tech and fintech

new insights on emerging technologies and people issues

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fresh research from the hawaii accounting research conference.

by donny c. shimamoto, cpa, citp, cgma

this year’s hawaii accounting research conference provided some insights into the use of emerging technologies in audit and internal control, as well as on people issues like creativity and performance incentives. held every year in january at the university of hawaii at manoa, this conference draws accounting researchers from around the world to share their research findings with a broader academic audience (physical and virtual).

i started attending this conference in 2021 and gained some interesting insights into research being conducted that could shape some of what we do as accounting professionals. this year, i also helped moderate a practitioner panel featuring two past aicpa chairs, tracey golden and kimberly ellison-taylor, and a fellow cpa.citp and tax expert lauren kovar, to share with attendees how they could make their research more relevant to practice.

if you’d like to see the panel discussion, you can watch the recording:

i was only able to attend one day of the conference, but from just the one day, i got some good takeaways from several of the sessions. i’ve outlined these sessions and my key takeaways below. you can also click on any of the links to read the full paper that shares the research study and findings. read more →

irs loves e-filing. so why the barriers?

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irs buried in paper: even with 91 percent of returns e-filed, that leaves more than 33 million paper returns pouring into the irs annually.

what to do with clients who insist on paper?

by 卡塔尔世界杯常规比赛时间

e-filing may be the best thing to happen to the irs—and tax preparers—since the invention of paper and red tape.

  • it beats paper on cost—just 36 cents to process, vs. $15.21.
  • it beats paper on speed—a couple of hours from sending to acceptance, vs. days to mail, more days to open, more days in storage, more days to transcribe, and maybe months more to process.
  • it beats paper on accuracy—no need for transcription.
  • it beats paper on convenience—taxpayers can e-file in minutes from a desktop; irs can store and move e-files easily and instantly.
  • it beats paper on inconvenience—e-filing allows continuous processing regardless of weather, pandemics, etc.

more tax: two big (and obvious) ways irs could work with practitioners  | imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

so why does the irs still have barriers limiting e-filing? read more →

top issues for 2022: talent, time, and transformation

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businessman pressing a "future" concept buttonplanning today for still being in business 10 years from now.

submitted by the center for accounting transformation
improvetheworld.net

the center for accounting transformation’s public accounting advisory board met last quarter to discuss some of the biggest issues facing the public accounting industry.

the strongest themes revealed during the meeting is that there simply aren’t enough accountants to handle the growing workloads; innovation and automation must be implemented faster to streamline processes and free up accountants to increase advisory services; and time, as the scarcest of resources, is the primary commodity for any professional, but is especially true for accountants.

during the discussion, board members considered causes and possible solutions, which firms can use to guide several strategic decisions in 2022. read more →

imagine a fully online irs

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keep imagining. here are a dozen things an irs portal could do for taxpayers and tax pros.

by 卡塔尔世界杯常规比赛时间

as taxpayers and tax practitioners enter yet another tax season of uncertainty and turmoil,  the issue of needed improvements at the irs lingers like a hangover with a viral infection.

more tax: the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

are we facing another year of delays, doubts, and unanswered questions? will paying taxes ever become a smooth and efficient process?

imagine a world in the distant future where a common, ordinary taxpayer can pull a computer from a pocket, link into everybody’s favorite revenue service and… read more →

when tax collectors go digital

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…where will you hide?

collecting taxes upfront: in mexico, tax returns, accounting records, and other tax disclosures must be filed in standard electronic format, driving down the cost of tax collection by 57 percent between 2006 and 2018. meanwhile, revenue generated by audits rose an astonishing 117 percent between 2015 and 2020. (source: better than cash alliance, the u.n., via avalara)

by 卡塔尔世界杯常规比赛时间

accounting professionals may be focused for now on tax season 2022. but right around the corner, a revolution in tax is coming, if the united states can get out of its own way.

ready or not, here it comes: digitized sales tax compliance. the compliance might happen immediately after a transaction or right in the middle of it with a tax agency in between the buyer and the seller.

more: brain drain hobbles irs | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

it isn’t happening in the u.s. yet, but at least three states are thinking about it, and in 83 other countries, it’s already a thing. in california, florida, and massachusetts, it may soon be a thing. the federal reserve and the business payments coalition have already launched a pilot program to standardize electronic invoicing systems.

digitized tax compliance is far more than the mere e-filing of invoices and tax returns. it’s the movement of paper compliance activities to the cloud, where tax authorities can not only see transactions but, in some countries, actually, get involved in them.

the potential opportunities for accountants, auditors, and tax practitioners are as yet unknown, but where there is change, there is opportunity.

also, danger. read more →

padar joins vc-backed tax fintech for banks

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padar

april tax solutions targets banks and financial institutions.

jody padar, cpa, also known as “the radical cpa,” has exited botkeeper after three years and joined april tax solutions, inc., a start-up that uses an intelligent tax platform to automate the filing process and embed tax prep into broader financial applications.

padar is head of tax and evangelism. april is backed by $10 million in seed capital from a number of venture capital funds.

