Drawn in by an ad for SAP consultants that read, “Astronauts wanted,” Melanie Kanaka left her comfortable job in accounting at a major conglomerate in Sri Lanka — and almost immediately began questioning the decision.
The emergence of technology to serve nearly every facet of accounting, though hastened by the COVID-19 pandemic, has created new concerns for accountants. Chief among them is how can you recognize new opportunities and, perhaps more important still, how can you capitalize on them?
The key tactic for CPA firms moving forward, and also what successfully guided many of them through the pandemic, is strategic prioritization, according to a panel of American Institute of CPAs and CPA.com leaders who led the keynote session Wednesday at the 2021 AICPA Engage conference.
Small business owners have been coping with unpaid invoices and inadequate accounting during the pandemic and needed to cover expenses by selling family heirlooms and other valuables.
Some confusion was lifted last week for practitioners who perform single audits of health care entities, when the U.S. Department of Health and Human Services (HHS) clarified rules for single audits of nonfederal entities that received pandemic-related assistance from the Provider Relief Fund (PRF).
Businesses are downsizing their office space and renegotiating leases as employees work from home, and they need to look at how they’re accounting for the leases under the new rules.
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments.
In a recent article, I discussed the vital role that data analytics can play in improving the advisory services firms provide to their clients. While the ability to process and interpret large amounts of information is a pillar of next-level advisory services, it's not the only required component. Well-rounded and informed guidance will always take multiple factors into account rather than privileging one approach over all others. On the other side of the coin from data, you find the human qualities of a business that can’t be quantified in a simple metric or equation. We can call this facet of advisory "relational accounting," and it’s crucial that you don’t overlook it.
The tumultuous 2020 tax year, combined with expected tax increases in the future, make 2021 a key year for tax planning. Ryan Vaughan and Andrew Kosoy of Mazars outline common accounting methods and considerations for business taxpayers regarding such methods.
In theory, few industries are set up for the disruptive powers of AI as perfectly as accounting. The work of most modern accountants involves retrieving, presenting, and analyzing data from a range of transactions, which are essentially repeated over and over. All the while, they've got to ensure that they've compiled with the relevant accounting standards. Their work is, with respect to all of the fine accountants out there, the bread and butter of artificial intelligence.
Many accounting professionals spend significant time preparing financial statements, conducting audits and preparing tax returns. All of these activities look historically at transactions and focus on compliance requirements of the organization such as submitting financial statements to investors or filing prior year tax returns and paying taxes due.
Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.
Meet Alan Skelton, Director of Research and Technical Activities for the Governmental Accounting Standards Board and Hillary Salo, Director of Technical Activities and Chair of the Emerging Issues Task Force for the Financial Accounting Standards Board.
Irrespective of your business profile, you can manage your company’s finances using some simple accounting strategies. One of the areas of work that you need to master from the very beginning of your business is finances and accounts. The right time to manage all your business finances is from the start of this journey.
Since the audience for this article comprises accountants, let’s start with a number: 35%. What is that? It is the percentage of organizations in the United States that have “a formalized succession planning process.” Meaning just a little over one-third of U.S. businesses are prepared for the multitude of forces that can trigger the need for a succession, from something as dramatic as an owner’s death to an unexpected exodus of top talent.
Chad Davis, CPA (Canada), had been successfully working remotely for years when the coronavirus pandemic forced many accounting firms to go fully remote. He and Josh Zweig, CPA (Canada), founded LiveCA, a fully virtual accounting firm in Canada in 2013. Zweig was focused on tax and Davis on technology, so the two meshed well, especially since neither of them wanted to work from a brick-and-mortar office.
Accountants, it seems, like their offices more than most people. In a recent survey of close to 500 managers, executives and senior leadership in banking, financial planning, fintechs, financial services, accounting and other related industries, leaders at accounting firms were far more likely to be working full-time at their firms’ offices; much more likely to expect to keep their current office footprint after the end of the COVID-19 pandemic; and more likely to predict their employees will all be working full-time in their firms’ offices a year from now.
Accounting automation is an increasingly popular term in the finance space. Emerging tech in the forms of artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) promise to further transform many sectors.
With the news that the Financial Accounting Standards Board (FASB) is asking for feedback on its future research agenda, there is no shortage of important areas to address. That said, and not taking away from the other important topics, the case for the FASB to take up the question of developing crypto specific accounting standards is strong.
Technology has become a significant part of our lives in today’s world. It changes how we shop, communicate with friends and family, and how we work. By implementing the right technology into your accounting department, your team can work smarter and your organization can flourish.