Sat.Apr 15, 2023 - Fri.Apr 21, 2023

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You Are Not Charging Enough

Going Concern

Psst. Hey, you. Yeah, you. We are speaking on behalf of the universe with a message for you: You are not charging enough. Honestly, we could just end the article here but there are minimum word counts to hit so in a moment we’re going to give you a few reasons why you need to raise your fees, though you don’t need them. Crazy concept, right? You can just raise your fees.

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3 Lessons From FTX’s Bad Bookkeeping

CPA Practice

By Ben Sherry, Inc. (TNS) If you don’t think that maintaining your financial records and transactions is a vital part of your life as an entrepreneur, just look at FTX. In a recently released report by the once-lauded cryptocurrency exchange’s debtors, newly installed FTX CEO John J. Ray III laid out how a lack of financial and accounting controls helped to doom the company.

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The Ultimate Guide to Going Paperless in Your Accounting Firm | Canopy

Canopy Accounting

Whether it’s to save money, increase productivity, or help the environment, many business owners are taking a serious look at going paperless. Going paperless is not that difficult to do and in the long run, it’s certainly better for your accounting firm’s bottom line. If you are interested in transforming your firm into a paperless office, there’s no better time to start.

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GPT-4 Answers Tax Questions, Gets Them Mostly Right

Going Concern

These days there is a lot of yapping about what AI can and can’t do; it CAN answer bar exam questions so well it’s nearly in the 90th percentile of test-takers , it CAN’T search in real time to find up-to-date answers beyond what it’s been trained on so it won’t be getting stuck in a late-night Wikipedia hole any time soon.

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The Buyer’s Guide to HR & Payroll Technology

Choosing an HCM partner is one of the most important decisions you’ll make because time is one of your company’s most strategic assets. How do you want to spend your time?

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5 Things You Can Do Today to Make Payroll Year End Easier

Accounting Insight

Payroll Year End is nearly upon us. This year, the deadline for submitting your Full Payment Submission (FPS) and/or Employer Payment Submission (EPS) is April 19 th , so now it’s time to get your information completed. After grappling with the cost of doing business challenges, small and medium businesses everywhere will likely find the payroll process is more complex than normal.

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4 questions to drive your audit firm’s evolution

ThomsonReuters

The accounting and audit profession is undergoing significant changes as a result of the rapid advancement of technology. While some have expressed concerns that automation may replace human auditors, the reality is that technology is here to enhance the profession rather than replace it. Automation tools can help streamline processes , reduce inefficiencies, and free up human auditors to focus on higher-value tasks.

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A Curated Toolkit for Growth

Summit CPA

How a Business Operating System Benefits Digital Agencies When you’re trying to grow your business, or even solve a management issue, there are a few serious ways you can go about it. If you’re a DIY kind of leader, you can read a book (and there are some great ones out there). Or if you’re looking for outside expertise, you can hire a consultant (and there are some great ones out there).

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It’s Payback Time: How to Handle an Employee Expense Reimbursement in Payroll

Patriot Software

Does this sound familiar? You ask an employee to run a few errands for the office. They end up with a $10.79 coffee shop bill, $56.99 at the office supply store, and $25.28 at a local pizza joint. Sure, you plan to repay them. But how much do you know about employee expense reimbursement?

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Opportunity Cost Defined

AccountingDepartment

Opportunity cost is a concept in business that refers to the value of the best alternative forgone in order to pursue a certain action or decision. It is a crucial element to consider when evaluating the benefits and drawbacks of various options, particularly in business.

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Why Inventory Counts Matter

SMBAccountant

The past few years have forced many small businesses to face issues with the supply chain that they had previously never considered. Even the most prudent risk manager couldn’t have anticipated the far-reaching impact that the pandemic had on nearly every aspect of life. These new challenges have changed purchasing habits for many small businesses and as things start to return to normal, practices, such as inventory may need to be reevaluated.

