Wed.Jul 26, 2023

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IRS plans new measures to curb Employee Retention Credit fraud

Accounting Today

The Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit.

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7 tips on how to negotiate pay and approach compensation

Intuit

What is Black Women’s Equal Pay Day? Each year, the date of Black Women’s Equal Pay Day roughly reflects how long a Black woman must work into the year to make what a white, non-Hispanic man made the previous year. The later in the year this day falls, the wider the wage gap. This year, Black Women’s Equal Pay Day is on July 27th, 2023. According to the non-profit organization, the American Association of University Women and ACS Census data, Black women in 2021 made 58 cents for every dollar ea

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Newer CEOs more likely to favor ESG reporting to build their reputation

Accounting Today

Companies have been doing more reporting on their corporate social responsibility efforts, but that's especially the case when there's a new chief executive in place.

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Singapore Xero Awards 2023: Congratulations to our winners

Xero

Last night I had the enormous privilege of hosting our very first in-person Xero Singapore Awards ceremony to celebrate the outstanding achievements of our accounting and bookkeeping partners and crown our 2023 winners. It was a brilliant night, bringing everyone together in person again. I loved seeing the camaraderie and festivity in the room as our partners reconnected with one another and cheered each other on.

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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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IRS aims to fast-track private letter rulings

Accounting Today

The service is offering a program to speed up processing of requests for letter rulings from its associate chief counsel, mostly on behalf of corporations.

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The CFPB’s Concerns with Medical Debt Credit Cards

RevCycle

The cost of healthcare in the United States is a major financial burden for many people. In fact, medical debt is the leading cause of personal bankruptcy in the country. In recent years, there has been a growing trend of medical debt credit cards being offered to patients. These cards allow patients to finance their medical bills, but they often come with high interest rates and fees.

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Like Presents Under the Tree – QuickBooks HR Improvements

Insightful Accountant

Intuit has released—or is about to release—a whole new group of improvements in the HR arena for QuickBooks users with QuickBooks Online Payroll and Workforce.

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SEC approves cybersecurity disclosure rules

Accounting Today

The Securities and Exchange Commission approved new rules that would require entities to disclose material cybersecurity incidents.

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QuickBooks Price Hikes

Insightful Accountant

New pricing for QBO, QuickBooks Online Payroll and QuickBooks Payments will start rolling on Aug. 1 for some US customers depending on your product(s) and current discounts in place.

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Making an impact as a new finance transformation leader

Accounting Today

The speed, scale and scope of finance transformation requires dedicated full-time management.

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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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Basic accounting concepts

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basic Accounting Concepts? There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are noted below. Accruals Concept Revenue is recognized when earned, and expenses are recognized when assets are consumed.

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Financial reporting issues and more engulf Byju's founder

Accounting Today

Apart from a raid by India's financial crime-fighting agency, the tutoring startup failed to file its financial accounts on time, and U.S. investors accuse it of hiding half a billion dollars.

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Pro rata definition

Accounting Tools

Related Courses Cost Accounting Fundamentals What is Pro Rata? Pro rata refers to a proportional allocation. Under this approach, amounts are assigned based on each participant’s proportional share of the whole. In accounting, this means revenues , expenses , assets , liabilities , or other items are proportionally allocated among participants. A participant may be an individual or an entity.

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IT professionals: Build your brand with internal communication

Accounting Today

At too many accounting firms, no one knows what their technology teams are accomplishing.

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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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The future of accounting is AI-powered

Blake Oliver

Check out the highlight reel from this quarter's Accounting MetaInfluencer's Roundtable on how artificial intelligence will transform the profession. Featuring insights on AI adoption from: Sona B Akmakjian, CPA , who shared how AI has been a high investment area for her organization and has allowed them to do more with the same resources. Randy Johnston , who discussed an impressive 50%+ reduction in the need for human customer support agents thanks to AI chatbots that understand "farmer langua

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The Succession Advisor: Five ways to value an intangible asset

Accounting Today

In every case, you'll be asked to do the impossible: predicting the future.

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The Most Important Thing to Work on Next at Your Firm

Future Firm

When fully immersed and entrenched in your business, gaining clarity on the most crucial areas of focus and determining the next steps can become quite challenging. In this episode, I talked about how you can keep your eyes on the goal despite being distracted regularly by social media, websites, and other mediums. Listen Below. 1:10 – The internet is relentless, as countless vendors, suppliers, and apps promising revolutionary solutions, are getting pushed to us all the time. 1:37 –

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What is financial data extraction?

