Mon.Sep 11, 2023

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IRS use of AI in tax audits could be a game changer, but with pitfalls

Accounting Today

The Internal Revenue Service will need to tread carefully with how it uses AI amid growing questions about the reliability of the technology.

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Bill.com to End Sync Support for Dynamics GP Dec 2023

Fidesic blog

Beginning December 1, 2023, Bill.com will no longer support direct sync for Microsoft Dynamics GP (Great Plains).

AP 245
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PwC to take big steps on audit quality, independence, accountability

Accounting Today

The Big Four firm plans to stop offering some types of services to SEC-registered audit clients, and to cut the compensation of top leaders if the firm's audits fall short on quality.

Auditing 331
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Bill.com to End Sync Support for Dynamics GP Dec 2023

Fidesic blog

Beginning December 1, 2023, Bill.com will no longer support direct sync for Microsoft Dynamics GP (Great Plains).

AP 130
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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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The perils of promotions

Accounting Today

Promoting a top performer doesn't always guarantee they'll stay — ADP's Nela Richardson shares how to navigate these transitions better.

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Top 100 2024 Clues: More Training Opportunities

Insightful Accountant

Murph is prone to repeating himself these days. That's especially so when it comes to important clues, like "don't miss training opportunities" for Top 100 2024.

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Transaction definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Transaction? A transaction is a business event that has a monetary impact on an entity's financial statements , and is recorded as an entry in its accounting records. Examples of transactions are as follows: Paying a supplier for services rendered or goods delivered.

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Don't offshore. Automate instead

Accounting Today

Leveraging GenAI to automate tasks versus offshoring them is a key competitive advantage.

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Cash flow adequacy ratio definition

Accounting Tools

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Cash Flow Adequacy Ratio? The cash flow adequacy ratio is used to determine whether the cash flows generated by the operations of a business are sufficient to pay for its other ongoing expenses. In essence, cash flows from operations are compared to the payments made for long-term debt reductions, fixed asset acquisitions, and dividends to shareholders.

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Cohen leads in new SEC clients again

Accounting Today

A March acquisition continued to yield dividends for the Cleveland-based Top 50 Firm; Deloitte and CohnReznick also saw big gains.

Auditing 299
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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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Future Forward 2023: K2's Artificial Intelligence For Accounting And Financial Professionals

Insightful Accountant

In the second track from 'Future Forward September 2023,' K2 Enterprises' Randy Johnston demystifies AI and unveil its practical applications, transforming it from theory into a hands-on tool. Sign up here.

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The Great Resignation turns into Great Stagnation for Big Four

Accounting Today

Britain's accountants, auditors and advisers are clinging to their jobs, nervous that their negotiating power has sharply dropped.

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GCP Cross Cloud Network- Multi Cloud Features & Pricing

Economize

In the era of cloud computing, where businesses are increasingly adopting multi-cloud strategies, the need for seamless connectivity and efficient networking solutions has never been more crucial. Enter GCP Cross Cloud Network, an innovative networking solution offered by Google Cloud.

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Art of Accounting: 15 stress and burnout relievers

Accounting Today

Stress reduction can be accomplished by how realistically we view our roles, control what we do, commit to deadlines, and understand our own capabilities and time allocation.

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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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Small Business Purchasing Best Practices

SMB Accounting and Consulting

Purchasing is an important function for any size business, whether large or small, because it has a direct impact on costcontrol, efficient operations, quality, and vendor relationships. Failure to follow best practices when purchasing goods and services can expose a small business to compliance violations, cash flow problems and missed savings opportunities.

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Top Cloud Cost News From August 2023

CloudZero

The latest cloud cost news is primarily good news: Each of the major cloud providers released changes that could improve your bottom line:

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Fixture definition

Accounting Tools

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Fixture in Accounting? A fixture is a fixed asset that is physically attached to property. A fixture cannot be removed without causing damage to the asset. Examples of fixtures are integrated lights, built-in cabinets, toilets, and sinks. In the accounting records of an organization, fixtures are classified as fixed assets and so are depreciated over time.

