Sat.Dec 17, 2022 - Fri.Dec 23, 2022

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12 ways you could make more money in your accounting practice

Mark Lee

Most of the accountants who approach me start by talking about their problems and what appears to be an immediate challenge. As the conversations progress I am typically able to help them consider the real issues that are causing the challenge that prompted their call. This is much the same as the way that a decent GP doesn’t just prescribe medication for your symptoms without first trying to find out what is causing them.

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What are Ghost Assets?

Simple Accounts

Do ghosts exist? Yes, no , or maybe, but ghost assets do exist. They are in your records, but you tend to ignore their presence a nd end up in trouble. . Any asset that is lost, stolen, or unusable but is still listed as active on your fixed asset register is referred to as a “ghost asset.” For example, a broken printer, unused computers, stolen goods, anything of this sort can be listed under the ghost asset category. .

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5 Common Challenges Faced with Payroll Outsourcing Services

Basis 365

Outsourcing payrolls can significantly reduce your workload and save time and money, allowing you to focus on your business growth and take care of other essential tasks. As a result, many companies now turn to payroll outsourcing. Outsourcing can make it easy to issue payrolls efficiently and keep a complete record. This will save you time and effort and eliminate the chance of making mistakes.

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Top 5 Accounting Problems & Solutions

IgniteSpot

What causes accounting problems? So many things can throw your books out of whack, having a ripple effect on your business operations, financial outlook, and even your team. Several red flags lead to confusion and inaccuracies. Your accounting software, fraudulent activities, internal controls, and misapplication of generally accepted accounting principles (GAAP) may be to blame.

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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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 Difference between Bookkeeping and Accounting

SMBAccountant

Bookkeeping and accounting are often used interchangeably when describing a process of recording financial transactions for a business, but they are not the same functions. Generally speaking, bookkeeping is a part of the accounting process that focuses on recording financials transactions and is heavily rooted in data entry and reconciliation of bank and credit card transactions and statements.

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5 New Year's Resolutions for Accountants in 2023 | Canopy

Canopy Accounting

It’s almost time to ring in a new year and what better time to start fresh and improve yourself and your career? 2023 is going to be your year and it’s up to you to make the most of the opportunity! With self-improvement in mind, here are 5 New Year’s resolutions accountants should have this year.

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You’ve Collected it … Now What? How to Pay Sales Tax for Small Business

Patriot Software

You know that little line at the bottom of your receipts and invoices that says Sales Tax? As a business owner, it’s not your responsibility to pay it out of pocket. But it is your responsibility to collect and remit sales tax. If you don’t know how to pay sales tax for small business to […] READ MORE.

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The Wall That 7-Figure Firms Face

Ryan Lazanis

Many have developed their company swiftly past mid-6 figures, and while it wasn’t simple, things change when they hit 7-figures. Worst, they get stuck. I will explain two ways I diagnose this wall to help business owners break through it. Listen Below. 1:38 – Today, I want to share 2 things that I do to diagnose this wall to help firm owners break through it. 1:44 – The very first thing I do is get an understanding of the firm’s packages and prices. 2:14 – I’ll also look at the firm’

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The future of Indirect Tax (IDT): How to take charge of changes

ThomsonReuters

In the past few years, indirect tax specialists have had to deal with the Covid pandemic, Brexit, an ever-changing landscape of rules and regulations, budget tussles, hiring difficulties, and numerous other challenges. The professional terrain is no less rocky heading into 2023. In a recent panel discussion with Indirect Tax (IDT) experts hosted by Thomson Reuters in London, the prospect of a looming recession and tightening budgets were certainly a top concern, but so were many familiar issue

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Trends in client documentation that make accounting easier and audits less painful

Accounting Today

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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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Sales and Use Tax for Leasing – Not as simple as you may think

TaxConnex

This was previously published in Monitor Daily – check out the article now! [link]. Today’s economy has allowed rental and leasing companies to flourish. Many jurisdictions impose a sales tax on the rental or lease of tangible personal property. And along with this tax imposition comes some sales tax applicability nuances depending on the type of lease, associated services and the type of property being leased.

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Readers’ Favorites: Our Top Blog Posts of 2022

BurklandAssociates

2022 was a challenging year of surprises for startups and investors. Our readers found these blog articles to be especially helpful. The post Readers’ Favorites: Our Top Blog Posts of 2022 appeared first on Burkland.

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Managing Remote and Hybrid Workers

VetCPA

Whether or not the number of people working from office buildings returns to pre-COVID levels, one thing appears certain: Remote and hybrid work models are here to stay. Business owners and other managers who rely on individuals who are working remotely full- or part-time are refining and elevating their management skills so that they get the best out of their employees.

