Category: Accounting Newsletter

Hello and Happy post-Christmas Monday, everyone. Quick show of hands (let’s just pretend I can see them through the screen OK?), how many of you NOT in audit have been pulled off the bench to do inventory counts this week? We’re hearing some grumblings of tax people being thrown into the gauntlet and thought it might be good to throw the question out there to find out if this is just the usual “hey you’re not doing anything anyway and Kevin has the flu so he can’t go to St.…

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–  Only 14% of UK Finance departments report a primary focus on cash flow during the COVID-19 pandemic. 16 AUGUST 2021: New research has shown that just 14% of UK Finance decision-makers focused on cash flow during the most recent Covid-19 lockdown. The majority of businesses focussed on cost-cutting exercises and the use of Government support. For example, 41% confirmed they had furloughed accounts payable staff over the past 12 months. As of June 2021, approximately 11.6 million jobs had been placed on furlough in the United Kingdom as part…

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Once again, r/linkedinlunatics comes through with the gold: Either this guy is really, really serious about his job OR — and more likely — just really bad at figuring out how to get 16 hours of work done in 10. If Reddit existed 20 years ago, the comment section on that post would likely be filled with similarly-minded weirdos who consider abandoning any hope of a personal life some kind of twisted badge of honor. Thankfully we live in current day where this kind of behavior is called out for…

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Evan Jones is Lead Technology Product Manager at Wolters Kluwer Tax & Accounting UK When we think of Making Tax Digital (MTD) for Income Tax, the obvious association is tax and regulation, but the reality is that MTD in any form is less about either of the above and more about how practices need to evolve as organisations, and how they might encourage their clients to begin to operate in a digital way. When it comes to practices making as smooth a transition as possible for their clients, there may…

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Do you guys remember those after school specials of the 80s that made it seem like drug dealers hiding around every corner offering free drugs was going to be something one would have to be concerned about as we got older? I imagine I’m not the only one who was tremendously disappointed to find out there are no such drug dealers. Having to pay for our drugs aside, there was a lesson in there somewhere: the grown-ups were warning us to be cautious because kids are dumb and impressionable and…

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It is a tough job. Not just finding the right talent but also retaining them. And it’s not just you. Accounting firms across the country are facing capacity challenges like never before. Globally, accounting and finance roles ranked seventh out of 10 positions that are the hardest to fill. This staffing issue is especially aggravating during the tax season when you have a million things to do and not enough time for meaningful work such as client meetings and advisory. The mundane, repetitive work, extra hours, and the nightmares of…

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Like many other industries, the pandemic forced practices to think on their feet and adapt. Many adopted digital, automated cloud-based tools tailored specifically to the needs of accountants to consolidate their operations. The ease of use and scalability of these tools also gave rise to hundreds of new firms. In just the month of March 2020, a record 636 new accountancy practices were founded. These ‘cloud-native’ firms can streamline lengthy processes and tasks, becoming the de facto standard of any practice starting out due to their affordable pricing, ease of…

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If you need some business advice regarding this matter, we’ve got answers for you! The Occupational Safety and Health Administration issues workplace-related safety rules. Although it’s easy to assume that such rulings only apply to construction zones or heavy industry, every business facility is subject to their regulations and inspections. The COVID-19 pandemic turned everything upside down and inside out. But now, with vaccinations becoming increasingly prevalent, going back onsite is also going back to normal. If you need some business advice regarding this matter, we’ve got answers for you!…

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If you have ever actually owned or used bitcoin, you might be interested in knowing just how cryptocurrency may affect tax payments — or your tax picture. If you have ever actually owned or used Bitcoin, you might be interested in knowing just how cryptocurrency may affect tax payments — or your tax picture. Regardless of how you acquired your bitcoin, understanding its outlook on your tax situation can help inform you on the proper methods and trading moves you make with the cryptocurrency. Here are the key facts to…

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While, unlike 2020 and 2021, it seems that the deadline for the 2022 tax season won’t be pushed back, several other tax changes could impact you and your business. The 2022 tax season is the third one since the COVID-19 pandemic began, and as has been the trend, there are a lot of changes. It’s unlikely that the 2022 tax season will look like it did in past years, so business owners must be aware of tax changes that may impact how they file. These new complications are a sign…

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