August, 2023

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Accounts Payable Automation ROI Calculator

Fidesic blog

When evaluating an automation solution, tangible cost benefits are often difficult to quantify. There's the obvious things, like reducing printing check costs, transitioning to ACH instead of checks, and the reduction of hard costs that relate to shipping, but many of the main benefits are more ‘soft costs'.

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IRS requires business to start e-filing Form 8300 in 2024

Accounting Today

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.

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IFAC highlights sustainability reporting to world finance leaders

Accounting Today

The International Federation of Accountants issued a call to action to the G20 finance leaders urging them to focus more on sustainability as a way to achieve the United Nations' Sustainable Development Goals.

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Fidesic Features Highlight: Power Reporting

Fidesic blog

Fidesic Power Reporting makes it easy to run custom reports, lookup individual transactions with ease and always be ready for an accounts payable audit at any time.

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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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Unlocking Financial Agility: The Power of Instant Payments for Small Business Bookkeepers

The Successful Bookkeeper

It’s not just about crunching numbers and tracking expenses. For bookkeepers, it means being there for their clients by understanding the landscape of the industries, adapting financial agility, and advising ways to improve efficient cash flow. Introducing modern technology solutions like instant payments can give bookkeepers an edge in enhancing financial success for their clients.

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How small businesses are navigating AI

Xero

The hype around artificial intelligence (AI) is making small businesses feel that its development and adoption is moving at lightning speed. In fact, our new research shows that 80% of small business owners globally are concerned that the fast pace and nature of AI is leaving regulation in the dust. They told us they want governments to do more, given the potential big impact to industries and the workforce.

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Unlocking the Power of Automation in Spend Management

Accounting Department

In today's fast-paced business environment, optimizing spend management is essential for maintaining financial efficiency and driving profitability. Traditional manual processes can be time-consuming, error-prone, and resource-intensive. However, with the power of automation, businesses can streamline their spend management practices and unlock significant benefits.

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IRS updates guidance on handling special state tax payments

Accounting Today

The Internal Revenue Service issued guidance Wednesday on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the pandemic.

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Awesome AI Session at Summit NA 2023

Fidesic blog

Summer went by in a flash and with the back-to-school season underway, things are only going to go faster. Before we know it, we’ll be seeing you in Charlotte for Community Summit North America (October 15-20).

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In the News - September 1, 2023

Insightful Accountant

Murph wants to help you keep abreast of things happening around you—from news to vendor releases, conference tips and IRS updates. If he thinks you need to know, he's telling you.

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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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Xero Beautiful Business Fund: How to apply & application tips

Xero

The Xero Beautiful Business Fund has officially been open for one week and we’ve received an incredible response so far! We have four funding categories that Xero small business customers can apply to. Whether you’re looking to take the next step in your sustainability journey, seeking to innovate with the latest technological advancements, give back to your community or upskill yourself or your employees, there is a funding category for everyone.

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Building Inclusion: Empowering Indigenous voices and finding allyship through education

Intuit

Tell us a little bit about yourself and what brought you to Intuit. Jane Merrick (Intuit Australia): Two years ago I decided to move into the tech space, and this opportunity with Intuit came along—I haven’t looked back since! We have such a fantastic and inspiring team. I love coming to work every day to help small businesses and advisor customers solve their problems.

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Future-Proofing Your Business: Strategic FP&A for Long-term Success

Accounting Department

In today's rapidly evolving business landscape, it is crucial for organizations to future-proof their operations to ensure long-term success. One of the key pillars of achieving this is strategic financial planning and analysis. By effectively managing your financial resources and leveraging data-driven insights, you can position your business to navigate uncertainties and capitalize on emerging opportunities.

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Whitman invests in Tax Titans

Accounting Today

Whitman Transition Advisors, an advisory organization for accounting firms, made a strategic investment of an undisclosed amount in Tax Titans, a veteran-owned company that operates an online marketplace connecting small businesses and qualified tax professionals.

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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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Summit 2023 - AI Session and Hanging on the Expo Floor

Fidesic blog

We are excited to be back at Summit NA in Charlotte and can’t wait to meet up with the network IRL. Booth #1646, We’ll be at the expo all 3 days!

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10 Eye-Opening Statistics about Small Business Finances

Less Accounting

Let’s take a peek into the state of small business finances in 2023—What are their concerns? How are they acquiring financing? In the United States alone, small businesses make up 99.9% of all businesses. That’s 33.2 million small business owners making a global impact. Seeing the state of small business finances can help you understand the external factors affecting your business and how you can better prepare for the future. 1.

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Xero Beautiful Business Fund applications open for small business customers

Xero

Today marks day one of Xerocon Sydney and I’m so excited to share more details on a global initiative called the Xero Beautiful Business Fund. Last month on Xero Day, the anniversary of the day where it all started for us 17 years ago, we announced the Xero Beautiful Business Fund as a way to help our small business customers boost their growth plans and drive future success.