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Xero Beautiful Business Fund: Ways for accountants and bookkeepers to get involved

Xero

Last month on stage at Xerocon Sydney, we announced that applications officially opened for the Xero Beautiful Business Fund. We’re giving away more than NZ$750,000 to eligible Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK and the US. While this initiative is targeted at small businesses, our accounting and bookkeeping partners play a key role in driving small business success and we’d love for you to help get your client

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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.

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Foreign corporation definition

Accounting Tools

Related Courses C Corporation Tax Guide Types of Business Entities What is a Foreign Corporation? A foreign corporation is a corporation that is registered to do business in a state other than the one in which it was incorporated. By registering in multiple states, a corporation can do business over a broader geographical area without having to create a separate corporation in each state.

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Foreclosure definition

Accounting Tools

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy Essentials of Collection Law What is a Foreclosure? A foreclosure is a situation in which a lender seizes a property because the homeowner has been unable to make mortgage payments in a timely manner. The lender evicts the homeowner and sells the property in order to earn back the unpaid balance of the mortgage.

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Financial projection definition

Accounting Tools

Related Courses Budgeting Financial Forecasting and Modeling What is a Financial Projection? A financial projection shows the expected revenues , expenses , and cash flows of a business over a forecast period. This forecast may be used internally as the basis for a more detailed budget , or it may be presented to outsiders. In the latter case, a financial projection may be used to convince a lender to provide a business with a loan , or investors to buy shares in the firm.

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Contributed capital definition

Accounting Tools

Related Courses Accountants' Guidebook How to Audit Equity The Balance Sheet What is Contributed Capital? Contributed capital is an element of the total amount of equity recorded by an organization. It can be a separate account within the stockholders' equity section of the balance sheet , or it can be split between an additional paid-in capital account and a common stock account.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Financial statement analysis

Accounting Tools

Related Courses Business Ratios Guidebook Financial Analysis Education Bundle The Interpretation of Financial Statements What is Financial Statement Analysis? Financial statement analysis involves gaining an understanding of an organization's financial situation by reviewing its financial reports. The results can be used to make investment and lending decisions.

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Full product cost definition

Accounting Tools

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Full Product Cost? Full product cost refers to the assignment of both direct costs and indirect costs to a product. This means that direct materials , direct labor , and overhead are included in the cost. Full product cost is needed for two reasons, which are: The cost of inventory that is stated on the balance sheet must include all three costs, as required by the major accounting frameworks.

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Fiduciary fund definition

Accounting Tools

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is a Fiduciary Fund? A fiduciary fund is used in governmental accounting to report on assets held in trust for others. When financial statements are prepared for fiduciary funds, they are presented using the economic resources measurement focus and the accrual basis of accounting.

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Facility-level activities definition

Accounting Tools

Related Courses Cost Accounting Fundamentals What are Facility-Level Activities? Facility-level activities are those actions taken to maintain the general operations of a business. These actions cannot be traced to individual products, production cells, or product lines.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.

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Review definition

Accounting Tools

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Review in Accounting? A review is a reduced form of an audit that provides a reduced level of assurance regarding an entity's financial statements. The auditor who conducts a review must perform analytical procedures and make inquiries of the client concerning the financial statements and accompanying footnote disclosures.

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Scam definition

Accounting Tools

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is a Scam? A scam is a scheme in which someone tries to dishonestly obtain assets owned by another party. One general classification of scam is misrepresentation, where a person falsely claims to have certain skills, experience, or certifications, and uses these claims to extract money from others.

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Gross settlement definition

Accounting Tools

Related Courses Corporate Cash Management Treasurer's Guidebook What is Gross Settlement? Gross settlement is the transfer of funds that will be immediately available to the recipient. This is an electronic transfer between banks, and typically involves separate payment instructions for each transaction. The cost of gross settlement transactions is high, so individual transactions tend to involve larger amounts of funds or be very time sensitive.

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Free cash flow per share definition

Accounting Tools

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is Free Cash Flow per Share? Free cash flow per share measures the amount of cash spun off by a business. It is calculated as total free cash flow , divided by the weighted average number of shares outstanding during the measurement period. A significant amount of free cash flow per share, and especially when it is trending up, indicates that a business has sufficient cash to pay down debt , acquire assets

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Unlock The Blueprint: How To Construct A Better Payment Workflow

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.