November, 2024

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Why accounting firms are bleeding talent

Accounting Today

Stagnating wages and gaps in career path awareness have pushed young professionals away from accounting, leading to a dearth of candidates and leaving firms scrambling to find a solution.

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Cooking up success with Intuit’s Food Truck program

Intuit

Seasoned Chef brings flavor and heat to Morse High School Award-winning culinary entrepreneur, Chef Phillip Esteban, recently visited his alma mater, Morse High School. As part of the Intuit Food Truck Program, he met with culinary students and shared his experience working in the food industry. Esteban’s journey began when he graduated from Morse High School in 2000.

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Happy Thanksgiving From AccountingDepartment.com!

Accounting Department

This year we're especially thankful for our clients and our team - it is their collective energy, positivity, and dedication to success that has made this such a great year.

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We’re extending the availability of classic invoicing to 27 February 2025

Xero

Earlier this year we announced the farewell of our classic invoicing product to pave the way for something new, and to allow us to build more of the invoicing features you have been asking for, on a single platform going forward. We’re confident that this change is the right move longer term for you and your business to gain more invoicing features faster.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Oracle Cloud Supports FOCUS to Level the Playing Field

FinOps Foundation

Key Insight: Oracle is partnering with other clouds and investing in FOCUS to meet customers where they are. At FinOps X in San Diego in June 2024, J.R. Storment , Executive Director of the FinOps Foundation, sat down with Phil Newman , VP of Product Management at Oracle, to talk about FOCUS and to ask Phil what he thinks the Future of FinOps will look like.

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Why It’s High Time to Upgrade to QuickBooks Enterprise Solutions (QBES)

Ace Cloud Hosting

In the fast-paced realm of business technology, staying updated with the best tools is no longer a luxury—it’s a necessity. Recently, Intuit announced the discontinuation of QuickBooks Desktop products like.

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6 Best Wrike Alternatives & Competitors

Fit Small Business

Wrike is a popular project management solution that offers teams a centralized platform for planning, tracking, and completing their work. While Wrike helps increase efficiency and productivity, its file storage offering is limited, and its free plan lacks advanced features. We have explored popular Wrike alternatives that provide scalable plans, comprehensive collaborative tools, and unlimited.

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ADC Gets "Unbridled" at EO XCentric!

Accounting Department

Our final Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Fort Worth last week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to Texas and spend some time with all of the great event attendees.

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We’ve updated our responsible data use commitments

Xero

We use data to create innovative products and features for our customers. These help small businesses save time and make better decisions, and give advisors the information they need to help their clients thrive. Data is critical to innovation, and the opportunities to put it to work for the benefit of our customers are exciting. With these opportunities, comes an obligation to use data responsibly, which we take very seriously.

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Using LinkedIn to Drive $500K+ in CAS Services w/Roman Villardd

Jetpack Workflow

Podcast Summary In this episode of Growing Your Firm, host David Cristello welcomes Roman Villard, CPA , founder of Full Send Finance and co-founder of Full Send Design. The conversation kicks off with a focus on the importance of consistency in achieving success across various endeavors, including social media and business. Roman shares insights from his experiences on LinkedIn, where his consistent efforts have significantly increased awareness of his brand and services over the past year and

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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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5 Accounts Receivable Collection Mistakes You Should Avoid

Gaviti

Many businesses underestimate the importance of their accounts receivable (A/R) process, assuming they’ll “get paid eventually.” This mindset often leads to underinvestment in collections efforts, and when budget cuts are necessary, accounting departments like collections are typically the first affected. However, maintaining a steady cash flow is essential for business survival, and efficient collections directly impact the bottom line.

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PCAOB calls off NOCLAR standard for this year

Accounting Today

Facing a backlash from audit firms about its proposal to toughen the standards for failing to detect noncompliance with laws and regulations, the Public Company Accounting Oversight Board has decided to delay action on the standard this year.

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Why Is Business Insurance Expensive & Still Going Up?

Fit Small Business

Here’s the scenario: You receive your small business insurance renewal notice, and your premium has increased significantly. You haven’t filed a claim in years or changed your coverage. You may wonder why business insurance is so expensive and why business insurance rates are going up. Business insurance premiums have been rising month over month for.

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ADC Attends The 2024 Genius Network Annual Event

Accounting Department

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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Three ways to build a stand-out customer experience

Xero

Customer experience (CX) is more than a buzzword – it’s pivotal to building solid relationships with your customers and gaining a competitive edge. It’s often discussed in the context of large businesses like airlines or banks, but CX is equally important for small businesses, where things like recommendations and positive reviews can make a huge difference.

