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Practice

Social networking in business: When is the right time to get involved?

When is the right time to jump into social networking initiatives and why should you research many sites before settling into just one?
Practice

Invest in next Gen X leaders now!

Many smart companies and professional firms have not abandoned training in these tight economic times. They are betting that training and coaching the next generation in leadership skills will help them through the recovery period and give them an edge when competitors start building again.
Practice Management

Planning engagements with going concern issues

By Larry L. Perry, CPAHere are some practical questions accountants and auditors may wish to incorporate in the planning documentation of every audit and review engagement for the foreseeable future.Does the accountant's or auditor's understanding of the client's business and industry reveal any information contrary to the going-concern assumption?
A&A

Why Marketing 101 lessons still prevail: A case study

by Barbara BixWith apologies to Robert Fulghum, author of the bestseller, Everything I Needed To Know I Learned In Kindergarten, a recent experience provided solid proof that much of what we need to know as marketers was covered in Marketing 101. In it, I had the opportunity to participate in formulating the marketing strategy and tactics of a specialty health care practice - and relearn some essential and fundamental principles of marketing.

CPA Practice Alert: Are you ready?

By Larry L. Perry, CPAWhile presenting a series of seminars recently, I had occasion to visit with three CPAs who had each made significant business decisions a year ago. These proactive decisions had earned them hundreds of thousands of dollars, millions in one case. While the signs of the times a year ago had begun to indicate the need for conservatism in business practices, these CPAs were all looking beyond what they could see happening in the economy and marketplace and paying attention to their intuition.
Practice Management

The MacGyver approach to starting a financial business

By Steve AdamsBack in the 1980s, a popular television show named MacGyver gave rise to a whole new term.

Can you really do that in QuickBooks?

By Joe Woodard, AccountingWEB QuickBooks columnist Restricting Changes to the Chart of AccountsThis trick prevents users from making the following changes to the chart of accounts: Merging Accounts Changing Account Types Changing Sub-Account/Parent Account AssignmentsReason for the Trick
A&A

The power of anecdote and agenda: Researching your prospects' buying patterns

by Barbara Bix and Melissa Josephson Edwards As marketing directors, we want to invest money in marketing projects that demonstrate a return on investment and that will make a difference in the bottom line. How can you develop a great marketing campaign that will deliver results?By conducting market research to:  
A&A

Revamp your communications plan and increase revenues

By Barbara Bix and Melissa Josephson Edwards If the rate of your incoming revenues seems to be slowing down, it may be time to revamp your firm's marketing communications plan. Effective communications plans will leverage your principals' time and speed up the sales process by anticipating and getting prospective clients the information they need to move to the next level — wherever these prospects are in the buying process.

4 Steps to driving value through documentation

By Rose Hightower According to the Securities and Exchange Commission (SEC) Chief Accountant, 99 percent of deficiencies related to Internal Controls over Financial Reporting are due to a lack of or inefficiencies within required documentation.

Business valuation considerations in tough economic times

By Grover Rutter CPA/ABV, CVA, BVAL Current economic conditions have a significant impact on the fair market value of business enterprises and also on the valuation process. This article is not intended to be a complete treatise on business valuation. However it does provide a few tips and reminders for accounting practitioners to keep in mind when they consider taking on business valuation assignments.
Practice Management

Involve the younger generations in succession planning

Most people think that succession planning is a top down activity involving management and seasoned professionals. I suggest it is better to involve the younger generations as well so that they can help create a vision for what the organization aspires to and what it is really looking for in long-term leadership.

Show me the money: How CPA firms are sold

Sellers and buyers always want to know value. But even before one speaks of value it is helpful to know something about terms - how accounting and tax practices are sold. There are four basic ways firms are sold. With seller guarantees: 1. Collection Pricing This is a type of seller financed transaction in which the seller receives payments based on what the buyer collects (or, perhaps, bills) over a period of time. The down payment, percentages, and payout years can be adjusted.

Book Review: Is Mayo Clinic efficient or effective?

By Ron BakerI always ask audiences if they'd rather have an efficient or an effective surgeon, where efficiency is defined as doing things right – and is a measurement of outputs divided by inputs – while effectiveness is doing the right thing – requiring a judgment. Most CPAs say they want both. 

But I argue that effectiveness should be the talisman in your accounting firm, not efficiency.

Taking departmentalization one step further: Developing a niche

Article by Maria Hurd, published in her firm's newsletter, the Belfint Bizz.April 15th ……the end of busy season! Or was it? Before departmentalization, April 16th marked the beginning of "audit busy season", which was inevitably followed by the "busy season" for the October 15th tax extensions and then, December tax planning, the last busy season of the year, before the next busy season, and the "Ground Hog Day" push to April 15th began again.
Practice Management

Client relationships: A growing generation gap?

By Phyllis Weiss HaserotThis is part of a series of regular columns by generational expert and internationally known consultant, coach, writer, and speaker Phyllis Weiss Haserot on intergenerational relations and navigating the challenges of the multi-generational workplace for better productivity, retention, succession planning, and business development results.
A&A

Special accounting needs of not-for-profits and moving business forward

by Ken Garen, CPANot-for-profit organizations find themselves in a very challenging position. Government and funding sources thrust extremely sophisticated reporting requirements upon them, yet budget and personnel constraints often hamper their ability to fulfill the requirements. The organization's very existence and their ability to move forward may depend upon being able to closely track expenditures and create unique reports required by government and funding sources in an accurate and timely manner.
Community News

Life in the Big Four, Part VIII: Airports, last minute, and long flights

Saturday Afternoon, 4:30 PM"Hey, Anonymous, I know we had scheduled you for the obligatory one week in the office next week, so that your new wife doesn't file divorce papers again. Unfortunately, we need someone with derivatives experience. Can you fly 3,000 miles tomorrow afternoon to __________ for three weeks to test these guys' interest rate swaps?"At one point in time, this call spawned a wide range of emotions at once. The first emotion is actually no emotion at all...when you travel as much as I do, it isn't a major inconvenience.
Practice

Mutual mentoring across the generations

By Phyllis Weiss HaserotThis is the seventh in a series of regular columns by generational expert and internationally known consultant, coach, writer, and speaker Phyllis Weiss Haserot on intergenerational relations and navigating the challenges of the multi-generational workplace for better productivity, retention, succession planning, and business development results.
Community News

Life in the Big Four, Part VII: Public Service Announcement and the IPO

It has recently been called to my attention that some dear readers have expressed shock and horror at the amount of alcohol use alluded to in my column. This has caused me to pause and reflect, to reconsider my current alcohol intake. It occurred to me that these readers are correct. I don't drink nearly often enough.After all, without alcoholics like myself, Jesus would not have been nearly as big a hit at parties in Canaan.Now let's turn our attention to today's topic: The Initial Public Offering.

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