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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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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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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.

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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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Beyond AI Hype: Why Data is Your Next Smart Move

CPA Practice

By Jeff Gramlich, CPA, CITP In today’s audit landscape, we’re witnessing the early stages of an AI revolution. But what happens when AI meets truly free-flowing, real-time, standardized financial data? Let’s look beyond the current buzz and explore what’s actually possible when we solve the data problem first. The missing piece: Data that flows While everyone’s talking about AI, there’s a crucial element that often gets overlooked: the quality and accessibility of the underlying data.

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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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Your path to accurate, real-time financial reporting

Accounting Seed

How to trust your numbers and know your business is providing a reliable picture of performance You stare at last month’s recurring revenue numbers and wonder if you can justify a major investment in new product development. But the rows and rows of data aren’t giving you what you need. For one, the report came in late, which leaves you little time for analysis.

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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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How to Choose the Right Outsourced Accounting Services

Basis 365

Whether you’re a startup or an established company, outsourced accounting can provide the financial expertise you need to grow your business. Many businesses of all sizes have been turning to outsourced accounting services as an essential part of their competitive strategy. However, making sure you have the right accounting service provider is essential.

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An Expert’s Guide to the Year-End Close Process

Withum

As the year winds down, it’s essential for businesses to take a proactive approach to their year-end accounting and financial reporting processes. A well-executed year-end close process ensures that accounting records present the most accurate picture for the end user, whether it be internal management, investors or your accounting firm. Closing the books in a timely and systematic way will allow a business to wrap up the previous year and set a strong foundation for the upcoming year.

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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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How can your small size firm use GenAI?

ThomsonReuters

Jump to ↓ How GenAI empowers small accounting firms Practical steps for integrating GenAI into small firm operations Are you ready to integrate GenAI into your small accounting firm? No matter the size of your accounting firm, GenAI offers a transformative opportunity for operational efficiencies and sustainable growth. From automating routine tasks to enhancing tax research, AI-powered tax technology can provide significant strategic advantages, particularly for small accounting firms.

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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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The Young CPA Success Show: Mastering Your Niche in the Accounting World

Anders CPA

John Scott, Virtual CFO and Partner at Anders CPAs + Advisors, joins Hannah and Joey to discuss strategies for young accounting professionals to establish themselves as subject matter experts within their firms. They emphasize the importance of demonstrating interest in a niche, seeking mentorship, and mastering effective communication. Key takeaways include building strong client relationships, asking questions, and learning from mistakes.

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Friday Footnotes: PwC Scandal Somehow Gets More Scandalous; Deloitte Denied in Court; Withum Embiggens in Florida | 11.8.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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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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Black Friday / Cyber Monday Deals for Bookkeepers and Accountants – 2024

Nancy McClelland, LLC

I’m still a little confused as to how it became a thing for accounting and bookkeeping services to advertise Black Friday or Cyber Monday specials… does that feel weird to anyone else? Just me? Hmm. Regardless, there are some really good ones out there. I’ve rounded up a few that I’m most excited about, and if you decide to spend your weekend shopping online for good deals to match your career goals for the next year, consider this a shortcut.

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Financial Forecasting: How 3-Way Forecasts Help Predict Future Business Performance

Withum

What you know about the future can help you make better decisions for your business today. Developing forecasting and projections is a crucial aspect of strategic planning that can improve business management and help create a healthier, sustainable business. A three-way forecast, also known as a three-statement model, is a financial model that combines vital financial statements – profit and loss, balance sheet, and cash flow – into a consolidated forecast.

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86% of CFOs feel decisions about financial strategy are made without sufficient data or insight

Accounting Insight

An overwhelming majority (86%) of CFOs and finance leaders feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new survey by AccountsIQ , an award-winning provider of cloud-native accounting software for mid-sized businesses. The survey of 260 CFOs across the UK and Ireland highlights the increasing pressures facing finance leaders, with many reporting a growing sense of stress and instability as they navigate economic vol

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Atlanta CPA Heading to Federal Prison For Tax Shelter Scheme

CPA Practice

By Lois Norder The Atlanta Journal-Constitution (TNS) An Atlanta-area accountant sold his clients on what he assured them was a lucrative, guaranteed investment. For every dollar they paid in, they would get tax deductions of about $4.50. It didn’t take much convincing for wealthy clients to sign on. Now that longtime accountant, Herbert Lewis, is heading to federal prison for his role in promoting and selling illegal tax shelters.

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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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The State of Corporate ESG report: Key findings for CFOs and sustainability officers

ThomsonReuters

← Blog home As the global business environment continues to evolve, the 2024 State of Corporate ESG report by Thomson Reuters Institute sheds light on the shifting dynamics of Environmental, Social, and Governance (ESG) initiatives. As stewards of financial integrity and sustainability, CFOs and sustainability officers are at the forefront of this transformation, tasked with integrating ESG into the core of daily business operations.

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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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How to Build a More Profitable Business

Basis 365

If you’re looking to generate more profit to fund operating expenses, pay your team more, offer better benefits, and fuel growth—while still keeping more profit for yourself—it’s time to focus on key financial and pricing drivers. Here are actionable strategies to help you improve your gross profit margins and achieve your goals. When people talk about profit, it can mean different things depending on the context.

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How to Choose the Best Nonprofit Accounting Software

Accounting Seed

Nonprofit organizations strive to create meaningful change in their communities. To achieve their goals effectively, they require organized data, streamlined workflows, and affordable tools. Accounting software is one of the most valuable tools a nonprofit can have, as it allows team members to shift their focus from tedious data management to what truly matters: serving people and making an impact.

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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.

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Streamline tax time: Xero now supports partnership tax in the UK

Xero

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. No more juggling multiple tools or battling complicated software. By managing partnership tax in Xero, you can remove some of the stress around tax time for your practice and your clients.

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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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Navigating ESG due diligence in vendor assessment

ThomsonReuters

Jump to ↓ ESG and supply chains What is ESG due diligence? Understanding ESG risks in the supply chain ESG due diligence checklist: What to look for when assessing a vendor How to communicate ESG expectations to vendors Staying ahead of ESG requirements The need for large corporations to conduct environmental, social, and governance (ESG) due diligence in their supply chains is rapidly becoming a mandatory piece of the corporate compliance puzzle.

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Holiday payroll survival guide

Reckon

Every year, the time comes to prepare for the holidays. For some industries, this is where a bulk of their revenue comes from — and for good reason. While there are undoubtedly sales to be made, if you don’t have the right plan and procedures in place, you could end up costing your business. Before the silly season, prepare and look at how your business operates before it’s too late.

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Live Demo - Supercharge your Month End Close

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