Sat.May 25, 2024 - Fri.May 31, 2024

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Recruiting practices to combat the hiring crisis in accounting

Accounting Today

Firms are using different recruiting practices to attract younger talent, thinking outside the standard talent pool and prioritizing company culture and personal growth opportunities.

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Cloud Accounting Software vs. Traditional Accounting Software

GrowthForceBlog

8 min read May 29th, 2024 Accounting software is integral to every business's operations, management, and financial health. Business owners must select the right accounting software to support their operating strategy, facilitate performance evaluation, and provide invaluable insights that can be used to maximize efficiency and profits. Key Takeaways Cost and Pricing Structure: Desktop accounting software is generally purchased with the initial cost of the software license (in addition to the co

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Marketing Agency Accounting: Tips and Best Practices

Summit CPA

The financial side of running a marketing agency can quickly feel overwhelming. You likely started your agency because you love marketing and excel at it - not because you wanted to pour over financial statements and generate reports. But as an agency owner, you know that while handling agency financials isn’t the most fun part of your job, it's nevertheless a vital piece of your agency’s success.

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3 Reasons Why AI Will Not Replace Accountants (But Can Help, Instead)

CPA Practice

By Fady Hawatmeh. The prospect of AI replacing accountants has stirred up some anxiety within the industry. However, it’s important to think of AI as a helpful tool designed to enhance, not replace, the capabilities of humans. Rather than seeing AI as a threat to their careers, accountants should view it as a catalyst that can help them work faster, smarter, and with greater impact.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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

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Scaling in a High-Interest Rate Economy: Challenges and Opportunities

BurklandAssociates

While the challenges are significant, there are opportunities for startups with strong financial discipline and sufficient capital reserves. The post Scaling in a High-Interest Rate Economy: Challenges and Opportunities appeared first on Burkland.

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Weekend Discussion: So What’s Next For the AICPA?

Going Concern

As you may have read, Barry Melancon is abandoning the AICPA CEO post he’s held since 1995 at the end of this year. Side note about that, I expected the article we put up about it to be one of the most popular of the week but in fact it seems no one cares going off view count alone. So maybe you didn’t read that, actually. Totally 100% coincidentally and definitely not at all related to his planned departure, it was announced the day after his big announcement that the AICPA was soft

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Is your internal service fund (ISF) really operating like one?

LSLCPAs

Does your agency have an internal service fund (ISF)? If you have centralized management of services like fleet or information technology, you may have one or multiple! But do you know if your ISF is really operating like an ISF? Are you fully recovering the costs of your internal services and using this as a. The post Is your internal service fund (ISF) really operating like one?

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Art of Accounting: Invest time to save time

Accounting Today

Sometimes spending a little more time on something will save a lot more time later on or reduce the stress level for those involved with that project.

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Accountants on the front lines of CSRD preparedness

Accounting Today

Day to day, accountants are already involved in everything from improving energy efficiency to waste management, recycling and digital solutions.

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5 Common Business Situations That Can Expose You to Sales Tax Risk

TaxConnex

Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. So keeping up with the continual changes in states and local jurisdictions and maintaining a fully accurate compliance process for a complex business could make even the best of sales tax experts dizzy.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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What Does the Next Generation of Accounting Look Like?

CPA Practice

By Reyes Florez. Headlines highlighting rapid changes in the accounting industry are ubiquitous. The shifts are both obvious and subtle, and for those of us in the industry, it can seem daunting to predict what’s next as even the pace of acceleration is accelerating. Investing time to understand where things are headed is important to a firm’s and professionals’ ability to proactively evolve instead of merely reacting.

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How accounting firms are innovating in 2024

ThomsonReuters

Jump to: 2024 top priorities Key Insights from the 2024 State of Tax Professionals Report Preparing your firm for the future In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities. Having weathered the waves of post-pandemic anxiety, many tax & accounting firms are now shifting their attention back to business fundamentals.

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GASB guidance aims to improve government financial reporting

Accounting Today

The Governmental Accounting Standards Board released an updated standard to improve some of the main components of the financial reporting model for state and local governments.

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QuickBooks Bill Pay Plans - User and ProAdvisor Discounts

Insightful Accountant

Intuit is offering a variety of discounts for QuickBooks Users and ProAdvisors adopting their QuickBooks Bill Pay plans in lieu of Melio Bill Pay which is no longer integrated into QBO.

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Planning Your Restaurant's 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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IRS Proposal Lays Out Requirements for Clean Electricity Tax Credits

CPA Practice

Proposed guidance issued Wednesday by the Treasury Department and the IRS explains how eligible facilities can qualify for “technology-neutral” clean electricity tax credits under the Inflation Reduction Act. The 2022 tax-and-climate law sunsets the existing Production Tax Credit (Section 45 of the tax code) and Investment Tax Credit (Section 48) by limiting their availability to projects beginning construction before 2025.

