Tax Accounting & Finance

Accountants are professionals; hence, they are expected to act like one. They’re the key personnel who can access the intimate financial information of individuals and businesses. With such a crucial responsibility, they must abide by the rules and values in the accounting profession known as ethics. According to Oprah Winfrey, “Real integrity is doing the right thing, knowing that nobody's going to know whether you did it or not.” It takes a lot to be honest and sustain integrity in the face of many temptations. For this reason, not all accountants can stay true to their [...]

The current state of the market across industries reflects in the way companies adapt and respond to changes impacting a wider aspect of better financial service. These changes are tied up with expanded economic transitions that are taking place today after the hard shocks from the Covid-19 pandemic hit us. On the compliance front, most businesses are gearing up to meet compliance requirements within a specified timeframe. In particular, accounting challenges in the leasing sector include achieving compliance in the wake of new accounting standards: Financial Accounting Standards Board (FASB), ASC 842, and International Accounting Standards [...]

With the introduction of new lease accounting standards, lease management has become essential for companies to foster growth and maintain compliance. In this infographic, explore 5 steps on how your organization can leverage leases to make strategic decisions! Check out our upcoming webcast: Trends, Challenges, and Opportunities in Commercial Real Estate Finance  For more information on how to unlock value from your lease portfolio, contact Visual Lease. Upcoming Webcasts Upcoming Webcasts back

With the ever-changing regulatory landscape impacting corporate tax compliance processes, more and more organizations are starting to understand that being tech-savvy, data-driven, and predictive is the need of the hour. Specifically, heightened regulatory changes pose greater exposure to noncompliance risks, leaving increased pressure on tax teams to keep pace. Automating your tax processes could help mitigate risks and alleviate the burdens of your team. Besides creating a smoother and faster process, automation also improves quality. Here's more of what tax automation can offer: Better Control – tax automation eliminates manual recording and compilation, thus helping drive [...]

How can sales tax solutions keep your business moving forward? Find out in this infographic! Join our upcoming webinar: Transforming Businesses with Tax Automation: Effective Tools and Best Practices Solve Tax for Good® Everywhere You Do Business Get in touch with Sovos Upcoming Webcasts Upcoming Webcasts back

What is ACH Fraud? ACH fraud is fraudulent access to an account to make unauthorized payments and purchases. Fraudsters can execute an ACH fraud by getting the business checking account number and bank routing number. By obtaining that information from targets, criminals can initiate purchase of goods and services or pay off debts. Common ACH Fraud Schemes Overseas money transfers -An ACH scam that happens when a fraudster sends you an email or letter asking you to help them move a large amount of money out of the country. Usually, they say that it's due [...]

What is sales tax? By way of background, sales tax is applied to the sales or purchase of consumer goods and services, at a percentage of a price. Typified as a consumption tax, it is usually imposed and collected at a point-of-sale transaction. Once collected, sales tax would be remitted at a set time to the proper taxing jurisdiction. Choosing the right software to ease your compliance process The ever-evolving tax rules and growing tax complexities shouldn’t impede business growth. Choosing the right technology for your sales tax compliance offers key benefits that span cost [...]

Sales tax is undoubtedly complex right? But, tax complexities shouldn’t impede the growth of your business! Get started on managing your sales tax processes with ease! Check out the infographic below. Join our webcast Sales Tax Compliance Technology Trends: Keeping up with the Challenges of Sales Tax Reporting Solve tax for Good® Everywhere You Do Business, get in touch with Sovos Upcoming Webcasts Upcoming Webcasts back

Time to get compliant with the IRS Voluntary Disclosure Program to avoid unnecessary headaches and tax liabilities. Are you qualified or not? Find out in this infographic! Want an in-depth discussion on that topic? Listen to our webcast Up-Close Look at the New IRS Voluntary Disclosure Program: Unravelling New Provisions and Hot Issues Upcoming Webcasts Upcoming Webcasts back

What Is a Voluntary Disclosure Program? The IRS Voluntary Disclosure Program allows U.S. taxpayers to disclose unreported income and settle their offshore and domestic tax liabilities. The applicant must willingly cooperate with the IRS in determining the correct tax liabilities and plan payment for penalties owed. However, disqualification from making a voluntary disclosure is possible due to certain factors like having an illegal source of income. How Does the New IRS Voluntary Disclosure Program Works? The IRS Criminal Investigation Unit (CI) evaluates if the disclosures are accurate, timely, and complete. To get started, applicants must fill out IRS [...]

Automation has become the norm in almost all areas of businesses today, particularly in accounts payable (AP) processing. With the constant technological advances, the need to adopt automation technologies is critical for companies to thrive and maintain competitive advantage. However, any operational changes always pose a challenge for everyone. Invoice payment matching and manual data entry are among the top challenges in AP. And this could be more difficult to manage with a large volume of invoices and financial transactions. To expedite manual tasks and reduce human error, most organizations lean towards AP automation software. [...]

American Express moved strategically into the accounts receivable digital arena by partnering with Versapay this week. Versapay is already a well-known digital player in the A/R world between manufacturing buyers and their suppliers. American Express’ move combining their business-friendly card accounts with Versapay allows manufacturing supply chain participants to move and liquidate back and forth quickly, efficiently, and securely. A big issue for suppliers has always been maintaining sufficient cash flow to take on the next big order. Significant outlays can be tied up waiting for fulfilled orders to get paid while a new order [...]

Ask anyone how easy the job is for someone involved in a major IT systems project, particularly one involving enterprise resource planning or ERP, and he will flick a look of hate and might even stop talking to you for the day. ERP implementation is one of the most hated roles in IT adoption for companies over the last decade, and it has led to thousands of burned-out project managers every year. The latest debacle at J&J Snack Foods Corporation is no exception. J&J Snack Foods decided to move forward with a new ERP system in [...]

When a business reports big profits, it always gets the market’s attention. When the same company aims for the moon with its expected future profit targets, the same company gets accolades or raised eyebrows, depending on the confidence in that company’s leadership. That’s the case with working capital fintech C2FO, which just pegged a growth of $200 million in four years. The company already has a revenue base of $1 trillion. Similar to many other online intermediaries, C2FO works as a digital environment- provider. Their website facilitates the ability for buyers and suppliers to come together [...]