Exploring AI and automation in taxation
“The role of AI and ML is not to replace the profession, but to transform their work” – Zac Meyer, Vice President – US Tax, Accounting and Advisory, Thomson Reuters. The number of individuals and businesses seeking help from accounting firms for accounting and tax-related work is huge. However, this boom has also increased the […]
Cybersecurity Auditing – Mitigating Risks In The Digital Landscape
What do you do when you know you might be under attack? You prepare your defense to tackle the attackers. Similar is the case for organizations when it comes to cybersecurity. In this era of digitalization and easy access to data, it is important to prepare your guard against cyber attacks. The impact of cyber […]
Tax Strategy In The Gig Trend – Navigating Challenges Of Contractors In Tax Planning
The answer to the question “What is the most popular type of work in the US?” is fairly simple. The cumulative answers are self-employment and freelancing. More than half (53%) of the Gen-Z workforce are fascinated by the idea and nature of self-employment. Especially in the aftermath of the global pandemic, the workforce has been […]
How outsourced tax solutions can help bridge the gap between firms and end-clients
As per the data for 2018, the US government collects 1.5 trillion dollars as tax. The number of people filing for taxes has been growing every year. While some manage to file independently, most of them seek professional help from tax and accounting firms. The main reason is that the filing of taxes accurately depends […]
The Financial Impact of Neglecting Regular Accounting Clean-Up
In accounting, there can be several bottlenecks. But nothing compares to the state of a business when you have bad books. Inaccuracy, incompletion, and disorganization in financial practices are the leading symptoms of bad books. This is not just bad for the audit times, it also impacts strategic decision-making and regulatory compliance. Bookkeeping is daunting, […]
Why is the senior leadership in accounting unhappy?
About 3,00,000 accountants have already quit their jobs with no intentions of returning to the accounting industry – it is a known affair now. However, the talent shortage and the lack of inclination to be in the industry are beyond the accounting professionals at the entry and mid-senior levels. It steeps through the layers and […]
Turning Financial Data Into Strategic Insights For Business Growth
How do you quantify the success or failure, progress or stagnation of your business? The simple answer to this question is data. Data is everywhere. No matter which industry you are in, the need to leverage data is more than ever now. In a field like accounting, it is the numbers that reveal the truth […]
Common Mistakes Found During Accounting Clean-Up and How to Avoid Them
Home cleansing, every now and then, becomes crucial. Especially when you are tied up with several household tasks, it is easy to lose track of the mess that is being created. So is the case of the accounting books. No matter the business size, they carry out many transactions daily. Messy, incomplete, and inaccurate bookkeeping […]
How can CFOs prepare for resilience and agility in the uncertain times
We live in uncertain times. There is inflation, an economic crisis, a lack of jobs as well a lack of talent. CFOs shoulder the responsibility of keeping the financial situations stable for their organizations. These uncertain times can put their ability to drive and manage growth to test. Most firms are struggling. During these critical […]
Turning Financial Data Into Strategic Insights For Business Growth
How do you quantify the success or failure, progress or stagnation of your business? The simple answer to this question is data. Data is everywhere. No matter which industry you are in, the need to leverage data is more than ever now. In a field like accounting, it is the numbers that reveal the truth […]