Thu.Jul 11, 2024

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IRS collects $1B from millionaires

Accounting Today

The agency is hoping to counter a widespread impression that people can get away without paying their taxes, according to Commissioner Werfel.

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Mastering Financial Success for Your SMB

Accounting Department

Running a small to medium-sized business (SMB) comes with its own set of challenges and rewards. One of the most pivotal aspects of ensuring your business's success is strategic financial planning. While it might seem daunting, mastering this process can propel your business growth and profitability to new heights. This blog post will walk you through the critical steps in strategic financial planning tailored specifically for SMB owners.

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Trusts are useful but complicated. Here are some basics

Accounting Today

For financial advisors, tax professionals and their clients, the opportunities and acronyms look endless. Three experts explain the key questions to consider.

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5 Payments Fraud Trends to Watch in 2024

Fidesic blog

Payments fraud increased in 2023 for the first time since we started watching and sharing results from the annual AFP Payments Fraud and Control Survey Report.

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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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Tax Fraud Blotter: Big deals

Accounting Today

Action; very little cash; not from around here; and other highlights of recent tax cases.

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App Aware: MyWorks

Insightful Accountant

MyWorks is an eCommerce integration app that can connect QuickBooks Online, QuickBooks Desktop, and Xero with WooCommerce and Shopify. Murph would like to make you 'App' aware of this highly functional tool if you're looking for an eCommerce app.

More Trending

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Mapping the best finops stack for your business

Plooto

Financial technology (fintech) makes it easier for businesses to do everything from issuing invoices and processing payments to managing expenses and making payroll. These solutions are the behind-the-scenes tools that quite literally allow businesses to send and receive money.

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Choosing the scheduled tax season

Accounting Today

After my last column about spreading out the tax season, several readers contacted me to share their experiences about making busy season more sane.

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Off balance sheet definition

Accounting Tools

What is Off Balance Sheet? Off balance sheet refers to those assets and liabilities not appearing on an entity's balance sheet , but which nonetheless effectively belong to the enterprise. These items are usually associated with the sharing of risk or they are financing transactions. Off balance sheet liabilities are a particular concern, since they might eventually result in substantial liabilities for and payments by the reporting entity.

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Hong Kong's audit regulator says allegations against PwC in letter not supported

Accounting Today

The Accounting and Financial Reporting Council is still carrying out a separate investigation into audits on China Evergrande Group.

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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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Just-in-time production definition

Accounting Tools

What is Just-in-Time Production? Just-in-time production minimizes the time, labor, and materials in a manufacturing process. It does so by only producing goods as they are needed. The desired outcome is a streamlined production system that maintains a minimal amount of on-site raw materials , minimal wait times in the production process, and small batch sizes.

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IAASB offers guidance on auditing less complex entities

Accounting Today

The International Auditing and Assurance Standards Board issued new advice for auditing smaller companies.

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Two-bin inventory control

Accounting Tools

What is Two-Bin Inventory Control? Two-bin inventory control involves the storage of goods in two bins, one of which contains working stock and the other containing reserve stock. The amount of inventory kept in the reserve stock bin equals the amount the company expects to use during the ordering lead time associated with that item. To use this system, one should reorder goods as soon as the working stock bin is empty, so that replacement parts arrive before the reserve stock bin is empty.

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AWS NAT Gateway Pricing Guide with 5 Tips for Optimization

Economize

Introduction to AWS NAT Gateway and its Costs The costs associated with using AWS NAT Gateways can quickly become a significant expense, especially when data transfers are not optimally managed.

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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 account for supplies

Accounting Tools

What are Supplies? Supplies are incidental items used during the course of production, or as part of an organization’s administrative activities. The total cost of supplies tends to be quite low, and the per-unit cost of supplies is also usually quite low. Examples of supplies are paper, staples, and toner cartridges. What is the Accounting for Supplies?

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All About QuickBooks Cloud Accounting [Round Up Blog]

Ace Cloud Hosting

Did You Know? This data from Fit Small Business shows how QuickBooks is widely used worldwide and is highly reliable and popular for managing financial functions like income, expenses, employee.

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Direct materials definition

Accounting Tools

What are Direct Materials? Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product. Items designated as direct materials are usually listed in the bill of materials file for a product. The bill of materials itemizes the unit quantities and standard costs of all materials used in a product, and may also include an overhead allocation.

