Sat.Apr 20, 2024 - Fri.Apr 26, 2024

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Optimizing Cash Flow Management for E-Commerce Businesses

AccountingDepartment

In a dynamic industry where change is the only constant, good cash flow management stands as one of the most critical factors for the success of e-commerce businesses. Navigating the online retail waters is often turbulent, with fast-paced transactions and a myriad of financial nuances that demand efficiency and foresight. Poor cash flow management could capsize even the most promising ventures, while a firm grasp on financial inflows and outflows can propel your e-commerce business forward, ens

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The Future of Offshoring: Key Drivers and Success Factors

Accounting Insight

The global economic playing field is undergoing a significant shift. As a result, the way companies approach offshoring is likely to be fundamentally transformed. This transformation is being driven by four key factors that are leading to a surge in offshoring activity. Developments in technology: Recent progress in technology has made offshoring a practical and budget-friendly option for many businesses.

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Art of Accounting: I walked the talk

Accounting Today

Tax season is the best time of the year for memorable on-the-job experiences.

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Illinois CPA Society Announces 2024 Outstanding Leadership Award Recipients

CPA Practice

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA profession through a variety of prestigious awards. “It’s an honor to formally recognize those who have gone above and beyond in their service to both our organization and the accounting profession,” says Geoffrey Brown, CAE, ICPAS president

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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.

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Audits Are a Joke and Here’s Why According to a Salty Old Industry Veteran

Going Concern

Ed. note: By “salty” I mean in the experienced sailor/pirate way, not the modern definition of someone who’s just mad because they suck. Industry OG and commentator Gene Marks has written an opinion piece for The Hill about what audits actually are that is less opinion and more brutal fact: Why you should be very skeptical of that auditor’s report.

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Everything you need to know about HMRC’s Making Tax Digital programme

Accounting Insight

The first pilot for the Making Tax Digital (MTD), Income Tax Self-Assessment (ITSA), begins on 22 April 2024. Here’s what businesses, landlords and accountants need to know, and how they can prepare for the upcoming changes. In the coming years, we’ll be stepping into a new era of tax filing, one marked by a shift from traditional paper-based processes to a digital-first approach.

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Survey Shows Divide Among Finance Pros When it Comes to the Future of Finance

CPA Practice

The AICPA & CIMA have released their “Redefining Finance for a Sustainable World ” white paper, the latest iteration of their Future of Finance research program. Originally launched in 2019 as the Re-inventing finance for a digital world white paper, this extensive global research program explores the future of the accounting and finance profession in the age of disruption and its broader ecosystem, defining essential skills, competencies, and knowledge needed to succeed in an ever-changing

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QuickBooks Monday Minute | A Step-by-Step Guide to Creating a Pivot Table in QuickBooks Online

Insightful Accountant

If you haven’t learned to harness the power of the pivot, you’re missing out! Follow this detailed, step-by-step guide to create your own pivot tables in QBO and harness the full power of your financial data.

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Deloitte audits nature-related risks on Earth Day

Accounting Today

Deloitte auditors have been turning their attention to climate risks affecting clients who need to deal with a growing array of regulations and laws around the world as the pace of climate change accelerates.

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IRS Begins Audits of Corporate Jet Usage

RogerRossmeisl

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use. The audits will be focused on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether for tax purposes the use of jets is being properly allocated between business and personal reasons.

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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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3 Common HR “Gotchas” That Could Get You During Due Diligence

BurklandAssociates

Many startup founders fail to realize that neglecting HR compliance can lead to significant red flags during investor due diligence. The post 3 Common HR “Gotchas” That Could Get You During Due Diligence appeared first on Burkland.

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Sales tax isn't simple: Is outsourcing the answer?

TaxConnex

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. To handle sales tax in-house, you need someone on staff who understands evolving rules and regulations; can track a galaxy of filing deadlines and notices; and understands how your company growth changes tax obligations.

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If You Missed It, Here’s the IRS ‘Dirty Dozen’ Tax Scams List For 2024

CPA Practice

By Melissa Angell, Inc. (TNS) The IRS is cautioning taxpayers to be aware of its so-called “Dirty Dozen” list. Each year, the IRS puts out a list that compiles prevalent schemes against taxpayers. The list serves as a reminder to remain vigilant about tax scams not only during tax season, but all year long. Taxpayers should take note, given the uptick in problems seen in recent years: The IRS received 294,138 cases of tax-related identity theft during fiscal year 2023, up from the 92,631 cases s

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Workforce Wednesday: QBO Expense Claims - Part 2

Insightful Accountant

In this edition of Workforce Wednesday, Murph finishes up his two-part mini-series on QBO Expense claims by inviting employees to submit expenses, capturing and submitting expense claims, and reviewing and approving expense claims.

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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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Tap overlooked tax breaks to help small business owners

Accounting Today

Experts say that busy entrepreneurs often miss incentives and advantages available to them. Financial advisors and tax professionals can give them a nudge.

