Mon.Oct 09, 2023

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The single client record is coming: here’s what your practice needs to know

Xero

*Please note that while the process remains the same, all references to Xero Tax are applicable to Australia and New Zealand only. One of the most important ways we’re helping you save time and grow your practice is by moving towards a future where Xero Practice Manager (XPM), Xero HQ and Xero Tax will be seamlessly connected. This will streamline your workflows and give you confidence that your data is accurate and your teams are all working from the same information – no matter what practice

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The 2023 Best Firms for Women

Accounting Today

Our annual ranking of the most female-friendly workplaces in accounting.

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Planning for the road ahead: Key insights from the NZ ‘State of the industry’ report 2023

Xero

We are pleased to share the key findings from our study of the accounting and bookkeeping sector in Aotearoa New Zealand. The State of the industry report 2023 is the first of its kind in Aotearoa New Zealand and benchmarks the industry, highlighting key trends, challenges, and opportunities faced by accounting and bookkeeping professionals. Despite a recession being declared midway through 2023 and rising inflation, the sector has shown incredible progress and resilience during these challengin

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Art of Accounting: Leaving your job to start your own practice

Accounting Today

Starting a firm is an opportunity and should not be treated as a chore or something that you have no choice in what you are doing.

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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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11 Game-Changing Marketing Strategies for Accounting Firms in [2023]

Ace Cloud Hosting

Marketing strategy is one of the critical factors that separate high-growth accounting companies from low-growth ones. However, it’s not always the amount of money a company spends distinguishes the winner.

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New rules may make SBA financing easier

Accounting Today

Changes to the Small Business Administration's SOP affect both accountants and their small-business clients.

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What happens if shareholders move to a new state?

Accounting Today

Along with the possible requirement to file paperwork for establishing the corporation in the new state, there may be changes in tax responsibilities.

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Goodwill amortization definition

Accounting Tools

Related Courses Accounting for Intangible Assets Fixed Asset Accounting What is Goodwill Amortization? Goodwill amortization refers to the gradual and systematic reduction in the amount of the goodwill asset by recording a periodic amortization charge. The accounting standards allow for this amortization to be conducted on a straight-line basis over a ten-year period.

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Tailored flexibility: The Best Firms for Women

Accounting Today

The 2023 Best Firms for Women have fostered a culture of encouragement and specialized support.

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Wash sale rule definition

Accounting Tools

What is the Wash Sale Rule? The wash sale rule states that a taxpayer cannot claim a loss on the sale or trade of a security if it is replaced with a substantially identical security within 30 days. This rule is intended to prevent investors from manufacturing losses for tax purposes on securities that they are essentially continuing to hold. Understanding the Wash Sale Rule The specifics of the wash sale rule are as follows: A wash sale is considered to be any transaction where a security is di

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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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The greater the connection, the greater the service

Accounting Today

As business evolves, the importance of collaboration with clients, tech and regulators for accountants will only increase.

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Manufacturing cost accounting definition

Accounting Tools

Related Courses Activity-Based Costing Constraint Management Cost Accounting Fundamentals What is Manufacturing Cost Accounting? Manufacturing cost accounting encompasses areas that impact production operations and the valuation of inventory. These activities can significantly boost the profits of a business, as well as bring it into compliance with the applicable accounting standards.

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The art of mindful selling: Becoming a cherished advisor

Accounting Today

It's time to shift your focus from the transactional to the relational.

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Audit sampling definition

Accounting Tools

Related Courses Guide to Audit Sampling Guide to Data Analytics for Audits How to Conduct an Audit Engagement What is Audit Sampling? Audit sampling is the use of an audit procedure on a selection of the items within an account balance or class of transactions. The sampling method used should yield an equal probability that each unit in the sample could be selected.

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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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Top 7 Technology Trends Shaping the Future of Tax 

Ace Cloud Hosting

The taxation industry is adopting the latest technologies, primarily due to the optimization and efficiency they bring to the processes. Thanks to dynamic accounting technologies, taxation professionals are creating their.

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Financial statement preparation

Accounting Tools

Related Courses Closing the Books The Soft Close The Year-End Close How to Prepare Financial Statements The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. The completed financial statements are then distributed to management, lenders , creditors , and investors , who use them to evaluate the performance, liquidity , and cash flows of a business.

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Thomson Reuters Unveils ONESOURCE E-Invoicing

Insightful Accountant

Thompson Reuters has unveiled ONESOURCE, a new e-invoicing solution for multinational businesses. The new solution simplifies global e-invoicing compliance with integrations and API connectivity.

