A&A news

A&A

Summer Vacations on Many Small Business Calendars

Sixty-seven percent of small business owners expect to take at least a week’s vacation this summer. They are among the record number of Americans that will be taking vacations this year.“The bottom line is that business balance sheets are the strongest in decades, which means a greatly improved job market with more Americans back at work. Homeownership is more than 69 percent – its highest level in U.S. history – and given high appreciation rates, many consumers have gained an asset that gives them more buying power.
A&A

AICPA & FASB Exploring Changes in GAAP for Private Companies

The accounting profession will work with the Financial Accounting Standards Board (FASB) to evaluate potential changes to generally accepted accounting principles (GAAP) for privately held, for-profit companies the governing council of the American Institute of Certified Public Accountant (AICPA) announced on Monday.The AICPA Council resolution directs AICPA management to work with the Financial Accounting Foundation (FAF) and the Financial Accounting Standards (FASB) in identifying and implementing a process for evaluating potential changes in recognition, measurement and disclosure from G
A&A

Open Source Accounting Options

How much does accounting software cost your firm every year? How much does it cost your clients? How much does the cost increase if you add in software for spreadsheets, reporting, online banking and bill pay, and other common accounting related tasks? Is it worth it? What if there was another way?A new wave of freely available open source business applications is already being adopted by a significant number of small and mid-sized businesses.
Practice

AICPA Business Solutions Expands to Include 401(k)

Paychex 401(k) Recordkeeping services have been added to the Paychex Partner Program from the American Institute of Certified Public Accountants (AICPA) Business Solutions. “The addition of 401(k) to the CPAs’ tool chest offers another great way to professionally serve their clients,” said Tony Tortorella, vice president of Human Resource Services – Sales for Paychex.
Technology

Intuit Announces Big Success in Launch of Payroll Program

Intuit's launch of QuickBooks Enhanced Payroll services is one of the software company's most successful, with 100,000 customers in just seven months.Owners of small businesses often take on many different roles, so managing payroll can be time-consuming, not to mention confusing, the company said.
A&A

401(k) Plan Participation Increasing, but Mistakes Abound

Despite efforts of businesses to educate Americans about the need to plan wisely for retirement, too many workers are making common mistakes - not saving enough, for example, or relying too heavily on company stock.Self-employed individuals or those who own a business that employs only their spouse are not taking advantage of Individual 401(k)s, thinking that they can't afford to set up a retirement plan, according to Fiducial, an international financial services firm."The hottest thing for self-employed individuals or a very small company's business owner and spouse is the Individual 40
A&A

Small, Medium Businesses Turn to Intuit, Best Software, Microsoft

The market for accounting software among small and medium-sized businesses is dominated by Intuit, Best Software and Microsoft, according to Boston-based analysts with the Yankee Group.The company said that Intuit has a “firm grasp” on the small business market, with 68.3 percent of companies with 2 to 9 employees using Intuit products. In the 20- to 99-employee range, Best Software and Intuit both boast 29 percent market share.
A&A

Calendar: Succession Planning Webcast

Succession planning consistently ranks among the top issues facing businesses of all sizes and types. According to a survey conducted by the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA) in 2004, 56 percent of CPA firms have at least one partner retiring in the next five years.
Education & Careers

Employee Background Checks on the Increase

A new online employment screening company is offering a quick way for employers to check the educational and work histories of potential employees.Employers can turn to www.Employact.com to conduct background checks, education verification and pre-employment screening to weed out applicants who list on their resumes fake diplomas or degrees from online diploma mills.“Our employment screening process will put the diploma mills out of business,” said CEO Samuel Anderson in a press release.
A&A

Cisco Proposes Option for Options

When the new rules regarding the expensing of options go into effect over the next year, technology firms, like Cisco Systems Inc., will be among the hardest hit. Billions of dollars are stake in Silicon Valley with its high concentration of technology firms.
A&A

