July, 2022

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Survey: Accountants are burning out

Accounting Today

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Your Favorite Accountants in Pop Culture | Canopy

Canopy Accounting

Have you ever wondered how the rest of the world views your job? Entertainment can sometimes give us a peek through that window. Usually, when we want to plug into TV or movies, it’s to escape our daily lives. But, sometimes, it can be fun to watch shows about our lives, especially our work lives! There’s shows about doctors, lawyers, IT teams, journalists, government officials and a myriad of other professions.

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2022 Q3 Tax Calendar for Businesses and Other Employers

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due.

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CPA Firms That Referred Clients to Alliantgroup Have Been Subpoenaed, Asked to Turn Over 11 Years of Client Data

Going Concern

On May 20 the Houston headquarters of R&D tax credit consulting firm Alliantgroup was raided by the IRS , in the weeks since we’ve had plenty of speculation about the whys and we’ve heard countless accounts from current and former Alliantgroup employees about the “evil, toxic, and emotionally damaging company” that employed them.

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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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How should small businesses balance artificial intelligence, automation and data privacy?

Xero

We recently held our fourth Xero Responsible Data Use Advisory Council meeting via Zoom with seven council members across four time zones to discuss the most important emerging trends around responsible data use for small businesses. How time has flown – we’ve nearly completed our first year of a council. The council includes myself, Samuel Burmeister of Tall Books (advisor), Laura Jackson of Popcorn Shed (business owner), Maribel Lopez of Lopez Research (analyst), Wyndi and Eli Tagi of WE Accou

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Survey Tackles Root of Industry Burnout

Intuitive Accountant

Utilizing the Maslach Burnout Inventory for the first time in an accounting setting, FloQast's survey reveals the alarming extent of burnout on professionals and its impact on critical accounting processes.

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More Trending

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Can HSAs Provide Tax-Free Reimbursement for the Same Expenses as Health FSAs?

ThomsonReuters

QUESTION: Our company currently offers a general-purpose health FSA. If we switched to an HDHP/HSA, could our employees receive tax-free reimbursements for the same types of expenses from their HSAs? ANSWER: Yes, and they might acquire a few additional options. Like health FSAs, HSAs can provide tax-free reimbursement of out-of-pocket expenses for medical care as defined in Code § 213(d).

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ERTC and the IRS: Biggest Considerations Before Claiming the Employee Retention Tax Credit

Anders CPA

The Employee Retention Tax Credit (ERTC) is gaining more and more attention as companies are discovering that they have through the end of 2023 (for 2020) and 2024 (for 2021) to amend their previously submitted 941s. Eligible companies impacted by the pandemic have been able to claim generous amounts, which makes the credit very appealing. But it’s important to keep in mind that there are gray areas in the IRS guidance around the credit.

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Letter to the Editor: Small Firms Are Suffering in This Market, Does Anyone Care?

Going Concern

We received the following from a small firm owner who is suffering under the weight of talent shortages, massive workloads, and hoards of would-be clients shopping around because their accountant (rightly) raised their fees. What’s a small firm to do? I have a small firm in [redacted]. I have been reading constantly about how the large firms are merging, paying more for top talent, taking people away from other firms, etc. due to the natures of the current accounting marketplace.

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Your small business tax time questions answered

Xero

This is a guest post by accountant Daniel Hardy of Xero Platinum Partner firm Caveo Partners. Recently, Caveo Partners was named the best boutique firm of the year at the Australian Accounting Awards. . With a new financial year upon us, you might be thinking, what’s next for my small business? In fact, you’ll likely have all kinds of thoughts about where you’re at and where you’re headed next.

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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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How Independent Contractors Can Help Drive Business Growth

Intuitive Accountant

In today's changing workplace, many organizations are looking to complement their full-time staff with independent contractors to grow their business. WorkMarket's Bridget Quinn Kirchner explains how it works.

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IRS Begins Auditing the Employee Retention Credit

Withum

We all knew this day was coming, and it has finally arrived. Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. This does not mean that these businesses did anything wrong, or that they will end up owing money to the IRS; it just means that the IRS selected their ERC claims for review.

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Client Accounting Services: What is CAS in Accounting?

Snyder

The accounting industry has undergone some serious technical changes due to technological advancements but first and foremost due to a global pandemic. Accounting firms have been forced to drastically change working environments and the way they work, as well as reconsider the services they provide. This turbulent time led to the rise in demand for client accounting services (CAS) – something that has been around for a couple of decades, but is coming into full swing only today.

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How to Simplify Your Accounting in a Business Acquisition

Anders CPA

Acquiring a company can come with many twists and turns to navigate. One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

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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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Clients Want Actionable Data, Not Impossible-to-Parse Spreadsheet Dumps

Going Concern

We all have that one friend whose door is always open to us. This person has been with you through all the ups and downs, and uneventful middle parts between. You trust this person because they’ve never let you down, their advice is always solid. What if clients thought of you as that friend? What if when something happens with your client’s business you are the first one they think of to call?

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Four processes in Xero to make FY23 your best year yet

Xero

Ringing in the new financial year may come without fireworks or champagne, but it is a great opportunity to reflect on the present and what lies ahead. It can be a moment to pause and take note of where your business currently is and how it operates – as well as where you want to be. It’s also a useful time to make changes or upgrades, especially to systems and processes, so things will be smooth-running well into the future.

