Sat.Jun 01, 2024 - Fri.Jun 07, 2024

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Here’s How Mid-Tier Accounting Firms Are Feeling About the Talent Crisis and Remote Work

Going Concern

Last week, I wrote a way too long piece on the Institute of Chartered Accountants in England and Wales (ICAEW)’s recent report “ Evolution of mid-tier accountancy firms.” Through a survey of managing partners at mid-tier firms across the pond, ICAEW took their temperature on five topics most impacting accounting firms of all sizes in current year: Firm structure and operational model Leadership and culture Talent Technology Financial performance and service lines See: Here’s Ho

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Are you managing payroll and remaining compliant?

Accounting Insight

Accountants are often juggling multiple responsibilities when working with clients. For those working in-house, in finance teams or departments, it might well be that payroll has simply fallen within their remit, and so accountants who are less familiar with the nuances of payroll find themselves tasked with completing this very important task. While there’s no doubt that accountants are experts in finance, payroll can pose new challenges.

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Accounting Thought Leaders Gather to Discuss Trends and Challenges in Profession

CPA Practice

Accounting, financial and tax professionals continue to face challenges related to talent, as well as advances in technology and firm culture. Dozens of firm leaders, educators, consultants and advisors to the profession are set to discuss these and other issues when they meet at the upcoming Accounting Leaders Think Tank Symposium in Las Vegas. Hosted by CPA Practice Advisor, the in-person, invitation-only event is being held at the Aria Resort and Casino on June 2, 2024, the day before the AIC

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Taking her firm forward

Accounting Today

Laura Sprouse, the new CEO of Top 100 Firm Brown Edwards, shares her path to leadership, and where she's taking her firm in the future.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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

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Managers Think They Are Doing Great But Employees Disagree, Survey Finds

CPA Practice

By Suzanne Lucas, Inc. (TNS) Everyone says people don’t leave jobs; they leave managers. And yet, managers don’t get the feedback they need to improve, according to a new survey from Gallup. As a result, many think they’re doing a better job than they actually are. Here’s what you need to know—and what you can do about it. Managers and employees don’t see eye to eye Gallup found a disconnect across the board between manager self-perception and employee sentiment: Manager responsiveness “72 per

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Art of Accounting: Building wealth

Accounting Today

CPAs do very good jobs helping clients build wealth, but many do not do so good with themselves. Here are some tips to help you grow your wealth.

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Forbes Launches Westminster Dog Show But for CPAs

Going Concern

Who will take home Best in Show? I mean Best in State ? It remains to be seen. Forbes is now accepting nominations for its first Best-in-State CPAs list (not to be confused with America’s Top 200 CPAs ) which, according to them, is “a recognition designed to highlight this year’s the most exceptional, practicing CPAs throughout America—the elite of the accounting profession.” “Our aim is to identify the CPAs who have earned the respect of their peers and have demonstrated remar

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Tax Directors & Finance Teams – Do you need to register for Pillar 2?

Menzies

Menzies LLP - A leading chartered accountancy firm. LATEST UPDATE Groups within the scope of Pillar 2 in the UK will need to register with HMRC within 6 months of the Group’s first accounting period starting on or after 31 December 2023. For example, Groups with a year end of 31 December 2024 will need to register with HMRC by 30 June 2025. WHAT IS PILLAR 2?

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Unlock Efficiency and Growth for Your Clients with Xero and Powerful Integrations

Intuitive Accountant

Xero, a leading cloud accounting platform, is excited to partner with App Academy for an exclusive webinar showcasing how Xero, combined with powerful integrations, can unlock maximum efficiency for your business.

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Tax Tips When Buying the Assets of a Business

RogerRossmeisl

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business is operated as a corporation, partnership or LLC.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Good Payroll Practices are Essential for Growing Startups

BurklandAssociates

Effective payroll management ensures compliance, enhances employee satisfaction, and provides a strong foundation for sustainable growth. The post Good Payroll Practices are Essential for Growing Startups appeared first on Burkland.

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2024 Most Powerful Women in Accounting Awards Announced

CPA Practice

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the ‘Most Powerful Women in Accounting’ awards, now in their 13th year, which recognize leaders for their significant contributions to the profession. The 2024 awards were presented on the main stage at during the AICPA ENGAGE conference at the Aria Resort and Casino in Las Vegas on June 4, 2024.

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IRS backlog grows from tax adjustments

Accounting Today

While the Internal Revenue Service has managed to reduce its backlog of unprocessed tax returns since the pandemic, one area where it's losing ground is in processing all the documentation for tax adjustments.

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Should You Convert Your Business from a C to an S Corporation?

