February, 2024

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Five cash flow trends impacting small businesses

Xero

Over the last 12 months, we’ve surveyed over 4,500 small business owners across the globe to find out how they’re managing cash flow amidst macroeconomic conditions such as high inflation and interest rates. The survey findings became a series of Money Matters reports that were released in Australia , Canada , New Zealand , Singapore , the United Kingdom and the United States.

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IRS commits to making Child Tax Credit changes quickly

Accounting Today

The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.

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State of FinOps ’24: Top Priorities Shift to Reducing Waste and Managing Commitments

FinOps Foundation

Key Insight: With economic pressure increasing across the world in 2023, many organizations are leaning on their FinOps teams to help prioritize cloud optimizations. Reducing waste and managing commitment-based discounts unseated empowering engineers to take action as the top key priority for the first time. Teams are also investing in their forecasting capabilities to better predict cloud spend, and the cost of running AI/ML is expected to have a big impact on FinOps practices in 2024.

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Intuit and Khan Academy Team Up to Offer Free Financial Education to Students and Teachers

Intuit

Today, we announced a new initiative with Khan Academy that aims to empower educators and students with free financial education tools. With the help of Khan Academy, we’re working toward our goal of engaging 50 million students with free learning resources by 2030. Intuit and Khan Academy have a shared goal to provide free financial resources to all high school students across the United States.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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Navigating DCAA Compliance for Government Contractors

Accounting Department

For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA). A critical cog in the machinery that is the U.S. Department of Defense (DoD), DCAA ensures that taxpayer dollars are used efficiently and effectively in the acquisition of defense-related goods and services.

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Top Cybersecurity Trends for 2024

Ace Cloud Hosting

Life moves fast in the cloud, mirroring the pace of our daily lives. In 2023, unpredictability defined everything from global events to economic trends. Cybersecurity, too, had its share of.

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The 20 best states for doing business

Accounting Today

While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.

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Financial Cents Unveils the 2024 State of Accounting Workflow Automation Report

Insightful Accountant

Financial Cents is excited to announce the release of the 2024 State of Accounting Workflow Automation Report. This second edition study explores the experiences and challenges faced by accounting, bookkeeping, and tax firm owners.

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How AI is Transforming and Disrupting Audit

Blake Oliver

In my latest podcast episode, "How AI is Transforming and Disrupting Audit," I had the pleasure of speaking with Rob Valdez about the impact of artificial intelligence and generative chatbots, like ChatGPT, on the audit profession. We delve into how these technologies are not just automating routine tasks but are also revolutionizing how we train staff, improve quality, and save time on substantive testing.

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20 Years of 1099s at AccountingDepartment.com

Accounting Department

It is that time of the year again, tax season. Many businesses dread this time of the year - it's tough. But thankfully, it's not as tough when you have the unrivaled support of AccountingDepartment.com.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Managed Security Services for Accountants – What They Need to Know

Ace Cloud Hosting

Being targeted by a cyber-attack isn’t just embarrassing; it can also bring significant consequences for your business. As per PwC, the Accounting industry is at a 30% higher risk of.

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The 3 Keys to Scaling Efficiently for Forward-Thinking CFOs

Plooto

As a CFO, watching your business evolve and grow is an incredibly rewarding experience, but it also presents new challenges to overcome to keep that growth sustainable in the future. What worked for you and your finance team up to this point may not be enough to manage the complexities that come with continued growth. Your own role will also evolve as priorities shift and your responsibilities change with the nature, and scale of the business.

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The 20 worst states for doing business

Accounting Today

The lowest-ranked states have property and unemployment insurance taxes like every state, but significantly they also have complex, non-neutral taxes with comparatively high rates.

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Meet 2023 Top 25 Up-N-Coming ProAdvisor Kassandra Degus

Insightful Accountant

We sat down with Kassandra to get her thoughts on being a Top 25 Up-N-Coming ProAdvisor, her journey, path to success, and how she’s a support system for her clients.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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Why Accountants Quit Public Accounting Firms

Cloud Accounting Podcast

Blake and David meet with Geoffrey Brown of the Illinois CPA Society to examine some key findings from ICPAS's recent retention report, including top reasons for turnover, where departing accountants are going, and ideas for improving work-life balance. Meet Our Guest, Geoffrey Brown LinkedIn: [link] Twitter: [link] Facebook: [link] Instagram: [link] Learn more about the Illinois CPA Society (ICPAS) Website: [link] Listener Survey Please take our listener survey: [link] Need CPE?

