Practice news

Practice Management

Financial leaders address challenges facing accounting, finance and audit professions

The future of the accounting, finance and audit professions will be largely determined by their response to escalating talent shortages and other challenges of the post-regulatory-reform era, says a distinguished group of leaders in these fields. The Robert Half International Financial Leadership Council, which includes many of the top financial minds in the United States and Canada, has recommended a number of strategies for addressing these issues.
Practice

Put staff first, clients will follow!

The situation is desperate. CPA firms are overwhelmed with client demands, and there's not enough staff to handle all the work. Employees are burning out and leaving public accounting, lured away by industry's signing bonuses and benefits packages. The time-tested formula of working longer and harder to increase profitability no longer applies.
Practice Management

'The new breed' - accountants embrace the entrepreneurial spirit

Business and practice software developer Sage claims to have discovered a "new breed" of accountant willing to embrace technology and an entrepreneurial approach to running their practice.In a survey of 267 practitioners entitled A new breed of accountant, Sage asked them to define themselves according to their growth ambitions and business aspirations in the following categories:Sole practitioner - offering traditional services to estab
Practice

How to protect data - a quick reference

The latest technologies and gadgets make it incredibly easy for your data to be stolen from right under your nose, unless you take steps to protect it.
Practice Management

Knowledge Management is all about people

Knowledge Management is all about people We don't like the unexpected. Storms, accidents, or even unexpected outcomes within our organizations. We like to be in control, we like order, and we like to predict events. The reality, however, is that organizations are nonlinear systems with behavior, like the weather, that is hard to predict.There is a confluence of events, equal to an organizational version of a perfect storm, that is brewing, and it will have consequences that are difficult to pinpoint.
Technology

Optimizing today's time and billing

Most partners would argue that, outside of the firm's tax and audit production applications, time and billing is the most mission critical program within today's tax and accounting firm. These tools have come a long way in recent years to incorporate enhanced features and processes of which many firms are not even aware. Roman Kepczyk, CPA, CITP discusses 10 time and billing best practices that should be incorporated into every firm. 
Practice

Shifting your firm’s culture: Wet Noodle or Deliberate Destiny?

We've all heard the expression, "Making changes in a firm is like trying to push a wet noodle across the table." This is especially true for firms that are busier than ever; the motivation to change just isn't there. If your firm is humming along with no need for change, congratulations, at least for now. If your firm has any of the symptoms listed below you may want to consider some of the best practices applied by firms who have made the transition from pushing the wet noodle across the table to having their staff and clients pull them in a new direction.
Practice Management

Checklist for the sale or acquisition of a closely-held company

All sales and acquisitions of closely-held companies share a general sequence of activity from inception to consummation. Phases of the process will invariably differ from transaction to transaction, but there is usually a substantial commonality of approach. Although each aspect warrants comprehensive discussion, the following is a checklist and general summary of the most material aspects warranting attention.1.
Practice Management

Using conflict as a strategic asset

Wouldn't life be easier if we could just make decisions in a vacuum and not worry about what others thought?Yes it would, but the business environment in which we operate is focused more and more on fostering teamwork. Teams increase the complexity of decision-making because they are composed of members with diverse backgrounds.Naturally, when you get a group of diverse people together to make a decision there will be conflict. However, conflict is not necessarily 100% bad.
Practice Management

Free podcasts: 7 ways to improve your practice

CCH, a Wolters Kluwer business and a leading tax and accounting information group, has launched a series of free podcasts for accounting practices. The series, entitled "7 Ways to Improve Your Practice," is aimed at accountants and will help them to improve business productivity and efficiency.
Technology

Excel 2007 tip #1: Make your data visible to other Excel users by saving in Excel 97-2003 format

