News

Risk-taking is critical for women in accounting: Engage

July 29, 2021

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.

  • accounting and auditing
  • business and industry
  • career resources
  • diversity
  • practice management

Navigating the Future of Accounting

July 28, 2021

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?

  • accounting and auditing
  • practice management
  • technology and cybersecurity

Rapid change, uncertainty to remain hallmarks of profession, say AICPA leaders

July 28, 2021

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.

  • accounting and auditing
  • practice management
  • technology and cybersecurity

Small businesses face bookkeeping challenges, overdue invoices during pandemic

July 27, 2021

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.

  • accounting and auditing
  • coronavirus

Single audit rules clarified for Provider Relief Fund recipients

July 23, 2021

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).

  • accounting and auditing
  • coronavirus

Companies reexamine their lease accounting as they rightsize space during COVID

July 21, 2021

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.

  • accounting and auditing

FASB Issues Standard to Improve a Lessor's Accounting for Certain Leases with Variable Lease Payments

July 21, 2021

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.

  • accounting and auditing

The role of relationships in advisory services

July 16, 2021

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.

  • accounting and auditing

Accounting Methods Are Hot Topics for 2021 Tax Planning

July 15, 2021

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.

  • accounting and auditing
  • practice management
  • federal tax

How this Startup Uses AI to Automate Lease Accounting

July 13, 2021

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.

  • accounting and auditing
  • technology and cybersecurity

Three Ways Today’s Accounting Professionals Can Increase Their Value

July 13, 2021

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.

  • accounting and auditing
  • practice management

Connecticut CPA Magazine Excerpt - Tech-Driven Audit Approach: What You Need to Know

July 12, 2021

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.

  • accounting and auditing
  • career resources
  • practice management
  • technology and cybersecurity

Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Staff Leaders

July 12, 2021

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.

  • accounting and auditing
  • business and industry
  • practice management

Five Essential Finance And Accounting Strategies For Small Businesses

July 09, 2021

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.

  • accounting and auditing
  • practice management

How do you solve the shortage of succession plans? Make one

July 09, 2021

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.

  • accounting and auditing
  • career resources
  • practice management

Virtual accounting: How to succeed remotely

July 09, 2021

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.

  • accounting and auditing
  • coronavirus
  • practice management
  • technology and cybersecurity

Accountants more likely to return to offices than others

July 02, 2021

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 and auditing

The Human Side Of Accounting Automation

July 02, 2021

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.

  • accounting and auditing
  • technology and cybersecurity

Why Crypto Accounting Should Be Addressed By The Financial Accounting Standards Board

July 02, 2021

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.

  • accounting and auditing

5 Ways Automation Elevates Your Accounting Department

June 25, 2021

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.

  • accounting and auditing
  • technology and cybersecurity