Amir Arani, CPA, CA

I've completely lost control of what the Zeroed-In Consulting team talks about during our weekly calls these days. Between yesterday's botched wizard/witch introduction and Kyle Geers, CPA's unforgettable analogy comparing audits to root canals below (which, to be fair, isn't that far off), I never know what's coming next. One thing's for sure, though: it'll be about 50% accounting and 50% something entirely random—but always entertaining and often content-worthy. With the right team around you, even the most mundane topics can become entertaining! #auditprep #yearend #accounting

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🔍 FBR Targets Wealthy Taxpayers Over New Tax Hikes With the IMF’s $7B bailout decision nearing, FBR Chairman Rashid Langrial is proposing audits on the top 1% of taxpayers instead of introducing new taxes. This move aims to close revenue gaps without burdening the public. 💼 Key steps include auditing high-net-worth individuals and restricting non-filers from land transactions to curb money whitening. 🏠 While experts expect additional revenue measures, the FBR is optimistic this approach will help meet fiscal goals. 📊 #TaxReforms #PakistanEconomy #IMF #FBR

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It's an interesting perspective, Blake Oliver, CPA. It seems like the AICPA is going global out of necessity. With 75% of U.S. CPAs set to retire in the next 15 years, they’re in survival mode, trying to replenish their membership. That’s likely why they’re expanding U.S. CPA licensing internationally, now offering the CPA exam in locations like 🇵🇭 Philippines, 🇮🇳India, 🇩🇪Germany, 🇧🇷Brazil, 🇯🇵Japan, 🏴󠁧󠁢󠁥󠁮󠁧󠁿England, 🇧🇭Bahrain, 🇪🇬Egypt, 🇮🇱Israel, 🇸🇦Saudi Arabia, and the 🇰🇷Republic of Korea. While this may look like a shift to “global business,” it’s also a response to an aging U.S. workforce and fewer young people taking the 150-hour route. It raises valid questions about how the AICPA plans to advocate for the CPAs currently in the profession, while also looking globally to address workforce gaps. Hopefully, with Mark Koziel CPA, CGMA in leadership, the AICPA will support local CPAs while adapting to the reality of a global profession. #aicpa #cpa #globalcpa

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🔍 Beyond Traditional Accounting: What Can Public Practice Accountants Offer? In today's fast-paced business environment, public practice accountants provide much more than just accounting and tax filing. They are strategic partners who can help businesses navigate complex financial landscapes and drive growth. ✅ **Business Advisory Services**: Accountants can offer valuable insights into business performance, helping to identify opportunities for improvement and growth. They can assist with budgeting, forecasting, and financial planning to ensure your business stays on track. ✅ **Risk Management**: With their expertise, accountants can help identify potential risks and develop strategies to mitigate them. This includes everything from financial risks to operational and compliance risks. ✅ **Technology Integration**: As businesses increasingly rely on technology, accountants can advise on the best financial software and systems to streamline operations and improve efficiency. They can also assist with the implementation and training of these systems. At Wavelength Professional Recruitment, we understand the evolving role of accountants and are committed to connecting businesses with professionals who can deliver these comprehensive services. What additional services do you offer your clients? Share your thoughts in the comments or connect with me directly and we can also discuss how we can support your recruitment needs. #Accountancy #BusinessGrowth #PublicPractice

