Wed.Jul 17, 2024

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IRS adds user authentication to FATCA site

Accounting Today

Taxpayers and financial institutions now need to verify their identities when they sign in or register to use the system as an extra security measure.

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Lacerte Remote Access Benefits for Tax Firms and Professionals

Ace Cloud Hosting

Lacerte is one of the most popular and reputable tax preparation and filing software for small—to medium-sized businesses. It offers robust features that allow tax professionals to reduce manual work.

Tax 105
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PwC names new chief AI officer

Accounting Today

The Big Four firm named Dan Priest as its chief AI officer for the U.S.

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Fractional CFOs: Bringing Big Business Accounting Insights to Smaller Enterprises

Insightful Accountant

Ben Richmond, the Managing Director of Xero for North America, gives valuable insights into accounting firms providing 'Fractional CFO' services.

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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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Founder Files: Stealing your wife's firm

Accounting Today

Tyler Otto, president and owner of Specialty Bookkeepers & Tax, turned his wife's side hustle into a full-fledged firm after losing his job.

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Continuing professional education definition

Accounting Tools

What is Continuing Professional Education? Continuing professional education (CPE) is ongoing training that is required in order to remain certified as a professional in certain fields. The intent behind requiring this training is to force professionals to continue to update their knowledge of pertinent information that can improve their ability to serve their clients.

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Investment property definition

Accounting Tools

What is Investment Property? Investment property is property that an entity holds to earn rental income and/or capital appreciation. It generates cash flows mostly independently of other assets held by an entity. It is not property that an entity uses to supply goods or services, nor is it used for administrative purposes. Examples of Investment Property There are many examples of investment property, including the following: Farmland Forest land Commercial properties held for rent or appreciati

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Grant Thornton UK weighs selling stake to private equity

Accounting Today

An influx of investors is accelerating growth in the professional services sector.

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Financial information system definition

Accounting Tools

What is a Financial Information System? A financial information system is an organized approach to collecting and interpreting information, which is usually computerized. A well-run financial information system is essential to a business, since managers need the resulting information to make decisions about how to run the organization. This system can be used in many ways, including the following: Ensure that there are sufficient funds on hand to pay for obligations as they come due for payment

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Docyt unveils AI bookkeeper GARY

Accounting Today

The bookkeeping solutions provider debuted its Generative Accounting Retrieval sYstem, GARY.

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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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Highest and best use in accounting

Accounting Tools

What is the Highest and Best Use in Accounting? Under the concept of highest and best use, fair value is determined based on the price at which an asset could theoretically be employed in its highest and best use, rather than the use in which the asset is currently employed. The highest and best use concept is subject to the limitations noted below.

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The future of on-chain accounting in stablecoin markets

Accounting Today

The adoption of on-chain accounting in stablecoin markets is not just a theoretical concept; it's already being implemented.

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A Complete Guide on AWS EKS Cost Monitoring & Best Practices

Economize

By monitoring what you’re spending, you can make sure you’re using your resources wisely. This clear view into your costs helps you spot any resources that aren’t fully utilized, ensuring you’re not overpaying for what you don’t really need. Hence, AWS EKS cost monitoring plays a key part in managing your Kubernetes clusters.

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Categorizing Deductions: Can You Write Off Gifts to Clients?

CSI Accounting & Payroll

As a small business owner, since you want to maintain your relationships and claim your tax deductions, you write off gifts! Let's discuss who you can write off gifts to, gift types and value, & categorizing gifts in your books.

Tax 52
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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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4 Steps to More Partnerships

Future Firm

Leveraging partnerships can grow your business fast if done right. Follow these steps to improve your chances of landing more partnerships. The post 4 Steps to More Partnerships appeared first on Future Firm.

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Imprest balance definition

Accounting Tools

What is an Imprest Balance? The imprest balance is the amount of cash stated in the general ledger for the petty cash account. This amount does not change. Instead, when cash is issued to replenish a petty cash box , the debit is to the expenses for which cash was paid, while the credit is to the general cash account. Thus, the imprest balance states the initial cash distribution to a petty cash account, and does not subsequently change unless the total amount of cash allocated to the petty cash

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Royalwise OWLS: Next Level Bookkeeping in QBO

Insightful Accountant

Ready to go beyond the basics? For you, entering standard business transactions into QuickBooks Online is now routine. However, that’s just the beginning!