Impending Bankruptcy Changes Push Up Filings

A major overhaul of the bankruptcy law is prompting more people to file for protection now to avoid going through a more difficult and expensive procedure in the fall.Bankruptcy filings in March jumped nearly 60 percent from February, according to Cardweb.com, which tracks the credit and debit card industries. Attorneys who specialize in bankruptcy law say the increase is directly related to the new law, which takes effect Oct.
A&A

FASB May Re-Open Talks on Derivatives and Hedging Activities

The Financial Accounting Standards Board (FASB) may re-start discussions on one of its most controversial standards–accounting for derivatives.Financial Accounting Standard 133–Accounting for Derivative Instruments and Hedging Activities–took effect in 2000 and angered many business owners.
A&A

Sales, Business Tax Reform on Meeting Agenda

The next meeting of the President’s Advisory Panel on Federal Tax Reform is scheduled for May 11 and 12, 2005 at the Transportation Safety Board Auditorium in Washington D.C.. On the agenda are specific tax reform options for retail sales tax, value-added tax and flat tax as well as a full day of discussion on business tax reform.The panel will also hear testimony on the “Transform America Transactions Fee Act of 2005” or H.R. 1601, submitted by Rep. Chaka Fattah (D-PA).
A&A

Office Depot Puts Spotlight on Small Businesses

In recognition of the nation's 25 million small business owners, Office Depot has launched “Office Depot Small Business Month,” with activities and promotions designed to meet the needs of small businesses."Among our key goals is to help our small business customers deal with an ever-changing business landscape and manage their bottom line," said Chuck Rubin, executive vice president and chief merchandising/marketing officer at Office Depot.
A&A

IASB Extends SME Comment Deadline

The International Accounting Standards Board (IASB) has extended the deadline for replying to the staff questionnaire on accounting standards for small and medium-sized entities (SMEs) to June 30, 2005.
Community News

CCH Inc. Receives Customer Service Award

Customer Relationship Management magazine has named CCH Inc. one of 2005’s CRM Service Elite.
A&A

CPA Named Arizona Woman Entrepreneur of the Year

Sandra A. Abalos, managing partner of Abalos and Associates in Phoenix, Arizona has been named the 2005 Woman Entrepreneur of the Year by the Small Business Association (SBA). The Woman Entrepreneur of the Year award recognizes a woman who owns and operates her own business, demonstrates staying power and contributes to the community.“I am honored to be chosen for this prestigious award and am humbled by this recognition. I continue to be awed by the enormous contribution women business owners can make toward the development and welfare of the community of our community.
A&A

AICPA Cites Complexity as Barrier to Tax Compliance

“By and large, small businesses obey the law, but it’s only human to inadvertently disobey a law if you do not or cannot understand the rules,” Ronald B. Hegt, CPA and a member of the American Institute of Certified Public Accountants (AICPA) Tax Executive Committee told the House Small Business Committee on April 27, 2005.Complexity is one of the reasons cited by AICPA for eroding small business’ voluntary compliance with tax laws.
A&A

Judge Orders SBA to Comply with FOIA Request

What’s in the final report released last year by the Small Business Administration’s (SBA) Office of Advocacy that they don’t want the public to see? The American Small Business League (ASBL) would like to know, too. They requested a copy of the report under the Freedom of Information Act (FOIA). The SBA denied the request. On April 29, a judge ordered the SBA to turn the report over.The court order was the result of a complaint filed on October 6, 2004 in the U.S. District Court for Northern California by the ASBL.
A&A

FASB Issues GAAP Hierarchy Exposure Draft

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft titled “The Hierarchy of Accepted Accounting Principles,” as part of an effort to improve the quality of accounting standards and the standard-setting process.Recently, the Securities and Exchange Commission (SEC) has reaffirmed the FASB as the designated private-sector standard-setter for public companies. The FASB, in turn, has implemented procedures to narrow the types of accounting principles it issues.

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