Thu.May 16, 2024

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CFOs seeking tech solutions need change management

Accounting Today

Partly in response to the talent crunch, CFOs are reaching for digital platforms to automate, streamline and spare the highest-value talent for highest-value work.

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Optimizing Financial Management through Outsourced Client Accounting Services

Accounting Department

Outsourced client accounting services play a crucial role in helping businesses take control of their financials. These services involve outsourcing the accounting and bookkeeping tasks to a third-party service provider, allowing businesses to focus on their core operations. The role of outsourced client accounting services goes beyond basic bookkeeping; it includes managing accounts payable and receivable, payroll processing, financial reporting, and more.

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Baker Tilly merges in Seiler

Accounting Today

The Top 10 Firm based in Chicago is adding a Top 75 Firm headquartered in Redwood City, California in July, only a few months after receiving private equity funding.

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Healtchcare AP Automation Testimonial - Fidesic and MB2 Dental

Fidesic blog

Healtchcare AP Automation Case Study Fidesic and MB2 Dental. Dental practice management service provider saves 100s of hours using Fidesic.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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AICPA approves revised attestation standards

Accounting Today

The American Institute of CPAs' Auditing Standards Board voted to approve a set of revisions to the rules for attestation engagements to align them with the AICPA's quality management standards.

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Future Forward is the Place to Be

Insightful Accountant

Insightful Accountant is hosting Future Forward 2024 next Tuesday and Wednesday. If you are a QuickBooks Pro or Premier user you will want to attend my two sessions on Migration from those products.

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Inventory control definition

Accounting Tools

What is Inventory Control? Inventory control is the management of a company's inventory to maximize its use. The goal of inventory control is to generate the maximum profit from the least amount of inventory investment without intruding upon customer satisfaction levels. Given the impact on customers and profits, inventory control is one of the chief concerns of businesses that have large inventory investments, such as retailers and distributors.

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Tax Fraud Blotter: Load of CRAT

Accounting Today

This beauty's a steal; what a Lady; medical miscreants; and other highlights of recent tax cases.

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Tangible asset definition

Accounting Tools

What is a Tangible Asset? A tangible asset is physical property - it can be touched. The term is most commonly associated with fixed assets , such as machinery, vehicles, and buildings. It is not used to describe shorter-term assets, such as inventory , since these items are intended for sale or conversion to cash. Tangible assets comprise the key competitive advantage of some organizations, especially if they use the assets efficiently to produce sales.

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Gimme (tax) shelter: The unlimited annuity shielding ultrawealthy clients

Accounting Today

Proposals to crack down on private placement insurance contracts aren't close to becoming law. Here's how advisors and their clients can use them for the time being.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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5 Impactful Benefits of Electronic Invoicing and Payments

AvidXchange

As the workplace evolves, the shift towards electronic invoicing represents more than a technological upgrade; electronic invoicing and payments transform how businesses manage their financial processes. For finance and accounting teams, e-invoicing benefits many aspects of their work – from improving visibility into transactions to facilitating remote work.

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Majority use AI in financial reporting, auditors expected to review use

Accounting Today

A KPMG survey found 72% of companies are using AI in their financial reporting process to some extent, and executives expect auditors will start examining controls around the technology.

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Purchase Order Creation

Tipalti

Learn how to create a purchase order step-by-step and optimize the purchase order creation process so your business can streamline PO management.

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Billionaire's pilot pleads guilty to tax evasion

Accounting Today

There is still a dispute between the defense and government as to whether Bryan Waugh knowingly engaged in insider trading using information Joe Lewis provided.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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How to Handle Past Due Invoices

oAppsNet

Managing past-due invoices is a delicate task that requires a careful balance between maintaining healthy cash flows and preserving strong customer relationships. When invoices become overdue, it disrupts a business’s financial planning and signals a need for effective communication and negotiation strategies. This article explores comprehensive approaches for handling past due invoices, emphasizing practical strategies, communication tips, and legal considerations to recover owed funds wh

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Top Remote Accountants for Hire | May 16, 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 the full list of top accounting candidates available weekly!

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6 Best Procure-to-Pay Software in 2024

Nanonets

The advent of AI and automated workflows in recent years have paved the way for procure to pay software - and these tools have completely streamlined the cumbersome processes associated with the procure to pay cycle. Businesses are increasingly aiming to streamline their P2P process with the aid of procure to pay software and stay ahead of the competition.

