Sat.Mar 02, 2024 - Fri.Mar 08, 2024

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IRS to Ramp Up Audits

Insightful Accountant

Last week our calendars all marked a unique day that only comes about once every four years. Leap Day, February 29th, this day intends to sync the calendar with the solar year. It still has its affects tax planning, so discuss with clients.

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Court rules Corporate Transparency Act unconstitutional: What's next

Accounting Today

An Alabama federal district court held that the Corporate Transparency Act is unconstitutional, stating it "exceeds the Constitution's limits on Congress' power.

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International Women’s Day: Celebrating small business founders and leaders

Xero

The UN theme for International Women’s Day (IWD) this year is ‘Invest in women: Accelerate progress’. The lack of investment in gender equality measures is seen to be a human rights issue by the UN, and a cornerstone for building inclusive societies. Climate change, geopolitical conflicts and the current economic system exacerbate inequality and disproportionately impact women.

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AccountingDepartment.com's 20th Year is Here!

Accounting Department

Two decades ago, a brilliant CPA joined forces with a daring sales expert, united in their mission to revolutionize how entrepreneurs approached their accounting needs—and thus, AccountingDepartment.com came into existence. While that may be the condensed version passed down in company lore, the reality is far more captivating and undoubtedly inspiring.

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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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P2P Cycle | The impact of AP Automation beyond Accounts Payable

Cevinio

Explohow the use of AP Automation technology software is benefiting not only Accounts Payable (AP) but the entire procure-to-pay (P2P) cycle.

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SEC approves watered down climate disclosure rule

Accounting Today

A divided Securities and Exchange Commission voted to approve a new rule that would require companies to provide climate-related disclosures to investors, but scaled back the original proposal to exclude disclosure of so-called Scope 3 emissions from their supply chains, and exempt many smaller companies.

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Starting a Business with a Strong Goal in Mind - ADC's Philanthropic Mission | Beyond the Books Podcast by AccountingDepartment.com

Accounting Department

We are thrilled to announce that Episode 14 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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Insightful Accountant Announces Inaugural Advisory Panel

Insightful Accountant

We are excited to announce the members of Insightful Accountant’s inaugural Advisor Panel. The primary purpose of the panel is to help us stay “in touch” with the audience we serve and to continue to provide the content you, our audience, want.

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The fastest-growing firms in the U.S. — 2024

Accounting Today

The 25 accounting practices with the highest revenue growth in percentage terms in 2023 from Accounting Today's Top 100 and Regional Leaders list.

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Facing challenges in your small business? XSBI data shows you’re not alone

Xero

The latest Xero Small Business Insights (XSBI) data shows just how challenging conditions became for small businesses, and their customers, towards the end of 2023. We’ve summarised the major trends and also have some tips for you on how to navigate the current headwinds. Despite improvements over the past year, inflation (or cost-of-living) pressures remained in late 2023.

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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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Job Costing in QuickBooks Online for Small Businesses

Accounting Department

Job costing is a vital tool in the small business owner's kit, especially for those operating in the service industry, construction, and manufacturing.

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Top 12 Add-Ons For ATX Software That Save Time and Money

Ace Cloud Hosting

One of the most preferred professional tax software for CPAs, small accounting firms, and individual tax preparers, ATX is easy to use and has a forms-based interface. It is readily.

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Accounting firm sued over Ponzi scheme

Accounting Today

Investors have filed a lawsuit against an accounting firm alleging it helped a client maintain a Ponzi scheme involving cash advances that led to the loss of millions of dollars.

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2024 Domestic ProAdvisor Voting is Underway

Insightful Accountant

Voting for the 2024 Domestic (US & Its Territories) ProAdvisor Awards has begun and will continue through April 2, 2024.

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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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Happy International Women's Day from ADC!

Accounting Department

Happy International Women's Day!

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Singapore to Raise Retirement Age to 64 by 2026

Counto

Singapore to Raise Retirement Age to 64 by 2026 In a move towards fostering inclusive and progressive workplaces, Singapore’s retirement age is set to rise to 64 years old in 2026, announced by Minister of Manpower Tan See Leng during the Committee of Supply debate in Parliament. This initiative aims to provide opportunities for seniors to continue contributing to the nation’s transformation journey.

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KPMG fined £1.5M over Saatchi audit failings

Accounting Today

KPMG and its partner Adrian Wilcox failed to audit the advertising agency with sufficient professional skepticism, according to the Financial Reporting Council.

