail

How Much Do You Know About 501(c)(4) Social Welfare Organizations?

Patriot Software

When you think of nonprofits with tax-exempt status, your mind might go straight to charitable or religious organizations. However, these types of groups aren’t your only options for becoming a tax-exempt nonprofit. If you own a social welfare organization, you can apply for 501(c)(4) status with the IRS. What is 501(c)(4) status? 501(c)(4) status refers […] READ MORE.

tax 104
article thumbnail

How Outsourced Accounting Services Can Help Your Law Firm

IgniteSpot

Benefits of Outsourced Accounting Services. Between contracts, settlements, lawsuits, and everything else, your firm has enough to worry about on the legal side without worrying about cash. However, outsourced accounting services can help in diverse ways.

account 98
article thumbnail

Tax Preparation Tips for 2023: Tax Tips to Prepare Your Business for Tax Season

Snyder

A small business owner usually has a lot to deal with. From managing customers to marketing and budgets – the list is almost infinite. Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. So it’s no wonder that the business tax season is a hot time for small business owners, just as it is for accountants , especially when you need to deal with all this manual data entry

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

How to Increase Efficiency in Your Tax Planning Business

CTP

A key to business growth is finding ways to get more done with less effort. Small business owners are often juggling so many tasks that they struggle to stay focused on what is adding the most value to the business. In theory, you may know that you need to hire help, delegate tasks, and build out processes and automation to handle lower value work. However, when you’re staring down a massive to-do list, taking that first step can feel like scaling a mountain—where do you even start?

article thumbnail

Why You Need To Keep Inventory Standard Costs Current During Inflationary Periods

Withum

According to a CNBC survey of businesses in 2022, 74% of businesses are dealing with supply cost increases. It is not uncommon for businesses to utilize standard costing inventory in their internal ERP system and update the standard cost for products on an annual basis. Standard costing is based on the expected costs of material, labor and overhead (typically established at the inception of a year) instead of the current actual costs incurred months later.

article thumbnail

PwC Plans to Poach Unhappy Senior Managers From EY

Going Concern

While the pundits are talking about how the EY split could completely change the accounting industry as we know it and inspire other firms to split once they see the truckloads of cash pulling up to EY partners’ houses, one industry vet is perched at the periphery with a stack of offer letters just waiting to snatch EY talent. PwC Chair Bob Moritz is ready — no, eager — to snatch up unhappy talent from EY, and recently told the Financial Times it would be easier to lure away se

audit 100
article thumbnail

Do Employers Have to Pay Unemployment Taxes?

Patriot Software

As a small employer, you have all sorts of payroll taxes to worry about: income taxes, Medicare tax, and Social Security tax. But, what about unemployment taxes? Do employers have to pay unemployment taxes? Do employers have to pay unemployment taxes? In general, all employers have to pay unemployment taxes. Some exemptions exist, which are […] READ MORE.

tax 100
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.