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Driving for Business: Standard Mileage vs. Actual Expense Deductions

CSI Accounting & Payroll

Nobody gets reimbursed for their commute to and from work. However, when your employees drive their cars for business purposes, you can reimburse them.

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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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Level 1 inputs definition

Accounting Tools

What are Level 1 Inputs? Level 1 inputs are at the top of a hierarchy of information sources that range from Level 1 (best) to Level 3 (worst). The general intent of these levels of information is to step the accountant through a series of valuation alternatives, where solutions closer to Level 1 are preferred over Level 3. A Level 1 input is a quoted price for an identical item in an active market on the measurement date.

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Top Remote Accounting Candidates for Hire | July 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 accounting candidates with no upfront cost. These are just a few of our top remote accounting candidates this week. Sign up now to receive the full list of top accounting candidates available weekly!

CPA 52
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Intuit Laying Off 1,800 Employees

Insightful Accountant

Intuit has announced that it is laying off 1,800 employees.

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7 Best Accounts Receivable (A/R) Automation Software Vendors

Gaviti

The traditional accounts receivable process is full of manual processes that are prone to error. What’s worse, inefficiencies in these processes can lead to unpaid invoices, late payments and the inability to generate the revenue that your business rightfully earned. As a result, many businesses turn to accounts receivable automation solutions. If you’ve decided your business is ready to move to automating its A/R, you’ll want to find the best A/R automation software, also called invoice to cash

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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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Practical Strategies for Recruiting and Retaining Top Talent in Accounting

Earmark Accounting Podcast

Explore cutting-edge hiring solutions for accountancy firms with Robin Thieme, CEO and founder of KBS CFO, and industry expert Blake Oliver. Learn how work simulations provide a "try before you buy" approach, ensuring a better fit for the firm and the candidate. Discover the benefits of apprenticeship programs, which KBS CFO has successfully implemented.

CPA 45
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Accounting for joint ventures

Accounting Tools

How to Account for Joint Ventures The accounting for a joint venture depends upon the level of control exercised over the venture. If a significant amount of control is exercised, the equity method of accounting must be used. In this article, we address the concept of significant influence , as well as how to account for an investment in a joint venture using the equity method.

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ESG Reporting Automation Steps: A Detailed Guide For Newbies

oAppsNet

Automating Environmental, Social, and Governance (ESG) reporting is becoming an essential strategy for companies committed to sustainability. By automating the ESG reporting process, businesses can streamline data collection, improve accuracy, and ensure timely dissemination of information. Automation helps integrate sustainability into the core business processes, making it a critical component of operational strategy.

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Sinking fund method of depreciation

Accounting Tools

What is the Sinking Fund Method of Depreciation? The sinking fund method of depreciation is used when an organization wants to set aside a sufficient amount of cash to pay for a replacement asset when the current asset reaches the end of its useful life. As depreciation is incurred, a matching amount of cash is invested, with the interest proceeds being deposited into an asset replacement fund.

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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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Municipal bond definition

Accounting Tools

What is a Municipal Bond? A municipal bond is a debt security that has been issued by a local government entity. Examples of these issuers are state, county and city governments. Municipal bonds are commonly used to fund the construction of roads, schools, airports, hospitals, wastewater treatment facilities and other infrastructure projects. Advantages of Municipal Bonds The interest income that an investor receives from a municipal bond is exempt from federal taxation and may also be exempt fr

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Bill of activities definition

Accounting Tools

What is a Bill of Activities? A bill of activities is a listing of those actions required to complete a product or provide a service. The standard costs of these activities are also listed, so that you can compile the aggregate cost of the activities on a per-unit basis. Activities are usually listed in the sequence in which they are employed. A bill of activities is a useful tool for calculating the total cost of the activities associated with a product or service, which gives you some idea of

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Optimal capital structure definition

Accounting Tools

What is Optimal Capital Structure? The optimal capital structure of a business is the blend of debt financing and equity financing that minimizes its weighted-average cost of capital while maximizing its market value. Debt financing is less expensive than equity financing, since the interest expense associated with debt is tax deductible , while dividend payouts are not tax deductible.

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Cost-based pricing definition

Accounting Tools

What is Cost-Based Pricing? Cost-based pricing is the practice of setting prices based on the cost of the goods or services being sold. A profit percentage or fixed profit figure is added to the cost of an item, which results in the price at which it will be sold. For example, an attorney calculates that the total cost of running his office each year is $400,000 and he expects to achieve 2,000 billable hours in the coming year.

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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.