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Community News

Andersen Drives Into Lucrative Financial Market With GM

Arthur Andersen has entered into an agreement with General Motors to acquire the car manufacturer's transaction processing assets worth $250 billion.In a separate agreement, Andersen also will provide General Motors with various transaction processing services for a new service center environment.
Community News

H&R Block Participates in Fast IRS Refund Program

Kansas City-based H&R Block has joined one of several tax services participating in a new IRS pilot program offering faster refunds in exchange for more heavily scrutinizing taxpayer claims.It's a win-win situation for both parties.
Practice

The Ultimate Price War - Free Tax Return Preparation

The audit department has been dealing with it for years: deep discounts in the price of an audit in exchange for higher fees on the consulting side. Now the commoditization of tax return preparation -- already hammered by do-it-yourself software -- has reached the ultimate in price wars. Financial management company H D Vest announced that it will provide it's customers with free tax return preparation beginning this next season. The hook? More clients, more assets under management, more profits for HD Vest.Through the H.D.
Community News

Venture Capital Funding Hits The Accounting Market

A PricewaterhouseCoopers survey reports this week that $21 billion in venture capital funding was invested in US companies in the first nine months of this year. Here's the story of one accounting/bookkeeping company that snagged $12 million of it this week.Virtual Growth, Incorporated is a pioneer in providing outsourced bookkeeping and accounting services to fast growing small and medium sized businesses.
Community News

Deloitte Jumps on the Internet Bandwagon

Feeling the pressure of rival Big 5 firms who announced in recent weeks a move to more Web-based consulting services through new alliances and partnerships, Deloitte & Touche also have announced a migration to the Internet.Deloitte will parter with US Interactive to provide high-tech services like Web design, Internet strategy and implementation services alongside the firm's already-established consulting practice.Source say Deloitte and US Interactive are working on their first project that will be announced in early 2000.
Community News

Making Partner at Andersen Will be Easier

In a concerted effort to retain talented staff, Andersen Consulting has announced that beginning next September, becoming a parter will become easier than under the current scenario.For example, managers will be voted directly into the partnership, and an associate partner title will be available to employees who do not want to become a partner and take on the duties associated with the partner level.Also being changed, according to company sources, is the compensation system to personnel who normally would not qualify for extended benefits and profit-shar
Community News

"Accounting Outsourcing" Has Just Been Redefined

PricewaterhouseCoopers and BP Amoco announced this week a 10 year outsourcing contract transferring much of the energy giant's back office and accounting work to PWC.
Community News

Centerprise Withdraws IPO Bid

Two weeks ago, CPA firm roll-up-wanna-be Centerprise Advisors LLC got approval from the SEC to start determining investor interest in a planned IPO. This Monday, Centerprise received regulatory approval from the SEC to begin trading on Tuesday morning.
Community News

CPA/Law Alliance Now A Reality

As reported here last week, Big 5 CPA firm Ernst & Young this week announced that it has entered into a landscape-altering alliance this week with a new DC law firm called McKee Nelson Ernst & Young LLP. This integrated professional services model has been in place in many countries around the world, but until now has never been available in this country.
Community News

New Andersen Consulting CEO Renews Firm Focus

E-commerce will be the central focus for Andersen Consulting (AC), according to Joe W. Forehand, who was just named chief executive to replace former chairman George T. Shaheen. The announcement was made Monday.The firm also will concentrate on taking a greater financial interest in its own client base.
Community News

PWC Eliminates 1,000 Administrative Jobs

On Wednesday, PricewaterhouseCoopers announced it would eliminate 1,000 administrative and internal support positions in an effort to focus greater attention on e-commerce consulting services.About 750 employees would actually be let go, with the 250 balance taken care of through attrition and a hiring freeze.A spokesman said cuts would not affect any accountants or consultants working within the organization. Departments affected through cuts include human resources, finance, marketing and administration.
Community News