**Sonoma County Lodging Tax Ballot Measure Stalled by Supervisors' Dispute** A recent dispute among Sonoma County supervisors has stalled a ballot measure aimed at increasing the lodging tax. This situation poses significant implications for local governance and business owners. Here are the key points: 1. **Background of the Lodging Tax Proposal:** - Aimed to increase Transient Occupancy Tax (TOT) from its current rate to finance tourism infrastructure and local projects. - The TOT is levied on visitors staying in hotels, B&Bs, and vacation rentals. 2. **Expectations and Projections:** - Anticipated millions in annual revenue for enhancing county services and boosting local tourism. - Potential benefits include improved infrastructure and increased employment opportunities. 3. **The Supervisors' Dispute:** - Disagreement on revenue allocation: tourism vs. community needs like affordable housing and public safety. - This conflict highlights broader governance and priority-setting challenges. 4. **Stakeholder Reactions:** - Mixed reactions from business owners, hoteliers, and residents. - Concerns include the potential deterrence of tourists vs. long-term community benefits. 5. **The Next Steps:** - Future discussions and compromises are needed to resolve the impasse. - Unresolved, this could mean lost opportunities for essential services and infrastructure development. **Implications for Business Owners:** - **Sustaining Tourism:** - Essential for economic growth; funding can boost local businesses and job creation. - **Community Development:** - Revenue can address critical local issues, providing a balanced approach to community benefits. - **Economic Growth:** - Improved infrastructure and services can stimulate the local economy and offer long-term returns. **Professional Insight:** Understanding the tax implications of local measures is vital for strategic financial planning. For personalized advice on how to maximize your tax savings and ensure your business thrives amid such changes, schedule a call with us at **[Together CFO](https://lnkd.in/gAa4dwUG. Your proactive approach today can translate into significant financial benefits tomorrow. Let's discuss your tailored tax-saving strategies and optimize your financial landscape. **#TaxSavings #SonomaCounty #BusinessGrowth #LocalGovernance #TogetherCFO**

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Don't miss this step when onboarding new CAS clients..... A P&L is only as valuable as you make it. It's our job as accountants to make sure our clients' financials tell the story of their business. Here's how to do this: Step 1: Ask the client for an org chart or generate one from ChatGPT for them to fill out (see video). You can also pull employee data from their payroll software if you have access to that Step 2: Have them identify who on their team is primarily COGS vs Overhead. Don't try to get crazy with allocations, if they spend over 50% of time in one area, put them there. For SaaS companies, you may also want to break out Sales & Marketing, Admin, and R&D. Step 3: In the payroll software, set up each of these as departments and assign employees to their proper categories. This way, when you pull payroll reports to do your payroll AJES or sync data from the payroll software to the accounting software, each employee is already mapped to the correct GL account (Gusto makes this easy!) Now the P&L will be a lot more useful! Check out the video for more deets. Any questions or feedback, shoot me a message, I'd be happy to hear from you.

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🚨 Hot off the press... 🚨 150-Hour Requirement Under Review in California The California Board of Accountancy is considering a significant change that could reshape the landscape for aspiring CPAs. They're exploring the possibility of eliminating the 150-hour educational requirement, with plans to discuss this at their July 2024 meeting. Yesterday, I received a survey from the CBA to gauge opinions on various aspects: 1) Would firms hire CPAs with only a bachelor's degree and not 150 hours of education? 2) Which college majors should be prerequisites for the CPA? 3) Most interestingly: Would we support reducing the 150-hour requirement if it meant CPAs couldn't easily transfer their license to other states? Interestingly, when I revisited the survey on a different computer to research for this post, I encountered a different set of questions. It seems the CBA is really trying to hone in on a potential new structure: Bachelor's degree: Requires 2 years of working experience Master's degree: Requires 1 year of working experience Let's be honest here - most associates hired right out of college don't know much about practical accounting. They may have some foundational knowledge, but they're not coming in with skills that make them immediately productive without significant on-the-job training. What are your thoughts on these potential changes? Could they make the CPA more accessible without compromising quality? Most importantly, is this the solution to the account shortage? Spoiler alert, no it’s not. #CPA #Accounting #CaliforniaCPA

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If you are the controller at an organization eying an IPO in the next 12-18 months, you are juggling multiple tasks: 1. Staffing your team 2. Completing an audit and quarterly reviews 3. Filing an S1 4. SOX compliance 5. Replacing QBO NetSuite is a fantastic tool for public companies. But the implementation is another large project for the accounting team.Thankfully, OptimalData can alleviate much of the data migration tasks. Here is what one controller said: "I really appreciated that, other than a few initial meetings, OptimalData was able to run the process independently and required very little of my time." If you can relate, contact me and lets talk about offloading this time-consuming task.

