Sat.Sep 21, 2024 - Fri.Sep 27, 2024

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Is it time for accountants to integrate AI into their practices?

Accounting Today

Amid widespread adoption of traditional and generative forms of artificial intelligence, the looming question on the minds of many accountants is what diving deeper could mean.

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5 Ways to Streamline Nonprofit Financial Management

inDinero Accounting

Streamlining Nonprofit Financial Management To streamline financial management for your nonprofit, start by standardizing financial policies to guarantee consistency and transparency. Align budgeting with your organizational goals by engaging stakeholders and monitoring budget performance regularly. Conduct monthly and quarterly financial reviews to identify discrepancies and foster fiscal responsibility.

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A glimpse into the future of accounting

Accounting Today

Five major trends and key takeaways from Bill's Accountant Partner Council.

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Tax Professionals Might Be Contacted About IRS Survey

CPA Practice

In case this got buried in your inbox on Friday, the IRS said in an email to tax professionals that they could be randomly selected to participate in a voluntary survey to help the IRS improve services to practitioners and taxpayers. The IRS said, “Survey invitations will arrive by mail with phone follow-ups. This is not a scam. Please don’t hang up.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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PCAOB sanctions five firms

Accounting Today

The sanctions against Accell, Crowe MacKay, EY Switzerland, Grant Thornton Canada and Halpern 7 Associates come following an ongoing enforcement sweep.

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Sales tax holidays: Boon or bust?

Accounting Today

They're great for customers, but these annual events are not necessarily great for retailers.

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More Trending

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Grants from A-Z: Preparing for Audit

LSLCPAs

LSL Webinar ‘Back to Basics | Grants from A-Z’ presented by LSL Senior Manager, Krystal Cabrera, CPA, and Supervisor Keili Gonzalez outlined how local government finance departments can navigate the complexities of grant reporting from A-Z. In case you missed it – as grant funding becomes a vital part of many organizations’ financial strategies, understanding.

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Accountants Taking Leading Role on AI as Investments Increase

CPA Practice

A new report published Wednesday by the Association of Chartered Certified Accountants (ACCA) says accounting professionals are taking the lead in shaping artificial intelligence and data strategies across businesses. Based on interviews and a survey of more than 900 accounting leaders who are already using AI, the report, The Smart Alliance: Accounting Expertise Meets Machine Intelligence, found 56% of practitioners said they had an advisory role in adopting AI, and 20% said they were the str

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Four tips to protect your business from cybercriminals

Xero

In this increasingly digital age, small businesses are becoming more and more vulnerable to the threat of cybercrime. In particular, there has been an increase in supply chain attacks targeting small businesses. Cybercriminals are constantly adapting their tactics and using AI to fuel their attacks. As technology advances, so does the risk to your sensitive data.

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How Outsourced CFO Services Boost Financial Performance for Smaller Investment Firms

BurklandAssociates

Outsourced CFO services provide firms with expert financial support, helping partners stay focused on smart investments and strategic growth. The post How Outsourced CFO Services Boost Financial Performance for Smaller Investment Firms appeared first on Burkland.

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Navigating Corporate Travel Changes Post-Pandemic

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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Exemption Certificate Expirations

TaxConnex

The exception certificate figures big in your sales tax toolbox. But that document isn’t going to do you much good if it’s out of date. A sales tax exemption certificate means you, the seller, don’t have to collect and remit sales tax on certain products and services and to certain clients (such as schools, hospitals or churches) in a state. Your buyer produces a valid exemption certificate that you keep on file.

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From Data Overload to Better Business Decisions: Optimize Your BP&F with Power BI and Excel

Acterys

Budgeting, planning, and forecasting (BP&F) is so much more than producing reports and spreadsheets — ‌it’s an essential part of the strategic decision-making process. That requires clear communication of complex financial data to decision makers across the organization, as well as seamless collaboration with cross-functional teams. Excel and Power BI are powerful, yet accessible tools to facilitate that communication, but even small mistakes with a dataset can become a major risk when integ

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IRS Posts New Per Diem Tax Deduction Rates For Business Travel

CPA Practice

Come Oct. 1, the per diem rates used to calculate tax deductions for business travel expenses will be $319 for travel to high-cost locations and $225 for travel to low-cost areas, the IRS said on Friday. Each year the IRS announces special per diem rates taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.

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Weekend Discussion: Firms Really Aren’t Helping This Pipeline Problem, You Guys

Going Concern

As you may have seen, RSM US laid off a bunch of people yesterday — at least 460 to our knowledge. Accounting Today reported 5% of consulting was slashed, that seems more than the figure of 260 people we were told by a tipster (with another 200+ in audit). Safe to say times are tough. But are they? Are they really? Sure, demand for consulting services is down as businesses clench their buttholes in anticipation of a significant economic downturn — sphincters have been getting a worko

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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ADP releases all-in-one generative AI platform

Accounting Today

ADP announced the release of its new generative AI-based platform Lyric, touted as an all-in-one platform for payroll, service and other human capital management needs.

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Is now a good time to take out a loan for my business?

Summit CPA

With the Fed’s decision last week to drop interest rates, we’ve been getting a lot of questions about debt. Top of the list: “Is now a good time to take out a business loan or secure a new line of credit?

