Employment rose by 1.8 million jobs in July, including 900 in accounting and bookkeeping services, and the unemployment rate fell to 10.2 percent from 11.1 percent, the U.S. Bureau of Labor Statistics reported Friday, as the economy showed signs of recovery despite the spread of the novel coronavirus across many parts of the country.
The BLS also revised upward the job gains for May by 26,000, from a gain of 2,699,000 jobs to 2,725,000, but the June numbers were revised downward by 9,000, from a gain of 4,800,000 jobs to 4,791,000. With those two revisions, employment in May and June combined was 17,000 higher than previously reported. So far, the economy has recovered less than half the number of jobs lost due to the pandemic. The 1.8 million jobs aded in July indicates the pace of hiring is slowing down.
Not to change the topic here:
Allan Nietzke reflects on 56 years of agriculture accounting - Huron Daily Tribune
Allan Nietzke has had a full career in agriculture accounting, not to mention all the committees and councils he has been involved in over the years. (Nietzke and Faupel, PC./Courtesy Photo)
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UPPER THUMB — Allan Nietzke has had a full career through Nietzke and Faupel, an agriculture accounting firm in Pigeon, serving farmers in not just the local area, but many surrounding states. He was instrumental in the development of financial statements used for the agriculture industry in the United States and Canada.
California pledges 'full accounting' of COVID-19 data delays
As technical problems continued to plague the California public health department’s coronavirus reporting system Thursday, overwhelmed and frustrated local officials in some counties stopped updating their daily case totals, resorting instead to old-fashioned spreadsheets to track the spread of the deadly virus.
“They don't know where the problem is, so they don't know how soon it'll be fixed, because they're still trying to figure it out,” said Santa Clara County CEO Jeff Smith. “I’m emotionally pretty depressed about the whole thing because this is absolutely the worst time in the world to get this kind of information.”
AP Automation Is Ready For WFH Accounting | PYMNTS.com
The scenario of frazzled buyers negotiating extended payment terms — in many cases having to choose who gets paid and who doesn't — has made the whole "invoice to check to envelope to swirling vortex of the unknown" thing absurd. Who has the time for this anymore?
Legacy payment options like paper are getting nudged out by faster better methods like credit cards, which are more cost-effective for buyers' accounts payable (AP) teams to send and quicker for suppliers' accounts receivable (AR) professionals to receive.
Quite a lot has been going on:
FASB simplifies accounting for convertible instruments, contracts in own equity - Journal of
FASB issued a new standard Wednesday that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity's own equity.
The board reduced the number of accounting models for convertible debt instruments and convertible preferred stock. This will result in fewer embedded conversion features being separately recognized from the host contract compared with current GAAP. More convertible debt instruments will be reported as a single liability instrument, and more convertible preferred stock will be reported as a single equity instrument with no separate accounting for embedded conversion features.
Why Small Businesses need accounting software to grow in 2020? - GISuser.com
The right accounting software can be the key difference in boosting and increasing the profits of your business. Accounting software helps us to keep everything in an organized manner. The software helps in resolving all the accounting requirements of a business and simplify the procedure for the employees of the business. One of the main advantages of keeping accounting software is that it is cheap and saves the cost of hiring an accountant to perform the necessary tasks.
Accounting's new normal: Balance, relationships and flexibility | Accounting Today
Until the pandemic, many small businesses were using programs and systems that required their accountant to be in-person and on-site to do tasks, including accounts payable and bank reconciliations. However, with the pandemic, financial professionals and small business owners were not able to access their offices. All that data, paper, check stock and more became completely inaccessible. Swift action was demanded to keep businesses' lights on. The best course of action? Moving to the cloud.
How to meet changing client expectations | Accounting Today
The changing times and an economy in constant flux are causing clients to shift expectations for their accounting firms. Practices that evolve to meet these expectations will gain a significant opportunity to steal a march on their competition and strengthen their position in the marketplace. But evolution will require revising strategies for pricing, technology, services and more to create lasting, mutually beneficial client relationships.
Happening on Twitter
U.S. employers added or brought back 1.8 million jobs in July, down from 4.8 million in June. For perspective, we'r… https://t.co/YYnSrnS2tQ bencasselman Fri Aug 07 12:40:50 +0000 2020
Breaking: Employers added 1.8 million jobs in July and the unemployment rate fell to 10.2%, so far recovering less… https://t.co/0muPJkVDY7 WSJ (from New York, NY) Fri Aug 07 12:32:29 +0000 2020
The U.S. economy gained 1.8 million jobs last month as the labor market tries to make up ground lost earlier in the… https://t.co/OXpmLszXrm nytimes (from New York City) Fri Aug 07 15:20:03 +0000 2020
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