Sat.Jun 11, 2022 - Fri.Jun 17, 2022

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Gross vs. taxable sales: Which count toward economic nexus?

TaxConnex

Determining your sales tax obligations hinges on if your products or services are taxable and whether you have sales tax nexus which can be defined as either a physical presence or economic presence. That by itself is confusing enough, and unfortunately it gets more confusing. Focusing on economic nexus, each state defines certain thresholds that include the amount of revenue sourced to a particular state and/or the number of invoices in a particular state.

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3 Tools to Extend Your Startup’s Cash Runway

BurklandAssociates

We first published this article as part of a three-part series to help startups in the early weeks of the Covid downturn. In light of current world events and economic Read More. The post 3 Tools to Extend Your Startup’s Cash Runway appeared first on Burkland.

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Why is the Accounting Profession Scaring Everyone Away?

Going Concern

Saw this on our Twitter timeline, thought I’d throw it to the sharks and see if anyone has some thoughts: Accounting industry. We all agree there numerous issues & major changes are needed. The ultimate question is even with all the issues, why are ppl not willing to overcome all of them & either enter or stay in the profession? Its about the industry as a whole.

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Nexus and MSPs: Navigating interstate commerce - Modern MSP

Accountant Advocate Submitted Articles

MSPs & IT services are Nexus audit targets. Modern MSP finance expert explains interstate taxes and preparing your MSP for audits. Read how.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Are travel services taxable?

TaxConnex

Summer vacation season is here – and it’s yet another area where sales tax shows up. The sales tax associated with s ervices is a different sales tax animal as compared to tangible personal property. The taxing of certain travel related services, such as lodging, can be taxable in some states. The likes of Expedia and Orbitz have a long history battling various states in the courts even as localities start making deals with new players in hospitality.

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People Operations vs. HR: What’s the Difference?

BurklandAssociates

In 2006 Google renamed its HR department “People Operations”. Since then, the term has seen a steady rise in adoption among companies of all sizes. “People Operations” Interest Over Time: Read More. The post People Operations vs. HR: What’s the Difference? appeared first on Burkland.

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Xero App Store apps Australian small businesses should know about this EOFY

Xero

As we look towards the new financial year, it’s the perfect time to reflect on what’s needed to make FY23 the best year yet for your business. One element that shouldn’t be underestimated is the tools and technology in your repertoire. Why? Our Xero Small Business Insights report shows embracing digital tools can help small businesses accelerate their growth. .

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KPMG Will Pay Audit New Hires to Study for the CPA Exam

Going Concern

As I’m sure you’ve heard by now the profession is having trouble recruiting future CPAs. Accounting student numbers aren’t critically low yet but fewer and fewer graduates are taking the CPA exam, an issue that keeps AICPA President, CEO, and 1982 Hank Marino Invitational Winner Barry Melancon’s psychiatrist up at night Googling “effective treatments for insomnia.” This issue is called “ the accounting pipeline problem ” and expect to hear about re

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How to celebrate Pride Month in your small business

Reckon

Did you know that June is Pride Month? That’s right, it’s here! But how can you get involved in a meaningful way within your own small business? What steps can you take to help create a more inclusive society and combat the scourge of intolerance that has historically been brought against the LGBTIQ+ community? It starts with being authentic and knowledgeable.

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Inflation, Recession and the Stock Market

Withum

Right now, inflation seems to be unchecked and has caught the Federal Reserve, economists and many others off guard. There is also talk of an impending recession as the “cure” for inflation. I will not add to either discussion but want to provide some comments. The economy is complicated with many moving parts. We look at a falling stock market and think that is the “economy.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Standard Mileage Rates for Business, Medical, and Moving Expense Purposes Will Increase in July

ThomsonReuters

IRS Announcement 2022-13 (June 9, 2022); IRS News Release IR-2022-124 (June 9, 2022). Announcement. News Release. The IRS has announced a midyear increase in the standard mileage rates for business and medical use of an automobile, and for deducting moving expenses. For travel on or after July 1, 2022, the business standard mileage rate is 62.5 cents per mile (up from the original 2022 rate of 58.5 cents per mile—see our Checkpoint article ).

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Deloitte Shares Unique Data on How Many Bullies and Perverts Used to Work for Them

Going Concern

Deloitte Australia has disclosed stats on workplace misconduct and revealed how many people got punted as a result of internal investigations reports Australian Financial Review : Deloitte has investigated 145 misconduct allegations over the past year and found more than half, or 80, were substantiated, leading to 20 employees being “exited” from the consulting firm.

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Tax dates for your diary till 31 December 2022

Reckon

EOFY 2022 is coming up fast which means tax time is looming…. If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. This means you need to start getting your ducks in a row now. As you may well be aware, each financial year runs between 1 July – 30 June. So, whether you’re a sole trader, SME, or a larger firm, you should be looking to ensure you lodge all necessary documents on time.

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The Basics of Cash Balance Plans for Employees and Business Owners

Anders CPA

Saving for retirement throughout your career helps you work towards having the lifestyle you desire when the time comes to stop working. While traditional 401(k) retirement plans are commonplace at most companies, certain employers may also offer a cash balance plan option. Below we dig into the details of cash balance plans for employees and business owners so you can weigh your options.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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How to keep up with tax law changes

ThomsonReuters

The foundation of a successful tax practice rests on the technical knowledge of your people. While you can create a modern firm with automated processes and expansive service offerings, your clients won’t keep coming back if your team isn’t up to speed with the most recent tax law changes. But of course, staying informed is easier said than done.

