This column is a review of an exciting new book, The Definitive Success Guide to Client Accounting Services (CAS), by Hitendra R. Patil. I remember calling Hitendra a few years ago about an article he wrote about CAS to ask him what CAS stood for. Today CAS is an essential service that can only grow much further than it has already.
CAS is outsourced accounting services performed for clients replacing their internal bookkeeping and accounting department. This allows clients to divest themselves of non-core functions, relieving them to concentrate on the important revenue-producing functions they established their businesses to do. This also applies to not-for-profit organizations so they are freed up to put their energies into their central missions.
Bloomberg - Are you a robot?
SEC To Scrutinize Company Accounting For Impact Of Climate - Corporate/Commercial Law - United
Yesterday, as reported by Reuters and the WSJ , SEC Chair Gary Gensler told the House of Representatives Financial Services Committee, in a hearing focused primarily on stock market volatility and gamification, that he expected the SEC to propose new rules on corporate climate risk disclosures in the second half of 2021, after weighing public comment it sought earlier this year.
According to McCord, as they conduct reviews of SEC filings, the staff will consider the impact of environmental matters in the application of current accounting standards, such as the standards for asset retirement, environmental obligations and loss contingencies.
John Marshall Bank Appoints Mike Bell as Chief Accounting Officer | Business | Maryville Daily
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210510005615/en/
Mike began his career with EY in an audit capacity and spent over a decade elevating to increasing roles of responsibility within the company. His professional background is supported by an extensive academic career. Bell is a Virginia Tech graduate with both a Bachelor of Science in Accounting and Information Systems and a Bachelor of Science in Finance, as well as a Masters in Accounting and Information Systems from Virginia Tech's Pamplin College of Business.
Bill.com Purchases Accounting Fintech Divvy for $2.5 Billion
Bill.com chose Divvy as the acquisition target because the software provider's customers have been asking for more tools to manage their business-to-business (B2B) spending, and Divvy gives them real-time insight into all their B2B spend. The startup can also contribute its automated payable, receivables, and workflow capabilities.
The combined entity will expand Bill.com's reach to more SMBs beyond its existing 115,000 customers given Divvy's 7,500 monthly active SMBs. With this move, SMBs will have all their financial needs in one place, reducing the relationships they need to have with different financial institutions and increasing satisfaction and retention.
CITY ACCOUNTING ISSUES “DECADES IN THE MAKING” | 1330 & 101.5 WHBL
The first hints that something wasn't right arose this past January, when Wolf said that "The Fire Department came forward and said: 'You know, we used this much time out of the pool…' and our H.R. Director and I looked at each other and said 'What pool? What are we talking about?' And that's when we uncovered that, 'Hey, this is a problem because it's not in the (liability report).'"
When asked if any responsible party could be identified, Wolf said "No", and that it was an accumulation of many things that were "decades in the making". Wolf said that there were issues where team members had taken responsibility for things because of lack of past management, and so they assumed duties that were not part of their responsibility. And because there was no oversight, some policies and procedures were not done to the highest level.
Visual Lease Hosts Lease Accounting Compliance Workshops Led by Industry Experts | Business Wire
These workshops are led by Joe Fitzgerald CPA, SVP of Lease Market Strategy, and Alexandra Betesh, VP of Client Services at Visual Lease. Collectively, both experts have decades of experience helping companies manage their leases and achieve and maintain lease accounting compliance.
"Through our community of more than 700 customers, we've seen firsthand how important preparation is when it comes to lease accounting compliance," said Joe Fitzgerald, SVP of Lease Market Strategy at Visual Lease. "Having a clear understanding of the applicable standard's requirements directly impacts an organization's ability to achieve and maintain compliance – and, this knowledge can also empower them to unlock value across their portfolio.
Spring-clean your startup's accounting with these tips – Idaho Business Review
Now that spring is in full swing, are you looking for ways to make your startup operate better than ever? Yes, it is important to declutter your office, shred and recycle old client reports that are no longer needed and do an inventory check, but have you thought about your enterprise's financial health? It is absolutely critical to spring-clean your business's finances and ensure that all of the accounting is accurate and up-to-date.
Taxing virtual currencies: A new technology challenge | Accounting Today
By now, most accountants and tax professionals are familiar with the IRS's question about virtual currency on the first page of Form 1040, and its treatment of cryptocurrency as property, with sales and exchanges reported on Schedule D. Perhaps you have even had clients bring answer "Yes" to that question on their organizer, or ask questions about their crypto-asset reporting requirements.
It's crucial for tax advisors to get ahead of these issues, yet many aren't aware of the reporting (and technology) challenges inherent in this new asset breed.
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