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Canopy Shines During Tax Season: A Behind-the-Scenes Perspective

Canopy Accounting

As the dust settles on the most intense period of the year for financial professionals, we're taking a moment to celebrate the incredible achievements of our backend systems and the team behind them during the most recent tax season. The last 30 days of the tax season have seen our operations pushed to their limits, but Canopy has not just survived; it has thrived, showcasing the robustness and efficiency of our platform.

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Expanded 401(k) eligibility is taking businesses by surprise

Accounting Today

There's a new method of counting defined contribution retirement plan participants that can make a big difference for clients.

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North Carolina Extends PTET Election Due Date and Clarifies Franchise Tax Base Cap Computation

Cherry Bekaert

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. House Bill No. 259 (Session Law 2023-134) was enacted on October 3, 2023, expanding eligibility for North Carolina’s PTET election.

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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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Ex-IRS Officer Among Six People Going to Jail for COVID-19 Fraud Scheme

CPA Practice

By Jason Green, The Mercury News (TNS) OAKLAND, Calif. — An East Bay man who once served as an Internal Revenue Service officer has been sentenced to a federal prison term for his role in a plot to fraudulently obtain more than $3 million in pandemic relief aid, according to authorities. Frank Mosely, 58, of Oakland, along with his brother, Reginald Mosely, 60, of Sacramento, orchestrated the scheme , which saw them obtain Paycheck Protection Program loan funds by filing documents on behalf of s

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Here’s How Mid-Tier Accounting Firms Are Feeling About Private Equity and M&A

Going Concern

This is gonna be long and there’s no TLDR. Get over it. As mentioned in this week’s news brief, the Institute of Chartered Accountants in England and Wales (ICAEW) put together a snazzy little report on the state of mid-tier firms based on a survey of managing partners. Keeping in mind that these are specifically mid-tier firms across the pond but the Brits are basically us with funny accents, bland food, and an unnecessary vowel littered throughout their words ending in -or.

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Intuit's TurboTax lost 1M users this tax season

Accounting Today

Intuit has been working to cater TurboTax to those with more complicated tax situations, betting that those customers could use online help from experts.

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AccountingDepartment.com Attends VETS24

AccountingDepartment

Last week, AccountingDepartment.com Business Development Representative, Luke Backus, attended the Veteran Entrepreneur Training Symposium (VETS24) in Orlando, Florida.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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AARP: One in Five Americans Have No Retirement Savings

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) One in five adults ages 50-plus have no retirement savings, and more than half are worried they will not have enough money to support them in retirement, according to a new AARP survey. The study reflects concerns amid a shaky economy, high prices and an uncertain future. “Every adult in America deserves to retire with dignity and financial security.

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It’s a Miracle in May As Long-Awaited Core CPA Exam Scores Are Released Early

Going Concern

…granted it’s still been a months-long wait for some people but let’s stay positive here and celebrate The Powers That Be shaving a few days off of the first score release of 2024 for the core sections of the exam (AUD, FAR, and REG). On May 29, NASBA received and processed the following scores from the AICPA: pic.twitter.com/K2MYH6Lj0a — NASBA (@NASBA) May 29, 2024 Candidates were just as surprised as we were to see scores appear early, the target score release date for

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On the move: NJCPA hosts first Accelerating Scholars event

Accounting Today

Plus, Bennett Thrasher launches new division; MACPA graduates 20 from 2024 Leadership Academy; and more news from across the profession.

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Essential Facts about Shareholder Loans for Incorporated Small Business Owners

Ronika Khanna CPA,CA

There are three primary ways in which you, as an owner-manager , can withdraw funds from your corporation. You can: 1. Pay yourself a salary , 2. Declare or pay yourself a dividend or 3. Borrow money from the corporation. When you borrow money from your own corporation the Canada Revenue Agency (CRA) has put into place strict rules as to when you have to repay the loan to ensure that the owner-manager does not avoid paying taxes indefinitely.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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States With the Highest- and Lowest-Earning College Grads

CPA Practice

By Erin Bendig, Kiplinger Consumer News Service (TNS) We’re in the midst of graduation season—across the country, college grads are walking across the stage to accept their hard-earned diplomas. But after one big accomplishment comes another. Now’s the time to find a job and get serious about your finances. Not only does your degree factor into how much money you’ll make, but where you live also plays a part.

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Utilizing The Power Of Financial Modeling In The Construction Industry

Randal DeHart

In the ever-evolving world of construction, financial modeling is a game-changer. It drives intelligent decision-making, minimizes risks, and ensures the revenue health of projects. Crafting precise and insightful financial models is a valuable tool for construction companies. It offers a panoramic view of the asset landscape and enables proactive planning and strategic management.

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IRS plans to make Direct File free tax prep permanent

Accounting Today

The Internal Revenue Service intends to expand the number of states and tax situations in which the free system will be available.

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Friday Footnotes: The Biggest PE Deal to Date; AI Is Moving Fast, Says Deloitte; EY’s Secret (and Nasty) Drinking Club | 5.31.24

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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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.