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AcctTwo Blog

Don't Get Left Behind by the "Divergence"

Note: This article is not about a dystopian science fiction film.

For most of accounting history the only difference between large firms and small firms was the size. Whether the ranks included 10 accountants or 1,000 accountants, all firms largely carried out the same tasks using the same tools and methods.

But as with most established ways of doing things, accounting is undergoing a period of disruption. New technologies ranging from blockchain, to big data, to machine learning are radically transforming the way accounting firms conduct business. And as a result, the very largest firms are "diverging" from all the rest.

Topics: Informational Accounting CPA Divergence

The Evolving Accounting Profession – Predictions for 10 Years Down the Road

The accounting field is dynamic by nature. But it's also bound by traditions, obligations, and regulations. As a result, the pace of change in accounting has been historically slow. Until recently.

A confluence of forces ranging from new technologies to new opportunities and risks is transforming the field at a breakneck pace. The promise and potential of accounting is greater than ever before. But so is the complexity and consequence.

The companies that hope to take advantage of these shifts must be aware of what is coming next. Here are some predictions for the near future from industry experts:

Topics: Informational technology Accounting Finance Automation CPA Managed Accounting Services (MAS)

Takeaways from the Latest KPMG CEO Report

Every year KPMG conducts a comprehensive survey of CEOs from companies in diverse industries. The goal of the survey is to identify the issues, obstacles, and opportunities that are on the minds of today's business leaders.

The report is worth a read, because it reveals a lot about the current business atmosphere. But in order to save you some time we have highlighted the most relevant takeaways for CEOs with an eye on optimization and future success.

Topics: Informational Report Survey

The Subscription Economy, The Way of Doing Business Today

I used to buy movies and music. I still have my media shelves. I’m not prepared to completely let go of my CDs and DVDs yet, but now I subscribe to Hulu and have unlimited access to my favorite TV shows and movies. And for my music, I stream it on Spotify.

A young lady that I know is working on her MBA at the University of Texas at Austin. Soon after moving into her new apartment she sold her car to lower expenses.

Topics: Informational Revenue Recognition Subscription-Based Revenue Subscription Billing

Intacct Dimensions: Why it Matters.

Intacct Dimensions - Business Metrics without Exploding Your Chart of Accounts

In today’s fast-paced business environment, senior managers require real-time metrics to measure the performance of their organizations. And, as the need for information increases, the time window to react and make informed decisions decreases.

Topics: Not-for-profit Industry Software Industry Faith-Based Informational Customer Success Intacct Dimensions

Companies are Cloudwashing Their Products AND Their Revenue

In a recent article in the Wall Street Journal, Angus Loten and Kimberly S. Johnson draw attention to something we've been hammering on for a few years now: Cloudwashing, or the practice of painting over traditional IT technology with the word “cloud.” The article quotes Clay Johnson, CIO of GE Power and Water saying:

Topics: SaaS Cloud computing Informational

Church Accounting Basics - Part 4: Employee - To Be or Not to Be

Why does it have to be so complicated?

If your church is anything like mine, you are constantly trying to navigate the requirements of our nation’s employment laws. When researching the topic of “employee versus independent contractor,” what I find is consistently inconsistent. It’s easy to get lost in the lack of interpretation.

Topics: Blog Fraud Faith-Based internal controls Informational Featured Posts Church Accounting Basics Awareness Employee vs. Contractor

Church Accounting Basics - Part 3: Internal Controls Keep Fraud at Bay

“What happens in accounting, stays in accounting.”

If your finance team’s motto goes something like this, you might have an internal controls problem.

Internal controls are put in place to clearly define proper procedures for finance and accounting team members, to minimize risk, and to alleviate suspicion. Even churches must mitigate risk and ensure that policies and procedures are in place and functioning as intended.

Topics: Blog Fraud Faith-Based internal controls Informational Featured Posts Church Accounting Basics Awareness

Church Accounting Basics - Part 2: Church Audits

Know the 4 V's

Depending on your role at the church, you’ll hear the word “audit” and come to one of two conclusions:

If you’re the finance manager, you understand the need for the substantiation of the integrity of the data — even though an audit can add to your already busy workload.

Topics: Blog Faith-Based Informational Featured Posts Church Accounting Basics Awareness

Don't Be Scared: How to Get Your Company's Financials Audit-Ready

For financial professionals, independent external audits of GAAP financial statements are an inescapable reality. For public companies, it’s a statutory requirement under SEC regulations and for many fast-growing private companies, it’s a necessity to meet the demands of lenders, VCs, and other stakeholders. There is even a possibility that the IRS could require a financial statement audit as part of a broader tax audit.

Topics: Blog Taxes White Paper Informational Audit and Internal Controls Awareness