Fri.Mar 22, 2024

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Tech news: KPMG Digital Gateway adds gen AI capacities

Accounting Today

KPMG Digital Gateway adds gen AI capacities; Chime now offers in-app tax filing; Financial Cents new ReCats tackles uncategorized client transactions; and other accounting tech news

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Here’s how women at Intuit inspire inclusion

Intuit

March is a special month because it honors the contributions and achievements women have made throughout history. The theme for Women’s History Month in 2024 is inspiring inclusion, which recognizes the importance of embracing everyone and excluding no one. At Intuit, we recognize that individuals are multi-layered, and their experiences shape who they are.

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IRS tries to catch up on backlog as returns flood in

Accounting Today

The Internal Revenue Service has been making progress on catching up with its backlog of unprocessed tax returns, but more work needs to be done, according to a new report.

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Interview with AI: How useful is it

Bookkeeping Express

As Artificial Intelligence (AI) moves to the top of the buzzwords in today’s business world, we decided it was time to take it out for a spin and test its insights. We asked ChatGPT, Google’s free AI engine, some of the more pertinent questions for business owners. See some of those questions and answers below, as well as an exclusive look at how BKE is training an AI engine to provide even more useful information to our clients.

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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 ERC compliance effort stops billions in dubious claims

Accounting Today

The Internal Revenue Service's efforts to halt fraudulent claims for the Employee Retention Credit have protected more than $1 billion since the IRS instituted a processing moratorium.

Tax 269
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How Expat Clients Can Legally Slash Their Tax Bill

Earmark Accounting Podcast

Do you have clients living or working abroad who could save big on their taxes? In this episode, expat tax specialist Vincenzo Villamena outlines creative strategies US citizens overseas can use to legally reduce their tax burden. Learn how your expat clients can exclude $120,000 in foreign earned income, set up offshore corporate structures to cut their tax rate in half, eliminate 15% self-employment tax, and more.

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More Trending

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Azure Functions vs Logic Apps: Comparison and Use Cases

Economize

Introduction As businesses grow, their need to handle large volumes of data and tasks increases. Automation and workflow integration help businesses scale their operations and eliminate the need for human intervention in repetitive, daily tasks.

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Ex-Credit Suisse client indicted over hiding money from IRS

Accounting Today

Dan Rotta, 77, was charged in Miami with hiding assets from the IRS in two dozen secret Swiss accounts between 1985 and 2020.

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A Comprehensive Guide About Usage-Based Billing Software

Billing Platform

A popular billing model, usage-based pricing (also referred to as metered services or pay-as-you-go pricing) is a consumption-based pricing model that allows customers to pay only for what they consume. Largely used among utility companies, rideshare companies, etc., this monetization model is also well-suited for software-as-a-service (SaaS) companies.

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On the move: PKF Texas chief culture officer named to local Women's Hall of Fame

Accounting Today

PBMares establishes new risk advisory consulting practice; Weaver adds a tax partner; and more news from across the profession.

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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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10 QuickBooks Efficiency Hacks For Streamlining Your Financial Management in 2024

Outsourced Bookeeping

Efficiency is critical in the dynamic field of financial management. By 2024, firms looking to optimize their financial operations will find that knowing QuickBooks is a necessity. QuickBooks may become an extremely powerful tool for streamlining financial management with the correct hacks. Some of the most effective QuickBooks efficiency tips that can improve your money management procedures in 2024 are covered in this guide.

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Senators introduce bill to remove tax breaks for mergers

Accounting Today

An unlikely pair of lawmakers is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity.

Tax 269
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Is Accounts Payable Automation a Good Investment?

NextProcess

The accounts payable department is responsible for managing a company’s payments. It’s uniquely positioned to help manage cash flow and support responsible financial management. Naturally, you want the method for managing accounts payable to support good financial decisions. Deciding whether to invest in updated accounts payable (AP) processing might not be an easy decision.

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Leveraging technology to address accounting errors

Accounting Today

As accounting leaders use technology to increase efficiency and reduce workloads, they're finding further benefits in the form of improved accuracy and quality.

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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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Time Management Tips for Accounting and Finance Professionals  

AvidXchange

During the course of a year, certain periods can be stressful within accounting and finance departments, as teams are asked to keep up with their day-to-day responsibilities while taking on extra work. This article will provide time management tips for accounting and finance professionals and explain how they can use technology to help navigate busy seasons.

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A secret weapon for growth: market research

Accounting Today

A new Hinge study details the marketing tactics of high-growth accounting firms.

