Practice Management news

Practice Management

20 Questions Directors Should Ask About Privacy

A new resource is available from the Canadian Institute of Chartered Accountants (CICA) to help corporate directors understand and implement privacy initiatives within their companies.Although it was originally developed for a Canadian audience, 20 Questions Directors Should Ask About Privacy has global appeal in its approach to helping corporate boards address the growing demands for consumer privacy.
Practice Management

Financial Executives Revise Ethics, Support CARTA

In testimony to the House Financial Services Committee on March 20, 2002, Phil Livingston, president and chief executive officer of Financial Executives International (FEI), said FEI lends its support to H.R. 3763, the Corporate and Auditing Accountability, Responsibility and Transparency Act of 2002 (CARTA). Mr.
Practice Management

GE and IBM Raise the Bar for Annual Reports

The sudden collapse of Enron has prompted investors to demand greater transparency, and companies are responding by expanding their annual reports. Every company has its own unique disclosure challenges, but corporate giants General Electric (GE) and IBM are clearly at the forefront when it comes to complexity.
Practice Management

Financial Executives Review Audit Policies and Ethics

Phil Livingston, the president and CEO of Financial Executives International (FEI) said in the latest issue of the association’s e-newsletter, FEI Express, the FEI has been hearing from its members about the changes in corporate policies that companies are making to improve auditor independence. He encouraged companies to issue press releases indicating the changes they’ve made. He also asked for input on the FEI’s code of ethics.
Practice Management

Ten Questions To Ask When Preparing For A Sales Call

Keith Rosen, CEO of Profit Builders provided AccountingWEB with the some questions to ask before you prepare for a new client sales call.Is my mind clear of any distractions that could have an adverse effect on my performance? (Externalities: fight with supervisor or spouse, car troubles, income, weather, health, etc.) Do I want to be here? To what degree has this appointment been confirmed? (Is this person expecting me?) Do I view my client as a number or as a person to create a mutually beneficial partnership with? Are they someTHING (a quota) or someONE?
Practice Management

General Recommendations on Corporate Security

In the wake of the September 11 terrorist attacks on America, many corporations have been seeking guidance on appropriate security measures. One such company that offers this guidance is Kroll, a risk management company. According to Kroll, each company's circumstances, needs and risk profiles are different, and the response must be tailored accordingly. However, the following general points may be helpful: Review the risk profile of destinations carefully and plan travel accordingly.
Practice Management

SEC Seeks More Power to Punish Corporate Wrongdoers

Speaking to the Glasser LegalWorks 20th Annual Federal Securities Institute, Stephen Cutler, director of the Division of Enforcement of the Securities and Exchange Commission (SEC), said the SEC is asking Congress for more power to punish corporate wrongdoers.A push for more powerThe SEC is asking for added authority to impose penalties on officers and directors through administrative cases that do not require federal court proceedings. Specifically, it wants to able to bar executives found to have committed wrongdoing from future service at any public company.
Practice Management

Come Together Cooperatively to Serve Your Clients

Co-opetition: Compete and Cooperate MarketingWhen you combine the words cooperation and competition, a new word emerges: Coopetition. Coopetition works when competing organizations come together cooperatively to serve a client.
Practice Management

Three Ways to Grow Your Practice in 2002

By Rich Walker, CPA, Director of IntuitAdvisorA new year means new opportunities for accountants to grow their practice. Here are some words of wisdom that will help you succeed in 2002.1. Focus on Great ServiceIt might sound simplistic, but superior customer service is the number one way to retain customers. Some suggestions for maintaining a great customer relationship are:Be responsive. Let your clients know they're important.
A&A

Reminder: Retirement Plan Amendments Due By February 28

The IRS has issued a reminder to employers and retirement plan administrators that they must amend their employees' retirement plans to comply with the changes made by the "GUST" laws by the February 28, 2002, deadline. The deadline affects qualified retirement plans, including Code Sec. 401(k) plans, defined benefit pension plans, profit-sharing plans, ESOPs and Keogh plans.An exception to the February 28, 2002, deadline exists for plans with a fiscal year other than a calendar year. The deadline for those plans is the last day of the fiscal year that began in 2001.
Practice Management

