⬇️ 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.

Let’s get to it!

💎 WTF of the Day

FreshBooks Lays Off 20% of Staff

FreshBooks just laid off 140 employees, 20% of its global team, because of financial troubles. They’re tightening their belt to survive, but it’s a bit unsettling for a company that’s supposed to help businesses manage money.

The takeaway? No software is bulletproof. If FreshBooks is feeling the heat, it’s a reminder to always have a backup plan.

(Source: Accounting Today)

💎 What’s Poppin in Accounting

QBI Deduction on the Chopping Block

Economists want to end the QBI deduction before the 2024 election. Right now, it helps LLCs and S-corps save on taxes, but critics say it mostly benefits the wealthy and doesn’t help the economy much.

The good? It could simplify taxes.
The bad? Higher taxes for those who’ve been relying on it.

If you’re using the QBI deduction, start planning now. Tax laws change fast, and waiting could cost you.

#3 💎 Did you know?

The First Recorded Name Was an Accountant

Here’s a wild fact, the first recorded name in history wasn’t a king or a warrior, it was an accountant named Kushim from 5,000 years ago. His job? Tracking grain in Mesopotamia.

Accountants have been running the world since day one. No glory, just keeping everything together.

(Source: Various historical records on Mesopotamia)

#4 💎 Daily Trend Chart

Accounting Shifts to Value Based Pricing

Here’s the truth, more accounting firms are ditching hourly billing for value-based pricing. Clients don’t care about hours, they care about results!

The good? More profits and happier clients.
The bad? It’s tough to switch. If you can’t prove your value, this model will backfire.

#5 😂

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