June, 2024

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Navigating DCAA Accounting: A Comprehensive Guide for Government Contractors

Accounting Department

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor. DCAA stands for Defense Contract Audit Agency, a branch of the Department of Defense that is tasked with auditing and evaluating proposal and contract costs for the government.

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Deadline for MP Elite 2024 submissions extended

Accounting Today

Due to extensive interest, Accounting Today is extending the deadline for submissions for its annual Managing Partner Elite list to the end of the day on Monday, July 8.

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Intuit expands IDEAS Program

Intuit

In partnership with the Los Angeles Urban League, we announced the expansion of the Intuit IDEAS (Invest, Develop, Empower, Accelerate, and Scale) Program. The program, which began as a pilot in Los Angeles, will now expand to a total of 100 small business owners; applications for the three cities are now open in Atlanta , Los Angeles and Philadelphia.

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Changes to Xero’s plans in Aotearoa New Zealand

Xero

We want to make sure the needs of small businesses and their advisors are met well into the future, and that means providing you with easier access to tools that help you run your business efficiently. So we’re refreshing our subscription plans for small businesses and partners with new plans which will be available from 12 September 2024. We’ve put a lot of consideration into creating simplified plans with bundled tools and features, to help solve your most important accounting and people manag

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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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[Expert Opinion] How to Attract Accounting Clients in 2024

Ace Cloud Hosting

In accounting world the key to success is attracting and retaining clients. Effective accounting marketing strategies can enhance visibility and build healthy client relationships, helping firms build long-term success in.

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ProAdvisor Awards All About Preparation

Insightful Accountant

The number of participants in the ProAdvisor Awards grows each year, with more and more highly qualified ProAdvisors entering the mix. We hope you are one of them, but preparation for participation goes a long way at achieving recognition.

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Taxpayer Advocate spotlights problems with IRS assistance

Accounting Today

The Internal Revenue Service isn't doing enough to help victims of identity theft receive their tax refunds, according to a report from National Taxpayer Advocate Erin Collins, and its statistics on answering phone calls are misleading.

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Thriving Amidst the Accounting Talent Crunch: Strategies for Employers and Job Seekers

accountingfly

“The accounting profession is not going to die. It’s not going to wither on the vine. There is lots of talent out there, and there are options and hope.” The accounting industry is facing a talent shortage, which is affecting both employers and job seekers. However, in a recent Accounting Talent Podcast discussing the reasons for the talent shortage , Jeff Phillips, the CEO of Padgett and Co-Founder of Accountingfly, sheds light on actionable insights to help both parties navigate this challenge

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New subscription plans are live in Australia: what this means for you

Xero

In May, we announced new subscription plans for Australian customers and partners as part of our efforts to simplify our plan offering. The new plan line-up bundles key features like Xero Expenses, Xero Projects and Xero Analytics Plus into some plans, making it easier to choose the right plan for your business or clients. These plans are now live to coincide with the start of the financial year.

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15 Accounting Podcast That You Can Listen To At Home

Ace Cloud Hosting

In an era, where staying at home has become the norm, finding productive and engaging ways to spend your time is more important than ever. Podcasts have become popular as.

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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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2025 ProAdvisor Awards - Advantages of Self-nomination

Insightful Accountant

Some ProAdvisors feel odd about nominating themselves, you really shouldn't. more than 70% of those achieving award status in our 2024 process were self-nominees. Murph tells you the advantages of self-nomination in today's feature.

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Inventory Management Strategies To Maximize Efficiency

Accounting Department

From a manufacturing perspective, inventory is everything for business owners that can significantly impact their financial well-being. That is why effective inventory management is of utmost importance for manufacturers or other businesses that keep things on the shelves.

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IRS will resume paying ERC claims slowly to safeguard against fraud

Accounting Today

The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.

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Jun 1, Canadian Bookkeeping Tips- Small Business Accounting Basics

Bookkeeping Essentials

Over 30 basic home business accounting and bookkeeping tips along with information on managing your accounting system. Bookkeeping Essentials is a free resource for your book keeping questions.

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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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How accountants and bookkeepers can improve productivity through apps

Xero

What’s your practice doing to keep up with apps and AI? As the business landscape evolves, the accounting industry must adapt to remain competitive and meet the changing needs of clients. We recognise that one key area of focus is the integration of app stacks and artificial intelligence (AI) into accounting practices so as to support future productivity and growth.

