Sat.Apr 29, 2023 - Fri.May 05, 2023

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5 Habits of Top CFOs

GrowthForceBlog

8 min read Chief financial officers are sometimes thought of as behind-the-scenes, numbers people who can close themselves in an office with a stack of financial data and emerge with their jobs successfully completed. This picture, however, is dreadfully outdated, and the role of a modern CFO has been transformed. While CFOs are still financial experts, they must also be strategic visionaries who are directly involved in all aspects of business operations.

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Accounting – A Necessary Evil?

Dent Moses

Our firm works with hundreds of businesses of all shapes and sizes. Though there are many different business structures and industries, there are many commonalities. Our business clients are usually focused on sales, cash flow, and growth. Accounting needs are often considered a necessary evil rather than a priority. Oftentimes, one of the owners or a family member is tasked with handling the dreaded accounting responsibilities.

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How to Respond to Vendor Inquiries with AP Automation & Payment

MineralTree

How to Respond to Vendor Inquiries with AP Automation & Payment Services Not having enough time is the bane of every AP team. Too many are still burdened by the labor- and time-intensive tasks of manual invoice and payment processing, and are paying a heavy price for it. This creates a never-ending cycle of inputting and coding data, tracking down people for approvals and authorizations, and preparing checks – not to mention stuffing, sealing, and mailing payments.

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Say Goodbye to Ineffective Marketing Tactics: Why Your Firm Needs ABM

CPA Practice

As firm leaders expand their firm’s footprint, account-based marketing (ABM) should be part of their plan. It can help you identify and cater to a specific market through the sales and marketing team’s efforts. What is account-based marketing? Gitnux summarizes (ABM) like this, “Account-based marketing (ABM) is an increasingly popular form of B2B marketing that focuses on targeting individual accounts instead of large groups or an entire market.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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The Key Roles of the CFO in the Sales Cycle

IgniteSpot

4 Essential CFO Functions Do you really need your CFO to be involved in the sales cycle? Yes, because their job is rapidly becoming about more than reporting. Some even dip their toes into HR! CFO services make your organization more valuable to shareholders, increase your ROI, and improve internal and external relationships.

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Mastering Business Accounting: 4 Key Decisions for Success

Basis 365

Starting and running a business can be both exciting and challenging. As a business owner, you will face numerous decisions that can impact your venture's financial health and success. One key area that requires careful consideration is accounting. Proper accounting is crucial for managing your business finances effectively and making informed decisions.

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It’s time to focus on time-to-value.

Airbase

If you’re like most finance professionals right now, you’re keeping a close eye on spending. But at the same time, you’re aware of research that shows companies that invest in technology to improve efficiency and productivity are more likely to survive economic downturns. You’re also busy adjusting budgets and forecasts in response to ever-changing market conditions.

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Tooling up on sustainability

Accounting Insight

As accountants and finance professionals, we need to play a critical role in the creation of sustainability strategies for the businesses we work in and currently the timing for ensuring we are up to speed with the latest thinking in sustainability is crucial. We need to be in a position to respond coherently to the upcoming IFRS Sustainability Disclosure standards, the first of which will be released at the end of June: IFRS S1 General Sustainability-related Disclosures and IFRS S2 Climate-rela

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10 Common Mistakes of Business Owners & CEOs

GrowthForceBlog

10 min read When running a business, the goal is to make money by providing valuable services or products to your customers. Before your business can thrive and make money, though, a business owner has to figure out how to help their business survive, and mere survival might be a bigger challenge than you realize. More than 20% of new businesses fail within the first year, and 90% of all businesses eventually fail.

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Using Financial Statements to Value a Business

RogerRossmeisl

The starting point for a business valuation is generally the subject company’s financial statements. Here’s an overview of how historical financial statements can serve as the basis for a valuation professional’s conclusion under the cost, income and market approaches. Cost (or asset-based) approach Because the balance sheet identifies a company’s assets and liabilities, it can be a reliable source of financial information, especially for companies that rely heavily on tangible assets (such as m

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How Automation is Driving Efficiency Through the Last Mile of Reporting

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

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Charging sales tax based on an IP address

TaxConnex

When your customers shop with you online, they provide a physical billing or shipping address. Whether they know it or not, they also give you another bit of location information: an Internet Protocol (IP) address. Many tech companies consider themselves service providers, exempt from sales and use tax. But in light of the 2018 Wayfair decision and an expanded definition of nexus, more of these businesses are now subject to sales and use tax collection on these services, including but not limite

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Should I Move My SaaS Startup’s Fiscal Year-End from December?

BurklandAssociates

For mid- to late-stage SaaS startups with IPO plans, there can be material benefits to closing outside of December. The post Should I Move My SaaS Startup’s Fiscal Year-End from December? appeared first on Burkland.

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Why More Small Businesses Owners Are Offering 401(k) Plans to Employees

CPA Practice

By Brit Morse, Inc. (TNS) If your small business doesn’t offer a retirement account to your employees, now may be a good time to change that. More small businesses across the country are taking advantage of new tax credits to offer 401(k) programs , according to a report from the Wall Street Journal. The new tax credits are widely available now thanks to the Setting Every Community Up for Retirement Enhancement (Secure) Act , which went into effect on Dec. 29, 2022.