“it’s time to bring taxes into the digital age,” says padar. “i’m excited to lead the charge and help the next generation of consumers and accounting professionals have a better relationship with tax filings.”

april says it partners directly with banks and financial institutions to do away with the silos traditionally existing between tax and financial planning. the company is rolling out in the first half of 2022 to select customers of leading fintech partners in time to file their taxes for this season.

read more →

the disruptors: how to scale with new padgett coo amanda aguillard

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watch the video or listen to the podcast.

follow 卡塔尔世界杯常规比赛时间 podcasts on apple here or grab the rss feed here.

“process, process, process” and other lessons in scaling an accounting business.

with liz farr

to beat the staffing shortage, tax and accounting firms will need to rank technology skills as important as accounting skills, padgett coo amanda aguillard says in this episode of the disruptors, a new 卡塔尔世界杯常规比赛时间 series of conversations between special contributor liz farr and leading change-makers in the profession. this is the first of the series.

more video: eat that frog: asking for a prospect meeting | growing revenue through client service | lease accounting is about to get very real | google ads for new tax season clients | exclusive: eisner ceo charly weinstein explains the private equity deal  | flash briefing: a “call to arms” after private equity deal | four ways to beat the staffing shortage, with pasha malik

goprocpa.com exclusively for pro members. log in here or 2022世界杯足球排名 today.

“we will have to be creative about who we hire,” aguillard says. “knowledge of accounting is important, but it’s not the only thing… being tech-curious is just as important.”

read more →

ready for tech transformation?

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bar chartmany say yes, but the facts say no.

by donny c. shimamoto

most accountants may feel as though they’re keeping up with the rapid changes in technology, but many may be fooling themselves.

more: automate busy season with apps you already use | can tax automation make the 2022 busy season less grueling? | non-cpa “cpa” firms? really? | covid-19 turns cpas into first responders | accountants: unleash your secret superpower | focus on cyber risk, not just security
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a survey of more than 600 cpas just confirms the dichotomy i’ve seen many times. people say they are ready. but upon closer investigation, they haven’t taken the actions to ensure adoption of the new technologies and the business practices needed for transformation.

read more →

stop complaining and start innovating

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the pandemic requires new thinking with new business models.

by tamera loerzel

considering the many long-term ramifications from the pandemic on the accounting profession, i would start with a “clean sheet of paper” to position your firm for future success,

more: private equity at the gates | 12 shifts to ensure firm success | how to reinvent the firm for the covid age | why it’s time for an acquisition | three ways the accounting profession has changed | ramping up for the year ahead
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

firms today require new thinking, new business models, and new ways of operating, staffing, managing work, and measuring success.

read more →

automate tax season with apps you already use

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make automation take the load off this busy season.

by donny shimamoto
center for accounting transformation

between tax law changes and the pandemic, the last two busy seasons have been a bear for tax preparers to deal with.

related: discover your accountant superpowers | what auditors know about amazon product ratings | non-cpa “cpa” firms? really? |

while there is still some volatility and uncertainty around what the next busy season will look like, tax preparers should consider the following technology-related initiatives now so they can proactively equip their firms for the coming busy season. this should enable staff to have more work-life balance during the busy season and increase the firm’s ability to recruit and retain talent.

read more →

staff retention for remote workers

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keep them happy and engaged.

by amy welch, apr, cae
intraprisetechknowlogies llc

prior to 2020, remote work was barely a blip on any business radar. however, following the covid-19 pandemic, what was once considered unique has become an exploding norm. for intraprisetechknowlogies llc, though, the practice of remote work presented itself—and evolved—by accident, and well before other companies jumped aboard.

related: dec. 8: engaging your hybrid team: how to ensure employee engagement and equity when working remote (2 cpe)  explore the leadership changes to implement now so you can encourage employee engagement and ensure equity in a hybrid environment. plus, look at how your organization should shift its performance measures and definitions of success, so all employees are treated fairly, regardless of where they work.

the advisory-focused cpa firm hired alisa nishimoto, pmp, as a part-time project manager in february 2010. although she was living in san jose, cal., at the time, nishimoto and her family planned to move back to hawaii, where she grew up and she planned to join the rest of the intraprisetechknowlogies team at its honolulu headquarters. however, after a year of searching, nishimoto’s husband was unable to find a comparable job in hawaii, so the young family decided to remain in san jose.

read more →