CPA Practice
OCTOBER 29, 2024
Artificial intelligence (AI) is changing industries worldwide. A recent survey found that 90% of respondents are using AI to some extent, but this doesn’t mean that everyone is sitting at their desks and putting all of their work duties on autopilot. Like other software, AI is helping streamline some tasks and is used as an aid for many in the accounting industry.
Insightful Accountant
NOVEMBER 1, 2024
Small and midsize businesses (SMBs) are turning to cloud accounting platforms for automation and streamlined accounting. But many find them insufficient for advanced reporting and data analysis.
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Accounting Today
OCTOBER 31, 2024
The accounting industry looks different today. Here's how to use that to your advantage.
Ryan Lazanis
OCTOBER 30, 2024
Are you struggling to add advisory services without taking on all the work yourself? Learn how to delegate and make advisory work scalable. The post How to Delegate Advisory Work to Your Team appeared first on Future Firm.
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
Accounting Today
OCTOBER 29, 2024
The Financial Accounting Standards Board issued a proposed accounting standards update to update the guidance on accounting for software, specifically when it comes to developing software for internal use.
Going Concern
OCTOBER 29, 2024
This post is for the employers. If you’re a job seeker you can ignore this. With many of the big firms having called their people back to the office three or more days a week, more professionals than ever are on the hunt for remote work. Adding to this flood of jobseekers in the accounting space is the worrying trend of layoffs which you’d think would make things great for hiring managers.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
NOVEMBER 1, 2024
The accounting profession is grappling with both a shortage of talent and a generational shift in workplace expectations.
Accounting Today
OCTOBER 30, 2024
Far too often, accountants get put into a box, and people assume this is a single-path career. But that is far from reality.
CPA Practice
OCTOBER 29, 2024
GBQ Partners, a full-service accounting firm with over 300 professionals across multiple Ohio offices, has established itself as a trusted advisor to clients in construction and various other industries. With the implementation of the new lease accounting standards under ASC 842, GBQ faced significant challenges in helping their construction clients navigate these complex changes.
RogerRossmeisl
OCTOBER 27, 2024
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return. Taking advantage of this rule can help you reduce the size of your taxable estate while benefiting your family and friends.
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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
MyIRSRelief
NOVEMBER 1, 2024
S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. They offer a unique blend of benefits, including pass-through taxation and limited liability protection. However, navigating the tax landscape for S Corps can be complex.
CTP
OCTOBER 28, 2024
In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized company that is focused on managing the wealth and the personal affairs of a family.
CPA Practice
OCTOBER 29, 2024
By Mark Thomas. As you embark on your career journey into the world of accounting, you’ll find that your first years can be full of twists and turns. While some of you may seamlessly land a dream role right out of school, others might navigate through multiple positions before discovering their true professional passion. Amidst this exploration, it becomes crucial for you to refine your approach to personal finances so you can confidently manage the financial realities of adult life.
RogerRossmeisl
OCTOBER 27, 2024
Skimming, where criminals use hidden digital readers to steal debit and credit card information, is a pervasive threat that can result in significant financial losses for businesses. The FBI estimates that ATM and point-of-sale (POS) skimming generates more than $1 billion for criminals annually. So if your business offers or operates these machines, you need to assess your risk and take steps to prevent skimming from happening on your premises.
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TaxConnex
OCTOBER 29, 2024
Previously, we gave an overview of how IT and telecom companies have special challenges regarding sales tax and regulatory compliance because of what such companies sell. Sales tax compliance for technology is about definitions of what you sell, and about whether what you sell, for various reasons, is taxable or non-taxable. IT and telecom companies, for example, must determine if they sell Software as a Service (SaaS), an information service or a strictly telecom service.
CTP
OCTOBER 30, 2024
Established, wealthy families have long leveraged the concept of a “family office” to preserve their wealth, ensure business succession, establish governance and control, and foster their family legacy. This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams.
CPA Practice
OCTOBER 31, 2024
A new Avalara survey of U.S. tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. Of those respondents, 46% mostly automate with minimal manual oversight, 34% fully automate, and 15% partially automate the process.
RogerRossmeisl
OCTOBER 27, 2024
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business has employees, you may need to budget for additional payroll costs, especially if you have many high earners.
