A&A news

A&A

Brush up on the Roth IRA

What are the tax-saving advantages of the Roth IRA?This relatively new savings vehicle is ideal for the younger set because it enables a person to invest in the long-term for retirement, with the money growing on a tax-free basis.Even though most everyone qualifies for a typical IRA, the Roth is better for a younger investor because money grows tax-free rather than tax-deferred.
A&A

Comerica & ADP Offer Discounts on Payroll Services

Many CPAs and accounting professionals call upon payroll services giant ADP to fulfill their client and employer pay systems. Now, ADP has announced it will collaborate with Comerica Bank and Goldman Sachs to provide payroll and employment services to small businesses.What does this mean to the accounting world? Three of the giants in financial services have taken over services that CPAs provide to clients everyday.
A&A

Best Buy Adheres to SEC Guidelines

Well-known audio/video and computer retailer Best Buy has surfaced as the first-known company to respond publicly to the SEC's new accounting guidelines that, in most cases, organizations must report income derived on the sale of extended warranties over the life of the warranty rather than at the time of the sale.The SEC also is requiring issuers of warranties to go one step further by making the sales net commission revenues.
A&A

Forbes Spotlights 200 U.S. Best Small Companies

We promise this story will make you feel "young," at least in the world of small business and the rash of online companies.Who made the grade on this year's Forbes' Hot 200 list of small companies in America?You'll be surpised to find out. Among the biggest surprise is that there are no "dot.com" companies on the list.
A&A

Can you Guess the Financial Innovations of the Last Century?

What do you think is the most impressive financial innovation of the 20th Century? If you said credit cards, then you're in line with others who also think this is the niftiest invention of the last 100 years.Kiplinger.com conducted the poll of its readership to determine which products, services and innovations had the most impact on personal finances.
Practice Management

Tips for Timely Collections

Most of us would rather buy a new car or go to the dentist than deal with overdue collections. Although we are numbers-oriented, we fall flat when it comes to taking the initiative to collect what's due.The trick is to act fast. For example, if a receivable is just one day overdue, call immediately to find out if something went wrong. There may be a very good reason, or the sender may indeed be tardy for no good reason.Still, acting quickly will jog the sender's memory and should help with collections.
A&A

'Tis the Season to Ship - Who's the Cheapest?

In this supersonic age of getting it there on time with few moments to spare, which of the mailing services is the most economical?Kiplinger.com decided to test the waters by sending a 10- pound fruitcake across the United States. They surveyed various overnight carriers as well as the U.S. Postal Service.The results? They found that the service was mostly the same around the country, but found that the U.S.
A&A

Banks go Online for Business Loans

The Internet revolution is everywhere, and banks across the world are beginning to realize that a secure future may lie in offering loans to businesses via the Internet.A mindset must be switched in the banking industry from that of the "customer" to "small business client." With a rash of small businesses popping up daily in all corners of the planet, more and more financing is needed to operate effectively.
Practice

Move That Home Office Meeting to a Public Place

Meeting clients in public spaces is a solid alternative than meeting at your office, especially if you telecommute and that office is in your home.Although almost anyone that has a home office is proud of his or her environment, the home as "meeting space" is not always idea. There are children, of course, that can be a distraction, but so are pets and other interruptions.
A&A

KPMG Study Reveals M&A Trends and Pitfalls

Research conducted by KPMG indicates an overwhelming majority of 83 percent of mergers & acquisitions fail to enhance stockholder value.
A&A

Former Andersen Accountant Hits the Web - Big Time!

Accountants have a certain knack for analyzing a situation a bit better than the rest of the world based on their training and inert ability to see the fine points. Take Gregory Peters. He saw the forest through the trees and is making a lot of money profiting from making the Web work.Peters has taken his Austin, TX-based company called Vignette and propelled it to more than $25 million in sales.
A&A

Helping Clients Make Money With Uncle Sam

Last year the federal government spent $260 billion on outsourced services. Accounting and consulting firms have plenty of opportunities to get a piece of the pie.
A&A

Cash Balance Plans Offer Lump Sums

The announcement earlier this year by IBM rocked the planned benefits world when Big Blue changed their benefits fom a pension plan to a cash-balance plan.Employees working at IBM shouldn't feel they are alone. In fact, more than 325 companies with names like AT&T and Xerox, also have converted to cash-balance plans.Most everyone understands that the traditional pension plan thrives through employee and employer donations for the long-term.
A&A

Intuit Brings One-Stop Portal for Personal Finances

Popular financial software vendor Intuit is making banking online a real no-brainer.
Community News

Venture Capital Funding Hits The Accounting Market

A PricewaterhouseCoopers survey reports this week that $21 billion in venture capital funding was invested in US companies in the first nine months of this year. Here's the story of one accounting/bookkeeping company that snagged $12 million of it this week.Virtual Growth, Incorporated is a pioneer in providing outsourced bookkeeping and accounting services to fast growing small and medium sized businesses.
A&A

Fraud Gets the Better of American Companies

CPAs and accounting professionals familiar with the dramatic influx of fraud on today's business know how devastating this mishap can be, even on the very small company.Fraud isn't going away any time soon. In fact, fraud is adding up to more than $400 billion annually, and more often than not, involves the theft of money in some form or fashion.What can be done to limit fraud? Experts say background checks on personnel who come in direct contact with funds is a way to start. Also of paramount importance is tighter controls and increased oversight from the CPA and the company owner.
A&A

RIA Issues Year-end tax Tips

Popular tax information source Research Institute of America has announced the release of its annual year-end tax cutting tips."Tax Saving Moves for the Rest of '99" is designed to assist taxpayers to take the initiative before the end of 1999 to maximize tax savings.Even though this year did not involve any significant tax legislation, RIA advises that 1999 is the last year that five-year income averaging can be used to compute the income taxes due on lump-sum distributions from a qualified employer plan.In addition, the IRS has just extended the
A&A

Microloans are New Alternatives for Small Business Loans

Entrepreneurs come in all shapes and sizes, from the small shop owner on the corner to the multi-million dollar super player. Finally, an organization called the Association for Enterprise Opportunity is watching out for the small shop owner and a lot more people with good ideas who are having trouble finding capital.A trade association, AEO is a clearinghouse for more than 400 organizations who make "microloans," or loans valued less than $25,000. The average loan is about $12,000.AEO requires its recipients to educate themselves on business practices in order to qualify for loans.
A&A

Web-based Payroll and Accounting is a Match Made in Heaven

The accounting professional can play a key role to the business marketplace by evaluating and recommending any one of a number of companies emerging as headliners in the online payroll processing medium, and passing along those recommendations to their clients or employers.Outsourcing payroll to the CPA is not new, but going online to process payroll is.
A&A

Staying Connected With Your Clients’ Information Needs is key

Business leaders in the next century will be faced with information overload. Although we may already feel overloaded in our role as harbingers of information, CPAs and accounting professionals will undoubtedly be positioned in the forefront of this information onslaught.Consider this: there has been more information produced in the last 30 years than during the previous 5,000 years. That’s a lot of information. There are steps we can take to rise above this projected information overload. The first step is to differentiate the relevant from the non-relevant information.

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