Accounting Services 

How to Make Sense of Complicated Balance Sheets

Do you know how to read your balance sheets? There are no two ways about it: it can be hard to decipher a balance sheet. It tracks your incomes and outlays. In other words, it shows you what assets you have and who their owners are. You must keep a close eye on your balances, especially if you want to avoid a premature bankruptcy. That can ruin your life, along with the lives of your business partners, associates, and employees. So, it’s simple, don’t let that nightmare scenario come true.…

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Accounting Services 

Get Your Precious ZZZZs and Let An Automated A/P Solution Handle Supplier Tax Compliance

Believe it or not, risks associated with tax and tax compliance still keep CEOs in the US and around the world up at night, even in these COVID times when supply chain issues, the Great Resignation, and cybersecurity incidents grab all the headlines. According to the KPMG 2021 CEO Outlook Pulse Survey, 14% of the 500 CEOs who were polled earlier this year said tax risk poses the greatest threat to their organization’s growth over the next three years—which was behind only cybersecurity risk at 18%. In its report, KPMG…

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Accounting Services 

Tricky Business Questions: S Corporations and LLCs

Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. There are so many different terms out there, from “sole proprietorships” and “limited liability partnerships” to “corporations” and “limited liability corporations.” Knowing the difference between these different companies can help you determine the best route to take for your business. Here are some helpful key terms to know and the…

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Accounting Services 

4 Ways to Automate Your Day and Free Up Precious Time

It’s hard to remember that dark time in the not-so-distant past when we had to do things like print out directions instead of trusting our phones to lead the way. Alexa hasn’t even been around for a decade, and yet here we are today, with smart home setups that open up the house for us, feed the dog, and turn on our night lights before we go to bed. We might not have flying cars, but we certainly do live in the future. As we connect more and more to…

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Accounting Services 

Friday Footnotes: PwC Pays the Poors Less; Deloitte’s New Minis; BDO Brings on Audit Staff | 9.17.21

Malaysia says auditor KPMG to pay $80 million in 1MDB settlement [Reuters] Malaysia said on Thursday audit firm KPMG has agreed to pay a 333 million ringgit ($80.11 million) settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012. PwC reports disability and socio-economic pay gaps [Personnel Today] PwC has published comprehensive pay gap data relating to gender, ethnicity and, for the first time, socio-economic background and disability. The accounting giant’s 2021 diversity report found that its staff…

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Accounting Services 

Opinion: It’s the AICPA’s Own Fault No One Wants to Be a CPA Anymore

[Ed. note: we received the following in response to my newsletter column dated September 14, 2021. In the column, I referenced the 2019 AICPA Trends report, which stated that non-accounting majors made up 31% of all firm new hires at that time. The reader comment is published here with permission from its author who wishes to remain anonymous. We are sharing it with you in order to facilitate the ongoing discussion about low candidate numbers and the long-term value and viability of the CPA credential.] Going Concern: Some 20 years…

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Accounting Services 

Bonus Watch ’21: Deloitte’s Audit Practice Is Trying to Nip This ‘Great Resignation’ Thing In the Bud By Offering Retention Bonuses

There’s a firm that finally gets it when it comes to giving employees of one of its core lines of service a reason not to join the mass exodus that is going on right now in the Big 4. It’s not promoting some fictitiously great company culture. It’s not giving employees Omaha Steaks or 1-800-Flowers gift cards. It’s not throwing pizza parties during busy season. The only way the Big 4 can retain their prized employees during “The Great Resignation” is by giving them more money. Plain and simple. You…

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Accounting Services 

Friday Footnotes: A Very Guilty Accountant; Beware Audit Independence; Grant Thornton Does a Thing | 10.29.21

Wealthy retired accountant is found guilty of murder [Daily Mail] The pregnant daughter of a wealthy retired accountant who was today jailed for life after stabbing her husband to death has told the court of her heartbreak, saying: ‘I lost my dad but I’ve also lost my mum.’ Isabelle Potterton said on Friday that her mother Penelope Jackson – who murdered her retired colonel husband David, 78, on her 66th birthday and calmly told police ‘I should have stabbed him more’ as he lay dying – is ‘not the person…

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Accounting Services 

NEW Remote Audit and Tax Career Opportunities

If you are interested in a fully remote professional opportunity, apply today using the links below! Talent search for all positions is managed by Accountingfly on behalf of the client firms. Remote Audit Jobs Remote Audit Manager CPA – CPA firm located in Northern Virginia is hiring an Audit Manager responsible for supervising, directing, and reviewing results through the delegation of tasks throughout the planning, fieldwork, and “wrap-up” stages of an audit client engagement. Remote Audit Senior – Join our client’s team in advising public and private companies on ways to…

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Accounting Services 

Deloitte Canada Fined $350,000 By the PCAOB For Fudging Audit Workpapers

Someone lit a fire under the asses of those who work in the PCAOB enforcement division because they issued seven disciplinary orders to audit firms and accountants from Sept. 22 to Sept. 30. One of those firms was Deloitte Canada. Compliance Week reported: The Public Company Accounting Oversight Board (PCAOB) on Wednesday [Sept. 29] imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures. The PCAOB further required the Canadian branch of the Big Four firm to establish or revise its quality control policies and procedures…

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