September, 2022

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Reconciliation in Accounting: Difficulties in Reconciling the Accounts

Snyder

Financial statements provide a snapshot of a company’s financial health. They give a broad overview of a business and serve as an indication of its intercompany financial management, profitability, solvency, and liquidity. However, these indicators are only good when you reconcile the accounts properly. The account reconciliation process is an integral part of business, which helps to connect accounting with bank statements, records with cash, and protect the business from any discrepancies. .

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What Is a Furlough?

Patriot Software

When it comes to business, things don’t always go according to plan. At some point, you may find your company struggling to stay afloat financially. And if that time comes, you may need to furlough some workers to avoid drowning. So, what is furlough? Keep reading to learn the definition of furlough, examples, and how […] READ MORE.

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Tax Fraud Blotter: Three times the fun

Accounting Today

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But Who’s Counting? Episode 12: Should Businesses Consider Accepting Cryptocurrency?

Anders CPA

Some of the largest companies are now accepting bitcoin and other cryptocurrencies as payment, but how and when will this impact small and mid-size businesses? In this segment of But Who’s Counting?, David E. Hartley sits down with Anders tax partner and cryptocurrency guru Derek A. Barnard to dive into what investors and businesses need to know before they get involved with crypto, including: Clearly defining blockchain and cryptocurrency Tax implications of bitcoin and other cryptocurren

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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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How your clients can reduce their children’s taxes and get out of debt with the money saved

CTP

written by Lyle Solomon. Taxes can be stressful. The last thing your clients, who probably wear multiple hats, want to do is send more of their hard-earned money to the government. Fortunately, various tax reduction techniques are available to help your clients lower their taxable liability. How to reduce your client’s children’s taxes. Consider some of the strategies listed below if your clients want to reduce their children’s taxes. 1.

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Gaining Customer Awareness for Your New Business

SMBAccountant

As a new business owner one of your first priorities is to get the word out about your company. Grassroots marketing can be a low-cost but effective way to gain a large amount of exposure to locally owned businesses or other specific audiences. Grassroots marketing involves narrowing the type of customer and making your business known to those customers you’re hoping to attain.

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Is Your Income Tax Withholding Adequate?

RogerRossmeisl

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free loan. Adjust if necessary Taxpayers should periodically review their tax situations and adjust withholding, if appropriate.

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Council Post: Three Ways Today’s Accounting Professionals Can Increase Their Value

Accountant Advocate Submitted Articles

As the profession undergoes digital transformation, traditional roles and activities of accountants must change and transform, as well.

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PPP Loan Forgiveness May Not Always Be Tax-Free

Withum

The IRS recently issued a chief counsel advice memorandum (CCA 202237010 (Aug. 19, 2022)) addressing the proper treatment of improperly forgiven PPP loans. The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness.

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Changes to multi-factor authentication are coming for Australian customers

Xero

Over the last few years, our lives – and businesses across the world – have moved online at a rapid pace. Unfortunately, cybercriminals have followed and are using new, digital methods to target Australians. At Xero, we are custodians of your data and do all we can to protect the information held in your account. One of the ways we do this is through multi-factor authentication (MFA), a process designed to secure how you log in to Xero and verify it’s really you.

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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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Boeing Starts Layoffs in Finance and Accounting, Will Outsource the Work to India

Going Concern

The post Boeing Starts Layoffs in Finance and Accounting, Will Outsource the Work to India appeared first on Going Concern.

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Is Paying Employees Cash Under the Table Legal?

Patriot Software

Some businesses prefer paying employees cash instead of other payment methods, like direct deposit or check. If you choose to pay cash wages, you are still responsible for depositing and reporting employment taxes. Paying employees cash under the table, or off the record, means you fail to pay and report taxes. Learn whether cash under […] READ MORE.

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Is Your Business Required to Report Employee Health Coverage?

RogerRossmeisl

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information about offers of health coverage and enrollment in health coverage for their employees.

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What Contractors Should Know About Accounting

Accountant Advocate Submitted Articles

Government contractors are required to follow certain accounting guidelines to maintain their standing.

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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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FBI Notification: Cyber Criminals Targeting Healthcare Payments

Withum

On September 14, 2022, the FBI issued the attached notification regarding hackers that are actively targeting healthcare payment processors to reroute funds to attacker-controlled accounts. The FBI noted that thus far in 2022, hackers have already stolen more than $4.6 million USD from healthcare organizations by accessing customer accounts and altering payment details causing critical operational, reputational, regulatory, and legal impacts.

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WholesalePayroll – A Payroll & Benefits Synopsis

Intuitive Accountant

WholesalePayroll is a different way to think about payroll. It's a product you can brand with your own identity, even a solution you can embed—an opportunity you should consider exploring.

