A&A news

A&A

Not Your Ordinary Acquisition and Merger

Accounting firms are usually acquired or merged with other accounting firms, or at least other financial services firms. Not so for Terry Moye and Associates, an accounting, tax and business computer systems service provider in the north Chicago area.Mr. Moye is prepared to align his firm as a wholly own subsidiary of GFY Foods, Inc., becoming the financial services branch of the company. Mr.
Technology

Small Business Survey: Technology, Community Involvement Key

A survey released yesterday by HP indicates that small businesses are planning to ramp up their technology investments. The survey also confirmed the trend toward women owning small businesses and that many small business owners enjoy being able to give back to their communities.Small business owners identified operations, customer relations and employee relations as their core challenges, according to the survey that was conducted by Harris Interactive® and released in conjunction with National Small Business Week events being held in Washington, D.C.
A&A

Fraud Hits Small Businesses the Hardest

As any small-business owner knows, fraud, waste and abuse are hardly confined to major corporations.Scandals featuring high-flying executives living lavish lifestyles can grab headlines - and in the case of Enron, scandal can even make it onto the big screen. Smaller-scale crimes, however, can also levy serious damage. According to the Association of Certified Fraud Examiners, the most costly abuses occur in organizations with fewer than 100 employees.
A&A

Internet Yellow Pages Good Deal for Businesses

Looking for the best avenue to market your company? A new survey shows that Internet Yellow Pages beat out local search engines in getting consumers to information quickly and efficiently.comScore Networks and the Yellow Pages Association (YPA) yesterday announced the results of a joint research initiative designed to compare consumer local search behavior on Internet Yellow Pages (IYP) and major search engines. The survey tracked Internet behavior by comScore's panel of 1.5 million U.S. consumers.
A&A

IRS Offers Help to Small Business

It’s National Small Business Week and the Internal Revenue Service (IRS) is rewarding small businesses with an abundance of resources. Help is now just a mouse-click away for 45 million small business and self-employed taxpayers at the IRS' Small Business/Self-employed Resource Center.“Running a business is a big responsibility and the IRS wants to help ease the process for this dynamic group of taxpayers,” says Kevin M. Brown, commissioner of the IRS Small Business/Self-Employed Division.
A&A

New Software Helps Small Businesses Comply with SOX

This month, SecureBlue, Inc. is launching the latest version of its Sarbanes-Oxlely solution, SOX-Pro. SOX-Pro is a digital software compliance solution for small and mid-sized companies that offers both SOX compliance and internal network security management.“The high cost and complexity of existing SOX solutions has resulted in a dramatic increase in the number of late filings from small and medium cap companies compared to last year.
A&A

Can Software Replace You?

With tax season fading fast in the rearview mirror, how are your clients preparing for next year’s tax season? Are they planning to spend more time with you? Are they investing in some fancy accounting software in hopes of becoming more self-reliant? Have they discussed any of it with you?
A&A

Small Businesses Get New Tool to Assess Risk of Fraud

Business owners with limited money to hire anti-fraud professionals now can see for themselves whether their company is vulnerable to insider fraud.Larry Cook, president of CVA Solutions Inc. of Lenexa, Kan., developed the Internal Fraud Vulnerability Assessment Tool, or IFVAT, for auditors to assess internal control weaknesses as part of the new requirements of the Sarbanes-Oxley Act.
A&A

SOX and Small Business

The Securities and Exchange Commission (SEC) has created an advisory committee to look at the impact of federal securities laws including Sarbanes-Oxley (SOX) on small businesses. The 21 members of the Committee on Smaller Public Companies is charged with examining the impact of SOX in three key areas:Internal Controls. What financial reporting frameworks are available to smaller companies? How does management assess internal controls and what audit standards exist?Corporate Disclosure, Reporting Requirements, and Governance Requirements.
Practice

New Accounting Graduates Paid More

The average starting salary of graduates with degrees in accounting have risen 3.9 percent since the same period last year, according to the spring salary survey from the National Association of Colleges and Employers.Accounting graduates can expect offers averaging of $43,809. Economics and finance graduates can expect to see offers of $42,802, which is an increase of 5.1 percent over the previous year. This increase is in part due to financial and treasury analysis offers averaging.
A&A

