Acterys

FEBRUARY 22, 2023

To deal with economic and market turbulence, businesses must create well-rounded financial plans and monitor business performance against targets regularly. Luckily, the board of directors and C-level executives can rely on the expertise of FP&A professionals. FP&A teams play a key role in ensuring the financial stability of a business. They monitor past data, understand the present financial position, and prepare for the future accordingly.

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financial statements accounting and finance Sales Finance 130

Accounting Insight

FEBRUARY 20, 2023

If you’ve followed financial news over the past several months, chances are you’ve seen at least one headline about the ongoing accountant shortage. Maybe you’ve even experienced the pains of struggling to hire candidates at your firm. Several factors contribute to the shortage, like mid-career CPAs changing professions, or early retirements spurred by the pandemic.

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cpa firm CPA accounting careers Technology 52

Snyder

FEBRUARY 22, 2023

Moving away from a paper-based office has been welcomed by accountants worldwide. Working online has allowed accountants to take on more clients, save hours of time every day, automate many of the repetitive tasks, and enjoy unprecedented freedom that comes with having a digital office. However, there’s a price to pay – it all comes down to accounting cybersecurity, or, in broader terms, making sure that your clients’ data is well-protected from cyber-threats, such as personal data theft, ident

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RogerRossmeisl

FEBRUARY 20, 2023

Two techniques fall under the income approach umbrella when valuing a private business interest: the discounted cash flow (DCF) method and the capitalization of earnings method. How do these two commonly used methods compare — and which one is appropriate for a specific investment? Fundamentals of discounting The DCF method estimates the present value of future expected net cash flows using a discount rate.

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CPA cpa firm 239

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BurklandAssociates

FEBRUARY 21, 2023

A client asked me recently what they should do about an underperforming employee. This employee was entry-level, had been with the company for less than 90 days, and wasn’t performing Read More The post Why Hiring Slow and Firing Fast Still Works appeared first on Burkland.

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inDinero Tax Tips

FEBRUARY 22, 2023

For an executive or business owner, keeping up to date with accounting regulations is low on the to-do list. However, you should make an exception for “Accounting Standards Codification Topic 606: Revenue from Contracts with Customer” often referred to as ‘ASC 606’ or ‘FASB ASC 606’ What Is ASC 606? Developed by the International Accounting Standards Board (IASB), ASC 606 establishes new rules for recognizing revenue in contracts with customers.

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Accounting for Good

FEBRUARY 22, 2023

The post When not-for-profit accounting meets NFP law first appeared on ACCOUNTING FOR GOOD.

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Account accountant accounted 52

RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).

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Tax CPA business tax 220

Going Concern

FEBRUARY 22, 2023

Listen to Oh My Fraud , a podcast by Caleb Newquist and Greg Kyte, and get free CPE through Earmark. The post Exposure Drafts: It’s Busy Season, But Don’t Be Too Busy For Money appeared first on Going Concern.

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Airbase

FEBRUARY 23, 2023

“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” — Lao Tzu Predictions about the state of the economy are notoriously difficult. In fact, one study by the International Monetary Fund concluded that economists are uniformly unsuccessful at predicting recessions. In the words of Prakash Loungani, one of the study’s authors, “the failure of economists to forecast recessions is virtually unblemished.

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Speaker: James Kahler, COO of Full Course

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TaxConnex

FEBRUARY 23, 2023

All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Imperial Rome’s Julius Caesar is considered to have implemented a proper sales tax, a 1% flat rate across his entire Empire.

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RogerRossmeisl

FEBRUARY 20, 2023

According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.

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BurklandAssociates

FEBRUARY 21, 2023

New pay transparency compliance laws make this responsibility all the more daunting, with real fines as a repercussion. The post Teaming Finance and People Ops to Manage Pay Transparency appeared first on Burkland.

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Airbase

FEBRUARY 23, 2023

Procure-to-pay (P2P) software originated from the need to oversee the process of acquiring supplies for manufacturing and other industries, and to manage inventory in the retail sector. Procurement has faced numerous challenges in recent years: transportation issues, inflation, labor shortfalls along the supply chain. But organizations can overcome those difficulties and position themselves to grow and thrive — with the help of the right technology.

