Practice news

Practice Management

Basic Rules For Growing Your CPA Firm

By Steve McIntyre-Smith, President, MarketingForAcountants.com - In days gone by professionals NEVER did any marketing. In fact, it wasn't even allowed in most countries until the mid 1980's, and even then, only in a very conservative and restricted manner.Once open for business one simply put a brass nameplate outside one's office, had a letterhead and business card printed, called a few Bank Managers and other contacts and the work started to flood in.
Practice Management

The CPAs Are Coming: The Evolution of the Profession

Although the role of certified public accountants (CPAs) has been gradually evolving for two decades, a recent report by California-based Tiburon Strategic Advisors highlights how CPAs are making a major push into financial planning, as they quickly redefine themselves to meet market demand. By 2006, almost 40% of CPA firms plan to offer financial planning, up from 14% in 2002, the study says. Tax professionals cite two key reasons for incorporating financial planning into their existing business: an increase in income and personal satisfaction.
Education & Careers

GE Tops Ranking of Best Companies for Executive Development

General Electric ranks as the best company for developing executive talent, according to a new ranking on the topic by Executive Development Associates, a global executive development firm. The San Francisco-based firm conducted a survey of chief learning officers and human resources executives at companies around the globe in December 2004. The respondents each received a listing of more than 75 companies and voted for companies with exceptional executive development strategy, systems and programs. "GE received 67.7 percent of the votes.
Practice Management

Herding Tigers and Other Lone Rangers

By Gale Crosley, CPA - For CPAs, winning significant opportunities is the ultimate team sport. If you or other tigers in your firm are accustomed to going it alone, you'll find it's next to impossible to do this consistently when the business is large and complex. The reluctance of CPAs to recognize this keeps many from conquering high-value targets. All Together Now!Would a quarterback ever appear alone on the field to face down a full roster of opposing players? Of course not. The same thinking applies here.
A&A

Working Next to the Competition Embracing Opportunity in a Multi-Provider Environment

By Gale Crosley, CPA - For decades, a simple, one-to-one relationship existed between CPA firm and client. Now, Sarbanes/Oxley has changed the landscape, potentially pairing a single client with multiple providers. Although the legislation chiefly affects the public environment, it has brought heightened sensitivity to conflict-of-interest in the private sector as well. The scenario is analogous to 1984 and the breakup of AT&T, which had held a virtual monopoly in the telecommunications industry.
Practice

Critics Give 'Public Eye' Awards for Corporate Irresponsibility

As the World Economic Forum got under way in the Alpine resort of Davos, Switzerland, critics of globalization handed out “Public Eye Awards” for irresponsible corporate behavior.According to Agence France-Presse, Nestle, oil giant Shell and Dow Chemicals, as well as Wal-Mart and KPMG International, were criticized as being among the worst corporate performers from 20 multinational nominees that have allegedly failed in their responsibilities regarding human rights, labor relations, the environment or taxes.“They are model cases for all the corporate groups that have excelled in so
Practice Management

And the Goal of Prospecting Is...

By, Keith Rosen, MCC - - Think about the intention or the end result of your prospecting efforts. It's probably not what you think.
Community News

Crain & Company Joins Horne LLP, CPAs and Business Advisors

Crain & Company, PLC, a leading local accounting firm, joined Horne LLP, CPAs and Business Advisors, a large Southeast regional accounting firm effective January 1, 2005. The merger follows a management agreement that began in July 2004. As one of the largest accounting firms in the West Tennessee area, Crain & Company, PLC, is increasing its range of services with the merger. Horne has eleven offices throughout the Southeast including offices in Tennessee, Mississippi, Louisiana and Alabama. "Our goal is to increase services for our clients," said Katherine G.
Practice Management

Corporate Directors Increasingly Paying Their Own Penalties

The days when company directors could emerge from scandal both unpunished and rich may be over.If several major legal settlements of the last few weeks are any indication, the Washington Post suggested, company directors more often will be held personally accountable for the financial misdeeds of the companies they are supposed to be overseeing.
Practice Management

