⬇️ The Monday Lowdown ⬇️

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

I scroll. so you don’t have to.

💎 WTF of the Day

PwC Caught Cheating… On Their Own Exams

You’d think the world’s biggest audit firm would be the last place you'd find cheating, right? Wrong. PwC Netherlands just uncovered a scandal in their own firm, employees were caught cheating on internal exams. And these aren’t just any tests, these are the mandatory ones that every accountant has to pass to stay in the game.

Here’s what went down, PwC requires all staff to complete yearly compliance training and pass certain exams to keep up with regulations. But instead of hitting the books, a few folks decided to take the “creative” route, sharing answers and gaming the system.

PwC prides itself on upholding the highest ethical standards. So, finding out that their own employees were cheating? That's gotta sting. Now they're scrambling to do damage control and show clients they still walk the talk.

💎 What’s Poppin in Accounting

Social Security Wage Base is Going Up in 2025

Big news for payroll folks, starting in 2025, the Social Security wage base is getting bumped up to $172,800. That means higher earners will be paying more into Social Security since the cap on taxable wages is rising from the 2024 limit of $168,600.

Every year, the wage base adjusts based on national average wages, and in 2025, it's getting a $4,200 boost. If you’re handling payroll or planning for next year’s taxes, it’s time to update those spreadsheets and make sure your clients are prepped for the change.

It’s not a huge leap, but for high earners and businesses, it’s something to keep an eye on.

💎 Did you know?

The 500 Year Old Accounting Hack We Still Use

500 years ago, an Italian monk named Luca Pacioli came up with a genius idea.

double-entry bookkeeping. Every time money comes in or goes out, you record it in two places debit and credit. Before that, businesses were a hot mess with no way to track money properly.

Fast forward to today, and we’re still using Pacioli’s system to balance the books. So, next time you see “debits” and “credits,” just remember, Luca’s 500-year-old hack is still keeping your books in check.

💎 Daily Trend Chart

Cloud Accounting: The Key to Small Business Growth

More and more small businesses are switching to cloud accounting software like Xero, and it’s changing the game. With cloud accounting, business owners can track their finances in real time, from anywhere, without messy paperwork or manual data entry. This makes managing money easier and faster.

For accountants, this trend means they can spend less time on repetitive tasks and more time helping businesses grow. The result? Small businesses can focus on growing.

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