December, 2024

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AI in FP&A: The Future of Financial Decision-Making

Acterys

If the term “AI” catches your eye, it’s highly likely that ChatGPT comes to mind. And you would be absolutely correct in making that association. The launch of ChatGPT has taken the world by storm. Its success has kickstarted an AI race that has compelled almost every company to embed artificial intelligence and machine learning algorithms into their software architecture to mirror the same level of agility and productivity.

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Understanding Cash vs. Accrual Accounting

Withum

When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning. What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged.

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Power BI Write-Back: Key Benefits and Approaches

Acterys

For CFOs and financial analysts, having tools that go beyond traditional reporting is critical. While Microsoft Power BIs native data entry option is useful for simple tasks, it falls short with complex data models and planning requirements. Fortunately, Power BIs ability to write back data directly within reports is revolutionizing financial workflows.

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The Benefits of Outsourcing Bookkeeping for Small Business Growth

MyIRSRelief

The Benefits of Outsourcing Bookkeeping for Small Business Growth Outsourcing bookkeeping has become a game-changer for small businesses looking to streamline operations, cut costs, and focus more on growth. For many small business owners, managing the books can be time-consuming and complex, especially when juggling payroll, tax preparation, and other essential financial tasks.

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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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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The Accountant Trust Quotient: How Accountants Can Help Clients Build Trust in New Technology

CPA Practice

The 'trust equation,' outlined in The Trusted Advisor by David Maister, Charles Green, and Robert Galford, is a formula that quantifies trust in professional relationships: take a persons credibility, reliability, and intimacy and divides it by their self-interest.

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Streamlining your tax workflow: Understanding IRS digital asset reporting for accountants

ThomsonReuters

Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies. As part of this evolution, the IRS has introduced new digital asset reporting regulations.

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Alternative investments tax pros need to know

Accounting Today

These strategies are more than just smart tax moves; they're powerful tools for reshaping financial outcomes.

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Accounting in 2025: The year ahead in numbers

Accounting Today

Accounting Today's annual survey reveals firms' expectations, worries and plans for the next 12 months.

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How Inflation Will Affect Your 2024 and 2025 Tax Bills

RogerRossmeisl

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next years inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you?

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Year-End Hiring Strategies for 2024: Navigating the Senior Talent Gap in Accounting

CPA Practice

By Amy Gallagher, Managing Director, UHY. As we move into 2025, accounting firms face a significant challenge: a growing talent gap caused by many experienced CPAs and professionals retiring. The accounting profession’s yawning talent gap has long been a thorn in the industry’s side. However, with an estimated 75 percent of CPAs having hit retirement age by the year 2020, and the number of accounting graduates continuing to trend downwards , the talent challenges the accounting industry is facin

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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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A data security checklist for tax firms using GenAI

ThomsonReuters

Jump to 1. Use data encryption when working with clients 2. Implement access controls to use GenAI 3. Implement a quarterly security audit 4. What to consider when selecting the right technology 5. Provide security training as part of your firms annual curriculum 6. Minimize unnecessary data 7. Incorporate privacy considerations into the GenAI system 8.

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Data Confidence: The Key to Unlocking Strategic Growth in Finance

Accounting Insight

Why accurate, connected financial data drives business success The growing importance of data confidence in finance Accurate, real-time financial data has become essential to making sound decisions and driving strategic growth in the economic landscape of 2024. Yet, many finance leaders face significant challenges in achieving data confidence, due to outdated processes and fragmented systems.

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Case Study: A Fast and Transformative Transition from QuickBooks to Sage Intacct in the Cannabis Industry

Withum

How a Growing Cannabis Organization Streamlined Financial Reporting with Intacct Case Brief A rapidly growing company in the cannabis industry needed to scale its financial management capabilities beyond QuickBooks’s limitations. Partnering with Withum, this organization transitioned from QuickBooks to Sage Intacct, a cloud-based ERP system known for its robust multi-entity and intercompany functionalities and dimension-based accounting capabilities.

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Climate reporting legislation: What it means for small businesses and accountants

Xero

From January 2025, new climate reporting legislation will be introduced. It will require big businesses in Australia to track their carbon emissions and include the results in sustainability reports , which they’ll need to submit alongside their other annual reporting obligations. While this law directly targets businesses with more than 100 employees, the impact will inevitably trickle down to their suppliers, who may need to provide emissions data to them.

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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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From Flights to Meals: A Guide to Business Travel Tax Deductions

RogerRossmeisl

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and necessary expenses of business travel when away from their tax homes.

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Top Tips on Cash Flow Management for Startups

inDinero Tax Tips

It finally happened investors saw your vision, you raised a Series A, and now you have the green light to grow as quickly as possible. Now what? Or perhaps youre building an MVP and scrapping for revenue. Your idea has potential, but you have to diligently manage resources until you can raise seed funding. Regardless of where you are in your journey, cash flow management for your startup will be crucial.

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4 things tax and audit professionals to know about agentic AI

ThomsonReuters

Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. This type of AI advances from basic automation or content generation to developing systems capable of autonomously performing complex tasks and making decisions. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.