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Tax loss definition

Accounting Tools

What is a Tax Loss? A tax loss occurs when total expenses are greater than total revenues under the tax reporting rules of the applicable government jurisdiction. A tax loss reduces an entity's tax liability only in proportion to its tax bracket. Businesses and individuals will frequently reduce their reportable revenues or increase their reportable expenses for tax purposes in order to reduce their tax payments.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Biden seeks to bolster solar manufacturers with tax and trade moves

Accounting Today

The measures include expanded tariffs, tax policy guidance that could heighten demand for some U.S.-made solar equipment and promises of heightened vigilance for signs of unfair trade.

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Tax position definition

Accounting Tools

A tax position is taxpayer’s decision regarding how to treat a line item on their tax return. The position taken may be a specific interpretation of the tax laws or regulations as they pertain to a variety of tax-related items, such as an asset classification, the recognition of income, or when to record a transaction. A tax position can yield a permanent reduction or deferral of income taxes payable.

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Troubled debt restructuring definition

Accounting Tools

What is a Troubled Debt Restructuring? A troubled debt restructuring occurs when a creditor grants a concession to a debtor that it would not normally consider. A concession may involve restructuring the terms of a debt (such as a reduction in the interest rate or principal due, or an extension of the maturity date ) or payment in some form other than cash , such as an equity interest in the debtor.

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Treasury note definition

Accounting Tools

What is a Treasury Note? A treasury note is an interest -bearing debt security that is issued by the United States government. It has the following characteristics: Maturity. A treasury note matures anywhere within a range of one to 10 years. Interest rate. The interest rate associated with a treasury note is fixed. Payment intervals. Interest payments are made to investors at six-month intervals.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Treasury bond definition

Accounting Tools

What is a Treasury Bond? A treasury bond is an interest -bearing debt security that is issued by the United States government. It has the following characteristics: Maturity. A treasury bond matures over a period of more than 20 years. Interest rate. The interest rate associated with a treasury bond is fixed. Interest payments. Interest payments are made to investors at six-month intervals.

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Time variance definition

Accounting Tools

What is a Time Variance? A time variance is the difference between the standard hours and actual hours assigned to a job. The concept is used in standard costing to identify inefficiencies in a production process. The variance is then multiplied by the standard cost per hour to quantify the monetary value of the variance. How to Calculate Time Variance In order to calculate a time variance, subtract the actual duration of an activity from its planned duration.

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Time ticket definition

Accounting Tools

What is a Time Ticket? A time ticket is a document used by an employee to record hours worked. The purpose of a time ticket is to accumulate the hours that an employee will be paid in the next payroll. Once a pay period has ended, they are used by the payroll staff to compile hours worked, which is the basis for the calculation of gross pay. A common format for a time ticket is for it to be printed in an oblong heavy paper format, which is then inserted into a time clock when an employee clocks

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Trading securities definition

Accounting Tools

What are Trading Securities? Trading securities is a category of securities that includes both debt securities and equity securities , and which an entity intends to sell in the short term for a profit that it expects to generate from increases in the price of the securities. This is the most common classification used for investments in securities.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Temporarily restricted net assets

Accounting Tools

Temporarily restricted net assets are the assets of a nonprofit entity that have a special restriction imposed by the donor. There are two variations on this restriction, which are as follows: Usage restriction. There is a restriction on the assets that requires the assets to be used in a certain way, such as for a student meal program. Time restriction.

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Treasury bill definition

Accounting Tools

What is a Treasury Bill? A treasury bill is a short-term debt security that is issued by the United States government to raise money. It has the following characteristics: Maturity dates. It is issued with maturity dates of either four weeks, 13 weeks, or 26 weeks. Interest rate. There is no stated interest rate on the instrument; instead, it is sold at a discount to the face amount, and the buyer earns interest on the difference between the discounted purchase price and the redemption amount.

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Double taxation definition

Accounting Tools

What is Double Taxation? Double taxation occurs whenever income tax is paid twice on the same income. The situation arises in a C corporation , where the corporation pays income tax on its earnings and then issues dividends to its shareholders , who are taxed again on their dividend income. This situation arises because a C corporation is considered to be a separate legal entity from its shareholders.

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Rubber check definition

Accounting Tools

What is a Rubber Check? A rubber check is a check that has been rejected by the bank on which it was drawn. This situation arises when the maker did not have sufficient funds in the underlying account to cover the amount of the check. A rubber check is a sign of poor cash management by the maker. When this situation occurs, the bank will likely charge a fee to the maker.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.