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If you’re running your accounting business and are looking to attract more clients, you probably noticed that the landscape has changed vastly. The increased client turnover and growing demand for additional services, in particular business advisory ones, call for a different approach to client acquisition and retention. In this article, we’ll review how the working relationship between accounting clients and accountants and bookkeepers has changed and what the new challenges in this new market
From tight deadlines to too much work, achieving work-life harmony during the busy season can be challenging. While it may be impossible to eliminate stress, there are strategies you can use to help reduce the negative impact of stress and increase productivity. Stress is the body’s natural reaction to challenging or demanding situations. It just so happens that a lot of the time, we can call our stress work.
One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations. Tax accountants must use the Internal Revenue Code (IRC) to provide accurate tax returns.
At least three states opened this year with proposals to revamp taxes concerning digital advertising and data. Massachusetts legislators seem to be leading the way, with multiple draft bills that would adopt a digital advertising services tax on commercial data collection or the sale of personal information. The bills include: HD 1507 , to establish a commission to study generating revenue from digital advertising that is displayed inside of Massachusetts by companies that generate over $100 mil
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A lot has been written about OpenAI’s unveiling of ChatGPT. It’s garnered a very excited response. To summarise, it’s a chatbot. By responding to prompts, it can answer questions, create stories, and it remembers its previous responses. Its core function is to mimic a human conversation. What separates it from other chatbots is the absurd amount of data behind it – 300 billion words’ worth.
A lot has been written about OpenAI’s unveiling of ChatGPT. It’s garnered a very excited response. To summarise, it’s a chatbot. By responding to prompts, it can answer questions, create stories, and it remembers its previous responses. Its core function is to mimic a human conversation. What separates it from other chatbots is the absurd amount of data behind it – 300 billion words’ worth.
I often hear: “Pyramid schemes are illegal! If XYZ Company was a pyramid scheme, the government would shut them down!” Yes, pyramid schemes are illegal. No, our government generally doesn’t shut down pyramid schemes masquerading as multi-level marketing.
Online retailers and eCommerce companies have been the focal point of taxing jurisdictions and their updated nexus laws for years. Our third annual survey of financial professionals revealed a sales tax storm in many industries. Financial leaders continue to lean on internal resources while wrestling with the current economy, inflation and a tight job market.
Our fast-paced world has transformed many jobs, but few seem to have changed as much as what accountants typically did even 20 years ago compared to today, next year, or the next decade. The accountant’s role has long transformed from mere bookkeeping to encompassing more duties and responsibilities: from financial reporting and analyzing business performance to helping with taxation (and many more).
By Gail Cole. The Uniform Certified Public Accountant Examination (CPA Exam) is regularly updated to reflect enhancements to accounting and auditing standards as well as tax laws and regulations — and to improve the efficiency of the exam. The next update goes into effect January 1, 2024 , and places new emphasis on the role of emerging technology in delivering accounting services.
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.
The deferred revenue schedule is an important tool to manage cash flow and ensure your startup's financial statements accurately reflect its position. The post Deferred Revenue Schedule for Startups appeared first on Burkland.
Below is the message shared with all Xero employees today Dear Xeros Over the past few weeks, as I have stepped into the CEO seat, we have had several conversations about Xero’s strengths and significant market opportunities. We have also talked candidly about our challenges following the rapid scaling of the company. As we look to the next phase of Xero’s growth, many of you have asked me what change is needed for us to simplify focus, strengthen our execution and balance growth with profitabi
The United States Tax Court recently ruled that Edwards Engineering could only deduct $304,640 of the $1,037,237 it claimed under Section 179D for the installation of energy efficient commercial building property (EECBP) it performed at a Veterans Affairs hospital in 2013. Q: Edwards Engineering is a client of what tax consulting firm, a popular subject at Going Concern due to its ongoing problems across several areas ?
By Samantha Gowen, The Orange County Register (via TNS). Storms, wildfires and flooding damage have pushed back the tax filing deadlines for most Californians. The new deadline of Oct. 16 applies to California and federal individual and business tax returns and payments. The Franchise Tax Board said taxpayers who suffered financial losses to storm damage also could be eligible to claim those losses on their tax returns.
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.
