Despite how important monthly financial close is, many companies still struggle to close their books within one workweek, according to a survey by the American Productivity & Quality Center (APQC). APQC data found that the median number of days an…
Accounting
You can now file Form 1099 series information returns using the Information Returns Intake System (IRIS) online portal. Step one is enrolling with IRS by clicking here. IRS is touting the free electronic filing service, which doesn't require any special…
The Financial Accounting Standards Board (FASB) is requiring public companies to disclose expense details involving employee compensation, depreciation of "property, plant and equipment," amortization of intangible assets, and costs capitalized to inventory in their income statements. While it may make…
There's no need to panic if you or one of your staffers discover they've made mistakes with your company's 401(k) plan. No one is going to jail, and in almost every case you won't be paying a penalty, so long as…
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Form 1099-K for income received from business transactions over third-party payment networks. That's because the Form 1099-K…
Accounts Receivable departments need to stay on their toes for scam artists and fraudsters. Plenty of companies' cash flows are squeezed tighter than ever these days. So the last thing you need is to accept and fill an order from…
Among the many year-end duties finance teams are working on is identifying an aged account that isn't likely to pay. This is the type of customer that Accounts Receivable called and wrote to so many times to collect, it was…
Give your team a heads up: The informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and form instructions have been released by IRS, the Dept. of Labor’s (DOL) Employee Benefits Security Administration and the Pension Benefit…
Since remote and hybrid work became normal for many companies, some workers are complaining that their employers should pay for work-from-home expenses, such as internet and electricity costs, printers and office supplies. A few employees are even suing their employers…
Since about 80% of all your company's transactions go through A/P, if a totally paperless A/P department is one of your goals for 2023, robust controls to prevent waste and misuse of company funds will be essential. That's because according…
The U.S. Securities and Exchange Commission (SEC) is on track to finalize a rule mandating publicly traded companies report direct and indirect greenhouse gas emissions. The rule is part of the Biden administration's goal of making Environmental, Social and Governance…
Twelve years after Dodd-Frank became the law of the land, the feds are finalizing "clawback" rules that address recovery of erroneously awarded compensation. The Securities and Exchange Commission (SEC) is mandating that "national securities exchanges establish listing standards that would…
