Practice news

Practice Management

FASB Clarifies When Leases Should be Reclassified

The Financial Accounting Standards Board (FASB) has answered questions relating to lease accounting.The way it stands now, FAS 13 requires that a lease should be recalculated when a change in a key assumption affects the net income.
Practice

The Best Time of Year to Do Marketing: Marketing into a Vacuum – Part Two <b>by Allan Borress, CPA, CFE</b>

"Busy season" is the best time of year to take advantage of marketing opportunities you won't find at other times.
Practice Management

Office & Public Rudeness Counterproductive

With business and office communications becoming more faceless, e-mail and phone communication may be causing a rise in office rudeness. Studies are being done and books are being written on the subject as productivity is sapped, as well as some efforts to retain good talent, according to the Wall Street Journal. The distance between management and workers seems to be growing, too.
Practice Management

The Impact of Compliance and Risk Management on Archival Storage Strategies

Electronic net media such as e-mail and instant messages have changed business to business transactions. The bulk of important business transactions such as contract negotiations, order issuance and acceptance, corporate communications and marketing programs, supply chain management, service and support, and investor relations are now done primarily using the Internet and these electronic media.
A&A

Archiving and Backup

A new study shows, that with all the current regulation and resulting compliance, archiving is not widespread. The study found that only a small number of respondents were required to archive required data because of regulatory legislation such as Sarbanes-Oxley (SOX). The study was commissioned by Bridgehead Software, a developer and vendor of storage management software.
Practice Management

IT Managers Slow to Adopt Archiving Solutions

According to a new study a “solid percentage of IT managers don’t understand archiving, so many are failing to do it properly,” enterpriseitplanet.com reports.
A&A

Mark Your Calendar: Electronic Document Management Webinar

Want to see how leading CPA firms are reaping the rewards of electronic document management? GoFilERoom, the leading provider of document management solutions for CPA firms, is offering a free, 45-minute webinar, complete with case studies, at 2 p.m. Eastern Time, on Tuesday, January 31.“Going paperless is huge cultural change for an accounting firm,” Gary Adamson, Managing Partner at Brady Ware explained in announcing his firm’s selection of GoFileRoom for organizing firm documents and tracking client projects.
Community News

David Maister Launches Marketing Masterclass Series of Podcasts

This month, business guru David Maister launches the first in a series of unique, marketing podcasts for professional services firms. The first four of 14 podcasts will be available, free, on his web site, at www.davidmaister.com, beginning January 23.
Practice Management

The Best Time of Year To Do Marketing: Marketing into a Vacuum – Part One <b>by Allan Borress, CPA, CFE</b>

"Busy season" is the best time of year to take advantage of marketing opportunities you won't find at other times.The period of January through April is always very demanding. However, this is the one time of year that is the equivalent of our retail clients' Christmas season.
Practice

Year-End Bonuses: $1 Million or $800 or Nothing?

End-of-year bonuses on Wall Street amounted to a total of $21.5 billion, a 16 percent increase and an all-time high.New York State Comptroller Alan Hevesi predicted in Time magazine that the extra income would bring $1.5 billion in tax revenue to the state. Bankers and traders got the biggest bonuses, of $1 million and up. The average Wall Street bonus is $125,500. Most people expect far less, if anything. American workers who responded to a Salary.com 2005 Holiday Spending Survey said they expected to receive a bonus of about $800 and would use some of it to buy gifts.
Practice Management

More Women Enter Partner Ranks: Firms Support Networks

Nineteen percent of partners in public accounting firms were women in 2004, according to bizwomen.com, but women received 30 percent of partnership promotions within the last three years. According to Shaun Budnik, women’s initiatives director at Deloitte & Touche, “Since the launch of our women’s initiative in 1993, the percentage of women partners at the firm increased to 17 percent from seven percent, that is, to more than 600 in 2003,up from 97 in 1993. The growth in the firm’s revenue for the same period has also been dramatic: U.S.
Practice Management

What Is Environmental Accounting?