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Do Accounting Firms Care if You’re On Drugs? Part III

Going Concern

12 years ago my former colleague Caleb Newquist published a post titled “Do Accounting Firms Care if You’re On Drugs?” A good chunk of that post describes Wall Streeters getting blitzed at real estate investment trust companies because back in those days accounting news was extra slow and we wrote about a lot more finance-adjacent stuff until enough commenters bullied us into focusing solely on Big 4 firms and maybe Grant Thornton every now and then when GT does something boneh

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App partner of the month: EzzyBills

Xero

Xero connects with over 1,000 apps that help small businesses and their advisors succeed, with most available in the Xero App Store. Each month we celebrate an app partner who stands out for helping small businesses thrive. Find out more about becoming a Xero app partner here. I’m excited to introduce June’s app partner of the month, EzzyBills – a smart, simple data processing and approvals tool for small businesses and their advisors.

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How Can Your Product-based Business Respond to Shifts in Consumer Spending (2022)? 

Patriot Software

Target’s slashing prices on inventory like appliances and televisions. Marriott’s hotel room demand for leisure travel is up 10% compared to 2019 bookings. What does this mean for consumer spending in 2022? It means that a great shift in consumer spending 2022—from goods to services—might be here. For product-based businesses, this change could lead to […] READ MORE.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Creating a Credit Plan

Lockstep

For B2B businesses, credit management is essential for accounts receivable (AR) management success. Proper, healthy credit management allows for steady cash flow, better collections management and a manageable days sales outstanding (DSO). . The Credit Research Foundation estimates that only 20% of credit departments have formalized policies. Be it lack of critical financial information, undue to time constraints, or higher priority projects, many companies, today, struggle to create formal cr

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Why Is Up-To-Date Bookkeeping So Important?

AccountingDepartment

Updated and accurate bookkeeping is the backbone to keeping a business running smoothly. Whether a business owner is handling all of their bookkeeping in-house, or if an outsourced service provider is taking care of it, here are a few reasons why up-to-date bookkeeping is so important.

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Xero Australia’s Emotional Tax Return is back for 2022!

Xero

It’s no secret that the past few years have been some of the toughest yet for small businesses. From lockdowns and rising inflation to global and local crises, disruption has become the new norm for many. Although we’re a nation of fighters, the ups and downs have taken a toll – especially an emotional one. So, to help small businesses in need of a little respite, we’re excited to announce that Xero’s Emotional Tax Return competition is back for 2022!

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Accounting KPI: How to Use Key Performance Indicators to Measure Success

Patriot Software

Your business is efficient and error-free all the time. Well, maybe it’s 90% of the time. Actually, maybe 85% of the time. OK, maybe it’s time to investigate with an accounting KPI (key performance indicator). With knowledge comes power—as soon as you know where improvements are needed, you can create a plan for future success. […] READ MORE.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Alleviating Cash Flow Management Pains for Skagit County Businesses

SkagitCountyTaxServices

[1] Because we’re talking cash flow management today… with a recession looming on the horizon and the effects of inflation being felt so hard in everyday life, it’s difficult not to freak out over what lies ahead for your Skagit County small business. But, some think a recession might not be all that bad for small businesses… even helpful. While that remains to be seen, one thing I can say is, don’t panic.

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How to Successfully Pivot to a New Business Venture

GrowthForceBlog

8 min read. You've likely heard the phrase, "No man is an island." In much the same way, no business is an island, either. In other words, businesses exist in communities, in marketplaces, and within the greater economy, and all of these elements are constantly in flux. This is true for startups and well-established companies.

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Calculating and Using AR Turnover Ratios

AccountingDepartment

Your accounts receivable (AR) turnover ratio is an essential element of the accounting process. Find out, in this article, what makes the AR turnover ratio tick and how to calculate this for your company. Learn how to make better gains with your business by using this key metric for a performance standard.

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We Could Soon Know the Results (If Any) of the Feds’ Raid of Alliantgroup

Going Concern

It has been more than three weeks since IRS Criminal Investigation conducted a court-ordered raid of Alliantgroup’s offices in Houston. Since then we still haven’t learned exactly why the IRS paid a visit to the tax consulting firm’s Houston headquarters. No arrests were made that day. But we might know by the end of the month if investigators dug up some interesting dirt on Alliantgroup.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Ready to Beef up Your Benefits Package? Here’s How to Set up a 401(k) for Your Business 

Patriot Software

Want to claim 401(k) tax credits worth up to $16,500? Ready to attract and retain employees with a better benefits package that lets them save for retirement? If so, you might be interested in starting a 401(k). But to do that, you need to know how to set up a 401(k) in your small business. […] READ MORE.

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Reporting Rules For Nonprofit- State By State

GrowthForceBlog

6 min read. Nearly every nonprofit (at least those registered as nonprofit corporations) is required to file certain documents and maintain their contact/agent information with the state in which their nonprofit is incorporated.

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The Big Reveal: Soulteria’s New Digs, Courtesy of Xero’s Beautiful Business Contest

Xero

Earlier this year, we announced our Xero Beautiful Business contest , which gave U.S. small business owners the chance to win a $15,000 office refresh by celebrated stylist and interior designer, Estee Stanley. Entrants were asked to submit photos and/or videos of their office, along with a description of why their workspace deserved a makeover. We are excited to share that the office makeover is finally complete!

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Getting Paid 101: Accounts Payable and Accounts Receivable

xendoo

If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. . Accounts payable and accounts receivable are two different sides of the same coin. In this case, the coin is your business. One tracks money that is going out. The other tracks money coming in. Both are important to maintain a steady cash flow and grow your business.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.