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By Mike Varney, Vice President, Finance and Operations at Extend. The alarm bells in accounting have been ringing for years: fewer people want to join – or stay – in the profession. The American Institute of Certified Public Accountants (AICPA) said in its “2023 Trends” report that the percentage of accounting graduates fell 7.8% between 2021 and 2022, after steady decreases of 1-3% since 2015-16.
New entrants to the profession face more decisions more often than ever in building their accounting careers. Expert weigh in with their best career advice.
Most general practitioner accountants I talk with (and I talk with a lot of them) are, obviously, generalists rather than specialists. They typically started out as general practitioners and often stay that way as their client base has always been quite disparate. Many accountants who develop a specialisation do so only because they originally trained in firms that encouraged them to specialise – often quite early in their career.
Starting in January, cryptocurrency will need to be reported to the IRS on an account-by-account basis versus the "universal wallet" approach most had been using.
In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm. In fact, according to the inaugural 2024 BDO Audit Innovation Survey , released on Oct. 7, the ability to leverage new technologies was a slightly more important factor that influences audit firm selecti
A survey of internal audit and IT leaders found that while they identity AI as a growing technology risk, they have the least confidence in their ability to evaluate and handle its risks versus other technologies.
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
The three profits included in accounting textbooks: gross profit, operating profit and net profit are a good start for accountancy students. Limiting them to just three types of profit is intended to avoid overburdening young accountants at the beginning of their studies. If they told them up front that more than 15 different types of profit exist, our poor accounting students would all abandon their studies and probably open trendy wine bars instead.
You may trust your executive management team implicitly. But the research is clear: In organizations where executives turn to fraud, the results are very costly. According to the Association of Certified Fraud Examiners’ (ACFE’s) Occupational Fraud 2024: A Report to the Nations, owner/executive fraud makes up only 19% of all cases but has a median loss of $459,000 per incident.
Despite soaring concerns about their business’ financial security and personal job security, the survey found that small to midsize businesses across the country are investing in technology more now than the past three years, both foundational and emerging. This is according to the fifth annual Verizon State of Small Business survey. In the past year, the number of SMBs using AI has more than doubled (39% of SMBs are using AI in 2024 compared to 14% in 2023), in large part due to the growing fam
Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. 2: The Eccentric TYCO CEO’s Sales Tax Scheme,” clearly shows how you shouldn’t do the sales tax crime if you can’t do the time. Big numbers, common crime Unscrupulous vendors often collect and not remit sales tax (as in one recent case with a juice store owner in the District of
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
As ESG considerations become more integral to business strategy, companies face significant challenges in collecting, managing, and reporting ESG data. That’s why ESG reporting tools are becoming an increasingly important piece of the enterprise tech stack. Fragmented data sources, evolving regulatory requirements, and rising stakeholder expectations are just a few of the obstacles that can make ESG reporting a complex endeavor — and one that many executives don’t feel prepared for.
7 min read October 15th, 2024 All business expenses represent money out the door, but the way you categorize these expenses has greater implications than reduced net income. Key Takeaways How to Calculate and Identify a Capital Expenditure: CapEx = (Prior Period PP&E - Current Period PP&E) + Current Period Depreciation. The Key Differences Between CapEx and OpEx: For most businesses, both capital expenditures and operational expenditures are necessary for success, and finding the right b
Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals.
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return. Taking advantage of this rule can help you reduce the size of your taxable estate while benefiting your family and friends.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Updated: Oct. 17, 2024, with comments from Intuit and the AICPA. TurboTax, the most widely-used do-it-yourself tax preparation in the U.S., is out with a new advertisement in which it is telling Americans that maybe they should save money and have a “tax break up” with their professional preparer by using one of TurboTax’s live experts. The irritation factor for some tax professionals and CPAs who provide tax preparation services is that Intuit, the maker of TurboTax and several other consumer b
Jump to ↓ Why tax season resources matter How to make the most of these resources Tax season success starts here Tax season is here, and with it comes the familiar rush of deadlines, complex returns, and endless questions from clients. You know the drill all too well. But what if you had a comprehensive place with tools, guides, and expertise to help you navigate the chaos and stay ahead of the curve?
Acterys has been named a Champion in the 2024 Enterprise Performance Management (EPM) Quadrant by SoftwareReviews. For the second consecutive year, Acterys has been voted into the top spot by its customers. Each year, SoftwareReviews presents the Data Quadrant Awards to top-performing software products based solely on authentic user reviews, without any paid placements or analyst opinions.
In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized company that is focused on managing the wealth and the personal affairs of a family.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
In the fast-paced world of small and medium-sized businesses (SMBs) and startups, reliable accounting services are crucial. Recently, a new trend has emerged—accounting firms operated with the help of venture capital funding. On the surface, these services may appear attractive due to their low costs and initial benefits. However, SMB owners, entrepreneurs, and finance professionals need to tread carefully.
Skimming, where criminals use hidden digital readers to steal debit and credit card information, is a pervasive threat that can result in significant financial losses for businesses. The FBI estimates that ATM and point-of-sale (POS) skimming generates more than $1 billion for criminals annually. So if your business offers or operates these machines, you need to assess your risk and take steps to prevent skimming from happening on your premises.
Acumatica has launched its new Professional Services Edition , built to enable small and midsized professional services firms to increase efficiency and accelerate growth. This new solution marks an important expansion of the company’s industry-specific product line, delivering tailored features and capabilities designed to enhance collaboration and boost operational efficiency for firms in architecture, engineering, IT and beyond.
You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. In this article, we’ll cover everything you need to know about Nevada LLC taxes, from pass-through treatment to self-employment, sales, and payroll taxes.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.
Established, wealthy families have long leveraged the concept of a “family office” to preserve their wealth, ensure business succession, establish governance and control, and foster their family legacy. This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams.
…Mark Koziel, CPA, CGMA. Surprising, our bets were on Kimberly Ellison-Taylor. Announced by the AICPA yesterday , the current president and CEO of Allinial Global — described in the press release as “an association of independent accounting and advisory firms with $6 billion in collective revenue and 268 member firms worldwide” — will be taking over for Barry Melancon in January.
Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Of the more than 1,600 professionals who participated in the 2024 EY Tax and Finance Operations Survey, 87% say they believe integrating GenAI will drive increased efficiency and effectiveness within the tax function, up significantly from 15% in 2023.
Every year there are thousands of investigations launched by the IRS in their fraud prevention campaign. IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 billion in tax fraud and the conviction rate was 88.4%. While these statistics might make business owners like you sweat a bit, the IRS knows that not everyone is out to commit fraud and that mistakes can happen to anyone.
We’ve all heard the common reasons people stick with Excel: it’s easy to implement, easy to use, and, most appealingly, easy on the budget. However, these reasons only scratch the surface of why Excel remains the go-to tool for many organizations, despite more robust software alternatives. In fact, 32.8% of respondents in our 2024 FP&A Snapshot Survey said they still relied on Excel, even when using BI tools, FP&A software, or ERP systems.
There is a growing movement in the accounting industry towards new services and cloud-based tools, in large part due to the talent shortage crisis being felt across the US and Canada. The number of US accountants decreased by around 17% in the last couple of years, and this talent shortage crisis is causing pressure to evolve the role of the modern accountant.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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