07/03/2025

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

The U.S. private sector unexpectedly lost 33,000 jobs in June from March 2023, surprising economists who projected a 100,000 job gain in the next months. Chief Economist Nela Richardson said the decline was because of employer hesitancy in getting or replacing workers. Service-providing industries led the decline with 66,000 job cuts, while goods-producing sectors gained 32,000, with Midwest experiencing the steepest regional loss at 24,000 jobs.

Despite the hiring slump, workers staying in their jobs received a 4.4% annual raise, while job switchers has a 6.8% increase. Small businesses endured the most, reporting the weakest payroll growth, while large firms added 30,000 jobs. These findings sharply contrasted with former President Trump’s claims of an “economic renaissance,” crediting the GOP’s newly passed spending bill with driving record investment and various job creation opportunities. 

Source: CPA Practice Advisor

💰 Making Cents of Accounting

#ReceiptsAreOptional🧾🤑

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Source: Wisdify

💸 Profit & Loss Report

The Senate’s version of One Big Beautiful Bill Act, raising the SALT deduction cap to $40,000 in 2025 while preserving full deductions including service businesses like accounting, is being supported by CPAs. The House bill, which proposed limiting PTE deductions and tying on Section 199A deduction is being contrasted. AICPA President commended the Senate’s approach for maintaining fairness, avoiding added tax complexity.

The Senate bill phases out deductions starting at $500,000 modified AGI in 2025, with gradual increases through 2029 before reverting to $10,000 in 2030. Critics have been arguing it preserves loopholes for high-income taxpayers, calling the workaround strategies unfair. The Senate and House versions must now be reconciled before heading to President Trump’s desk.

Source: Thomson Reuters 

💎 Rare Accounting Oddities

Long before Silicon Valley, accountants were doing payrolls on room-sized mainframes. In the 1950s, firms like Arthur Andersen were the first to adopt IBM computers for balancing ledgers.

Trailblazers like Dudley Hooper saw the future with punching cards and various batch run testings, proving accountants were the future’s digital pioneers getting ahead of the curve.

So, the next time you run Excel formulas or do QuickBooks automations, remember—you’re part of a centuries-old tradition of accounting innovation starting with the beep of a mainframe.