Practice news October 2007

Practice Management

Staffing needs dominate 2007 AICPA top MAP issues

Finding qualified staff at all levels is the most critical concern for the majority of firms with multiple professionals within the United States, underscoring the staffing crisis facing the accounting profession, according to the 2007 American Institute of Certified Public Accountants (AICPA) Private Company Practice Section's (PCPS) Top Management of an Accounting Practice (MAP) Issues Survey.
Practice

Let's get linked: Social networks gaining foothold

It happened the other day for editor Karen Mracek. As she was checking her e-mail, she found an invitation from her boss to be Linked together.LinkedIn is like MySpace for 13 million professionals, and as it's made its way into Mracek's workplace - she's assistant business editor at the Des Moines Register - other businesses are beginning to look at social networking as an opportunity rather than a time-waster.
Practice Management

How to defend yourself against receivables fraud

Fraud investigator Andy Wilson has produced a list of self-tests that companies can use to measure how well defended they are against receivables fraud.Here's a rundown of his guidelines..."I don't understand it. Business is as good as it has ever been ... but there is no money in the bank," said the owner of a floral business to a group of anti-fraud professionals he had retained to determine if the business was bleeding cash via internal fraud.Two days before the fraud examination was to begin the bookkeeper failed to report to work.
Practice Management

Personal liability for sales tax - not just for corporate officers anymore!

Are you a "responsible party" party when it concerns the collection and remittance of your company's sales tax? Most corporate accounting and finance people would respond to this question by saying "I don't know" or "I'm not an officer of the company, so how can I be personally liable?" If you answered "I don't know" you may want to find out for sure. If you believe that only corporate officers can be personally liable, guess again.