Thu.Jun 06, 2024

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Auditors prioritizing tech for fieldwork phase

Accounting Today

A recent survey from Thomson Reuters said auditors find new technology that assists during the execution/fieldwork phase of an engagement to be most useful.

Auditing 302
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Why Businesses Should Turn to FP&A for the Second Half of 2024

Accounting Department

In today's tumultuous economic climate, the importance of sound financial strategy cannot be overstated—especially for small and medium-sized businesses that might not have the buffer of large corporations. Financial Planning & Analysis (FP&A) isn't just a set of buzzwords; it's a compass for navigating the murky waters of modern economics. As we approach the second half of 2024, now is the time for businesses to fortify their financial plans.

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The tax consequences of digital nomadism

Accounting Today

The freedom of working remotely while traveling the world doesn't include freedom from tax compliance issues.

Tax 324
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Jun 6, Where To Find Online Bookkeeping Courses

Bookkeeping Essentials

Where to find online bookkeeping courses and bookkeeping training. just the bookkeeping basics for the home-based small business doing their own books. and bookkeepers wanting certification.

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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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SEC, FASB officials stress tone at the top, new standards

Accounting Today

Officials discussed some of the latest accounting standards and advice for auditing firms during a USC and FEI conference.

Auditing 308
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Super-variable costing definition

Accounting Tools

What is Super-Variable Costing? Super-variable costing only considers totally variable costs to be part of the cost of inventory. All other costs are charged to expense in the period incurred. This typically means that only direct materials are included in the cost of inventory. The result of this approach is that nearly all costs of production are charged to expense at once, resulting in lower reported profits in the short term.

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AWS CloudFormation: 5 Tips to Optimize Your Cloud Setup

Economize

Introduction to AWS CloudFormation AWS CloudFormation stands out as a powerful tool designed to simplify the process of provisioning and managing a collection of AWS resources. This powerful service enables you to model and set up your entire cloud environment in a consistent manner, ensuring that your deployments are both reliable and scalable.

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Rescheduling may have cannabis businesses choosing different structures

Accounting Today

The timing of restructuring will be critical, though, thanks to its significant tax implications.

Tax 302
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Jun 6, Independent Contractor Rules | The IRS Checklist

Bookkeeping Essentials

Independent contractor rules are used as an IRS checklist to determine if you have misclassified employees. Learn why this is a frequently audited area.

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AICPA updates digital assets guidance

Accounting Today

The practice aid provides information on auditing the valuation of cryptoassets and audit procedures surrounding their existence, rights and obligations.

Auditing 195
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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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What's New in QBO: Invoices via Text Message

Insightful Accountant

QuickBooks Payments recently added the ability for QuickBooks users to send their customers invoices via Text-message.

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US lawmakers accuse Nigeria of taking Binance executive hostage

Accounting Today

Tigran Gambaryan is accused alongside the company of charges including nonpayment of value-added tax and corporate income tax, and complicity in aiding customers to evade taxes through its platform.

Tax 161
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Guide To Tax Registration Procedures In The UAE For 2024

Outsourced Bookeeping

The issue of tax registration is often quite intricate and challenging to address, particularly in the context of the contemporary environment that is rapidly changing, such as the UAE. By 2024, there have been impressive advancements in the efficiency of the taxation system in the UAE where the companies are assisted to fully and effortlessly meet their legal obligations and consequently concentrate on their progress.

Tax 59
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Unveiling the power of accounts payable automation

Accounting Today

It's time finance and accounting leaders seriously considered automating AP functions and marking its place as a standard business practice.

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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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Jun 6, Hiring Independent Contractors | Canada vs US

Bookkeeping Essentials

Hiring independent contractors requires some tax reporting. In the U.S., you must issue a 1099MISC. In Canada, a T4A or T4A-NR is issued.

Tax 72
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Top Remote Accountants for Hire | June 6, 2024

accountingfly

Top Remote Accounting Candidates This Week Looking for remote accountants? Accountingfly can help! With our ‘ Always-On Recruiting ‘ program, you can access highly skilled and experienced remote accountants with no upfront cost. These are just a few of our top candidates this week. Sign up now to receive the full list of top accounting candidates available weekly!

