Mon.Jun 03, 2024

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Accounting Today news quiz: June 3

Accounting Today

Test your accounting knowledge on Gen Z employees, big four AI partnerships, and more. No. 2 pencil not required!

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FinOps and Sustainability Teams Collaborate to Optimize Carbon

FinOps Foundation

Key Insight: Carbon optimization is a growing concern for organizations, and Environmental, Social, and Governance (ESG) teams can leverage the culture of collaboration and waste reduction that FinOps teams have cultivated. Cloud Service Providers are delivering more granular carbon emissions data and tooling that FinOps practitioners can use for reporting and optimization within a cloud, and FinOps vendors are beginning to offer sustainability features to optimize carbon across clouds.

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The 20 most charitable states in America

Accounting Today

Where are residents the most giving? Check out this ranking, which tracks the states with the most charitable donations, as well as volunteering and service.

Tax 333
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FinOps and Carbon Optimization: Two Sides of the Same Coin

FinOps Foundation

Key Insight: Carbon optimization is a growing concern for organizations, and Environmental, Social, and Governance (ESG) teams can leverage the culture of collaboration and waste reduction that FinOps teams have cultivated. Cloud Service Providers are delivering more granular carbon emissions data and tooling that FinOps practitioners can use for reporting and optimization within a cloud, and FinOps vendors are beginning to offer sustainability features to optimize carbon across clouds.

FinOps 130
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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.

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2 methods to avoid capital gains in a home sale

Accounting Today

The Section 121 exclusion and the step-up in basis are well known to financial advisors and tax professionals, but their clients will need to plan carefully to net the biggest potential savings.

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FinOps and ESG Teams Collaborate to Optimize Carbon

FinOps Foundation

Key Insight: Carbon optimization is a growing concern for organizations, and Environmental, Social, and Governance (ESG) teams can leverage the culture of collaboration and waste reduction that FinOps teams have cultivated. Cloud Service Providers are delivering more granular carbon emissions data and tooling that FinOps practitioners can use for reporting and optimization within a cloud, and FinOps vendors are beginning to offer sustainability features to optimize carbon across clouds.

FinOps 100

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Jun 3, Index of Common Bookkeeping Entries

Bookkeeping Essentials

Index of basic bookkeeping entries and accounting journal entries. for the business owner working from home who does their own books.

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Practice Profile: Rehmann assembles a team to take on the future

Accounting Today

Stacie Kwaiser is setting the direction of the Top 100 Firm based on her own vision — and the collective ideas of the firm

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Jun 3, Common Bookkeeping Entries - Journal Entry Examples

Bookkeeping Essentials

How to record some common bookkeeping entries requiring special treatment with examples for the home based business owner doing their own bookkeeping.

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New chief taxpayer experience officer named at IRS

Accounting Today

Agency veteran Fumino Tamaki and her staff will work with other IRS units to apply customer service best practices.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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The Complete FinOps 101 Guide to Cloud Cost Optimization

Economize

The Need for Cloud FinOps In the modern cloud-driven business landscape, companies increasingly rely on various cloud setups, including multi-cloud environments, legacy systems, hybrid clouds, and different cloud providers with diverse services and pricing models. This diversity, while offering flexibility and scalability, can lead to chaotic and unorganized cloud resource management.

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Art of Accounting: Building wealth

Accounting Today

CPAs do very good jobs helping clients build wealth, but many do not do so good with themselves. Here are some tips to help you grow your wealth.

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ShareFile Introduces New Accounting Functionalities

Insightful Accountant

ShareFile recently introduced several new features tailored to the evolving needs of accounting professionals.

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Forvis and Mazars combine on global network

Accounting Today

The global accounting network will have a combined $5 billion in revenue, 40,000 employees and nearly 1,800 partners in 103 different countries.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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QuickBooks Recertification Training For June, 2024

Insightful Accountant

It's time for most QuickBooks Online ProAdvisors ('Core' or 'Advanced') to Recertify. June 30, 2024 is the deadline for Recertification Exam completion.

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Taking her firm forward

Accounting Today

Laura Sprouse, the new CEO of Top 100 Firm Brown Edwards, shares her path to leadership, and where she's taking her firm in the future.