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Val Steed on A CPA's Perspective on Accounting Technology & Future Challenges

Insightful Accountant

Gary and Val take a deep dive into the Zoho products, why accounting professionals may want to consider it for their practice and/or their clients (here's a hint - low cost, high value, and a broad range of products.) Take a look at this episode!

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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 Role of AI and Automation in Reducing Errors in Bookkeeping

LedgerDocs

“To err is human.” It is within human nature to be imperfect and to make mistakes. It is one of our biggest obstacles when it comes to bookkeeping, where accuracy is paramount. As we move deeper into the digital age, we have created artificial intelligence to help us offset this weakness. In this blog post, we will explore the key role that AI plays in reducing bookkeeping, data entry, and classification errors.

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Important Changes to Employment Pass (EP) Requirements for 2025

Counto

Important Changes to Employment Pass (EP) Requirements for 2025 Starting January 1, 2025, significant adjustments to the Employment Pass (EP) criteria will take effect, impacting both employers and foreigners alike. As an integral part of Singapore’s ongoing efforts to prioritise local talent and ensure fair treatment in the workforce, these changes aim to enhance opportunities for local professionals while maintaining the city-state’s attractiveness to global talent.

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Employers added 275,000 jobs in February, including 1,000 in accounting

Accounting Today

The unemployment rate increased two-tenths of a point to 3.9% and the BLS revised downward the job numbers for December and January, indicating some softening in the labor market.

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Leap Day Tax Consequences

Insightful Accountant

Last week our calendars all marked a unique day that only comes about once every four years. Leap Day, February 29th, this day intends to sync the calendar with the solar year. It still has its affects tax planning, so discuss with clients.

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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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Hollywood Accounting: A CPA's Journey Into Entertainment

Blake Oliver

Blake’s conversation with Kendale King, CPA, gives an insider’s view into the intriguing world of entertainment finance. Kendale shares his transition from Big Four auditor to accounting for multi-million dollar studio deals. You’ll see a new side of accounting blending creativity with business strategy. Gain insight into entertainment studios’ complex “Hollywood Accounting” practices around profit participation and residuals.

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Make or buy analysis

Accounting Tools

What is a Make or Buy Analysis? The make or buy decision involves whether to manufacture a product in-house or to purchase it from a third party. The outcome of this analysis should be a decision that maximizes the long-term financial outcome for a company. This analysis is typically conducted when a business finds that its in-house production capacity is constrained, or when it is having problems sourcing goods from suppliers, or when it is experiencing significant changes in the demand for its

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Ex-Trump CFO Weisselberg pleads guilty to perjury in NY case

Accounting Today

The development comes as Trump is appealing his loss at the non-jury trial, which resulted in a $454 million judgment against him and his company for inflating the value of his assets by billions of dollars a year for more than a decade.

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6 Steps to Leading Through Change to Drive Transformational Growth

Insightful Accountant

Ashleigh Sutter explores the challenges of transitioning from bookkeeping to tax, offering insights on starting, gaining alignment, executing, and maintaining employee engagement during change.

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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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SPAC Attack: Why Withum Got Slapped with a $2M PCAOB Fine

Cloud Accounting Podcast

Blake and David meet with Chris Vanover, President of CPAClub, about the recent $2 million PCAOB fine against Withum for poor audit quality on many 2021 SPAC audits. They examine Withum's 500% increase in audits with minimal staff growth, leading to overworked teams and partners working 100+ hour weeks. They also debate whether the fines are large enough to change behavior or just a cost of doing business.

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The difference between liability and debt

Accounting Tools

What is a Liability? A liability is a legally binding obligation payable to another entity. Liabilities are incurred in order to fund the ongoing activities of a business. Larger and longer-term liabilities are used to pay for the acquisition of assets that can expand the capacity and capabilities of a business. Examples of liability accounts are trade payables, accrued expenses payable, and wages payable.

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Art of Accounting: Everyone will be leaving you

Accounting Today

When someone leaves, they need to be replaced and with that comes orientation, training, introduction to your systems and procedures and to your culture.

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QB Talks Headed Your Way on March 20, 2024

Insightful Accountant

Alicia Katz Pollock will host QB Talks on Wednesday, March 20,2024 at 2:00 PM Eastern Daylight Time, when she presents 'Revenue Recognition' in QuickBooks Online Advanced.

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Global Accounting Principles and Commission Capitalization

Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase

ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract. Join us for this webinar when Airbase Controller Kelly Hicks and Ryan Dillard, a Director at CBIZ ARC Consulting explore how to approach capitalizing sales commissions under ASC 340-40.