08/19/2025

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! 

💸 Profit & Loss Report

Four years after the pandemic, normal employee wages still haven’t fully caught up with inflation. Since January 2021, inflation has climbed 22.7%, while salaries rose 21.5%, leaving workers 1.2 points behind. The differential gap topped at 4.8 points and has been narrowing since, but Americans remain pessimistic, with 56% saying the economy is on the wrong track.

Wage progression slowed more than price increases, raising concerns about stalled recoveries. Bankrate projects wages might fully catch up by late 2026, though potential risks continues if tariff raises, Fed holds rates high, or the labor market weakens. While various industries like retail, leisure have outpaced inflation, other sectors like education, finance continues to lag.

Source: CPA Practice Advisor

💎 Rare Accounting Oddities

Long before Excel spreadsheets, Benjamin Franklin was in Philadelphia tracing embezzled public funds with nothing but ledgers and his trademark wit.

As a councilman and later on assemblyman, he demands transparency, changing messy record-keeping, securing every penny had its rightful place.

So next time you catch discrepancies in an expense report, remember—if Franklin could sniff out fraud with quill and ink, imagine what you can do!

You’ve mastered panic attacks during year-end close. But what about AI tools promising “revolution” that leaves you questioning if Skynet is about taxes?

Wisdify’s Specialized Accounting Courses need zero tech prerequisites. Just your normal curiosity that don’t need enrolling to required CPE programs.

Course 1: AI for Accountants

This will be your survival course in learning workflow automations. In just 23 bite-sized lessons (5–20 min. each), you’ll learn how to:

• Drafting various client email messages using ChatGPT bots

• Summarize financial data into executive-ready dashboards

• Automate journal entries, spotting potential fraudulent risks 

• Forecast outcomes powered by informative data, not vibes

Course 2: Tax Audit Management

Audit processes are basically the primary horror movies of accounting. Fret not, as with over 30 lessons, you’ll start mastering:

• Audit readiness checklists as your new security blanket

• Document various organization processes strategically

• Strategies to charm, persuade, answer auditor inquiries

• Mock audits so real, you’ll be practicing facial reactions

Sharpen yourself by getting ahead of the curve. Maybe even impressing your coworker who always thinks Excel beat practical management workflows. 

Accounting is serious business—however, your CPEs don’t have to feel like it.

Source: Wisdify

📝 Journaling Insider

Las Vegas tourism has been slumping, decreasing consumer spending by over $550M in 11 months. Sales fell across primary categories: food and beverage (-$191.5M), clothing/shoes/jewelry (-$140M), autos/parts (-$191.1M),  furniture/appliances (-$28.5M). Inflation and fewer visitors were driving locals to scale back with discretionary purchases.

Tourists dropped 7.3% in the first half of 2025, pushing unemployment to 5.8%s. Economists warn Las Vegas’ reliance on tourism leaves it highly vulnerable, echoing past downturns like the Great Recession and pandemic. Magnified inflation, weak investor confidence leads U.S economic trend with “not heading in a good direction.” pathway.

Source: CPA Practice Advisor 

💰 Making Cents of Accounting

#WorkflowsRoyalty⚜️🏰