Practice Management news

Practice Management

CEO Incentives Fail to Boost Company Performance

The topic of CEO compensation has taken center stage recently with news about top executives becoming incredibly wealthy even though they did little for their company’s stockholders. Over the years boards have supported incentive-heavy packages for CEOs by rationalizing that what’s good for the executive is good for the company.
Practice Management

How Am I Doing? Employees Want To Know!

By Bruce L. Katcher, Ph.D. President of The Discovery GroupTHE PROBLEM:Our research shows that employees crave performance feedback but that their supervisors are doing a poor job of giving it to them. 60 percent of employees say that they don't receive ongoing feedback about their job performance throughout the year.Here are some reasons why supervisors avoid providing feedback: 
Practice

Tax Professionals Can Now E-File Employment Tax Forms

Tax professionals are able to file employment taxes for business clients for the first time as part of a new Employment Tax e-filing System offered by the Internal Revenue Service.The IRS expects the e-file upgrades will continue to reduce the paperwork burden on small businesses.
Community News

CPA Firm Sold to Employees

Question: How do you get the employees of a CPA firm to treat the business as their own? Answer: Sell the business to them through an Employee Stock Ownership Program. That’s exactly what Minneapolis-based HLB Tautges Redpath Ltd. did earlier this month.One hundred percent of the ownership of the firm will be redistributed from the partners to the 85 employees under the ESOP plan.
Practice Management

Protect Your Business Against Employee Fraud

Employee theft is surprisingly common and can devastate your business. Consequently, it is worthwhile to put an anti-theft program into place, which includes internal auditing and monitoring.
Practice Management

Majority of Private Companies Adopting Corporate Governance Changes

A newly released survey of private companies in the United States indicates that although the Sarbanes-Oxley Act is primarily geared towards public companies, 58% of private companies are instituting changes to ensure greater control of their accounting processes."Although recent changes to accounting regulations have been directed toward public companies, privately held firms are also closely scrutinizing financial processes in the wake of corporate scandals," said Paul McDonald, executive director of Robert Half Management Resources who sponsored the survey.
Community News

Ways to Develop an Incentive Program

By Gregory P. Smith Disney World has more than 240 reward and incentive programs in place. All good businesses have at least one or two. Incentive programs serve a specific purpose. Some programs show appreciation to employees. Other programs are designed to improve performance and create behaviors management would like to see. No matter what type of program you have or want, designing the program is critical to its success.Focus on the desired behavior needed or the goal of the program. Begin with a clear, briefly-stated objective.
Practice

Are You Teaching Your Employees to Steal? (Part 2)

Continued from "Are You Teaching Your Employees to Steal? Part 1"FRAUD AND ABUSE ARE COSTLYFraud and abuse cost the U.S. economy $400 billion a year. That translates into 6% of revenue or $9 per day, per employee. And relatively speaking, small companies are at a higher risk of fraud than large companies. Why? Because small companies don’t have as sophisticated systems of internal controls as large companies.
Practice Management

FASB Chairman is Bullish on Fair Value

If U.S. accounting practices swing to fair value, it will be in large part due to the efforts of Robert Herz, chairman of the Financial Accounting Standards Board (FASB), according to an article in the February issue of CFO magazine.
Practice Management

IRS Increases Criminal Investigations of Tax Return Preparers

The Internal Revenue Service more than doubled the number of criminal investigations of preparers of federal tax returns in 2002 compared to the previous fiscal year, according to figures released by IRS Criminal Investigation.In Fiscal Year 2002, 254 investigations were initiated, compared to 116 the year before. More cases were referred to the Department of Justice for prosecution – 89 in FY 2002, up from 73 the year before.
Practice Management

Building a Referral Machine For Your Company

by Andrew WoodReferrals are the life-blood of any successful business or service, but they work much more predictably and effectively when you develop and follow a system so that good leads don't just slip away.Ask any good business owner how she generates most of her business and she will cite referrals, but ask her to explain her referral system to you and you are very likely to hear that referrals just happen.
Practice Management

Former Andersen Ethics Consultant Pens Exposé

Arthur Andersen's conviction on obstruction of justice charges related to the Enron debacle spelled the abrupt end of the 88-year-old accounting firm. Until recently, the venerable firm had been regarded as the accounting profession's conscience.
Practice Management

Hidden Overhead - Hidden Expenses Cost Money

By, Keith Rosen Although you have a handle on your business' operating costs, there may be some hidden expenses that are costing you more than money. Many execs confess that although their business is moving forward, they find their time is consumed with, accepting or being dragged down by unwanted situations, problems or behavior. Not overwhelming individually, they have a way of building up until they effect productivity, cause stress and waste time and energy.
Practice Management

Are You Teaching Your Employees to Steal? (Part 1)

 My Employees Wouldn’t Embezzle: Yeah, Right Yes or No - Have you taught your employees to embezzle?  
Practice

Keeping Your Clients Out of The Competitive Pool

By Bruce Marcus, author of The Marcus LetterThe conventional wisdom is that it costs more to get a new client than to keep an old one. And for once, the conventional wisdom is correct. Yet, many professionals too readily take clients for granted. Or don't look for opportunities to increase revenues from perfectly satisfied clients. Then there's the classic story of the client who went to another firm for a particular service.
Practice

Busy Season Stress Busters…Part One

Here are some ideas to help ease the stress of tax season from the members of AccountingWEB.com. Have a Friday Dessert Contest - Have spouses children bake desserts for the staff such as cookies, brownies and other finger foods each week and give a bouquet of flowers each week to the contest winner.  
Practice

Document Processes to Ensure Business Success

Guest Author: Michael Platt, AccountingWEB, Inc. Think about this for a moment: If you were hit by the proverbial bus tomorrow, would someone else be able to step in and do your job without missing a beat, or would there be a significant learning curve to carry out your tasks?
Practice Management

Business Leaders Begin Preparing For War

February 14, 2003 is a pivotal day in the timeline of world economic stability. As war becomes seemingly inevitable, and the risk of terror attacks increase, business leaders around the country are addressing what they need to do to be prepared.
Practice Management

AccountingWEB Interviews: David Maister, Practice Management Consultant

As part of a series of interviews with prominent members of the profession, AccountingWEB sits down with David Maister, acclaimed professional services firm expert and author, to get his perspective on what's happening in the profession. AccountingWEB (AW): Over the years you have offered many of the best suggestions for professional services firms to be more successful.
Practice Management

Five Ways to Coordinate Your Staff's Time Off Using MS Office

Coordinating your staff's busy schedules can be a challenge, especially when the people you manage have different meeting schedules, vacation plans, and requirements for time away.

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