Practice Management news

Practice

Internet Based Malpractice Insurance Now Available

Accountants, bookkeepers and tax preparers now have an alternative for malpractice insurance, available for the first time through the Internet through a new web site unveiled this week by one year old ePolicy.com, Inc. of Torrance, California.Shopping for insurance can be handled entirely through the Web, and coverage from major carriers is available within minutes.The malpractice insurance available through e-Policy is primarily for firms with 10 or fewer accountants or bookkeepers.
A&A

Survey Shows Trade Secrets Are At Risk

More than half of US corporations are ill-equipped to protect their trade secrets, and do not have an established protocol to ensure their protection, according to a just-released survey of 200 top trial lawyers by PricewaterhouseCoopers and the American Bar Association.Survey respondents estimated that 40-70% of company records are kept in electronic form, but the security and accessability to that information is questionable.
Practice Management

Critical Factors in Receivables Handling

Written by James Herst, Performance Source, Inc., reprinted with permission by The Financial Management Network.Sellers can avoid bad debt losses through better handling of their receivables. Here’s some suggestions. Customer Records a KeyCreate and maintain accurate customer records, including full name of customer’s bank. Know names of those who approve payment, signs check and the superior of each at customer location. Call a new customer and tell your credit terms. Ask: Can you live with that?
Practice

The Learning Game

Does this sound familiar? You’ve tried it all – classroom training, internal training, books, videos – and still your staff are fumbling with their new software. They KNOW there are easier ways to complete their tasks, yet they say they’re so busy there’s no time to learn how to do things more efficiently. Why is this happening? It’s not because you’ve been unwilling to provide training, it’s not because your staff doesn’t want to learn.As a consultant, I have the opportunity to observe computer users at many different organizations.
Practice Management

Three Uses of the Web for CPAs

Everyone these days is on the Internet, but how much can you use the Internet to deal with clients? Here are three fundamental uses of the Web.1. Answer Basic Questions: many firms use their Internet site to provide solutions for customers and clients. This is especially evident with systems like Ernst & Young's Ernie, which provides online assistance at a rate of $3,000 for 10 questions.
Practice Management

Accounting Firm Profitability

This is the fourth in a series of editorials by Results Accountants' Systems.MAKING YOUR PRACTICE MORE PROFITABLEAccounting businesses are mature industry. There is intense competition for clients which is typical when the principal services offered in the industry have a very generic look and feel about them. Clients are able to drive prices down because switching costs are relatively low.Accounting firms have very similar cost structures to their intra-industry competitors.
A&A

SEC Announces Revenue Recognition Policies and Rules

Article by Charles Hecht of Hecht & Stechman.Reprinted with permission from The Financial Management Network.Citing a study which found that over half of financial reporting frauds involved the overstating of revenue, the Securities and Exchange Commission (SEC) recently issued a Staff Accounting Bulletin (SAB) in its continuing efforts to combat earnings management.
Practice Management

Get Your Firm Communicating!

If your firms suffers from the “it’s always been done that way” syndrome. Listen up. Companies that are making their mark and pushing the industry envelope are finding that encouraging innovation at all levels of the organization can really affect the bottom line.Best Practices LLC's recently updated report, "Knowledge Management of Internal Best Practices," profiles innovative methods used by world-class companies to communicate best practices internally.
Practice

Developing a Strong Cash Management Procedures Manual

Article by Leslie N. Masonson, CCMReprinted with permission from The Financial Management Network.Many companies do not have a detailed, up-to-date and well-written cash management procedures manual. Only an estimated 60% of large companies have this manual, while 20% of smaller companies have one. This oversight can prove costly in case of a fraud, disaster, or other difficult situations.The process of creating a cash management procedures manual is time-consuming, people intensive, and difficult to keep current.
Practice

Great News!

