Sat.Jul 16, 2022 - Fri.Jul 22, 2022

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Is a Four-Day Workweek Good for my Business?

GrowthForceBlog

10 min read. The mainstream buzz around the concept of a four-day workweek first gained steam in 2019 when Microsoft Japan reported experiencing a 40% increase in productivity, 23% reduction in electricity costs, and an effective halving of the average 60-minute meeting cut down to 30 minutes – all after cutting their employees' workweek down to four eight-hour days and continuing to pay them as if they were working five eight-hour days. [1].

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What Automation Can Do For Your Accounting Firm | Canopy

Canopy Accounting

Across all industries, businesses will run into necessary yet time-consuming repetitive tasks. The same is true for those in the accounting industry. So, what can you do to ease the burden? Well, thankfully there is an answer—automation. Research shows that at about 60% of jobs, about 30% of the activities completed can be automated. Industry trends show that accountants are already adopting automation into their workflow.

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Different Payments Types Explained

Lockstep

With inflation discussions dominating the conversation today, it is more important than ever to decrease your days sales outstanding (DSO). This not only increases your cash flow but reduces the risk across your business. One way to help ensure more customers pay on time (or sooner) is to increase the payment methods available to your customers. And choosing the right payment service can be complicated, especially when the options come with so many different terms.

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2022 Q3 Tax Calendar for Businesses and Other Employers

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due.

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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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When do I have to start collecting out of state sales tax? Part 1

TaxConnex

Online retailers face a lot of challenges today. Sales tax obligations are among them. It’s been four years since these obligations began landing on businesses’ plates nationwide, and the situation isn’t getting any easier. Only now are federal lawmakers beginning to wonder if the current sales tax landscape overburdens online businesses. In the meantime, your business may have to start collecting and remitting states’ sales tax – with severe penalties if you don’t.

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Financial Analysis for Your Small Business

VetCPA

Comparing a business’s key financial ratios with industry standards and with its own past results can highlight trends and identify strengths and weaknesses in the business. Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value. Getting the most mileage from financial statement data requires some analysis.

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Risk Assessments are a Critical Anti-Fraud Tool

RogerRossmeisl

Fraud risk assessments have been shown to prevent occupational fraud and limit losses for victimized organizations. These tools have become more prevalent in recent years, according to “Occupational Fraud 2022: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). But although almost 50% of businesses perform fraud assessments, many owners and managers may be unaware of the value of these procedures and how the assessment process works.

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When do I have to start collecting out of state sales tax? Part 2

TaxConnex

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. Here’s a look at a few other things you should keep in mind – including how to avoid hefty penalties. Off to marketplace. Economic?nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states.

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Survey Tackles Root of Industry Burnout

Intuitive Accountant

Utilizing the Maslach Burnout Inventory for the first time in an accounting setting, FloQast's survey reveals the alarming extent of burnout on professionals and its impact on critical accounting processes.

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The IRS Warns Taxpayers To Be Wary of the Dirty Dozen Tax Scams for 2022

Withum

As far as the IRS is concerned, not all tax scams should be treated equally. Last month the Service announced which scams made the list comprising the IRS’s “Dirty Dozen” for tax season 2022, meriting extra scrutiny. Included on the list is a wide range of tax evasion tactics. This article highlights four of them, namely syndicated conservation easements, micro-captives, return nonfiling, and secreting assets. .

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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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Valuing ESOPs

RogerRossmeisl

Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to cash out and transfer ownership to employees without immediately giving up control of the business. However, valuing stock held by an ESOP is an ongoing challenge for the fiduciaries who administer them, especially when the sponsoring company is privately held.

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EYers Are Waking Up to Overdrafts This Morning Due to a Serious Payroll Snafu

Going Concern

We’re learning this morning that folks at EY will not be getting lunchtime DoorDash today, their paychecks from last Friday have been unceremoniously yeeted from their bank accounts. Per a tipster: There’s a payroll snafu of some sort at EY and seems just about everyone had their payroll reversed. Mass panic and overdrafts. And a Fishbowl thread: According to our tipster and comments on Fishbowl the firm has yet to send out any communications regarding the issue and it’s too ea

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Four processes in Xero to make FY23 your best year yet

Xero

Ringing in the new financial year may come without fireworks or champagne, but it is a great opportunity to reflect on the present and what lies ahead. It can be a moment to pause and take note of where your business currently is and how it operates – as well as where you want to be. It’s also a useful time to make changes or upgrades, especially to systems and processes, so things will be smooth-running well into the future.

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Proposed Senate Legislation to Relieve Sales Tax Compliance Burden

Withum

After receiving complaints from small business owners, the Senate Finance Committee held a hearing on June 14th to review the effect of the 2018 Supreme Court decision in South Dakota v. Wayfair on small businesses and remote sellers. In 2018, the Supreme Court reviewed and upheld the lower court’s decision in South Dakota v. Wayfair eliminating the physical presence requirement for a state to impose a sales tax on sales of goods or services in that state.

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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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Can Individual Taxpayers Deduct Vehicle Expenses?