RogerRossmeisl

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making th

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Planning Your Restaurant's 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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Does Accounting Education Belong in the University Curriculum? 

Going Concern

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver As much as I enjoy reading Going Concern, I find the article titled “ Did the Anti-150 Hour Crowd Finally Beat the AICPA Into Submission? Looks That Way ” troubling. Busy people might read only the title and believe that the “extra 30” is dying.

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Why Gen Z Is Opting Out of the 9-to-5 Job Grind

CPA Practice

By Kit Eaton, Inc. (TNS) Gen Z workers aren’t just the youngest folks in the office. They’ve got a radically different approach to how they make a living than preceding generations. Consider fresh data from the freelancer networking company Upwork to see why. Its new survey shows many Gen Z workers are basically shunning traditional office work norms altogether.

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ID theft victims waiting longer to receive tax refunds

Accounting Today

The amount of time that identity theft victims have to wait for tax refunds has increased as the Internal Revenue Service has shifted priorities, with some victims waiting nearly two years.

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Intuit to offer Account Management program for QuickBooks customers

Insightful Accountant

Intuit has selected customers who display complexity for this new program and you need to be aware of this offering because some of those customers may also be your clients.

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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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Yo, Where Are the Rainbows?

Going Concern

It’s now June 6 and the four biggest and most prestige-iest professional accounting services providers in the world should have their logos covered in rainbows by now. It’s tradition. Slap the rainbows on on June 1, tweet a bunch of out and proud PR fluff about your LGBT staff, and then quietly pack the rainbows away on June 30 until the following year.

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CEO Pay at S&P 500 Companies Rose Nearly 13% in 2023

CPA Practice

By Associated Press via Fast Company (TNS) The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The median pay package for CEOs rose to $16.3 million, up 12.6%, according to data analyzed for The Associated Press by Equilar.

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The 20 most charitable states in America

Accounting Today

Where are residents the most giving? Check out this ranking, which tracks the states with the most charitable donations, as well as volunteering and service.

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Trade Name vs. Business Name: Do You Know the Difference?

Patriot Software

One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.

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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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Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey

Going Concern

In the latest pspspsps , er PCPS survey (that’s Private Companies Practice Section) put out by the AICPA every two years, talent is winning as the biggest worry for every size firm surveyed except for sole practitioners. The “sole” in sole practitioner meaning people who work for themselves and don’t have staff so yeah, if they too were worried about finding talent we might really be in trouble.

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Utah Movie Producer Found Guilty of $1 Million in Tax Crimes

CPA Practice

A federal jury convicted a Utah man on June 4, 2024, of tax evasion and forcibly retaking property that had been seized by the government to pay his outstanding tax debt. According to court documents and evidence presented at trial, Paul Kenneth Cromar owned a home in Cedar Hills, Utah, and operated Blue Moon Productions LLC, a freelance film and media production company.

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IRS tries to use AI to close tax gap

Accounting Today

The Internal Revenue Service is turning to artificial intelligence to help select tax returns to audit and narrow the tax gap, but it needs to use this new technology consistently and transparently, according to a new government report.

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Changes to Xero’s plans in Aotearoa New Zealand

Xero

We want to make sure the needs of small businesses and their advisors are met well into the future, and that means providing you with easier access to tools that help you run your business efficiently. So we’re refreshing our subscription plans for small businesses and partners with new plans which will be available from 12 September 2024. We’ve put a lot of consideration into creating simplified plans with bundled tools and features, to help solve your most important accounting and people manag

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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How To Build Construction Business Systems That Deliver Results

Randal DeHart

In the competitive construction industry, implementing efficient business systems can make a significant impact on the overall success and profitability of a construction business, regardless of its size or specialization. From streamlining operations to improving project management, adopting efficient systems can yield tangible benefits that truly pay off in the long run.

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Why Businesses Should Turn to FP&A for the Second Half of 2024

AccountingDepartment

In today's tumultuous economic climate, the importance of sound financial strategy cannot be overstated—especially for small and medium-sized businesses that might not have the buffer of large corporations. Financial Planning & Analysis (FP&A) isn't just a set of buzzwords; it's a compass for navigating the murky waters of modern economics. As we approach the second half of 2024, now is the time for businesses to fortify their financial plans.

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Auditors prioritizing tech for fieldwork phase

Accounting Today

A recent survey from Thomson Reuters said auditors find new technology that assists during the execution/fieldwork phase of an engagement to be most useful.

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QuickBooks Hosts Accountants for Ecosystem Care Jam

Insightful Accountant

QuickBooks recently hosted an Ecosystem Care Jam for accountants involving more than 300 QuickBooks employees from around the world.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.