Abby June Richards, CPA-TX

It's ironic that the biggest accounting & tax software companies, with the most resources, are the ones that are most behind when it comes to creating products that accountants enjoy using. Smaller companies are much more agile and can adapt to customer needs/wants faster.

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What makes a successful accounting firm culture? Healthy debate with some of the world's top experts and influencers organized by Avalara and chaired by Daniel Hood. Questions we're playing with: 👉 What does and what does not constitute culture? 👉 How much of culture just happens vs what is designed and intentional? 👉 How do accounting firms best measure culture? 👉 How does culture link to compensation and expected behaviors? 👉 What works in driving culture within a remote working environment? 👉 What happens when strong personalities, egos and leaders dictate their own sub-cultures with their teams that might be contrary to those of the firm? 👉 Is there an ideal or perfect accounting firm culture, or different models for culture that we can define as successful? 👉 What human attributes or values are non=negotiable in a strong culture? 👉 How can culture be defined, captured, communicated and enforced when it's essentially fluid and driven by unique, emotional humans? 👉 What does recruitment best practice look like in hiring people that will fit your culture? 👉 Where do small firms have an advantage in shaping their culture compared with big firms, and vice versa? 👉 How should leaders correct and align behaviors when people go 'off track' with culture? 👉 Does 'our culture is like family' and similar family oriented phrases work in describing culture? #Accountingmetainfluencers

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Most business owners I know struggle with optimizing tax positions effectively. Here’s what you need to know about DTA and DTL. Deferred tax assets are created when a company's taxable income is lower on its tax return than it is on its income statement or when the company has overpaid taxes and is eligible for refunds in future periods. This occurs due to timing differences that will resolve themselves in future periods, such as provisions for: - Bad debts - Pension liabilities - Carrying forward losses that can offset future taxable income. Journal Entry Example: Debit: Deferred Tax Asset Account Credit: Profit & Loss Account Deferred tax liabilities arise when a company’s taxable income is higher on its tax return than on its income statement. They are recorded as non-current liabilities on the balance sheet. Debit: Profit & Loss Account Credit: Deferred Tax Liability Account __ For businesses, these entries not only affect tax timing but also influence strategic decisions related to investments and the use of losses. They also provide insights into future tax burdens or benefits, which can significantly impact cash flow planning and profit distribution strategies. Plan smarter and forecast better by understanding the critical roles of deferred tax assets and liabilities in your financial statements. #assets #liabalities #finance

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Give me a HUGE accounting challenge- like, many, many years of QBO to clean up - and I cannot wait to dive in!💦 But if I have to take care of my OWN business’s needs, like switching up the workflow, implementing new tech, or even buying new pens? It’s like I’m walking at a snail’s pace. I just can’t motivate myself. I drag my feet. I feel stuck. I know that (like Steven Covey said about sharpening the saw) if I take care of these underlying issues, it will make everything go smoother, and it’s SO good for my overall business. But it’s challenging for me to focus on that. So, I’m asking for help: How do I get my focus right? How do YOU motivate yourself to tackle essential but not-so-exciting projects?

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Nominations Open for 40 Under 40, and 20 Under 40 Awards- The awards spotlight the top accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession. https://lnkd.in/gwKaPYKh

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Nominations Open for 40 Under 40, and 20 Under 40 Awards- The awards spotlight the top accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession. https://lnkd.in/gwKaPYKh

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Nominations Open for 40 Under 40, and 20 Under 40 Awards- The awards spotlight the top accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession. https://lnkd.in/gwKaPYKh

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You’re not too late… You can still join me tomorrow, Wednesday, September 18 at 12 ET/11 CT/10 MT/9 PT. You’ll learn how your close process can influence the reputation and readiness of your accounting organization. We’ll dive into real-live examples to show how your accounting organization can use the CloseStrong framework to: ⭐find opportunities for efficiency with or without the need for technology ⭐improve their capacity for strategic activities, and ⭐thrive as a team known for its excellence. And, we’ll dispel myths such as: ⛔We don’t have the right team members to close faster ⛔We have to sacrifice quality for efficiency ⛔We can’t improve the close due to our team’s workload ⛔We have to prioritize other deadlines over the close Register here:  https://lnkd.in/enTK4t73 See you on the webinar! #closestrong #accountingbestpractices #cpe #accountingexcellence #outsourcedaccounting #corporateaccounting #clientaccounting

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I listened to the "Tax Pros - What To Know About Working With Bookkeepers" episode on Jason Staats, CPA YouTube channel today and have thoughts. I've always found the bookkeeper vs. tax professional debate interesting in that we're both on a mission to support the same client yet it can feel like an unnecessary competition. Here are my points: 👍 I am so grateful for open communication - including having the ajes directly sent my way. 👍 I love partnering with CPAs/EAs/Tax Pros and am happy to customize the COA to their liking (ie. what's your preferred capitalization policy?). 👍 I might (respectfully) defend my stance on something but will be sure to include my workpapers and backup for reference. Spoiler: most times it turns out the issue was miscommunication. 👍 It may take us some time to research your questions during tax extension season as most of those transactions occurred a year or more ago by that point. 👍 We also remind our clients to get you the information you need. It's hard on us when things wait until the last minute and we have to prioritize last-minute needs at the deadline ahead of our regular services. 👍 We may know more than you may think we do and if you took a few moments for an introduction you'd know this. I've done taxes, just overwhelmingly hate tax season. 👍 I wish I knew more (awesome) CPAs actively taking on new clients to refer my clients to. 👍 We 𝘸𝘢𝘯𝘵 to make your life easier. (ie. attaching workpapers and adding descriptions as much as possible) 👍 A lot of us are in communities like 𝐀𝐬𝐤 𝐚 𝐂𝐏𝐀, 𝐀𝐦𝐛𝐢𝐭𝐢𝐨𝐮𝐬 𝐁𝐨𝐨𝐤𝐤𝐞𝐞𝐩𝐞𝐫, 𝐑𝐨𝐮𝐧𝐝𝐭𝐚𝐛𝐥𝐞 𝐋𝐚𝐛𝐬, etc. and we are actively working on continuing education and being really good at what we do. Would love to hear your thoughts on either side of the "debate" 🙃

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