souvik boral’s Post

Second time is a charm: The Payment Times Reporting Act 2.0 Last year the Federal Government commissioned a review into the effectiveness of the Payment Times Reporting Act 2020 (Act). The findings were released in August 2023 and included a number of recommendations to improve the operation of the Payment Times Reporting Scheme (Scheme) and better achieve the overall objectives of the Scheme. The Payment Times Reporting Amendment Bill 2024 (Bill) amends the Act to implement the Government’s response to the review. What do I need to do now - Review the proposed amendments to the Act; - Consider whether your current reporting entities will remain reporting entities; - Consider whether any entities not reporting may become reporting entities; and - Consider whether you wish to nominate a nominee reporting entity. https://lnkd.in/gfcdWpvM

Attention to detail is one of the most underrated skills in accounting, but it can make all the difference when it comes to a client's financial health. Here's why: ✅ Catching Small Errors Early: A misplaced decimal or an overlooked transaction can snowball into major issues. I've seen how a tiny adjustment on an invoice or reconciling a forgotten expense prevented what could’ve turned into thousands of dollars in discrepancies. ✅ Ensuring Compliance: Proper attention to detail means spotting those little red flags—like missing documentation or incorrect tax codes—that could lead to compliance issues down the road. Staying on top of the details keeps clients audit-ready and stress-free. 😅 ✅ Building Trust with Clients: When clients see that their accounts are accurate down to the last cent, they feel more confident and secure in their financial decisions. Trust isn't built on big promises alone—it’s the result of consistent, meticulous care. 🛠️ So, the next time you're in the trenches balancing the books, remember that being thorough isn't just about numbers—it's about delivering peace of mind, and that’s invaluable. 🌟 #Accounting #AttentionToDetail #FinancialManagement #ClientTrust #AccountingMatters Let me know what you think!

Don't let reconciliation errors slip through the cracks. Discover the importance of meticulous verification, detailed examination, and comprehensive review, safeguarding the credibility of your account balances and financial statements. Take control of your reconciliation process for error-free finances and enhanced integrity.

When it comes to websites, there can be various challenges and areas that require changes. So there's different types of audit designed for specific areas of a website. Some of the common types of website audit are: Financial audits are crucial for ensuring accurate and compliant financial records in a store. They involve examining transactions, cash handling procedures, and statements. By conducting audits, stores can identify discrepancies, fraud, and errors, ensuring transparency, trust, and financial health.#FinancialAudit #AccuracyMatters #ComplianceCheck #audit #websitedesign #business

Watch out for Scammers! 🚨 While we want to believe in the best, it's crucial to stay vigilant against those pesky 🛑SCAMMERS🛑 During tax season, scammers thrive on the stress and fear of business owners. Don't let fraud add to your worries. Here are tips to steer clear of potential scams: -Be cautious of urgent calls demanding immediate payment; the IRS won't do that. -Avoid clicking on external links in emails asking for sensitive info; verify with your accountant or reach out to us for assistance. -The IRS doesn't make unexpected calls about tax refunds with threats of law enforcement. Simply put, if someone claims to be the IRS, don't share info. Call your tax advisor to confirm any doubts. We're here to help! Proactive beats reactive every time: https://lnkd.in/gkD5vd_X #AvoidScams #TaxSeasonAlert #ProtectYourFinances #Accountant #Accounting #Finance #Business #Strategy #BusinessStrategy #Bookkeeping #DenverAccountant #BusinessAccounting #Payroll #HumanResources #Benefits #Success #FinancialHealth

From dealing with endless receipts to handling unexpected audits, here’s a collection of memes that perfectly capture the trials and tribulations of working in finance. 😂 #FinanceHumor #AccountingMemes #CommunityBanking

Caught the news of Ben Affleck and Jon Bernthal shooting for "The Accountant" sequel? The original hit a nerve, portraying an accountant cooking books for illicit clients. Art imitates life, they say. And in our profession, this story's fiction isn't too far from reality. Accounting fraud - a major concern today. Small businesses and accounting firms - frequently considered soft targets. While the movie makes for engaging cinema, in reality, dealing with cooked books isn't action-packed. It's frustrating, time-consuming, and financially damaging. Ever found an anomaly that whispered 'fraud'? Fixing that's an uphill task, especially for small businesses with limited resources. Accounting firms face the heat, too, to maintain client trust. Yet, software advancements bring a ray of hope. They forewarn us, bringing suspicious activities to light much faster. So, while Hollywood churns thrillers, we continue our battle, using tech armoury, against accounting fraud. #AccountingFraud #TechInAccounting #SmallBusinessAccounting