RogerRossmeisl

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially deductible.

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Can HSAs Provide Tax-Free Reimbursement for the Same Expenses as Health FSAs?

ThomsonReuters

QUESTION: Our company currently offers a general-purpose health FSA. If we switched to an HDHP/HSA, could our employees receive tax-free reimbursements for the same types of expenses from their HSAs? ANSWER: Yes, and they might acquire a few additional options. Like health FSAs, HSAs can provide tax-free reimbursement of out-of-pocket expenses for medical care as defined in Code § 213(d).

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ERTC and the IRS: Biggest Considerations Before Claiming the Employee Retention Tax Credit

Anders CPA

The Employee Retention Tax Credit (ERTC) is gaining more and more attention as companies are discovering that they have through the end of 2023 (for 2020) and 2024 (for 2021) to amend their previously submitted 941s. Eligible companies impacted by the pandemic have been able to claim generous amounts, which makes the credit very appealing. But it’s important to keep in mind that there are gray areas in the IRS guidance around the credit.

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How to Choose the Right Clients for Your Firm

Intuitive Accountant

The right clients will make your work enjoyable; the wrong ones will make you dread the office. Client Hub founder and QuickBooks ProAdvisor Judie McCarthy explains how you create the perfect fit.

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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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Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Cash flow crunch: Delving deeper into the cash flow challenges affecting small businesses

Xero

I’m so thrilled to be back at Xerocon London connecting with so many of our accounting and bookkeeping partners and app partner community. It’s been such a long time since we were all able to be together in person, and it’s great to be making real-life connections again. . As we all begin to navigate this post-pandemic business environment, it’s clear that many small businesses have faced huge challenges.

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Accounting for Payment Gateways: Shopify Payments vs Alternative Shopify Payment Methods

Snyder

What makes Shopify accounting special for thousands of e-commerce businesses? Firstly, it’s the option to connect several payment gateways to your online store. Secondly, the ability to accept Shopify POS and manual payments in addition to online orders. For customers, these features make paying for goods extremely convenient. But for merchants, using multiple Shopify payment methods at once becomes challenging in terms of bookkeeping. .

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Going Virtual (Today)

Intuitive Accountant

1st Step Accounting's Nayo Carter-Gray has all the information you need to thrive in today's digitally paced landscape. Sign up for her webinar, 'Taking Your Firm Virtual,' and see why it's time to embrace the cloud.

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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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IRS Issues Mid-Year Business Mileage Rate Increase

RogerRossmeisl

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a gallon, compared with $3.21 a year earlier.

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Xerocon Sydney by the numbers

Xero

We’re numbers people here at Xero. And we know you – our partner community – are too. So to celebrate the return of Xerocon Sydney this September, we’ve gone and rounded up some stats to give you a taste of what to expect. Because if our calculations are correct, there are 1,161 reasons (and counting) to get excited about this unmissable event for cloud accounting leaders. . 12 keynote sessions.

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How to Get Accounting Clients in a Changing World

Ryan Lazanis

In this post, I’ll be outlining strategies your firm can take today for how to get accounting clients and land new business in a rapidly changing world. I’ll be backing these strategies up with statistics gathered from a recent study titled “ The Next Chapter for Small Business: How to Thrive in a Changed World ” conducted by Forrester Consulting on behalf of Xero, which surveyed 1,000+ small businesses and 1,000+ consumers around the world in June 2020 to tap into today&

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Taking a Deep Dive into Your Firm

Intuitive Accountant

See how Pareto for Profit™ can help your firm pursue a better way of doing things. With its annual review of your client base, the Renew Group shows you how to see where the noise—and opportunity—is.

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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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Is Your Corporation Eligible for the Dividends-Received Deduction?

RogerRossmeisl

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. Ordinarily, the deduction is 50% of the dividend, with the result that only 50% of the dividend received is effectively subject to tax.

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Announcing Xero Go: Our new app for UK-based sole traders

Xero

It was so exciting to be back on stage at Xerocon London this morning for the first time in nearly three years. I’ve really missed the opportunity to connect in person with our amazing accounting, bookkeeping and app partner communities — especially on such a large scale. I was also really excited about one of the reasons I was on stage — to unveil the early release of Xero Go , a new mobile app we’ve developed to help ease the burden of financial admin for sole traders in the UK.

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Accounting Engagement Letter: Templates, Samples & How to Create One

Ryan Lazanis

Does your firm use an accounting engagement letter when signing on a new client? This post is a deep dive into why you should. In this article, you’re going to learn about: What an accounting engagement letter for your firm is. The purpose and need of a quality engagement letter. Items to put in yours. What to use to send this valuable document. Sample sections and template letters.

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Not-for-Profits in the Know Webinar Series: In-Kind Donation Reporting is Changing

Anders CPA

With new reporting guidelines issued for in-kind donation reporting, is your organization prepared to implement these changes? The Financial Accounting Standards Board (FASB) issued new reporting guidelines to help increase transparency around the measurement of contributed nonfinancial assets recognized by not-for-profits, including how much was used to support programs and activities.

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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.