Practice Management news

Practice Management

Ideas to Improve The Quality of Your Firm

By Nancy BlodgettHere are some helpful ways to improve the quality of your firm. Adjust Your Attitude Be open to new ideas! Make time for quality improvement. Don’t manage by fear. Help people feel secure in their jobs.Don’t let the statement: "we’ve always done it this way," keep the firm from trying new approaches to problem-solving. Change the "Us vs. Them" culture of management and staff by adopting quality principles and methods.
Practice Management

Compensation 2003 – Making it Work For Your Firm!

By Sandra WileyWhen you looked at the title to this article, did you cringe and say to yourself – “I don’t want to think about compensation again!” I can’t blame you; it is a very daunting subject when you are talking about partner and staff compensation. The subject becomes even more challenging as you look forward into 2003 and the economist are all saying that the economy will most likely be moving sideways well into next year. We have to look at compensation strategies that make sense to our firm and continue to motivate staff at the same time.
Practice

Three Ways to Boost Morale Despite Low Pay Raises

A survey by Deloitte and Touche shows pay increases are expected to average 3.5% at large companies in 2003, the third straight year of modest pay increases. Some companies are also eliminating bonuses or paying employees less than half the bonuses they received in better times. The survey shows the trend toward lower pay increases is contributing to low employee morale and undermining the loyalty of many companies' most valuable employees.
Practice

Improving The Workplace - People Problems Perplex Supervisors

By, Bruce L. Katcher, Ph.D.THE PROBLEMResearch shows that supervisors do a much better job of handling job-related problems than they do handling people-related problems. One of two employees believes that their immediate supervisor does a poor job of solving problems such as motivational, emotional, and personal issues.Here are some reasons why: 
Practice Management

States Want Tax-Dodging Companies Ousted From S&P 500

A coalition of state officials demanded that Standard & Poor's remove ten companies from the S&P 500 because all ten have moved their legal addresses to locations considered offshore tax havens.
Practice Management

CMA Designation Celebrates 30th Anniversary

The Institute for Management Accountants is celebrating a milestone of sorts this month - the thirtieth anniversary of the first testing to award the Certified Management Accountant (CMA) designation.It was December, 1972. President Nixon had just won a landslide victory over George McGovern. The Apollo space program was coming to an end. The Watergate scandal was just a few months old.
Practice

Tax Season Opportunities For Improving Efficiency

By, Tom DavisAs another tax season approaches, CPA firms should spend some time reviewing their current processes for preparing tax returns. Tax preparation is one of the success stories for CPA firm technology implementation. There is no question that returns are prepared faster today than they were two decades ago. However, for most firms there is still some substantial opportunities for improving the tax preparation process. Standardize Review - If there is an area of the tax preparation process that has lagged behind other areas, it is the review of the return.
Practice Management

Grant Thornton Launches New Client Analysis Tool

Middle market companies looking for ways to analyze their businesses now have a new tool to add to their arsenal. Grant Thornton has announced the launch of ASAP, a strategic gap analysis tool designed to help clients identify ways to drive down costs, improve business operation effectiveness, manage risk, and enhance profitability. "Grant Thornton’s ASAP provides a focus for business discussion and examination of performance," says Brad Gabosch, Grant Thornton’s managing partner of assurance and advisory services.
Practice Management

KPMG Reports 4% Growth in Global Revenues

Despite a weak economy and a year of unprecedented challenges for the accounting profession, KPMG International reported revenues of $10.72 billion for the fiscal year ended September 30, 2002, an increase of 3.9% over the prior year.A breakdown of global revenues shows 3.4% growth to $6.33 billion in assurance services, 2.7% growth to $3.04 billion in tax and legal services, and 8.6% growth to $1.35 billion in financial advisory services (FAS).
Practice

