Mon.Dec 18, 2023

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11 things we’ve learned about using AI together

Intuit

AI is changing the game across industry sectors around the world. While some companies are struggling to upskill their workforce in this supercharged environment, Intuit is staying a step ahead. Shannon Orr, Intuit’s assistant general counsel for AI, says, “We want to be innovators. We want to experiment.” That’s why we’re encouraging our employees to explore a wide variety of use cases with AI and generative AI (GenAI).

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IRS expands business tax accounts

Accounting Today

Individual partners and individual shareholders of S corps can now get a business tax account.

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Intuit Launches New Global Brand - 'Business Differently'

Insightful Accountant

Intuit has announced a new global QuickBooks brand platform, “Business Differently,” focused on the growing population of solopreneur small business owners.

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What can AI do, anyway?

Accounting Today

Key to discussion on what AI means for accountants is understanding what AI can and cannot do.

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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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Practical AI: Drafting Policies & Procedures

Blake Oliver

Drafting policies and procedures docs was one of my least favorite tasks as a business owner. But now I love it. This year, I started using AI to write my first drafts of policies and process docs for my team. It cuts the time in half, and I get better results. Watch the video to learn two ways to get started using AI chatbots to draft documentation: ✔️ Use a Q&A prompt to have AI give you a list of questions.

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Take advantage of shifting RMD rules with these year-end strategies

Accounting Today

Clients who have squirreled away their savings in IRAs and other retirement accounts have new tools at the ready amid shifting rules, four experts said.

More Trending

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Rethinking compliance as ESG requirements emerge

Accounting Today

As ESG reporting regimes solidify, organizations need to start preparing their teams.

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QBO Monday Minute | Balance Sheet Budgeting in QuickBooks Online

Insightful Accountant

Join Liz Scott as she dives into QuickBooks Online Balance Sheet Budgeting feature which is fairly new.

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PwC moves to acquire design and engineering firm Surfaceink

Accounting Today

Big Four firm PwC announced it has signed an agreement to acquire technology-focused engineering and design firm Surfaceink as part of the company's larger move towards technology solutions.

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Substantive testing definition

Accounting Tools

What is Substantive Testing? Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. There are many substantive tests that an auditor can use.

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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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FASB releases GAAP, SEC taxonomies

Accounting Today

The SEC is expected to approve the taxonomies in early 2024.

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Drake Software: Streamlining Tax Management for Businesses

Ace Cloud Hosting

Maintaining financial stability and regulatory compliance is crucial for businesses, and Drake Software stands out as a game-changing tool for managing and preparing taxes. Drake Software is designed for both.

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Top bank advisor admits turning 'blind eye' in tax scandal

Accounting Today

'In reality, I didn't want to know the whole truth,' the Freshfields lawyer told the judges at his Frankfurt trial.

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The Young CPA Perspective on the Talent Shortage

Earmark Accounting Podcast

Blake is joined by two "Young" CPAs, Hannah Hood, and Joey Kinney, both virtual CFOs with Summit Virtual CFO by Anders. Among the topics of discussion are challenges for young accountants including low starting salaries, lack of flexibility and career path at traditional firms, the value of remote work, and the need for more women leaders and work-life balance in the accounting industry.

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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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Art of Accounting: New York Dead

Accounting Today

The Stuart Woods novel shows a way to negotiate fees with prospective clients.

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Collaborative Accounting: Enhancing CPA-Client Work

Invoicera

The accounting world is shifting toward collaboration! Collaborative Accounting is a transformative approach to reshaping how CPAs and clients work together. Collaboration unlocks success in the accounting profession, fostering stronger relationships and delivering exceptional results. Traditionally, the CPA-client relationship has been characterized by a one-sided flow of information, resulting in inefficiencies and missed opportunities.

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8 Ways to Use AI for Community Association Management 

AvidXchange

The community association management industry plays a large part in enriching the quality of life for millions of homeowners. From common area maintenance to financial management to events production, association managers are responsible for a gamut of duties. To streamline operations, community managers are embracing artificial intelligence (AI).

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Which Foundation Models to Choose in AWS Bedrock?

Economize

Amazon Bedrock leverages foundation models (FMs) to revolutionize the construction of generative AI applications. It offers a rich selection of FMs from prominent AI pioneers like OpenAI, Anthropic, Meta, AI21 Labs, and more, with Retrieval Augmentation Generation for relevant, fine-tuned responses.

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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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W-8BEN

Tipalti

Discover the purpose of Form W-8BEN and when it’s essential for international tax compliance. This article serves to simplify tax obligations for your business and suppliers.

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Jacobs Law Group's Brigade Breakthrough

Brigade

Watch the video below and check out the Q & As below to learn how this Florida-based dental practice benefits from working with Brigade:

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1099 NEC vs 1099 MISC

Tipalti

Businesses need to understand when to use Form 1099-NEC vs. 1099-MISC to ensure accurate reporting and compliance with IRS tax laws. Here’s everything to know.

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Orderwerks @ QuickBooks Connect 2023

Insightful Accountant

Orderwerks is an all-in-one B2B eCommerce platform. Use it to keep track of orders, manage inventory, track key business statistics, and more.

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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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1099 NEC Instructions

Tipalti

Payers send a copy of the completed 1099 information returns to the payee, the IRS, and states with income tax. The payers batch all 1099-NEC returns completed using transmittal form 1096 when they file form 1099-NEC with the IRS. Form 1096 is titled Annual Summary and Transmittal of U.S. Information Returns.

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Key Tax Law Changes - Webinar Archive

Insightful Accountant

The December episode of TPN Tax Talks featured Christine Gervais sharing what's new for tax season and her list of key changes to be aware of.

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How to record construction-in-progress charges

Accounting Tools

What is Construction-in-Progress? Construction-in-progress (CIP) is an account in which the costs incurred to build a fixed asset are stored. This account is only used while an asset is being constructed, after which the total cost is shifted to another fixed asset account. This account typically contains the costs of labor, materials, and overhead incurred during a construction project.

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Re-Leased @ QuickBooks Connect 2023

Insightful Accountant

Manage, track and improve property management like never before — all in the Re-Leased connected cloud.

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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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Audit failure definition

Accounting Tools

What is Audit Failure? An audit failure occurs when an auditor deviates from the applicable professional standards in such a way that the opinion contained in his or her audit report is false. This can be a major problem when there are material misstatements in the client’s financial statements. This can result in financial statement users making incorrect decisions based on those statements.

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What is W-8BEN-E

Tipalti

Understand the purpose of the W-8BEN-E form and who must complete it. Essential insights for foreign entities earning income in the U.S. tax landscape.

Tax 40
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Price taker definition

Accounting Tools

What is a Price Taker? A price taker is a business that sells such commoditized products that it must accept the prevailing market price for its products. For example, a farmer produces wheat, which is a commodity; the farmer can only sell at the prevailing market price. As another example, individual investors are considered to be price takers in the stock market.

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W-8ECI

Tipalti

Learn how to complete Form W-8ECI and claim U.S. tax exemptions for foreign entities. Step-by-step article to accurate tax withholding compliance.

Tax 40
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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.