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🛠️Mergers and acquisitions (M&A) activity has been strong in the tax and accounting industry. Today’s competitive landscape is apparent, and the steady M&A trend seems likely to continue. 📝Industry expert Ira Rosenbloom shares five steps for both parties at the negotiating table. From CPA Practice Advisor: “M&A is about choice. In 2024, choosing to do a deal and with whom has gotten more intense. All parties must have a plan for the deal and the strength to navigate it. To succeed at M&A in 2024, be very disciplined and very opportunistic. The market is in a provocative condition.” Read the full article here: https://lnkd.in/g4mFA4w3 #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #MergersAndAcquisitions #MnA #Mergers #Acquisitions #DueDiligence #Growth #GrowthMindset #Scale #Strategy #Strategic

🤗Another reminder that it pays to be an accountant. #ICYMI 📰EY announced that it will reset base salaries for its accounting recruits. 📈Starting this fall, new recruits will see pay raises of more than 10%. EY also plans to continue increasing salaries for other early-career accountants. From Bloomberg Tax: “Bigger paychecks from firms like EY that dominate the market will set the pace for higher wages across the industry, pressuring mid-tier and even smaller regional firms to step up and boost their entry-level pay. EY wants to woo top students from US business schools to supply skilled staff needed to shoulder an increasingly complex workload, while also combating a shrinking pool of accounting graduates, said Dante D’Egidio, vice chair of assurance for EY Americas, in an interview Friday with Bloomberg Tax.” Read the full article here: https://lnkd.in/grxvbuKZ #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Staffing #Recruiting #Hiring #Career #Careers #CareerDevelopment #Team #Teamwork #TeamDevelopment #Compensation #Salary #EY #BigFour #Big4

😐A world without accountants? 🧐Could recent AI breakthroughs make accounting obsolete? 👉Don’t count on it. 📝Hitendra Patil, President of Global F&A Services, Datamatics Business Solutions, Inc., examines what an accountant-free world might look like. From Forbes: “Accountants are the backbone of business operations in the world today. They ensure that financial records are timely and accurate, the correct amount of taxes is paid and all regulatory requirements are complied with. They enable smooth global trade by making sure international financial transactions follow good practices and the regulatory framework. Without them, the legitimacy of global financial transactions would be questionable and fraught with disputes and delays.” Read the full article here: https://lnkd.in/g5eENbz2 #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #ArtificialIntelligence #AI #GenerativeAI #GenAI #MachineLearning #ML #LargeLanguageModels #LLM #LLMS

🎇Happy Fourth of July! 🥳Independence Day is the perfect time to celebrate your freedoms. Like the freedom to make sound financial decisions, set goals for a prosperous future, and save some cash (🌭🤤or just save some room for another hot dog)! #FourthofJuly #4thOfJuly #IndependenceDay #Freedom #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory

🏢Your accounting firm's processes are only as effective as the professionals managing them. 😅Recruiting and retaining qualified employees? 😬In a tight labor market? 🎨You need to get creative to succeed. ➡️📋Here are 7 tips to cultivate a great accounting team and minimize turnover. From CPA Practice Advisor: “Accounting firms cannot afford to pay lower salaries to their professionals. A recent report from Thomson Reuters highlights that 94% of new accounting practitioners now choose financial stability as their ulterior goal. Moreover, 93% now believe that competitive salary matters the most for them.” Read the full article here: https://lnkd.in/gbmPD8zk #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Communication #Staffing #Recruiting #Hiring #Career #Careers #CareerDevelopment #Team #Teamwork #TeamDevelopment #Compensation #Salary

↪️Tax and accounting firms were forced to shift to remote or hybrid work during the COVID-19 pandemic. And many currently maintain that setup in some capacity. 💡Two industry leaders at Baker Tilly spoke with Thomson Reuters about the advantages and drawbacks of the virtual workplace. From Thomson Reuters: "[Kim Wylam, Managing Principal of Baker Tilly’s human capital consulting practice] said that hybrid work is the preferred method for both employers and employees, based on several studies and surveys she recently read. Wylam noted the importance for employers to define their hybrid relationship and provide clear expectations for both parties." Read the full article here: https://lnkd.in/gGDhY4dr #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #WorkFromHome #WFH #RemoteWorking #RemoteWork #HybridWork #Hybrid #OnSite #Efficiency #Productivity

🔎BILL CMO Sarah Acton asks Jason M. Blumer, CPA to discuss firm growth and share what he believes firms really need to scale successfully. As the CEO of Blumer & Associates, CPAs, PC and founder and CEO of Thriveal CPA network, Blumer has a history of applying innovative practices to drive business. 💡He provides some real-world insights in this Q&A. From CPA Practice Advisor: "In my role at BILL, I have the opportunity to talk to accounting firms from across the country about the internal and external pressures they face. Increasingly, I’m hearing from firms that are leaning into growth areas and innovation opportunities to help set themselves apart from the competition. With a solid plan in place, firm growth can become less daunting and instead be a viable part of a successful business strategy.” Read the full article here: https://lnkd.in/g9KpHzQm #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Growth #GrowthMindset #Scale #Innovation #Strategic #Strategy #Training #Insights

🌱📈The increasing demand for environmental, social, and governance (ESG) data presents a significant opportunity for accounting and finance professionals to use their reporting skills. ✅Due to regulatory requirements, public and private companies must continue to meet the needs of ESG rules and determine the implications of reporting ESG-related information. From Journal of Accountancy: “Accountants and finance professionals can provide process structures for sustainability reporting. This could include developing standard processes for data collection with associated reviewers and workflow with signoff functions; building similar support structures such as a collaboration site to centralize communication of requirements with dates, processes, and sources; and training.” Read the full article here: https://lnkd.in/gRBgB3AV #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Environmental #Social #Governance #ESG #Reporting #Data

🦾🤖AI and GenAI tools are helping firms streamline processes and deliver more value to clients. ➡️📑The 2024 Generative AI in Professional Services Report explains how many accounting firms are using AI, what the Big Four is doing with this advanced technology, and which use cases smaller firms are embracing. From Thomson Reuters: "Among the firms actively using or planning to use GenAI, 42% said they use the technology daily, if not multiple times a day. An additional 31% said they are using it weekly.” Read the full article here: https://lnkd.in/gZbGGueR #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #ArtificialIntelligence #AI #GenerativeAI #GenAI #MachineLearning #ML #LargeLanguageModels #LLM #LLMs #BigFour #Big4

#ICYMI 📰 PwC signed an agreement with Microsoft-backed AI firm OpenAI to offer ChatGPT Enterprise to its employees and clients. The agreement marks the first time OpenAI has used a resale model for its popular AI products. From CNBC: “PwC will hand ChatGPT Enterprise licenses to more than 100,000 employees — 75,000 in the U.S. and 26,000 in the U.K. — according to The Wall Street Journal, which earlier reported on the deal. PwC did not specify the number of workers who would use ChatGPT Enterprise.” Read the full article here: https://lnkd.in/e9eD9diD #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #ArtificialIntelligence #AI #GenerativeAI #GenAI #MachineLearning #ML #LargeLanguageModels #LLM #LLMs #ChatGPT #BigFour #Big4