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Approval Workflows Technology general ledger AP Processes 130

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

Technology

TaxConnex

FEBRUARY 21, 2023

We are excited to share in that we closed out 2022 breaking our annual new business revenue goal! We saw a 40% increase in new sales as compared to the prior year and are set for a great 2023. “Many businesses continue to try and manage sales tax in-house, but this past year showed that the economic un-certainty along with a lot of turnover and layoffs has left compliance in the hands of those that don’t have the bandwidth or expertise,” explained Brian Greer, CRO of TaxConnex.

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RogerRossmeisl

FEBRUARY 20, 2023

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years.

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Tax tax return CPA 232

BurklandAssociates

FEBRUARY 21, 2023

“Could your team benefit from some soft skills training?” Read why your answer should always be yes! The post The Importance of “Soft Skills” for Organizations appeared first on Burkland.

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CPA Practice

FEBRUARY 21, 2023

Nearly 30 of the most influential consultants, practitioners and accounting technology visionaries convened in New York City Feb. 20-22, 2023, for CPA Practice Advisor ‘s 13th annual Accounting Thought Leader Symposium. CPA Practice Advisor editor-in-chief Gail Perry, CPA, leads discussion with attendees at the 2023 Accounting Thought Leader Symposium.

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Technology

Withum

FEBRUARY 21, 2023

The salary cap in the NFL is up to $208 million per team for 2022 and continues to rise each year by about $20 million. This salary cap sets a maximum budget that each team can pay their entire player roster. Even with this rise, the wage gap between the minimum salary and the highest individual salary for NFL players has continued to widen. The current minimum salary for a first-year player is $705,000 meanwhile, the highest average salary is over $50 million (Aaron Rodgers, Quarterback, Green

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RogerRossmeisl

FEBRUARY 20, 2023

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications.

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Tax CPA business tax 230

BurklandAssociates

FEBRUARY 21, 2023

If you are a new manager, or if you plan on promoting an individual contributor to a management role, here are some core areas to offer training. The post The ROI of Investing in New People Leaders appeared first on Burkland.

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CPA Practice

FEBRUARY 24, 2023

By Erin Bendig, Kiplinger Consumer News Service (TNS) Maybe you had a child change their mind and not go to college or you saved more than necessary, and now you’re wondering what to do with the cash locked away in your 529 plan. Thanks to the SECURE 2.0 Act, you’ll soon be able to roll over funds from your 529 plan into a Roth IRA, as long as certain conditions are met.

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Insightful Accountant

FEBRUARY 22, 2023

A recent Deloitte Center for Controllership poll shows that 48.8% of C-suite and other executives are preparing for cyber events targeting their organizations’ accounting and financial data.

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RogerRossmeisl

FEBRUARY 20, 2023

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents.

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BurklandAssociates

FEBRUARY 21, 2023

Despite a growing number of large company job cuts, the layoff rate as a whole in the US is at about 1%. There is also about 1.8 jobs for every Read More The post Maximizing Benefits with PEOs: A Solution for Small Employers’ Labor Challenges appeared first on Burkland.

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CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff. That’s the finding of two newly released reports by leading software provider Caseware International , which surveyed more than 6,000 accountants and auditors globally.

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audit auditor Account accountant 132

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Finance

Basis 365

FEBRUARY 22, 2023

Do you want to hire or replace an existing bookkeeper ? Either way, you must follow specific steps before and during the hiring process. You can also save money by hiring an outsourced bookkeeper. Here are some things you should check to ensure you are okay with purchasing in the future. Most importantly, we buy products and services that meet our needs and quality standards and are within our budget.

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bookkeeping bookkeeping services Education basic accounting 105

RogerRossmeisl

FEBRUARY 20, 2023

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.

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income tax CPA Tax 226

BurklandAssociates

FEBRUARY 21, 2023

Look out for these seven things to ensure your accounting tech stack serves your needs now and as you scale. The post Set Up an Accounting Tech Stack for Your Startup to Succeed – Things to Consider appeared first on Burkland.

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CPA Practice

FEBRUARY 24, 2023

Technology has made significant contributions to the practice of accounting and is on the verge of another evolution with the advent of artificial intelligence tools coming into the mainstream. In the past four months there has been a frenzy around Open Ai’s ChatGPT, which is a natural language application where you can type in questions and get comprehensive answers in a format that is almost impossible to distinguish from that which you would expect from another educated human.

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"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.

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