Canton, Ohio Patriot Software, an online payroll and accounting company, announced today that some employee direct deposits were affected by the abrupt Silicon Valley Bank closure.
Did you know there are two versions of invoicing in Xero? There’s the original ‘classic’ invoicing experience and ‘new’ invoicing. New invoicing is the updated version with a refreshed design, new functionality and many of the features you know and love from classic. New invoicing has come a long way since its initial launch and we’re pleased to have introduced several improvements you won’t see in classic invoicing.
Joe Ucuzoglu, the former head of Deloitte US and current Deloitte Global CEO, has recorded a 20 minute video which was circulated to all firm leadership yesterday and then, just to be sure EY sees it to be as transparent as possible, had it published to the Deloitte website for all to see. In it, he is adamant that Deloitte does not intend to change its current model as unified professional services firm (a.k.a. “multidisciplinary model”).
By Nellie Akalp. There are many reasons for your clients to claim an S Corp election. Although the most significant advantage is the limited liability protection it provides its shareholders, the S Corp election also avoids the double taxation incurred by C Corps. Milestones to Consider At specific points in their growth trajectory, your clients may reach some milestones that could call for a change in their current business structure.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Our research found that recruitment is one of the main challenges facing accountants at the moment, so we’re shining a light on some amazing accountants to bust misconceptions around the industry. We speak with Alex Beattie, managing director of KRW Accountants and rifleman in the army reserves, and Hilary Dyson, founder of Bridge Financials and opera singer.
By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver Going Concern previously reported on bits of an interview with Ken Bishop , President and CEO of NASBA, published in Journal of Accountancy. A cut out in the article includes this quote, “Should any state or jurisdiction lower the licensure requirement to 120 hours, their CPAs would no longer be automatically substantially equivalent and would no longer enjoy the mobilit
By Ryan Sheehan. In August 2022, the landmark Inflation Reduction Act (IRA) was signed into law. The IRA will raise $738 billion and authorize $391 billion in spending to combat climate change through clean energy. The plan also calls for $238 billion in deficit reduction, three years of Affordable Care Act subsidies and prescription drug reform to lower prices.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Our spotlight of the Insightful Accountant 2022 Top 100 ProAdvisors continues with a spotlight on Leah's Insights' Leah Berger. See what she says it takes to stay on top of your game.
This International Women’s Day, we want to celebrate the fantastic work being done by some of our women business owners. We spoke with Nadine Oei, founder of cosmetics brand Loella , and Anna Morrison, founder of Amazing Apprenticeships , who tell us more about their stories. What advice would you give to women looking to start a business? Nadine : The most important thing is getting your finances in order.
The Financial Reporting Council has fined PwC £7.5 million ($8.9 million USD) for work related to Babcock , a multinational corporation headquartered in the UK providing, among other things, engineering services. Babcock conducts most of its business with the government, particularly the Ministry of Defence (don’t @ us, that’s how they spell it across the pond).
By Max Pearlstein. Accountants have more tools at their fingertips to grow their advisory services than ever before, and the pandemic underlined the importance of using those tools to help their clients. Today’s accountants are helping their clients navigate a rapidly changing labor and regulatory landscape. PPP loans, a tight talent market, the hybrid workplace, and changing tax laws are all combining to put incredible pressure on small- to medium-size businesses.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
Liz Scott returns with her video take on how this new Quickbooks Online feature enables you to see the check images directly inside of the transaction.
Are you tired of spending countless hours on bookkeeping, payroll, and tax preparation? Do you want to focus more on growing your business and achieving your goals? If so, consider outsourcing your accounting tasks. In this article, we'll explore the benefits of outsourcing accounting, including outsourced bookkeeping and outsourcing to an accountant.
Just the other day we were talking about initiatives around the profession to ease the burden of the 150 hour requirement for CPA licensure that tie together education and work experience , like work-for-credit programs or 5th year education partnerships between firms and universities. Today, we’ve learned of another education-experience partnership: a high school in North Carolina that is sending kids to work at accounting firms, among other local employers.
By Carl Hoemke. Anyone who deals with property tax knows firsthand how complex it can be to manage, especially given how tax laws differ not only between states but even among local jurisdictions within the same state. These inconsistencies, and many other variables, make it hard for accounting and finance teams to employ consistent and scalable processes, particularly during peak tax season.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
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