The combination of AI and accounting might sound counterintuitive; why would the profession of numbers require silicone-grade data analysis and deep learning? The misconception about AI probably stems from sci-fi movies that feature talking computers that mimc human behavior. The “real” AI technologies out there are, in most cases, far less human-like. They actually meant […]
Real estate accounting tech company Proper raises $9M in funding – Accounting Today
Proper, a San Francisco-based provider of automated accounting and bookkeeping services for real estate property and asset managers, has scored $9 million in Series A funding from investors. Proper plans to use the extra funds to accelerate development of its automated accounting technology, build a new customer-facing platform, and hire strategic talent across all functions. […]
On the move: Armanino enters NYC – Accounting Today
California-based Top 25 Firm Armanino has established an East Coast presence by opening its first office in New York City. Entertainment industry advisors Craig Manzino and Marc Rosen are joining the firm as partners at the core of the new office. They bring with them 26 professionals. The office will be at 14 Penn Plaza, […]
NFTs come with big valuation challenges
Valuation of nonfungible tokens (NFTs) became a hot topic when digital artist Beeple sold an NFT for almost $70 million earlier this year. The high price commanded in that sale and numerous other transactions led to a difficult question for CPAs. What is an NFT’s value when it’s on a company balance sheet, or held […]
What Is Net Investment Income Tax? The 3.8% Tax You May Need to Worry About
If you profit from your investments, this one’s for you. You’re responsible for paying capital gains tax. And depending on how much money you make annually, you may also be responsible for net investment income tax. What is net investment income tax? What is net investment income tax? Net investment income tax (also called NII […]
Restaurant Revitalization Fund recipients revealed
Patrons curious about whether their favorite restaurant was awarded a grant from the Restaurant Revitalization Fund (RRF) can now access a database containing the names and amounts for all RRF grants approved by the U.S. Small Business Administration (SBA). The SBA released the RRF information July 9 in a comma-separated values file that can be […]
What Is Cash-Based Accounting Software?
If you run a small business, cash-based accounting is one of the easiest ways to manage finances — especially if you don’t have extensive experience with accounting. It basically works like this: you record revenue when cash comes in, and expenses when cash goes out. Cash-based accounting software, then, is any solution built around this […]
LGBTQIA employees leaving accounting profession – Accounting Today
Nearly one out of five accountants who identified as LGBTQIA left the accounting profession because of a lack of diversity, equitable treatment or inclusion, according to a recent study. The study, released in February by the Institute of Management Accountants and the California Society of CPAs, found that only about half of LGBTQIA (lesbian, gay, […]
SBA officially drops PPP Loan Necessity Questionnaire requirement
The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater. In a notice sent July 9, the SBA said it would no longer request either version of the Loan Necessity Questionnaire: SBA Form 3509 for for-profit borrowers […]
Art of Accounting: An accountant I did not like – Accounting Today
Sometimes a first opinion of someone can be terribly wrong. Early on in my career, I was on the opposite side of an accountant that I immediately didn’t like. I also lost a client to him, but then got one of his. When I spoke to him about the client he lost, he was very […]