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 …
Banking Trends That Are Here to StayRead the rest of this entry »
What the ATM did for getting cash, the covid pandemic is doing for many other banking services.
More than ever, customers are turning to online banking to pay bills, transfer funds, and handle transactions they would have visited a branch for just a few months ago.
Baby Boomers, the generation most reluctant to have downloaded their bank’s mobile app, have embraced online banking in record numbers. Shortly after businesses were …
Dramatic Changes Are Transforming the Legal ProfessionRead the rest of this entry »
The business of lawyering is undergoing a transformation that is as dramatic as it is still little recognized even by many in the profession.
As has been the case with so many other sectors of the economy, the COVID pandemic accelerated changes already occurring. Most obvious has been the rapid deployment of technology in ways that few in the field would have predicted even as recently as the beginning of …
2020’s Best Accounting Firms Are All Pandemic WinnersRead the rest of this entry »
What are some of the best accounting firms to work for?
Accounting Today knows. Over the summer, the publication announced the best small, mid-sized, and large accounting firms to work for. Now, culled from more than 250 entrants, the lists have been compiled in a special supplement appropriately entitled, “Best Firms to Work For 2020.”
The 100 firms (based on size) are as small as Measured Results CPAs 16 employees …
Cost Drives Equity Fund Managers to Make ChangesRead the rest of this entry »
When managers of private equity funds changed service providers this year, cost, quality and increased portfolio complexity were typically behind the decision.
Preqin, a leading source of data and analytics about the alternative assets industry, says this year’s unusually challenging environment is prompting fund managers to more intensely evaluate their service providers. The relationship between cost and quality of service is being scrutinized especially closely.
“Managers,” Preqin comments, “Want service …
Taxpayers Love Their Accountant, but Want More From ThemRead the rest of this entry »
Clients love their tax accountant, though half wonder if they’re doing enough to cut their tax bill.
Those seemingly contradictory opinions come from a survey by practice management software provider Canopy.
85% of the taxpayer respondents say they would recommend their accountant, despite 53% not being confident they're getting enough help minimizing their taxes.
What the survey takers most appreciate is the in-person communication with their accountant. In fact, they …
Alternatives Investors Plan to ‘Stay the Course’ This YearRead the rest of this entry »
Despite market volatility and an uncertain economic outlook, investors are committed to their alternative asset programs, declares Preqin in its half year investment update.
The majority of investors in alternatives say they intend to stay the course this year, telling Preqin they are satisfied with the performance of their portfolio over the last year.
“Almost all investors intend to either maintain (60%) or increase (33%) allocations to private capital, …
COVID Is Making Accounting’s ‘Unthinkable’ a PriorityRead the rest of this entry »
A year ago, the accounting and business technology firm Sage confirmed what accountants felt was happening: the nature of the profession was transforming.
Driven by clients, regulatory demands, generational change and the marketplace, accounting was changing, said Sage’s Practice of Now report, from a transactional profession to one focused on partnership and consultancy.
What no one could have foreseen was a pandemic that would force upon firms some of the …