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Is technology making the recruitment process slower?

Nanonets

The recruitment process is a labyrinth of steps, each crucial to ensuring the best talent comes onboard. As the integration of technology into recruitment has expanded, it's worth pausing and asking: Is it speeding up the process or complicating it further? Let’s dive in. 1. The Workflow Needed to Hire a Candidate From the moment a vacancy is identified to the point where a new employee is integrated into an organization, there are multiple phases.

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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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Payback reciprocal definition

Accounting Tools

Related Courses Capital Budgeting Financial Analysis What is the Payback Reciprocal? The payback reciprocal is the payback period for an investment, divided by 1. This reciprocal yields an approximation of the rate of return on an investment, though only when annual cash flows are uniformly even over the lifetime of the investment, and the cash flows from the project will continue forever.

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Statements of Financial Accounting Standards

Accounting Tools

Related Courses GAAP Guidebook International Accounting What is a Statement of Financial Accounting Standards? A statement of financial accounting standards (SFAS) gives detailed guidance on how to deal with a specific accounting issue. These statements are released by the Financial Accounting Standards Board ( FASB ), which is the primary accounting rule-setting body in the United States for generally accepted accounting principles.

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Lien definition

Accounting Tools

Related Courses Essentials of Business Law What is a Lien? A lien is a legal claim against an asset that is not cleared until an associated debt is paid. A lien is filed by a creditor , usually in situations where the asset is in the possession of the debtor. The debtor cannot sell the asset until the lien has been cleared, which provides leverage by the creditor over the debtor.

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Stakeholder management

Accounting Tools

Related Courses Project Accounting Project Management What is Stakeholder Management? Stakeholder management is the ongoing maintenance of relationships with those impacted by a project. This concept is used when setting expectations for those who have invested time or money in a project, or are directly impacted by it. The intent of stakeholder management covers the topics noted below.

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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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DuPont analysis definition

Accounting Tools

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is the DuPont Analysis? DuPont analysis breaks down the components of the return on equity formula to reveal the different ways in which a business can alter its return on equity. This analysis is used by organizations that want to enhance the returns that they provide to investors.

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Return on average equity

Accounting Tools

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is Return on Average Equity? The return on average equity measures the performance of a company based on its average shareholders' equity outstanding. The measure is especially useful in situations where a business has been actively selling or buying back its shares , issuing large dividends , or experiencing significant gains or losses ; in these cases, the use of an average equity figure presents a more r

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Discounted cash flow definition

Accounting Tools

Related Courses Capital Budgeting Financial Analysis What is Discounted Cash Flow? Discounted cash flow (DCF) is a technique that determines the present value of future cash flows. This approach can be used to derive the value of an investment. Under the DCF method, one applies a discount rate to each periodic cash flow that is derived from an entity's cost of capital.

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Discount on bonds payable definition

Accounting Tools

Related Courses Accounting for Bonds Accountants’ Guidebook What is the Discount on Bonds Payable? The discount on bonds payable is the difference between the face amount of a bond and the reduced price at which it was sold by the issuer. This happens when investors need to earn a higher effective interest rate than the stated interest rate associated with a bond.

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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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Where current assets are located on the balance sheet

Accounting Tools

Related Courses The Balance Sheet The Interpretation of Financial Statements Current assets are located in the beginning of the assets section of the balance sheet. This part of the balance sheet contains those assets most easily convertible into cash in the short-term. Each of the current asset line items is positioned on the balance sheet based on its comparative ability to be converted into cash (called the order of liquidity ).

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Types of accounting methods

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is an Accounting Method? An accounting method is a set of rules under which revenues and expenses are reported in financial statements. The choice of accounting method can result in differing amounts of profit being reported in the short-term. Over the long-term, the choice of accounting method has a reduced impact on profitability.

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Enterprise resource planning definition

Accounting Tools

Related Courses Accounting Information Systems Key Performance Indicators What is Enterprise Resource Planning? Enterprise resource planning (ERP) is a software and database package that is used to integrate virtually all company processes. The areas that may be integrated with an ERP system include accounting, distribution, engineering, finance, human resources, maintenance, marketing, materials management, production, and sales.

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Advantages and disadvantages of sole proprietorships

Accounting Tools

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Sole Proprietorship? A sole proprietorship is a business that is directly owned by a single individual. It is not incorporated, so that the sole owner is entitled to the entire net worth of the business, and is personally liable for its debts. The individual and the business are considered to be the same entity for tax purposes.

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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.