Practice Management news

Practice Management

'Subcertification' Becomes Widespread Practice

One year after the Sarbanes-Oxley Act required CFOs and CEOs to certify their company's financial statements, a new survey by the Association for Financial Professionals (AFP) reveals that public companies are asking other corporate financial professionals to vouch for reported information as well.
Practice

Networking Made Simple - Develop New Business Opportunities

Networking is an important way to develop new business opportunities, yet for many professionals it's their least favorite marketing activity. These pointers can help you network better and get results. Listen, don't talk. Don't drink. This is business. Choose your opportunities. Hunt where the ducks are. Don't be generic. Rehearse a 30 second pat statement that reveals some details about who you are as a person, what you do for a living, and what your firm specializes in. Target only one person at each event and get to know them well.
Practice Management

Niche SuperConference Takes 'Synergy' to New Heights

Webster's Dictionary defines "Synergy" as "a mutually advantageous conjunction or compatibility of distinct business participants or elements." For years, accounting associations and professional networks focusing on industry-specific or service-specific activity have leveraged the concept of synergy to bring added value to like-minded business professionals.
Practice Management

Competitors Accuse MCI of Fraud and Racketeering, Cite National Security Risk

"Project Invader" and "Project Scorpion" were two of the alleged names long-distance company MCI gave to schemes its competitors claim were designed to avoid paying hundreds of millions of dollars in tariff charges to local access carriers.Former MCI technicians, who allegedly disclosed the scheme’s inside code names, described to investigators an intense internal pressure to reduce access charges.
Practice Management

SEC Issues Study on Principles-Based Accounting System

The Securities and Exchange Commission (SEC) has released a staff study recommending the adoption by the U.S. financial reporting system of a principles-based accounting system. Congress' intent in requesting the study was to have the staff consider whether a different standard-setting paradigm from the one that exists today would be beneficial to U.S.
Practice Management

Crowe Chizek: Adding Partners, Offices For National Growth

Mark Hildebrand is a man on a mission. As CEO of Indiana-based Crowe Group LLP, and its subsidiary Crowe Chizek LLC, the eighth largest CPA firm in the United States, Mark Hildebrand very quickly and comfortably talks about a vision for national growth, goals for the firm, and the plan to get there.
A&A

Intuit Launches Payroll Referral Reward Program

Intuit, a leading business and financial software maker, has launched its new Accountant Payroll Referral Reward Program, offering rewards and incentives to accountants who refer clients to Intuit Payroll Services full-service payroll solutions.Those wishing to participate in the program will need to register with Intuit to be eligible.
Community News

Corporate America Lagging in Internal Control Preparedness

Deloitte & Touche Press ReleaseA survey from Deloitte & Touche LLP underscores that more than a few U.S. corporations were unprepared to meet the original deadline of Section 404 of the Sarbanes-Oxley Act for introducing strong internal controls and processes for implementing the Act's provisions regarding the fairness, accuracy, and thoroughness of their financial reporting.In particular, the survey of 65 top human resources executives of Fortune 1000 companies highlighted disagreement and confusion over human resources' role in helping companies achieve compliance.
Practice Management

CEOs Organize Forum to Share Best Practices

The rules and regulations are coming from all quarters, but U.S. executives are taking it a step further by creating their own group to monitor corporate performance and accountability.In the post-Enron corporate world, it has never been a more challenging time to lead a major U.S. corporation. The 2002 Sarbanes-Oxley Act put more responsibility on the shoulders of CEOs to ensure accurate financial reporting and accounting.
Practice Management

How to Create and Enforce Effective Computer Usage Policies

Re-published with permission from White-Collar Crime Fighter, www.wccfighter.com.The problem of departing employees stealing their ex-employers' electronically stored trade secrets has taken on near-epidemic proportions.The good news: Under the latest amendments to the federal Computer Fraud and Abuse Act (CFAA), federal courts have jurisdiction to protect any computer that is connected to the Internet against "wrongful use." And—recent court cases have further clarified the definition of employ
Practice

