Business Accounting

  • Business Accounting

    BKD Acquires Phoenix Accounting Firm Schmidt Westergard

    The top 15 accounting and business advisory firm BKD CPAs & Advisors has acquired the Phoenix firm Schmidt Westergard, effective January 16, 2022. “We extend a warm welcome to the newest members of our One Great Firm,” said BKD CEO Tom Watson. “BKD is intentional about growing wisely, so we carefully look for firms that are a strong strategic and cultural fit when making such moves. Arizona has long been a target for BKD, and I’m confident the team at Schmidt Westergard is the right fit as we grow once again.” Founded in 1968 in Mesa, Arizona, Schmidt Westergard provides  

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  • Business Accounting

    Insights on the Finance and Accounting Outsourcing Global Market to 2026 – Featuring Accenture, Capgemini and Genpact Among Others – ResearchAndMarkets.com

    DUBLIN–(BUSINESS WIRE)–The “Finance and Accounting Outsourcing – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering. Amid the COVID-19 crisis, the global market for Finance and Accounting Outsourcing estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$53.4 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. Global Finance and Accounting Outsourcing Market to Reach US$53.4 Billion by the Year 2026 Accounting outsourcing service constitutes a critical function in the overall finance and accounting market. The global economic crisis is expected to foster the  

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  • Business Accounting

    Gibson Dunn Launches Accounting Firm Advisory and Defense Practice Group

    January 11, 2022 Gibson, Dunn & Crutcher LLP is pleased to announce that the firm has launched a new industry group focused on the representation of accounting firms and their personnel worldwide.  The multi-discipline and multi-jurisdiction practice group will focus on providing regulatory advice and litigation services to accounting firms in all aspects of their work, from audit and accounting compliance to matters arising from consulting and other service lines.  The Accounting Firm Advisory and Defense Practice Group is led by James Farrell, Ron Hauben, Monica Loseman, and Michael Scanlon.  Hauben just joined the firm this month after serving as  

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  • Business Accounting

    Accounting Firms Scoop Up Virtual Land in the Metaverse

    Accounting firms are following the example set by other companies to launch operations in the metaverse, a digital space where players simulate real-life activities from shopping to gaming to business consulting. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Businesses across industries, including real estate, technology and cryptocurrency, have been purchasing digital land on platforms such as Decentraland and the Sandbox. Executives have started drafting business plans for operating in those virtual worlds, which are typically conceived by videogame developers. Prager Metis International LLC, a New  

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  • Business Accounting

    Accounting firms face the Great Resignation

    Accounting firms have thus far been able to successfully weather most aspects of the COVID-19 pandemic. However, a new challenge awaits on the other side: The Great Resignation. This mass exodus — felt both inside and outside of the accounting sphere — has seen professionals at all stages in their careers unexpectedly quit, moving on to greener pastures (or to totally different fields altogether), leaving firm managers scrambling. To be sure, turnover at accounting firms has been an ongoing issue over the last decade, which may lead some professionals to think the Great Resignation is either nothing new or a  

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  • Business Accounting

    Ask Doug & Polly: What’s better for your business: cash or accrual accounting system? | Business News

    With accrual-based accounting, the company matches revenue and expenses regardless of the timing of cash movement. This creates the need for a series of other balance sheet items to account for the timing differences between revenue or expense recognition and cash movements. Inventory, accounts receivable and accounts payable are examples of such accounts. Another benefit of cash accounting is that it typically has the effect of deferring some taxes, because it typically recognizes revenue more slowly and expenses more quickly than accrual systems. For example, a company starts a $25,000 job on Dec. 1 and completes it on Dec. 15.  

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  • Business Accounting

    Choppy Recovery with Plenty of Opportunity

    By wmadministrator “In 2022, we expect the market to continue to have some level of uncertainties in many sectors. As our communities continue to recover, so will new innovations. Kentucky businesses will be seeking additional value from their professional service providers. The accounting industry needs to continue to prioritize the expansion of service lines in order to best serve their clients. MCM is committed to investing in our existing team while adding more resources, equipping them with the necessary tools to deliver high quality service, and exploring new avenues to improve the way we work.” –Brad Smith Managing Partner,  

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  • Business Accounting

    Another SPAC Headache in Accounting for Business Combinations

    The whole point of a SPAC is to find a promising company, acquire it, and take a shortcut to a public listing. Those are the logistics. Then comes accounting for such transactions. Like many things involving financial reporting in the fast-paced special purpose acquisition company market, it’s complicated—and regulators are paying attention. The Securities and Exchange Commission is increasingly fielding questions from accountants about how to navigate the nuances of business combinations accounting for SPACs, according to SEC staff accountants. Earlier this year, the agency’s chief accountant highlighted it as one of several complex issues in SPAC accounting. The Wall  

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