May, 2023

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The Top 9 Ways to Use ChatGPT in Your Firm

Ryan Lazanis

In this episode, I want to share 9 ways you can leverage ChatGPT in your accounting firm to save time, reduce stress, and boost productivity. Listen below. 0:26 – ChatGPT is a powerful tool that can boost productivity and efficiency for several processes. 1:07 – ChatGPT can help businesses save time and generate high-quality blog content by quickly creating informative and engaging posts based on provided topics and details. 1:39 – Second, ChatGPT helps you draft professional e

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CFOs: Driving today’s growth strategies

Accounting Seed

The top 3 ways the role of the CFO is evolving, and how technology is leading the change. Over the years, particularly since 2020, the role of the CFO has shifted dramatically from transactional and historical to real-time and commercially focused. No longer are CFOs solely responsible for financial management and reporting. Now more than ever, CFOs are being called upon to be highly strategic and forward-thinking due to the evolving and expanded needs of businesses.

B2C 98
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I Love Accounting. So I Had to Leave.

Going Concern

At its core, accounting is a challenging career that requires growth and learning and can usually pay pretty well. There’s lots to do, and it requires developing expertise and finding ways to solve puzzles. Organizations need folks who can understand broad frameworks and rules and interpret that to produce all sorts of things they need. So far, so good.

Account 107
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How firms can prioritize accountants’ mental health in the workplace

ThomsonReuters

Working in the tax and accounting industry can be a stressful job. With long hours, tight deadlines, and pressure to deliver results, it can be hard to achieve a work-life balance. That’s why it’s important for both tax and accounting professionals and their firms to take steps to protect their mental health. With Mental Health Month upon us, this is a good time to think about strategies to ensure that your teams maintain a healthy work-life balance.

Account 137
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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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IRS Is Developing Its Own Free Tax Preparation System

CPA Practice

The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. In a report the agency submitted to Congress on Tuesday, as required by the Inflation Reduction Act, the IRS said it evaluated the feasibility of providing taxpayers with the option of a free, voluntary, IRS-run electronic filing system, which is being called “Direct File.

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Key Performance Indicators for Service-Based Businesses

Basis 365

Service-based businesses , such as management consulting firms, marketing agencies, or PR firms, rely on performance metrics to gauge their success. Key Performance Indicators (KPIs) are essential tools that service-based businesses can use to measure their performance, track progress toward goals, and identify areas for improvement. This blog post will discuss some of the most critical KPIs for service-based businesses and explain why outsourcing accounting services is the best option to manage

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The Key Roles of the CFO in the Sales Cycle

IgniteSpot

4 Essential CFO Functions Do you really need your CFO to be involved in the sales cycle? Yes, because their job is rapidly becoming about more than reporting. Some even dip their toes into HR! CFO services make your organization more valuable to shareholders, increase your ROI, and improve internal and external relationships.

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Accounting automation saves 250 hours every month for CRMIT Solutions

Accounting Seed

The Salesforce and Accounting Seed implementation specialist is sharing their successful approach with clients across the globe—after adopting it themselves. Businesses around the world are using Salesforce for Customer Relationship Management (CRM)—but the capabilities of the platform span far beyond a traditional CRM system. From sales, service, and operations to industry-specific solutions, Salesforce provides a wide range of products that support every business need (plus an entire Marketpla

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The IRS Clarifies What Counts as Qualified Medical Expenses

RogerRossmeisl

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed 7.5% of your adjusted gross income.

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Microsoft Crunches Some Data to Find Out Teams is the Biggest Productivity Killer at Work

Going Concern

Have you ever been totally in the zone, grinding away at work oblivious to the world around you when you’re rudely interrupted by a *DING* that snaps you right out of your trance and back to the tedium of a seemingly infinite inbox? Or maybe you were cruising along on some project you’d been putting off when a calendar reminder pops up to tell you you’ve got ten minutes of focus remaining until you need to be in yet another useless meeting (this is me).

Education 130
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Live Demo: How to Achieve Reconciliation Zen

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

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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The Reshoring Revolution: How Private Equity Firms Are Rebuilding American Manufacturing

Withum

There has been a notable increase in companies moving their manufacturing operations back to the United States, a phenomenon known as reshoring. Private equity firms have played a crucial role in this trend, investing in businesses shifting their manufacturing base. Reshoring Process in Private Equity The reshoring process in private equity encompasses three primary phases: Assessment Planning and Strategy Development Implementation and Integration Firms initially assess the viability and advant

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Single Women More Likely to Buy a Home than Single Men

CPA Practice

By Michael E. Kanell – The Atlanta Journal-Constitution (via TNS). Mary Woods has a career with erratic schedules and unpredictable paychecks, but she saved money and kept her credit score high so she could buy a house on her own. The purchase was a priority, said Woods, 43, a production worker in the film industry who has been in her DeKalb County, Georgia, home for nearly two years, glad for friendly neighbors, the options for walking her dogs and the proximity to urban amenities.

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Dialysis Litigation Continues After Supreme Court Ruling

ThomsonReuters

DaVita Inc. v. Marietta Mem’l Hosp. Emp. Health Benefit Plan, 2023 WL 3452353 (S.D. Ohio 2023) A federal trial court has decided the latest installment of a case in which a large dialysis provider sued a group health plan and its TPA for classifying all dialysis providers as “out-of-network,” resulting in a lower reimbursement rate for them than for providers of other medical services.

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Zamp Launches End-to-End Sales Tax Solution for Online Sellers

Insightful Accountant

Zamp's team includes former state auditors, sales tax experts, research specialists and first employees of Stripe-acquired TaxJar & Vista-acquired Avalara.

