Insightful Accountant
NOVEMBER 6, 2023
For most people, this time of year is synonymous with joy, festivities, and of course, holiday shopping. However, for business owners and individuals alike, it can also be a season of financial stress and anxiety.
RogerRossmeisl
NOVEMBER 8, 2023
Occupational fraud risk isn’t necessarily shared evenly by all business sectors. Certain industries — for example, construction, real estate, manufacturing and transportation — are usually more vulnerable to employee theft, according to the Association of Certified Fraud Examiners (ACFE). Other industries may not have greater fraud exposure but face specific threats.
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Accounting Today
NOVEMBER 9, 2023
The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.
Acterys
NOVEMBER 8, 2023
Financial planning and analysis (FP&A) teams are critical for a business’ strategic foresight and its ability to navigate evolving market conditions. These teams are essential in parsing business performance data and crafting informed strategies. However, outdated systems and manual workflows can hinder their effectiveness, leading to issues with data access, accuracy and responsiveness.
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Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.
Accounting Today
NOVEMBER 6, 2023
Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.
Going Concern
NOVEMBER 6, 2023
Another day, another list, another instance of us typing “another day, another list.” The list-making powerhouse that is Vault released their 2024 100 Best Internships ranking and while it isn’t a surprise to see it packed with accounting firms, it is surprising that one of them topped said list. With a score of 9.597, PKF O’Connor Davies Internship Program outranks all 99 other players as the best of the best for interns and jumped from the 70th spot in 2023 to first pla
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
NOVEMBER 8, 2023
By clicking on malicious links and then entering your login information, you risk letting cybercriminals pretend to be you and send out $250,000 worth of fake invoices.
GrowthForceBlog
NOVEMBER 6, 2023
5 min read Cautionary tales of robot takeovers and the dangers of artificial intelligence (AI) fill the world of science fiction. While all new technologies should be regarded and adopted with caution and prudence, artificial intelligence stands to revolutionize the financial management industry (along with several other industries and aspects of our lives).
Acterys
NOVEMBER 7, 2023
The end of the year is often thought of as a time for celebration. But for finance teams, it’s also one of the busiest times of the year, and inefficient planning processes can lead to high levels of stress. Reviewing a business’s performance and financial situation, setting goals and developing a strategic plan requires a comprehensive view of business data.
RogerRossmeisl
NOVEMBER 6, 2023
The holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.
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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.
TaxConnex
NOVEMBER 9, 2023
Exactly how long will it take you to set up a process to evaluate and comply with your sales tax obligations? Depends on your business and where you are in your sales tax journey. It could take as little as a month or so or up to six months (or more). Here’s the first part of a general overview of your prospective timeline for creating a sales tax process for your company – and we stress that the only certainty beforehand is that you should start sooner rather than later.
BurklandAssociates
NOVEMBER 8, 2023
The final installment of a three-part series focused on helping growing startups budget and plan for success in the new year. The post Annual Financial Planning for Startups: Part-Three, Executing on Your Plan appeared first on Burkland.
Airbase
NOVEMBER 8, 2023
Vendor management is an integral part of financial management, enabling companies to control costs, mitigate risks, streamline operations, and maintain a healthy supply chain. Finance teams play a crucial role in vendor management, providing expertise in contract negotiation, payment processing, performance evaluation, and relationship building. By effectively managing vendors, finance teams can significantly contribute to the overall financial success of their organizations.
RogerRossmeisl
NOVEMBER 6, 2023
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts If you’ve had wild swings in the value of investments held in a tax-favored 401(k), traditional IRA, Roth IRA or self-employed SEP account, there’s no
Advertiser: Paycor
These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.
TaxConnex
NOVEMBER 7, 2023
Hard to believe if you’ve ever dealt with sales tax jurisdictions, but they will actually give you a break on paying your sales tax in the form of vendor compensations and discounts. These discounts can also add up for large businesses that pay a great deal in sales tax every month to states where they have nexus , sometimes even more than paying for the services these companies use for sales tax compliance.
