A&A news May 2006

A&A

FASB Invites Comments on Insurance and Reinsurance Contracts

The Financial Accounting Standards Board (FASB) is seeking constituent comment and perspectives on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components as part of a broader initiative to improve the financial reporting for insurance accounting.Advertisement
A&A

Automated accounting for small; mid-sized businesses

Accounts payable and receivable will always be important processes in manufacturing. IndustryWeek reports that while accounting management accounting software has been around for 20 years or so, the automation of many companies’ accounting processes is still a continuing process. “On the receivables side, we are trying to automate our outgoing invoices, and we want to get all our receipts electronically,” said Michael Clayback, director of information technology at Sealing Devices.
A&A

IFAC Issues Guidance on Developing SMB Business Plans

The International Federation of Accountants’ (IFAC’s) Professional Accountants in Business (PAIB) Committee has released a new information paper entitled “Business Planning Guide: Practical Application for SMEs”, providing guidance on developing a business plan for small and medium entities (SMEs).
A&A

Veteran-Owned Small Businesses

Of the 80 million small businesses in the United States, about four million are owned by veterans. The total military veteran population is about 24 million. This five percent of small businesses is more than one would expect, given the total population number, according to SmallBusinessNotes.com. Veteran startups have a higher success rate when compared with other business startups, as well. SmallBusinessNotes.com said this is due in part to the experience veterans receive while in the military.
Technology

Intuit, Sage & Microsoft Lead SMB and ERP Markets

As events continue to shape the accounting and ERP market landscape, the Yankee Group reports that Intuit, Sage and Microsoft are the dominant companies in these small and medium business (SMB) markets.
A&A

For Small Businesses Quality Insurance is Key to Keeping Employees, Profitability

For 36 percent of small business decision-makers responding to a survey commissioned by Aflac, their current health benefit offering has negatively affected business. Nearly two-thirds of respondents are concerned about their company’s ability to provide a benefits package that will attract and retain employees.
Community News

Boston CPA Offers Free Financial Training to 1,000 Entrepreneurs

Carole A. Symonds, CPA, MST is offering small business owners an avenue to learn how to make their businesses more profitable and increase their earnings. The first 1,000 small business owners applying for online training at www.MillionaireManager.com before June 30, 2006, will receive training valued at $3,100 and previously available only at live seminars. A $37.00 registration fee applies.“95 [sic] percent of businesses fail.
A&A

Flooding Hits Northeast Testing Financial Preparedness on Eve of Hurricane Season

Rivers crested after record rains eased in the Northeast U.S. on Tuesday leaving behind damage from some of the worst flooding the area has seen in nearly 80 years. As with the aftermath of last year’s hurricanes, many homes and businesses will not survive because the three states hardest hit by the flooding have relatively low participation rates in the federal flood insurance program, according to the Boston Globe.
A&A

Financial Statements Still Significant In Predicting Bankruptcy

Researchers have found that financial ratios are still valuable tools in predicting bankruptcy.
A&A

Hartford Introduces Professional Liability Insurance for Private Accounting Firms

Accounting firms with up to 50 accounting professionals on staff can now look to the Hartford Financial Services Group, Inc. for their professional liability protection as well as their general business insurance needs and financial services products. The Accountants Professional Liability product provides coverage for certified public accountants and other accounting professionals, including public accountants, enrolled agents, tax preparers and bookkeepers.
A&A

Sales tax compliance costs hit hard on SMBs

In what offers the faint hint of another area where accountants can assist small and midsized (SMB) clients, a government and business study has found that the costs of complying with state sales tax regulations is a financial burden for all retail businesses and hits especially hard on the smallest.
A&A

FASB Mulls Change to Rule on Pending Lawsuits

The Financial Accounting Standards Board (FASB) is considering lowering the threshold for recognizing a public company's potential loss from pending litigation, a board member disclosed in a recent forum.Advertisement
A&A

AICPA Partner Program with Paychex Extended Through 2011

The success of the Paychex Partner Program from American Institute of Certified Public Accountants (AICPA) Business Solutions has resulted in a five year extension of the contract. Initially named the preferred payroll services provider to CPA clients by CPA2Biz in 2003, under the extension Paychex will also be designated as the preferred provider of retirement plan services for CPA clients.
A&A

90,000 Firms with Combined Annual Revenue of $65 Billion

The accounting and tax preparation industry in the United States includes approximately 90,000 firms with combined revenue of $65 billion, according to Research and Markets, a leading source for international market research and market data, headquartered in Dublin, Ireland.Advertisement
Practice Management

Why Should I Follow You? The Latest Podcast from David Maister

The fifth and latest installment of David Maister’s 15-part podcast series Managing Professionals: Attitudes, Skills and Behaviors explores the characteristics good leaders need in order to inspire others to follow them.

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