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Total current assets definition

Accounting Tools

Total current assets is the aggregate amount of all cash , receivables , prepaid expenses , and inventory on an organization's balance sheet. These assets are classified as current assets if there is an expectation that they will be converted into cash within one year. A sample presentation of total current assets in a balance sheet appears in the following exhibit.

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Autodesk CFO replaced by board after accounting investigation

Accounting Today

The software maker's shares soared by the most in more than a year after the company reassigned its chief financial officer, resolving an internal accounting investigation that delayed filings for weeks.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

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Jun 3, Preparing A Financial Plan is Essential for the Home Based Business

Bookkeeping Essentials

Preparing a financial plan is essential for a small home based business. Without a plan, how do you know where you are going … and when you get there?

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Boomer's Blueprint: With AI, it's not the tool that determines your success

Accounting Today

Making the most of artificial intelligence requires leadership, project management and process management.

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Why Cloud Cost Management, 5 Tools to Know, and Tips for Success

finout

What Is Cloud Cost Management? Cloud cost management involves monitoring and managing the costs associated with cloud computing. As organizations increasingly rely on cloud services for their IT infrastructure and business applications, controlling spending becomes a critical concern. Effective cloud cost management improves the efficiency of cloud investments, and can ultimately impact an organization’s bottom line.

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M&A roundup: CLA, Marcum, Doeren Mayhew, Rea expand

Accounting Today

Former Baker Tilly member firms in Mexico joined CliftonLarsonAllen Global to create CLA Mexico; Marcum Technology acquired CLA's IT Enhanced Managed Services Division; Doeren Mayhew acquired Nearman, Maynard, Vallez CPAs; and Rea & Associates merged in Koontz & Parkin, CPAs.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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Building a Modern CPA Firm: A Revolutionary Approach with Alan Whitman

Earmark Accounting Podcast

Kick-start a new era in accountancy with Alan Whitman, the former CEO of Baker Tilly US. Using his invaluable experience as a CEO for nearly 8 years, Alan will share novel insights on transforming traditional CPA firms into modern, sustainable, and innovative powerhouses. This session delves into people development, strategic growth, service models, and methods for breaking from long-standing conventions that hinder progression.

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MicroStrategy and its co-founder Saylor will pay $40M to settle DC tax fraud lawsuit

Accounting Today

The Washington, D.C., attorney general's office sued Saylor in August 2022, alleging the crypto billionaire had failed to pay more than $25 million in income taxes.

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Jun 3, Just Starting Your Own Business?

Bookkeeping Essentials

When you are just starting your own business, the number of decisions to be made can be overwhelming. Your accounting system is just one of them.

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The role of AI in data extraction and document processing

Nanonets

Data is the lifeblood of many businesses today. But what use is data if it's locked away in unstructured formats like emails, PDFs, and invoices? This is where Artificial Intelligence (AI) steps in, revolutionizing how we extract information and unlock the true potential of our data. Traditionally, data extraction was a manual, time-consuming process.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Proration definition

Accounting Tools

What is Proration? Generally, proration is the process of dividing up something in a proportional manner, such as the expenses among tenants that relate to common area expenses. Several variations on the concept are noted below. Proration in Overhead Cost Allocations Proration can refer to the allocation of under- or over-allocated overhead costs among the work-in-process , finished goods , and cost of goods sold accounts at the end of an accounting period.

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Acumatica Expense Management

Tipalti

Acumatica expense management can help businesses shorten expense cycles, more accurately input and track key data, and streamline project expenses.

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Total labor cost definition

Accounting Tools

What is Total Labor Cost? Total labor cost is the aggregate cost of the hours worked by all employees , plus all related payroll taxes and benefits. This amount is used in the budgeting of financial results for a business. Total labor cost is comprised of a number of line items, which include the following: Direct labor cost. This is the wages paid to production employees, including their overtime hours worked.

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T2200 Form and Guidelines – Declaration of Conditions of Employment

Billah and Associates

Work-From-Home Expenses: A Guide to the T2200 Form in Canada For many Canadians, working from home has become the new normal. While this flexibility offers numerous benefits, it can also lead to additional expenses like increased electricity bills, internet costs, and wear and tear on your home office furniture. Thankfully, the Canada Revenue Agency (CRA) allows eligible employees to claim a portion of these work-related expenses to reduce their taxable income.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.