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One of the issues is that accountants are doing everything for everyone and charging low fees. There is no segmentation of the offer. People are getting “advice” without paying for advice. We recently started using a strategy called “unbundling”. It allows firms to segment clients into three categories with clear-cut inclusion and support. We will cover three systems in this virtual workshop next week: ✅Add More Services: We will break down how much money you have left on the table by not adding these services. ✅Increase Your Fees: Why people pay for value, not higher fees, and how you can instantly increase the value ✅Enhance Client Relationships: Why people are happy to pay more to grow their business and wealth Register here for a FREE ticker to our brand new workshop on the 27th of July https://lnkd.in/g7EbPK8g #accounting #businessgrowth #clientrelationships #valuebasedpricing #professionalservices

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💡 𝑪𝒍𝒊𝒆𝒏𝒕 𝑨𝒅𝒗𝒊𝒔𝒐𝒓𝒚 𝑺𝒆𝒓𝒗𝒊𝒄𝒆𝒔 (𝑪𝑨𝑺): 𝑻𝒉𝒆 𝑨𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝑮𝒓𝒐𝒘𝒕𝒉 𝑬𝒏𝒈𝒊𝒏𝒆 🚀 The numbers are in: CAS continues to dominate as the fastest-growing service area in public accounting. According to the 2024 CPA.com & AICPA Benchmark Survey, CAS practices reported a 17% median growth rate in 2023, with projected growth of 99% over the next three years! Here’s why CAS is booming: ✅ Firms are shifting to value-driven, fixed-fee strategies for recurring revenue. ✅ Industry-focused niches are boosting profitability by 38%. ✅ Investments in technology and dedicated CAS teams are driving efficiency and client satisfaction. 🔑 The takeaway? A strategic and scalable approach to CAS can unlock exponential growth for your firm. 🎯 MNCO Global Services : Your Partner in CAS Excellence Don’t let capacity or cost challenges hold your firm back from maximizing CAS potential. With MNCO Global’s CAS offshoring solutions, you can: ✔️ EXPAND capacity without increasing overhead. ✔️ OPTIMIZE profitability with skilled offshore teams. ✔️ DELIVER high-value advisory services to your clients. Take your CAS practice to the next level. Let MNCO Global be the engine behind your growth! #CAS #ClientAdvisoryServices #AccountingGrowth #MNCOGlobal #OffshoringSolutions #CPA #AccountingTalent #OffshoreExcellence #CostEfficiency #DCPA

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Join industry experts David Leary and Blake Oliver, CPA, from The Accounting Podcast, for an exclusive Lendflow app demo tailored specifically for accounting professionals. In this interactive session, Jon Fry from Lendflow will showcase the app’s key features and functionalities, while David and Blake ask questions and provide insights from an accountant's perspective. Get your questions answered live and discover how Lendflow can streamline your workflows and enhance your tech stack. Whether you're evaluating Lendflow for the first time or looking to optimize its use, this webinar is packed with valuable insights to help you make informed decisions. Lendflow is an embeddable lending portal for your website where you can give your clients access to credit products they need to grow. Clients can view loan application status, see offers as they come back from lenders, and complete the loan checkout process all while generating new revenue for you through Lendflow's best-in-class revshare program.

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Want to know how to Gear Up for Growth? Listen into this podcast with Jean Caragher with CPA Trendlines where we explore the latest concepts around 'smart growth' in an age of accelerating trends for #CPA Firms. It happens to start with #Mindset and #Skillset. Listen in and tell us what you think? https://lnkd.in/ebmZirAR

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Accountants are the most misunderstood players in the real estate ecosystem. Real Estate is filled with all different types of professionals from developers, fundraisers, contractors, brokers, marketing experts, lawyers, financing specialists and more. So why is the accountant rarely in the spotlight? The reason: Real Estate Accounting software is intimidating, clunky and hard to use. To most people, especially those early in their real estate careers, understanding accounting and bookkeeping is almost impossible since the accounting tools used by businesses have outdated user experiences and steep learning curves. As a CPA for the better part of the last decade, I cannot believe how many people in the real estate community openly cringe at the words accounting, bookkeeping, or even worse debits and credits. It’s unfortunate that most people have this misconception about accounting because having proper accounting procedures and proper financial reporting frameworks connect the entire ecosystem of professionals with one source of actionable truth. This makes Accounting the backbone of the real estate ecosystem and a true competitive advantage to those who can do it best. #thenumbersneverlie Let us not forget that ACCOUNTANT is derived from the world ACCOUNTABILITY. Or is it the other way around? (🐤 vs. 🥚 ) There is a massive OPPORTUNITY out there for those who can build a new era of accounting software that aims to finally make accounting accessible, easy and dare I say, fun! #accounting #cpa #realestate #bookkeeping #propertymanagement #proptech #accountingsoftware #ERP

