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Inside the cyberattack at Prospect Medical Holdings’ CT hospitals

October 01, 2023

The August cyberattack was far more debilitating than hospital officials publicly acknowledged. Now, it threatens a sale of the hospitals to Yale.

  • business and industry
  • technology and cybersecurity

The top apps for accountants for 2023

September 28, 2023

When Accounting Today began presenting this annual selection of technological tools several years ago, "apps" were generally small, limited solutions, often single-purpose, that were primarily meant for mobile use on a phone or tablet; on the rare occasions when they were versions of larger software tools, it was understood that they would be cut down to a minimal number of functions.

  • business and industry
  • practice management
  • technology and cybersecurity

Enjoying work is more important than pay, global report says

September 26, 2023

Many people have an unhealthy relationship with work, the report shows. It offers recommendations for business leaders to help employees feel more fulfilled.

  • business and industry
  • career resources
  • practice management

Payments Automation is Saving Finance Teams 500 Hours Per Year

September 25, 2023

Technology for payment processing is one remedy for overworked finance teams, according to new data.

  • business and industry
  • technology and cybersecurity

80% of Large Enterprise Finance Teams Will Use Internal AI Platforms by 2026

September 19, 2023

If implementing generative AI can make the finance function more agile, it has the potential to be a source of competitive advantage, says Gartner.

  • business and industry
  • technology and cybersecurity

AI in Hiring: 4 Steps to Avoid Legal Headaches

September 19, 2023

If AI tools used for hiring are not thoughtfully implemented, it can create new challenges in the form of biased decision-making and possible litigation.

  • business and industry
  • career resources
  • practice management

People-centric leadership can improve resilience, report finds

September 19, 2023

Employer and employee priorities continue to clash, a new EY report finds. Leaders “should not underestimate the importance of trust and empathy”.

  • business and industry
  • practice management

Bonnie Stewart, Drew Andrews, and Brian Kelleher Quoted in HBJ Article on Accounting Talent Crunch

September 18, 2023

Accounting firms continue to grapple with significant labor shortages, as veteran employees retire in droves and fewer young graduates enter the field. CTCPA Executive Director Bonnie Stewart, Whittlesey Managing Partner and CEO Drew Andrews, and FML Partner Brian Kelleher were all quoted in the Hartford Business Journal article 'Numbers Crunch: Accounting firms turn to recruiters, high schools, apprenticeships in urgent search for new talent.' More than 300,000 U.S. accountants and auditors left their jobs in the past few years, according to Bureau of Labor Statistics data, leading to a 17% decline in employed accountants compared to 2019.

  • business and industry
  • career resources
  • member news
  • practice management

Connecticut Businesses Predict Profits, Face Hiring Woes

September 15, 2023

The good news is that 66% of all Connecticut businesses surveyed believe they will turn a profit. The bad news from the latest Connecticut Business & Industry Association survey is that about a third believe the business climate in Connecticut is declining, and a whopping 81% are struggling to find experienced workers.

  • business and industry
  • practice management

Is It Time for a Career Break? 3 Finance Leaders Tell Their Reset Stories

September 15, 2023

Many executives step away from employment to focus on their health and wellness while taking stock of their careers. Here’s how three of them did it.

  • business and industry
  • career resources

Cybersecurity for CPAs: Beware the inside threat

September 13, 2023

As accounting firms are increasingly targeted with cyberattacks, cybersecurity has become essential for every professional. Between data breaches, phishing attacks and malware, criminals are going after the sensitive financial data held by accountants. The modern accountant, then, must take their cyber defenses seriously for the sake of themselves and their clients.

  • business and industry
  • practice management
  • technology and cybersecurity

Optimism on the rise among large-company CFOs, according to survey

September 12, 2023

CFOs haven't felt this good about the economy in more than a year. Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to Deloitte's 2023 Q3 CFO Signals survey. That's the highest mark since the first quarter of last year, when 64% of CFOs were positive about the economy. CFOs are also optimistic about their own companies' financial prospects and their expectations for year-over-year growth.

  • business and industry

Labor Department Proposes New Overtime Salary Threshold

September 08, 2023

On August 30, the Biden administration issued a Notice of Proposed Rulemaking from the Department of Labor to extend overtime pay eligibility to more than 3 million workers. The initiative comes following a similar attempt by the Obama administration over eight years ago to revise overtime eligibility regulations under the Fair Labor Standards Act (FLSA). Under the new proposal, employers would be required to provide time-and-a-half pay for eligible workers who work beyond 40 hours per week. The previous threshold for this requirement set in 2019 by the Trump administration—$35,568—would be increased to $55,000.

  • business and industry
  • not-for-profit
  • practice management
  • advocacy - federal

The Return to Office Battle: What’s the Right Approach?

September 08, 2023

Deciding if employees should return to the office is a decision CFOs should weigh with consideration for both employee and company needs.

  • business and industry
  • practice management

Employees to leaders: Be transparent about AI use

September 06, 2023

Executives and employees believe artificial intelligence is good for business, but employees say some companies are not clear about how they intend to use AI.

  • business and industry
  • practice management
  • technology and cybersecurity

Businesses must e-file Form 8300 for $10,000+ cash payments in 2024

August 31, 2023

Certain businesses that receive payments of over $10,000 in cash must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, electronically starting in 2024, the IRS said Wednesday in a news release (IR-2023-157). This new requirement applies to businesses that are required to file at least 10 information returns of one or more types other than Form 8300 in 2024.

  • business and industry
  • practice management
  • federal tax

Hybrid Jobs Surge 29% YoY; Remote Jobs Decline

August 29, 2023

Most companies require or encourage employees to work from the office, but 80% of staff continue to work from home or keep a hybrid schedule.

  • business and industry
  • career resources
  • practice management

What New and Prospective Hires Are Demanding: CFO Peer Audit

August 25, 2023

With labor issues continuing to be top of mind, we asked CFOs what new hires have requested lately.

  • business and industry
  • career resources
  • practice management

Thomson Reuters Future of Professionals Report Predicts AI will Have a Transformational Impact on Professional Work by 2028

August 23, 2023

Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today released its Future of Professionals Report. The survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.

  • business and industry
  • career resources
  • practice management

Corporate Transparency Act/Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms

August 22, 2023

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”).

  • accounting and auditing
  • business and industry
  • practice management
  • boi