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The PwC Partner Class Will Be Much Smaller This Year

Going Concern

Last week PwC announced it is “aligning its organizational structure across three lines of service— Assurance, Tax and Advisory—to better serve client needs, their buying patterns and the market” and now Wall Street Journal is saying the incoming consulting partner class will be much smaller than last year’s. Should we be worried? WSJ: PricewaterhouseCoopers is looking to shrink its new class of U.S. consulting partners by more than 50% compared with last year as demand for adv

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How CPAs Can Compete in the AI Race

CPA Practice

By Chris Stephenson and Eric Hylton. The race to integrate Artificial Intelligence into the workflow of Certified Public Accountants is no longer a futuristic concept, but a current reality. Large accounting firms have made substantial strides in using AI to augment their services and deliver high quality outcomes. Yet, for many CPA firms, particularly small to mid-sized organizations, the current pace of technological advancement can seem dauting.

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Intuit Hosting 'QuickBooks Live' Webinar

Insightful Accountant

Intuit will unpack the latest updates to its QuickBooks Live strategy to prioritize its assisted, do-it-with-me service, taking place on Wednesday, April 24th.

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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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Submissions open for 2024 Top Firms by AUM

Accounting Today

Accounting Today is in the midst of surveying CPA firms with wealth management practices for this year's 'Wealth Magnets' ranking.

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Tragedy Strikes EY Partners’ Pockets

Going Concern

Reported on Friday, Sky News was tipped to a situation at EY UK that could not have been received well by the firm’s 930 equity partners: They won’t be getting record-smashing payouts this year. Stuart Gregory , EY UK & Ireland Managing Partner, Finance and Transformation, supposedly gave a presentation informing fellow partners that profit-per-partner could go down as much as 15 percent for this fiscal year ending June 30.

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2.6% Social Security COLA Estimated for 2025

CPA Practice

By Paul Liotta, Staten Island Advance, N.Y. (TNS) The Social Security Administration typically releases annual cost-of-living adjustments (COLA) in mid-October, but one organization says it will likely be lower in 2025 than years past. The Senior Citizens League, a nonpartisan senior citizens group, released a 2025 COLA estimate of 2.6% April 10. If the estimate holds, that number was lower than the two previous years when the Social Security COLA brought the total benefit up 8.7% in 2023 and 3.

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The Top 25 Up-n-Coming ProAdvisors for 2024

Insightful Accountant

Insightful Accountant proudly announces this year's Top 25 Up-n-Coming ProAdvisors. Congratulations to all being recognized as this year's award recipients.

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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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Press Release: KROST Named Top 100 Firm and Regional Leader 2024 by Accounting Today

KROST

LOS ANGELES, CA – For the fourth year in a row, Accounting Today has named KROST a Top 100 Firm. The firm ranked 82nd on the list by continuing to expand its services. In addition, KROST has once again earned the title of Regional Leader for the second year in a row, marking its third Read the full article. The post Press Release: KROST Named Top 100 Firm and Regional Leader 2024 by Accounting Today appeared first on KROST.

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Weekend Discussion: So How Was Tax Season?

Going Concern

With April 15 come and gone I figured now would be a good time to ask you how it went. I’ll tell you what I saw from my perspective (I stalk all of you on social media but it’s my job so it’s not creepy). Some time last year I noticed more and more practitioners and firm owners on #TaxTwitter expressing a desire to take a step back and sort out the problem clients before filing season hits.

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Three in Four Family Businesses Expect to Grow This Year

CPA Practice

By Sarah Lynch, Inc. (TNS) Family businesses are gearing up for growth. Seventy-four percent of U.S. family businesses are anticipating at least 10 percent growth this year, according to newly released data from Family Enterprise USA, a nonprofit and advocacy group that promotes family businesses. While the organization’s full report—the Annual Family Business Survey—has not yet been released, the organization shared that these growth expectations mark a “significant jump from the prior year.

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If You Missed the Federal Tax Filing Deadline, IRS Assistance is Available

Insightful Accountant

Missed the April tax deadline? File ASAP. IRS aids those unable to pay in full. File promptly if you owe to reduce penalties and interest.

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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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Small businesses are hiring: what to consider when growing your workforce

Xero

The latest Xero Small Business Insights (XSBI) data is a good reminder about the important contribution your small business makes to your local community, particularly around job opportunities. There are more people working in small businesses than a year ago in the three countries where we track jobs (Australia, New Zealand and the UK). In fact, jobs growth is either already well above average, as seen in New Zealand, or accelerating.

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Deloitte Checks in on Women at Work, the Results Aren’t Good

Going Concern

Deloitte released its fourth annual Women @ Work report today and things are so bad for women they couldn’t even spin it for the press release’s title : Deloitte’s Women @ Work report shows stagnating progress in and outside the workplace for women Your report takeaways from the survey of 5,000 women in 10 countries (Australia, Brazil, Canada, China, Germany, India, Japan, South Africa, United Kingdom, United States) are: Half of women say their stress levels have increased since las

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Here’s the Salary a Person Needs to Actually Take Home $100,000 in Every State

CPA Practice

By Leada Gore, al.com (TNS) Most people would snap up a job with pay of $100,000 a year. But bringing that amount home will require good deal more income, according to a recent analysis. GoBankingRates.com looked at how much you need to earn in each state to actually bring home $100,000 a year. The analysis accounts for average federal income taxes and withholdings for Social Security and Medicare, as well as state and local taxes.

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Last Week of Voting for 2024 International ProAdvisors

Insightful Accountant

This is the last week to vote for the candidates you consider most deserving to be recognized as part of the 2024 International ProAdvisor Awards.

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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.