January, 2024

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Lessons from a Year of Fintech 

Intuit

In 2023, the boom-and-bust cycle that affected the broader tech and startup sector was even more acute in fintech. Many companies are facing existential challenges due to threats to their business models, the effects of rising interest rates, and the extreme drops in fintech valuations. Founders are facing tough decisions regarding their path forward, and realizing some of the assumptions and market dynamics that led them to create their businesses have fundamentally changed.

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Velocity Hacks: How to Work Smarter, Not Harder

Intuit

In today’s fast-paced world, the rate of change might feel like being on a busy freeway or chasing the speed of light. At work, we need to keep up with the rapid (and constant) advancements in technology, making it difficult to maintain a balance between being efficient and delivering quality results. And we’ve become conditioned to expect speed and quality outside of work, too.

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IRS adds crypto question to more tax forms

Accounting Today

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

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We’re retiring the classic version of Xero invoicing

Xero

We’ve had two versions of our invoicing feature for a while now — classic invoicing and new invoicing. The new version is built on the latest technology and features time-saving tools that make it easier to customise your invoices and simplify the way you get paid. Our teams have big plans to add even more value to the new version of invoicing in the future, including features that we know are important to you.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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Upgrading Your Traditional Bookkeeping with FP&A

Accounting Department

Every savvy business leader knows the value of having a well-run bookkeeping or accounting department. However, not everyone is aware of how important it is today to have a financial planning and analysis (FP&A) team to help back their business with effective and accurate financials.

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2024 Game Plan: A bold approach to break the mold and redefine success!

Insightful Accountant

Your golden ticket to transformation. It's not flipping the calendar, but writing the story of 2024. Get ready for innovation, growth, and endless opportunities in the evolving landscape.

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Finding a mentor: When, where, and how

Intuit

A mentoring relationship can help technology professionals at any stage identify new growth opportunities, gain perspective on the challenges they face, and build a network of support as they advance. That’s especially important for women and other underrepresented groups in tech, who often face structural disadvantages and lack a sense of belonging at work.

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IRS expands enforcement efforts and tech improvements

Accounting Today

The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.

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Tips and tricks for property investment accounting

Xero

Australia’s current property market presents both challenges and opportunities, with changing tenancy rules and rental controls, and the impact of interest rates and cost of living pressures. It’s a complex outlook, but property investment is a marathon swim, not a quick body surf to shore. Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment.

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The Power of Collaborating with Client Accounting Services for Business Growth

Accounting Department

Business growth is a key objective of any entrepreneur, but it is not always easy to achieve. There are many components, including having the appropriate financial infrastructure in place. This is where outsourced client accounting services come in.

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Business Travel Expense Strategies for Everybody

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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Acumatica Will Return to Las Vegas for 2025

Insightful Accountant

During the 2nd-day of their 2024 Summit, Acumatica announced the event’s date and location for 2025. They also premiere new features and functionalities that will be implemented with their 2024R1 and R2 updates.

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Business Tax Deadline 2024: Things You Should Know This Tax Season

Ace Cloud Hosting

Tax season 2024 has begun. The Internal Revenue Service (IRS) expects businesses and individual taxpayers to file over 168 million returns before April 15. Read on for a detailed view.

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Intuit Responds to U.S. Federal Trade Commission’s Flawed Decision

Intuit

Commissioners for the U.S. Federal Trade Commission (FTC) unsurprisingly announced that they have ruled in favor of themselves in a lawsuit filed against Intuit. Intuit is immediately appealing this decision, and we believe that when the matter ultimately returns to a neutral body we will prevail. There is no monetary penalty in the FTC’s order, and Intuit expects no significant impact to its business.

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IRS and tax pros gird for filing season amid congressional uncertainty

Accounting Today

The Internal Revenue Service and tax professionals are preparing for the start of tax season Monday, hoping for a smooth filing season like last year, although last-minute tax law changes are possible thanks to a deal working its way through Congress to revive tax breaks like a more generous Child Tax Credit.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Xero formalises commitment to military veterans by signing Armed Forces Covenant

Xero

I’m proud to announce that Xero has signed the Armed Forces Covenant , formalising its commitment to supporting military veterans and their families in the workforce. The Armed Forces Covenant is a promise by the nation ensuring that those who serve or have served in the UK Armed Forces, and their families, are treated fairly. Xero’s Veterans Employee Resource Group (ERG) marked the signing by hosting an event in our London office this week.

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A Financial Controller May Be Just What You Need, And More

Accounting Department

While planning for 2024, the question of whether or not it's time to hire a financial controller may come up for many business owners. To help make that decision easier, this article explains the duties of a financial controller and the benefits of partnering with an outsourced accounting provider, rather than trying to find a controller of your own.

