Thu.May 23, 2024

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Accounting Today news quiz: May 23

Accounting Today

Test your accounting knowledge on AI job opportunities, M&A, and more. No. 2 pencil not required!

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AccountingDepartment.com Earns a Spot on the Woodard 2024 Top 50 Accounting Services Practice List

Accounting Department

We are thrilled to announce that AccountingDepartment.com has been awarded a spot on the Woodard 2024 Top 50 Accounting Services Practice list. Earning this distinction is a testament to AccountingDepartment.com's commitment to excellence for its clients.

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IRS tax audits may show unintended racial, ethnic bias

Accounting Today

The Internal Revenue Service doesn't collect data on taxpayers' race or ethnicity, but some of its methods could lead to disparities in its audit rate.

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Intuit Aligns TurboTax and Credit Karma to Create Seamless End-to-end Consumer Experiences

Intuit

To significantly accelerate creating seamless, end-to-end consumer experiences that customers benefit from year-round, Intuit is more closely aligning TurboTax and Credit Karma under Mark Notarainni, executive vice president and general manager of the Consumer Group. Joe Kauffman, currently President of Credit Karma, has been named CEO of Credit Karma, effective August 1, 2024.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Two-thirds of businesses say audits hinder growth

Accounting Today

Traditional audits may hinder business growth potential as accounting firms are slow to embrace modern approaches, according to an Inflo report.

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Woodard® announces the keynote speakers for the 2024 Scaling New Heights® conference

Insightful Accountant

Scaling New Heights® conference will be held June 16-19, 2024, in Orlando, Florida and will feature some of the most inuential and dynamic voices in accounting, bookkeeping, and business to encapsulate their theme of “Boldly Go”.

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QuickBooks Enterprise Silver, Gold, Platinum, and Diamond: What’s the Difference?

Ace Cloud Hosting

QuickBooks Enterprise is a powerful accounting software designed for midsized to large businesses. It has the most advanced features compared to other editions of QuickBooks. Its core functionalities encompass advanced.

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KKR signs private credit loan for Australia's MYOB

Accounting Today

The private equity giant acquired the accounting software firm in 2019.

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CCH ProSystem fx Hosting Benefits: Top Reasons to Move on Cloud

Ace Cloud Hosting

For tax professionals and firms, efficiently managing large volumes of paperwork, saving multiple forms, and maintaining various documents can be daunting. During the hectic tax season, gathering all this information.

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Financial professionals need collaborative strategies

Accounting Today

Barriers keep CPAs, attorneys, financial advisors and brokers from communicating effectively for their client's benefit — and the benefits of collaboration are significant.

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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The Power of Words: How to Build Trust & Empathy In Healthcare

RevCycle

In the realm of healthcare, customer service takes on a whole new meaning. It’s not just about resolving billing issues or appointment scheduling; it’s about navigating sensitive situations, fostering trust, and providing a sense of comfort during a potentially stressful time. Here’s where the power of words comes into play. Words Can Build Bridges (or Walls) The language we use in healthcare customer service has a profound impact on patients.

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AI tools that find answers, suggest tax strategies and draft emails for you

Accounting Today

Available technology solutions could boost professionals' efficiency in serving their clients — but only if financial advisors and their customers are open to them.

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Maximizing New Small Business 401(k) Tax Credits

Insightful Accountant

Under the SECURE 2.0 Act, small businesses offering qualified retirement plans like 401(k)s may now qualify for tax credits to reduce plan costs.

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Intuit to cease QuickBooks Desktop 2021 support May 31

Accounting Today

Intuit will cease support for QuickBooks Desktop 2021 starting next Friday, May 31

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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CAS vs. CAAS vs. Profit First w/ Ron Saharyan

Jetpack Workflow

Podcast Summary On this episode of Growing Your Firm, host David Cristello welcomes back Ron Saharyan , co-founder of Profit First Professionals. They explore the concept of value pricing and its importance in pricing services based on the value provided. The conversation delves into various topics, with a promise of exciting announcements between Jetpack and Profit First at the end of the episode.

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Tax Fraud Blotter: Pure fabrications

Accounting Today

Collared; gone deep; to protect and disserve; and other highlights of recent tax cases.