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What is a Fractional CFO – And How Do I Find One?

Nanonets

Smaller businesses often push aside big-picture and strategic financial concerns as they launch and ramp up operations. Most founders and owners, while focusing on the basics of profit and loss, roughly outlined balance sheets, and similar essentials, neglect the complex financial framework that is crucial for evolving a company into a sustainable and mature entity – especially if aiming for a liquidity event, seeking external funding, or prepping for a rapid growth phase.

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IRS expands energy credit guidelines

Accounting Today

Notice 2024-30 expands rules for determining an "energy community," among other things.

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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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Delayed Dollars: The Impact of Late Payments on Growing Oil & Gas Companies

FundThrough

The North American oil and gas sector is on the brink of significant growth, with forecasts showing an increase in activity and investments, marking a period of opportunity. Goldman Sachs Research highlights a 25% increase in major projects since 2020. Yet, despite this positive outlook, small oil and gas companies are encountering a range of critical […] The post Delayed Dollars: The Impact of Late Payments on Growing Oil & Gas Companies appeared first on FundThrough.

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Grifols drops as regulator finds 'relevant deficiencies'

Accounting Today

Grifols SA shares dropped as investors evaluated a regulatory review of the Spanish bio-science company's financial reports, which found "relevant deficiencies" but no major accounting mistakes.

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Small Businesses Are Not a Niche

Blake Oliver

via CPA Trendlines Small businesses are not a niche. Professional services are not a niche. Individuals are not a niche. Mid-size businesses are not a niche. So why are these the top four “niches,” according to a survey of accounting firm owners ? It must be because most of them don’t understand what a niche is. In short, a niche is a small, specific, and well-defined audience with unique needs, preferences, or characteristics.

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China scrutinizes PwC role in $78B Evergrande fraud case

Accounting Today

Chinese authorities are ramping up pressure on the global accounting giant that audited a slew of developers before the sector's meltdown.

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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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Leading Automated Billing Software: Companies Reshaping Invoicing In 2024

Invoicera

Introduction You might be overwhelmed by a lot of paperwork and hours spent on manual invoicing! Not only are you struggling! Inefficient billing processes can be hectic for anyone, be it startups, medium-sized companies, or large enterprises. But guess what! There is good news. Bringing automated invoicing into your business can be really helpful and increase your productivity.

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A primer on IRS tax avoidance promoter penalties

Accounting Today

With the IRS continuing to launch promoter audits, it is important that anyone subject to such an audit consider a few strategic issues.

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10 pop bands featuring accountants - or do they?

Accounting Fun

Ledger Zeppelin The Rolling Balances Fleetwood Macroeconomics The Balance Sheetles The Fiscal Fighters The Profit Margin Boys The Doublie Entry Bothers The Black Eyed P&Ls Cashabian ABBA (Accountants Balancing Books Always)

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Ex-Steinhoff CEO Jooste's death came after arrest warrant

Accounting Today

Markus Jooste allegedly took his own life after being notified of arrest warrants over an accounting scandal.

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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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Deficiency claim definition

Accounting Tools

What is a Deficiency Claim? A deficiency claim is that portion of a claim secured by a lien on property that exceeds the value of the property. In this case, the creditor is granted a secured interest up to the value of its collateral , while any excess amount of its claim over the value of the collateral is classified as an unsecured claim. This unsecured portion of the claim is the deficiency claim.

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Top Tipalti competitors and alternatives for AP automation

Nanonets

Tipalti is a market leader in AP automation. Their comprehensive platform handles everything from onboarding suppliers to processing invoices and making global payments. It's no wonder they've won over many businesses, especially mid-market companies looking for an end-to-end AP solution. But here's the thing—there's no one-size-fits-all solution.

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Cash collateral definition

Accounting Tools

What is Cash Collateral? Cash collateral is cash , negotiable instruments, documents of title, securities , deposit accounts, and other cash equivalents in which a bankrupt estate and its creditors have an interest. In the absence of a court order to the contrary, cash collateral must be segregated from other assets. When the court orders that cash collateral can be used, creditors are typically protected with new liens on other debtor assets, to the extent that the debtor’s use of the cash coll

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Trade creditor definition

Accounting Tools

What is a Trade Creditor? A trade creditor is a supplier that provides goods and services to its customers on credit terms. A trade creditor typically analyzes the financial statements , credit reports , and payment histories of its customers when deciding how much credit to extend to them. If it no longer chooses to extend credit to a customer, then it is no longer a trade creditor in relation to that specific customer.

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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.