A&A news

A&A

Finance Operations Overlooking Technology in Improving Operational Efficiency

More than three-quarters of finance executives surveyed say they need to improve operational efficiency in their organizations, according to a report released Tuesday by Accenture. The report, based on a survey of more than 120 senior executives conducted in January 2005, also found that a significant number of organizations were unaware of the process improvements they could experience with the appropriate implementation of technology.“The findings show that finance executives are challenged to improve efficiency and reduce the time and
Education & Careers

Choosing a Financial Planner Takes Some Research

Investors of all ages believe they need professional help to manage their money, leading them to question the best way to find a skilled financial planner they can trust.A new survey shows half of “GenX” investors (26 to 40 years old), 46 percent of “Boomers” (41 to 59) and 45 percent of “Matures” (60 to 82) say they “need the help of professionals” in managing their investments.
A&A

Quasar Accounting: A Cost Effective Software Solution

In the world of small and medium enterprises, there is a myriad of accounting packages available to track income and expenses, pay bills, invoice customers, and keep track of inventory. From the nearly ubiquitous QuickBooks to other options such as PeachTree, Cougar Mountain, and Microsoft’s Small Business Accounting, most packages have the same basic functionality and offer more features for more money. But what if there was a solid solution that wasn’t so costly?
Education & Careers

Survey of Financial Pay in the Manufacturing Industry

The median annual income reported for Chief Corporate Financial Officers (CFO)in the manufacturing field is $130,032, but 10 percent make less than $87,414 and 10 percent make over $259,603. Of course, not all financial professionals working in the manufacturing industry are CFOs. Even among CFOs, pay varies widely with the fiscal size of the manufacturing firm. For example, CFOs in manufacturing firms with annual revenues of $10-$24.9 million have a median annual income of $111,916 vs.
A&A

AICPA: CPAs Have What it Takes to be CFOs

What does it take to be a good CFO? Expertise in accounting, financial reporting and internal controls, says the AICPA, and CPAs possess the skills to excel in the role.That's the position the AICPA lays out in a new white paper, "CPAs as CFOs: Why You Should Have a CPA in Your C-Suite." The paper outlines the many new demands on the CFO and how CPAs are particularly attuned to handle the variety of operational, financial and compliance challenges."There is a dual role for today's CFO," said AICPA President and CEO Barry C. Melancon, CPA.
A&A

Ideas for Prompt Collections and Fair Practices

A Commercial Collection Agency Association study quoted in an Accounting Office and Management and Administrative Report (AOMAR) says that the probability of collecting on a late account after three months drops to 73 percent, after six months to 57 percent and after one year to 29 percent. Richard Baumann, a partner at Sulmeyer Katz, a Los Angeles law firm, said in the AOMAR report, that he advises partners and administrative managers at CPA firms to stay on top of all outstanding bills. “I counsel my clients not to let these things get out of hand.
Education & Careers

The Number of Minority-Owned Businesses Expands

The Census Bureau reports that the number of minority and women-owned businesses have increased over a five year period between 1997 and 2002. Their Survey of Business Owners reveals that the total number of businesses increased at a rate of 10 percent or about 2 million. Minority and women-owned businesses have grown at an increasing rate. The number of businesses owned by Asians grew by 24 percent while African-Americans minority businesses grew by 45 percent. Hispanic minority businesses grew by 31 percent.
Tax

IRS to Study Tax Compliance of S Corporations

The Internal Revenue Service announced on Monday, July 25, that it will randomly audit 5,000 tax returns of S corporations to study overall tax compliance of these popular corporate entities.The IRS will look at tax years 2003 and 2004. Examiners will determine whether income and expenses were accurately reported and whether the correct tax was paid, just like any other audit. The audits will start later this year and should be complete within two or three years.
A&A

House Passes Small Business Health Fairness Act

The U.S. House of Representatives passed the Small Business Health Fairness Act on Tuesday, July 26, legislation that would permit small businesses to join together across state lines to purchase health insurance for their workers through Association Health Plans (AHPs). The bill allows small businesses to purchase healthcare through trade associations and professional organizations.
A&A

Small Businesses Feeling the Heat of Rising Energy Costs

Higher fuel costs are impacting 72 percent of small business nationwide according to the latest poll from the International Profit Associates Small Business Research Board (IPA SBRB).
A&A