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Got Fraud? Call a Forensic Accountant

RogerRossmeisl

Fraud perpetrated by employees, management, vendors or customers can happen to any business. And if it does, it can take years to recover from the financial losses and reputational damage. In some cases — especially those involving small companies that lack the cash reserves to cushion the blow — a fraud incident can shut down a business. If your business suspects fraud, engaging a forensic accountant to investigate, zero in on a perpetrator and gather evidence that can be used in court, is gene

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Alaska moves toward statewide sales tax

TaxConnex

Alaska Gov. Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969. Alaska is furthest along of the five in instituting a statewide sale tax.

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The Reshoring Revolution: How Private Equity Firms Are Rebuilding American Manufacturing

Withum

There has been a notable increase in companies moving their manufacturing operations back to the United States, a phenomenon known as reshoring. Private equity firms have played a crucial role in this trend, investing in businesses shifting their manufacturing base. Reshoring Process in Private Equity The reshoring process in private equity encompasses three primary phases: Assessment Planning and Strategy Development Implementation and Integration Firms initially assess the viability and advant

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Gender Earnings Gap Shrinking at Record Rate, Pew Says

CPA Practice

By Brittany Leitner, Kiplinger Consumer News Service (TNS) Although men remain in the lead as breadwinners in heterosexual marriages in the United States, the earnings gap is decreasing at a record pace. According to new research from Pew, the “share of women who earn as much as or significantly more than their husband has roughly tripled over the past 50 years.

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Taking Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space

RogerRossmeisl

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also a certified historic structure.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Your Guide to Writing Guest Pieces

Insightful Accountant

In today's business landscape, being a thought leader is everything. Otter PR's Amanda Reseburg spins you through some of the fine points of honing your content writing craft.

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Top 6 Reasons for ERP Implementation Failure 

Withum

Implementing an ERP system requires a cross-functional team of individuals with diverse skill sets, including business process experts, project managers, IT professionals, and end-users. Each team member brings unique perspectives, experiences, and expertise to the table, which helps avoid ERP implementation failure and ensures the deployment is successful.

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This Accounting Job Will Become Scarcer in the Next Five Years, WEF Predicts

CPA Practice

By Michael Grothaus, Fast Company (TNS) The World Economic Forum (WEF) has released its annual Future of Jobs Report for 2023 and it makes for some interesting reading, not only for employers but for younger people who have yet to decide upon a career path. One of the most interesting parts of the report looks at the jobs market outlook for the next five years (2023-2027).

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4 Ways Corporate Business Owners Can Help Ensure Their Compensation is “Reasonable”

RogerRossmeisl

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Synder Helping Sharpen Online, Digital Payment Expertise

Insightful Accountant

The Synder SYNC partner program will help provide resources and education opportunities geared toward taking advantage of new revenue opportunities in the fast-growing landscape.

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Can a Telehealth-Only Plan Continue After the End of the COVID-19 Emergency?

ThomsonReuters

QUESTION: During the COVID-19 pandemic, we established a telehealth-only plan to provide benefits to individuals who were not eligible for coverage under our regular group health plan. Can we continue to offer this benefit? ANSWER: During the COVID-19 pandemic, telehealth-only benefits have been exempt from certain requirements that otherwise apply to group health plans.

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Why Investors Should Consider Using a 721 Exchange to Defer Capital Gains Taxes

CPA Practice

By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling a real estate investment property, there are a variety of strategies to leverage depending on circumstances. Usually, a 1031 exchange comes to mind; however, an often-underutilized tool that helps investors achieve a similar result is a 721 exchange, or umbrella partnership real estate investment trust (UPREIT).

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There’s a Favorable “Stepped-Up Basis” If You Inherit Property

RogerRossmeisl

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property that’s equal to its date-of-death value.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Talent-Strapped Down Under Deloitte and EY Are Importing Staff

Going Concern

We all know outsourcing is big these days — accounting firms might be sending a third of their work overseas and some seniors are overseeing an entire team of offshore associates — but what about insourcing ? Oh wait, that means something different. We’re talking about talent-strapped Big 4 firms bringing the offshore talent to them.

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A Closer Look: Canopy Payments

Canopy Accounting

In this webinar, we get a closer look into the newly improved Canopy Payments. Learn how our integrated payment processing tool can improve client experiences, simplify and speed up the process to collect payments, and more.

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Several CPA Firms Made Fortune’s ‘Best Companies to Work For’ List for 2023

CPA Practice

Fortune recently released its 26th annual ranking of the 100 best companies to work for , and the business magazine’s list for 2023 includes seven of the top 15 biggest accounting firms in the U.S. The data, collected by the website Great Place to Work, is based on survey responses from more than 1.3 million workers across the country. Employees are asked to provide feedback about their company’s culture by responding to 60 statements on a five-point scale and answering two open-ended questions.

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Selling a Private Business? A Valuation Pro Can Provide Peace of Mind

RogerRossmeisl

Mergers and acquisitions can be stressful for entrepreneurs who have invested blood, sweat and tears in their businesses — or second-generation owners who are selling their parents’ legacies. Setting the asking price and understanding the deal terms, including complex tax matters, can be overwhelming. Fortunately, a business valuation professional has the financial knowledge and real-world experience to help maximize the selling price and minimize the guesswork.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.