November, 2024

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Why accounting firms are bleeding talent

Accounting Today

Stagnating wages and gaps in career path awareness have pushed young professionals away from accounting, leading to a dearth of candidates and leaving firms scrambling to find a solution.

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Accounting Software Vulnerabilities: A Wake-up Call for Construction Companies

Withum

A recent alert from Maryland-based cybersecurity firm Huntress highlights a concerning vulnerability for construction companies using on-premise accounting and project management software with default login credentials. According to their report last month, a brute-force attack targeted users of a major construction accounting software vendor, exposing sensitive data due to default usernames and passwords being left unchanged.

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Choosing the Perfect Outsourced Client Accounting Services for Your Business

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 you’re 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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Prioritizing the implementation of accounting advisory services

ThomsonReuters

← Back to blog For many accounting firm owners and leaders, the idea of transforming their practices from a traditional, transaction-based model into an advisory-centric firm is an appealing one. Advisory services can lead to stronger client relationships, a healthier bottom line, and a more balanced work-life dynamic. Yet, despite the advantages, making this shift can seem daunting.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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4 Key Challenges of Accounting for AI Startups

BurklandAssociates

Learn about the unique challenges of accounting for AI startups, from revenue recognition to validating expenses for R&D tax credit and VC investment. The post 4 Key Challenges of Accounting for AI Startups appeared first on Burkland.

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Changing the way people think about accounting

Accounting Today

For an industry that's often stereotyped as stagnant, the world of accounting is changing at unprecedented speed.

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How Outsourced Accounting Can Help Your Business Scale

Basis 365

Financial management is the backbone of any business’s success and ensuring that your financials are in order is essential to achieving growth. But how do you balance the demands of day-to-day accounting while focusing on scaling your business? This is where outsourced accounting services come into play. Outsourced accounting can streamline your financial processes, offer specialized expertise, and provide professional insight to help guide your growing business.

Account 52
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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

*Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down. Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in. 90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller se

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How predictive modeling can help accounting firms

ThomsonReuters

Highlights: Data analytics types : Useful data for predictive modeling includes historical financial data, operational data, customer data, market and economic data, and non-financial performance metrics. Predictive modeling types: Predictive models are categorized into non-parametric and parametric types, each with unique uses and techniques, including classification models for yes/no responses, outliers models for fraud detection, and clustering models for marketing strategies.

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Nominations Open for 2025 “Most Powerful Women in Accounting” Awards

CPA Practice

CPA Practice Advisor has opened the nomination period for one of its most prestigious awards. The Most Powerful Women in Accounting Awards , now in their 12th year, were created by CPA Practice Advisor to promote and support the success of women leaders as part of its broader mission of sustaining the profession. There are no costs associated with nominations or award recognition.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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FP&A Software: An Introduction to Essential Features and Benefits

Acterys

Excel is a powerful, flexible tool, but for growing companies, it’s no substitute for robust FFP&A software. The drawbacks of spreadsheets are numerous and can lead to tremendous financial losses for an organization. Take, for example, the Excel-related Value-at-Risk (VaR) model error that caused JP Morgan to lose $2 billion. The model couldn’t help the bank accurately predict potential losses, masking the true risk exposure of their synthetic credit portfolio.

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Drop shipment: simple yet complex for sales tax

TaxConnex

Sales tax comes with a lot of important terms. One is “drop shipment.” Drop shipments are common in ecommerce and often occur when a seller uses a distributor for order fulfillment to a buyer. In such a transaction, a distributor must charge sales tax to the seller. Sounds simple – and in many ways it is, except that a drop shipment can often involve not two but three locations (usually states) where sales tax must be considered.

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S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help

MyIRSRelief

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. They offer a unique blend of benefits, including pass-through taxation and limited liability protection. However, navigating the tax landscape for S Corps can be complex.

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Smart Strategies Fractional CFOs Use to Stretch a Startup’s Cash

BurklandAssociates

From cash flow hacks to cost-saving insights, learn how Fractional CFOs keep startups resilient. The post Smart Strategies Fractional CFOs Use to Stretch a Startup’s Cash appeared first on Burkland.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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New marginal tax rates for 2025

Accounting Today

The highest marginal tax rate for 2025 is 37% and the lowest is 10%.

Tax 138
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IRS Will Phase in $600 Form 1099-K Reporting Threshold in 2026

CPA Practice

Tax reporting requirements for online marketplace sellers and gig workers who receive payments via apps like PayPal and Venmo will change dramatically in 2026 when the new $600 Form 1099-K reporting threshold kicks in. The IRS announced on Nov. 26 that payment apps and e-commerce marketplaces like Amazon, eBay, and Etsy—referred to by the agency as “third-party settlement organizations” (TPSOs)—will be required to report transactions when the amount of total payments for those transactions is mo

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Pay Equity Analysis: Compliance Obligation or Business Opportunity?

