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In the News—June 11, 2024

Posted by Matt Raebel on Jun 12, 2024 3:00:00 PM

It's our last edition of In The News before Scaling New Heights 2024! Are you pumped? We sure are!

On this week's news roundup: The IRS is downsizing its office space to adapt to new work environments, an AICPA survey shows firms are more concerned with staffing than IRS issues, and the AICPA honors six young CPAs. On the technology front, a survey revealed that most accountants are using AI to enhance their efficiency, and small businesses face challenges entering the federal market due to outdated accounting software. 

Also, our most recent episode of The Woodard Report podcast asks the provocative question: "Is traditional bookkeeping Dead?" Tune in to hear Joe Woodard and Heather Satterley's discussion about the state of the industry and what to expect in the future!

The Woodard Report

TWR Podcast Episode 88: Is Bookkeeping Dead? [The Woodard Report]

In this episode, the Woodard team delves into the future of bookkeeping in a rapidly digitizing world. The discussion explores whether traditional bookkeeping roles are becoming obsolete and how professionals can adapt to stay relevant. The podcast features insights from industry experts and provides practical advice for navigating these changes. Read more...

IRS news

IRS Tries to Downsize Extra Office Space [Accounting Today]

The IRS is taking steps to reduce its office footprint as part of a broader effort to cut costs and adapt to a more flexible work environment. This move reflects a shift in how government agencies are managing their physical spaces post-pandemic, balancing in-person and remote work needs. Read more...

Technology news

Almost All Accountants Say They Are Using AI to Make Their Jobs Easier [TechRadar]

A recent survey highlights that a vast majority of accountants are now leveraging AI to enhance their efficiency and accuracy. This technology is helping professionals streamline tasks, reduce errors, and focus on more strategic activities, marking a significant shift in the accounting landscape. Read more...

Accounting Software Keeps Small Business Out of Federal Market [Federal News Network]

A recent report suggests that outdated accounting software is a significant barrier for small businesses trying to enter the federal market. The complexities and requirements of federal contracts demand more advanced solutions, putting smaller enterprises at a disadvantage. Read more...

Accounting news

Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey [Going Concern]

A recent AICPA survey reveals that staffing issues have overtaken IRS-related concerns for accounting firms. Firms are focusing on attracting and retaining talent to ensure they can meet client needs and maintain service quality amid a competitive job market. Read more...

PCAOB Sanctions Florida Firm Over Audit Violations [Accounting Today]

The Public Company Accounting Oversight Board (PCAOB) has sanctioned a Florida-based accounting firm for multiple audit violations. This action underscores the importance of adherence to audit standards and the consequences firms face for non-compliance. Read more...

Six Young CPAs Honored by AICPA [CPA Practice Advisor]

The AICPA has recognized six young CPAs for their exceptional contributions to the profession. These individuals have demonstrated outstanding leadership and innovation, setting a high standard for their peers. Read more...

Other interesting things we found

Accounting firms: the real winners from M&A boom [Financial Times]

Mergers and acquisitions (M&A) are booming, and accounting firms are emerging as key beneficiaries. With increased demand for advisory services, firms are capitalizing on the M&A wave to boost their revenue and expand their client base. Read more...

Topics: Finger on the Pulse


 

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