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.

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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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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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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.

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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.

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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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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 165
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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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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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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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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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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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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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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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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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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

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.

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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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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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Secure SaaS Success: Embedded Finance as a Competitive Advantage

Speaker: Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms

Join us for an exclusive webinar hosted by Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms, where he’ll explore the significant impact of embedded finance on the software industry! This session is designed to provide you with the strategic insights needed to navigate the future of SaaS successfully, all while gaining a deeper understanding of how these trends can enhance your competitive edge, boost revenue, and deepen customer loyalty.

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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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When to put parentheses around a number

Accounting Tools

What is the Purpose of Parentheses in Accounting? In accounting, the presence of parentheses around a number indicate that the number is negative. For example, a cash balance of $(1,000) means that a business has a negative $1,000 cash balance. When to Use Parentheses in Accounting In accounting, there are several situations in which it is common practice to put parentheses around numbers.

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Biden vetoes repeal of requirement to count crypto as liability

Accounting Today

The White House has vetoed a bill that would have repealed a measure requiring custodians of crypto assets to count them as liabilities on their balance sheets.

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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