Thu.Jan 25, 2024

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IRS offers relief on Maryland college savings rollovers

Accounting Today

The Internal Revenue Service and the Treasury Department issued a notice to provide relief to parents who got snagged by problems with Maryland's prepaid college savings program.

Tax 310
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AccountingDepartment.com Attends Vistage ChairWorld 2024

Accounting Department

This week, AccountingDepartment.com Business Development Representative, Luke Backus, attended ADC's 10th Vistage ChairWorld in San Diego, CA! ChairWorld is a place for Vistage Chairs to come together and attend various breakout sessions, networking opportunities, and evening fun to learn new strategies, improve leadership skills, and more.

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IRS previews free Direct File tax program

Accounting Today

The Internal Revenue Service showed off its upcoming Direct File free tax preparation service ahead of its pilot test in a dozen states starting in March.

Tax 293
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Doubling Down on the Importance of Clean FinOps Data

FinOps Foundation

Key Insight Microsoft is expanding the cost and usage data available in the portal so that FinOps practitioners can gain insights that improve their practice. Summary Education : Microsoft wants to help organizations learn how to adopt FinOps. While tools help with implementing FinOps, the cultural shift can be more difficult, so Microsoft is focusing on teaching people about the collaboration that is required to be successful with FinOps.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Tax Strategy: Struggling to make the Clean Vehicle Credit work

Accounting Today

As the Internal Revenue Service develops guidance to implement these statutory requirements, it is finding it necessary to make some compromises.

Tax 294
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Export FOCUS-compliant Datasets

FinOps Foundation

Key Insight Microsoft is expanding the cost and usage data available in the portal and making more datasets available through cost management exports. Summary Education : Microsoft wants to help organizations learn how to adopt FinOps. While tools help with implementing FinOps, the cultural shift can be more difficult, so Microsoft is focusing on teaching people about the collaboration that is required to be successful with FinOps.

FinOps 130

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Export FOCUS-compliant Datasets

FinOps Foundation

Key Insight Microsoft is expanding the cost and usage data available in the portal and making more datasets available through cost management exports. Summary Education: Microsoft wants to help organizations learn how to adopt FinOps. While tools help with implementing FinOps, the cultural shift can be more difficult, so Microsoft is focusing on teaching people about the collaboration that is required to be successful with FinOps.

FinOps 130
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GRI issues biodiversity standard

Accounting Today

The Global Reporting Initiative published a major update to its biodiversity standard for organizations to disclose their most significant impacts on the number of plant and animal species throughout their operations and supply chain.

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Leverage Granular, FOCUS-compliant Datasets for FinOps

FinOps Foundation

Key Insight Microsoft is expanding the cost and usage data available in the portal and making more datasets available through cost management exports. Summary Education: Microsoft wants to help organizations learn how to adopt FinOps. While tools help with implementing FinOps, the cultural shift can be more difficult, so Microsoft is focusing on teaching people about the collaboration that is required to be successful with FinOps.

FinOps 130
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He Said, She Said: Are leaders born or made?

Accounting Today

Angie Grissom and August Aquila debate whether you can make a strong leader out of an ordinary person, or are there certain innate traits that simply can't be taught?

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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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Microsoft Improves Cost and Usage Data Accessibility for FinOps Practitioners

FinOps Foundation

Key Insight Since clean, usable data underpins all of FinOps, Microsoft is expanding the cost and usage data available to you in the portal, and making more datasets available to you through cost management exports. Summary Education: Microsoft is investing in helping organizations learn how to adopt FinOps. While tools help with implementing FinOps, the cultural shift can be more difficult, so Microsoft is focusing on teaching people about the collaboration that is required to be successful wit

FinOps 130
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Unlock opportunities for tax incentives in opportunity zones

Accounting Today

Investors have a wealth of options for putting their capital gains to work through this program.

Tax 131
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Top 11 Cybersecurity Threats Accounting Firms Should Watch in [2024]

Ace Cloud Hosting

In today’s accounting world, where computers help us work better, keeping our data safe is super important. Some new numbers show just how much we need to watch out. A.

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Tax Fraud Blotter: "Rice" and shine

Accounting Today

GUILTY4EVER; lack of security; just trust me; and other highlights of recent tax cases.

Tax 126
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Your New & Improved Month-End Close Process Is Not So Far Out of Reach!

All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!

