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We’ve all heard the common reasons people stick with Excel: it’s easy to implement, easy to use, and, most appealingly, easy on the budget. However, these reasons only scratch the surface of why Excel remains the go-to tool for many organizations, despite more robust software alternatives. In fact, 32.8% of respondents in our 2024 FP&A Snapshot Survey said they still relied on Excel, even when using BI tools, FP&A software, or ERP systems.
Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.
About half of global employers report they are effectively delivering on each of the six individual core objectives of pay programs, despite pay being the most commonly cited reason employees join and stay with an employer. This is according to the 2024 Pay Effectiveness and Design Survey by WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company.
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
TLDR: Boomer numbers at accounting firms appear to be dwindling, more than half of staff at firms are under 40, Gen X gets ignored as usual as if they don’t exist. INSIDE Public Accounting released a batch of facts and figures they’ve collected from their industry-leading survey of the country’s accounting firms — about 600 participated in 2024 — and this bit stood out to us as of particular interest to our audience given that a majority of our readers are under age
The accounting industry thrives on precision, compliance, and efficiency. However, when implementing new systems, processes, or technologies, firms often face challenges like inconsistency, prolonged onboarding times, and resistance to change. One secret to overcoming these hurdles? Accounting templates.
In the fast-paced world of small and medium-sized businesses (SMBs) and startups, reliable accounting services are crucial. Recently, a new trend has emerged—accounting firms operated with the help of venture capital funding. On the surface, these services may appear attractive due to their low costs and initial benefits. However, SMB owners, entrepreneurs, and finance professionals need to tread carefully.
Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.
← Blog home Jump to ↓ How to communicate with clients effectively What should an advisory consulting proposal include? Writing an advisory services proposal with a template An easier way to write advisory proposals The shift toward providing more higher-value advisory services continues to gain momentum as accounting firms increasingly look for ways to better serve clients, sharpen their competitive edge, and drive greater profitability.
As ESG considerations become more integral to business strategy, companies face significant challenges in collecting, managing, and reporting ESG data. That’s why ESG reporting tools are becoming an increasingly important piece of the enterprise tech stack. Fragmented data sources, evolving regulatory requirements, and rising stakeholder expectations are just a few of the obstacles that can make ESG reporting a complex endeavor — and one that many executives don’t feel prepared for.
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
Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience. Since 2019, Grant Thornton has teamed up with Workday , a leader in enterprise cloud applications for finance and human resources.
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. In this article, we’ll cover everything you need to know about Nevada LLC taxes, from pass-through treatment to self-employment, sales, and payroll taxes.
The New Jersey Society of Certified Public Accountants (NJCPA) hosts their annual Ovation Awards to honor industry players with outstanding achievements in their fields. This year, Withum team members Kevin McElgunn , Vince Reilly and Frank Boutillette were honored in two of the six Ovation Award Categories. Innovation Kevin McElgunn, Partner, was selected as an Innovation honoree for being at the forefront of a digital transformation and positioning himself as a leader within the industry by se
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.
The AICPA Foundation has launched the Barry C. Melancon Professional Accounting Research Fellowship to support the next generation of accounting and finance professionals with the skills, knowledge and training to advance the accounting and finance profession. The Fellowship has been established as a legacy of Barry Melancon’s 30-year leadership tenure at the AICPA & CIMA as well as his dedication, advocacy and future-focused commitment to the profession.
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss.
7 min read October 23rd, 2024 The most successful business leaders use financial insights to make data-driven decisions that improve operations and maximize productivity to strengthen the company's financial health and strategy. Key Takeaways Learn How to Customize Sage Intacct Dashboards for Financial Insights: To take advantage of the time-saving benefits of a customized dashboard in Sage Intacct, users must know how to manipulate Intacct's features to create their own, role-based dashboard.
The three profits included in accounting textbooks: gross profit, operating profit and net profit are a good start for accountancy students. Limiting them to just three types of profit is intended to avoid overburdening young accountants at the beginning of their studies. If they told them up front that more than 15 different types of profit exist, our poor accounting students would all abandon their studies and probably open trendy wine bars instead.
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.
By Garrett Wagner, CPA. So, let’s get something out of the way: I’m “old” now. At over 40, I’m no longer the young buck, fresh out of college, wide-eyed and optimistic about the accounting world. I mean, I’ve reached that age where I squint at Gen Z’s TikToks and think, “This is what’s cool now?” But before I delve too deep into self-pity, let’s focus on something we can all agree on: we’ve all heard this same refrain since the dawn of time—“This new generation doesn’t get it.
Hi. Monday again. Oh joy. Without any further filler text, let’s get this over with. Yesterday Financial Times published a story about PwC UK’s top consolation prize : Senior PwC staff in the UK who will never be partners are to be offered a new “managing director” title as the Big Four firm seeks to keep top employees whom it is unwilling to admit to its £1mn-a-year partnership.
Jump to ↓ The strategic role of tax technology Budget disparities and satisfaction levels The rise of Generative AI (GenAI) Key findings at a glance The future trends of tax technology Strategic takeaways and future directions The tax and accounting landscape is undergoing a seismic shift, driven by rapid technological advancements. The inaugural Tax Firm Technology Report by the Thomson Reuters Institute sheds light on the current state of technology adoption, challenges, and future expectation
Chaser , the leading accounts receivable platform, is proud to mark its 10-year anniversary. What began in 2014 as a tool to automate overdue invoice reminders has evolved into a globally recognized platform, and has empowered over 7,000 businesses to manage credit control efficiently. In the past decade, Chaser has helped businesses recover £30 billion in late payments and saved more than 6 million hours of manual work by continuously advancing the field of credit management with AI and automa
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
The Public Company Accounting Oversight Board (PCAOB) posted three new resources on Oct. 23 related to the implementation of QC 1000, A Firm’s System of Quality Control , a new standard the board approved this past May. Before the new standard was adopted by the board, the quality control rules on the books were developed and issued by the AICPA before the PCAOB was established in 2002.
The Rule of 40 helps you balance rapid growth with long-term profitability as you scale your SaaS startup. The post Achieve Sustainable SaaS Growth with the Rule of 40 appeared first on Burkland.
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.
On August 23, 2024, Johnson & Johnson Health Care Systems Inc. (JJHCS) announced to the Disproportionate Share Hospital (DSH) Covered Entities that it was updating its discount policy on Stelara and Xarelto to a rebate model. The 340B program allows DSH entities to purchase eligible drugs at discounted rates up-front and prescribe themto individuals with income levels below the federal poverty line.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
In May of 2024, the Department of Justice (DOJ) issued proposed language that would reschedule marijuana from a Schedule I controlled substance to a Schedule III controlled substance, subject to section 280E of the Internal Revenue Code. The American Institute of CPAs submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) requesting guidance for cannabis businesses in advance of the impending transition away from engaging in a trade or business that subjects
The role of IT is to support and maintain the systems that businesses use to calculate and manage indirect taxes (DT), ensuring that these systems are updated to reflect changing tax laws and regulations. With frequent changes in indirect tax laws, IT teams face the added challenge of continuously updating systems to ensure compliance. They have to quickly respond to requests for tax data while also maintaining security, protecting sensitive financial information, and ensuring that all IDT syste
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.
Managing a real estate portfolio involves a plethora of expenses, some of which are uncontrollable. These costs—such as property taxes, insurance premiums, utilities and debt—are essential for conducting business but are beyond the direct control of property owners or managers. While these costs cannot be directly controlled, there are strategic ways to manage their financial impact.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
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