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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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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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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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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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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Is your firm ready to stay independent?

Accounting Today

With so many options on the table, firms need advice on what to do if they want to remain independent.

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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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 stranger side of tax

Accounting Today

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

Tax 244
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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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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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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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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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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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Best SME Loans in Singapore (2024)

Counto

Best SME Loans in Singapore (2024) Are you a small business or SME owner in Singapore looking to bolster your cash flow with a loan? Navigating the landscape of business loans can be daunting, but fear not—we’ve got you covered. In this guide, we’ll walk you through the various options available. Advantages of Business Loans 1. Provides a Short-term Cash Boost: A working capital loan can provide the necessary funds, offering a lifeline for short-term financial needs.Whether it’

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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.