SEC's 'What-if' Numbers Offer Hope To Battle-Weary Companies

Have you heard the one about the man who woke up from a coma and asked, “What’s an auditor?” He got the traditional reply: “Someone who arrives after the battle and bayonets all the wounded.” If Robert Herdman gets his way, that joke won’t be so funny any more. Mr. Herdman is the chief accountant of the Securities and Exchange Commission (SEC), and he has a new solution that will help companies avoid the battles altogether. The Perils of Too Much PrecisionMr.
Practice Management

Investors See Record Gaps in Pro Forma vs. GAAP Earnings

Preliminary statistical data show the difference between operating (pro forma) earnings and net income under generally accepted accounting principles (GAAP) reached an all-time high in 2001. These statistics cover the largest U.S. public companies, collectively known as the Standard & Poor’s 500 (S&P-500). The Securities and Exchange Commission (SEC) and accounting firms have been cautioning companies about the risks of disclosing pro forma earnings and the need to reconcile these earnings to net income under GAAP.
Practice Management

Accountants Unite To Better Measure Business Risks

The accounting profession has united under the aegis of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in an organized effort to develop comprehensive guidance on risks, including the kinds of business risks that toppled Enron.COSO is comprised of five member organizations: The American Institute of CPAs, the American Accounting Association (AAA), Financial Executives International, the Institute of Internal Auditors and the Institute of Management
Practice Management

Survey Shows 'Immense Support for Auditing Reform'

A survey of Canadian business executives shows immense support for auditing reforms.
Practice

Top Ten Steps To Effective Delegation

Executives and managers are often left feeling frustrated when their staff doesn't perform a task the way they expected. This can be eliminated by sharpening your communication and filling in the gaps that are often left open for interpretation. Here are some guidelines.Step 1. Know what the task is.Step 2. Have the end result/desired outcome you want to produce in mind.Step 3. Find the person you need to delegate to and give them the task.Step 4. Share with them the results you desire.Step 5. Ask and inform them why it's important.
Practice Management

SEC Releases MD&A Guidance for 2001 Reports

Responding to a petition by the Big Five accounting firms, the Securities & Exchange Commission (SEC) issued a statement entitled Commission Statement about Management’s Discussion and Analysis of Financial Condition and Results of Operations.The SEC's statement contains suggested steps that public companies should take when preparing disclosures.
Practice Management

Deloitte Reveals Best Boardroom Strategies for CFOs

An informal survey by Financial Executives International Research Foundation indicates chief financial officers (CFOs) expect tough boardroom sessions this year. Senior audit partners for Deloitte & Touche (D&T) offered practical advice during a teleconference co-sponsored by the Foundation on January 17, 2002.
Technology

New Options For Electronic Delivery of Sensitive Documents

Email has made it so much easier to communicate with clients and employees, but with the increase in the use of e-mail comes the concern of sending sensitive documents.Whether you are a CPA sending tax information back and forth to your clients, or a company trying to pass invoices to your customers, secure, private delivery of these documents is paramount to your relationship.A new service called Vault Inbox was introduced this week as one possible commercial solution to the problem faced by e-
Practice Management

Homestore.com Trips on Barter Accounting; Who's Next?

U.S. retail and property service Homestore.com joins the list of companies investigating possible accounting irregularities. In a recently-filed Form 8-K, the company said that it expects to restate its nine-month financial results and reduce the revenue figure by as much as $95 million to better reflect the nature of on-line advertising transactions that should have been accounted for as barter transactions.
Practice Management

Improve Profitability Through Efficient Scheduling

This article written by Steven T. Erickson CPA, CVA Consultant-Advisor to Professional Service Firms.In these days of personnel shortages, high labor costs and the resulting price-cost squeeze, you might want to take some of your own good advice to maximize the profitability of your firm.Gross revenue measures (realization percentage, billed rate per hour, etc.) are not the most useful tools to manage your practice when rapidly escalating personnel costs can’t be passed on to the client.

Pages