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15 Types of QuickBooks Enterprise Reports Your Business Should Look At

Ace Cloud Hosting

Accounting records can tell you a lot about a business, its costs, profitability, and financial position. But those insights are rarely found by looking at transaction-level details. Instead, business owners.

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The IRS’ New Use of AI

Insightful Accountant

The IRS is turning to AI to help select tax returns for audits, aiming to narrow the tax gap. A recent GAO report emphasizes the need for consistent and transparent use of this technology.

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Why A Podcast For Entrepreneurs | Beyond the Books Podcast

Accounting Department

We are thrilled to announce that our season 1 finale, Episode 24, of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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How to Avoid Getting Ghosted: 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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Balancing crypto's volatility with fair value accounting principles

Accounting Today

The unpredictable nature of digital assets stands out as both a defining characteristic and a significant challenge for investors and accounting professionals alike.

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Jun 1, Chart of Accounts | Your Blueprint

Bookkeeping Essentials

Your chart of accounts is the blueprint of your accounting system around which everything is built. If your COA is poorly designed, the quality of your information is affected.

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Introducing our 2024 Xerocon London event partners

Xero

Xerocon London is just under a week away on 12 and 13 June, and the ExCeL exhibitor floor will be full to the brim with stands showcasing some of the best and most loved apps, tools and services for accountants, bookkeepers and small businesses. This year, you can expect to see just under 60 exhibitors at the event, including many leading Xero App Store app partners.

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Why SaaS Companies are Embracing Usage-Based Pricing

Billing Platform

Did you know that 61% of software as a service (SaaS) companies have adopted usage-based pricing (UBP) ? Also known as consumption-based pricing , pay-as-you-go, time/unit-based pricing, pay per transaction, metered billing , and resource-based pricing, UBP enables customers to pay for products or services based on resources consumed. As the rising star of SaaS pricing, usage-based pricing examples are in every industry.

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

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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More About QuickBooks Solopreneur

Insightful Accountant

Earlier this year, Intuit introduced a new version of QuickBooks Online for solopreneurs, it's designed for individuals who submit IRS Form 1040 - Schedule C tax filings.

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The Best Workplace Mindset  | Beyond the Books Podcast by AccountingDepartment.com

Accounting Department

In this celebratory episode of Beyond the Books, host Andrea Boccard is joined by Amy Harold to discuss the prestigious Inc. Best Workplaces award.

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IRS tries to use AI to close tax gap

Accounting Today

The Internal Revenue Service is turning to artificial intelligence to help select tax returns to audit and narrow the tax gap, but it needs to use this new technology consistently and transparently, according to a new government report.

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Jun 1, Evaluate Your Book Keeping System

Bookkeeping Essentials

Whether you are just starting out or have been in business awhile, how do you know if your book keeping system is the right one for your business? It’s best to keep it as simple as possible for.

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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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App partner stories: Keeping the wheels of Australia turning

Xero

This guest blog was written by the team behind transport management app MyTrucking. The powerhouse of regional Australia sits in part with its farming, mining and construction industries. The thousands of communities and family-owned small businesses in these sectors around the country help keep the wheels of Australia turning. One such family-owned business has been on the tools since 2009.

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How to calculate the cost of goods sold

Accounting Tools

What is the Cost of Goods Sold? The cost of goods sold is the total expense associated with the goods sold in a reporting period. The cost of goods sold is subtracted from the reported revenues of a business to arrive at its gross margin ; the gross margin reveals the amount of profit generated prior to selling, general and administrative expenses. Formula for the Cost of Goods Sold The cost of goods sold is calculated by aggregating the period-specific expense listed in each of the general ledg

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Enhanced QuickBooks Online Payroll Paycheck Correction Functionality

Insightful Accountant

QuickBooks Online Payroll has enhanced functionality related to correction of, late payment of, and backdated payment of paychecks, with fewer 'time out' blocks and greater self-control by ProAdvisors and their clients.

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Why Businesses Should Turn to FP&A for the Second Half of 2024

Accounting Department

In today's tumultuous economic climate, the importance of sound financial strategy cannot be overstated—especially for small and medium-sized businesses that might not have the buffer of large corporations. Financial Planning & Analysis (FP&A) isn't just a set of buzzwords; it's a compass for navigating the murky waters of modern economics. As we approach the second half of 2024, now is the time for businesses to fortify their financial plans.

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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