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Practice Management

Guide to The Management of The Professional Services Firm

Many professional service firms measure their performance based primarily on financial measurements, such as the total number of hours billed, revenue generated per partner or net income per partner. But there are at least three other worthwhile ways in which to measure firm performance, besides the commonly-used, financial perspective. These other methods are: The Client Perspective: "How do our customers see us?" For instance, if a CPA firm says it is concerned about meeting the clients' needs, it should be measuring key indicators relating to the client.
Practice

FASB Issues Statement on Asset Retirement Obligations

The Financial Accounting Standards Board today issued Statement #143, Accounting for Asset Retirement Obligations.Originally initiated seven years ago to deal with nuclear decommissioning, the scope of the project has been expanded over the years to include the accounting for similar closure costs of other assets at any time during their life.According to the FASB press release, the standard requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it
Practice

SEC May Start Curtailing Pro Formas

For years, companies have used pro forma statements as a means of better comparing previously reported financial statements with current statements where circumstances have changed significantly, as in a merger or acquisition.But recently, companies have been using pro forma statements to reflect what they believe to be the "true" financial health and well being of the company, taking into consideration various assets that may not appear on traditional accounting books, such as brand loyalty, market share, patents and other intellectual property.It is through this pro forma reporting pro
Practice Management

Indiana Joins Others in Allowing Non-CPA Ownership of Firms

In case you missed it earlier last month, the Indiana state legislature has passed a law which allows non- CPAs to own 49 percent of a firm, minimizes barriers to CPAs practicing in more than one state, and relaxes requirements to become a CPA.Indiana is just the latest in a number of states to have radically changed the way a CPA firm ownership is structured.By allowing non-CPA ownership, firms can better compete by attracting workers through stock options, and other equity models.
Practice Management

Accenture Releases Study on the Entrepreneurial Spirit

For those of you who thought being an entrepreneur means going it alone, you may be in for a bit of surprise. A new survey conducted by Accenture over a period of 18 months shows that true and effective entrepreneurship is really a collaborative effort. Survey results also show that American business owners are among the least likely to embrace this theory.For the study, "Liberating the Entrepreneurial Spirit," Accenture interviewed 880 senior executives from organizations around the world, including 110 dot-com leaders.
Practice Management

Top 10 Stumbling Blocks to Growth of New Businesses

Top 10 Stumbling Blocks that Prevent New Businesses from Growingwritten by Philip HumbertNever in history have more entrepreneurs launched more new businesses! In America, thousands of businesses open their doors every single day! Unfortunately, most of them (nearly 90% of them) also close their doors within two years. Businesses are started with high hopes and glorious dreams. It is easy to start a business. It is much more difficult to build it, to make it succeed, to avoid the traps and pitfalls and frustrations, and to enjoy the fruits of success over the years.
Practice Management

Random Sales Efforts Fuel Staffing Problems

By Terri M. Sommella, President, Sommella Market StrategiesToday, a bright and talented tax manager at a public accounting firm called to let me know that he had accepted a position in private industry. Why? The negative work environment and stress finally pushed him over the edge. Last week, a former managing partner lamented the scheduling decisions to which he attributed his firm’s merger.
Practice Management

Knowledge Management: What It Means in Your Firm

By Roman H. Kepczyk, CPA, CITPAs an industry analyst for the accounting profession, InfoTech Partners North America, Inc. was asked to write the Knowledge Management section for the AICPA's e-MAP Handbook (Management of an Accounting Practice) as well as present a program at last month's AICPA TECH 2001 symposium. Through our research, we found that Knowledge Management is garnering acceptance within CPA firms, but the term means something completely different to every firm, as well as every person within the firm.
Practice

Deloitte Discloses Secrets of Business Success

Deloitte Touche Tohmatsu (DTT) has just completed its third annual ranking of the top 200 publicly traded Global Growth Companies.
Practice Management