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ALERT: Top 100 Form Date Limits Turned Off

Insightful Accountant

An issue with Zoho has created a problem with the built in date limits in the Top 100 Forms. If you had a problem with “form closed’, please try again, as we’ve temporarily turned off date limits.

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Best Laptops for CPAs and Accountants this Tax Season

Ace Cloud Hosting

During tax season, CPAs face numerous responsibilities; as they deal with clients directly, they must ensure a proper workflow. A laptop should have all the features that enhance work flexibility.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Buying Out Partners, Implementing Workflow, and Referral Systems to 2X Growth

Jetpack Workflow

Podcast Summary In this episode of Growing Your Firm, brought to you by Jetpack Workflow, host David Cristello interviews Jennifer Ryan, the owner of Bookkeeping Direct. Jenny shares her journey from initially joining the firm as a contractor to eventually buying the business in 2016. She highlights the company’s impressive growth of 140% in the past year and discusses how the firm expanded its staff to four members.

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States cut taxes in 2024

Accounting Today

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

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Staying on top of GST due dates in 2024

Xero

It can be tricky to keep tabs on the taxes and deductions you owe throughout the year as a small business. However, paying on time means getting peace of mind that you’re meeting your GST payment obligations as a business, and avoiding late penalties that cut into your earnings. If your business is registered for GST, you’ll have a number of deadlines to meet during the new year to file and pay GST.

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AccountingDepartment.com Attends Vistage ChairWorld 2024

Accounting Department

This week, AccountingDepartment.com Business Development Representative, Luke Backus, attended ADC's 10th Vistage ChairWorld in San Diego, CA! ChairWorld is a place for Vistage Chairs to come together and attend various breakout sessions, networking opportunities, and evening fun to learn new strategies, improve leadership skills, and more.

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Grow Big, Pay Smart: How To Unlock Efficiency In Payroll Management

Speaker: Joe Sharpe and James Carlson

Running a small business is no small feat. Payroll management, in particular, can be one of the most time-consuming and complex parts of that equation. Yet, businesses that crack the code on streamlining these processes often discover not just savings, but new avenues for growth. Our expert speakers will share actionable insights and real-world examples of how businesses have reduced overhead and improved payroll efficiency.

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Murph will host next week's ProAdvisor Meetup

Insightful Accountant

Murph wants to know what you think, that's why you are invited to a ProAdvisors ProAdvisor "open microphone' Meet-up for the January edition of QB Talks. Let's talk Awards, ProAdvisor Program and QuickBooks Desktop among other topics.

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Data Backup and Recovery Strategies for QuickBooks Enterprise in the Cloud

Ace Cloud Hosting

Accessing QuickBooks Enterprise Software on the cloud involves leveraging cloud-based solutions to host and manage QuickBooks Enterprise, a robust accounting software designed for larger businesses with complex financial needs. Hosted.

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Top 10 Accounts Payable Best Practices 

AvidXchange

Accounts payable (AP) is a critical function within any business. AP staff ensure the company’s bills are paid, and they create reporting that is essential for financial forecasting. To make sure your AP department is operating at an optimal level , consider implementing these accounts payable best practices. 1. Enter Invoices Promptly Enter invoice data into your AP system without delay upon receipt.

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IRS offers guidance on tax credits for EV charging stations

Accounting Today

The Internal Revenue Service and the Treasury released information on tax incentives for installing electric vehicle charging stations and where they can be located.

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7 Essential Criteria for Choosing the Right Payments Partner

Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms

In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.

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Four trends that will shape AI in 2024 and beyond

Xero

There is no shortage of hype surrounding artificial intelligence (AI). While the large language models that underpin these new generative AI tools have existed for a long time, AI as a technology has remained in the hands of engineers and scientists, peripheral to the public’s awareness. Over the past 12 months, however, we crossed an important threshold: for the first time in human history, anyone with a browser and keyboard could tap into its tremendous technological power.

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Simplified and Automated Cloud-Based Tax Calculations with AvaTax

Accounting Department

AvaTax by Avalara is a groundbreaking solution that revolutionizes the way businesses handle tax calculations. This cutting-edge cloud-based software simplifies the complexity of tax calculations, ensuring accuracy and efficiency every step of the way.

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Watch Out when Changing from Average Cost to FIFO

Insightful Accountant

Some QuickBooks Users may think changing from Average Cost to FIFO is as simple as selecting a preference or migrating to a different product version. not true, you could be in store for 'BIG Differences' in your financials.

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Top 10 Emerging Cybersecurity Challenges to Watch Out for in 2024

Ace Cloud Hosting

Cyberattacks are increasing day by day, and so are the security concerns for businesses. It’s well-known that digital platforms and the internet have become a part of everyone’s life, but.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a