Acterys

Pay equity represents a strategic opportunity to drive tangible business benefits — if approached with the right framework and tools. But, although many business leaders report seeing the value in pay equity, many still haven’t elevated it to a priority level. For 71% of business leaders , implementing pay equity initiatives is a reactionary compliance exercise rather than a strategic initiative.

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The pre-Black Friday outlook on ecommerce

TaxConnex

Black Friday for retail, the kickoff day for holiday shopping, started almost half-century ago with long lines outside brick-and-mortar stores and the dawn unlocking of doors (and the occasional injury of a shopper in the stampede). Then came Cyber Monday after Thanksgiving, as ecommerce – initially with such tactics as flash sales, mostly possible only online – began claiming a bigger slice of the retail sales.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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How GenAI is transforming ESG reporting and compliance

ThomsonReuters

Highlights: Growing importance and data demands of ESG : The increasing significance of ESG compliance is overwhelming teams with expanding data demands and regulatory scrutiny. GenAI’s role in ESG management : GenAI is revolutionizing ESG management by automating tasks, accelerating data collection, and providing advanced data analysis. Use cases and benefits of GenAI in ESG : Real-world examples show GenAI’s essential role in meeting ESG obligations, ensuring long-term resilience

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Fraud Prevention Resources for Startups

BurklandAssociates

Protect your startup from costly fraud with expert insights, tools, and resources designed to strengthen your defenses. The post Fraud Prevention Resources for Startups appeared first on Burkland.

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Layoff Watch ’24: KPMG Shrinks Audit By a Few Hundred People

Going Concern

You’ve likely heard of people in audit getting disappeared from KPMG in recent days, we certainly have. Anyone who tried to cope with a “they must have been low performers” might want to season their hat before they eat it. WSJ reports today that KPMG is laying off a few hundred people in audit “as it works to make up for lower levels of voluntary turnover.” Meaning attrition is still too low.

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Stacking CPA and CMA Credentials Is an Investment for a Career-Long Payoff

CPA Practice

By Monte Swain, PhD, CMA, CPA, CGMA. If you’re planning a career in the world of accounting or finance, two distinctions have the branding impact and bench strength you need. Invest your time and effort into stacking the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) letters behind your name. First and Lasting Impressions The first impression a potential employer will have of you comes in a flash – the top line of your LinkedIn profile or your resume or perhaps a qui

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Don’t Settle for Less: What True Enterprise xP&A in Power BI Demands

Acterys

As xP&A and write-back solutions in Power BI gain traction, more vendors are entering the field, each claiming to offer “enterprise” solutions. Some even tout their products as the “Ferrari” of the industry, though the comparison often feels more like a toy car stacked up against the real thing. True enterprise-grade xP&A solutions require specific core functionalities to meet rigorous demands, especially when supporting over 100 concurrent users.

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Notable 401(k) and IRA plan changes for 2025

Accounting Today

The IRS introduced changes to certain contribution limits to 401(k) and retirement plans for 2025, while some limits will remain the same.

Tax 128
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Essential Bookkeeping Tips to Maximize Tax Deductions for Small Businesses

MyIRSRelief

Essential Bookkeeping Tips to Maximize Tax Deductions for Small Businesses Running a small business comes with a myriad of responsibilities, and one of the most crucial is managing your finances effectively. Proper bookkeeping is not just about keeping your business afloat; its also about maximizing your tax deductions to ensure youre not paying more than necessary.

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Patents as Strategic Leverage for Startups: Insights from Jeff Schox

BurklandAssociates

Patents aren’t just paperwork—they’re power moves. Learn how to leverage them for your startup’s success. The post Patents as Strategic Leverage for Startups: Insights from Jeff Schox appeared first on Burkland.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.

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Sales tax and due diligence in an M&A

TaxConnex

Those involved in mergers and acquisitions often get understandably excited about the deal, especially execs who stand to see their business power (and paychecks) expanded. These execs might also go into the deals knowing all about the familiar M&A landmines such as employees’ reactions or overpaying the target company. Other potential deal-killers, though, might get less scrutiny in due diligence – including problems with a target company’s past sales tax compliance.

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Decisions 2024: The Opportunities for Accounting Firms Have Never Been Greater

CPA Practice

A Top Technology Initiative Article by Randy Johnston. Many of you are anticipating the year ahead. The outlook couldn’t be brighter with new opportunities, technologies, challenges, and clients looking to take advantage of your service offerings. In this column, I will illustrate portal and AI support with some new platforms that are examples of improved automation and AI.

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Pay Equity Analysis Templates and Tools to Jumpstart Your Project

Acterys

Pay equity analysis refers to the systematic evaluation of compensation across an organization to ensure that employees receive fair pay for work of equal value. It’s not just about ensuring equal pay for identical roles — it also involves assessing the value of different jobs that require similar levels of skill, effort, and responsibility, ensuring comparable worth is accounted for.

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Taxpayer Advocate criticizes IRS move to shorten third-party notice requirements

Accounting Today

National Taxpayer Advocate Erin Collins is objecting to proposed regulations that would enable the IRS to shorten its notice requirements from 45 days to as little as 10 days.

Tax 130
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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!