Sales 119
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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Meet the new faces of Australia’s XPAC

Xero

Xero wouldn’t be where it is today without the support of our partner community, and that includes our Xero Partner Advisory Council (XPAC). That’s why we’re thrilled to announce our latest XPAC cohort for Australia. The XPAC team is a group of experts connecting Xero to the community and industry alike. They both challenge and champion the needs of the accounting and bookkeeping sector by engaging in open discussion, sharing industry insights, and providing actionable feedback.

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The Philippines is Running Low on Accountants and US Firms Should Be Worried

Going Concern

In recent years, US firms have shifted heavily into offshoring and it seems it never crossed anyone’s mind that offshore talent might be a finite resource. So far it seems dwindling accounting graduate numbers in the Philippines are mostly affecting in-country businesses and firms, still something worth keeping an eye on. This is from CNN Philippines in March : The country is facing a shortage of accountants as college enrollment for this field of study dropped while those licensed chose t

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Top 6 Reasons for ERP Implementation Failure 

Withum

Implementing an ERP system requires a cross-functional team of individuals with diverse skill sets, including business process experts, project managers, IT professionals, and end-users. Each team member brings unique perspectives, experiences, and expertise to the table, which helps avoid ERP implementation failure and ensures the deployment is successful.

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How to Be Prepared for an ERC Audit

CPA Practice

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

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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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The Pros and Cons of Outsourced Accounting Services for Businesses

GrowthForceBlog

5 min read Outsourced accounting, bookkeeping, and controller services have become a more common solution for small businesses today. Why? The advantages, which once were only enjoyed by mid-market and enterprise companies, are becoming understood by smaller companies. Key Takeaways Why Do Companies Outsource? Cost savings, focusing on core business functions, and solving capacity issues are primary drivers to outsource.

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Your Guide to Writing Guest Pieces

Insightful Accountant

In today's business landscape, being a thought leader is everything. Otter PR's Amanda Reseburg spins you through some of the fine points of honing your content writing craft.

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Can a Telehealth-Only Plan Continue After the End of the COVID-19 Emergency?

ThomsonReuters

QUESTION: During the COVID-19 pandemic, we established a telehealth-only plan to provide benefits to individuals who were not eligible for coverage under our regular group health plan. Can we continue to offer this benefit? ANSWER: During the COVID-19 pandemic, telehealth-only benefits have been exempt from certain requirements that otherwise apply to group health plans.

Tax 105
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KPMG Gets Sued, Accused of Allowing Pirate-Like Activity at Credit Suisse

Going Concern

Discountenanced Credit Suisse stockholder Gregory Stevenson is suing 29 of Credit Suisse’s current and former directors and officers, the bank’s ex-auditor KPMG, and various KPMG henchmen on behalf of investors alleging the firm looked the other way while aforementioned directors and officers plundered the bank for more than a decade. The docket number is No. 1:23-cv-04458 in Southern District of New York ( Stevenson v.

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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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Highlights from this year’s Xerocon Sydney agenda

Xero

In just a few months, we’re heading back to Sydney’s iconic Darling Harbour for Xerocon 2023! On 23 and 24 August, we’re bringing our partner community together from across the globe for two inspiring days. So what can you expect? As the world’s most beautiful and innovative conference for cloud accounting leaders, this is your opportunity to see world-class speakers and entertainers, hear thought-provoking updates from Xero’s leadership team, and take home practical learnings from the Xero show

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New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes

CPA Practice

By Jelani Gibson, nj.com – (via TNS). New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would (Section 280E of the IRS Tax Code).

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Hoops for Hope Raises $13,010 for Missouri Veterans Endeavor

Anders CPA

Over 670 brackets were created during the 35th annual Anders Hoops for Hope March Madness-style bracket tournament supporting Missouri Veteran’s Endeavor (MOVE-STL). As the firm’s 2023 Charity of Choice, members of MOVE-STL joined Anders for a celebration luncheon where the final amount raised during Hoops for Hope was unveiled and a check for $13,010 was presented.

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Custom Workflows Enhanced in QBO-Advanced

Insightful Accountant

Intuit has significantly enhanced the custom workflow feature within QuickBooks Online Advanced. Murph shows why the new workflows are easier and better than ever.

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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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Accounting Technologies: The 2023 Annual Guide

Ryan Lazanis

Here is my complete guide to emerging accounting technologies for 2023. In this guide, you’ll learn about the top accounting technology in the profession along with some tips and tricks on how to leverage them. So if you’re looking to leverage software to automate your accounting work, you’ll love this guide. Let’s go! Table of Contents Cloud Computing Artificial Intelligence & Machine Learning Optical Character Recognition Robotic Process Automation Blockchain Big Data The Metaverse Mobile

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Big 4 Firms Are Noticing a Sudden Skills Gap in New Hires

Going Concern

It’s funny, I was just talking about this yesterday to a state society leader, how there’s been talk in recent weeks that outsourcing and automation have reduced the “skills gauntlet” interns and new hires go through to learn the tedious details which in turn is making a crop of staff and associates who feel almost left behind compared to their older peers.

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Your comprehensive guide to preparing for the retirement of old reports

Xero

There’s now a little over two months to go before old reports in Xero are retired. Over the past year, we’ve been encouraging you to make the switch, with lots of education, support and advice from other small business owners and their advisors. If you’ve waited until now to start using new reports, you’ll have less time to make the switch. We urge you to start focusing on this, to avoid any disruption to your workflows.

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AICPA Endorses Legislation to Simplify Tax Filing Extension Process

CPA Practice

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. The Simplify Automatic Filing Extensions (SAFE) Act of 2023 would assist the Internal Revenue Service (IRS) with receiving extensions earlier in the year, providing taxpayers, CPAs and the IRS with a streamlined process and reducing the need for many penalty abatement requests.

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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.