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One Top 100 ProAdvisor's Experience at the Hector and Carlos Garcia Conference

Insightful Accountant

Top 100 ProAdvisor Laurie O'Neil shares her experience participating in an event hosted by Hector and Carlos Garcia last October.

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7 Accounts Payable Trends in 2024

MineralTree

The past year in finance was riddled with economic uncertainty, accompanied by challenges like staffing constraints and the need to optimize efficiency with limited resources. Despite the start of a new year and promises of rate cuts on the horizon, MineralTree’s 8th Annual State of AP Report revealed that many of these trends and hurdles aren’t fading away — they’re evolving.

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How To Take The Pain Out Of Busy Season

Cloud Accounting Podcast

Blake and David discuss the challenges of busy season and achieving work-life balance as accountants. They also debate the value and investment risks of cryptocurrency and analyze global economic impacts like outflows from China's economy. They also review some of the latest AI trends including self-driving vehicle safety data, and examine some recent news regarding a software error falsely accusing hundreds, an SEC crypto ETF approval, and a feel-good small town tax budget balanced without rate

Tax 67
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ChatGPT for accountants: 3 ways to boost your firm's productivity

Blake Oliver

Accountants, are you ready to embrace the future? In my latest article on the Firm of the Future blog , I showcase real-world applications of AI chatbots in our profession. Gone are the days when AI was just a buzzword. Now, it's a practical tool boosting our productivity in ways comparable to the advent of electronic spreadsheets. The potential is huge, from answering client queries in record time to analyzing complex legal documents and even posting QuickBooks transactions.

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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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Time Management Hacks to Balance Multiple Clients During Tax Season

LedgerDocs

Tax season is a whirlwind for most bookkeepers, you are generally trapped in a state of juggling the financial affairs of multiple clients simultaneously. To have a smooth tax season, bookkeepers need to remember and meet various tax deadlines, remain organized, and maintain their accuracy. This can be easier said than done without some effective strategies with checks and balances to keep you on track.

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Vendor Reconciliation Best Practices

oAppsNet

In the intricate ballet of financial management, vendor reconciliation takes center stage, ensuring harmony between a company and its suppliers. This article unveils the best practices that elevate vendor reconciliation from a routine task to a strategic imperative. Understanding and implementing these best practices is essential for financial precision, from establishing a solid foundation to navigating advanced strategies. 1.

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ChatGPT for accountants: 3 ways to boost your firm's productivity

Blake Oliver

Accountants, are you ready to embrace the future? In my latest article on the Firm of the Future blog , I showcase real-world applications of AI chatbots in our profession. Gone are the days when AI was just a buzzword. Now, it's a practical tool boosting our productivity in ways comparable to the advent of electronic spreadsheets. The potential is huge, from answering client queries in record time to analyzing complex legal documents and even posting QuickBooks transactions.

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Top Finance and Procure-to-Pay Communities for Accounts Payable

Nanonets

Automating accounts payable (AP) differs from many other enterprise business processes. First, it is collaborative, involving transactions with suppliers and other third parties. Second, for best results, it requires tight collaboration with related departments such as procurement, treasury and supply chain, among others. For that reason, relevant communities and resources for accounts payable extend beyond finance.

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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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Paperless Invoicing: Is It Better Than Paper Invoice?

Invoicera

Summary While paper invoices have served their purpose well over the years, they also posed challenges related to storage, retrieval, and environmental impact. Yes, paperless invoicing is better than paper invoices as it reduces environmental impact compared to paper invoices. It is cost-effective, saving on paper, printing, and postage. Online invoices say the market for electronic invoices is estimated to surpass $25 million by 2027.

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Free Bank Reconciliation Template

Nanonets

Our free Bank reconciliation template provides a simple way to reconcile your cashbook with your bank statement. Hit the download button and follow our guide to learn more. <Not final link> Download Free Bank Reconciliation Template Example of our Excel bank reconciliation template: How to do bank reconciliation? Bank Reconciliation is the process of matching the company’s cashbooks to the bank statement.

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Free Credit Card Reconciliation Template

Nanonets

Our free Bank reconciliation template provides a simple way to reconcile your cashbook with your bank statement. Hit the download button and follow our guide to learn more. <Not final link> Download Credit Card Bank Reconciliation Template Example of our Excel credit card reconciliation template: How to do credit card reconciliation? Credit card reconciliation is the process of matching credit card records with your company ledger.