In The News—July 8, 2024

To those who celebrate, we at the Woodard Report hope you had a great Independence Day! Whether you spent the holiday grilling burgers, watching fireworks, or enjoying other activities, we hope you had a great time.

The Woodard Report recently published two pieces of original reporting; one details the acquisition of the client accounting services (CAS)-focused cybersecurity provider Practice Protect by Woodard sponsor RightWorks to enhance its platform's capabilities, and the other covers a new report published by Intuit. 

Roundtable Labs has announced the launch of its second "Empower Your Passion" cohort to develop leadership skills in accounting professionals. You can check out the press release below or click here to register.

In other news, the IRS is implementing significant changes affecting taxpayers and accountants, the FTC's noncompete clause is facing legal challenges, the CPA talent shortage is causing delays for startups in financial reporting and auditing, and more. Read on to keep your finger on the pulse!

The Woodard Report 

RightWorks Acquires Cybersecurity Provider Practice Protect [Woodard Report] 

RightWorks has acquired Practice Protect, a cybersecurity provider specializing in protecting accounting firms. This strategic move aims to bolster RightWorks' cybersecurity capabilities, ensuring their clients' data is more secure than ever. The acquisition underscores the growing importance of cybersecurity in the accounting industry. Read more... 

Accountants Using Tech to Mitigate Inflation, Talent Shortage [Woodard Report] 

Accountants are increasingly turning to technology to address inflation and talent shortages. The use of automation and AI helps firms maintain efficiency and reduce costs, providing a competitive edge during economic challenges. Read more... 

Press release 

Roundtable Labs Announces Launch of Second Empower Your Passion Cohort [CPA Practice Advisor] 

Roundtable Labs is launching the second cohort of its "Empower Your Passion" program, designed to help accounting professionals develop leadership skills and foster innovation within the industry. Read more... 

IRS news 

The IRS Tidal Wave Is Here [CPA Trendlines] 

The IRS is implementing significant changes that will impact taxpayers and accountants alike. These changes include updates in tax regulations, enforcement measures, and service improvements aimed at better compliance and efficiency. Read more... 

Technology news 

Mid-Tier Accounting Firms Tread Slowly in Gen AI Transformation [Bloomberg Law] 

Mid-tier accounting firms are cautiously adopting generative AI technologies. While recognizing the potential benefits, these firms are proceeding carefully to manage risks and ensure effective integration with existing processes. Read more... 

The 6 Disciplines Companies Need to Get the Most Out of Gen AI [Harvard Business Review] 

Companies can maximize the benefits of generative AI by adopting six key disciplines: data management, ethical considerations, cross-functional collaboration, continuous learning, strategic implementation, and robust governance. Read more... 

Accounting news 

Ask What You Can Do for the Accounting Profession [Accounting Today] 

This opinion piece urges accountants to contribute to the profession by engaging in mentorship, staying informed about industry changes, and advocating for innovation and ethical practices. Read more... 

Other interesting things we found 

The Noncompete Clause Moves Deeper Into Limbo [Wall Street Journal] 

Noncompete clauses are facing increasing legal scrutiny and challenges, which could lead to significant changes in employment agreements and business practices across various industries. Read more... 

How CPA Shortage Is Rippling Through Startup World [Inc.] 

The shortage of CPAs is affecting startups by creating delays in financial reporting and auditing, which in turn impacts funding and compliance. Startups are seeking innovative solutions to mitigate these challenges. Read more...