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KPMG’s ‘Do As We Say Not As We Do’ Tips to Prevent Employee Turnover

Going Concern

KPMG has some sponsored content in Harvard Business Review about how to keep employees from defecting (defecting? Really? It’s a job, not the Sandinistas) and in it, the firm offers some suggestions to encourage employee loyalty. Suggestions that they themselves would be wise to implement should KPMG want to hang on to their own people (there may or may not be a mass exodus underway at KPMG , according to Going Concern archives this has been going on at least since we were founded in 2009)

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Xerocon Sydney: Reflections from our APAC leadership team

Xero

It’s been exactly two weeks today since Xerocon Sydney kicked off, and it’s safe to say we’re still buzzing from the experience. In case you missed it, we wrapped the event with a special sign-off from our APAC leadership team. Joseph Lyons, Managing Director for APAC, took to the main stage with Will Buckley, Koren Wines and Bridget Snelling – our Country Managers for Australia, Asia and New Zealand, respectively.

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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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The Dangers of DIY Accounting for your Small Business

Basis 365

Because you are talented and confident enough, you can take on challenges others won't accept or are incapable of conquering. Ironically, what got you to this point as a small business owner is also what gets you in trouble and hinders your business' growth. We can't scale up and build an empire by ourselves. It is impossible to grow without delegating tasks and finding skilled people to help us.

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What Small Business Owners Want From Accountants - ForwardAI

Accountant Advocate Submitted Articles

This month Accounting Today released the results of its inaugural Small Business Accounting Insights Survey.

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Dealer Vision: Volume VII

Withum

End Summer on a high note by diving into these exciting articles written by Michael Mulhearn , Michele D’Antonio , Robert Campbell and first-time writer, Joseph Polanco. We will discuss if trade-ins are eligible for a sales tax credit, how to protect your dealership from fraud, the automotive industry in the metaverse and privacy and safeguarding customer information.

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The Role of a CFO in Mergers & Acquisitions

IgniteSpot

3 Things a CFO Does During the M&A Process. If you’re new to mergers and acquisitions, virtual CFO services can be helpful no matter how you collaborate with them. After all, it’s a whole new world (cue the Disney music).

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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.

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Audit Partners and MDs Work Much, Much Harder Than Everyone Else at PwC

Going Concern

Saw this in PwC’s 2022 Audit Quality Report and wanted to get the peanut gallery’s opinion on this math: My first thought is imagine how much worse these numbers would be if you people didn’t eat as many hours as you do. Though judging by this, you’re getting much better at it. Thoughts? Concerns? Outrage? Have at it in the comments.

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An Essential Guide to Receiving Payments: Top Best Payment Gateways for Your Business

Snyder

From e-commerce stores to SaaS startups, businesses need to receive payments from customers , and payment gateways are one of the most common ways to do this. There are many options for collecting money online – credit cards, Buy Now Pay Later cards, or PayPal, just to name a few. However, not all payment gateways are the same. What you need may depend on your business’s size and needs.

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How to Easily Sell Peace of Mind to Your Clients

Ryan Lazanis

As an accounting firm owner, you should know that one of your main selling points is providing peace of mind to your clients. But how do you make this more tangible for them? In this podcast episode, I’ll give you some tips on how to easily sell “peace of mind” to your clients. Listen Below. 0:59 – Clients say that peace of mind is what they’re looking for from their accounting or bookkeeping firm. 1:39 – I want to show you how you can gain an advantage over y

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10 Cash Flow Questions Every Business Should Ask - ForwardAI

Accountant Advocate Submitted Articles

Ideally, as a small business owner, you’ll know a lot about your company’s financials.

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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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The Auditor’s Opinion

Withum

Audited financial statements are a cornerstone of the financial markets. They are used to assist in raising money or obtaining loans. Without some form of independent assurance, capital acquisition would be delayed, made more cumbersome, and there would be added due diligence costs. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

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The countdown is on for Accountex Summit Manchester

Accounting Insight

In less than a month, Accountex Summit Manchester will be opening its doors at Manchester Central for the fourth year. The show on the 12 October is set to be the biggest yet, welcoming 1500+ attendees. . Alongside the packed seminar programme and diverse exhibitor list, Accountex Summit Manchester are excited to announce some new features to this year’s exhibition, including a photobooth and post-show drinks, which are a great opportunity to network and catch up with colleagues. .

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The AICPA Has Written a Strongly-Worded Letter to the Treasury Department on Remote Work

Going Concern

If you thought the AICPA’s only job is gatekeeping the CPA exam and selling you insurance offers you are WRONG. They also write strongly-worded letters, sometimes on behalf of our nation’s CPAs or, as in the case of this latest letter, on behalf of American taxpayers. Let’s see what they’ve been up to. From the news release : The American Institute of CPAs (AICPA) submitted comments to the Department of the Treasury and the Internal Revenue Service (IRS) requesting update

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Shipping Done Right: FOB Shipping Point vs FOB Destination

Snyder

According to the International Chamber of Commerce ( ICC ): FOB means that the seller delivers the goods on board the vessel nominated by the buyer at the named port of shipment or procures the goods already so delivered. However, there are two terms in shipping that can’t be mixed up: the FOB shipping point (or the FOB origin) and the FOB destination.

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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.