Deciding whether to file taxes early or wait depends on various factors.⏰ Filing Early: • Can expedite the process of receiving any tax refunds owed to you. This is particularly beneficial if you have financial plans or obligations that could benefit from the additional funds sooner rather than later. • Reduces the window of opportunity for identity thieves to submit fraudulent returns in your name. It's a proactive measure to secure your financial information and prevent unauthorized use. Waiting: • If you're still waiting for important documents or navigating intricate financial scenarios, delaying your tax filing allows for a more accurate and comprehensive submission. This is especially crucial if you want to avoid amendments or complications later on. • Provides an opportunity to ensure that you have a complete understanding of your financial situation, potentially maximizing deductions and credits and minimizing errors. What to consider: • The decision to file early or wait ultimately depends on your individual circumstances and financial objectives. Assess factors such as the urgency of funds, completeness of documentation, and the complexity of your financial affairs to make an informed choice that aligns with your specific needs. #bookkeeping #bookkeepingservices #smallbusiness #smallbusinessacccounting #taxes #smallbusinessservices #bookkeeper #bookkeepingtips #bookkeepingforsmallbusinesses #outsourcedaccounting #accounting #accountable #businessservices

Explore the latest IRS audit risk alert: Understanding Your Letter 6612 and the heightened scrutiny on #EmployeeRetentionCredit (ERC) claims. Learn how businesses can navigate this challenging landscape, substantiate eligibility, and respond effectively to ensure compliance. Dive into our comprehensive blog for crucial insights and guidance. Stay informed, stay prepared. #IRS #ERC #TaxAudit #BusinessCompliance

Understanding Key Financial and Regulatory Frameworks: A Brief Overview In today's complex financial landscape, compliance with global regulations is essential for maintaining trust, transparency, and integrity in financial markets. Five key regulations stand out for their significant impact: 1. Dodd-Frank Act: Applicable in United States Primarily affects U.S.-based financial institutions, but its regulations can have global implications for firms with U.S. operations or that trade in U.S. markets. Enacted in response to the 2008 financial crisis, this U.S. law aims to reduce systemic risk and enhance transparency. It established the Financial Stability Oversight Council (FSOC) and implemented stricter regulations on derivatives and other financial products. 2. MiFID II (Markets in Financial Instruments Directive II): Applicable in European Union(EU) and European Economic Area(EEA) countries Regulates investment services and activities across the EU and EEA, but also affects non-EU firms that provide services to EU clients. This Act enhances investor protection and transparency across European financial markets. It introduces new rules on trading venues, transaction reporting, and the unbundling of research and execution costs. 3. GDPR (General Data Protection Regulation): Applicable in European Union(EU) and European Economic Area(EEA) countries. Applies to any organization, regardless of location, that processes the personal data of individuals in the EU or EEA. While not limited to financial services, GDPR has a profound impact on how financial institutions handle personal data within the EU. It mandates stringent data protection measures, with significant fines for non-compliance. 4. SOX (Sarbanes-Oxley Act): Applicable in United States Primarily targets U.S. public companies, but also affects non-U.S. companies listed on U.S. stock exchanges and their subsidiaries. Introduced in 2002, SOX is a U.S. federal law that enforces corporate accountability and financial transparency. It requires CEOs and CFOs to certify the accuracy of financial statements, with severe penalties for fraudulent activities. 5. FATCA (Foreign Account Tax Compliance Act): Applicable in United States(with global implications) Applies to U.S. taxpayers and foreign financial institutions (FFIs) worldwide that have U.S. clients or investments, requiring them to report information to the U.S. Internal Revenue Service (IRS). This U.S. regulation requires foreign financial institutions to report the assets of U.S. taxpayers to the IRS. It aims to combat tax evasion by ensuring that offshore investments are disclosed. Staying informed about these regulations is crucial for professionals in finance, legal, and compliance roles. #regulations #regulatorycompliance #finance #investmentbanking #FATCA #SOX #GDPR #MiFIDll #DoddFrankAct #regulatoryframework #globalregulations #safeguardingfinancialsystems #protectingconsumers #globalmarketintegrity