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Preparing month-end accounts is still taking too long

Accounting Insight

New data published today from award-winning accounting software provider, iplicit, has revealed that the time it takes to prepare month-end accounts is on the rise. Over half of UK finance decision-makers admit that it takes over a week to prepare and submit month-end accounts (55%). This has risen from 39% in 2023! Even more striking is that almost a third say it takes over two weeks (30%) and 1 in 10 confessed it can take over three weeks (13%).

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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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Case Study: Enhancing Financial Processes for Growth and Audit Readiness

Withum

The Client The client is a technology company that provides a streaming SQL database for real-time applications, live dashboards and streaming data pipelines. With a global presence and growing operations, the client faced various accounting challenges that required professional expertise to address. The Challenge The client faced several accounting challenges that needed to be addressed to ensure their financial records were accurate and compliant.

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UHY Receives Private Equity Funding From Summit Partners

CPA Practice

UHY is getting an injection of private equity funding from Boston-based investment firm Summit Partners, calling it a significant milestone in its growth and strategic development, the top 30 accounting firm said on Dec. 3. Financial terms of the deal weren’t disclosed. With this deal, more than 35% of the top 30 accounting firms in the U.S. by revenue have sold stakes in their firms—many a controlling stake and some a minority stake —to private equity investors.

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A Fresh Look at Fixed and Variable Costs

Basis 365

In the world of accounting and financial analysis, the traditional approach to expenses usually revolves around grouping them according to categories like cost of goods sold (COGS), operating expenses (OpEx), selling, general and administrative expenses (SG&A). While this structure is unquestionably valuable for standard financial reporting, it can often obscure a critical piece of information for those who are trying to project future performance or control their margins: whether each expen

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Budgeting for Startups: Investor-Ready Financial Planning

inDinero Tax Tips

Founders usually know how much runway they have, but may not be budgeting for their startup with an explicit system. While this can work for a time, investors want to see clear, data-backed strategies for how their money will be or is being used to deliver returns. This guide will walk you through the essential steps to develop a budget that supports growth and helps make a strong business case for prospective investors.

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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 role of technology and AI in advisory services

ThomsonReuters

Jump to The transformative potential of AI in advisory Breaking through traditional pricing models Empowering teams through technology Challenges and considerations when adopting tech and AI Embracing technology to unlock advisory services Today, many forward-thinking accounting firms are driving business growth through advisory services. This transition, however, requires a shift in both mindset and business model, as well as a stronger role for technology.

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Malaysia’s National E-invoicing Initiative: What SMEs need to know

Xero

With the Malaysian government’s push towards a digital economy, small and medium enterprises (SMEs) must adapt to new requirements. One key development is the National E-invoicing Initiative. This initiative aims to modernize how businesses manage invoices, helping to streamline operations, improve compliance, and enhance efficiency across industries.

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Top Remote Accountants of the Week | December 5, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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Dean Dorton Picks Up Shilts CPA in Florida

CPA Practice

Top 100 accounting firm Dean Dorton is expanding its specialized forensic accounting and valuation services for clients after bringing aboard Shilts CPA, a forensic accounting and valuation firm based in Jacksonville, FL, on Dec. 1. Financial terms of the deal weren’t disclosed. Josh Shilts, founder and CEO of Shilts CPA, is now a director in Dean Dorton’s Valuation and Forensic Services practice.

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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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Are Your Job Candidates Honest? A Look at Resumé Fraud

RogerRossmeisl

Job applicants must work hard to stand out in a crowded marketplace. For some, that means bending the truth or outright lying about their experience, skills and education. According to a survey performed by resum-writing service StandOut CV, a staggering 64.2% of Americans have lied on their resum at least once. Bad hires can generate direct and indirect costs, including lost productivity, customer dissatisfaction and wasted training time.

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What is Economic Nexus? Key Definitions and How it Affects Your Business

Anders CPA

Nexus is the connection between a business and a state that allows the state to impose tax on the business. Economic nexus has gained particular importance in the years following the South Dakota v. Wayfair decision , which created a precedent for states imposing sales tax on out-of-state businesses selling in their state. Additionally, online sales pose new challenges for businesses in determining where they have triggered nexus.

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ESG and shareholder value: Making the case for sustainable investment

ThomsonReuters

Blog home Companies on the fence about investing in Environmental, Social, and Governance (ESG) initiatives typically want to know three important things: Will the investment return value to shareholders in the long run? Where will the supposed cost savings and efficiencies gained from ESG investment come from? How will investing in ESG improve the companys profile and make it more competitive?

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Your ultimate payroll year-end 2024/25 checklist: steps and deadlines

Xero

Itd be one thing if payroll year-end meant a single last pay run. But this busy period involves meeting multiple deadlines and submission dates, all while following HMRC rules. Whether youre a seasoned payroll manager or doing it for the first time, payroll year-end can be tricky. Heres a step-by-step guide to the process. What is HMRC payroll year-end?

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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