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IRS delays $600 threshold for 1099-K reporting

Accounting Today

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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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Sales tax for Shopify users

TaxConnex

Shopify is one of the most popular e-commerce platforms. The e-commerce website builder claims that more than 1.7 million businesses have made over $200 billion in sales with the Ottawa, Ontario-based company’s websites. Free trials, tiered plans, 24/7 support, thousands of app integrations, unlimited storage and bandwidth… Truly does sound like what Forbes called an “all-in-one platform [with] everything you need to launch an online store.”.

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FIFA World Cup 2022 – Does Captain America Owe Uncle Sam?

Withum

Whether they grew up playing in the parks of Hershey, Pennsylvania, the frequent downpours of Oxfordshire, UK, the bitter cold of Detroit, Michigan, or the manicured training fields of Borussia Dortmund, most aspiring pro soccer players dream of playing in the World Cup. Such was the path of a young Christian Pulisic, or ‘Captain America’, as he is endearingly called by US Soccer fans.

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Wall Street Journal Addresses the Accountant Shortage, Suggests a Recession Could Fix It

Going Concern

I made my entrée into accounting way back in 2007, at the time my job involved a three-hour roundtrip journey across four Bay Area counties and back and I was looking for something a bit closer to home. Shortly after starting in CPA review, I started seeing more and more “For Sale” signs on the yards of the houses my bus would pass on the way to work and not that much longer after that, Lehman Brothers failed and, well, you know what happened after that.

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QBO Monday Minute: Payroll Preparation for Year-end

Intuitive Accountant

With that hectic time of year coming up, Liz Scott is offering some simple steps to ensure your year-end payroll prep goes smoothly.

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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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How to network as an accountant in 2023

Accounting Today

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An Outsourced Bookkeeper Could Be The Perfect Addition to Your Business

AccountingDepartment

Small businesses, especially start-ups, face all sorts of challenges, and one of the biggest is keeping track of financial information.

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Guess How Much the End-of-Year Staff Bonus Was at CliftonLarsonAllen For 2022?

Going Concern

If you said $2,022, you ’d be correct! A tipster from CliftonLarsonAllen told us on Monday, “$2,022 is how much the gift was to all employees. Very pleased with it. It was a complete surprise and appreciated by a lot of my colleagues. Especially with some other firms not giving out anything with a potential recession looming, it was well-received in my opinion.

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QuickBooks Desktop 2020 Release 16 (R16) Update

Intuitive Accountant

Just in time for 'Old Saint Nick' to arrive, Intuit has sent you an update to QuickBooks Desktop instead.

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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

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Art of Accounting: Seven ego builders to avoid

Accounting Today

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What Do All Those Employee Benefits Acronyms Stand For? (Part 3 of 3)

ThomsonReuters

QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Checkpoint Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Checkpoint Question of the Week from the week before included acronyms from the ERISA Complia

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Deloitte UK Got a 27.5% Discount on Audit Fines For Admitting They Screwed Up

Going Concern

That sound you hear? It’s KPMG leadership breathing a heavy sigh of relief for not being the name attached to audit failure headlines this week. Our lucky winner today is Deloitte. The Financial Reporting Council has fined Deloitte UK more than £900,000 (a cool $1,081,444 Federal Reserve notes) over its shoddy audit work for building materials supplier SIG.

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QuickBooks Desktop 2021 Release 12 (R12) Update

Intuitive Accountant

Happy, happy holidays. Intuit has given you a present in the form of another release update to QuickBooks Desktop just in time for 'old man winter' to arrive.

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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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PCAOB proposes new audit confirmation standard

Accounting Today

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Happy Holidays from AccountingDepartment.com!

AccountingDepartment

Co-founders Dennis and Bill recorded their annual holiday message to clients, sharing their views on the past year as well as what they're planning for the future! (and maybe a few bloopers to enjoy at the end).

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Chris Passmore named on Thriving in their 40s List by Los Angeles Business Journal

Withum

Withum is proud to share that the Los Angeles Business Journal has named Chris Passmore on their Thriving in their 40s list for 2022. Christopher Passmore , CPA, MBA, specializes in assurance and business consulting services to emerging and middle-market companies and leads Withum’s Encino office as the partner in charge. Chris services a wide variety of clients and specializes in working with technology companies , professional service firms , franchised businesses and employee benefit pl

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APPS Directory Spotlight — Gravity Software

Intuitive Accountant

Check out the cloud accounting software that's built for today's multi-entity companies.

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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.