Acterys
NOVEMBER 7, 2023
Rising cost-control expectations and regulatory compliance pressures have led to an increasing shift toward turnkey analytics and planning solutions. Companies face increasing demands to accelerate decision-making and contingency planning to effectively manage risk as data volumes grow. According to the 2022 BPM Partners Pulse survey, key priorities include dashboards, timely reporting features and data visualization solutions to business problems.
Airbase
NOVEMBER 7, 2023
In this guide, we delve into the core of P2P, exploring its benefits for organizations, the software solutions that streamline the process, and best practices to overcome challenges. From simplified procurement processes to better control over spending and timely payment processing, each step offers insights into a system designed for efficiency and transparency.
RogerRossmeisl
NOVEMBER 6, 2023
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale.
Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence
In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.
CPA Practice
NOVEMBER 9, 2023
By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.
Accounting Today
NOVEMBER 6, 2023
Lots of businesses have claimed the Employee Retention Credit who don't actually qualify for it — and in many cases it's going to be up to their accountants to set them right, says Randy Crabtree.
Going Concern
NOVEMBER 9, 2023
A day after PwC Australia cut four percent of its workforce , EY Oceania made some cuts of its own. 232 people to be exact. That works out to more than two percent of its 10,700-person workforce. Reports AFR : The firm, which was the only big four giant to avoid cutting staff during the COVID-19 pandemic downturn, is also dealing with issues on two other fronts: the fallout of a scathing report into its culture , which found staff felt overworked, bullied and harassed and its own tax scandal inv
RogerRossmeisl
NOVEMBER 6, 2023
Small businesses generally operate on principles of trust, particularly if several family members are involved. You might trust any employee to lock up the office at the end of the day or provide any colleague with administrative privileges to your website. After all, you know these people. But as businesses grow and hire new employees, it makes less sense to trust everyone implicitly.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.
CPA Practice
NOVEMBER 9, 2023
A new Intuit QuickBooks survey shows that 42% of U.S. consumers, an estimated 109 million people, expect to spend more this holiday season compared to last year, with nearly half of consumers expected to do 50% or more of their shopping at small businesses. These findings and more are highlighted in the QuickBooks Holiday Shopping Report , commissioned by Intuit Inc. , the maker of TurboTax , Credit Karma , QuickBooks and Mailchimp.
Accounting Today
NOVEMBER 6, 2023
Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.
Withum
NOVEMBER 6, 2023
Withum is proud to share that Hon. Margaret M. Foti P.J., Cr. (Ret.), formerly the presiding Judge of the Criminal Division of the Superior Court of New Jersey, Bergen County, and a member of the judiciary for 14 years, is now a Principal in Withum’s Forensic and Valuation Services team. Judge Foti served over eight years in the Criminal Division, six as presiding judge and over five years in the Family Division.
RogerRossmeisl
NOVEMBER 6, 2023
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are four tax benefits: Contributions made to an HSA are deductible, within limits, Earnings on the funds in the HSA aren’t taxed, Contributions your employer makes aren’t taxed to you, and Distributions from the HSA to cover
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.
CPA Practice
NOVEMBER 7, 2023
By Christopher Wood, CPP. n a recent discussion on the role of artificial intelligence (A.I.) in the payroll industry, the head of product at a human resources management systems (HRMS) company said that the next-generation technology will function as more of a copilot for employers, practitioners, and professionals, rather than as a replacement of human talent.
Accounting Today
NOVEMBER 8, 2023
The International Public Sector Accounting Standards Board has issued an accounting standard for governments around the world to use for reporting on retirement plans.
Anders CPA
NOVEMBER 7, 2023
When a business operates in multiple locations in the same state, complex sales tax regulations can often present a challenge. Special local sales tax districts, such as a community improvement or transportation development district, can exacerbate the difference in sales tax rates for business locations in neighboring municipalities. The Missouri Private Letter Ruling No.
RogerRossmeisl
NOVEMBER 8, 2023
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of §162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in c
Advertiser: Paycor
On August 30, 2023, the DOL unveiled a proposed overtime rule that would raise the weekly salary threshold under the Federal Labor Standards Act. Paycor is closely monitoring the proposal and will provide updates as new information becomes available.
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