Nanonets

Extracting relevant and accurate financial data from financial and business documents is critical for effective decision-making, financial analysis, and integrity, as well as regulatory compliance. However, the process of extracting financial data can be challenging, time-consuming, and prone to errors when relying on manual processes or outdated methods.

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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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8 Tips to Optimize Record-Keeping for Small Businesses

Bookkeeping Express

For small business owners, staying on top of finances is crucial to long-term success. Among the various financial practices, record-keeping stands out as a fundamental aspect that cannot be overlooked. Accurate and consistent record-keeping is the backbone of any successful business, providing vital insights, facilitating compliance, aiding in decision-making, and fostering growth.

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10 Important Email Templates for Accounting Business [2023]

Ace Cloud Hosting

Emails are one of the most common and important means of communication for any business. It is one of the easiest ways to get in touch with people from anywhere.

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Differentiation strategy definition

Accounting Tools

Related Courses Business Strategy What is Differentiation Strategy? Differentiation strategy involves the development of unique products that differ significantly from those of competitors. By doing so, a company can convince customers to accept higher price points , which in turn results in higher margins. This strategy requires that a company continually invest in enhancing its products, so that it always maintains an edge over its rivals in the features being offered to customers.

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Member Spotlight: Credit Congress Is the Ultimate Tool

NACM

From certifications to networking and information gathering, NACM's Credit Congress remains a valuable resource to the credit industry. Now, merely a month later, many credit professionals are still reaping the benefits."My company is an advocate for NACM and encouraged me to attend conferences due to my interest in learning," said Martha Mays, cre.

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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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Testamentary trust definition

Accounting Tools

Related Courses Estate Planning Fundamentals Fiduciary Accounting What is a Testamentary Trust? A testamentary trust is a trust contained in a last will and testament that is triggered by the death of a settlor. The trustee named in this trust agreement is responsible for managing the assets placed in the trust by the settlor. This approach is useful for triggering immediate professional management of the decedent’s assets, while also avoiding probate court.

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Hunter Biden plea deal in limbo after judge rejects terms

Accounting Today

Lawyers and federal prosecutors came to an agreement during the hearing to limit the plea deal to apply to only tax crimes, drug offenses and a firearm violation between the years 2014 to 2019.

Tax 246
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Translation exposure definition

Accounting Tools

Related Courses Enterprise Risk Management Foreign Currency Accounting What is Translation Exposure? Translation exposure is the risk of having changes in foreign exchange rates trigger losses on business transactions or balance sheet holdings. These losses can occur when a firm has assets , liabilities , equity , or revenue denominated in a foreign currency and needs to translate them back into its home currency.

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The Big Money In AI; When Crypto Is A Security; 3 Updates from QuickBooks

Cloud Accounting Podcast

The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at earmarkcpe.com. Sponsors LiveFlow - [link] Zoho - [link] Accruer - [link] Chapters (00:04) - Preview: Taylor Swift's "The Eras Tour" economic impact (00:53) - Welcome to The Accounting Podcast and a quick over

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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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Burn rate definition

Accounting Tools

Related Courses Entrepreneur’s Guidebook Financial Analysis The Interpretation of Financial Statements What is Burn Rate? Burn rate is a measure of the speed with which a business is spending its cash reserves. The burn rate concept is most commonly applied to startup businesses, which only have a certain amount of time to achieve positive cash flow before their startup capital is drained.

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Vacation pay payable

Accounting Tools

Related Courses The Balance Sheet What is Vacation Pay Payable? Vacation pay payable is a general ledger account that contains the liability that an employer has to pay employees for vacation time earned but not yet used. The balance in this account is updated at the end of each reporting period to reflect additions to accrued vacation expense, as well as employee usage of their vacation time.

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Vendor definition

Accounting Tools

Related Courses Contract Management How to Audit Procurement Purchasing Guidebook What is a Vendor? A vendor is a purveyor of goods or services. All of the entities in a supply chain that leads up to the final delivery of goods or services to a customer are considered vendors.

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Variance report definition

Accounting Tools

Related Courses Cost Accounting Fundamentals What is a Variance Report? A variance report compares actual to expected results. The typical format is to first present the actual results, followed by the expected results (in the form of a budgeted or standard number), after which the variance amount and variance percentage are stated. This report allows management to gauge the performance of an organization against expectations.

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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.