04/28/2025

Well, hi there! Sit back, enjoy, and relax as you’re currently on the Daily Accrual.

Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

📝 Journaling Insider

U.S. consumer sentiment dropped to 52.2 in April, one of the lowest readings since the late 1970s. Inflation expectations rose sharply, with long-term projections reaching 4.4%, the highest since 1991, and year-ahead  inflation estimated at 6.5%. The survey reflected consumer anxiety following President Trump’s 90-day tariff pause and a 145% tariff hike on Chinese goods.

The expectations index fell to 47.3, its lowest since 2022. Consumers expected lower inflation-adjusted incomes, higher unemployment, and worsening economic conditions. Companies like Procter & Gamble warned how tariffs could raise annual costs by $1–1.5 billion, prompting price hikes, cautioning that weak income growth severely impacts future consumer spending.

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#AccountingLife👓💵

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Think you’ve mastered debits and credits but feel like you need a translator every time someone says "HIPAA" or "Stark Law"? You’re not alone — and we’ve got your back.

Wisdify’s new Healthcare Accounting Series kicks off with "Healthcare Compliance for Accountants", a professional course designed for CPAs who know their way around financial statements but get a little sweaty when the conversation talks about regulatory compliances.

We’ll break down HIPAA, HITECH, the Stark Law, and other healthcare compliance essentials into accountant-friendly language (because you're here to account, not pass the bar exam).

Healthcare-Accounting Series Coming up Soon:

• Regulatory Frameworks in Healthcare Accounting (HIPAA, Medicare, Medicaid, fraud prevention galore!) – Coming 4/21

• Revenue Recognition in Healthcare (Goodbye, ASC 606 confusion!) – Coming 4/28

Stop feeling like a tourist whenever you go deep into healthcare. Be proficient in speaking the language — confidently, fluently, and without a law degree.

Source: Wisdify

💸 Profit & Loss Report

A new survey portrays 64% of Americans fear running out of retirement savings more than death, fueled by longer lifespans, inflation, market volatility, and Social Security concerns. Despite having significant assets or income, only 23% have discussed risks with a financial professional, even though 73% believe a solid financial plan would bring them happiness. 

Inflation (54%), inadequate Social Security (43%), and high taxes (43%) are top drivers of anxiety. Daily expenses (63%), credit card debt (40%), and housing costs (35%) are the main barriers to saving for retirement. Results stressed the urgent need for strategic financial planning to ensure lifetime income, as the majority remain vulnerable to rising economic pressures without a proper plan.

Source: Journal of Accountancy

💎 Rare Accounting Oddities

They can magically vanish overhead costs by outsourcing. Outsourcing accounting services like bookkeeping, tax preparation, auditing has become the cost reduction plan for businesses, often minimizing costs by up to 40%! 

Outsourcing isn’t just an illusion, it is a faster, and more scalable alternative. In fact, the global accounting outsourcing market is sprinting towards a 9.1% annual growth rate by year 2030.

Companies love handing off accounting, focusing more on what they do best - growing their businesses. Outsourcing isn’t just about saving money; it’s about working smarter, not harder.