Sat.Jun 15, 2024 - Fri.Jun 21, 2024

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5 Process Improvement Trends for 2024

CPA Practice

By Arianna Campbell. With another busy season in the rearview mirror, many firms are looking ahead to next year. What went well this busy season? What could use some improvement? Now is the time to make changes to your technology and processes that will set you up for success in 2025 and beyond. To help you identify these opportunities, we’ve identified five trends for process improvement that leaders in the accounting profession should be aware of to ensure their firms remain at the forefront.

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The Era of the Non-Equity Partner Is Upon Us

Going Concern

320%. That’s how much the number of non-equity partners at INSIDE Public Accounting Top 100 firms — excluding Big 4 — has grown over the past 15 years. Equity partners at these firms, however, have grown only 85% in that same time period. The IPA Top 100 minus Big 4 starts at RSM with $3.7 billion in revenue and ends with a Wayne, PA firm called Global Tax Management with $48.8 million.

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Mastering pricing and packaging for accounting and bookkeeping services

Xero

As a business owner, would you be happy or sad if you got a hundred new clients tomorrow? Getting more business sounds exciting, but can be daunting if bookkeeping and accountancy practices aren’t set up to scale effectively. There is a slow but steady shift towards value-based pricing, rather than traditional hourly billing. If you want to adopt a pricing model based on the value you offer and the outcomes you deliver, where do you start?

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Didn’t Get Your Employee Retention Credit? You Can Sue the IRS

CPA Practice

By Melissa Angell, Inc. (TNS) Small businesses still vying for pandemic-era employee retention credits they haven’t received could have another course of action to nab their money sooner. A provision in the tax code allows taxpayers who have filed refund claims to sue the Internal Revenue Service if they have not heard from the agency within six months, or their claim was denied and they believe it to be legitimate.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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IRS cracks down on basis shifting by partnerships

Accounting Today

The Internal Revenue Service is targeting the use of basis shifting between related parties as a way for partnerships to avoid paying taxes, setting up a new unit within the Office of Chief Counsel to develop guidance aimed at closing tax loopholes.

Tax 118
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How to Win the Talent War through Inbound Recruitment

Canopy Accounting

Accounting is facing a major issue: a shortage of 340,000 accountants. It’s not just public accounting firms experiencing the talent crunch, even Fortune 500 companies are, as errors in earnings reports have shaken investor confidence. Electric truck maker Rivian mistakenly reported a 147% increase in deliveries in Q4, when this figure actually pertained to the annual increase, not just the quarter.

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Burnout epidemic, a wake-up call for the accounting profession

Accounting Today

We've been talking about the burnout crisis for decades, but the talk needs to turn into action.

Account 124
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Mortgage Rates Drop Below 7%

CPA Practice

Vince Golle Bloomberg News (TNS) U.S. mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases. The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday.

Finance 116
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The IRS’ New Use of AI

Insightful Accountant

The IRS is turning to AI to help select tax returns for audits, aiming to narrow the tax gap. A recent GAO report emphasizes the need for consistent and transparent use of this technology.

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As Wayfair turns 6, what’s happening with economic nexus? (part 1)

TaxConnex

Six years ago this Friday, the U.S. Supreme Court decided, narrowly, to complicate life for online sellers. In the landmark 2018 case South Dakota v. Wayfair, Inc. et al, the Court determined that an out-of-state seller could establish “nexus” through just economic activity. (Nexus is an economic presence that triggers the obligation to collect and remit tax or at least communicate with appropriate states.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Easy Scenario Planning Templates for Excel and Power BI

Acterys

Businesses need to be equipped to handle whatever uncertainties the future may bring, from market shifts to technological changes and regulatory updates. That’s where a scenario planning template comes in handy. These templates are invaluable for businesses looking to map out potential future scenarios and develop strategies to handle them effectively.

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The Startup Founder’s Guide to Evaluating a Series A Round

BurklandAssociates

From valuation to term sheet to exit strategy alignment, a startup’s Series A round involves careful consideration of several critical factors. The post The Startup Founder’s Guide to Evaluating a Series A Round appeared first on Burkland.

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IRS will resume paying ERC claims slowly to safeguard against fraud

Accounting Today

The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.

Tax 124
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How to Use ChatGPT to Analyze Financial Statements

CPA Practice

By Sandi Smith Leyva. AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. An important reminder is that your data needs to be anonymized before entering it into any generative AI application. This means stripping out the company name and any other identifying information.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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CDK DMS Cyberattack: What Dealerships Need To Do When They Are Back Online

Withum

Many dealerships’ operations were brought to a halt due to the second cyberattack on CDK Global software and its impact is still being felt today. “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems,” CDK said in a statement per CNN. CDK provides over 15,000 dealerships software to support dealer operations.

