June 2017 - CPA Practice Advisor

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In this issue

Firm Management

How to Find the Right Job Candidates and Avoid Failed Hires

To look at the costs of bad hiring decisions, a recent Robert Half study surveyed managers at small to midsize firms. Respondents said they waste an average of 45 hours to hire and onboard an employee who later doesn’t work out.

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Accounting

6 Ways to Save Using Travel and Expense Management

Today’s technology innovation and changes in traveler behavior are driving significant and rapid change in corporate travel, and businesses need modern solutions to take control of employee spend. In fact, manual processes are impacting your bottom ...

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Payroll

Are You Responsible for Labor Violations Committed by Companies You Work With?

Do you hire other companies to complete jobs in your workplace? Did you realize that you could be liable for labor violations that the company commits while working there? There are two pending and one recently decided case that will alter how ...

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Firm Management

Equip Your People to Optimize Processes

Many firms have discovered that there is tremendous opportunity in creating optimal processes. Optimal processes are ones which are defined by consistency, efficiency, a high level of quality and profitability.

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Firm Management

Protect Your Firm and Clients with Multi-Factor Authentication

Authentication is simply a process that verifies a user’s identity. The most common form of authentication is a password, but given the rise of tax-related identity theft and phishing schemes that accounting firms face, a password is no longer enough ...

Small Business

June 2017 Small Business Channel

Another important disadvantage of an S-Corporation concerns ownership. An S-Corporation limits the type of shareholders allowed, the number of shareholders, and the type of ownership interest shareholders may have.

Payroll

June 2017 Payroll Channel

It’s essential for your employees to have time away from work. They need to spend time with their families and follow their interests. And, rested employees will perform better than tired, burned out employees. Your employees value their time, and you ...

Artificial Intelligence

June 2017 Firm Management Channel

With the current break-neck pace of software and technology we can often overlook the fact that "the cloud" is really just outsourcing. The term "cloud" is simply a catch-all term for subscription-based services running on someone else's network.

Accounting

June 2017 Accounting & Audit Channel

A SOC 2 attestation focuses on an organization’s controls in areas such as operations and compliance. It is performed in accordance with AT Section 101: Attest Engagements, and this report is generally best suited for financial services, health care ...

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Firm Management

Apps We Love: Communicating!

How do you communicate with your clients and your co-workers? If you’re still relying on the telephone, you’re probably finding that many of your colleagues prefer to connect with you in more modern ways. Even email is taking a backseat to many of the ...

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Payroll

5 Reasons to Put Your Nanny on Payroll

Paying a nanny off the books, i.e. in cash, can be tempting to both sides of the relationship. Although it is illegal, employers could avoid the hassle of payroll paperwork, and nannies would get to keep their full pay without handing money over to ...

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Payroll

Payroll Problems Make Employees Go Job Hunting

Payroll problems may be the fastest way to send top talent to the exits. According to a new survey from The Workforce Institute at Kronos Incorporated, about half of the American workforce (49 percent) will begin searching for a new job after ...

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June 2017 Tax Channel

One of my clients is a doctor and the company he works for is split into two different entities. For one, he receives a W-2 and for the other he receives a K-1 form. Both companies are interrelated. What happened is that a number of doctors came ...

Accounting

How to Create an Effective Travel & Expense Policy

An effective expense policy covers all aspects of employee-initiated spending, including business travel, appropriate use of corporate credit cards, contingency planning for things like trip cancellations or emergencies, personal issues such as ...

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Firm Management

Conference Vibes: The Participation Factor

I travel to a lot of conferences in and related to the accounting profession: national, state, local, user – some are large (the largest was last year’s Sage Summit which touted 15,000 attendees), some are quite small (150 is about the smallest I’ve ...

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Accounting

Intuit Rolls Out Enhanced Reconcile

Intuit recently launched a new Reconcile experience within QuickBooks Online, allowing users to reconcile their bank transactions with a few clicks and improving workflow for small businesses and their accountants.

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Accounting

Expense Management Makes Dollars and Common Sense

Making the decision to implement expense and travel management software is fairly simple. The very minimal cost of the software in many cases will be quickly offset by the time, energy, and aggravation eliminated upon implementing the software in your ...

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Accounting

6 Reasons for Implementing an Expense Management System

Forty-six percent of respondents to a recent survey said they still submit their expenses manually - stuffing their pockets, wallets and briefcases with wrinkled receipts. These bunched up pieces of paper then get stapled to printed spreadsheets that ...

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Payroll

Communicate With Staff for Greater Buy-In

Employee communication is a vital component of your staff management plan, so it’s worth your while to step up efforts in providing staff members with the knowledge they desire. Doing so benefits you as well, as a morale booster and engagement ...

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Accounting

2017 Innovation Award Winners Announced in Los Angeles

The 2017 Tax and Accounting Technology Innovation Awards, now in their 14th year, highlight this progress in workflow management and client collaboration, with this year’s winners all offering cloud-based solutions that enhance firm operations.