Makers of Gore-Tex sue Deloitte and PeopleSoft Over Software Installation

Well-known manufacturer W.L. Gore & Associates, makers of Gore-Tex outerwear, have filed suit against Deloitte & Touche and PeopleSoft.
Community News

Consulting Arms of Big 5 Accounting Firms Invest in Start-Ups

These days, it seems that everyone is getting into the potentially high-profit, yet high-risk start-up arena, and the Big 5 is no exception.Just last week on October 20, AccountingWeb ran a story in which PricewaterhouseCoopers bought into Web designers Methodfive, and now it seems that Andersen Consulting has moved in a similar fashion by buying into start-up ChemConnect, the Internet's largest global chemical and plastic exchange.Analysts report that investments like these mark a r
Community News

Saga Between KPMG and Theater Group Continues

The ongoing debacle between Livent, Inc. and KPMG continued yesterday in a Toronto court when lawyers for former Livent exec Garth Drabinsky brought a suit against the Big 5 firm for conflicts of interest.CPAs will recall that Livent, producer of several well-known Broadway shows, including Phantom of the Opera and Ragtime, made the news in August 1998 when its new owners, investment banker Roy Furman and former Walt Disney executive Michael Ovitz, revealed that an internal audit had uncovered serious accounting irregularities.
Community News

Arthur Andersen and Andersen Consulting go to Court to Split Firms

Arbitration hearings began yesterday in New York for Arthur Andersen (AA) and its sister firm, Andersen Consulting (AC), to permanently make AC an independent firm.The hearings are the result of a two-year disagreement, and the latest court appearances with the International Chamber of Commerce (ICC) are expected to take up to two weeks.AC claims its sister firm violated a partnership agreement five years ago when it began a consulting services unit in direct competition against the Big 5 firm.Among those expe
Practice

Legal Eagles Nest at Ernst & Young

Remember when non-CPAs could not become owners of CPA firms? Times are changing ... and it looks as if Big 5 giants like Ernst & Young may be entering the legal arena some time soon.Getting around the system is the key, according to experts who understand that State Bar ethics rules prohibit non-practicing lawyers from owning or controlling law firms. As a result, E&Y is reportedly in negotiations with lawyers in the Washington, D.C.
Community News

Deloitte Consulting and Sprint Join Forces to Service E-business

Fresh on the heels of the proposed merger between MCI and Sprint, Deloitte Consulting and Sprint today announced an effort to team the two businesses together as an application service provider (ASP) in the ever-emerging e-business sector.Services targeted to Fortune 1000 companies include e-commerce, enterprise resource planning, customer relationship management and data warehousing.
Community News

Arthur Andersen Opens Austin Office

Another sign of the booming Austin, TX economy is evident by the opening of the Arthur Andersen office in the state's capitol. It has been almost 10 years since the Big 5 firm had an office in Austin.The office will focus primarily on providing services emerging technology companies, defined as businesses reaching revenues of $100 million.
Community News

CBIZ Contemplates Its Own Future Plans

Century Business Services announced this week that it has hired Merrill Lynch & Co. to explore strategic alternatives which would result in increased shareholder value for the accounting consolidator. Among the alternatives it is exploring is finding a merger partner or even selling itself outright. Over the past few months, CBIZ has been approached by several parties to explore exclusive business relationships. They have not yet found the relationship yet that makes the most sense for shareholders. Michael G.
Practice

Ez401k.com is a Fast, Inexpensive Alternative to Setting up Plans

CPAs who provide consulting services in retirement planning take note: employers can now set up a 401(K) retirement plan on the Internet at ez401k.com.Ez401k.com markets itself as an efficient and inexpensive alternative to traditional 401(k) planning. With the cost to set up a company retirement plan at $401, ez401k.com gives businesses a savings in fees of $1,500 or more. A watch on the ez401k.com home page lets an employer see exactly how long it takes them to design a plan and print out announcements for employees.

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