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First Glimpse of 2025 Projected Salary Ranges For Public Accounting

CPA Practice

’Tis the season for staffing firms to release their salary prognostications for various accounting and finance roles for the upcoming year, and one of the first for 2025 comes from Atrium. The staffing and recruiting firm recently put out its 2025 Salary Guide , which includes a section for finance and accounting. Atrium said its team gathers salary and compensation data from the company’s own historical data and reputable third-party sources, conducts a comprehensive analysis of the employment

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CPA Exam Tip: Don’t Choose TCP Just Because It Has an Insanely High Pass Rate Right Now

Going Concern

This afternoon NASBA held a webinar on how to choose a CPA exam discipline and in case you couldn’t or refused to attend, I’ll have more on that later. For now, I wanted to share a tip from presenter Joe Maslott, PwC alum and Associate Director at the AICPA. TLDR: Don’t choose Tax Compliance and Planning (TCP) as your discipline just because of its high pass rate.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Tax Strategy: 2024 year-end tax planning

Accounting Today

2024 has so far not produced significant tax legislation impacting year-end tax planning, but it continues to be impacted by legislation from prior years,

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The Road to Commercial Property Tax Savings: Preparing to Appeal an Assessment

CTP

Want information on residential property assessment appeals instead? Read here. Working with property owners can be a lucrative investment—both for your client and for you as a tax professional. To ensure that their income-producing property isn’t losing a huge chunk of its income to taxes, property owners need the support of someone who knows where the tax savings opportunities lie.

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AICPA & CIMA Launches Registered Apprenticeship for Accounting and Finance Associate Program

CPA Practice

A new program designed to enhance the accounting talent pipeline by offering an “earn and learn” opportunity at the entry level was unveiled on Sept. 25 by the AICPA & CIMA, which collectively form the Association of International Certified Professional Accountants. In the new Registered Apprenticeship for Accounting and Finance Associate program, apprentices will work directly for the participating organization and receive foundational and operational levels of CGMA Finance Leadership Progr

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CEOs Surveyed By KPMG Feel a Full Return to Office is Imminent

Going Concern

KPMG has released their CEO Outlook report for 2024 [ PDF ] and we’ll be completely honest, we couldn’t care less about half of this crap. Economic outlook? Pfft. Generative AI? *jerking motion* Call us when companies are actually using it in earnest and not just telling survey takers they plan to invest in it. This bit though: 83 percent of the 1,345 CEOs surveyed expect a full return to office over the next three years, up from 64 percent in 2023.

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Best Practices to Streamline Compensation Management: A Foundation for Growth

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.

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PE is just the start of the changes coming for firms

Accounting Today

Beyond private equity lie a host of other acquirers and accounting firm structures — and not all of them will be good for the profession.

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The Road to Commercial Property Tax Savings: Understanding the Methods for Property Valuation

CTP

As property tax bills continue to rise, property owners are turning to us as tax professionals asking what they can possibly do to lower these costs. If someone owns an income-producing property, they may be especially dismayed to find that taxes are taking up a significant portion of that income—or they may have a newly-purchased property that is not yet making enough money to justify the hefty tax bill.

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FASB Aims to Clarify Certain Aspects of Hedge Accounting Rules

CPA Practice

The Financial Accounting Standards Board (FASB) released an exposure draft on Sept. 25 on a proposal that would clarify parts of its current guidance on hedge accounting and address several incremental hedge accounting issues arising from the global reference rate reform initiative. In 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to “better portray the economic results of an entity

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Friday Footnotes: Private Equity DGAF; Controllers Reflect on Their Future Skill Set; PCAOB Does Something | 9.27.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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A Quick Historical Bookkeeping Cleanup

Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

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Indian audit regulators spar on proposed change for companies

Accounting Today

A proposal aimed at enhancing auditor responsibility for preparing consolidated financial statements of companies, including subsidiaries, has led to a clash between two of India's accounting regulators.

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The Fraud Factor: How Outsourced Bookkeeping Can Safeguard Your Company

Randal DeHart

Fraud can be a significant threat to businesses of all sizes in any industry. Construction companies are not spared and are even more vulnerable to various fraudulent activities, from bid rigging and inflated costs to payroll fraud and misuse of funds. Many small business owners have become increasingly concerned about fraud after the pandemic. According to SAP Concur (An expense management solutions company), a staggering 85% of businesses surveyed expect the risk of fraud to continue.

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IRS Reveals New Process For Third-Party Payers to Fix Erroneous ERC Claims

CPA Practice

The IRS is opening a supplemental claim process to help payroll companies and third-party payers and their clients resolve incorrect claims for the Employee Retention Credit (ERC), the agency announced on Sept. 26. The move comes more than a month after the IRS announced it has once again opened the ERC voluntary disclosure program through Nov. 22. Businesses that incorrectly claimed and received the pandemic-era tax credit can voluntarily repay 85% of it back to the agency without having to pay

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Monday Morning Accounting News Brief: What Could Go Wrong with PE; PwC Abandons a Big Project | 9.23.24

Going Concern

Happy Monday! I’m here with some news to start your week, just like I do every Monday “morning” (this really gets published closer to noon). ICYMI: the weekend discussion was about firms acting like a s and making it that much more difficult to seduce the next generation of accountants to the profession. Shocking. The words “circling the drain” come to mind.

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.