The Wednesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

Accounting Software Is Eating The Industry

The accounting software market is booming, expected to hit $1.4 billion by 2029, growing at 11.8% a year. Translation? Firms are throwing cash at automation to cut costs, speed up workflows, and do more with fewer humans.

If you’re an accountant, this means two things: 1) Work is getting easier. 2) If you don’t keep up, software is coming for your job. AI-powered tools are replacing manual grunt work, cloud-based platforms are scaling firms faster than ever, and automation is turning small firms into profit machines.

Source: Whatech

💎 What’s poppin in accounting

Congress Just Smacked Down the IRS on Crypto

The House just voted to kill the IRS’s new crypto reporting rule, which would have forced brokers to report transactions over $10,000 to the government. Lawmakers say it was too vague, too broad, and would crush innovation, so they hit the brakes.

Crypto firms were sweating bullets over this, arguing it would force startups offshore and choke the industry with red tape. For accountants? Less reporting (for now), but don’t get too comfy. The IRS still wants its cut.

Source: Bloomberg Tax

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 📊 Weekly Trend Chart

Americans Are Working More Than Ever… But Not By Choice

The number of people juggling multiple jobs just hit its highest level since the Great Recession. Why? Wages aren’t keeping up, inflation is still squeezing wallets, and one paycheck just isn’t cutting it anymore.

Instead of climbing the corporate ladder, more workers are stacking gigs, bartending after their 9-to-5, freelancing on weekends, or driving for Uber just to keep up with rent. It’s the new normal, and unless wages catch up, expect this trend to keep rising.

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