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.
Xero
OCTOBER 30, 2024
There is a growing movement in the accounting industry towards new services and cloud-based tools, in large part due to the talent shortage crisis being felt across the US and Canada. The number of US accountants decreased by around 17% in the last couple of years, and this talent shortage crisis is causing pressure to evolve the role of the modern accountant.
AccountingDepartment
OCTOBER 30, 2024
In the current competitive environment, small and medium-sized businesses (SMBs) must leverage every possible advantage to succeed and expand. Forecasting is a powerful tool that can greatly influence a company's financial success.
CPA Practice
OCTOBER 28, 2024
By Nellie Akalp. Whether due to a failure to file reports, pay taxes, or meet regulatory obligations, there may be a time when a company falls into bad standing. When this occurs, dissolution may be a solution. But it’s important to act quickly. With the end of the year fast approaching, it’s advisible to dissolve a client’s company as efficiently and as smoothly as possible.
Going Concern
OCTOBER 30, 2024
TLDR ChatGPT summary: BDO USA filed a lawsuit accusing a former leader, Phuoc Vin Phan, of leaving to join Ankura Consulting and taking BDO team members and confidential information with him. BDO claims this was part of an Ankura plan to poach its Healthcare TAS practice. Phan denies the allegations, stating BDO’s workplace environment pushed him and others to leave, and counters that BDO fostered a culture of secrecy and intimidation.
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Menzies
OCTOBER 30, 2024
Menzies LLP - A leading chartered accountancy firm. The recent budget has imposed significant challenges on businesses across the board, with the retail sector being particularly affected. The Chancellor has announced several policy changes and tax increases that will impact retail. 1.2% increase in Employers National Insurance Rates A 1.2% increase in Employers National Insurance rates will be a substantial burden on profitability, especially when combined with the reduction in the threshold fo
BurklandAssociates
OCTOBER 29, 2024
Recent additions to Burkland’s cash runway extension toolkit include a free runway calculator and a customizable treasury policy template. The post Measure & Extend Your Startup’s Cash Runway appeared first on Burkland.
CPA Practice
OCTOBER 29, 2024
A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. 22. Pass-through organizations—including large partnerships, S corporations, and trusts—will be in the crosshairs of the new work unit within LB&I.
Cherry Bekaert
OCTOBER 28, 2024
Contributors: Jeremy Lankster | Senior Manager, Risk Advisory Services & Julianna Casey | Manager, Risk Advisory Services While statistical model validations were once the domain of larger financial institutions, there has been a recent regulatory focus on periodic model validations for financial institutions both big and small. This change followed the 2021 release of the which intended to better align validations with anti-money laundering models.
Speaker: Mark Gilham, FCCA, CPP
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Menzies
OCTOBER 30, 2024
Menzies LLP - A leading chartered accountancy firm. A key theme of today’s budget was “Invest, Invest, Invest!” with the intention of driving economic growth. The chancellor has pledged over £100 billion of additional capital investment over the next five years which will be welcomed by this capital intensive sector. Sector representatives Make UK were specifically mentioned in the Chancellor’s speech, signalling the extent to which the budget intends to promote UK production and innovation. 7 K
ThomsonReuters
OCTOBER 31, 2024
Jump to ↓ 1. What is the Corporate Transparency Act (CTA)? 2. Why was the Corporate Transparency Act introduced? 3. Who needs to file a Beneficial Ownership Information (BOI) report? 4. What information must be provided by beneficial owners? 5. What are the penalties for non-compliance? 6. How does the CTA impact accounting professionals? 7. What tools can accounting professionals use to stay compliant with the CTA?
CPA Practice
NOVEMBER 1, 2024
Hosts Brian Tankersley, CPA, and Randy Johnston review Syft Analytics , which lets professionals generate everything from reports through integrated forecasts and consolidations, to make better business decisions with their financial data. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.
Withum
OCTOBER 29, 2024
Buying a dealership requires much more capital than many dealers have access to through traditional channels. A growing number are partnering with investment firms that provide that capital to grow. Those firms often take an equity stake in the growing dealership group. “We have seen a surge of interest in an equity investor,” says Stuart McCallum, Partner and Dealership Services and Practice Leader.
Advertiser: Paycor
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