Accounting Employee to Firm Owner: Here’s How to Make Smooth Transition
Accountants want to make a shift from being employees to firm owners, at least most of them! If you have the aspiration and have been thinking about this transition, then congratulations! You are mentally there. But it is not enough to just place yourself in the designation of your dreams. There is so much more […]
Addressing the Latest complications of the accounting industry with outsourcing
The year 2024, continues to be a year of mixed emotions for accounting firms. While the conversation around inflation is rife, there is also hope for better days, based on which, accounting firms are constantly increasing their investment in tech, hiring, etc. What happens, we will know for sure, as time goes by. But several […]
How Does Being Creative Help an Accountant Grow?
One might think that accounting is all about crunching numbers. So what does creativity have to do with this niche field? A recent report by the World Economic Forum found that 73% of accounting firms regard creativity as one of the most essential skills. For accountants, there has to be a key focus on logic, […]
The Dangers of AI-powered Tax Advice: Expert Insights
In a recent investigation by the Washington Post, it was found that the tax advice rendered by TurboTax and H&R Block was not just unhelpful, but simply wrong. The reason? They were AI-generated. Here is a very simple thing that we need to understand – accounting or any other field – AI does make errors. […]
Real estate accounting: Basics, Challenges, and Best Practices
Real estate, in almost every part of the globe, is a booming business right now. It involves a huge number of financial processes and complexities. Because of the operational nature of the industry, the real estate sector needs exclusive standardized processes for accounting. Just like in most other industries, accounting forms the backbone of real […]
Contractors Accounting: Basics, Challenges, and Best Practices
The construction industry is highly complex. When it comes to their operations there are multiple layers to it. With so many people involved, it can often get difficult for accountants to analyze how to balance the books of their construction clients effectively. From delayed timelines to complex structure designs, several contractual terms and obligations, and […]
Bridging the Gap Between Accounting Firms and Tech Vendors
There is no doubt in the fact that we have transitioned into a digital era. Right from how we make payments to perform our daily grocery shopping – all it takes is a click of a few buttons. While the world has largely adopted the technological shift, this evolution has been slower for the accounting […]
22 Accounting Conferences and Bookkeeping Events to Grow Faster
Networking is more than just a means to connect with like-minded people from your industry. It is an investment that you make in time and effort to reap the benefits you foresee for your business. Over the years, the accounting and bookkeeping industry has undergone massive changes. As accountants find themselves navigating through changes in […]
Choosing Accounting Practice Management Software: Expert Tips
When you are just starting your journey as an accounting firm owner, everything seems shiny – especially in accounting tools. In today’s day and age, with so many options of accounting tools and software available in the market, it is easy to perceive anything and everything as useful. As you begin to work in real-time, […]
Tax Fraud: Signs, Types, and Penalties of Tax Evasion
Every year, tax professionals gear up for the annual tax filing rituals. Collating the documents, making meaning out of them, and ensuring that everything is done accurately. Tax season is chaotic in itself, but there is another aspect to it, the dark side – tax fraud. While there is one form of fraud where your […]