Sat.Jan 11, 2025 - Fri.Jan 17, 2025

article thumbnail

Areas to Address in Using AI in Accounting

BurklandAssociates

AI aids tasks like bookkeeping and tax prep but can't replace expert accountants for oversight, data review, and decision-making. The post Areas to Address in Using AI in Accounting appeared first on Burkland.

Account 147
article thumbnail

The Top 10 IRS Criminal Cases of 2024

CPA Practice

The IRS says the defendants in these cases committed millions of dollars in fraudulent activity, duped investors into believing they were going to strike it rich and tried to funnel money to terrorist organizations.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Is it time to start your own firm?

Accounting Today

Whether you should hang out your shingle as an accountant depends on the answers to a number of questions.

article thumbnail

Employment outlook for 2025

TaxConnex

Finding qualified tax professionals is tough across all industries for a number of reasons. Whats working for and against your company as you work to find the folks to help with your sales tax compliance? First, realize that youre not alone. Even though overall employment is expected to hover around its current 4.2% for most of this year, unemployment among accountants has historically been less than half of that.

article thumbnail

AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

article thumbnail

The Key to SMB Success: Leveraging CFO Support Services

AccountingDepartment

In today's ever-changing business environment, having a solid financial strategy is crucial for achieving success. But what if your small or medium-sized business (SMB) can't afford to hire a full-time financial executive? That's where CFO support services come ina revolutionary solution for SMBs and startups. This blog explores what a CFO support service provider is, the significant value they offer, and why your business might benefit from their expertise.

article thumbnail

Many Auditors Are Still Married to Their Excel Spreadsheets, Report Finds

CPA Practice

While Excel's versatility has made it a staple for decades, it's limitationssuch as version control issues, manual data entry errors, and collaboration bottlenecks are becoming increasingly problematic," accounting automation platform Trullion says in a new report.

auditor 119

More Trending

article thumbnail

It’s 2025: Are You Too Late to the AI Party?

Withum

The constant waves of hype about artificial intelligence have left many business leaders asking themselves an increasingly urgent question: “Have we missed our chance?” With headlines trumpeting AI successes and competitors announcing ambitious AI initiatives, it’s easy to feel like you’re falling behind. But before you rush to implement AI solutions out of FOMO (fear of missing out), let’s examine why “too late” is a relative concept and why thoughtful

article thumbnail

Software Tax Deduction: Can You Deduct the Cost of Software for Your Business?

Patriot Software

Millions of businesses use at least one small business software platform to do everything from running payroll to managing customer relationships. Software can simplify processes, save time, and ensure accuracy. But the more systems you use, the greater your costs. Can you take a software tax deduction to offset your expenses?

Tax 109
article thumbnail

AI implementation at firms grows 34% in a year

Accounting Today

A recent survey from Wolters Kluwer found that implementation of AI search and productivity tools at firms went from 1% in 2023 to 35% in 2024.

article thumbnail

U.S. sales tax requirements for Canadian sellers

TaxConnex

Canadian eCommerce companies used to the simplicity of most nations sales tax systems (including, to a degree, their own) could be in for a shock when they try to sell online to customers in the United States. But the market of Uncle Sam isnt a total brick wall of complexity if a Canadian seller does their homework. Similar but more complicated U.S.

Sales 130
article thumbnail

Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

article thumbnail

How CFOs Can Foster a Culture Of Transparency in Financial Reporting

GrowthForceBlog

8 min read January 16th, 2024 As CFO, you hold a wealth of financial information, and it's up to you (and the executive team) to determine how much of your business's financial information you want to share with the rest of the company, and it's best not to hold all of your cards too close. Key Takeaways What Is Financial Transparency: The practice of being more open about a business's finances.

article thumbnail

How to Track Business Expenses Without the Stress

inDinero Tax Tips

Running an LLC or startup means wearing many hats, and learning how to track business expenses may not be the most exciting one. But with a bit of forethought, you can create a system that saves you time, money, and headaches. In this article, well teach you how to track business expenses in a way thats simple to learn and easily fits into your routine.