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Human errors in Cost Segregation studies can trigger red flags in audits for specialty tax professionals. Those red flags in audits can have you spending precious time providing information instead of working on revenue-generating activities. Here’s how to avoid them. ____ SegStream can virtually eliminate human error in Cost Seg studies segstream.com

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The #1 way to reduce audit stress and avoid costly overruns is to start interim work early—and the best time to begin is now! By tackling key tasks ahead of time, you can streamline the process and identify any issues before they become bottlenecks during the audit. Here’s a breakdown of what to focus on: 1) Document key internal controls 2) Prepare account reconciliations 3) Conduct preliminary sample testing for high-risk areas 4) Review financial reporting requirements 5) Prepare accounting evaluation for material one-off transactions Starting these steps early can help keep your audit on track, reduce stress, and save time and resources down the line. Feeling overwhelmed and need help getting everything in order? Let’s chat!

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**Unlock Tax Credits: Key Insights for Business Owners and High-Net-Worth Individuals** Thousands of low-income families in Washington State are missing out on essential tax credits. Let's break down the main points and discuss the wider implications for business owners and high-net-worth individuals. 1. **Understanding Tax Credits:** - Tax credits reduce the amount of tax you owe directly. - Can lead to substantial financial relief for low-income households. 2. **Key Credits to Know:** - **Earned Income Tax Credit (EITC):** Significantly benefits low to moderate-income families. - **Child Tax Credit (CTC):** Offers monetary benefits for each child under 17. - **Education Credits:** Includes American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) for education expenses. - **State-Specific Credits:** Washington offers credits for healthcare, earned income, and child and dependent care. - **Child and Dependent Care Credit:** Aids working parents with childcare costs. 3. **Reasons for Missing Out:** - **Lack of Awareness:** Many are unaware these credits exist. - **Complexity:** Confusing forms deter claims. - **Misconceptions:** Incorrect assumptions about eligibility. - **Fear of Audits:** Some avoid claims fearing tax audits. - **Limited Access to Tax Assistance:** Lack of affordable tax help. **Implications for Business Owners:** - Ensure your employees are informed about these credits; financial wellness programs can incorporate this information. - Consider offering tax assistance programs or workshops to aid employees in claiming their credits. - Staying informed helps in advising others and leveraging similar strategies for personal and business tax savings. **Next Steps:** To navigate the complexities of tax credits and ensure you're claiming every benefit available, click on this link to set up a call with our team: **[Together CFO](_https://lnkd.in/gtxwcek9. We are here to guide you through every step. Let's discuss how we can optimize tax strategies and benefit from available credits. Engage with your thoughts or questions below!

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Great tool for vetting PM software for your practice.

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For CPA candidates, it’s all too common to miss a study session because life happens. According to a 2022 survey, 60% of CPA candidates report that unexpected events derail their study plans. But here’s the thing—having less time doesn’t mean you should skip studying altogether. Even 15 minutes can make a difference. "Success is the sum of small efforts, repeated day in and day out." – Robert Collier. Empty study days can destroy your momentum and lead to self-doubt. On the flip side, showing up, even for a short session, strengthens your habit and keeps you moving forward. When you keep promises to yourself, no matter how small, you reinforce a routine that leads to consistent progress and, ultimately, success. Remember, you don’t have to be perfect to make progress. Don’t let the pursuit of perfection hold you back from doing good work. Keep moving forward, and you’ll see tangible results that bring you closer to your CPA goals.

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