How Outsourced CFOs Help Mitigate The Risk Of Regulatory Clashes
According to a study by IBM and the Ponemon Institute, the average cost of a data breach to organizations was $4.45 million in 2023. Another study by the Verizon Data Breach Investigations Report in 2023 found that 95% of the attacks are launched for financial gain, not for political or personal agendas (according to Oracle). […]
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, […]
Offshore Monitoring Approaches For Small CPA Practices
Offshoring tasks has brought small CPA firms several benefits over the past few years. But as much as enterprises enjoy the benefits, there are complexities and challenges, and monitoring is one of them. There has been an increased sophistication in the technology used, the innovations made, and the advantages provided. With the addition of tax […]
Auditing In The Age Of AI – Need For Analytics For Risk Assessment And Detection
Accounting firms have been increasingly acknowledging and adapting AI in their daily pursuit. A report reveals: 54% of accountants believe that the value of a firm drops if they do not use AI 66% agree that AI can serve as a competitive advantage 46% agree that AI can help attract and retain more talent in […]
Finding Precision In Financial Forecasting
Businesses, no matter their sizes, need accuracy and precision in their financial journey. There is so much complexity and uncertainty. Understanding the numbers and their real meaning is of immense importance. Accurate budgeting and forecasting are the foundation of building a foolproof strategy. When it comes to financial forecasting, business leaders might find themselves in […]
Flexibility and Responsiveness Limitations – Breaking The Apprehension About Offshoring
The accounting industry is constantly evolving – market conditions, an unsteady economy, changes in regulations, and capacity challenges are some of the factors that make an impact. But their ability to quickly transform according to the changing market conditions and customer needs, the business’s ability to remain agile makes a massive difference. To remain ahead […]
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 […]