How to Differentiate Your Services

When potential clients are shopping around, how can your services stand out? Try these top 10 tips to increase your sales.Begin by differentiating your services or products by who you and your company are.What differentiates you? More training, more experience, better methods, a better team?
Practice Management

Resolving Personality Conflicts at Work

How do you handle conflict in the workplace? Most of us do not deal with it very effectively - if we even deal with it at all.Maintaining relationships is key to resolving conflict, so if a situation is thought to be unfixable, the best advice given by experts is to figure out a way to 'remix' the situation so the two parties look at the situation differently.Here are a few tips for consideration. Think before acting.
Practice

SEC Publishes Staff Report On Proxy Process Review

The Securities and Exchange Commission has published a report prepared by its Division of Corporation Finance concerning the Division's review of the Commission's rules and regulations regarding the nomination and election of directors. The staff report notes the need to improve the existing proxy process and recommends action in two areas: improved disclosure and improved shareholder access to the director nomination process.
Technology

Survey Finds Disaster Recovery Disconnect Between CEOs and CIOs

Are businesses prepared to handle unexpected disasters? It depends who in the organization you ask, according to a recent survey researching disaster recovery plans and organizations' overall readiness to deal with it. A recent survey of enterprise executives, to be released on Monday, found that corporate executives and their chief information officers often view the issue from opposite ends of the spectrum.
Practice

In Spite of Terrorist Threats, Spending on Security Lagging

A new study by The Conference Board shows that, in spite of the continued threat of terrorist violence, most companies are spending approximately the same on security that they spent prior to September 11, 2001.According to a survey of more than 330 business security directors, risk managers, and information technology security officers, there has been only a 4% median increase in security spending in the past two years.
Practice

How To Deal Effectively With Difficult Clients

By Christopher KnightLISTEN first, with sincerity. Don't assume the problem is always on their end. ENTERTAIN the possibility that the customers complaints are real, as many times they are REALLY a problem with you or your unit or company. DO NOT SAY THESE WORDS, in the heat of a difficult customer confrontation: "Our Policy Is", "I Can't", "The Computer or something outside of you failed", "They....." meaning you don't intend on taking responsibility for solving the problem. Give them your name, and tell them that you will personally handle the problem.
Practice Management

PwC Survey Shows Economic Crime is on the Rise

According to the PricewaterhouseCoopers Global Economic Crime Survey 2003, not only is large-scale economic crime on the rise, many of those corporate watchdogs who are supposed to prevent crime from occurring may not know how to identify or stop criminal acts.More than 3,600 senior representatives at the top 1,000 companies in 50 countries around the world participated in the survey, sharing information about their experiences with economic crime and methods for detecting and deterring such crime.
Practice

Tips on Recruiting Top Employees

If you have ever hired an employee who made a remarkable first impression but turned out to be a poor team player, you are not alone.Geoff Smart, president of G.H. Smart & Company, a Chicago-based consulting firm that uses its expertise in human behavior to help clients hire quality employees, provides the following recruitment tips.Narrow your selection of recruits during the resume examination process. Look for accomplishments that stand out on each resume.
Practice Management

The Benefits of Strategic Planning

Strategic planning is critical to a firm's success in today's competitive environment. Strategic planning helps to identify both the threats and the opportunities facing your firm now and in the longer term, and to chart viable courses of action. The benefit of strategic planning is that a firm is obliged to analyze all aspects of its business--sales, marketing, operations, and financial--and draw conclusions based on facts.
A&A

Enron Lawsuit to Push Limits of Corporate Pension Plan Laws

The Department of Labor has filed suit against Enron Corporation and individuals who were directors and other executives of the now bankrupt conglomerate, alleging that the company violated pension laws by mismanaging employee retirement funds.The lawsuit calls for Enron to pay company employees hundreds of millions of dollars as a result of a company policy that prevented employees from changing their invested retirement money from company stock to a different investment. Enron prevented employees from selling the Enron stock in their 401(k) plans until they reached age 50.

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