article thumbnail

How to turn your New Year’s resolutions into solutions with apps

Xero

Got aspirations for your small business in 2025? The most important part of making New Years resolutions is creating a plan on how you will achieve them and then taking action. Whether you want to grow your business or take a step back and spend less time at work, apps might just be the secret weapon to reaching your goals. This year, turning your business resolutions into solutions might be as simple as connecting a new app to Xero.

article thumbnail

Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for.

audit 96
article thumbnail

Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

article thumbnail

The High Cost Of Not Keeping Up With Your Bookkeeping

Randal DeHart

If you ask 100 business owners what they like least about running a business, bookkeeping will likely rank high. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your construction company's financial situation can result in missteps that could ultimately cost you your business.

article thumbnail

Lessons from the Bench Shutdown: How to Safeguard Your Business’s Financial Data

AccountingDepartment

When an accounting service provider unexpectedly closes, businesses may find themselves in a rush to retrieve their financial data and maintain operations. The recent closure of a major accounting platform highlights the essential need for businesses to protect their financial information proactively.

article thumbnail

In Memoriam: Al Dale, Founding Partner of DMCL

DMCL

It is with deep sadness that we announce the passing of our dear friend, colleague, and founding partner, Al Dale, on January 6, 2025. Als leadership and unwavering dedication have been at the heart of DMCL since its earliest days, and his influence on our firmand on everyone who had the privilege to work alongside himcannot be overstated. Throughout his remarkable career, Al helped shape DMCLs culture of collaboration, mentorship, and exceptional client service.

Account 98
article thumbnail

Introducing ‘Your business supercharged’

Xero

Were excited to unveil our new tagline: Your business supercharged. This is more than just a statement. Its about helping you achieve your business goals. But its also about the journey, the passion and freedom to do what you love. Ultimately, its about helping you unlock your full potential. Time for change Your business supercharged is a reflection of our unwavering commitment to you and the value we hope to provide every day.

article thumbnail

Live Demo - Supercharge your Month End Close

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

article thumbnail

Strong Businesses, Strong Strategic Partnerships

Basis 365

Running a successful business requires more than just a great idea and hard work. It demands a sound financial business model and reliable information to guide decision-making. At Basis 365, we provide outsourced accounting and bookkeeping services, acting as the accounting department for our customers. But building a strong business requires a broader network of strategic partners to address every aspect of your operations.

article thumbnail

Vulture, Er, *Venture Capitalists Are Here

Going Concern

“We do think theres a huge opportunity to roll up accounting firms and automate a lot of the workflow and let the same accounting firms take twice as many clients, says Marc Bhargava, Managing Director at VC firm General Catalyst to Wall Street Journal for their recent piece ‘ AI Has Venture Investors Excited About (Yes) Accounting Firms.’ “The idea is not to cut people with AI, the idea is to enable them to do two to three times the work.” According to their Linked

article thumbnail

U.S. Taxpayers May Elect OECD’s SSA Method for Pricing Intercompany Baseline Marketing and Distribution Activities

Withum

The U.S. Department of the Treasury and IRS (collectively, Treasury) on December 18, 2024, published a Notice 2025-04 (Notice) and announced their intent to issue proposed regulations and other guidance on applying the Simplified and Streamlined Approach (SSA) method of the Organization for Economic Co-operation and Development (OECD) for pricing certain controlled transactions involving baseline marketing and distribution activities.

article thumbnail

Managing transformational change in corporate tax departments: Key strategies and approaches

ThomsonReuters

Blog home In corporate tax departments, change comes in many forms. There is incremental changesmall adjustments to everyday activities that may be important, but dont necessarily affect the organizations overall direction or culture. And then, there is transformational changebig, bold initiatives that deeply influence a companys operations, processes, and culture.

