News

time

FASB Issues Proposal to Clarify Scope of Recent Reference Rate Reform Guidance

Norwalk, CT—October 29, 2020—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would clarify the scope of the FASB’s recent reference rate reform guidance. Stakeholders are asked to review and provide input on the proposed ASU by November 13, 2020.

Read More

irs-building

IRS Launches A New Form

For years, businesses used Form 1099-MISC to report calendar-year payments exceeding $600 to individuals who performed business services. These include vendors, independent contractors, freelancers, and consultants.

Read More

lightbulb-data

Nine Surging Fintech Trends To Watch In 2021

With so many businesses and consumers relying on online transactions, the rise of financial technology has accelerated since the pandemic began. As remote operations stay in place for many companies and consumers adapt to—and embrace—technology to simplify their financial transactions, the growth in fintech is a trend that can be expected to continue.

Read More

News-_0019_bottomline-charts

Pandemic Scapegoating and the CPA

The COVID-19 pandemic is undoubtedly the Great Disruptor of 2020, but can all business woes be attributed to a singular event? According to The Washington Post, the U.S. economy was not without blemishes before the arrival of stay-at-home orders and social distancing mandates. Record-high stock prices obscured underlying areas of concern such as excessive borrowing, with corporate debt beyond $10 trillion, nearly half the nation’s annual output.

Read More

News-_0012_computer-graph

Cybersecurity Awareness

The year 2020 will go down in history among the wildest in, well, modern history. America went from record project highs at the start of the year to projected stock market ‘mehs’ within the first quarter, transitioned from open office floor plans to home office wall-climbing, ushered in the Great Toilet Paper ShortageTM and all amid an election to boot! With all that drama, there isn’t a single American that hasn’t fallen off one wagon or another over the past nine months, but October reminds us that cybersecurity is possibly the one thing businesses and professionals cannot afford to let slide.

Read More

News-_0006_bottomlineKPI

UAA Model Rules updated to support evolution of CPA licensure

The National Association of State Boards of Accountancy (NASBA) board of directors has approved updated language to the Uniform Accountancy Act (UAA) Model Rules that will pave the way for the CPA Evolution project.

Read More

keyboard

Remote Working Rurthers The Case for Continuous Accounting

They were better prepared because they had worked to adopt continuous accounting processes. Continuous accounting isn’t a technology, it’s a process enabled by automating routine accounting tasks as well as the ones that require complex calculations – like depreciation or amortisation. The close cycle becomes nearly continuous because of automated reconciliation tools between AP sub-ledgers and the general ledger, automated consolidation and intercompany transfers with eliminations, as well as the automated generation of financial statements. Technology is used to process and post transactions in real time.

Read More

planner

12 Workflow Tips to Create a Stronger Virtual Firm

Working in 2020 has been anything but business as usual. Since the spring, regular business processes and workflows have been upended as a global workforce has been forced to operate from home and the demand for remote solutions has skyrocketed.

Read More

News-_0013_connectedglobe-people

14 Strategies For Building A Strong Culture Among Your Remote Tech Team

With advanced technical skills and knowledge, professionals in the tech industry may have an easier time than others when adjusting to the logistics of remote work. However, they may still feel the lack of synergy from working side-by-side with their colleagues.

Read More

Untitled design(1)

MICPA Recognized by Hospice of Michigan in Pinning Ceremony

Last week, the Hospice of Michigan (HOM) recognized the contributions of the MICPA to their organization in a pinning ceremony meant to commemorate the long-standing relationship between both organizations. The HOM is the most experienced provider of hospice care in Michigan, currently serving around 4,700 patients annually in 46 counties. With roots dating back to the 1970s, HOM is the largest in our state, and among the largest recognized 501c3 non-profit advanced illness management organizations in the nation.

Read More