Legal 116
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Let’s Wish These 69 High School Students Good Luck as They Start a Summer Internship at a Top Ten Firm

Going Concern

CliftonLarsonAllen announced today that for the second year in a row, a group of high school students aged 16-18 will be joining the usual college interns at the firm this summer. And yes, they’re getting paid. CLA’s high school intern class of 69 people will be working across 14 offices: Baltimore, Charlotte, Chicago, Des Moines, Indianapolis, Philadelphia, Milwaukee, Minneapolis, Nashville, Phoenix, Boston, Seattle, Tampa, and Toledo.

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Balancing crypto's volatility with fair value accounting principles

Accounting Today

The unpredictable nature of digital assets stands out as both a defining characteristic and a significant challenge for investors and accounting professionals alike.

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Unrealized Gains Tax Upheld by Supreme Court

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) In a long-awaited ruling, the U.S. Supreme Court upheld a tax on unrealized gains, affirming the constitutionality of a mandatory repatriation tax introduced by the Tax Cuts and Jobs Act (TCJA). In upholding the tax, Justice Brett Kavanaugh, writing for the majority stated, “The MRT—which attributes the realized and undistributed income of an American-controlled foreign corporation to the entity’s American shareholders, and then taxes t

Tax 116
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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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Readying for Hockey-Stick Growth, Patriot Software Unleashes New CEO

Patriot Software

Canton, OH Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately.

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New South Carolina Tax Credit to Incentivize Expanding Trail System

Cherry Bekaert

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. South Carolina taxpayers who encumber their property with a perpetual recreational trail easement and right-of-way are allowed a one-time income tax credit equal to ten cents for each square foot of the property that is encumbered by the recreational trail easement.

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Fixing the pipeline problem

Accounting Today

The National Pipeline Advisory Group's recommendations cover a wide range of ways to attract more people to the profession, and Jennifer Wilson walks us through what everyone can do to help.

Account 118
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IRS Offers Guidance on Exceptions to Tax on Early Emergency Retirement Distributions

CPA Practice

In Notice 2024-55 (PDF) issued on June 20, 2024, the Internal Revenue Service is providing guidance on exceptions to the additional tax incurred when taxpayers with tax-deferred retirement accounts take an early permissible retirement plan distribution for emergency personal expenses, and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024.

Tax 114
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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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2025 ProAdvisor Awards - Advantages of Self-nomination

Insightful Accountant

Some ProAdvisors feel odd about nominating themselves, you really shouldn't. more than 70% of those achieving award status in our 2024 process were self-nominees. Murph tells you the advantages of self-nomination in today's feature.

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Deloitte Survey: Management Thinks Everyone Is Doing Way Better Than They Actually Are

Going Concern

Deloitte has released their third Well-being at Work Survey and guess what? The workers aren’t so well. Here’s a fun figure from the survey of 3,150 C-suite executives, managers, and workers across four countries for you: Only 43% of workers say their organizations have left them better off than when they started. Well-being isn’t doing so well either.

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Oracle NetSuite Honored With Frost & Sullivan’s 2024 Global Company of the Year Award 

Withum

In an exciting development, Oracle NetSuite was recently recognized by Frost & Sullivan, a renowned global research and consulting firm, with the 2024 Global Company of the Year Award for Leading Innovation in Cloud Business Management Solutions. This award demonstrates NetSuite’s excellence in the industry and showcases its strong technology and ability to innovate and deliver unparalleled value to its customers.

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How Government Contractors Can Master the Art of Timekeeping

CPA Practice

By Jim Wesloh U.S. government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Failure to maintain an acceptable accounting system may result in the withholding of payments from the government to a contractor.

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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The 20 best states to be rich

Accounting Today

Residents with high earnings in these 20 states get a bigger break on their taxes, paying a smaller percentage of their income.

Tax 126
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Layoff Watch ’24: KPMG Australia Throws Out Babies and Bath Water in Consulting

Going Concern

As we know, it’s been a rough year and a half or so for consulting. Things are so bad in the UK firms have been shedding staff left and right while Australia has been suffering with the one-two punch of slowed client demand and the continued fallout of the PwC tax scandal leading to lost clients, reputational damage, and continued tongue-lashings from parliament.

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Karol Y Haugan Named Woman to Watch Nominee, Emerging Leader Category

Withum

Withum is proud to share that Karol Y Haugan , Tax Manager, was nominated for the Florida Institute of Public Accountants (FICPA) 2024 Woman to Watch Awards in the Emerging Leader category. The FICPA’s Women to Watch Awards is an annual program that recognizes outstanding women in the accounting profession, celebrating two categories of emerging and experienced leaders.

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How to Recruit the Best Junior Financial Staff

CPA Practice

Competition for top talent is tough across all sectors. This is particularly true in finance, given the number of opportunities for recent graduates, spanning fintech, wealth management, accounting and financial analysis. Here’s a snapshot of 2024 finance graduates and some strategies on how to attract the best talent. Finance graduate job market trends Even though traditional careers in finance like analysts and advisors are always in high demand, the graduate job market in this profession is u

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.