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Become a Pro at Evaluating Month-End Close Solutions

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

Ready to automate the month-end close process but don't know where to start? We got you covered. Join us in this informative webinar where we will walk you through the main consideration areas when it comes to evaluating and selecting a month-end close solution. We will cover everything from sponsor champion identification, vendor evaluation, pitfalls during contracting, IT requirements, termination considerations, and more.

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Revenue-Based Financing for Startups

BurklandAssociates

Revenue-based financing can provide the working capital your startup needs between equity rounds without exchanging an ownership stake or giving up control. The post Revenue-Based Financing for Startups appeared first on Burkland.

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Why are there so many due dates for sales tax?

TaxConnex

If you refer to “filing taxes” most people think of income tax with its annual filing requirement. State sales tax is another beast altogether, with a dizzying number of deadlines – and, potentially, serious consequences for missing one. Intensifying problem? Our  third annual survey  of financial professionals across various industries showed that many face sales tax challenges related to these filing deadlines.

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Airbase ushers in a new era of modern spend management with Guided Procurement.

Airbase

The rapidly evolving spend management market is once again experiencing a breakout moment. As the category leader and pioneer, Airbase is the first and only spend management platform to now offer Guided Procurement — intake functionality for all purchasing. This innovation expands the capabilities of spend management to include the beginning of the purchasing lifecycle, as employees first enter a request to spend company money.

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2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. Unfortunately, there’s also a “critical talent shortage,” says Tom Hood, CPA, a vice president with the AICPA. ( [link] ). During the pandemic and since, however, accounting professionals and firms have implemented many new technologies that are helping them provide more and better clien

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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Payroll errors and how to avoid them

ThomsonReuters

For business owners, payroll is complex and often their greatest expense. For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms. Today’s global workforce, remote and hybrid work environments, and the ever-changing regulatory landscape have added additional layers of complexity to payroll.

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What’s new in sales tax?

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates so far this year. Thumbs up, thumbs down. New sales taxes are progressing in some states but not all. Alaska, one of the few states still without a statewide sale tax, is considering one as it tries to close a projected revenue shortfall of $450 million heading into the next fiscal year.

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Canopy Launches ChatGPT AI in Accounting Practice Management Software | Canopy

Canopy Accounting

If you've spent any time near a screen lately, you’ve heard of ChatGPT — a language model trained by OpenAI. Every day, a new thread appears of someone who has figured out the next thing ChatGPT can do. With the evolution of AI and OpenAI-based architecture, almost every industry must decide how to incorporate AI into their work models, including ours.

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Just 10 Electric Vehicles Qualify for Full $7,500 U.S. Tax Credit

CPA Practice

By Ari Natter and Keith Laing, Bloomberg News (TNS) Only 10 electric and plug-in hybrid vehicles will qualify for $7,500 federal tax credits in the U.S. after stricter battery-sourcing rules take effect and render most plug-in models ineligible. General Motors Co., Tesla Inc. and Ford Motor Co. all have at least one EV that will qualify, while Ford and Stellantis NV each have one eligible plug-in hybrid model.

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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How this plasterer laid the foundations for a booming construction business

Xero

Since he was young, Johnno Green has had a penchant for construction. So one day when a guest speaker at his high school came looking for apprentice plasterers, he knew he’d found his break. Johnno cut his teeth working on residential builds before the Global Financial Crisis hit the housing market (and his employers), forcing a pivot into the commercial sector.

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IA Rewind: QuickBooks Desktop 2023 Product Summary

Insightful Accountant

September 6, 2022 was the day Intuit's QuickBooks Accountant Leader Ted Callahan announced as the release of the QuickBooks Desktop 2023 line-up to ProAdvisors and Accountants. Murph provided a summary of what's new.

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Is Our Health FSA Subject to COBRA?

ThomsonReuters

QUESTION: Next year, we plan to amend our company’s cafeteria plan to add a health FSA under which participants elect a coverage amount for the year and pay for it with pre-tax salary reductions. There will be no employer contributions, so participants’ health FSA salary reductions will equal the elected annual coverage amount. The health FSA will be offered to all employees who are eligible for coverage under our major medical, dental, and vision plans.