Files produced by Excel 2007 are in the new .xlsx format. No other version of Excel can read them unless a special compatibility pack has been installed. If you plan to share your Excel 2007 files with other Excel users, you can set Excel 2007 to save your files automatically in Excel 97-2003 format. This will allow other Excel users who have not upgraded to Excel 2007 to read your files.How to set Excel 2007 to automatically save files in Excel 97-2003 format: Start up Excel 2007. Open an empty worksheet.
A&A

Ten reasons to call your clients this summer: a win-win proposition

Many tax professionals look for ways to increase their business and, of course, their income, in the slower, summer months. Opportunities for increasing your business might be lurking in your existing client base. Review client files when you've got time on your hands and you might find there are many useful suggestions you can offer that will help your clients and increase your business.Take the time to look back at the questions your clients raised when you prepared their tax returns, review their tax returns, and examine their financial conditions.
Practice Management

Running a motivational session: 10 steps to success

At some stage most managers need to conduct a motivational training session with their team members. Bob Selden, who has been a manager and trainer for many years, sets out 10 helpful points to help them reach that goal. So, you're a manager. So, you know you have to run a training session or a team meeting for your team (for the first time) that needs to be motivational, and you're not a professional trainer. So what! With a good plan and a well structured session, training can be enjoyable and most of all rewarding for both you and your team. Here's how....1.
Practice Management

The real value of CPAs: guiding clients to business success

How many CPAs only have contact with their corporate clients at tax time? If you’re guilty as charged, you’re undoubtedly doing a disservice to your clients and leaving money on the table, too. Business owners want their CPAs to help them better manage their finances and the impact of their finances on their personal lives, not just fill their compliance needs. These expectations require CPAs to become more involved, partner with their business clients and truly evolve as trusted advisors.
Practice Management

J.H. Cohn Appoints CIO

J.H. Cohn LLP has appointed Robert Grosberg to the position of chief information officer. As CIO of J.H. Cohn, Robert leads the Firm’s efforts to implement business solutions through reliable and efficient technology. “Robert’s appointment solidifies our commitment to leveraging technology to the fullest so we can best serve our clients, and build upon our solid technology infrastructure to support our professionals and staff,” said Kenneth J. Kanter, partner and chair of J.H. Cohn’s Technology and Operations Steering Committee.
Practice Management

Who Are Your Best Clients? And What Do You Do Once You Know?

By Michelle Golden
Practice Management

Straight Advice for Female Leaders

Presidential hopeful Senator Hillary Clinton’s election campaign is in full swing and there are myriad issues to tackle. Perhaps first and foremost is the fact that Sen. Clinton is a woman. While political correctness often dictates the honesty level in many discussions, the reality is many voters are grappling with how they feel about women in power. Even in the corporate world, female leaders face unique challenges that their male counterparts do not. To demonstrate their strength, many women try to overcompensate and rule with an iron fist, which doesn’t do much for building teamwork.
Practice Management

Retaining the Start-up Spirit

Despite being almost 20 years old, Cobra Beer still very much retains an entrepreneurial attitude in the United Kingdom. Dynshaw Italia, for instance, is not only the firm's finance director but also heads up its HR and IT departments.
Practice Management

Abalos & Associates Add Partner

Sandy Abalos, managing partner of Abalos & Associates, PLLC, a full service CPA firm specializing in small and mid-size businesses, has announced that Cheryl Folkerth has been named a partner in the firm, joining Abalos and Barry Friefield.In this position, Folkerth will manage major client engagements as well as develop the firm’s knowledge management system and its conversion to a near paperless office, which will enable staff to work remotely from locations outside of the main office.Her core expertise includes tax planning and preparation, directing financial statement preparation,
Practice Management

Managing Partners & Core Values

“Now the hardness of this world slowly grinds your dreams awayMakin’ a fool’s joke out of the promises we makeAnd what once seemed black and white turns to so many shades of grayWe lose ourselves in work to do - work to do and bills to pay”“Blood Brothers”—Bruce SpringsteenNet income per partner. Workload Compression. Standards Overload. Recruiting. Billable hours. Mergers. Technology. Succession planning. Leadership training. Client retention.

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