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Outsourced Client Accounting Services in an E-Commerce World

Accounting Department

In the past few years, there has been a significant surge in the growth of e-commerce businesses. With the emergence of new companies and the adaptation of brick-and-mortar stores to online platforms, the demand for online purchasing is being met through various online sales channels.

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QuickBooks Hosting FAQs: Answers to Your Burning Questions 

Ace Cloud Hosting

Hosting QuickBooks Desktop Software can empower businesses with the flexibility of remote access, added security, and scalability. However, not everyone can understand the insights into QuickBooks Hosting and how they.

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Demystifying Government Contract Requirements: A Guide for New Businesses.

SMB Accounting and Consulting

Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.

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Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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FTC hits H&R Block over 'free' online filing claims

Accounting Today

The Federal Trade Commission filed a complaint against tax prep giant H&R Block accusing the company of deceptively marketing "free" online tax filing when its products often were not free and deleting consumers' data when they tried to downgrade to less expensive products.

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Giving Some Love to the Concierge Accounting Practice

Insightful Accountant

Imagine a scenario in which you could devote more time to actually partnering with your clients to solve their issues and provide them solutions, rather than simply handling their books or processing their tax returns.

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Sales journal entry definition

Accounting Tools

What is the Sales Journal Entry? A sales journal entry records the revenue generated by the sale of goods or services. This journal entry needs to record three events, which are the recordation of a sale , the recordation of a reduction in the inventory that has been sold to the customer, and the recordation of a sales tax liability. The content of the entry differs, depending on whether the customer paid with cash or was extended credit.

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Client Accounting Services to Help Drive Your Business

Accounting Department

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas. Fortunately, there are ways to outsource a number of services, including client accounting services. This helps keep your company growing and succeeding, without the need to bring on more employees or overwork yourself to get everything done.

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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.

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How Drake Tax Software on Cloud Benefits Tax Professionals in 2024

Ace Cloud Hosting

While there are multiple software solutions for tax preparers, Drake is among the most preferred choices. Features like Drake Scheduler, e-signature, Drake Tax Planner, etc., help them prepare accurate tax.

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Why Singapore is the Preferred Choice for Foreign Companies and Entrepreneurs

Counto

Why Singapore is the Preferred Choice for Foreign Companies and Entrepreneurs Singapore has long been a magnet for foreign companies and entrepreneurs seeking growth opportunities in Asia. Renowned for its strategic location, business-friendly policies, and robust legal and tax frameworks, Singapore continues to attract ventures of all sizes. Let’s explore why this dynamic city-state is the top choice for businesses looking to establish a foothold in the region.

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Minority CPAs deterred by 150-hour rule

Accounting Today

The 150-hour requirement for obtaining a CPA license has led to a decline in Black and Latino CPAs of up to 26%, according to a research study.

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With Staffing Challenges And Remote/Hybrid Work Here to Stay, Finance Leaders Embrace Back-Office Automation

Insightful Accountant

Businesses are prioritizing efficiency and savings over growth due to uncertain economic conditions. Finance leaders are seeking ways to operate profitably and improve cash flow control.

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Secure SaaS Success: Embedded Finance as a Competitive Advantage

Speaker: Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms

Join us for an exclusive webinar hosted by Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms, where he’ll explore the significant impact of embedded finance on the software industry! This session is designed to provide you with the strategic insights needed to navigate the future of SaaS successfully, all while gaining a deeper understanding of how these trends can enhance your competitive edge, boost revenue, and deepen customer loyalty.

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The 9 Best Accountant Soft Skills to Master

Future Firm

Accountant soft skills are an often overlooked component of building a successful firm and career. Learn where to start in this article. The post The 9 Best Accountant Soft Skills to Master appeared first on Future Firm.

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Strengthen Your Bottom Line: Manufacturing Cost Management Explained

Accounting Department

In the fast-paced world of manufacturing, where efficiency and innovation reign, understanding and managing costs are paramount to success. Cost management isn't a mere back-office function; it's what ensures your products remain competitive, your operations sustainable, and your company profitable.

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Top Challenges Tax Pros Face (And How Cloud Hosting Beats Them)

Ace Cloud Hosting

Ever feel like tax prep is a juggling act? We get it. From struggling with accessibility to worrying about data security, the challenges can feel endless. But guess what? There’s.

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2024 GST Rate Change – Common Questions Asked

Counto

2024 GST Rate Change – Common Questions Asked Singapore implemented its second GST rate change on 1st January 2024, and the transition from an 8% GST rate to a 9% rate posed several questions and considerations for businesses. In this blog post, we will address some of the most common questions surrounding this GST rate change and provide insights on how to navigate them effectively. 1.

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively