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Accounting News 08/2017



4 Steps Accounting Firm Leaders Can Take to Improve Succession Planning
In the accounting industry, these concerns are particularly pronounced. According to the American Institute of CPAs, 75 percent of today's CPAs will be retiring in the next 15 years. At the same time, the US Bureau of Labor Statistics predicts demand ...

Rob Stephens
A finance expert for the rapidly growing short-term lodging marketplace, Rob Stephens co-founded Avalara MyLodgeTax in 2002 out of his own need to understand and manage hotel tax compliance with his rental property. Avalara MyLodgeTax is a leading ...

Article Squire & Company Named NetSuite's VAR of the Month
First, we staff our team with individuals who are both accountants and technologists. Most of our advisors are CPAs and hold certifications in the products they support. Our clients appreciate our consultants' understanding of both the business ...

How Accounting Firms Should Manage Millennials
If CPA firm partners from coast to coast were asked to describe today's Millennial staff, their depiction would not always be flattering. Our Chicago Roundtable (25 of the largest local firms) talks about today's young people – both positively and ...

Waters Rankings 2017: Best Accounting System Provider—SS&C Advent
... which has drastically cut the amount of time it takes for information from relational databases to feed into accounting reports. On the APX front, the firm has also been exploring integration with its other products, including its advisory platform ...

Accounting Execs Concerned About New Lease Standards
A year and a half after the issuance of the Financial Accounting Standards Board's (FASB) and International Accounting Standards Board's (IASB) respective new lease accounting standards and a year and a half before compliance begins for U.S.-based ...

Free Accounting Education Platform Integrates CPA Exam Materials Into Coursework
Roger CPA Review, a professional education company specializing in CPA Exam preparation, has launched the Accounting Classroom Trainer (ACT) platform. ACT is a free online platform for accounting educators to integrate high-quality CPA Exam ...

LBMC acquires W Squared
LBMC has added W Squared, a Tennessee-based outsourcing company that offers finance, accounting, payroll, human resources, technology and procurement services, effective August 1. LBMC, short for Lattimore Black Morgan & Cain, anticipates the ...

Lack of Accounting Guidance Stifles Blockchain Growth in US
Advocates for blockchain technology and the digital currencies it supports told Bloomberg BNA those databases can't meet their potential in U.S. capital markets unless the U.S. standard setter fashions accounting rules specifically for them. “It ...

Report Potential Brexit Impacts: U.K. Accounting Regulator ...
Report Potential Brexit Impacts: U.K. Accounting Regulator ...

5 Smart SEO Best Practices for Accounting Firms
A recent article by Matt Wilkinson in Accountants Daily, which serves Australian accountants, noted that getting to the top may not provide you with the results you desire. You may get a lot of traffic, but maybe not the kinds of clients you want to ...

NES Financial Hires Michael Richards to Head Fund Accounting Team, Strengthen Private Equity Division
His background in alternative fund administration and financial reporting with leading private equity fund sponsors, will help to inform NES Financial's approach to complex accounting transactions, automation, financial reporting and investor reporting ...

Some DB Plans Changing Accounting Measures
Most companies used a single weighted average discount rate to measure the interest cost and service cost components of benefit cost, but PwC found, beginning in 2015, many companies adopted a multiple discount rate approach. By PLANSPONSOR staff ...

Accounting Firm Partners Impressed by Millennials Not Acting Millennialish
Sure, these millennials look like they aren't doing anything. But these are just stock photos. They aren't real life. In this column at CPA Practice Advisor, accounting firm consultant Marc Rosenberg writes about putting a bunch of partners into a room ...

Liberty Tax Services starts new network
360 Accounting Solutions CEO Nicole Ossenfort and 360 employee Greg Bianco. Liberty Tax Services. “[Our] offering leverages cloud-accounting technologies to provide small businesses with near-real-time bookkeeping, payroll, tax and other business and ...

Diversity in accounting has a long way to go
For years, diversity and inclusion initiatives have made accounting firms and the profession at large aware of the issue, encouraging professionals to take notice of a changing population, but diversity numbers remaining largely unchanged over the last ...

Capital One credit card feeds are now live in Xero
Capital One credit card feeds are now live in Xero, allowing business owners to manage their credit card spending within their accounting software. Live card feeds from Wells Fargo, Silicon Valley Bank and City National Bank, among others, are also ...

Voices Accountants deserve better software
It all started when I joined the accounting department at a midsized SaaS data analytics company in Chicago. I had previously worked in audit and financial reporting at much larger companies, and was excited for a new opportunity to make an impact in a ...

Ben Taylor
Ben Taylor is co-founder of SoftLedger, tech-forward cloud accounting software that can start small and scale. A CPA with more than ten years of varied public and private accounting experience, he focuses on using technology to improve accounting ...

ADP finds private sector added 178000 jobs in July
The service-providing sector added 174,000 jobs, including 65,000 in professional and business services, which includes accounting, tax preparation and other services. The financial activities sector added 13,000 jobs. The goods-producing sector added ...

5 Things You Need to Know About the Future of Accounting
The accounting industry was one of the first to be impacted by an increase in advanced data technology, with the adoption of technologies such as tax software and tools that help accountants reduce the amount of errors made. However, based on recent ...

Properly classifying workers remains a major problem
“Accountants may be unfamiliar with the distinction, and if the IRS or Department of Labor comes in and disputes the decision to label them as independent contractors, they can land in trouble,” said John Raspante, a CPA and director of risk management ...

AICPA names 2017 doctoral scholars
The AICPA announced on Tuesday that ten audit and tax professionals will have their accounting PhDs funded via the Accounting Doctoral Scholars Program. Now in its second year, the ADS program looks to grow the number of accounting faculty teaching ...

Voices Boomer's Blueprint: Change versus transformational growth
Previously I wrote about how change simply isn't enough in today's rapidly evolving accounting environment. To change means to continue doing the same things but introduce some degree of variation. Technology is disrupting (automating) and ...

Filling the time between April 18 and January
Tax season has changed over the years, but it has always had its own rhythm. Most accountants and tax professionals stay occupied all year long, but, depending on the nature of the practice, some are faced with a long lull after the final return is in ...

Building up your technology stack
Small-business accounting firm Synergeant was founded in 2015 by a new generation of accounting professionals with one core objective: to leverage technology and transform the relationship between the business owner and their accountant. Today, The ...

Newsnote: Recipients of BKD public accounting scholarship announced
Maria Martin, a senior accounting major from Osage Beach, Tyler Middleton, a senior accounting major from Buffalo, and Kailynn Kneibert, a senior accounting major from St. Louis, are the recipients of this year's BKD CPAs and Advisors public accounting ...

Accounting Interns Lead Sobel & Co. Annual Day of Community ...
Accounting Interns Lead Sobel & Co. Annual Day of Community ...

PwC and TheCityUK report on law and accounting sector in UK post ...
PwC and TheCityUK report on law and accounting sector in UK post ...

Vaco Acquires Lannick, Canada's Largest Regional Finance and Accounting Recruitment and Consulting Firm
NASHVILLE, Tenn., Aug. 3, 2017 /PRNewswire/ -- Vaco, a leading talent acquisition and consulting firm focusing in the areas of accounting, finance, IT, administration and executive search has acquired Lannick, a Toronto-based premier professional ...

The Accounting Rookie Job Market: A Practitioner's Guide
Overview — Aimed at accounting PhD students but potentially useful to other new academics and job seekers, this first-person essay offers suggestions for the dissertation process and subsequent job search. The writer tries to relieve some of the ...

UM Accountancy School Joins Expanded KPMG Master of Accounting Program
The University of Mississippi's Patterson School of Accountancy is joining the KPMG Master of Accounting with Data and Analytics Program, a one-of-a-kind initiative that audit, tax and advisory firm KPMG LLP developed to prepare accounting students for ...

Why lease accounting laggards face serious risks
Cathy Clarke, CPA, worries that companies are underestimating the amount of work required to implement FASB's new lease accounting standard. As chief assurance officer for CLA, Clarke works exclusively with nonpublic companies and not-for-profits, ...

Chesapeake Gets All-Clear From US in Shale Accounting Probe
The U.S. Department of Justice closed an investigation into how Chesapeake Energy Corp. accounted for oil and natural gas assets without taking any enforcement action. Justice Department officials communicated the decision orally to Chesapeake on June ...