Environmental Management Accounting (EMA) is a cover title used to describe different aspects of this burgeoning field of accounting. The focus of EMA is as a management accounting tool used to make internal business decisions, especially for proactive environmental management activities.EMA was developed to recognize some limitations of conventional management accounting approaches to environmental costs, consequences, and impacts. For example, overhead accounts were the destination of many environmental costs in the past.
Practice Management

Seven Easy Steps to Your CPA Practice Marketing Plan for 2006

In my CPA consulting experience, most of you out there are great “doers”, not “planners.”You either don’t do any planning at all or you “analyze” your marketing efforts to “death” and nothing ever gets done, marketing effort wise.I’ve encountered a lot of CPA firm practitioners who get into trouble “doing” the wrong marketing activities the right way, or “doing” the right marketing activities the wrong way.If you want to start doing the right marketing activities the right way, you’ve got to start with a marketing useable plan that you can create in one d
Practice Management

Accountants’ Confidence Slides in December

Accounting and finance workers confidence fell nearly five points in December, according to the Hudson Employment Index. Despite reporting the lowest figure of the year for job satisfaction, at 68 percent, and declining confidence in hiring expectations and job security, they still remained more positive than other workers.
Practice Management

Burn-Out: Symptoms & Prevention

Good quality employees should be appreciated for their contributions to your business. Ultimately, they are motivated, accept challenges easily most of the time, are pleasant in stressful situations, and their work ethics encourage others to reach their level of contribution and participation. The downside is that the opportunity for burn out exists in every organization, no matter the industry, or size of the business, according to Entrepreneur.com. A single burnt-out employee can affect the productivity of your business.
A&A

Accountants Beware: Tax Services Ranks as Highest Generator of Malpractice Claims

Here’s a word of caution to accountants as tax preparation season cranks up: allegations of errors in tax services account for more than half of the insurance claims filed with one of the nation’s largest providers of malpractice insurance for accounting professionals, Camico Mutual Insurance Co.In its most recent study of claims experience, from its more than 7,000 accounting professional clients in 44 states, the Redwood City, Calif.-based insurer has found tax work accounts for the most claims filed and the highest total dollar volume of damages sought.
Practice Management

For The Right Price…

The “right” price is elusive at best, and it’s critical to what we do. The pricing of our products and services can either attract customers and potentially generate referrals, or drive customers to competitors. Higher prices may attract few and lower prices may impact our bottom lines negatively, even with customers coming in the door. We know that the “right” price is a good thing and there are several ways to determine it, according to the Northwest Indiana Times. We can follow “industry norms”, or we can base our prices on direct or local competitors.
Practice Management

Effective Referral Sources & Revenue Building in Today’s Environment?

Getting new business from a referral network of professionals in your community has always been one of the best ways to grow a professional practice. Far too many practitioners rely on luck, timing, chance meetings, personal compatibility, or other random factors when it comes to choosing, building and mining their referral network.
Practice

Results from the NSA’s 12th Income & Fee Survey

“This document, similar to all the latest information and services NSA provides, is critical in giving our members the competitive edge,” Wanda Samek, EA, ABA, ATA, ATP, ECS, NAS President for 2005-2006, and principal in Custom Business Service, Inc. of Denton, Texas, said in a prepared statement.The 2005-2006 Income and Fees Survey of Accountants in Public Practice, conducted this fall by the National Society of Accountants (NSA), contains detailed information on fees charged for various services, broken down by state, geographic region and practice size.
Practice Management

Top Resolutions for Business in 2006

A Small Business Television (SBTV.com) poll, of 600 owners of small businesses, reported that 70 percent would make marketing and sales their top business resolution, followed by technology at 26 percent, according to a Principal Financial Group. Only 2 percent of the respondents would make business finance-related resolutions, with the same number resolving to focus on workforce issues. Internet marketing is at the top of the “Six for ‘06” list of business resolutions developed by AllBusiness.com, a leading online resource.

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