Several external factors are shaping the accounting landscape, including the increasing influence of artificial intelligence (AI), automation, a greater focus on advisory services, and the growing importance of data security. For small and medium-sized businesses balancing time constraints and ambitious goals, we’ve curated a list of emerging accounting trends to stay informed and ahead in today’s dynamic business landscape. #1. Artificial Intelligence (AI) and Automation in Accounting Artificial intelligence and automation streamline manual tasks, reduce human error, and provide accountants ..read more

Cash flow management plays a crucial role in successful financial management for small businesses. Investopedia says even if a company is making a profit by making more revenue than it incurs in expenses, it will have to manage its cash flow correctly to be successful. As business owners navigate challenges and uncertain incomes, setting and achieving financial goals becomes important for growth and resilience. This blog post emphasizes the vital link between cash flow management for small businesses and the establishment of goals for small business owners.   Importance of Financial ..read more

Small to medium-sized businesses often face various challenges, including having the time to dedicate to exhibiting strong financial management. One of the most complex aspects of financial management is tax liabilities and deductions, and consulting with an expert can help make the task less daunting.  A report by SCORE states that 40% of SMBs spend 80+ hours per year on tax preparation, 18% spend 41-80 hours per year, and the remaining spend less than 21 hours per year.  For a small to mid-sized business, this can represent a significant amount of time that detracts from their abi ..read more

Financial strategy and long-term planning, with the assistance of a chief financial officer (CFO) advisory services, can help businesses shape their financial health and success.  Both, financial strategy and long-term planning, provide the necessary guidance to optimize financial performance, ensure long-term sustainability, and foster growth in a dynamic and competitive environment. By integrating these concepts into their operations, businesses can enhance their resilience, adaptability, and strategic positioning for sustained success.  CFO advisory services play a crucial role i ..read more

For many small businesses, the year-end accounting process can feel overwhelming. From tax preparation to budgeting and planning for the next year to ensuring you’re on top of technology and software updates, it can feel like there’s a lot to do within a short time. But there are many benefits to getting everything in order before the end of the financial year. It demonstrates good financial health to your stakeholders, reduces stress, and sets your business up on a positive note so you can spend more time focusing on setting new strategies and achieving your goals. Use this year-end accounti ..read more

A Chief Financial Officer (CFO) serves as a crucial senior-level financial authority responsible for overseeing the financial operations within a business. In addition to providing insights on business strategy, they play a pivotal role in financial planning, analysis, and guiding the strategic growth path. Their responsibilities encompass more than just overseeing financial statements or preparing budgets; they also manage cash flow and other essential financial metrics, offering a comprehensive view of the financial health of the business. CFOs are also instrumental in driving internal cont ..read more

The business structure of an organization determines tax implications and can impact how profitable or scalable the entity may be. Understanding the different business structures helps any organization manage its finances. Some of the parameters that can influence tax obligations, depending on business structure include: Number of people making up business staff, part-time workers, temporary employees, etc. Type of benefits provided to staff, including those that can help save on tax. Liabilities, assets, and other operational details. Legal implications and investments. Choosing the right ..read more

Emerging artificial intelligence (AI) is a hot topic in the news. It transcends industries, and everyone is trying to find new ways to adopt the technology for its task automation and analytical capabilities, including certified professional accountants (CPAs). Understanding how to utilize AI in accounting and finance will ultimately help your CPA firm digitally transform into an industry and marketplace leader. The Influence of AI in Today’s Industries AI’s primary value is tied to the fact that it’s nearly the equivalent of having extra personnel on staff but for a fraction of the cost. Tha ..read more

A Chief Financial Officer (CFO) is responsible for setting a business’s financial budgets and objectives and taking concrete and appropriate steps to meet them. While many think hiring a CFO is only necessary for large organizations, it can benefit a business of any size and at any stage in its journey. How Industry Intelligence Assists CPA Firms Better When it comes to offering higher-level CFO consulting services to clients, CPA firms are often limited by bandwidth. By using industry intelligence to gain insight into trends and financial benchmarks, CPA firms can offer more strategic advice ..read more

In the hectic and constantly changing industry of finance, staying ahead of the curve is critical for both professionals and corporations. Several accounting trends are transforming the industrial landscape as we enter the second half of 2023. The coming months forecast dramatic shifts from cutting-edge technologies to a greater emphasis on sustainability. Let’s look at the most highly anticipated accounting industry trends and the many ways they are expected to impact how we manage our money. Overview of Accounting Trends 2023 The accounting landscape is constantly changing due to techn ..read more