Award-Winning Accounting Software for Small Businesses

Sage Software produces two of the top accounting solutions for small businesses, not just according to accountants but also according to the technology crowd. Simply Accounting and Peachtree, two of Sage Software’s accounting solutions have won honors and awards from the media recently.Peachtree Premium Accounting 2005 was awarded five of five stars and Simply Accounting received four-and-a-half of five stars in CPA Technology Advisor’s listing of Small Business Accounting Software for 2005.
Technology

The Present (and Future) of Business Communications

Many firms recognize that failing to properly retain business related e-mail can lead to lawsuits, fines, bad publicity and even criminal charges. Only a few, however, understand the same things can happen with instant messaging (IM) and peer-to-peer (P2P) communications. Is your firm one of them?The “2004 Workplace E-mail and Instant Messaging Survey” found that only 11 percent of responding companies use gateway/management software to monitor and control IM use and risks.
Community News

Court Clarifies How-to Rules on Family Limited Partnerships

In a closely watched estate case, an appeals court has outlined the mistakes made by the family of a deceased Texas millionaire, providing estate planners with sharp guidelines on how to use family limited partnerships.Family limited partnerships are often used to reduce taxes on inheritances and gifts. In this case, the family of Albert Strangi made errors that caused the U.S.
A&A

Accounting for the Civil Air Patrol

The Civil Air Patrol (CAP), the official auxiliary of the U.S. Air Force has turned to InsynQ’s e-Accounting to help it comply with federal regulations regarding tracking and financial reporting for non-profit organizations.
Practice

Self-Employment Declines Sharply for Second Consecutive Month

Labor Department data reported in USA TODAY, shows the number of self-employed fell 3.1 percent, or 303,000, in June. It was the second consecutive month of big declines.One possible reason is that companies are hiring again. “More people are finally being reabsorbed into full-time jobs,” Maria Minniti, associate economics professor at Babson College told USA TODAY.But entrepreneurs are struggling with rising costs as well, especially the cost of health care.
Practice Management

Pricing: Another Side to the Profit Equation

There’s been a lot of talk about cost-cutting over the past few years as companies of all sizes strive to increase profits. When it comes to increasing profits, however, reducing costs is only part of the story.“Companies will do everything in their power to cut costs, from outsourcing IT departments to limiting employee travel. But there’s another side to the profitability equation that often goes unexplored – pricing,” says Greg Peters, CEO of Zilliant.
A&A

Analysts Ignoring Cost of Stock Options

Some Wall Street analysts are failing to figure the cost of stock options in their reports to investors, at least so far.Public companies last month were required for the first time to account for stock options as expenses, lowering their bottom line. For some companies, those new figures will be reflected in regulatory reports due soon, but stock analysts are not following suit, the Wall Street Journal reported.Analysts are leaving out the information in earnings-per-share figures included in reports to investors. For example, Microsoft Corp.
Tax

Accounting for Uncertain Tax Positions

The Financial Accounting Standards Board (FASB) issued an Exposure Draft on Accounting to Uncertain Tax Positions on Thursday, July 14, 2005. The Exposure Draft would apply to all tax positions accounted for in accordance with FASB Statement No.
Practice Management

Franchising As A Growth Option for Your CPA Firm

Gaining new clients and increasing business is very challenging and difficult for many small CPA firms. There are a number of ways in which CPAs market. Many of these methods are not very effective for providing for any significant, real long-term growth. Traditionally, “referral marketing” has been the number one way for small CPA firms to gain new business. However, referrals can only take you so far, and will only yield a limited amount of growth in your practice.One non-traditional growth method that CPAs may consider is franchising. What is a franchise?
A&A

Taxware Partnerships Changing the Tax Calculation & Compliance World

The world of tax calculation, accounting and compliance in the U.S. and 170 countries changed on Tuesday, July 12, 2005, when Taxware announced partnership agreements with Avalara and Group 1 Software. The agreements will tap into emerging technologies to help businesses gain access and eliminate guesswork in global tax compliance and jurisdictions.Taxware, a First Data Corporation (FDC) company, is a leading provider of global transaction tax calculation and compliance solutions that has historically focused on the needs of Fortune 1000 companies.

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