In the News – September 9, 2024

Welcome to the first edition of In the News for Fall 2024! We’ve curated our top stories from the past week to help you keep your finger on the pulse of accounting, bookkeeping, and financial services.

We’ve got reports about tech innovations, IRS updates, some good news from the job market, and more, so grab yourself a pumpkin spice latte and catch up on the news from the past week!

The Woodard Report

Exploring the Future of Accounting with David Hartley: Insights on Innovation and Leadership [The Woodard Report]

David Hartley shares his thoughts on the evolving accounting landscape, emphasizing the need for innovative leadership. In this exclusive interview, Hartley delves into the importance of agility, the role of technology, and how accountants can adapt to stay relevant in a rapidly changing industry. He also provides actionable insights into fostering a culture of growth and resilience.
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Accounting news

Employers Added 142K Jobs in August, Including 1,500 in Accounting [Accounting Today]

The U.S. labor market added 142,000 jobs in August 2024, with the accounting sector contributing 1,500 new positions. Despite economic uncertainties, the demand for accountants remains steady, driven by a need for compliance expertise and financial analysis. This reflects continued growth in the industry as firms adjust to post-pandemic business environments.
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How to Future-Proof Your CPA Firm with Process Automation [CPA Practice Advisor]

Process automation is becoming essential for CPA firms looking to remain competitive. This article outlines key strategies for automating repetitive tasks, from client onboarding to tax filing, helping firms increase efficiency and reduce errors. Firms that invest in automation today are better positioned to serve clients in an increasingly digital world.
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How to Become a Financial Hero to Your SMB Clients [CPA Practice Advisor]

Accountants have a unique opportunity to become trusted financial advisors to their small business clients. This article provides strategies for helping SMBs navigate financial challenges, offering insights on cash flow management, budgeting, and long-term financial planning. By positioning themselves as strategic partners, accountants can add immense value to their client relationships.
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IRS news

IRS Encourages People to Do an End-of-Summer Tax Checkup to Avoid Tax Surprises Next Year [IRS]

The IRS is urging taxpayers to take a proactive approach by conducting a late-summer tax checkup. By reviewing their withholdings, estimated payments, and other tax details now, individuals can prevent unexpected liabilities when filing in 2025. The agency highlights specific tips for self-employed individuals, those with major life changes, and anyone receiving significant non-wage income.
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IRS Seeks Comments on Secure 2.0 Saver’s Match Contributions [Journal of Accountancy]

The IRS is requesting feedback on the Secure 2.0 Act’s Saver’s Match program, which aims to enhance retirement savings for low-income individuals. The plan, set to take effect in 2027, offers government matching contributions for qualified retirement accounts. The IRS seeks public comments to refine implementation, ensuring the program benefits both individuals and the financial institutions administering it.
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Technology news

Two-Thirds of U.S. Financial Services Leaders Lack the Right Data Environment to Use AI Effectively [CPA Practice Advisor]

A new report reveals that over two-thirds of financial services executives feel their organizations are not equipped to fully leverage AI. This is due to outdated data infrastructure and a lack of integration across platforms. The study highlights the gap between AI’s potential and its actual implementation, with companies struggling to create environments that support advanced analytics.
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Other interesting things we found

Innovation Through Wellness: You Can’t Grow Without a Well Firm [CPA Trendlines]

This article emphasizes the critical connection between employee wellness and innovation within accounting firms. As stress and burnout levels rise in the industry, fostering a healthy work-life balance is essential for driving creativity and growth. Firms that prioritize wellness are more likely to retain top talent and maintain a competitive edge in the marketplace.
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