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Accenture has reported a second straight drop in quarterly new bookings, citing a wariness among corporations to hire consultants. Consulting and IT firms are under pressure as U.S. tariffs and accompanying economic uncertainty force companies to rethink their spending plans. Books fell 6% to $19.7bn in the third quarter, missing the Visible Alpha estimate of $21.54bn. Additionally, said chief financial officer Angie Park, slower government spending will have an impact of 2% on its fiscal fourth-quarter and annual revenue, after recording an "immaterial" hit in the last quarter. Revenues for the third quarter ended May 31st came in at $17.7bn, beating analysts' average estimate of $17.30bn, according to data compiled by LSEG. Net income totalled approximately $2.2bn, or $3.49 per share, up from $1.93bn in the prior-year period. Separately, the New York company said it planned to bring its strategy, consulting, song, technology and operations services into a single unit called reinvention services. Accenture said it will continue to manage its business through three geographic markets – the Americas, EMEA and Asia-Pacific and go to market by industry. John Walsh, Accenture’s current global chief operating officer, will become chief executive of the Americas.

 

Financial Times

Reuters

Wall Street Journal

Best Practice Guide: Accounts Payable Approval Workflows

In collaboration with leading accounting firms and industry experts, we’ve created these best practices to guide accounting firms to evaluate and improve client approval processes.  

This guide will walk you through the steps of client analysis, building a workflow, and managing expectations. You'll be able to help your clients create time and cost-saving efficiencies, lower risk with a clear separation of duties, and create transparency throughout the process.  

Readers will learn to:

• Evaluate your clients’ needs to identify key workflow challenges they face
• Determine trackable goals using Key Performance Indicators (KPIs)
• Construct an approval workflow that solves these challenges
• Summarize and implement the new processes with your client
• Measure progress and make adjustments

Download eBook

 

Tax legislation recently unveiled by Senate Republicans only costs $441bn when tallied using a novel accounting method requested by the GOP. The Joint Committee on Taxation (JCT) said over the weekend that Senate Republicans were able to slash the costs of sweeping tax legislation set to be included in the bill by using a “current policy baseline,” a never-before-used technique that wipes out the cost of extending existing tax cuts that are set to expire at year’s end. The contrast with the traditional method of fiscal scoring, accounting for tax policy as currently enacted into law, is profound: similar tax legislation that passed the House in May was estimated by JCT to cost $3.8tn under the old method. Republicans have argued that extending current tax law shouldn’t be counted as adding to the deficit because the GOP is merely preventing huge tax increases on individuals and businesses around the country.

 

Politico

More than 100 officials from the Midwest and West, including 27 from Iowa, are calling on the U.S. Senate to eliminate tax credits for carbon capture and sequestration as part of a federal budget reconciliation bill. Established in 2008, the 45Q tax credits incentivize companies to capture carbon dioxide, but opponents argue they primarily benefit industries profiting from them. North Dakota state Sen. Tim Mathern stated: “They are supposedly intended to reduce carbon emissions, but in fact, 45Q tax credits pay polluters for polluting.” The repeal effort includes officials from several states, and Mathern warned that repealing the credits could jeopardize projects like Summit Carbon Solutions' proposed pipeline, which could qualify for over $1bn annually from these credits. Congressional Republicans are navigating the reconciliation process to pass the budget package, which the House recently approved without repealing the 45Q credits.

 

The Gazette Cedar Rapids Iowa

Illinois Gov. JB Prritzker has enacted a law that modifies several tax-related acts, including the Tax Amnesty Program, which will now run from October 1 to November 15. Key changes involve redefining "Hotel" to encompass short-term rentals and introducing a 1% sales tax on grocery sales. Additionally, the law revises definitions under the Tobacco Products Tax Act and amends the Retailer's Occupation Tax Act. The legislation also establishes the American Hostage Tax Liability Postponement Act and the Advancing Innovative Manufacturing for Illinois Tax Credit Act.

 

Bloomberg Tax

Individuals and businesses in parts of Mississippi and Texas who were affected by severe weather that began in March now have until November 3rd to file various federal individual and business returns and make tax payments. In Mississippi, where straight-line winds, tornadoes and flooding began on March 14, individuals and households that reside or have a business in Calhoun, Carroll, Covington, Davis, Grenada, Humphreys, Issaquena, Itawamba, Jefferson Davis, Lee, Leflore, Marion, Montgomery, Pike, Prentiss, Sharkey, Smith, Walthall and Washington Counties qualify for this relief. In Texas, where storms and flooding began on March 26, individuals and households that reside or have a business in Cameron, Hidalgo, Starr and Willacy Counties qualify for relief.