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Your Firm and Your AI (Artificial Intelligence)

CPA Practice

It must feel good to have another tax season in the record books. While you worked heads-down, the Artificial Intelligence (AI) world advanced rapidly. Generative AI tools expanded notably, and various competitors released their offerings. My colleague Brian Tankersley and I have recorded five podcasts on the topics of AI with ChatGPT4, Microsoft AI, DALL-E & AI Competitors, AI Truthiness & Hallucinations, and Large Language Model (LLM) considerations.

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3 Leadership Behaviors that Drive Loyalty & Engagement

Why are HR leaders so important to business success? Because leaders across the organization, from the C-suite to frontline managers, disproportionately affect employee engagement. It goes back to the old saying: “A boss has the title, but a leader has the people.” Learn more and discover the 3 steps to driving loyalty and engagement: The true power of intentional coaching The secret to optimizing performance The best ways to reward employees & retain top talent Don't miss out, download now!

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How apps can make it simple to take climate action in your business

Xero

More and more businesses are focusing on sustainability, and for good reason. Not only do many small business owners personally feel it’s important to play a role in protecting the environment, doing so is proven to have a positive impact on their bottom line. We understand that taking the first steps toward sustainability in your business can feel overwhelming.

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PwC Once Again Tops the Vault Accounting 25, EY Almost Didn’t Make the List

Going Concern

Vault has announced its much-loved Accounting 25 list today and it should come as no surprise that PwC has once again topped the list, making it 11 years in a row at the top for P. Dubs. Congrats to them for holding down the throne. While prestige is the most important factor in the Vault Accounting 25 ranking formula, the 11,000 accounting professionals surveyed also value the following factors: firm culture, type of work, location, work/life balance, compensation, business outlook, and trainin

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Canopy Adds ChatGPT into the Mix

Insightful Accountant

The new function will be released in a beta mode with select customers on April 26 with the expectation of rolling it out to Canopy’s full customer base in May.

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New Talent Deployment Strategies for 2023

CPA Practice

As a leader in your firm, you likely have ambitious goals to impact your clients’ bottom lines and grow your firm. But to reach those objectives, you need a team, and that’s becoming increasingly difficult to find if you’re hiring accountants. According to Caseware’s 2023 State of Accounting Firms Trend Report , more than 90% of accountants and 95% of auditors find hiring skilled talent challenging.

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Quick Start Guide to a Crystal Clear Close

Did you know automating your month-end close can save up to 40% of the time typically spent on manual reconciliations? CFOs and controllers are leveraging SkyStem's workflow management and reconciliation tool to eliminate costly mistakes, ditch manual reconciliations and close faster. Want to know how they do it? Download our Quick Start Guide to a Crystal Clear Close!

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Agency FAQs (Part 59) Address ACA Preventive Health Services Mandate After Braidwood

ThomsonReuters

FAQs About Affordable Care Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 59 (Apr. 13, 2023) Available at [link] The DOL, HHS, and IRS have jointly issued FAQs (Part 59) addressing the impact of the recent court decision in Braidwood Management Inc. v. Becerra on the requirement to cover certain preventive health services without cost-sharing.

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How Online Accounting Services Could Solve Entry-Level Talent Shortage

IgniteSpot

The Difficulties in Finding New Talent Few kids say, “I want to be an accountant when I grow up!” It’s usually something that sounds exciting instead. Doctor. Lawyer. Superman. And so-called “old dogs” eventually have to hang up their hats too. But all of this forms a picture of why it’s hard to find accounting talent.

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Fixing QuickBooks Desktop Product License Errors

Insightful Accountant

When you can't install or register your product because your license or product numbers don't match your subscription or activation code.

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Why Finding Your Mini-Me Won’t Lead to Succession Success

CPA Practice

Rethinking Succession: The Unconventional Choice It’s human nature to surround ourselves with people who are similar to us, after all who could be better than you but another you? When tasked with choosing a successor for your current role, whether as a partner at a firm, running your own practice, CFO, or any other position, the idea of finding a Mini-Me might feel comforting.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.