Thu.Feb 15, 2024

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Gloom or boom? Tax pros differ on AI

Accounting Today

Whether they're enthusiastic or terrified, tax practitioners are anything but indifferent to the rise of artificial intelligence.

Tax 349
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Navigating DCAA Compliance for Government Contractors

Accounting Department

For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA). A critical cog in the machinery that is the U.S. Department of Defense (DoD), DCAA ensures that taxpayer dollars are used efficiently and effectively in the acquisition of defense-related goods and services.

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5 IRS developments to watch this tax season

Accounting Today

New technology systems and the addition of cryptocurrency on tax forms are just some of the IRS developments to watch in 2024.

Tax 348
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Feature Focus Fridays - Another Look at Clockwork

Insightful Accountant

Clockwork is a financial analytics and planning app that works with QuickBooks Online, Xero and QuickBooks Desktop. If you need more financial metrics and forecasting than your General Ledger can provide, check out this article.

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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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Automation is driving the future of accounting

Accounting Today

But the more you automate, the more human you have to be.

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Accounts Receivables vs. Accounts Payables: What’s the Difference?

Plooto

What is accounts receivable and accounts payable? Find out why having good control over both is crucial for your business to have a smooth cash flow.

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Why Working Capital is Super Necessary to Your Business

Counto

Why Working Capital is Super Necessary to Your Business In business, understanding the fundamentals of working capital is crucial. It serves as the backbone of your financial operations, dictating your ability to navigate day-to-day expenses and seize growth opportunities. What is Working Capital? Working capital is the difference between your company’s current assets and liabilities.

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Tax Fraud Blotter: Ultimate crimes

Accounting Today

Not a lot of Latitude; the cupboards are bare; lots of energy; and other highlights of recent tax cases.

Tax 325
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What Are Contingent Liabilities? 

Nolan Accounting Center

As renowned investor Warren Buffet has stated, “Accounting is the language of business.” Thus, it is critical for business leaders to get the “language” right. That includes properly and accurately recording, reporting, and acting on an organization’s financial statements, including a focus on assets and liabilities, including contingent liabilities.

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IRS income verification service suffers glitch

Accounting Today

Due to technical issues, some batches may need to be resubmitted to IVES.

Tax 321
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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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7 Steps to Improving the AP Check Run

MineralTree

Is your accounts payable (AP) check run holding your business back? The AP check run remains a pain point for many finance departments who rely on manual processes and outdated solutions to manage AP — in turn, causing check run delays and hiccups. This blog explores the intricacies of the AP check run and actionable tips to fortify your financial processes.

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Poll: workers both excited and anxious about AI

Accounting Today

A recent survey from Ernst and Young has found that people are both excited and fearful of AI in roughly equal measure.

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The difference between revenues and receipts

Accounting Tools

What are Revenues? Revenues are the fees generated from the sale of goods and services, and are recognized when the seller’s earnings process has been completed. Under the cash basis of accounting , revenues are recorded when cash is received from a customer in payment of these items. Under the accrual basis of accounting , revenues are recorded when goods and services are delivered to customers.

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Banks push regulators to change crypto accounting

Accounting Today

The existing guidance directs public companies, including banks, to count crypto they custody as liabilities on their corporate balance sheets.

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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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Financial analysis report definition

Accounting Tools

What is a Financial Analysis Report? A financial analysis report is constructed by a person who is researching a company, usually with the intent of recommending its stock to investors. The report needs to cover the essentials of the target company, so that investors understand how it does business, what its competitive advantages are, and why it is a good investment.

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Saturday hours for the IRS this season

Accounting Today

Some Taxpayer Assistance Centers will be open on Feb. 24, March 16, April 13 and May 18.

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Total cost definition

Accounting Tools

What is Total Cost? Total cost is the total expenditure incurred to produce some type of output. From an accounting perspective, the total cost concept is more applicable to financial reporting, where overhead costs must be assigned to certain assets. Total cost is less applicable to short-term decision making, where it is more likely that only variable costs will be considered.

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Michigan storm victims get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those impacted in the Great Lake State.

Tax 304
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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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Tax return for Business owners and Tax preparation for CPAs in the USA

Outsourced Bookeeping

For both business owners and Certified Public Accountants (CPAs) in the United States, the annual tax return season is a critical and challenging period. Business owners must comprehend the intricate details of tax obligations to ensure compliance with the ever-evolving tax code and optimize financial outcomes. Simultaneously, CPAs help in tax and accounting services as they navigate through complex tax codes and regulations to ensure their clients comply with the law while maximizing returns.

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The stranger side of tax

Accounting Today

Ten tax stories from the past year that may make you raise an eyebrow.

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Best Remote Accountants for Hire (February 2024)

accountingfly

Hire the Best Remote Accountants Are you struggling to hire remote accountants? Accountingfly is ready to partner with you. Gain full access to a pool of highly skilled and experienced remote accountants with Always-On Recruiting. Plus, there’s no up-front cost! Every week we share a sneak peek of a few top accounting candidates available. If you want to learn more about a candidate, you can sign up and mention their ID number below to get connected!

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The role of accountants in BOI reporting

Accounting Today

Helping clients comply with the Corporate Transparency Act's reporting requirements represents an opportunity for accountants.

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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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Why Having No Business Tax Liability Is a Bad Thing

CSI Accounting & Payroll

If you asked a room full of small business owners to raise their hands if they like paying business taxes, you’re probably not going to see very many hands. However, even if you legally didn’t owe any taxes, there are still a few issues. Have you ever thought about how getting your tax liability to zero could hurt your business? At CSI Accounting & Payroll, we’ve worked with small business taxes for over 50 years.

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Tax Fraud Blotter: Ultimate crimes

Accounting Today

Not a lot of Latitude; the cupboards are bare; lots of energy; and other highlights of recent tax cases.

Tax 147
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Everything You Need to Know about Procurement for Businesses: A Practical Guide for CFOs and Finance Leaders

Nanonets

Procurement is a pivotal function for any business upon which the pillars of efficiency, cost management, and strategic sourcing rest. This is more than just buying; it's about acquiring goods and services in a way that optimizes value for an organization. Ultimately, understanding and refining this process is essential for steering your business towards more profitable and sustainable futures.

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MODEX is headed to Atlanta for 2024 on March 11th

Insightful Accountant

MODEX, the largest manufacturing and supply trade event is being held in Atlanta starting March 11th. More than 1175 suppliers will be presenting the future of supply chain, warehousing, distribution and manufacturing technology.

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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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The Comprehensive Guide to AI in Invoice Data Capture

Nanonets

Traditional invoice processing methods often fall short in the ever-evolving landscape of business operations, where time is money and precision is paramount. Cumbersome, time-consuming, and prone to errors, manual invoice data capture has long been a bottleneck for businesses striving for efficiency. However, finance is changing, and artificial intelligence's transformative power marks a new era.

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Intuit Opens New Atlanta Home for Mailchimp

Insightful Accountant

Intuit has opened a new Atlanta office serving as the new home to Mailchimp.

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Spend Visibility

Tipalti

A critical part of great financial planning is knowing where your organization’s money goes. Spend visibility provides key insights into business spend, for better planning and resource allocation.

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How to OCR a PDF

Nanonets

OCR (Optical Character Recognition) is a game changer for anyone who works with PDF documents. PDFs are notorious for being difficult to edit and search through. When you OCR a PDF, it ensures the text is scanned and extracted, making it fully searchable, editable, and accessible.  In this guide, we will compare various methods of OCR-ing PDFs to help you choose the best one that suits your requirements.

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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.