article thumbnail

Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

article thumbnail

Wolters Kluwer releases inaugural report, the Future Ready Accountant, highlighting key trends in the global tax & accounting industry

Accounting Insight

The comprehensive, global study offers in-depth insights into the global tax and accounting industry and the trends that are shaping the profession. Wolters Kluwer Tax and Accounting (TAA) is pleased to announce its inaugural global study, the Future Ready Accountant, is now available. This comprehensive study provides an in-depth analysis of the global tax and accounting industry landscape, with an exclusive focus on consequential topics shaping the profession, such as technology advancement, A

article thumbnail

Layoff Rumor: RSM US Cuts in Risk Management, Staff Think the Jobs Are Going to India

Going Concern

Can you imagine why people at RSM US would think jobs are going to India when they see their colleagues laid off ? It’s a mystery. Anyway, tip we received this PM: RSM US cut a bunch of teams within their risk management function. Impacted teams were conflicts, independence, and enterprise risk management. Chief Risk Officer gave a 5 minute call with no question or answer period.

audit 69
article thumbnail

Why Project Management Is Non-Negotiable: 10 Key Reasons to Avoid Chaos and Ensure Success

Withum

Imagine your organization is engaged in multiple projects each with its own objectives, deadlines and stakeholders. Now, picture this firm without any form of project management. Why project management, you ask? Projects begin with excitement but soon, confusion reigns. Deadlines are missed, budgets spiral out of control and your stakeholders are frustrated.

article thumbnail

Budget Addresses Key Changes to Agricultural Property Relief

Menzies

Menzies LLP - A leading chartered accountancy firm. Budget Reforms Fuel Farming Controversy Following the new Labour Governments first budget, Business Property Relief (BPR) and Agricultural Property Relief (APR)reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) has sparked controversy within the Welsh farming community, fuelling further uncertainty for businesses already navigating uncertain economic conditions.

article thumbnail

Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

article thumbnail

How To Download Your IRS Account Transcript to Look Up Your Estimated Tax Payments (Updated Jan 2025)

Nancy McClelland, LLC

It’s tax time, you’re digging through your records… and your preparer or tax software asks about tax payments you’ve already made. Um, was I supposed to track those? Lots of small business owners pay what are known as “quarterly estimated taxes” to the IRS and their state department of revenue throughout the year — as a replacement or in addition to W-2 withholding, in order to pay tax on their self-employed or pass-through company’s profit.

Tax 52
article thumbnail

Strategic Business Planning to Level Up Your Mount Vernon Business

SkagitCountyTaxServices

What are your goals for your Skagit County business this year? Im going to assume filing your taxes on time is already on your list. For the financial well-being of your business, that needs to be one of your top priorities right now. And the IRS has just announced: Tax season starts on January 27th. Which makes right now the most crucial time to strategically optimize your tax return.

article thumbnail

CSRD and California Assurance Requirements: Paving the Way for ESG Reporting in the U.S. 

Withum

In recent years, Environmental, Social, and Governance (ESG) reporting has gained significant traction globally, but the landscape in the U.S. is not as robust as many other places in the world (we have a lot of catching up to do). However, two pieces of legislation, the European Union’s Corporate Sustainability Reporting Directive (CSRD) and California’s Climate Corporate Data Accountability Act (SB 253), are emerging as game-changers in the ESG landscape in the United States.

article thumbnail

Retention of Title Claims: What Are They, and Could They Be Helpful in an Insolvency Scenario?

Menzies

Menzies LLP - A leading chartered accountancy firm. Retention of Title (ROT) iswhere the seller of physical goods attempts to protect itself against non-payment by retaining ownership of those goods until payment is received, even after the goods have been delivered. There are two types of ROT clause: Simple clause The goods supplied under a specific invoice remain the property of the seller until all such goods on the invoice have been paid for.

Legal 52
article thumbnail

How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.