GrowthForceBlog
APRIL 13, 2023
6 min read With increasing recession fears, ongoing supply chain disruptions, soaring inflation rates, the hiring challenges of the Great Resignation, and the epidemic of quiet quitting, business leaders across industries are experiencing challenging times.
Mark Lee
APRIL 11, 2023
About 25 years ago a long-standing client told me that she had a new boyfriend who was a Russian. Could I give him some tax advice related to his business interests? He was willing pay thousands of pounds for tax advice. As a firm we didn’t have any Russian clients and I think the request took place just a few days after we had completed our in-house training on the anti-money laundering rules.
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xendoo
APRIL 13, 2023
Running a business is, without a doubt, a challenging task that requires a lot of commitment, effort, and attention to detail. Did you know 82% of small businesses fail due to cash flow management? Besides managing all aspects of the business, taking care of your books is crucial to achieving financial success while being tax ready all year round. At Xendoo, we know you didn’t start a business to do the accounting and taxes; but we did.
Menzies
APRIL 13, 2023
Menzies LLP - A leading chartered accountancy firm. More and more we are seeing businesses choose to – or be required to – include non-financial measures when they report to stakeholders or market themselves to the outside world. But why should businesses go to the trouble of considering such issues and presenting the information, and are there any benefits in doing so beyond compliance?
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Airbase
APRIL 12, 2023
Are you still getting value from the expense management or bill payment software you purchased a few years ago? Do your users actually use the software? Do they find it intuitive, pleasant to use, and efficient? Is your original business case holding up in this new era of high interest rates and a competitive labor market? If your answer is no to any or all of these questions, I have some very good news for you.
TaxConnex
APRIL 13, 2023
Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done. With varying levels of comfort and success: Though showing more confidence than that in previous years’ surveys, more than half (58%) of respondents remain unsatisfied or only somewhat satisfied wit
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Menzies
APRIL 13, 2023
Menzies LLP - A leading chartered accountancy firm. Look around you. One in seven people at least are neurodiverse. Do you work in a profession? Increase that number. There is not enough space in this article to cover each of these conditions and how they might affect you but, rest assured, if you feel that you are a bit different to other people or, more likely, you believe other people are very different to you, then you might be neurodiverse.
Menzies
APRIL 12, 2023
Menzies LLP - A leading chartered accountancy firm. Hospitality and leisure businesses deliver experiences and the quality of those experiences will depend on the talent, skills and enthusiasm of their people. Ideally those employees will represent the cultural diversity of the location, business environment and clientele they are serving. But many business, not just in H&L, are grappling with the issue of diversity and inclusion in their workforce, especially now the challenge of finding an
Summit CPA
APRIL 12, 2023
The Virtual CPA Success Show: Episode 78 Are you a leader within your business or do you manage a leadership team? In today’s marketplace of in-person, remote, and hybrid business, the ability to be agile within a leadership position is more important than ever. But what does it mean to be an agile leader? In this episode, Chuck Mollor, author of The Rise of the Agile Leader: Can You Make the Shift?
RogerRossmeisl
APRIL 10, 2023
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless. Stock sales produce capital losses Stocks are capital assets and produce capital gains or losses when they’re sold.
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.
MyIRSRelief
APRIL 14, 2023
Tax disputes can be a headache for individuals and businesses alike. If you are facing a tax dispute in Los Angeles, you need a skilled tax representative in your corner who can help you navigate the complex world of tax law and achieve a favorable outcome. One such representative is Mike Habib, EA, who has over 20 years of experience helping clients resolve their tax disputes with the IRS and state tax agencies and various state tax agencies such as FTB, EDD and CDTFA.
BurklandAssociates
APRIL 14, 2023
Select the best banking partners for your needs and make a smooth transition with these two checklists. The post Choosing the Best Banking Partners for Your Startup appeared first on Burkland.
Acterys
APRIL 11, 2023
Persistent inflation and slowing economic growth have led to a code-red situation for businesses globally. Market dynamics are in a constant state of flux; from a sudden shortage of raw materials to the risk of violating regulatory standards, just to name a few. As a CFO, you need to rely on complex financial models and contingency scenarios to make decisions that better mitigate risk and ensure optimal business performance.
RogerRossmeisl
APRIL 10, 2023
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages. 1. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed.
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
TaxConnex
APRIL 11, 2023
If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. Yet, when asked if they’ve seen audits increased, they’ve continually said the amount of audits they’ve seen has remained the same (66%).
CPA Practice
APRIL 12, 2023
By Blake Oliver, CPA, and Chris Vanover, CPA. CPAs have always been passionate about numbers, using various metrics such as revenue, profit, headcount and realization to measure success. However, this focus on numerical indicators is contributing to the decline of the CPA profession itself. A talent shortage is affecting accounting firms across the demographic spectrum.
Xero
APRIL 13, 2023
Our team hit the ground running in 2023, introducing a number of exciting features to new reports that we know you’ve been waiting for — including the addition of foreign currency to new reports. Here are some of the highlights and a sneak peek into what’s coming next. Don’t forget, the older versions of our reports will be retired on 31 July 2023. We urge you to start using new reports now , so you have plenty of time to get used to them before the older versions are retired.