This is the third in a series of editorials by Results Accountants' Systems.This has been my week for great news (more about that soon).It’s also been my week for a quarterly check-up at the doctors. And as I was sitting there in the waiting room (why can’t doctors see you on time?). I thought about being a doctor and the parallels between being a doctor and being an Accountant in Public Practice.There are two that I thought of. First, a sign I saw in a medical practice several years ago.
Practice

Busy Season Stress Busters

Looking for ways to ease your firm through the next two weeks of busy season with minimal stress? AccountingWEB invited members to share their ideas in an online workshop on busy season stress busters, and got some pretty good ideas!Read through the transcripts of the session for details, or scan through some of the best ideas below. Either way, be sure to tap into the brainpower of the AccountingWEB community and finish up tax season with a smile on your face! 
Practice Management

Extreme Golf: 2 Courses in one day!

CPAs and accountants love to play golf--and the game often is used to strike that next 'big' deal! However, who in their right mind would think you could play two courses miles and miles apart from one another in the same day?A new service from a resort company in Scottsdale, AZ (one of the nation's primo golf capitals) is using helicopters to transport players from course to course in a single day.
Practice Management

Would Clients Notice If You Dropped Dead Today?

A morbid topic? Not really. Even so, I am reminded that one of my friends once told me that the number of people who turn up to your funeral is directly proportional to the state of the weather on the day. Not really a comforting thought is it?But seriously, would your client notice if you had expired, if you had gone to meet your maker or if you received a call from The Man Upstairs this morning?Truth is, they probably would.
Practice Management

Avoiding the Pitfalls of Web Site Development

Because I have helped develop a couple of Web sites – one large in scale and the other pretty small – I have a sense of how frustrating and confusing Web site development can be. Not only are you working with another "language," but the variables are unlimited and the costs can be, too. Web developers can charge anywhere from $500 to hundreds of thousands of dollars to build your Web site. Use these ideas to make your next Web site development project run smoothly.The key to Web site development is planning.
Practice Management

Financial Services Help Available From Trusted Source

Public accounting firms looking for insider tips and advice for expanding their financial services offerings need look no further. Trusted accounting publisher, Strafford Publications has launched a new publication that will help CPAs diversifying into new financial services areas.The authoritative, monthly intelligence briefing offers proven, profitable strategies for its readers.
A&A

Tips for Selling to Women Business Owners

Gerry Myers, President of the Myers Group, a consulting firm specializing in women owned businesses, led a discussion in this week's AccountingWEB Workshop on tips for selling to women owned businesses.Some interesting ideas and trends that she provided about selling to women should be reviewed carefully:90% of all women will be responsible for managing their own finances at some point in their lives.Given their traditional investing and savings patterns, women retiring in the next 20 years
Practice Management

Fraud Costs Companies $400 Billion Annually

Many CPAs and accounting professionals have discovered a lucrative business by specializing in fraud, and are extremely familiar with this tremendous drain on resoruces, but did you know that fraud costs North American companies more than $400 billion annually?And that's just the beginning. Putting the monetary loss aside, fraud takes its toll on other aspects of company operations, like employee morale and long-term growth.
Practice Management

Focus Your Firm With Client Advisory Boards

Ryan Travis, a a professional development consultant with Results Accountants Systems, led an online workshop today focusing on the benefits of a client advisory board in helping to steer your organization to success.A Client Advisory Board, or CAB, is a focus group of sorts, made up of 6-12 of your "A" list clients, whom you invite for 2-3 hours to a session, facilitated by someone outside your firm, in which they are asked to comment
Technology

Just $260K to Corner The Market on Online Tax Prep

Is having the right domain name the key to success in online tax preparation?If you think the answer is "yes," and if you're willing to invest at least $260,000, then at this time next week you might be well on your way to cornering the market for online tax preparation services.How?The domain name WWW.TAXES.COM is being auctioned off this week by domain name broker GreatDomains.com.According to the promotion:"In the area of taxes, no other name confers the instant credibility and recognition rep
Practice Management

Low-Cost Ways to Publicize Your Web site

Almost every firm and organization has some kind of Web site on the Internet, but how are you publicizing the site to build momentum and find visitors?It's been proven that telling others about your site doesn't have to cost a lot of money - in fact, it can be done quite inexpensively depending on your needs.Try these tips: Register the site with well-known search engines, such as Yahoo! and Excite.

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