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Celebrate Labor Day by Making AP Less “Laborious”

AvidXchange

Labor Day is the unofficial end to summer for many. A last chance to enjoy the pool and regroup as children begin a new school year. For business finance staff, it’s a respite prior to the Q4 push. This year, in addition to relaxing with family and friends, we think Labor Day should be a time to reflect on how to make your job less “laborious.” And it just so happens our 2023 AP Career Satisfaction Survey results have some tips on how to do just that.

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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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The Perils of Not Having Real-Time Data for Your Business

Accounting Department

For any business to thrive, it is essential to have accurate and up-to-date information about its operations. Real-time data plays a crucial role in a business's success regardless of its industry or size. However, businesses that use outdated technology and traditional data management techniques, such as manually inputting data into spreadsheets or relying on quarterly reports, miss out on valuable insights regarding their business operations.

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FASB approves income tax reporting standard

Accounting Today

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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This is More Important Than Your Automation

Future Firm

Many small accounting firm owners often obsess over automation to operate their business. In this episode, I discussed the key to reducing workload and enhancing firm success. Listen Below. 0:51 – While I was running my own accounting firm, I experienced the allure of technology and automation, and the tempting notion that the right tech solutions could solve all our issues. 1:21 – Numerous firm owners excessively focus on identifying the perfect tech stack, thinking it’s the k

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11 Ways for High Earners to Reduce Taxable Income [2023]

Outsourced Bookeeping

Various taxes come with higher earnings. This aspect is the primary concern of every working individual. Heavy taxes are imposed on high-earning working professions which burn away through the final income generated. There are dozens of taxes in 2023 that are imposed on high-income earners. Therefore, every working professional requires specialized assistance to save significant finances otherwise catered to tax payments.

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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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Introducing our 2023 Xerocon Sydney event partners

Xero

Xerocon Sydney is just weeks away on 23 and 24 August, and the ICC exhibitor floor will be full to the brim with some of the best and most loved apps, tools and services for accountants, bookkeepers and small businesses. This year, you can expect to see 80+ exhibitors at the event, including more than 70 leading Xero App Store app partners. Whether you’re looking for tools to chase invoice payments, simplify tax compliance, or make job management easier, you’ll find plenty of solutions to help s

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How QuickBooks on Cloud Works – A Beginner’s Guide  

Ace Cloud Hosting

QuickBooks Desktop is a well-known accounting software that assists accountants in managing their financial operations with ease. Nevertheless, businesses nowadays are demanding remote access, cost-effectiveness, smooth user collaboration, and improved.

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Streamlining Financial Processes: How Client Accounting Services Drive Efficiency

Accounting Department

Efficient financial processes are essential for the success and growth of any business. However, managing tasks like invoicing, payroll management, and financial reporting can be time-consuming and complex, diverting valuable resources from core operations.

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Forvis sees revenue grow 13% to $1.7B in first year

Accounting Today

Forvis reported annual revenue of $1,685,539,000 for the fiscal year ending May 31, 2023, a 13% increase a year after merging together two Top 20 Firms, BKD CPAs and Advisors and Dixon Hughes Goodman.

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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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How Outsourcing Your Restaurant's Bookkeeping Can Save Time and Money

SLC Bookkeeping

As a restaurant owner, your fortè is most likely not related in any way to bookkeeping. Additionally, employing someone is pricey and comes with other costs besides a salary. From health benefits to unemployment taxes, keeping a full-time in-house bookkeeper equals more than you want to spend.

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Can ChatGPT Pass the CMA Exam?

Blake Oliver

In this video, I test whether ChatGPT, the generative AI chatbot from OpenAI, can pass the CMA Exam. I found some CMA exam practice questions on the IMA website and copied them into ChatGPT without any other context. Remarkably, ChatGPT answered all five practice questions correctly and provided detailed explanations for its reasoning. It even showed its work on the required calculations.

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That’s a wrap! Xerocon Sydney highlights from day two

Xero

It was great to see so many new and familiar faces from Xero’s accounting and bookkeeping community at Xerocon Sydney 2023. As always, day one featured a packed agenda – and you better believe the pace didn’t let up on day two. Sharing insights and inspiration We had another busy morning on the main stage. The day kicked off with a moving welcome from Te Raranga Whanui Kapahaka group, followed by an insightful conversation between Xerocon host Julia Zimero and Xero CEO, Sukhinder Si

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What Is Provisioning? A Simple Guide For 2023

CloudZero

Your IT infrastructure, resources, and components play a crucial role in your system performance, security, and overall health. Provisioning is often one of the very first steps toward setting up the right environment for your workload requirements - both locally and in the cloud.

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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.