West Tenn. accounting firm continues growth with Miss. merger
After two mergers with Memphis companies in 2016, a West Tennessee accounting firm is dipping into Mississippi for its next move. Alexander Thompson Arnold (ATA), which merged with Revolution Partners and Collins Thomas & Associates last year, ...

AWFA releases public directory of finance pro members
The Accounting and Financial Women's Alliance released a public directory of accounting and finance professionals featuring more than 200, mostly women, organization members. AFWA members include CPAs and certified financial planners from a range ...

FASB proposes changes to grant and contribution accounting ...
FASB proposes changes to grant and contribution accounting ...

Accounting & Financial Women's Alliance Launches Directory of Accounting and Finance Professionals
The Accounting & Financial Women's Alliance (AFWA) has released a public directory of accounting and finance professionals. The national Directory features more than 200 members of the organization, mostly women. From CPAs to CFPs, and small ...

Prager Metis acquires South Florida accounting firm
The New York-based accounting firm Prager Metis CPAs, LLC today announced they are acquiring Miami-based Vizcaino Zomerfeld, LLP. Prager Metis was ranked number 68 on Accounting Today's list of the top 100 accounting firms in 2017, and the ...

ASU partners with firm to help prepare accounting students for the digital marketplace
The W. P. Carey School of Business at Arizona State University is joining the KPMG Master of Accounting with Data and Analytics Program, a one-of-a-kind initiative that audit, tax and advisory firm KPMG LLP developed to prepare accounting students for ...

New accounting rules for nonprofits to take effect in December
New accounting rules for nonprofits aimed at making financial reports easier to read for donors and others are set to take effect in mid-December. The rules apply to all classifications of nonprofits and will affect the presentation of financial ...

Cash Accounting
Cash accounting combined with the ability to accelerate expenses and defer income gives farmers and ranchers the flexibility they need to optimize cash flow for business success, plan for business purchases and manage their tax burden by targeting an ...

Electronics for Imaging's stock plummets toward 4-year low after accounting woes disclosed
Shares of Electronics for Imaging Inc. EFII, -41.24% plummeted 29% in premarket trade Friday, putting them on track to open at a near four-year low, after the digital printing company said it would delay the release of second-quarter results as it was ...

Take-Two is 1 of 5 companies to say new accounting rules will have a material impact
While Take-Two Interactive Software Inc. TTWO, +12.22% couldn't stop talking about the significant impact “Grand Theft Auto” had, and will continue to have on earnings, an only slightly less-exciting mention of new accounting guidelines stands to have ...

VIDEO: Companies Clamor for New Hedge Accounting: FASB Official
Many companies eagerly await new hedge accounting rules touted as better showing how enterprises actually manage risk and which simplify a complex area of financial reporting, Sue Cosper, technical director at the Financial Accounting Standards Board, ...

Roger CPA introduces new online CPA exam training platform
Roger CPA Review, which provides CPA exam preparation materials, has released a new online platform called Accounting Classroom Trainer. ACT is free, and is designed to make it easier for accounting educators to integrate high-quality CPA Exam ...

Microsoft Scales Accounting Mountain
In a move only a company as massive as Microsoft would consider making, the company is planning to offer a set of restated financial statements on Oct. 1 that reflect its early adoption of both of the Financial Accounting Standards Board's two major ...

An accounting of Mike Patrick's life in the ministry
And that was his intention when he enrolled in Hardin-Simmons University as an accounting major. But that soon changed and Patrick did indeed become a pastor, serving Baptist churches in Illinois and Texas for 17 years. It was as a minister that ...

First year Gwinnett teacher: He gave up accounting to teach special education. Kids need role models.
He studied accounting at Morehouse College, working for United Parcel Service, Georgia-Pacific and NAPA. But a few years ago, he could no longer resist the pull toward the classroom, attending Georgia Gwinnett College to obtain a degree in special ...

Cuba orders closure of fast-growing accounting cooperative
HAVANA — Cuban authorities have ordered the closure of one of the island's fastest-growing cooperatives, days after announcing that they would stop issuing new permits for some private enterprise. Scenius, which provides accounting and business ...