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The Startups Seeking to Dethrone QuickBooks

Cloud Accounting Podcast

Blake and David dig into reports from the Illinois CPA Society and National Pipeline Advisory Group highlighting issues like long work hours, the 150-hour rule, and low starting salaries. They examine the potential disruption of traditional accounting software by startups and vertical SaaS companies offering embedded accounting functionality and review some of the CPA Practice Advisor Readers' Choice Awards.

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New York City's tourists fuel record $4.9B in tax revenue

Accounting Today

Tourists are expected to generate a record $4.9 billion in sales and other tourism-related tax revenue in the current fiscal year, a 16% jump from 2020.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

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How To Streamline Your Tree Service Business with Automated Invoice Processing

Outsourced Bookeeping

Are you and your employees bogged down with the task of invoice management instead of attending to the actual tree service operations? There are several daily challenges when it comes to managing a tree service business, from scheduling to meeting customers’ needs. Why waste time on invoice issues and payment management when all of these tasks can be automated?

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Hunter Biden criminal tax trial postponed to Sept. 5 in Los Angeles

Accounting Today

President Biden's son had been scheduled to go on trial on June 20 on charges he failed to pay $1.4 million in taxes from 2016 to 2019.

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Evaluating Top Medical Billing Software for Healthcare Providers

Invoicera

Introduction Healthcare professionals running a medical practice often struggle with maintaining operational efficiency while providing quality care to patients. This is why they need medical billing software to automate and optimize the billing process. The right medical billing software can streamline the billing process, saving time and improving accuracy.

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Sage's Net-Zero Target Receive SBTi Validation

Insightful Accountant

Sage has confirmed its net-zero targets have been validated by the Science Based Targets initiative (SBTi).

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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Accounts Receivable Benefits

oAppsNet

In today’s fast-paced business environment, managing accounts receivable (AR) effectively is more critical than ever. AR is a fundamental aspect of a company’s financial health, the balance of money due to a firm for goods or services delivered but still needs to be paid for by customers. Efficient AR management ensures a steady cash flow, strengthens customer relations, minimizes risk, and offers strategic advantages.

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Remembering Memorial Day 2024 and Forever More

Insightful Accountant

Murph recalls growing up with memories of Memorial Days and understanding what the holiday truly meant.

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Top Remote Accountants for Hire | May 23, 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!

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Bulletproof Electric: How Invoice Funding Kept Them in Business

FundThrough

Quick Snapshot Company: Bulletproof Electric, LLCLeadership: Eli Hericks, ownerIndustry: Electrical Services for Oil and GasChallenge: Managing extended payment terms, payroll, and large-scale project financingSolution: Personalized invoice factoring through FundThroughImpact: Enhanced business operations, employee satisfaction, client credibility, and growth Introduction Bulletproof Electric is a small business that serves Northeastern Colorado’s oil and gas sector.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

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Finout Raises $26M Series B to Lead the Future of FinOps

finout

I am thrilled to share that we have raised $26.3 million in our Series B funding round. This remarkable achievement was made possible by the support of RedDot Capital, Maor Investments, and our dedicated existing investors, Team8, Pitango, and Jibe Ventures.

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The Great Compression: AI’s Radical Rebirth of Work

Counto

The Great Compression: AI’s Radical Rebirth of Work Earlier this year, we at Counto came to a profound realisation: we are in the midst of the Great Compression. This era is characterised by the rapid integration of AI agents, poised to replace up to 90% of service workers within the business processes they currently drive. This transformation is not just a technological shift but a fundamental change that will reshape industries, economies, and the very nature of work.

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Creating Your Custom Billing Software: A Step-by-Step Guide

Invoicera

Introduction Handling the billing and invoicing process can be a huge challenge for companies with a complex pricing structure, different sources of income, or many customers. Manually monitoring invoices, payments, and subscriptions can lead to human error, delays, and customer dissatisfaction. A study reveals that the average cost of a manual invoice process is $15 and may go higher because of errors and inefficiencies.

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The Power of Financial Models

Ontrack Bookkeeping

Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1.

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8 Pillars of Leadership Development

Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.