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Paycheck Taxes Not Computing

Insightful Accountant

When processing payroll using QuickBooks Desktop you notice that the paycheck taxes are not computing (at all or correctly). Murph takes you through a simple steps to return paycheck tax computation to normal.

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5 Common Challenges Faced by A/R Teams That Can Be Overcome Through Automation

Gaviti

Automation delivers finance departments many benefits, including accurate predictions and insights related to revenue and sales so that CFOs and their teams can make better business decisions. Despite this, automation in accounts receivable has met its fair share of skepticism from business leaders worldwide. Some of the main concerns include change management and employee adaptability to new technologies, adherence to compliance, how easily the automation technology integrates with other financ

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Notable 401(k) and IRA plan changes for 2025

Accounting Today

The IRS introduced changes to certain contribution limits to 401(k) and retirement plans for 2025, while some limits will remain the same.

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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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BankUnited Business Checking Review

Fit Small Business

BankUnited provides decent business checking products for organizations that generate a low to moderate monthly transaction volume. There are two types of regular checking accounts: A $12-per-month basic account with 150 free monthly transactions and a monthly cash processing allowance of $10,000. A $20-per-month premium account with 300 free monthly transactions and a monthly cash.

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Steer Clear of These Common Budgeting Mistakes for Your Business

Accounting Department

Creating a budget is essential for any business aiming for long-term success. As a business owner or CFO of a small to medium-sized enterprise, you might have faced the difficulties involved in developing and executing a budget.

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Streamline tax time: Xero now supports partnership tax in the UK

Xero

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. No more juggling multiple tools or battling complicated software. By managing partnership tax in Xero, you can remove some of the stress around tax time for your practice and your clients.

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Top ProAdvisor Profiles: Lauretta Finis

Insightful Accountant

This week, we are proud and honored to share the profile of Lauretta Finis, Insightful Accountant's 2024 International ProAdvisor of the Year.

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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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Mastering B2B Payment Negotiation Strategies for New Business Owners

Enterprise Recovery

One of the most challenging parts of starting a business or working independently is deciding on your rates. After that, you must negotiate contract terms with your clients, including asking to get paid for your work. Navigating the complex world of B2B payments can be daunting for business owners, but mastering effective negotiation strategies can ensure you always get paid for your hard work.

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Voluntary sales tax disclosure: A potential boon for states and retailers

Accounting Today

A pending proposal from the Streamlined Tax Governing Board would let businesses that haven't been remitting sales tax come in from the cold.

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What Is the Profit First Method & How to Use to Increase Profits

Fit Small Business

The Profit First method, a cash management strategy for businesses, prioritizes taking profit before paying expenses. It involves using separate bank accounts for income, profit, owner’s pay, taxes, and operating expenses. A predetermined percentage of each sale is allocated to the profit account first, ensuring guaranteed profitability. This system forces businesses to manage expenses within.

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Leverage FP&A for Smarter Financial Planning

Accounting Department

For any business owner, prioritizing the company’s future is essential. Financial planning plays a crucial role in this, enabling business owners to drive growth and broaden their operations. If a business owner hasn’t focused on this aspect, they need to understand what it is, what it does, and how it differs from regular accounting. What Is FP&A?

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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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How to tackle the top four challenges of running an agency or firm

Xero

When building a professional services business such as an accounting firm, creative agency, architecture firm or consultancy, there are four common challenges you’ll likely face: managing your ever-growing list of projects, tracking billable hours, getting paid on time and keeping a handle on your cash flow and revenue forecast. Fortunately, if you’re aware of these challenges, you can put processes and technology in place to help you manage all the moving parts as you grow and stay in control o

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The Practice of Now: The Practice of Now: How 1000 Accountants & Bookkeepers Are Going From Good To Great

The Successful Bookkeeper

Like most professions in recent years, accounting and bookkeeping are going through extraordinary change. We, at Sage, surveyed 1000 accountants and bookkeepers across six countries to understand what they’re feeling, their challenges, and how they plan to thrive in the immediate future.

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How To Maximize Medicare Reimbursements

RevCycle

Medicare presents both opportunities and challenges for healthcare providers, with reimbursement management being the primary focal point. With complex regulations, evolving policies, and an intricate reimbursement structure, maximizing Medicare reimbursements is critical for the financial health of practices, clinics, and hospitals. In this blog post, we’ll explore practical strategies healthcare providers can use to optimize their Medicare reimbursements.

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FASB proposes to improve interim reporting

Accounting Today

The Financial Accounting Standards Board issued a proposed accounting standards update that aims to improve the navigability of the disclosures that need to be provided for interim reporting periods.

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Solve Your Firms 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.