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Optimizing a Company Tech Stack

Intuitive Accountant

Accounting firms can help their clients improve company tech stacks with integrated SaaS solutions and build a tech stack of their own for greater automation, efficiency and growth. Here's what you need to know.

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Proposed Senate Legislation to Relieve Sales Tax Compliance Burden

Withum

After receiving complaints from small business owners, the Senate Finance Committee held a hearing on June 14th to review the effect of the 2018 Supreme Court decision in South Dakota v. Wayfair on small businesses and remote sellers. In 2018, the Supreme Court reviewed and upheld the lower court’s decision in South Dakota v. Wayfair eliminating the physical presence requirement for a state to impose a sales tax on sales of goods or services in that state.

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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.

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25 stats show costs of inefficient AP processes.

Accountant Advocate Submitted Articles

It’s time to get serious about operational efficiency.

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"Bank Letter Required" Message Opening QuickBooks Desktop

SchoolofBookkeeping

Nothing like waking up to a fire alarm, right?? Today when opening QB desktop, we were greeted with the above screenshot. Every company we opened gave the same message, even the ones that didn't have QB Payments. Googling the phone number didn't give much confidence. I called the number and it is indeed Intuit, but they were having higher than normal call volume.

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EYers Are Waking Up to Overdrafts This Morning Due to a Serious Payroll Snafu

Going Concern

We’re learning this morning that folks at EY will not be getting lunchtime DoorDash today, their paychecks from last Friday have been unceremoniously yeeted from their bank accounts. Per a tipster: There’s a payroll snafu of some sort at EY and seems just about everyone had their payroll reversed. Mass panic and overdrafts. And a Fishbowl thread: According to our tipster and comments on Fishbowl the firm has yet to send out any communications regarding the issue and it’s too ea

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Xerocon Sydney by the numbers

Xero

We’re numbers people here at Xero. And we know you – our partner community – are too. So to celebrate the return of Xerocon Sydney this September, we’ve gone and rounded up some stats to give you a taste of what to expect. Because if our calculations are correct, there are 1,161 reasons (and counting) to get excited about this unmissable event for cloud accounting leaders. . 12 keynote sessions.

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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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How Accountants Can Leverage the Power of Automation

Intuitive Accountant

By leveraging emerging technologies, accountants are able to conduct more strategic planning, analysis and execution. Jedox CEO Florian Winterstein dives into the results.

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15 Attributes of Top CEOs

Withum

This week’s Barron’s July 11, 2022 cover story is about the top two dozen CEOs. A criterion that has usually been used to identify the top CEOs was their company’s stock performance. With the stock market down this year, they needed to reach for other measures, and I think the following applies to most successful leaders. The article’s purpose was not to suggest stocks to invest in, but to identify key features of winning leaders.

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3 Ways to Organize Your Company’s Bookkeeping

IgniteSpot

1. Separate business and personal. Small businesses often mix business with pleasure. That means that as many as 27 percent keep it “simple” and use the same credit cards and bank accounts for business and personal use, according to one survey. While that may be convenient in the short term, the long-term outlook isn’t as good. In fact, it’s a bookkeeping nightmare for you or your virtual bookkeeping partner to separate where and how you spent your money at the end of the year—and you have to be

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Think Tank Analysis Finds Current Federal Minimum Wage Rate at Lowest Value in 66 Years

ThomsonReuters

On July 14, 2022, a nonpartisan, nonprofit think tank provided recent analysis of the Consumer Price Index (CPI) that shows the federal minimum wage rate of $7.25 per hour to be at its lowest value since February 1956. FLSA minimum wage rate. The Fair Labor Standards Act (FLSA) of 1938 established, among other things, a federal minimum wage rate. That rate was effective on October 24, 1938 and was $0.25 per hour.

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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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EY Continues Streak As Big 4’s Busiest Audit Firm

Going Concern

EY has had a few firsts in recent years: first Big 4 firm with unlimited PTO , first audit firm to get a $100 million fine from the SEC , first Big 4 firm to compare men and women with waffles and pancakes , and first place among the Big 4 in public company audit clients for the past seven years. Make that eight straight years now. Audit Analytics recently released its annual market share analysis of auditor engagements at public companies , and the top 10 firms by registrant counts in 2022 are

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Introducing an improved Xero status page experience

Xero

When the products and features you use aren’t working as they should, we know it’s really important to be able to access information about what’s happening and why quickly. We’ve recently made some changes to the way Xero’s status page works for that reason, to ensure the information you receive is more consistent, accurate and valuable. Now, when you access Xero’s status page, things will look a little different in both how the information is grouped, as well as the content of the update itself

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Clockwork – A July 2022 Analytics/Reporting App

Intuitive Accountant

Along with reporting apps, we're looking at apps that perform financial metrics and business analytical forecasting. See why Clockwork is an easy to use app to predict, manage and plan your business finances.

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Libraries Are More Than Just Books

Withum

I just attended a meeting at my local public library and coincidentally just finished reading a book about a library. Neither is what you might think it would be about. The Personal Librarian by Marie Benedict and Victoria Cristopher Murray was about the establishment of The Morgan Library, which is a major museum in the heart of Manhattan. It started out as the private library of J.P.

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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.