Practice news

Technology

Medicare’s New Accounting System Improving Agency Performance

The Centers for Medicare and Medicaid Services (CMS) have a new financial management system that has generated $9 million in interest for the Medicare trust fund in just seven months. Mark McClellan, CMS administrator told Government Health IT, the new system also allows for more accurate reimbursements and faster reporting.
Practice Management

PPC Expert Accounting & Auditing Guidance Available on RIA’s Checkpoint

On March 27, 2006, accounting firms can look to one platform for their research, guidance and workflow needs as PPC’s complete line of Accounting & Auditing guidance and e-Practice Aids become available on RIA’s Checkpoint ®. More than 90 PPC titles, including Guide to Public Company Audits, Guide to Audits of Small Businesses, Guide to Compilations and Review Engagements and the 1040 Deskbook will be integrated and linked with primary source material.“Customers tell us that the PPC engagement guidance and tools have become a critical part of their workflow.
Practice Management

Trends in the Accounting Workforce

The results of A Decade of Changes in the Accounting Profession: Workforce trends and Human Capital Practices, released in February, indicate that women are increasingly attaining leadership positions in public accounting firms and that both men and women are taking advantage of the alternative career paths offered by an increasing number of firms.
Practice

Crowe Chizek Among Best Places to Work in Northeast Indiana

Commitment to outstanding employment practices and support for staff has earned the Fort Wayne office of Crowe Chizek and Company LLC a Best Places to Work in Northeast Indiana Award from the Fort Wayne Business Journal and the Preston Joan Group.
Practice Management

Internal Review of Fannie Mae Cites “Attitude of Arrogance”

In a 1996 internal memo to Timothy Howard, Chief Financial Officer of Fannie Mae, Leanne Spencer, Vice President of Financial Reporting wrote, “What do I have up my sleeve to solve an earnings shortfall?” She adds in the same document, according to Bloomberg.com, “I recognize (and thought about it yesterday) that we might want to show the board $2.48. I made the decision that I wanted to show you the real answer and the let you decide if you wanted me to make any adjustment.
Practice Management

The Effect of Meetings on Employee Well-Being

Results from the first international scientific study on the effects of meeting time on employee well-being indicate that, for some individuals, meetings function as interruptions, while for others meetings are welcome events. The study “Not Another Meeting” Are Meeting Time demands Related to Employee Well-Being?
Practice Management

A Conversation With...Leslie Murphy

When Leslie Murphy ascended to chairwoman of the American Institute of Certified Public Accountants (AICPA) in October, she pointed to the looming shortage of public accountants as a serious challenge facing the profession.Added pressures stemming from compliance with the Sarbanes-Oxley Act is causing strife and turnover, creating an environment in which one in six CPAs left his or her job in 2004, she said during her inaugural speech.But despite the challenges, Murphy remains upbeat about the future, as more college students are seeking the profession as a career, she told AccountingWEB
Practice Management

Employee Retention Strategies for Busy Season

Professional staffing firms are predicting that 2006 will the best year since 2000 for job seekers, especially in high-paying fields like financial services, and many employers are looking for strategies to keep their best workers.
Practice Management

The Makings of a Good Manager

Research recently conducted by 3D Group, a consulting firm of industrial and organizational psychologists as part of the effort to enhance and improve their Corporate Leaders assessment tool, found that managers are more highly rated for their ability to manage processes and results than for their interpersonal and team-building skills.
Practice Management

Four Tips for Finding the Right Partner

Break-ups are big news. Less attention is paid to finding the right partner in the first place.
Practice Management

Lifestyle Lures Accountants Abroad

The key reason accountants chose to relocate overseas is lifestyle, according to Think Global Recruitment’s annual survey. Apparently, it is not an unreasonable expectation, since 94 percent of those surveyed report enjoying an improved lifestyle after relocating overseas.
Practice

Circular 230 Changes Proposed

The Treasury Department and the Internal Revenue Service (IRS) last week proposed amending Treasury Department Circular 230, governing tax professionals practicing before the IRS. The proposed amendments are the result of a thorough review of the extensive public comments received in response to an advanced notice of proposed rulemaking relating to the Office of Professional Responsibility in December 2002. A hearing on the proposed regulations is scheduled for Wednesday, June 21, 2006.
Practice

CPA Practice Marketing: Expand Your Client Base by Narrowing Your Marketing Focus

CPA firm marketing is often scattered, unfocused and haphazard. Every CPA firm marketing effort can benefit from “concentration” of CPA firm marketing resources.I believe one of the most underutilized marketing weapons for CPA practices is the power of niche marketing.
Practice Management

Auto Industry Gets New Tool for Managing Assets Wirelessly

Last week, hidden among the bad news emanating from the American auto industry, a ray of hope emerged. WhereNet Corporation announced a first-of-its-kind program offering suppliers a low-risk method for evaluating the company’s active RFID-based Real-Time Locating System (RTLS) technology applications specifically tailored for the automotive industry. Leading industry analysts agree that automotive manufacturers need to fundamentally change their business processes by embracing RFID and improving asset management.
Practice Management

Creating work-life balance within the firm

In your firm today, an increasing number of staff members – from the partner level to the administrative staff - are experiencing burnout, low productivity, dissatisfaction and stress related illnesses…due in large part to a lack of balance between their work and personal lives. It is time for your firm to look at how it can create greater balance between work and personal lives of the number one asset in your firm – its people.
Practice

Busy Season Stress Busting

The busy season is upon us. With it comes longer hours, greater workloads and stress. To help you cope with the season and avoid burnout AccountingWEB recommends balancing rule-making with rule-breaking and focusing on communicating clearly with co-workers, clients, family and friends.Rule-Making
Practice

AICPA Giving Practice Management Content Away Through Mid-May

Certified Public Accountants (CPAs) looking for information that can help them, and their firms, become more successful, have until mid-May to access members-only content from the American Institute of Certified Public Accountants’ (AICPA’s) Private Companies Practice Section (PCPS), even if their firms are not PCPS members. The normally restricted content, from noted professionals in the field, is free to all, for a limited time.Content in the PCPS membership section draws on the experience of more than 83,000 CPAs from 6,000 local and regional firms across the country.
Practice

Unethical Corporate Behavior

Business ethics are important but a new study shows that unethical corporate behavior is caused by a variety of factors. The global study was conducted by the Human Resource Institute (HRI) for the American Management Association (AMA). Review a survey summary at www.amanet.org/research. Some 1,121 managers and HR experts participated in the study conducted with the AMA’s affiliates and global partners. These groups included the Canadian Management Centre (Toronto), Management Center de Mexico (Mexico City), Management Centre Europe (Belgium), and AMA Asia (Japan).
Practice Management

Personal Use of Employer-Provided Vehicles

It is sometimes helpful to have the use of an employer-provided vehicle in the course of doing business. In many cases, personal use is also allowed but personal use is a taxable fringe benefit, according to Payroll-Taxes.com. Withholding taxes for this non-cash benefit is the responsibility of the employer. This withholding process is complicated with the FMV of the vehicle not being determined by the actual cost of the vehicle, according to Payroll-Taxes.com. The FMV is calculated based on what an employee would pay for leasing a comparable vehicle.
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.

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