Tue.Feb 06, 2024

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IRS updates 1099-K guidance for tax season

Accounting Today

The Internal Revenue Service revised its frequently asked questions on the Form 1099-K to alleviate confusion this filing season.

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Leap into AI this Leap Year

Fidesic blog

Join us on Leap Year Day! Are you empowering yourself with AI? Let's talk AI for Microsoft Dynamics ERP. How to take the AI reigns for the accounting department and learn about AI tools available in the Azure ecosystem.

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The 20 worst states for saving

Accounting Today

The local environment for debt and income, cost of living, housing, and taxes can make a big difference when it comes to putting away money.

Tax 300
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What ProAdvisor Award Applicants are Saying about Apps

Insightful Accountant

Thought you might be interested in some preliminary information about what the 2024 'Domestic' (US) ProAdvisor Applicants are telling Insightful Accountant about their 'App' experiences.

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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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Treasury, IRS project billions more in revenue from IRA

Accounting Today

A new analysis forecasts a higher return on investment from the Inflation Reduction Act of 2022, but only if the funding isn't reduced.

Tax 300
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Metrics Advisor: Net Retention

Insightful Accountant

Are you calculating 'Net Retention' to determine the health of the subscription-based businesses you advise? If not, you should be.

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5 AWS Trusted Advisor Alternatives for 2024

Economize

Trusted Advisor is an in-house tool from AWS that provides recommendations to optimize your cloud infrastructure based on user analytics, configurations, resource utilization metrics, and AWS best practices. Trusted Advisor examines your AWS environment and provides recommendations for areas of improvement like Cost Optimization, Performance, Security, Fault tolerance, Service limits, and Operational Excellence.

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IAASB proposes to increase auditors' responsibility to spot fraud

Accounting Today

The International Auditing and Assurance Standards Board is proposing to toughen its rules for requiring auditors to look for signs of fraud in a client's financial statements.

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How Much Time Should Small Business Owners Spend on Accounting?

CSI Accounting & Payroll

Small business owners who do their own accounting may pat themselves on the back for saving money, but sometimes they wonder if it’s worth it. How much time spent on accounting each month is too much before it makes more sense to just outsource it to professionals? CSI Accounting & Payroll has done monthly accounting for small businesses for over 50 years, and we often get asked the following questions by prospective clients: How many hours per month does accounting take?

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Inside the IRS failure-to-pay penalty relief initiative

Accounting Today

And what to do if your client hasn't received their abatement from the IRS.

Tax 300
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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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Navigating the Singapore GST Rate Change in 2024: Five Strategies

Counto

On 1 January 2024, Singapore increased its Goods and Services Tax (GST) from 8% to 9%. With this change, small- and medium-sized enterprises (SMEs), are faced with the challenge of preserving their bottom line amidst mounting cost pressures. Here are three key strategies to help businesses navigate the GST hike and maintain competitiveness: 1. Voluntary GST Registration While businesses with taxable supplies exceeding S$1 million annually are required to register for GST, voluntary registration

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Big Bitcoin bet on verge of accounting windfall

Accounting Today

Quarterly results at MicroStrategy Inc. will likely get more volatile under a recently approved accounting rule change that requires valuing the digital asset at market prices.

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Register for IRS Tool to Monetize Clean Energy Credits

Insightful Accountant

Discover the new IRS tool to monetize clean energy credits, allowing businesses, tax-exempt organizations, and government entities to apply these options to specific tax credits, even without taxable income.

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Don't hold up tax returns for extenders bill

Accounting Today

The Senate may not get to the Tax Relief for American Families and Workers Act soon enough to impact returns.

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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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From Burned Out Auditor to Chief Accounting Officer: A Chat with Brandt Kucharski

Blake Oliver

If you think the life of an accountant is all boredom and burnout, think again. Brandt Kucharski burned out in public accounting but didn't stay bored for long. Brandt left public accounting to join delivery app GrubHub as the company's first senior accounting hire. At that time, GrubHub was only operating in one or two cities (mainly Chicago) and had around $1-2 million in revenue, all tracked on QuickBooks.

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Platform Accounting Group gets $85M funding round

Accounting Today

The Utah-based company that invests in and acquires small accounting firms has received an $85 million minority funding round to support its expansion.

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Benefits of Cash Application Automation

oAppsNet

Traditionally, the manual efforts required to match received payments to corresponding invoices have been time-consuming and prone to errors. However, cash application automation has emerged as a transformative force, ushering in a new era of efficiency and reliability for businesses of all sizes. In this exploration, we will delve into the multifaceted benefits of cash application automation, shedding light on how it reshapes financial operations and elevates organizational performance. 1.

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Citrin Cooperman expands in South Florida

Accounting Today

The Top 25 Firm added a tax, attest and business advisory firm in Fort Lauderdale.

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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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Last-Minute Tax Planning: What to Do in February

Bookkeeping Express

As February unfolds, business owners find themselves at a critical crossroads for tax planning. In the landscape of business finances, strategic last-minute decisions can have a profound impact on the year-end outcome. At Bookkeeping Express, we understand the unique challenges that business owners face during this crucial period. This blog explores specific steps business owners should take for effective last-minute tax planning in February.

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"No touch" tax prep expected to jump 37%

Accounting Today

The proportion of accounting firms offering "no touch" tax prep is projected to increase 37% in the next one to three years.

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AP Automation for Xero

Tipalti

Enhance your end-to-end payables process with AP automation add-on software that seamlessly integrates with Xero. Find the best AP automation add-on for your business.

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In the blogs: Perfect examples 

Accounting Today

Avoidance above all; conferences to attend; creeping brackets; and other highlights from our favorite tax bloggers.

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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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Scribd

Tipalti

With Tipalti, Scribd fully automated the complex approval process for purchase orders and invoices.

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Member Spotlight: A Leap of Faith

NACM

As a professional in any career path, change is inevitable and necessary to grow. NACM's Professional Certification Program gives credit professionals the exact tools they need for growth. With six levels of certification including in-house courses, online courses and exams, this program is designed to contribute to a credit professional's wel.

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The Comprehensive Guide to Intercompany Reconciliation

Nanonets

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. It's a crucial step in the intercompany accounting process and for preparing a consolidated statement for financial reporting. Intercompany accounting is significantly more complicated than standard accounting since it requires balancing multiple ledgers, tracking internal/external transactions, forex conversion, performing intercompany eliminations and settlements, and preparing a c