CPA 52
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The Role of a Credit Manager in Your Business

Enterprise Recovery

Credit managers can help your business by ensuring the smooth functioning of credit operations. They are responsible for assessing the creditworthiness of potential clients and managing credit limits to prevent late payments and minimize financial risks. They also play a vital role in collecting accounts receivable and bad debt. By understanding the role of a credit manager in your business, you can effectively utilize their expertise to optimize cash flow and maintain a healthy financial positi

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Strategies for Managing Maintenance Work Orders

oAppsNet

Effective management of maintenance work orders is crucial for any organization aiming to maintain and enhance its operational efficiency, asset reliability, and customer satisfaction. Maintenance work orders, which direct the maintenance tasks on equipment or facilities, are pivotal for scheduling, tracking, and documenting maintenance activities. Implementing strategic management practices ensures these orders are handled efficiently, minimizing downtime and prolonging asset life.

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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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Salesforce Automation

Nanonets

Salesforce is a leading customer relationship management (CRM) platform empowering businesses to connect with customers in innovative ways. Traditionally, managing customer interactions and data involved numerous manual tasks, such as data entry, report generation, and lead tracking. These tasks are not only time-consuming but also prone to human errors, which can lead to inefficiencies and missed opportunities.

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Eliminating Your Way to Growth, Packaging Services, & Pivoting Towards Success w/ Jessica Zoraida

Jetpack Workflow

Podcast Summary In this episode of Growing Your Firm, host David Cristello, founder, and CEO of Jetpack Workflow, welcomes Jessica Zoraida , a Latina entrepreneur and CEO of Big Picture Results. Jessica shares her journey of being self-taught, launching her firm, and navigating various pivots and transitions. Big Picture Results is an accounting and tax company dedicated to helping profitable, growing businesses, particularly those operated by marginalized populations, maximize their financial

AR 52
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Jun 6, Bookkeeping Certification and Training

Bookkeeping Essentials

Bookkeeping certification information for Canadian & American bookkeepers - memberships that help professionalize & increase the quality of your bookkeeping.

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Conquer Process Manufacturing Complexities with BatchMaster and QuickBooks

Insightful Accountant

Finding software that seamlessly integrates with QuickBooks and tackles the unique challenges of your field can feel like an impossible quest. But fear not, BatchMaster is here to help.

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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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Cutoff date definition

Accounting Tools

What is the Cutoff Date in Accounting? In accounting, the cutoff date is the point in time that delineates when additional business transactions are to be recorded in the following reporting period. For example, January 31 is the cutoff date for all transactions that will be recorded in the month of January. All transactions occurring after that date will be recorded in February or later months.

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Accounting for repair and maintenance costs

Accounting Tools

When to Record Repair and Maintenance Costs as an Expense Repair and maintenance costs are incurred in order to restore the condition of an asset. The proper accounting for these costs is to charge them to expense in the period incurred, when using the accrual basis of accounting. When using the cash basis of accounting , the cost is charged to expense when the associated supplier invoice is paid.

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Stores requisition definition

Accounting Tools

What is a Stores Requisition? A stores requisition is a form that a user fills out when removing parts from storage. The form is used by the organization's cost accounting system to charge the cost of the parts to a job, as well as to track inventory levels. When inventory is being sent to a department, the form is the basis for a charge to that department, and so is considered a source document of the accounting system.

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When are revenues earned?

Accounting Tools

When revenue is earned will depend on whether you use the accrual basis of accounting or the cash basis. Under the accrual basis, revenue is recorded when it is earned, while revenue is recorded under the cash basis when the associated cash is received from the customer. This is a relatively simple matter under the cash basis, since it is dependent on just one event - the receipt of cash.

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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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The difference between preferred stock and common stock

Accounting Tools

What is Preferred Stock? Preferred stock is a class of equity ownership that has a more senior claim on the earnings and assets of a business than common stock. In the event of liquidation , the holders of preferred stock must be paid off before common stockholders, but after secured creditors. Preferred stock also pays a dividend ; this payment is usually cumulative, so any delayed prior payments must also be paid before distributions can be made to the holders of common stock.