??This August: Industry Shifts, Tech Innovations & Expert Perspectives!

It's August, it's summer, and we have a refreshment for you!??

1. Industry News

Staff Issues: In a recent survey conducted by Alliant Talent in collaboration with research firm Census Wide, less than 1% of the 250 top CPA firm leaders in the U.S. report being able to find enough domestic staff.?

As a result, many firms are turning to alternative strategies to bridge the talent gap, including hiring workers abroad, increasing starting salaries, offering fully remote positions, and employing individuals without college degrees.

Find out more about it from this link.?

PayPal launching a GAME CHANGER: There's a fresh name on the digital block! Introducing PayPal's very own cryptocurrency: PayPal USD (PYUSD).

This isn't just any typical crypto. It's history in the making! On Monday, PayPal boldly stepped up, becoming the first major U.S. financial juggernaut to release its very own U.S. dollar-backed stablecoin.

What makes it stand out? While the rollercoaster world of cryptocurrencies often sees values skyrocketing and plummeting based on trader demand, stablecoins march to a different beat. They're anchored by physical assets, like gold or traditional fiat currencies, ensuring a steadier price ride. Think of PYUSD as the calm amidst the crypto storm!

Read the full article.?

2. Practice Management

Pick of the month is this video from Jason_CPA, with the best 13 Apps for Accountants (for 2023) that you'll find useful.

The overview of the apps will give you a greater understanding of how you can streamline and scale up your accounting practice.?

Without further ado, let's explore this fun and educational video! :)?

The 13 Best New Apps Of The Year for Accountants (2023 Q2)

3. Accountants Ask

How to set up effective communication with your new outsourcing team?

Effective communication is vital when outsourcing. We understand the significance of clear, timely, and efficient communication. Here's how we ensure this critical aspect of our collaboration:

• Dedicated Points of Contact: Require a person of contact in your outsourcing team (for each team member). This professional is your primary point of contact and is responsible for understanding your needs, timelines, and preferences.
• Regular Check-ins: Set up regular check-ins; weekly, bi-weekly, or monthly, based on project requirements.
• Transparent Reporting: Utilize accounting software and tools to allow your outsourcing partner real-time access to your books.?
• Feedback Loops: Regular feedback is a must. Set up KPIs with your outsourcing partner and give them regular feedback.?
• Technology Utilization: Use trusted collaboration tools such as Slack, ZOOM, ClickUp, or Asana to keep both teams on the same page. With shared channels and boards, you can quickly address concerns, share files, or celebrate achievements.
• Emergency Protocols: In the rare instance that something requires immediate attention, set up an "ASAP" protocol ensuring that urgent matters are communicated and addressed promptly.

4. AI in Accounting

We challenge you to rethink the role of technology in your practice. Here's a prompt to inspire you to embrace new tools and solutions.

Prompt: I am [your role in your company] of [accounting/bookkeeping] practice. My goal is to integrate cutting-edge technology like [write the tools or platforms you are considering] to streamline processes, enhance data integrity, and offer innovative solutions to my clients.

Outline a roadmap to introduce these technologies into your practice. Identify potential challenges, training needs, and client communication strategies.

Use this prompt to chart a course to a tech-savvy future, harnessing innovation to grow and evolve.

What's new in NextGen

Interview Series: As an August special, we prepared a bonus for this edition.

In the last couple of months, we have been creating partnerships with experts from the Accounting World that have an immersive experience.

We developed an Interview Series that will provide you with a unique and very personal point of view.?

Our Interview Guest was the Tax Goddes herself - Shauna A. Wekherlien!?

Read the full interview.