May, 2025

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Top 5 priorities for modern tax and accounting firms

ThomsonReuters

Jump to Top 5 priorities for tax and accounting professionals The impact of AI in tax and accounting firms Navigating the future of tax and accounting The landscape of the tax and accounting industry is evolving rapidly, driven by technological advancements and a growing demand for value-added services. According to the 2025 State of Tax Professionals Report by Thomson Reuters Institute , tax, audit, and accounting firms are focusing on several key priorities to stay competitive and meet the ch

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Accountants need to transform in the face of AI

Accounting Today

The growing capabilities of artificial intelligence mean the profession can't afford to be complacent, one expert says.

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Improve Your Accounting Practice with Canopy Certifications

Canopy Accounting

May 7, 2025 SALT LAKE CITY Canopy , the leading practice management platform for accounting firms, today announced the launch of Canopy University , a new certification and training program designed to help customers use the Canopy platform with greater confidence and skill.

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Ranking the Best Accounting and Tax Tech for 2025: Professionals Vote for Their Favorites in the Readers’ Choice Awards

CPA Practice

The qualities necessary for success in the fields of accounting and tax have always included a natural inquisitiveness, a keen eye for details, being comfortable working with complex inter-related data, and sometimes working long hours, either due to reporting seasons or project deadlines. These traits are still necessary, but several other factors have grown critical.

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How to Streamline Payment Applications & Lien Waivers Through Innovative Construction Technology

Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant

Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.

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Accounting becomes gateway to entrepreneurship

Accounting Today

A report by the Association of Chartered Certified Accountants found 54% of North American respondents say they have career ambitions to be entrepreneurs.

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Why M&A Is Reshaping the Future of Accounting — and What Firms Must Do About It

Accounting Insight

Accounting might not be known for drama but right now, its having a bit of a plot twist. The M&A wave isnt just rolling in; its redrawing the landscape. It is no longer about firms getting bigger, but about how they are being reimagined. M&A has shifted from a growth tactic to something much more fundamental: a strategic response to a profession in flux.

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Choosing Outsourced Accounting Services: What Every Business Owner Should Know

AccountingDepartment

Opting for outsourced client accounting services can significantly conserve time and resources for your business. Nevertheless, locating a reliable outsourcing partner can be difficult. But how can you be sure youre choosing an outsourced accounting service you can trust? A few characteristics of trustworthy, competent, and reliable accounting services will help you know the provider you chose is the right one.

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Will AI Take Over Accounting Anytime Soon?

Ryan Lazanis

I’m sure you’ve heard this question before. With more accounting firms relying on artificial intelligence than ever, will it replace […] The post Will AI Take Over Accounting Anytime Soon? appeared first on Future Firm.

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What Is an Owner’s Draw in Accounting?

Patriot Software

As a business owner, you likely pay wages to employees. But when it comes to paying yourself, what do you do? Depending on your type of business structure, you might be able to pay yourself an owners draw. What is an owners draw?

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Mastering SaaS Bookkeeping: Essential Considerations for Success

Shay CPA

Bookkeeping for Software as a Service (SaaS) companies presents a unique set of challenges and opportunities. Unlike traditional businesses, SaaS companies operate on a subscription-based model, often deal with deferred revenue, and have complex financial metrics that need to be monitored. This blog post explores the special considerations that accountants and bookkeepers must take into account when managing the books for a SaaS company. 1.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Ex-PwC Partner Says AI Is Coming For Big 4 Jobs in a Big Way

Going Concern

Business Insider published an article early this morning that blatantly suggests AI is a huge threat to the Big 4 revenue machine. Let’s include the intro here so you can see where they intended to go with it: The Big Four Deloitte, PwC, EY, and KPMG are a select and powerful few. They dominate the professional services industry and have done so for decades.

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Constant Contact and Xero Collaborate for Small Businesses

CPA Practice

This collaboration fuels small business growth by providing an automated workflow between digital marketing and accounting systems thereby saving time and streamlining operations.

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MTD awareness gap signals opportunity for accountants

Accounting Insight

IRIS Software Group research reveals half a million sole traders want to hear from their accountants on forthcoming MTD requirements. Almost half of UK sole traders at risk of non-compliance, feeling unprepared for income tax changes due April 2026. Low awareness highlights a timely opportunity for accountants to support existing clients and win new business.

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How to attract more of the clients you actually want

Mark Lee

At the start of this century(!) when I first started writing and lecturing on practice development issues for accountants, I quickly learned to avoid the M word. Few accountants wanted to think about actively ‘marketing’ their practice. They didnt understand what was required as their training never covered it. And there was a common belief that ‘marketing’ wasnt something a professional accountant should have to do.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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ITC Can’t be Blocked Beyond One Year Under Rule 86A

VJM Global

Held by Honble Delhi High Court In the matter of M/s SHRI SAI RAM ENTERPRISES VERSUS PR. ADG, DGGI, GURUGRAM & ANR. (No.- W. P. (C) 5438/2025) The Petitioner filed a writ petition challenging the blocking of Input Tax Credit by DGGI on 15th January, 2024. Further, another Order in Original was also issued against the petitioner, creating a demand of INR 55.38 Lacs.

