Mon.Feb 05, 2024

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Art of Accounting: Make your services a must have

Accounting Today

Clients will want to use you when you become their trusted advisor and they think of calling you before they do anything that might impact their business, financial security or growth.

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Join Me Thursday for a Tech Spotlight on Increasing Your Practice Profits Advising Multi-entity Clients

Insightful Accountant

Murph says, "if you have multi-entity clients using QuickBooks Desktop or Online, you need to take an hour out of your busy schedule to attend this 'free' webinar.

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PwC US picks new leader

Accounting Today

PwC US has elected Paul Griggs as its next senior partner, succeeding Tim Ryan after Ryan retires on June 30.

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2024 GST Rate Change – Common Questions Asked

Counto

2024 GST Rate Change – Common Questions Asked Singapore implemented its second GST rate change on 1st January 2024, and the transition from an 8% GST rate to a 9% rate posed several questions and considerations for businesses. In this blog post, we will address some of the most common questions surrounding this GST rate change and provide insights on how to navigate them effectively. 1.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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Tax relief for Maine weather victims

Accounting Today

The IRS is pushing back payment and filing deadlines for those impacted by storms and flooding in Maine.

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K3s vs. K8s: Breaking Down the Differences and Deciding When to Use Each One

finout

Explore the differences between K3s and K8s to choose the right container orchestration solution. Discover which suits your needs best in this dynamic container orchestration world.

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Accounts payable controls

Accounting Tools

What are the Accounts Payable Controls? Accounts payable controls are used to mitigate the risk of losses in the payables function. Payables controls are aggregated into three general categories, which are verifying the obligation of the business to pay, entering the payables data into the computer system, and paying suppliers. The controls are described below.

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'Superfunding' 529 plans carries tax questions — what advisors should know

Accounting Today

The gift outlays — and the many rules and potential duties tied to them — can affect clients' long-term trail toward RMDs, Roth IRAs, the FAFSA and other areas.

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20 Best Tax & Accounting Memes: Laughing Our Way Through the Ledger

Ace Cloud Hosting

Tax season is the annual extravaganza that sends shivers down the spines of accountants and ordinary folks alike. As the tax deadline approaches, the stress levels skyrocket, and what better.

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Marcum merges in Powers & Sullivan

Accounting Today

The Top 25 Firm based in New York has added a firm headquartered in Wakefield, Massachusetts, expanding Marcum's government client base in New England.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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How To Ensure Your Project’s Schedule Boosts Profitability

Invoicera

When you start a new project, you need to make a plan. As the project manager, you decide how and when to reach the goals. You also figure out all the tasks your team needs to do. Did You Know? Companies that consistently complete projects under budget have 65% higher profit margins. You must put all these parts together correctly and finish on time without spending too much money.

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AICPA asks for delay in DAF regulations

Accounting Today

The American Institute of CPAs has sent a letter to the Treasury Department and the Internal Revenue Service asking them to postpone the effective date of their final regulations on donor-advised funds.

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Simplify & Succeed: Key Invoicing Features For Business Growth

Invoicera

Summary Traditional invoicing methods have limitations that hinder business growth. The blog advocates for modern invoicing software to overcome these limitations. Emphasis is placed on: Efficiency and time-saving features Invoice automation Growth and revenue enhancement Project management Security measures The blog encourages businesses to choose software aligned with their needs for data-driven success in invoicing.

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DOJ launches probe into ADM over its accounting practices

Accounting Today

ADM shook the commodity world last month after it suspended CFO Vikram Luthar and cut its earnings outlook pending an outside counsel inquiry into its accounting practices involving its troubled nutrition segment.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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Revised AICPA Standards Impacting Your Tax Practice

Insightful Accountant

Changes to the AICPA Statements on Standards for Tax Services (SSTS) are potentially impacting CPAs. While these changes do not govern EAs and other tax preparers, CPAs who offer even a small amount of tax services should be paying attention.

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Samsung billionaire Jay Y. Lee acquitted in fraud suit

Accounting Today

Prosecutors sought a five-year prison sentence along with a fine on charges of stock-price rigging and accounting fraud.

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Gaviti’s Q1 2024 Product Release: The Future of A/R Management

Gaviti

In this product release, Gaviti proudly introduces a suite of new features and enhancements, all aimed at transforming how businesses manage their accounts receivable. This release features the innovative Cash Application module, significant Credit Management enhancements, and the introduction of Gaviti Pay – a versatile payment gateway for streamlined, secure transactions.

