Sat.May 06, 2023 - Fri.May 12, 2023

article thumbnail

Retaining Accounting Talent Starts With Knowing These Top 3 Job Search Motivators

CPA Practice

You may have heard that job openings in the United States dropped significantly in February, falling below 10 million for the first time since May 2021. But if you study the Bureau of Labor Statistics (BLS) data a little more closely, you’ll find that quits also edged up slightly that same month to 4 million. Further examination of BLS data shows monthly quit rates have been on a downward trend generally over the past year.

account 115
article thumbnail

Future Forward 2023: Why You Must Document Before You Can Automate

Insightful Accountant

Cloud Accounting Podcast host David Leary shows you the secret to improving your workflows and saving time. Sign up for the Future Forward webinar today.

account 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How Outsourced Accounting Can Save Law Firms Time and Money

LSLCPAs

As a law firm your primary goal is focusing on your clients and cases. As a business you still need to be sure your financial statements are in order, bills are being paid, invoices are being collected, and your firm is in compliance with accounting principles and regulations. And, you want your firm moving in. The post How Outsourced Accounting Can Save Law Firms Time and Money appeared first on LSL CPAs.

article thumbnail

Ten signs you may be a bad accountant

Mark Lee

This personal list simply reflects my experience and views. None of these qualities are about efficiency vs inefficiency, nor about old-style vs new-style and it’s certainly not about qualified vs unqualified. You may think some of the qualities listed below are obvious – but you may also be surprised how easy it is to fall into the related traps. Or you may disagree of course.

account 52
article thumbnail

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.

article thumbnail

The Philippines is Running Low on Accountants and US Firms Should Be Worried

Going Concern

In recent years, US firms have shifted heavily into offshoring and it seems it never crossed anyone’s mind that offshore talent might be a finite resource. So far it seems dwindling accounting graduate numbers in the Philippines are mostly affecting in-country businesses and firms, still something worth keeping an eye on. This is from CNN Philippines in March : The country is facing a shortage of accountants as college enrollment for this field of study dropped while those licensed chose t

cpas 117
article thumbnail

Accountants Say Small Businesses Still Have a Rocky Road Ahead

CPA Practice

Small businesses will continue to face challenges accessing fresh capital, boosting profits, managing payroll costs, weathering supply chain difficulties, and hiring new employees over the next year as economic turmoil persists in the U.S., accountants predicted in a new survey. The survey of 536 accountants who represent 100,000 or so small businesses was conducted during tax season in March and April by tax compliance automation provider Avalara in partnership with accounting news and analysis

account 64

More Trending

article thumbnail

Unlocking Business Success: The Importance of Cost Accounting and Key Metrics

Basis 365

Cost accounting is essential to running a business, as it helps companies identify and understand their costs, expenses, and profitability. By tracking costs, companies can make informed decisions about pricing, product development, and resource allocation. Let’s explore the importance of cost accounting and the key metrics businesses should track to optimize their operations.

article thumbnail

Here Are the 11 Best Online Master’s in Accounting Programs in 2023, According to Fortune

CPA Practice

Shortly after Fortune released its ranking of the 100 best companies to work for in 2023, which included a smattering of public accounting firms , the business magazine came out with its inaugural ranking of the best online master’s degree programs in accounting. “Accounting is an essential component of any business today, and an online master’s degree program in accounting could ready graduates for CPA licensure or unlock job opportunities for those accountants seeking to boost their careers,”

article thumbnail

Unlocking Seed Funding: the Benefits and Risks of SAFE Notes

inDinero Accounting

SAFE notes sound like an easy win. You issue a SAFE note to an investor and get financial support right when you need it. There is minimal back-and-forth negotiation and no debt obligations or loss of equity in the present. Sure, there are some strings attached. In exchange for their financing, the investor will own a certain percentage of your company at an unspecified future date.

article thumbnail

A new age: Automated compliance for all company spend.

Airbase

You’ve made certain that every operating unit has clear policies to control the risks that are created when employees engage a vendor and agree to pay for products and services. Some examples of these policies might include: Finance has clear expense policies in place, including what documentation is required and who needs to approve new purchases. IT requires SOC reports for new software vendors.

article thumbnail

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

article thumbnail

The latest on the NOMAD states

TaxConnex

A state has not added a statewide sales tax since Richard Nixon was in the White House. Vermont was the last to due so in 1969. There are five remaining states with no state level sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware – often referred to as the NOMAD states. Businesses based in these states still have the obligation to track their nexus footprint outside of their state and manage sales tax where they’ve determined they have an obligation.