SEC Settles First Cases Involving Fair Disclosure

The U.S. Securities and Exchange Commission announced the results of three test cases involving illegal selective disclosures of material information to analysts or institutional investors. Under Regulation Fair Disclosure (Reg FD), which took effect two years ago, companies are required to release information to the public at the same time they provide it to securities professionals.Highlights of the three test cases and their resolution:Siebel Systems paid a $250,000 fine.
Practice Management

Actions speak louder than words: Workers say temp work is best indicator of job potential

How can job candidates convince the hiring manager they're an ideal match for the position? Survey results indicate that working on a temporary basis is a good start. Nearly half (46 percent) of workers polled said performance on a temporary or trial assignment provides the best insight into whether someone is qualified for a job, followed by the interview (30 percent) and the reference check (12 percent).The survey was developed by OfficeTeam, a staffing service specializing in highly skilled administrative professionals.
Practice Management

Giuliani to Help Restore Investor Confidence

Former New York City Mayor Rudolph Giuliani said he is committed to help turn around WorldCom because WorldCom represents the "biggest challenge" in returning investor confidence in the capital markets. Mr. Giuliani is chairman and CEO of Giuliani Partners, a New York City consulting firm that formed a strategic alliance with Ernst & Young earlier this year.
Practice

Why Do Leaders Fail?

By GrowthWorks, Inc.Why do leaders fail? If anything universal can be learned for an examination of why high-profile CEO's fall from the pinnacles of corporate America, poor execution and people problems are the main reasons. According to a study reported in Fortune magazine, it's rarely a lack of intelligence or vision, as many might expect, that dooms top corporate executives. "It's bad execution.
Practice Management

Accounting Associations Unite in Anti-Fraud Programs

Seven professional associations have jointly issued a set of recommendations to help companies combat fraud. These new guidelines tell how to prevent, deter and detect frauds ranging from falsified financial statements to employee theft. Recommended anti-fraud measures include creating a culture of honesty and high ethics, being proactive in implementing and monitoring effective internal controls, and developing an effective oversight function.
Community News

PwC Sees Revenues Stall, Issues 'Showcase' Report

PricewaterhouseCoopers reported a 4% decline in global revenues to $18.9 billion for the fiscal year ended June 30, 2002.
Community News

Deloitte Reports Growth in Clients and Revenues

Despite a weak economy and post-Enron pressures on its consulting business, Deloitte Touche Tohmatsu (DTT) reported net worldwide revenue growth of 1% for the fiscal year ending May 31, 2002. Revenues in services other than consulting grew 4.5%.Deloitte's major milestones and achievements for the year include:The successful return after 11 months of more than 3,000 partners and staff to the U.S.
Practice Management

Managing Through Change

By, Robert Half Management ServicesIn the business world, a company's survival depends on its ability to keep evolving. The most successful firms understand they must continually adapt to changing circumstances and find new ways to satisfy their customers. But change is rarely something that's easy for organizations or individuals. Your ability to manage a variety of business transformations, from mergers and acquisitions to downsizings and new leadership, is critical to long-term prosperity.
Practice

Developing Entrepreneurs: Emulating The Right Role Models

Excerpted from: Building Entrepreneurial People by Allan S. Boress, CPA, CFEIntroductionNew business is the lifeblood of every CPA firm. Some firms today are being forced to merge with other firms, are being bought out under less than desirable circumstances, or are slowly going out of business before the partners' eyes because not enough new clients and new work are coming in.
Practice Management

Baker Tilly Builds Forensic Services for Divorces

London-based Baker Tilly International, a network of independent accounting and business services firms, is aggressively
Practice Management

Lessons From Lawyers: How Not to Manage Staff

After placing last in American Lawyer's ranking of law firms based on a survey of attorneys who had not yet made partner, Clifford Chance asked its staff the reasons for their discontent. Almost all the reasons could easily apply to accounting as well as law firms. The key gripes:A 2,420 billable hour requirement. Associates felt they had to bill at least 2,420 hours a year in order to receive a bonus.

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