Sat.Apr 06, 2024 - Fri.Apr 12, 2024

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PCAOB levies $27M in fines for exam cheating

Accounting Today

The board imposed its largest-ever penalty of $25 million against KPMG's firm in the Netherlands, in addition to $2 million in fines against Deloitte's firms in Indonesia and the Philippines.

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What is labour productivity and how does it impact your business?

Xero

If you or your clients are looking for ways to grow profits, drop prices or pay staff more, then one strategy is to lift productivity in your business. But what is productivity exactly (hint: it’s not about working longer hours), and how can you lift it in your small business or practice? What is small business productivity? Small business productivity is the measure of how much value a business can produce using the resources it has at its disposal (ie staff, capital, materials).

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Tackling Growth and Compliance Tax Challenges with Avalara

Accounting Department

As small and medium-sized businesses undergo rapid expansion and growth, they are often faced with a myriad of sales tax challenges, particularly within the retail and e-commerce sectors. The complexities of managing sales tax compliance can be overwhelming for smaller businesses, especially when juggling various omnichannel strategies to handle their financial operations.

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Simplifying Family Tax Credits: Why it Matters and What Can Be Done

Intuit

We have recently seen quite a bit of discussion in Congress about family tax credits, and, in particular, the EITC and CTC. In fact, the US House of Representatives passed bipartisan legislation to expand the CTC, a proposal that according to some would benefit 16 million children from low-income families and in its first year, raising 400,000 children above the poverty line.

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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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Tax season so far: Eclipsing last year

Accounting Today

At 90,315,000, the number of individual returns received this tax season finally surpassed the same period last year, up 0.2% as of March 29, 2024.

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Looking for fresh ideas in your business? Why not try a hackathon?

Xero

As nearly a thousand of our employees around the globe down tools this week for one of our twice-yearly hackathons, I’ve been reflecting on the purpose and benefits of this practice. Hackathons have been a fixture in the tech world for decades. But today the concept is widely utilised in fields as diverse as businesses, healthcare, education and social impact to solve some of the world’s most pressing issues.

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Why a Reliable Data Lake Is Critical to FinOps Success

FinOps Foundation

Key Insight: FinOps success results from getting FinOps practitioners, product teams, and engineers to think cost-first with architectural decisions, and that starts with clean, reliable data. One of Tim’s biggest challenges is bringing so much data together for analysis. Walmart built a data lake where they store several years of raw data in object storage so they can go back and re-parse it in different ways.

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IMA sees role for AI in accounting

Accounting Today

The Institute of Management Accountants is examining the possibilities of artificial intelligence in the accounting profession while undergoing staff cutbacks.

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Ascend Software Unveils Payments Automation Solution

Ascend Software blog

Ascend Software, a certified Workday Financial Management partner and leading innovator in Accounts Payable Automation, is launching its latest offering, Ascend Payments. This new feature enables businesses to streamline payment processes, enhance operational efficiency, unlock significant cost savings, and turn supplier payments into revenue-generating opportunities.

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What is JustPay? Finding the Right AP Tools

Fidesic blog

In this blog post we will tell you what JustPay is, who it's for and how it can help you improve your accounting department.

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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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Exploring Assistance Options for Taxpayers Struggling with Tax Bills

Insightful Accountant

Taxpayers who can't pay their tax bill by the April 15, 2024, deadline shouldn't panic – the IRS is here to help. There are several options to help taxpayers meet their obligations.

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AI targets tax refunds, and other tech stories you may have missed

Accounting Today

Plus, Google is making massive changes to Chrome, AI-powered tax chatbots aren't performing well, and seven other things that happened in technology this past month.

Tax 300
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Startup Tax Exemptions: Unlocking Savings with Expert Strategies and Real Examples

Counto

Startup Tax Exemptions: Unlocking Savings with Expert Strategies and Real Examples At Counto, we’re not just about numbers; we’re about making the complex world of taxes simpler for you. Today, we’ll have a closer look at startup tax exemptions, an essential piece of knowledge for every new business owner and entrepreneur. Startup Tax Exemption Scheme (SUTE) with Example Eligible for startups in their first three consecutive tax returns, the Tax Exemption Scheme for startups signific

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The 5 Best Collections Email Templates

Gaviti

Anyone who’s worked in accounts receivables knows how valuable a good collections email template can be. Accounts receivable collections rely on clear communication with customers, both in delivering accurate invoices on time and ensuring those invoices get paid. An A/R collections email template supports quick and efficient communication between you and your 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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Critical Accountant Shortage

Insightful Accountant

Accounting profession faces staffing shortages due to fewer graduates and an aging workforce. 42% of firms turn away work, 24% near burnout. First-time CPA exam candidates dropped by 33% from 2016 to 2021.

