Information technology has brought many changes to finance, accounting, and tax operations in the decades since enterprise resource planning systems first appeared. For the most part, IT-driven innovation and transformation have found their champions in finance and accounting. Tax departments have traditionally been more cautious when it came to adopting a new technology.
Recently, though, tax’s role and reputation as a technology follower have quietly begun to change. Recognizing the integral and growing role taxes play in strategic business and financial decisions, many corporate and finance leaders are seeking tax departments’ involvement in executing the enterprise agenda and exploiting technology’s potential benefits.
It is a favorable time for tax to be gaining this newfound stature. Current emerging technologies have additional potential to improve operating efficiency and uncover new insights that can drive decision-making and performance.
Read Entire Article: https://www.accountingtoday.com/opinion/tax-and-technology-exciting-days-ahead
With an increasingly complex universe of financial products and services, how are America's high-school students prepared to manage their money as they enter adulthood?
Not all that well, according to a new assessment of financial literacy from the Organisation for Economic Co-Operation and Development (OECD). The Programme for International Student Assessment (PISA) test measures the financial knowledge and skills needed to make the jump from high school to college and on into the workforce.
The results raise several red flags given that one in five American teens fail to meet the level to be considered financially literate. By comparison, only about one in 10 Chinese and Russian students fail to meet that benchmark. American teens haven't improved their scores since 2012. On top of that, teens who continue on to college often must make complex decisions about student loans that can impact their lives for decades.
Read Article: http://www.cbsnews.com/news/financial-literacy-us-teens-compare/
Solely relying on free or inexpensive online small-business accounting tools instead of investing the services of a trained professional accountant can be a costly mistake that entrepreneurs make all too often. Don’t be one of them.
Springing for a licensed accountant can be worth every extra penny you spend, says ff Venture Capital chief financial officer Alex Katz. A qualified, certified public accountant (CPA) can tip you off to potentially irreversible financial missteps and brand new tax savings opportunities that you might not know exist. And we doubt most barebones digital accounting solutions could bring red flags like these to your attention as effectively as an accountant.
When you do invest in the services of a reputable accountant, it’s important to know what to ask and when -- not only to be sure you’re getting your money’s worth, but also to ensure he or she helps you do what’s best for your business and your bottom line.
1. What’s the best way to contact you and how often should we be in touch?
This might seem like too simple a question, but clear, effective and frequent communication is the key to a healthy, beneficial relationship with your accountant. Establish early on how often you’ll connect, either in person, on the phone or online (via a video chat app like Skype, Google Hangouts or Facetime). Decide together if you’ll meet weekly, monthly or bimonthly.
2. How can you help me prepare for (and survive) tax season?
Untangling the time-sucking tedium of tax prep is often the number-one reason small businesses hire an accountant in the first place. You’ll want to ask yours which tax credits and deductions you should claim. Also ask him or her if there are any new tax laws you should take advantage of to maximize write-offs.
Read Article: https://www.entrepreneur.com/article/232841
An article about a fascinating new technology which keeps people who are prone to falling on their feet.
A wearable robot could prevent future falls among those prone to stumbles.
The new exoskeleton packs motors on a user’s hips and can sense blips in balance. In a small trial, the pelvic robot performed well in sensing and averting wearers’ slips, researchers report May 11 in Scientific Reports.
Exoskeletons have the potential to help stroke victims and people with spinal cord injuries walk again (SN: 11/16/13, p. 22) — and even kick soccer goals (SN Online: 6/12/14). But this new model focuses on a more ordinary aspect of the human condition: falling on your face or your rear. “Exoskeletons could really help in this case,” says study coauthor Silvestro Micera, an engineer at École Polytechnique Fédérale de Lausanne in Switzerland.
Most exoskeletons guide the movement of the wearer, forcing the person to walk in a particular way. But the new pelvic device allows the user to walk normally and reacts only when it needs to. A computer algorithm measures changes in a wearer’s hip joint angles to detect the altered posture that goes along with slipping. The robot then uses its motors to push the hips back into their natural position to, hopefully, prevent a fall.
Read Article: https://www.sciencenews.org/article/new-pelvic-exoskeleton-stops-people-taking-tumbles