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House conservative group opposes Speaker's Israel-only bill

Accounting Today

The House Freedom Caucus suggested Congress pay for emergency aid to Israel by cutting funding for the United Nations, repealing the IRS expansion, rescinding the Department of Commerce "slush fund," or ending what it called climate-change tax credits.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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The Road to Innovation: How AWS Fuels Innovation in Media & Entertainment

Ace Cloud Hosting

The media and entertainment world is exploding and content creators are under fire! Streaming wars, platform shifts, and changing audience habits. It’s a wild ride.

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Cross-border cash pool definition

Accounting Tools

What is a Cross-Border Cash Pool? A cash pool is a cluster of subsidiary bank accounts and a concentration account into which funds flow from the subsidiary accounts. The centralized funds can then be used for investment purposes, or to offset negative balances in subsidiary bank accounts. If a pooling arrangement includes accounts located in more than one country, this is known as a cross-border cash pool; it is most commonly used by multinational organizations, since they operate subsidiaries

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Commission definition

Accounting Tools

What is a Commission? A commission is a fee paid to a salesperson in exchange for services in facilitating or completing a sale transaction. It is typically paid in addition to a baseline salary, though some salespeople receive no baseline salary at all. How are Commissions Calculated? A commission may be structured as a flat fee, or as a percentage of the revenue , gross margin , or profit generated by the sale.

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Payment factory definition

Accounting Tools

What is a Payment Factory? A payment factory is an accounts payable function that has been centralized for an entire organization. This is an improvement on a distributed payables system, which incurs more administrative costs to ensure that multiple payables systems are properly managed. A payment factory may have the following features: Robust software to handle large transaction volumes Ability to accept incoming payment information in many formats Inbound document digitization Online form fo

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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Fixed manufacturing overhead incurred definition

Accounting Tools

What is Fixed Manufacturing Overhead Incurred? Fixed manufacturing overhead incurred is that component of factory overhead that does not vary with production volume. A business still incurs these costs, because they are necessary to the ongoing operation of the firm’s manufacturing operations. Examples of Fixed Manufacturing Overhead Incurred Examples of fixed manufacturing overhead incurred are rent, depreciation , the salaries of production managers, and insurance for the production facility.

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Contingent asset definition

Accounting Tools

What is a Contingent Asset? A contingent asset is a possible asset arising from past events and that will be confirmed only by future events not under an entity's control. The concept is used as the basis for disclosures regarding this type of asset in the notes accompanying the financial statements of an organization. The disclosure rules related to contingent assets are as follows: Do not recognize a contingent asset; only disclose it in the footnotes when an incoming payment is probable.

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For deposit only endorsement definition

Accounting Tools

What is the For Deposit Only Endorsement? The "for deposit only" endorsement is added to the back of a check in order to restrict the payment of the check to the endorser. An even more restrictive endorsement is to write the name of the account number into which the funds are to be deposited, such as "for deposit only to account 1234-123," which requires the funds to be deposited into the specified account.

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Collateral trust bond definition

Accounting Tools

What is a Collateral Trust Bond? A collateral trust bond is a bond that is secured by the issuer 's own security investments. These investments are deposited with a trustee, who holds them on behalf of the bond holders. If the issuing entity defaults on its bond obligation, the bond holders receive the securities held by the trustee. This arrangement is needed when investors suspect that a bond issuer’s financial situation is so weak that it will be unable to pay interest or redeem bonds at thei

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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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Reverse lockbox definition

Accounting Tools

What is a Reverse Lockbox? Under a reverse lockbox arrangement, suppliers are instructed to send their invoices to a company's bank, which digitizes the invoices and forwards them to the company's accounts payable system through an online interface. The company then flags the approval status of each invoice and transmits this information back to the bank, which pays the invoices when their payment terms indicate that they are due for payment.

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Mintzberg's managerial roles definition

Accounting Tools

What are Mintzberg’s Managerial Roles? Mintzberg’s managerial roles are based on the concept that managers are engaged in interpersonal, informational, and decisional roles. The most competent managers are able to fulfill the requirements of all three roles. The least competent managers likely have weaknesses in one or more of these areas. At the highest possible level, Mintzberg held that an effective manager was one who got things done.

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Capital asset definition

Accounting Tools

What is a Capital Asset? A capital asset is property that is expected to generate value over a long period of time. It is expected to be used for at least one year, and is not expected to be sold to a firm’s customers in the normal course of business. Capital assets form the productive base of an organization. In asset -intensive industries, companies tend to invest a large part of their funds in capital assets.

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How to record invoices with no invoice number

Accounting Tools

What is an Invoice? An invoice is a document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer. It provides documentation and a reminder to the customer that it owes the seller the amount stated on the invoice. It may be issued on paper or in an electronic format. The Problem With a Missing Invoice Number The main identifier used to track any supplier invoice is the invoice number.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.