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VAT implications of pharmaceutical rebates – Boehringer Ingelheim Ltd v HMRC

Menzies

Menzies LLP - A leading chartered accountancy firm. Overview In a significant ruling, the First-tier Tribunal (FTT) has determined that payments made by Boehringer Ingelheim Ltd (BIL) to the Department of Health and Social Care (DHSC) under the UKs voluntary pharmaceutical pricing schemes should reduce the consideration for the supplies of medicines to the NHS.

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Monday Morning Accounting News Brief: PwCers Will Fight You For Their AI; Federal Prison For Jilted Lover Who Swatted the IRS | 5.12.25

Going Concern

Here we are, back for another week. Yippee. Comments are off on the Monday news brief by default but you are welcome to hit us up via email or text if you have something to say. Now, here’s some stuff that’s going on. In Milwaukee, a Catholic charity is suing a former employee as well as Baker Tilly , the latter because they didn’t notice almost $2 was missing: Catholic Charities of the Archdiocese of Milwaukee is suing its former finance director, alleging she funneled hundred

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Pramata Rolls Out Tariff Risk Analyzer, a Contract AI Tool to Navigate Supply Chain Disruptions 

CPA Practice

Tariff Risk Analyzer uses a companys contract data to calculate the impact of newly established tariff structures on supply chain business relationships and then provides recommended next steps.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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New product launches at Accountex London 2025 

Accounting Insight

The fourteenth edition of Accountex London is around the corner, taking place at Excel on the 14-15 May 2025. Over 11,500 attendees from around the world are expected to reunite and take advantage of the CPD-accredited seminar programme, and 300+ software and service providers. Exhibitors will be showcasing the best new products, tech, software, services and solutions in the world of accounting.

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Key Financial Statement Audit Preparation Tips for First-Time Audits

Withum

While the SEC does not mandate that private companies conduct financial audits, many voluntarily opt for an audit to bring credibility and transparency to their financials, whether to meet investor expectations, fulfill loan requirements, secure future funding, satisfy regulatory requirements or prepare for a potential sale. Regardless, a financial statement audit is crucial both to management and to applicable external users of the financial statements.

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Senators introduce tax legislation on Pell Grants, overtime pay

Accounting Today

A pair of Senate bills would coordinate Pell Grants with the American Opportunity Tax Credit, and provide a tax deduction for overtime wages.

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Does My Accounting Software Meet DCAA Compliance?

Accounting Seed

This article was updated May 28, 2025. To be a successful government contractor, your business processes need to be Defense Contract Audit Agency (DCAA) compliant. Successfully completing a DCAA audit ensures the legality of your operation and helps you continue acquiring government contracts. You can make your life easier and guarantee smooth audits by using accounting software that helps government contractors meet DCAA compliance.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Investigation Finds It Was Deloitte Credentials That Allowed Hackers Into the Rhode Island Benefits System

Going Concern

Oops. Late last year, the state of Rhode Island discovered nefarious individuals had gained access to their state benefits system RI Bridges, a system built and managed by Deloitte. This meant hackers got their hands on the personal information of Rhode Islanders who’d used state programs such as Medicaid, SNAP, Medicaid, health coverage purchased through HealthSource RI, and at-home care services provided by the state, among other things.

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12 Most Common Financial Reporting Mistakes in Nonprofits

CPA Practice

Proper financial reporting is essential for not-for-profit organizations to maintain transparency, donor confidence, and regulatory compliance. But despite their best intentions, many NFPs consistently make critical errors in their financial statements.

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Coming soon: ONESOURCE Pagero and Oracle Fusion Cloud ERP e-invoicing solution

ThomsonReuters

As global regulatory requirements for electronic invoicing (e-invoicing) become more stringent, international companies are feeling the pressure to keep up. Europe, in particular, is advancing with initiatives like the value-added tax (VAT) in the digital age (ViDA) , which aims to modernize VAT systems to align with the digital economy. This is part of a broader trend where regions like Latin America and emerging markets are mandating businesses to send and receive e-invoices that meet evolving

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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

On May 10, 2025, New York Governor Hochul signed the 2025-2026 budget bill into law. While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. We will provide a more detailed analysis of these provisions in the coming days.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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UK watchdog slammed EY's NMC audit in early report, lawyers say

Accounting Today

The Financial Reporting Council found EY "demonstrated a complete lack of professional skepticism" and failed "to be alert to conditions that may have indicated possible fraud.

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M&A is Hot. Are You Prepared When an Offer Comes In?

BurklandAssociates

Scaling a startup takes vision and hustle. But when its time to negotiate its acquisition you need a new playbookone built on precision, preparation, and strategic leadership. The post M&A is Hot. Are You Prepared When an Offer Comes In? appeared first on Burkland.

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Authenticity: The Key to Successful Content Marketing

Ryan Lazanis

In todays AI-heavy world, authenticity is the new currency in content marketing. Discover how being real builds trust and audience. The post Authenticity: The Key to Successful Content Marketing appeared first on Future Firm.

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43% of Americans Say Money is Negatively Affecting Their Mental Health, Survey Finds

CPA Practice

More than 2 in 5 (43%) U.S. adults say money negatively affects their mental health, at least occasionally, causing anxiety, stress, worrisome thoughts, loss of sleep, depression and other effects, according to Bankrate.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.