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8 Essential Cost Optimization Strategies Every CFO Must Master

Analytix Finance & Accounting

Where every dollar holds importance, mastering cost optimization transcends mere skill; it becomes a strategic imperative. A staggering 58% of CFOs said cost optimization is their top concern. However, conventional methods often fall short in meeting contemporary demands. While businesses aim to maximize profits, they also strive to deliver exceptional products/services.

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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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Royalwise OWLS: QBOA for ProAdvisors

Insightful Accountant

Accountants are falling in love with QuickBooks Online for Accountants (QBOA)! Many accountants and bookkeepers are making the move to QuickBooks® Online, but others aren't so sure.and that’s where this course will help!

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Pay period definition

Accounting Tools

What is a Pay Period? A pay period is the stretch of time over which employee work hours are compiled for later inclusion in a paycheck. This is typically a standardized period, such as a weekly, biweekly , semi-monthly, or monthly period. When one pay period ends, this marks the beginning of the next pay period - there are no gaps between pay periods.

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Xero partners: Refer your clients to the Xero Beautiful Business Fund and get rewarded

Xero

On 9 July, we announced that the Xero Beautiful Business Fund is back for 2024. Just as we did last year, 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. We want to recognise the role of our accounting and bookkeeping partners in driving small business success and we’d love your help to encourage your clients to enter the Xero Beautiful Business Fund.

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Ideal capacity definition

Accounting Tools

What is Ideal Capacity? Ideal capacity is the maximum output that a manufacturing facility can produce, assuming no downtime and no waste. It is nearly impossible to attain the ideal capacity figure, since it involves 24x7 production with no maintenance downtime, no employee breaks, no damaged equipment, and no reworked goods. The concept can be used in budgeting for the output of a production facility but is not recommended, since the actual output will certainly be lower, generating an unfavor

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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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GOP eyes tax changes after election

Accounting Today

The details in the Republican platform provide no specifics on taxes, although extending the expiring provisions of the Tax Cuts of Jobs Act of 2017 is a top priority.

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Input cost definition

Accounting Tools

What are Input Costs? Input cost is the set of costs incurred to create a product or service. All other costs incurred by a business are related to general and administrative activities. The proportion of input costs to total costs tends to be relatively low in many businesses. Examples of Input Costs There are only a few classifications of costs that are considered input costs.

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Project 2025 goals would transform wealth management landscape

Accounting Today

Former President Trump is disavowing the conservative blueprint, which advocates for radical shifts in regulations and taxes that would reverberate in the industry.

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Working interest definition

Accounting Tools

What is a Working Interest? A working interest is an investment in an oil and gas operation, where the investor is responsible for all costs incurred to explore, develop, and conduct production operations. The share of revenue reserved for the holder of a working interest is the residual amount after the royalty interest and nonworking interests have been subtracted.

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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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Issued stock definition

Accounting Tools

What is Issued Stock? Issued stock is the shares of a company that have been distributed to investors. These are all of the shares representing the total ownership interest in a business. Issued stock includes shares that have been sold, given to employees or third parties as compensation or payment (respectively), donated, or issued in settlement of a debt - in short, every possible share that has been distributed.

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Unobservable inputs definition

Accounting Tools

What are Unobservable Inputs? Unobservable inputs are inputs used in fair value accounting for which there is no market information available, which instead use the best information available for pricing assets or liabilities. An unobservable input may include the reporting company’s own data, adjusted for other reasonably available information. Examples are an internally-generated financial forecast and the prices contained within an offered quote from a distributor.

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Material participation definition

Accounting Tools

What is Material Participation? Material participation occurs when a taxpayer is involved in a business on a regular, continuous, and substantial basis. If so, the taxpayer can check off a "material participation" box on his Form 1040. An outside investor in a business is probably not engaged in material participation in the business, since he is merely providing funds to the entity.

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Commercial production definition

Accounting Tools

What is Commercial Production? Commercial production is the initial point at which production from a grove, orchard, or vineyard begins to make operations economically feasible, based on expected price points. Once perennial crops have reached the point of commercial production, all costs related to the crops (such as for cultivation, pruning, and spraying) are charged directly to expense as incurred.

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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.