 

Accounting Today

The Conference Board reported on Friday that its Leading Economic Index for the U.S. inched down 0.1% in May to 99, after declining by a revised 1.4% in April. In the six-month period ended May 2025, the LEI has retreated 2.7%, compared with the 1.4% contraction over the previous six months. The coincident index rose 0.1% , while the lagging economic index was up 0.4%. "The recovery of stock prices after the April drop was the main positive contributor to the Index," said Justyna Zabinska-La Monica, senior manager, Business Cycle Indicators, at The Conference Board. "However, consumers' pessimism, persistently weak new orders in manufacturing, a second consecutive month of rising initial claims for unemployment insurance, and a decline in housing permits weighed on the Index, leading to May's overall decline."

 

MSN	PR Newswire

The Philly Fed's Manufacturing Business Outlook Survey's general activity index, based on the responses of around 250 manufacturers in the Third Federal Reserve District, is unchanged this month from May at -4, the third consecutive negative reading. Although 25% of surveyed firms reported increased activity—up from 19% in May—the percentage citing declines also rose to 28%. The new orders index dipped 5 points to 2.3, signaling only marginal demand. Shipments turned positive, climbing to 8.3 from -13.0, though still below pre-recession norms. The employment index dropped to -9.8, the lowest since May 2020. Just 10.5% of firms added workers, while twice as many cut staff. The future general activity index dropped 29 points to 18.3, while future new orders and shipments fell sharply.

 

Advisor Perspectives

FX Empire

The Washington Post highlights a little‑noticed provision in President Donald Trump's tax and immigration bill which would force the U.S. Postal Service to auction off nearly 7,200 new electric mail trucks and charging infrastructure, undoing much of its $9.6bn EV modernization plan - $3bn of which came from federal funding. The assets would transfer to the General Services Administration despite limited market interest, undermining USPS's climate goals and aging fleet replacement. USPS officials warn this would cost $1.5bn, damage operations, and reverse Biden-era clean-energy efforts.

 

The Washington Post

In California, a new bill, the “No Robo Bosses Act” (Senate Bill 7), aims to regulate the use of artificial intelligence (AI) in hiring and employee management. Introduced by state Sen. Jerry McNerney, the bill seeks to ensure human oversight in automated decision-making processes. “When it comes to people's lives and their careers, you don't want these automated decision-making systems to operate without any oversight,” McNerney said. If passed, it would prevent employers from relying primarily on AI for promotions, discipline, or terminations. The bill has faced opposition from the California Chamber of Commerce, which argues that its requirements are impractical. The legislation is part of a broader discussion on the need for accountability in AI technologies, especially as they become more prevalent in the workplace.

 

The Columbian

Wolfspeed, a manufacturer of semiconductors for electric vehicles, has struck a deal with creditors to reduce its near $6.5bn debt by more than two-thirds as a part of a bankruptcy package.

 

Financial Times

For Bloomberg Law, Chris Marr writes about how job applicants who are bringing a closely watched bias lawsuit targeting Workday’s artificial intelligence-powered hiring software are fighting to uncover information needed to make or break their claims. The plaintiffs’ obtaining substantial discovery would boost the outlook for more cases, which attorneys view as difficult to prove given job applicants’ lack of insight into how the technology evaluates them, Marr writes. The case is described as a "pivotal moment for AI bias lawsuits."

 

Bloomberg Law

PwC Australia reported a decline in both profits and revenue for 2024, with profits dropping 17% to A$619m ($401m) and revenue decreasing 6% to A$2.2bn. This marks the firm's first-ever audited accounts, a step taken to enhance governance following a scandal involving the leak of confidential government tax plans.

 

Bloomberg Tax

Ireland’s top companies—CRH, Flutter Entertainment, and Smurfit Westrock—are expected to avoid Donald Trump's proposed "revenge tax" under the One Big Beautiful Bill Act, as they are majority-owned by U.S. investors. The tax targets entities in countries with "unfair" levies, like the 15% global minimum tax adopted by Ireland. Other Irish firms such as Kingspan and Kerry Group may be affected. The tax could raise U.S. rates by up to 20 points and risks deterring Irish investment in the U.S.

 

The Irish Times

Lawyers and bankers in Switzerland are warning of a U.K.-style exodus of the wealthy ahead of a referendum on a 50% inheritance tax for the super-rich.

 

Financial Times