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Tax season nears its end, but uncertainties linger

Accounting Today

From BOI reporting to tax legislation in limbo, even the most 'normal' filing season in a several years still has unresolved questions.

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Preparing Your Business For A Debt Collection Agency

Enterprise Recovery

Is your business struggling with unpaid invoices or clients not paying on time? Many companies often turn to professional debt collection agencies for assistance when this happens. Before you hand over your delinquent accounts to a collection agency, it's important to understand their role and how they can help your business. Learn how to effectively prepare your business for working with a debt collection agency to recover outstanding payments.

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The Art of Client Onboarding Bookkeeping Clients: How to Set The Stage for Great Client Relationships Through Carefully Crafted Emails.

LedgerDocs

As the famous saying goes “ you never get a second chance to make a first impression”. This is especially true when working with clients. How the onboarding process begins, sets the tone for the entire client relationship. From the initial contact to gathering necessary information and setting expectations, client onboarding that has been done with careful planning and attention to detail sets you up for success. 1.

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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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Job Declines vary by Region and Sector during March, 2024

Insightful Accountant

The 'far west' was the only geographic region to suffer a negative net change in employment in March. Wholesale and Construction led the way in net job growth among all employment sectors during the same period.

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IRS warns tax pros to beware of spearphishing attacks

Accounting Today

The Internal Revenue Service urged tax professionals to steer clear of so-called "spearphishing" scams from cybercriminals, including identity thieves posing as new clients.

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SaaS Billing Best Practices: What You Need to Know

Billing Platform

Showing no signs of slowing, a recent Statista report forecasted that the software as a service (SaaS) market is expected to grow at an annual rate of 7.33% (CAGR 2024 – 2028), reaching $374.50 billion by 2028. However, when it comes to managing recurring billing, revenue recognition, plan renewals, etc., companies doing SaaS billing face hurdles in achieving their full revenue potential.

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Other assets definition

Accounting Tools

What are Other Assets? Other assets is a grouping of accounts that is listed as a separate line item in the assets section of the balance sheet. This line item contains minor assets that do not naturally fit into any of the main asset categories, such as current assets or fixed assets. Examples of Other Assets There are several types of assets that can be included in the Other Assets classification.

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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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Murph's first look at 2024 ProAdvisor App Preferences

Insightful Accountant

The formal applications submitted by Top 100 ProAdvisors contain a wealth of information. Part of that information reflects how these 'Pros' interact with apps and software. Here's my first look at the 2024 Domestic data.

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Jackson Hewitt settles 'no-poach' case for $10.8M

Accounting Today

The tax prep giant settled a proposed class-action suit that said it schemed to prevent employees from moving between corporate and franchisers.

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Top Remote Accountants for Hire | April 11, 2024

accountingfly

Top Remote Accounting Candidates This Week Looking for remote accountants? Accountingfly can help! With our ‘ Always-On Recruiting ‘ program, you can access highly skilled and experienced remote accountants with no upfront cost. These are just a few of our top candidates this week. Sign up now to receive our full list of top accounting candidates available weekly!

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Manufacturing overhead definition

Accounting Tools

What is Manufacturing Overhead? Manufacturing overhead is all indirect costs incurred during the production process. This overhead is applied to the units produced within a reporting period , so that the cost of these units are fully burdened with all manufacturing costs. These costs are then charged to the cost of goods sold as the units are sold over time.

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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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Unlocking the Power of Custom Reporting in QuickBooks Online’s New Modern View

Insightful Accountant

The new Modern Reports have been out for over a year in QBO Advanced, and they offer substantially more powerful reporting capability than the Classic reports we’ve long been used to.

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59% of accountants use AI to save about 30 hours a week

Accounting Today

A recent poll of U.S. and U.K. accountants has found that 59% say they use AI at work, and through AI have saved about 30 hours a week.

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Is AI Overhyped? Is CAS a Necessity? These Questions and More w/ Daniel Hood

Jetpack Workflow

Podcast Summary On this episode of Growing Your Firm, host David Cristello interviews Daniel Hood , the editor-in-chief of Accounting Today. With over two decades of experience in the industry, Daniel shares insights into the evolving trends in accounting firms and the push for advisory services. Tune in to gain a deeper understanding of the future of accounting and the role of technology in shaping the industry.

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Accounts receivable aging definition

Accounting Tools

What is the Accounts Receivable Aging Report? An accounts receivable aging is a report that lists unpaid customer invoices and unused credit memos by date ranges. The aging report is the primary tool used by collections personnel to determine which invoices are overdue for payment. Given its use as a collection tool, the report may be configured to also contain contact information for each customer.

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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