Practice Management news

Practice Management

Creating Summer Memories, Corporate Style

Press Release Cookouts in the parking lot, visits from the Good Humor Truck, scavenger hunts, weekend vacations at the beach and casual dining on the office balcony…welcome to summer, Plante & Moran style.
Practice Management

Daily Habits For Developing The Art of Leadership

Many people are born leaders, yet the ability to lead is actually an art and an amazing collection of skills which can be learned and sharpened. The following top ten daily habits will help you and/or your clients grow as a leader personally, professionally, and spiritually. Spend 30 minutes each morning looking for "cracks" in the major areas of your life. Expert Tidbit - Time is a very precious and costly commodity that many of us take for granted.
Practice Management

Timeliness of Remitting Employee Contributions to Retirement Plans

By Dixon OdomThe Employee Benefits Security Administration, formerly the Pension and Welfare Benefits Administration, a division of the Department of Labor (DOL), has clarified and emphasized its position regarding the timeliness of remittances of participant contributions to employee retirement plans.
Practice Management

Reports Blast Corporate Culture That Caused WorldCom Collapse

Two new reports on the collapse of WorldCom Inc. place the blame for the company’s demise on the shoulders of founder and Chief Executive Officer Bernard J. Ebbers. The reports accuse him of running a company so concerned about meeting Wall Street expectations that warnings about accounting irregularities were met with scorn and ridicule.The nation’s second-largest long distance company was the victim of executive hubris, the reports found."The fraud was the consequence of the way WorldCom's chief executive officer, Bernard J. Ebbers, ran the company," one report read.
Practice

Client Peer Reviews - Does Your Firm Conduct Them?

If your firm struggles with Partner reviews and Partner peer reviews, you may want to try the Client Audit method. With this method your firm would invite clients to evaluate the performance of the partners and staff who are responsible for the their work.
Community News

Record Number of State Societies to Participate in MAP Survey

The 2003 National Management of an Accounting Practice (MAP) Survey launches this week with the highest number ever of state CPA societies, 44, agreeing to participate. The survey, jointly produced by the American Institute of Certified Public Accountants' Alliance for CPA Firms (PCPS) and the Texas Society of Certified Public Accountants (TSCPA), is designed to aid firms in analyzing and comparing their performance and profitability.Last year's survey attracted 2,500 accounting firms and 38 state societies.
Practice Management

Freddie Mac Fires Top Three in Accounting Shakeup

Freddie Mac, the nation’s No. 2 mortgage finance company, replaced its top three executives this week in the wake of an accounting investigation. The company’s president was accused of not fully cooperating with auditors reviewing the company’s 2000-2002 financial statements.Update 6-11-03: In spite of attempts to control damage, the mortgage giant now faces even greater scrutiny. Results of an informal probe of the company, begun by the Securities and Exchange Committee (SEC) in January, 2003, has prompted a formal investigation. Additionally, the U.S.
Practice Management

Ten Tips For Better Technology Management in Your Firm

Simply knowing the rules will not turn you into a technology guru, but it will enable you to participate in the development of a technology strategy for your firm. Below are ten tips provided by Gary Boomer of Boomer Consulting. Technology is a Strategic Asset: Many people, including accountants, often try to manage technology as though it were overhead. This approach ensures frustration because expectations are always greater than the resources committed.
Practice Management

Making Ethical Decisions - Part Five: Obstacles to Ethical Decision Making

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsObstacles to Ethical Decision Making: Rationalizations...We judge ourselves by our best intentions, our noblest acts and our most virtuous habits. But others tend to judge us by our last worst act. So in making tough decisions, don’t be distracted by rationalizations. Here are some of the most common ones:If It’s Necessary, It’s EthicalThis rationalization rests on the false assumption that necessity breeds propriety.
Community News

Build Better Business Partnerships and Alliances

There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability.
Practice Management

Niche-Building in Professional Services Firms

Many professional service firms are creating specialty areas within their practices and in some cases whole new “offspring” companies to respond to the changing demands of clients and to create growth opportunities for associates and younger staff.Among the three types of professional service firms, CPA firms are for once being viewed as exciting because they continue to experience the most change, which for junior staff in the midsize and smaller-sized firms is being translated into new opportunities.
Community News

Making Ethical Decisions - Part Four: The Seven-Step Path to Better Decisions

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsThe Seven-Step Path to Better Decisions...1. STOP AND THINKOne of the most important steps to better decisions is the oldest advice in the world: think ahead. To do so it’s necessary to first stop the momentum of events long enough to permit calm analysis.
Practice Management

Treat Employees Fairly But Not Equally

By Bruce L. Katcher, Ph.D. President of The Discovery GroupPart 1 - THE PROBLEM:Our research shows that 6 of 10 employees believe that their company is doing a poor job of applying personnel policies and procedures fairly. When employees feel they are not administered fairly they lose respect for management, build up resentment toward their fellow co-workers, and lose motivation for their work.
Practice Management

Free Report - Investigations 101

From lewd behavior to careless conduct and gross misconduct, employers face many different complaints that require prompt and thorough investigations followed by appropriate corrective actions.
Practice Management

What Do Your Clients Really Want?

It's really no secret what your clients and prospects want, they want solutions and leadership. Solutions and leadership demonstrate value to a client. These come from a thorough knowledge of the client's objectives, strategies, existing circumstances, competitive position, and personnel.
Practice Management

Making Ethical Decisions - Part Three: Groundwork For Making Effective Decisions

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsGroundwork for Making Effective Decisions...Whether or not we realize it at the time, all our words, actions and attitudes reflect choices. A foundation to good decision-making is acceptance of two core principles:- we all have the power to decide what we do and what we say, and - we are morally responsible for the consequences of our choices. Sometimes the power to choose is not self-evident.
Practice

Knowledge Management For CPA Firms

By Roman H. Kepczyk, CPA The influence of technology is being felt in every business today, especially in light of discussions stating that a company’s ability to adapt to new technologies and to maximize the "intellectual capital" within the organization, may be the last (and only sustainable) competitive business advantage. This is especially true within service organizations such as CPA Firms, where the higher value capabilities of tax, audit, and business consulting usually reside in the minds of personnel.
Education & Careers

Making Ethical Decisions - Part Two: The Six Pillars of Character...

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of Ethics(View Making Ethical Decisions - Part One: Making Sense of Ethics)The Six Pillars of Character...Trustworthiness. Respect. Responsibility. Fairness. Caring. Citizenship. The Six Pillars of Character are ethical values to guide our choices.
Community News

Either Lead, Follow or Get Out of The Way

Executives give their peers just passing grades on leadership abilities, according to a new survey. Sixty-one percent of senior managers polled characterized today's corporate leaders as good or excellent in their roles. More than a third (36 percent) of survey respondents said executives today are doing only a fair job.Accountemps, the world's first and largest temporary staffing service for accounting, finance and bookkeeping professionals, developed the survey.
Community News

The Importance of Succession Planning

Compliments of The Change Management Group"Having succession planning and a management development process is the training of people, giving them assignments so they can build new strengths, and having very candid discussions about their performance. When you have that, you are building the most effective leaders possible." - Bruce Bunch, General ElectricLess than 15 percent of companies address the need for a top leadership succession plan.

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