Jump to: How to Elevate Your Firm’s Recruiting and Retention Strategies How to Elevate Your Firm’s Efficiency and Accuracy Utilizing Tax Automation to Boost Efficiency and Accuracy How to Elevate Your Firm’s Client Service Optimizing Client Service with Tax Advancements How Software Elevates Your Firm’s Recruitment and Retention The rapid evolution of tax automation technology is reshaping the landscape of tax services, offering unprecedented opportunities for firms to enhance efficiency, accuracy, and client engagement. The recent Future of Tax Automation webinar serie ..read more

In the ever-evolving world of auditing, the AICPA Auditing Standards Board (ASB) has introduced SAS 145, effective for audits of financial statements for periods ending on or after December 15, 2023. This new standard, which supersedes AU-C 315A and amends other AU-C sections, aims to bridge gaps in risk assessments and elevate audit quality. SAS 145 maintains the core principles of audit risk assessment but introduces significant enhancements and clarifications. Key changes include separate assessments of inherent and control risks, a new “stand-back” requirement to ensure thorough identifica ..read more

Jump to: What is e-invoicing? Benefits of e-invoicing Challenges of e-invoicing The future of e-invoicing Choosing the right solution   “Opening up the books” takes on a whole new meaning with the introduction of e-invoicing. While paper invoicing has been on the decline for decades, the increased impetus on corporations to provide more data, more transparency, and more cooperation with governments around the world has led to e-invoicing taking center stage as the next revolution in indirect tax accounting, auditing, and reporting. Selecting the right e ..read more

With the ability to create high-quality content with amazing speed and accuracy, Generative AI (GenAI) is transforming the professional landscape leaving virtually no industry untouched. The 2024 Generative AI in Professional Services Report from the Thomson Reuters Institute offers insight into GenAI perceptions and usage based on responses from nearly 1,200 professionals from various industries, including audit. Jump to: Perceptions of GenAI among auditors      Potential use cases and adoption of GenAI in auditing The impact of GenAI on auditing Gen ..read more

Stricter regulations and tighter customs controls are forcing companies to expand and improve their supply-chain due diligence, especially when identifying issues related to forced labor, deliberate or not.    _____________________________________________________________________________________________ In a recent webinar hosted by Thomson Reuters and Freight Waves, a panel of trade experts discussed why forced labor in the supply-chain has become such a hot-button issue, some of the challenges companies face as a result, and what steps trade professionals can take to ensure imp ..read more

Jump to: 2024 top priorities Key Insights from the 2024 State of Tax Professionals Report  Preparing your firm for the future In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities. Having weathered the waves of post-pandemic anxiety, many tax & accounting firms are now shifting their attention back to business fundamentals. Indeed, 2024 is shaping up to be a year of re-assessment and re-building — a year in which firms take stock of their strengths and weaknesses, and move forward with conc ..read more

From a shrinking talent pool to high turnover, the talent battle among accounting and audit firms continues to be a fierce one. For firms looking to attract and retain top talent, one factor rises to the top: audit talent development. Jump to: Investing in audit education          The impact of technology on audit talent development          The power of specialized training and consulting         Are you ready to develop your audit talent? Investing in audit education While you can’t quantify the ..read more

The retail landscape has undergone a dramatic transformation in recent years. Customers now expect a seamless and friction-free shopping experience in-store and online. For retailers, the omnichannel approach is essential to remain competitive, but it presents significant challenges for Tax departments. To ensure accurate tax determination, retailers must navigate a complex labyrinth of tax calculations across a vast array of products and jurisdictions, all while trying to keep up with ever-evolving regulations and high-speed transaction volumes. Our guide to digital omnichannel retail covers ..read more

People who purchase software rarely get to talk to the product’s developers about the development process or the features and updates users can expect in future iterations of the product. But that’s precisely what happens at the Thomson Reuters annual Synergy conference, where product developers, software engineers, and other representatives from the company gather with users to share knowledge, discuss industry trends, listen to feedback, and peer into the future.   At a recent Synergy event, two representatives from the Thomson Reuters indirect tax team—Chris Reich, Lead of Pr ..read more

From allowing for a remote work environment to eliminating the need for on-site data centers, cloud-based solutions have fundamentally changed how businesses operate, approach staffing, and serve clients. Is your firm among them? In today’s dynamic and competitive business environment, owners and partners of accounting and audit firms should, at least, be considering cloud-based technology as part of their broader strategies. Those who fail to do so risk losing their competitive edge. Underscoring this point, The CPA Firm Management Association recently concluded the 2024 IT Survey and found t ..read more