Information Management in the CPA Firm

This article is provided by Knowledge Concepts, Inc., creators of FirmWorks.Today's CPA economy has firms working harder than ever, struggling to find and retain staff and challenged to maintain profit margins. Combine the competitive market pressures with significant advances in technology, and we have a market ripe for true information management.The CPA firm is a wealth of information existing in countless forms.
Practice Management

Malpractice Web Site Aids Accountants

A new Web site, www.accountingmalpractice.com has surfaced with the goal of providing accountants with information they can use to protect themselves against potential malpractice claims.The site, just three months old, was developed by Mark Cheffers, CPA, formerly of PricewaterhouseCoopers.
Practice Management

Managing Financial Turnarounds

A new study from the Financial Executives International (FEI) Research Foundation provides case studies and insights into how to guide a company through a financial turnaround.Advice offered in the study includes:Eliminate emotional ties to previous policies.Make cash flow allocation your first concern.Identify and monitor internal key performance indicators daily.Look for problem
Practice Management

PWC CEO Unexpectedly Announces Plans To Step Down

James Schiro, 55, CEO of PricewaterhouseCoopers, has unexpectedly announced his plan to step down as soon as a successor can be found. During his tenure as CEO, Mr. Schiro oversaw the 1998 merger of Price Waterhouse and Coopers Lybrand, as well as the 2000 failed attempt to sell the firm's consultancy practice to Hewlett-Packard.
Practice Management

Cokie Roberts to Keynote at IMA Conference in June

The Institute of Management Accountants (IMA), one of the world’s largest associations for financial professionals in the corporate workplace, will converge in New Orleans from June 17-20 for its 82nd Annual Conference and Exposition. “Native” daughter, Cokie Roberts, is scheduled as a keynote speaker to provide an insider’s look at the national political scene.
Practice Management

PwC Launches New Insurance Digest

PricewaterhouseCoopers has announced the launch of Americas Insurance Digest, a new publication in which PwC partners discuss key issues in the insurance industry.The first issue includes the following topics:Closing the Information Gap - current trends in business reporting beyond the traditional accounting framework.Tomorrow's Leading Non-Life Insurer - optimal business models for survival and success in the 21st century.A Matter of Privacy - key issues that senior executives should consider in developing a privacy program that will meet legislative requirements
Practice Management

Enterprise Risk Management - Keys to Success

Your firm may be covered in the event of theft, fire or flood, but that is not enough in the business world today.
Practice Management

Strategic Vision - All Firms Need It

This article provided by Gary Boomer, CPA, of Boomer Consulting. Vision is important if your firm plans to grow and prosper. The large firms spend considerable resources on visioning and strategic planning. Building consensus and gaining input from staff, managers, and owners is important. Perhaps your firm is smaller and doesn’t feel it can spend the resources on strategic planning. Based upon what the well-managed firms do, at a minimum, your firm should have a one-page strategic plan with measurable goals.
Practice

CFOs: Golf Is Good For Your Career

Golf isn't just a sport, it's a good career building activity, according to a recent survey of CFOs conducted by Robert Half International Management Resources.Survey responses came from 1,400 CFOs from a stratified random sample of U.S. companies with more than 20 employees.
Practice Management

The Most Important Aspect of Business - Getting Paid

Compliments of Robert Goldhaber, Esq. -Member of the National Network of Accountants’ Preferred Provider NetworkThe key to staying in business is receiving payment for the services you provide, and receiving that payment in a timely manner. In most instances, getting paid for services performed, or for goods sold, is not a problem. But what do you do when payments are not forthcoming? Do You Want to Do Business with this Customer?In reality, every businessperson should start thinking about being paid prior to performing any work or selling any goods.
Practice Management

Developing and Running Industry or Client Task Forces, with Phyllis Weiss Haserot

FOCUSED MARKETING: Developing and Running Industry or Client Task ForcesPresented by Phyllis Weiss HaserotPractice Development CounselContact pwhaserot@pdcounsel.comThursday, February 22, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryMs. Haserot's session included information on the following topics: 

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