A&A news August 2007 | AccountingWEB

A&A news August 2007


The importance of business planning

In every aspect of our lives the importance of planning is clear to see, so why do so many small business owners not give the same level of importance to planning when it comes to their company?

Succession planning for solo business owners

When you're the sole employee of your own company, you are the company, from CEO to receptionist. While that keeps costs low and affords considerable operating flexibility, flying solo makes succession planning problematic at best. There is no "& Son" in the company name to suggest who will take the reins when you retire, and you have no employees to buy the business from you. When you leave your business, it may cease to exist.That's not what you want to happen, of course.

State and Federal Enterprise/Empowerment Zone tax breaks extended

Federal Work Opportunity Tax Credits (WOTCs) now cover 18 - 39 year-old employees hired by businesses located in Renewal Communities, Empowerment Zones, and rural renewal counties under legislation passed recently in Congress. Prior to passage of the new legislation, part of H.R. 2206: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007, the credits applied only to 18 - 24 year olds.

A Conversation with Bruce Pounder: The Impact of Convergence on U.S. GAAP

Internationally recognized convergence expert, Bruce Pounder, explains what we can expect to see in financial reporting and the financial statements of the future. To start off, can you briefly describe the phenomenon of "Convergence?"The word Convergence refers to the process of eliminating differences in accounting standards among countries. But Convergence also refers to the goal of that process - the absence of differences in accounting standards among countries. So Convergence is both a process and a goal.

Offering benefits reduces employee turnover in small businesses

A survey by the Office of Advocacy of the U.S. Small Business Administration reports that while job tenure is longer at larger firms, offering benefits reduces the probability of employees leaving jobs at any firm in a given year by 26.2 percent, and increases the probability that an employee will stay an additional year by 13.9 percent. In addition, the study found that for every year the employee remains on the job, the likelihood of turnover is reduced by 81 percent.
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