Wed.Jun 05, 2024

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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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Introducing our 2024 Xerocon London event partners

Xero

Xerocon London is just under a week away on 12 and 13 June, and the ExCeL exhibitor floor will be full to the brim with stands showcasing some of the best and most loved apps, tools and services for accountants, bookkeepers and small businesses. This year, you can expect to see just under 60 exhibitors at the event, including many leading Xero App Store app partners.

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Many nonprofits missed filing deadline

Accounting Today

Between inflation and reduced contributions, charities and not-for-profits are being squeezed, and even though millions of them are tax-exempt, a lot of them need extra help and time to file their Form 990 with the IRS.

Tax 297
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What are the KPIs in Accounts Payable for Health and How to Improve Them

Fidesic blog

Healthcare accounting is often complex. Healthcare accounting is often managed by health support organizations or management offices that handle tons of vendors across geographies. This can create pretty complex back-office processes. This includes super complex invoice processing requirements.

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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NPAG: All hands on deck to solve the pipeline problem

Accounting Today

Restocking the accounting profession's talent pipeline is everyone's responsibility, says the National Pipeline Advisory Group.

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5 Minutes to Set Up - Invoice Data Capture for Business Central

Fidesic blog

Get started in minutes with invoice data capture. Fidesic MagiCapture for Business Central is easy to install. Still entering invoice data manually? A better process is only 5 minutes away.

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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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Governance and leadership dynamics in accounting firms need scrutiny

Accounting Today

The shift of public accounting firms, traditionally focused on providing auditing and tax services, into expansive multidisciplinary firms has long raised concerns among investors and regulators.

Auditing 168
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Jun 5, Learn How To Use QuickBooks | Learning QuickBooks

Bookkeeping Essentials

Learning how to use QuickBooks to create & customize reports such as cheques issued, customer deposits, holdbacks will help you make sound business decisions.

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NYC congestion pricing risks delay after Hochul weighs pause

Accounting Today

New York Governor Kathy Hochul is considering delaying a plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses.

Tax 161
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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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Nancy McClelland's Biggest Takeaways of Scaling New Heights 2023

Insightful Accountant

Gear up for Scaling New Heights 2024 by taking a look at Nancy's takeaways from last year's Scaling New Heights.

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SEC hedge fund fee disclosure rule struck down by US court

Accounting Today

The U.S. Fifth Circuit Court of Appeals in New Orleans sided with the private funds industry, which argued that the agency overstepped its authority.

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Be Insightful at Scaling New Heights: Unveiling Exclusive Perks at Insightful Accountant's Booth

Insightful Accountant

Join us at the Scaling New Heights conference for exclusive offers, insightful resources, and more at the Insightful Accountant booth! Elevate your practice to new heights with us.

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Spanish court grants 'Bitcoin Jesus' bail in extradition fight

Accounting Today

A crypto investor known as "Bitcoin Jesus" has been released on bail in Spain, where he faces extradition to the U.S. on tax fraud charges.

Tax 168
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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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Tax Professionals' Guide to Assisting Freelance Clients

Insightful Accountant

Post-COVID, the freelance economy is booming. Tax pros face challenges managing a mix of employees and contractors. Clients seek help with self-employment taxes, offering growth opportunities for tax professionals.

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Weather victims in Massachusetts get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those impacted by last September's storms and flooding.

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Mastering Financial Management: Essential Bookkeeping Strategies for Small Business Success

Less Accounting

In the complex and fast-paced world of entrepreneurship, mastering the art of bookkeeping is not just a necessity—it’s a strategic advantage that can significantly determine the success of a small business. Effective financial management enables business owners to make informed decisions, maintain compliance with regulations, and optimize their operations.

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Private sector hiring and pay growth slowed in May

Accounting Today

The jobs market showed signs of a slowdown last month as the private sector added 152,000 jobs in May, while annual pay grew 5.0 percent year-over-year, ADP reported.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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New Service Idea: Time-Saving Accounting Audit

Future Firm

Most firms struggle to show how they can save clients time. In this episode, I'll share how to market & sell this benefit effectively. The post New Service Idea: Time-Saving Accounting Audit appeared first on Future Firm.

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Depreciation, depletion, and amortization (DD&A)

Accounting Tools

What is Depreciation, Depletion, and Amortization? Depreciation, depletion, and amortization (D&A) refers to the set of techniques used to gradually charge certain costs to expense over an extended period of time. More specifically: Depreciation. This is the planned, gradual reduction in the recorded value of a tangible asset over its useful life.

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

Insightful 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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Translation adjustments definition

Accounting Tools

What are Translation Adjustments? Translation adjustments are those journal entries made during the process of converting an entity’s financial statements from its functional currency into its reporting currency. These adjustments are made by a corporate parent when it has received financial statements from a subsidiary that use a different currency than the reporting currency of the parent.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Jun 5, Compliance Tax Rates

Bookkeeping Essentials

Canadian and U.S. compliance tax rates for small business owners who work from home. Prescribed interest rates, mileage, auto allowance, EI, CPP, FICA, FUTA and more.

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Tired of Scattered Systems and Missed Opportunities? Streamline Your Accounting Firm with Cajabra

Insightful Accountant

If you're an accountant longing for a simpler, more automated solution, look no further than Cajabra, the all-in-one CRM designed specifically for your needs.

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Supplementary statement definition

Accounting Tools

What is a Supplementary Statement? A supplementary statement is a supporting schedule that expands upon the information in an organization's income statement , balance sheet , or statement of cash flows. These statements are typically attached to a set of financial statements when the statements are being distributed outside of the organization; they are rarely attached to internal distributions.

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QuickBooks Connect is now Intuit Connect

Insightful Accountant

Intuit has changed the name of 'QuickBooks Connect' to 'Intuit Connect' for 2025 and in so doing has announced the dates for this year's event.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.

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Service life definition

Accounting Tools

What is Service Life? Service life is the time period over which an asset is expected to be used. It is the basis for the depreciation of an asset, since depreciation only spans the service life of an asset. If there is a chance that an asset will become obsolete or fall into disuse later in its life, then its physical life may prove to be longer than its service life.

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Expense reimbursement simplified

Nanonets

Expense reimbursements are typical in today's work environment. An employee expense can range from $3 for a coffee to a few hundred dollars for a business flight. These can add up to billions of dollars that companies need to reimburse their employees. When it comes to expenses and reimbursements, two things come to mind. For businesses, it's about effectively controlling business spending and increasing compliance.

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The difference between accruals and deferrals

Accounting Tools

What is an Accrual? An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. It is an essential element of the accrual basis of accounting. Using accruals allows a business to more closely adhere to the matching principle , where revenues and related expenses are recognized together in the same period.

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Celebrating excellence at the 2024 Xero Awards Asia

Xero

Every year, Xero Awards gives us an opportunity to celebrate the incredible commitment and achievements of our accounting, bookkeeping, and ecosystem partners, who work tirelessly to help small businesses throughout Asia thrive. The last year has been a challenging one. Amidst macro economic challenges like inflation, rising costs and talent shortages, you have been the first line of support for Asia’s small business.

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Global Accounting Principles and Commission Capitalization

Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase

ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract. Join us for this webinar when Airbase Controller Kelly Hicks and Ryan Dillard, a Director at CBIZ ARC Consulting explore how to approach capitalizing sales commissions under ASC 340-40.