Montana 130
article thumbnail

Pre-Revenue Startups Are Looking to FP&A to Manage & Preserve Cash

BurklandAssociates

In addition to helping startups manage short-term cash and extend runway, FP&A provides the data for a strong future game plan. The post Pre-Revenue Startups Are Looking to FP&A to Manage & Preserve Cash appeared first on Burkland.

Gaming 130
article thumbnail

New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes

CPA Practice

By Jelani Gibson, nj.com – (via TNS). New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would (Section 280E of the IRS Tax Code).

article thumbnail

Microsoft Crunches Some Data to Find Out Teams is the Biggest Productivity Killer at Work

Going Concern

Have you ever been totally in the zone, grinding away at work oblivious to the world around you when you’re rudely interrupted by a *DING* that snaps you right out of your trance and back to the tedium of a seemingly infinite inbox? Or maybe you were cruising along on some project you’d been putting off when a calendar reminder pops up to tell you you’ve got ten minutes of focus remaining until you need to be in yet another useless meeting (this is me).

Education 126
article thumbnail

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.

article thumbnail

5 Questions to Ask Yourself Before Distributing Sales Tax Obligations to Other Team Members After Losing a Key Employee

TaxConnex

Losing an important member of your finance team can leave a big hole in many business processes, especially if most of your accounting functions are managed in-house. But what happens when you lose the person managing your sales tax obligations? For most businesses in this scenario – there are three options: Re-hire for the position Distribute tasks among other members of the team Outsource In this blog, we’ll look at the potential to distribute tasks to current team members.

Sales 130
article thumbnail

Zamp Launches End-to-End Sales Tax Solution for Online Sellers

Insightful Accountant

Zamp's team includes former state auditors, sales tax experts, research specialists and first employees of Stripe-acquired TaxJar & Vista-acquired Avalara.

Sales 119
article thumbnail

Ex-IRS Agent, Five Others Charged in COVID Fraud Plot

CPA Practice

By George Kelly, Silicon Valley, San Jose, CA (TNS) A 58-year-old Oakland man and five others have been charged with various crimes related to a multimillion-dollar COVID-loan fraud scheme, a U.S. Justice Department spokesman said Wednesday. At the center of the scheme, according to federal prosecutors, is former IRS agent Frank Mosley, who was also identified as a “current city of Oakland tax enforcement officer.

payroll 127
article thumbnail

Friday Footnotes: CPA Exam Scares Accounting Majors Away; EY Loses Fees in China | 5.12.23

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. See ya. Talent Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing [ Wall Street Journal ] For Connor Verrett, an economics major and entrepreneurship minor at Washington & Lee University who ex

cpa 105
article thumbnail

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.

article thumbnail

Meet the new faces of Australia’s XPAC

Xero

Xero wouldn’t be where it is today without the support of our partner community, and that includes our Xero Partner Advisory Council (XPAC). That’s why we’re thrilled to announce our latest XPAC cohort for Australia. The XPAC team is a group of experts connecting Xero to the community and industry alike. They both challenge and champion the needs of the accounting and bookkeeping sector by engaging in open discussion, sharing industry insights, and providing actionable feedback.

article thumbnail

QuickBooks Payments Accounts Being Automatically Created With All New QB Online Subscriptions

SchoolofBookkeeping

If you're a QuickBooks accounting professional, you may have noticed a recent change in how new subscriptions to QuickBooks Online are handled. Well actually, you probably haven't noticed it because the process is part of the setup interview that most people may not even realize what's happening. Intuit, the company behind QuickBooks, has started automatically creating QB Payments accounts for all new subscriptions.

article thumbnail

California and New York Are Losing More Residents to Low-Tax States, IRS Says

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Given the economy, many people are looking to save money where they can. Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. After all, if $3,729 of your annual salary goes to state income tax, moving to a state that doesn’t tax income could potentially save you nearly $75,000 over 20 years.