Companies Aim to Help Small Businesses Meet SOX Rules

Two technology companies have announced a partnership to help owners of small and medium-sized businesses meet the internal control requirements of the Sarbanes-Oxley Act.The demanding internal control rules in Section 404 have caused U.S. public companies and their auditors the most headaches since the 2002 law went into effect.
A&A

SEC Delays Implementation of Accounting Rules

The Securities and Exchange Commission (SEC) announced on Thursday that large public companies won’t have to expense options until the fiscal year beginning after December 15, 2005.The rules, issued by the Financial Standards Accounting Board (FASB), were have gone into effect for large firms in the first quarter starting after June 15, 2005. The deadline for smaller firms has always been the first fiscal after June 15, 2005.
A&A

What Can German Cost Accounting Do for US Firms?

Grenzplankostenrechnung or GPK is not a familiar phrase to most Americans. Given the general dissatisfaction with cost systems in the United States and the demonstrated success of GPK costing systems in German-speaking nations, perhaps it should be.The Institute of Management Accountants (IMA) on Tuesday, April 12, 2005, announced the results of a research study examining the benefits of GPK and the ways U.S. companies may use GPK effectively. The study was conducted in June 2004 by Kip R.
A&A

Small Business Accounting Gets EDI Link

RedTail Solutions has created a new program to build and support direct EDI links to several popular small business accounting software applications.On Monday, RedTail Solutions, which sells hosted EDI communications service through solution provider partners, has lined up the top 5 value added resellers (VARs) to build interfaces to top selling accounting applications from Microsoft, Best Software, and Accountmate Software.
A&A

Five Ways to Improve Due Diligence

Due diligence is most commonly performed during the sale of a business. It can, however, be a useful tool for gaining a truer picture of the current state of a company whether it is up for sale or not. Here are 5 hints from TheStreet.com, for making the most of a due diligence audit:Double-check everything. This includes financials, the customer database, tax returns and filings, copyright and patent filings, employment contracts, vendor lists, and leases for equipment or property.
A&A

FASB Options Rules Also Affect Private Firms

Late in 2004, the Financial Accounting Standards Board (FASB) issued a controversial ruling regarding how companies list outstanding options as expenses on their books. The impact of the new guidelines on public companies, which goes into effect in June, has attracted most of the attention.
A&A

IRS Targets Small Business

The Internal Revenue Service is targeting small businesses. Concerned about widespread noncompliance with employment tax rules, the IRS in February unveiled a new form for filing employment taxes, it hopes will simplify payroll tax reporting and reduce errors. The IRS also hopes the new form will make it easier for auditors to spot inappropriate transactions and questionable reporting as they step up their auditing efforts of small businesses. According to Financial-Planning.com, among the specific targets on the audit list are:S Corporations.
A&A

Microsoft Prepares to Roll out Small Business Accounting Software

There are 40 million small businesses using PCs in the world and Microsoft aims to make all of them customers of its soon-to-be released Office Small Business Accounting software, IDG News Service reported.The company claims the new product will enable small businesses to manage customer, financial and business processes. Payroll functionality is offered through integration with services from outsourced payroll services provider Automatic Data Processing.Available now in a beta test version with the final release slated for September.
A&A

Tax Wars: Small Firms v. Large National Chains

What do clients look for in a tax preparer? Are they looking for an accountant tucked in an office with calculator and computer or for a nationally recognized brand promising fast refunds?Many Americans still do their own taxes. More complicated tax rules, however, are forcing greater numbers of taxpayers to seek help preparing their returns. Of the 132 million returns filed last year, 80 million filers paid a third party tax preparer. That number is expected to rise at an annual rate of one percent.“It’s like changing the oil in your car.
Community News

Vital Records Management: Don't Get Distracted by SOX

When it comes to data management, executives must develop a strategic approach – thinking in both in terms of the “big picture” vision and the details of storage, Van Carlisle, CEO of Fire King, a security and records management group, told the ABA Banking Journal in an interview published in March 2005. Carlisle points out that not all records have the same value to a firm. To be distinguished as “vital,” a record must contain information that is essential to the organization in the event of a disaster.

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