December 9th, 2013
With no less than 41 different state income tax reporting requirements, employer groups and trade associations have been giving their support to two bills in Congress that would simplify tax rules nationwide.
Instead of requiring state withholding and tax filings by both employer and employee after only a day of working in a state, the simplified rules would require non-resident workers to comply with local tax rules only after having worked in the state for 30 days.
Among the industries especially impacted by multi-state tax situations are staffing firms that place workers in short-term on-site positions, as well as employers with multiple offices across the country. Depending on where an assignment is located, an employer may have to pay state taxes and workers have to multiple income tax forms to file, just to get a modest refund of their withholding. Read the rest of this entry »
December 3rd, 2013
Do you know how much your company spends processing invoices? Twenty percent spend between $6 and $15 per bill, while a surprising 7.3% spend more than $16, up to $25 for each invoice.
A report on the cost of A/P processing says companies that process paper invoices could save significantly by switching to an electronic processing system. How much? Well, a survey by Iron Mountain says 31.1% of firms processing electronic invoices spend less than $2 per. Compare that to the 12.2% of their paper using counterparts who spend that little.
By going electronic, a mere .5% of companies spend from $16 to $25 per invoice.
CFODailyNews.com says companies don’t even have to fully automate to see savings. “In fact,” writes Jennifer Azara, “Many companies find they have better success with a phase-in approach rather than making all their suppliers jump in with both feet.”
November 1st, 2013
Finance leaders of some of the world’s largest companies are growing ever more concerned about their ability to recruit, retain and develop talent in their finance organizations. While nearly three-quarters of them have a talent strategy, 4-in-10 admit they are not optimistic about meeting talent demands in the future. Deloitte’s 2013 Global Finance Talent Survey found that “that the talent strategies in place today are insufficient, and finance leaders are finding them difficult to execute.” What’s more finance departments are finding themselves in a time of significant change, asked to meet new business needs and to work more closely — collaborate and partner — than they ever have before. However, Deloitte reports that finance departments were not designed for partnering and most have not placed much emphasis on those skills in hiring. Now, finance has new talent needs. Deloitte’s report examines the question: “Business leaders are inviting the finance team to step into a more strategic role,
but is finance ready to deliver?” Deloitte
October 21st, 2013
Concerned that schools are not properly preparing their undergraduate accounting students, the Institute of Management Accountants has launched a Competency Crisis site where the issue can be discussed as the profession searches for a solution. “The concern that we’ve had is that the curriculum at the undergraduate accounting level is not preparing the future accountant for what they’re going to do on the job,” says IMA president and CEO Jeffrey C. Thomson. Launched almost three weeks ago, the site is already attracting attention from accounting and finance professionals. The IMA is planning a publicity campaign using social media to reach the professions multiple constituencies. AccountingToday
October 18th, 2013
Financial professionals may be wizards at analyzing complex transactions, but explaining them in words plain enough for the rest of us to understand is a rare skill. Whether bankers, accountants or asset managers, too many insist on taking the long road to get to the point. It’s almost as if they believe the more words they use, the more impressive the analysis. Nothing could be further from the truth, says Susan Weiner, a chartered financial analyst and author of Financial Blogging: How to Write Powerful Posts That Attract Clients. She offers seven tips for improving the writing of financial professionals, beginning with examples from the most revered of investors, Warren Buffet. His “plainspoken style instills trust in investors,” she says, suggesting that writers read their “clunky sections” out loud. And while they’re at it, trim down too long sentences and too wordy paragraphs. MarketingProfs.com
September 17th, 2013
CFO’s say they expect profits to grow 10% in the next 12 months, but worries about the state of the economy and uncertainty about the consequences of Obamacare make them hesitant about adding full-time staff.
The Duke University/CFO Magazine Global Business Outlook Survey found 32.8% of CFOs are more optimistic about the U.S. economy, a decrease from the survey in Q2, but a significant improvement over a year ago. Still, they expect double-digit growth in company earnings and a healthy 5.7% increase in revenue. Read the rest of this entry »
September 8th, 2013
When Accounting Today asked 100 leaders what the biggest issue confronting the accounting is, what it got was, as you might expect, a broad range of opinions from globalization to regulation to client communication, the auditing function and even the exodus of Baby Boomers.
Yet running through so many of the opinions of the magazine’s Top 100 Most Influential People in Accounting is a common thread that might best be described as proactive relevancy.
Joe Echevarria, the CEO of Deloitte, described his vie of the biggest challenges this way: Read the rest of this entry »
August 22nd, 2013
Sageworks, a financial information firm that specializes in privately held concerns, says the Affordable Care Act is going to have a negative impact on hiring in the next year.
Nothing new there. Multiple surveys and more than a few analysts have warned that the cost of providing mandatory health care — or paying fines — will reduce employers’ willingness to add staff, particularly for small firms with headcounts below the 50 worker trigger. Read the rest of this entry »
August 13th, 2013
Confidence among U.S. finance and accounting workers spiked nearly 10 points in the 2nd quarter to 63.1, the highest since 2007, according to the Finance and Accounting Employee Confidence Index.
Overall confidence increased 9.7 points to a six-year index high of 63.1. It’s the highest confidence level among all the industries tracked by Randstad in the quarter, which include engineering, IT and healthcare. The Index is compiled by The Mergis Group, a Randstad subsidiary. Read the rest of this entry »
August 5th, 2013
Unless your accounting future is to handle the books for the neighborhood dry cleaner, tomorrow’s successful accountants will need at least some international experience. That doesn’t necessarily mean a stint overseas. But it does mean some understanding of international accounting. In a major survey of CFOs, 69% said in five years it will be “somewhat necessary” for their accountants and finance professionals to have international experience. And that’s not just the opinion of the biggest corporations and accounting firms. At the smallest firms — those with 20 to 49 employees — 67% of the leaders had the same view of international experience. AccountingToday