RogerRossmeisl
APRIL 10, 2023
Fair market value is the appropriate standard of value in most business valuation assignments. But when valuing an asset for financial reporting purposes, fair value is generally used. Here’s an overview of what fair value is and how it differs from fair market value. Eyes on GAAP The terms “fair value” and “fair market value” are sometimes used interchangeably.
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Withum
APRIL 11, 2023
Having discussed fraud schemes , trends , and fraudster characteristics identified in the ACFE’s Occupational Fraud 2022: Report to the Nations , let’s shift our focus to the industries with the highest fraud risk and how all organizations can safeguard themselves from fraud or investigate actual or suspected incidents of fraud. It is essential for organizations to prioritize fraud awareness and internal controls to minimize the risk of fraud.
CPA Practice
APRIL 11, 2023
Suppose your small business will be short-staffed this summer. You may decide to hire someone from the outside who may or may not work out. Alternatively, however, you might look instead at the person already familiar with your operation sitting right across from you at the kitchen table. In other words, you can hire your spouse. Frequently, the spouse of a small business owner pitches in when needed, but without any pay.
Going Concern
APRIL 11, 2023
Called it ! Financial Times reported moments ago : EY has called off the plan to break up its audit and consulting businesses after months of internal disagreement. The decision is set to be communicated to partners in a note on Tuesday, said people with knowledge of the matter. More to come shortly. The post The EY Split Is Officially DEAD appeared first on Going Concern.
Xero
APRIL 10, 2023
Over the next couple of weeks, we’ll be rolling out some changes to the search function in Xero. The functionality will stay the same, but you’ll notice it looks a little different. Like many of the changes we’ve rolled out across our platform lately, this is part of our commitment to ‘ Building on Beautiful ’ — which is about continuously making changes in Xero so we can stay ahead of the latest technologies, standards and ways of working in your business or practice.
Advertiser: Paycor
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Withum
APRIL 11, 2023
Business email compromise (BEC) is one of the most financially damaging cyber crimes currently facing businesses. Organizations often experience losses in the hundreds of thousands, if not millions, of dollars before this exploit is discovered. According to the FBI Internet Crimes Complaint Center, there were almost 22,000 complaints of BEC, resulting in over $2.7 billion in losses in 2022, which was over 25% of total financial losses due to cyberattacks. 1 Google and Facebook collectively lost
CPA Practice
APRIL 12, 2023
Suppose you’re in the midst of divorce proceedings and trying to divvy up assets in a reasonable manner. Some are easily divided, but others can cause more complications. For instance, how does one spouse gain access to the vested benefits in the other spouse’s 401(k) plan? In this case, a qualified domestic relations order, QDRO for short, may do the trick.
Going Concern
APRIL 12, 2023
We knew this was coming. Bloomberg has reported that Silicon Valley Bank auditors KPMG have been sued — along with underwriters Goldman Sachs, Bank of America, and Morgan Stanley — after SVB’s spectacular collapse on March 10. KPMG audited the bank for nearly 30 years. Similar to previous suits, a complaint filed Friday in the federal court in San Francisco names Silicon Valley Bank Chief Executive Officer Greg Becker and other bank directors and officers as defendants.
Ryan Lazanis
APRIL 12, 2023
Ready to set your accounting firm apart from the rest? In today’s episode, learn how you can stand out from other accounting firms and charge more while providing added value to your clients. Listen below. 0:34 – In this episode, I discussed how labeling and monthly packages devalue accounting services and create competition among firms. 1:15 – Many accounting firms use a 3-tiered approach with Gold, Silver, and Bronze plans, but the issue lies in labeling services as a list of
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ThomsonReuters
APRIL 13, 2023
Priv. Ltr. Rul. 202311001 (Mar. 17, 2023) Available at [link] In a heavily redacted private letter ruling, the IRS has concluded that the cost of a product that was “neither medicine nor a drug but rather food” was not a medical care expense under Code § 213(d). The product had been recommended by an infant’s doctor but was available without a prescription.
CPA Practice
APRIL 13, 2023
Deloitte has launched a new practice designed to help clients harness the power of Generative AI and Foundation Models to exponentially enhance productivity and accelerate the pace of business innovation. The new practice combines the world-class services, AI talent and deep industry experience that enterprise leaders need as they design their Generative AI strategies and leverage the disruptive new technology to create innovative AI-fueled applications.
Nancy McClelland, LLC
APRIL 11, 2023
It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. What does this mean? The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. What does filing an “extension” do? • An extension is a form filed with the IRS to request additional time to file your federal tax return.
Basis 365
APRIL 11, 2023
As businesses continue to evolve in the dynamic landscape of 2023, growth remains a top priority for entrepreneurs and business owners. With new technologies, changing consumer behaviors, and increased competition, business growth requires strategic planning and effective execution. Here are five tips for growing companies in 2023. 1. Embrace Digital Transformation In 2023, digital transformation will continue to be a key driver of business growth.
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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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