5 Skills Tomorrow’s CFOs Will Need to SucceedRead the rest of this entry »
Besides all the accounting skills they learned in school, tomorrow’s CFO will need to have sharp business acumen.
As Workday finance writer Steve Dunne observes, “Once considered a numbers-only role, finance is now balancing traditional responsibilities with growing demand for data-driven analysis and insights, risk management and other key business functions.”
The shift from number cruncher to analyst and strategist is nowhere more clearly seen than in the percentage …
Accountants Are Facing a Tax Season Like No OtherRead the rest of this entry »
Accountants may want to stock up on extra strength aspirin this tax season because, in the words of the chief tax officer at Jackson Hewitt, it will be “one for the ages.”
In an interview with Accounting Today, Mark Steber ticked off the issues tax accountants must confront before they even begin a return. There are the stimulus payments, and the details of the CARES and SECURE acts. There …
Accountants Worry If They Have the Skills For a Post COVID WorldRead the rest of this entry »
Corporate accountants say the global pandemic has caused them to shift work priorities and forgo pay or bonuses – sometimes both – as they wonder how relevant their existing skills will be in a post-COVID world.
These are among the findings of a five country survey of finance professionals conducted by the Institute of Management Accounting (IMA). The organization set out to learn how the pandemic has affected the business …
The New Role AI Can Play In AccountingRead the rest of this entry »
Driven by the COVID pandemic, there’s been a mass migration of businesses to cloud-based services. This includes accounting firms of all sizes, who now see the benefits of the cloud and especially the automation that artificial intelligence-powered services can bring to routine and time-consuming tasks.
“But,” says AccountingToday, “AI is for more than just automating processes and creating efficiencies — now is the time for firms to be creative, …
Accountants Growing More Optimistic About EconomyRead the rest of this entry »
Accounting professionals are feeling better than they have in months about the U.S. economy, but their outlook is still far more cautious than when the pandemic began.
The fourth quarter Business & Industry Economic Outlook Survey showed 37% of the respondents expressed optimism about the economy, a 13 point increase from the Q3 survey.
Conducted every quarter by the Association of International Certified Professional Accountants, the survey found the 740 …
Pay Is Only Part of Attracting and Retaining Accounting TalentRead the rest of this entry »
While the rest of us may be having sugarplum dreams, accountants are seeing stacks of spreadsheets and tax forms and year end reports in their future.
For accounting professionals at firms across the country the end of the year brings the beginning of their busiest months. The long hours, routine, if important, tasks and the lack of flexibility that marks these next three months puts traditional firms at a disadvantage, …
Accountants See ‘Going Virtual’ Is Here to StayRead the rest of this entry »
What CPA Lawrence Pon misses most are the hugs he got from clients at face-to-face meetings.
“I never realized I got that many hugs until I didn’t get them,” Pon told Accounting Today.
Because of the COVID safety restrictions, he doesn’t expect to get any for the rest of this year and probably not until after tax season, if even then.
“We might be planning next tax season like …
A Computer Knows FIFO and LIFO. Only You Can Do NIFORead the rest of this entry »
Just when you thought you had inventory accounting under control, here comes NIFO.
Where LIFO and FIFO are at least sort of intuitive, standing for Last In First Out and First In First Out, NIFO stands for Nose In, Fingers Out.
Don’t worry, no accountancy board has adopted NIFO as any sort of standard, and none will since it’s a leadership guide to remind managers to, as Accounting Today …
Advice for New Accountants Just Starting OutRead the rest of this entry »
Starting your first job is stressful enough. Now add in the challenge of beginning your accounting career remotely, meeting colleagues and maybe your boss virtually, in an economic environment roiled by a pandemic and wild market gyrations.
In the understated words of Wes Bricker, PwC vice chair and assurance leader for the U.S. and Mexico, “an already milestone-level experience becomes inherently more complicated.”
While no accountant – or, for that …
COVID Is Accelerating the CFO EvolutionRead the rest of this entry »
Chief Financial Officers have been playing an ever greater role in business management and strategy since the title was first used in the 1960s.
The evolution of CFO from keeper of the records and reporter of numbers to strategist has been underway for years, accelerated by the Great Recession and now the COVID-19 pandemic.
A report on this evolution says the pandemic has expanded the role of CFOs as businesses …