New York 125
article thumbnail

The PCAOB Finally Releases China Inspection Results for KPMG and PwC, It Ain’t Good

Going Concern

For those of you short on time and/or attention span, here’s Public Company Accounting Oversight Board Erica Y. Williams on Bloomberg today discussing the long-awaited inspection results for two firms inspected in 2022: KPMG Huazhen LLP in mainland China [ PDF ] and PricewaterhouseCoopers in Hong Kong [ PDF ]. PCAOB inspectors found Part I.A deficiencies in 100% (4/4) of the audit engagements reviewed at KPMG Huazhen and 75% (3/4) of the audit engagements reviewed for PwC Hong Kong.

audit 99
article thumbnail

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.

article thumbnail

Regionalization and Carbon Neutrality Strategies Positively Impact Manufacturers

Cherry Bekaert

Long gone are the days of relying on international “just-in-time” systems for supply chains. Thanks to the volatile environment that has become the new norm, supply chains have been permanently disrupted. Manufacturers now bear increased costs while still being saddled with outstanding debt. Today’s U.S. middle- and small-market manufacturers do not have the time or ability to reassess supply chain optimality.

article thumbnail

Annual Vault Rankings Praise Withum Internship Program

Withum

Vault has ranked Withum as #6 on its annual Best Internships for Compensation & Benefits list. Vault provides in-depth career intelligence for emerging professionals by industry and company. Famous for its meticulous research and annual rankings, it creates its rankings from surveyed professionals, then uses a weighted formula to calculate, analyze, and publish the results.

account 98
article thumbnail

Renting a Home Office to Your Company

CPA Practice

In the not-so-distant past, working primarily from a remote location like your home was a somewhat unusual occurrence. Not anymore. Due to the pandemic, having employees work from home became standard operating procedure. This included small business owners who regularly burn the midnight oil. And the trend has continued even though the pandemic has abated.

article thumbnail

Must Our Group Health Plan Continue to Cover COVID-19 Testing and Vaccines After the Public Health Emergency Has Ended?

ThomsonReuters

QUESTION: Throughout the pandemic, our company’s group health plan has covered COVID-19 testing and vaccines at no cost to plan participants. Is this still required now that the public health emergency has ended? ANSWER: During the COVID-19 public health emergency (PHE), which ended May 11, 2023, group health plans were required to cover COVID-19 testing with no cost-sharing, prior authorization, or other medical management restrictions.

tax 98
article thumbnail

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.

article thumbnail

Budget recap – what was in it for small businesses?

Reckon

Well, there we have it folks – the 2023-24 federal budget has now been dropped by the Labor government. We reached out to over 290 SMBs last week to unearth what they wanted to see included in the budget and deduce how they were feeling about a range of important issues. So, what came to pass? Are there meaningful measures in the budget to assist the prosperity of the SMB community?

article thumbnail

Tax Deductions for Business Vehicles: Using Standard Mileage vs Actual Expenses

CTP

New business owners may be excited to learn that the IRS also allows them to deduct their annual business mileage as a business expense. However, they may be less prepared for the task of keeping accurate records of their business trips and educating themselves on the precise rules around what counts as business mileage. This is where you as a tax planner can relieve some of the uncertainty and provide guidance on how to set oneself up for success.

tax 98
article thumbnail

5 Themes Shaping the Future of Accounting

CPA Practice

By James Paille, CPP. Accounting firms have faced a volatile profession in the past year as teams struggled with burnout while staff shortages increased, regulatory changes caught firms off guard – increasing compliance and security concerns – and tax laws became increasingly more confusing for clients and CPAs alike. Evolving client demands rank among the top drivers influencing recent shifts in accounting and firms must find new ways to deliver exceptional service.

account 119
article thumbnail

4 Action Items Every Tech Startup Should Take to Protect the Business from Financial Risks

Cherry Bekaert

Protecting Your Start-up Begins With Understanding Your Business’s Risks Technology companies in the start-up stage have a seemingly never-ending list of to-dos to ensure business success. From hiring to protecting intellectual property to finding the right investors, CEOs in this space have a lot to juggle. In today’s uncertain economic climate, and with the recent bank collapses, there are a few key measures that are non-negotiables for emerging technology companies to keep their financial and

article thumbnail

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.