Sat.Nov 04, 2023 - Fri.Nov 10, 2023

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Bigger than Accounting: How Accountants Can Guide Clients to Financial Success this Holiday Season

Insightful Accountant

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.

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Don’t Let Your Industry Be Your Fraud Risk

RogerRossmeisl

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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Trending Sources

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IRS adjusts tax items for inflation in 2024

Accounting Today

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

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The Benefits of Combining FP&A and Power BI

Acterys

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 However, outdated systems and manual workflows can hinder their effectiveness, leading to issues with data access, accuracy and responsiveness.

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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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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Firms look at ways to attract young people to accounting

Accounting Today

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.

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List of the Day: The Accounting Firms on the 2024 Vault 100 Best Internships List

Going Concern

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

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Cybersecurity for CPAs: Don't empower imposters

Accounting Today

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.

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The Rise of Artificial Intelligence in Financial Management

GrowthForceBlog

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).

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Bring Home Your End-Of-Year Planning With Power BI

Acterys

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.

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Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion

RogerRossmeisl

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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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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A Strategic Timeline for Implementing a Sales Tax Strategy and Process - Part 1 | TaxConnex

TaxConnex

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.

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Ohio floats plan to recruit more CPAs

Accounting Today

The Ohio Society of CPAs is working on an action plan to attract more young people to the accounting profession.

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IRS Releases Tax Brackets, Standard Deduction for 2024

CPA Practice

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.

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Investment Swings: What’s the Tax Impact?

RogerRossmeisl

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

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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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Your need-to-know: vendor compensations and discounts | TaxConnex

TaxConnex

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.

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Meet the 2023 Best Firms for Young Accountants

Accounting Today

A look inside the 10 best places to start a career in accounting.

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The Benefits of Combining FP&A and Power BI

Acterys

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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It’s Important to Understand How Taxes Factor Into M&A Transactions

RogerRossmeisl

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.

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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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Annual Financial Planning for Startups: Part-Three, Executing on Your Plan

BurklandAssociates

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.

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Grant Thornton lays off 200 more employees

Accounting Today

The move comes after the firm cut 300 jobs earlier this year, despite reaching record levels of revenue.

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Bring Home Your End-Of-Year Planning With Power BI

Acterys

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.

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Conflict-of-Interest Policies Prevent Misunderstandings. and Fraud

RogerRossmeisl

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.

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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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What is vendor management and why is it important?

Airbase

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.

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Texas hits EY with $3M penalty

Accounting Today

The fallout from a CPA exam cheating from last year continues down to the state level.

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3 Benefits of Unified Analytics and Planning for the Enterprise

Acterys

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.

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Evaluate Whether a Health Savings Account is Beneficial to You

RogerRossmeisl

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

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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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Procure-to-pay (P2P) — Everything you need to know.

Airbase

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.

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20 states that burden taxpayers the least

Accounting Today

The best five states have an average total tax burden of 5.97%.

Tax 133
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Our Profession Really Has Abused Those at the Entry Level, Says Managing Partner to the Local News

Going Concern

KTVN in Reno has covered the CPA shortage and in order to do so because local news reporters rarely even think about accountants much less report on them, the news spoke to the incredibly candid Mark Bailey, managing partner and founder of Excelsis Accounting Group. In a sea of talent shortage articles quoting boomers who think 70-hour weeks build character, it’s refreshing to see someone speak so openly about the profession’s biggest issue. 2News : “I think that our profession

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What Types of Expenses Can’t be Written Off by Your Business?

RogerRossmeisl

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

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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.