WorldCom Class-Action Suit Against Andersen to Proceed

In the last few weeks there has been good news and bad news for defunct accounting firm Arthur Andersen LLP as it strives to repair its reputation.Last month the Supreme Court agreed to hear an appeal of the company's June 2002 obstruction of justice conviction. That's the good news. This week, a federal judge in New York ruled against a motion to dismiss a class action suit brought against Andersen by WorldCom Inc., the Wall Street Journal reported.
Practice Management

Mid-Sized Firm Competes for Clients Through 'Staff Olympics'

A friendly competition at a mid-sized Philadelphia-area accounting firm may translate into new clients and positive exposure for the company.At least that's the hope of managing member Scott Isdaner and marketing manager Jill Lock, who created an “Olympic Games” competition among employees at Isdaner & Co. LLC, based in Bala Cynwyd, Penn., the Philadelphia Business Journal reported.They separated the employees into seven teams that piled up points for activities that involve nothing more athletic than cracking a book. In fact, employees are rewarded for sitting around reading.
Practice Management

Business Process Management Can Solve Compliance Issues and Reduce Costs

BearingPoint, Inc. last week issued a white paper, "Business Process Management in the Capital Markets," which details the way financial services organizations can improve profit margins and reduce cost by digitizing content.The paper covers a fundamental issue: while some firms report improving revenues, profit margins are still under pressure as companies struggle with supply chain issues for their "plain vanilla" or commoditized products as they try to comply with new regulations. Companies are therefore choosing business process management (BPM) to reduce costs and improve controls.
Community News

A new look at succession planning

By Phyllis Weiss Haserot All rights reserved. - Why are most organizations so lax about succession planning - one of the most critical concerns for business continuity? Think about it: even if there is never a terrorism episode or threat, even if there is no large technology glitch or crisis, there will always be a need to pass the baton of the firm or practice or client relationship leadership.
Tax

An Open Letter to My Tax Preparer

By, Michael Platt, AccountingWEB Founder
Practice Management

Business Groups Begin Quiet Campaign to Oust SEC's Donaldson

The Business Roundtable, the U.S. Chamber of Commerce, the National Association of Wholesaler-Distributors played a critical role in reelecting President Bush. Now the groups are part of a quiet effort to convince the President that it's time for a new Securities and Exchange Commission chair, the Wall Street Journal reported.Believing the post-Enron reforms have led to a strangled business environment, in part because of the greater authority given to the SEC by the Sarbanes-Oxley corporate reform legislation.
Technology

Infatuation with E-mail Dies as Companies Demand In-Person Contact

Some companies are quickly losing their love of e-mail and its promise of speedy communication, opting instead for old-fashioned, face-to-face conversation.An onslaught of spam combined with the frustrations of not-so-quick responses to e-mail requests is prompting some companies to limit how much time their employees spend on e-mail, USA Today reported.Chicago-based U.S. Cellular, for example, has banned e-mail on Friday for at least the rest of the year. Veritas Software's marketing department also implemented a Friday e-mail ban among on-site employees at the Mountain View, Calif.
Community News

Local, Regional Firms Report Revenue and Practice Growth

Local and regional firms across the U.S. reported revenue growth, salary increases and expansion of core service offerings in 2004 and feel optimistic heading into 2005, according to this year’s PCPS/Texas Society of CPAs (TSPCA) National Management of Accounting Practice (MAP) Survey. Thirty-two percent of the 2,373 local and regional firms surveyed this year experienced an increase in revenue of at least 10%, while 14% indicated an increase of greater than 20% in their most recent fiscal year.
A&A

Pre-Tax Season Media Tip for Tax Practitioners

Before tax season snows you under, get the attention of your local media. They can keep you visible even when you're not.Do you have aggressive partners who want brand equity? Create a spreadsheet of these partners, their areas of service expertise and industry concentrations to send to key reporters. If you have media savvy partners who are willing to promptly return calls from a reporter on deadline, you might include the partner's cell phone number on the spreadsheet. If a partner is unable to return calls promptly, do not include that partner with your media relations efforts.
Practice Management

Keeping up With the Jones’s: How Third-Tier CPA Firms can Deliver Technology Services

By Scott H. Cytron, ABC(Accounting Software 411) With the continuous fallout associated with failed audits, scandals and mishaps at the world’s largest accounting firms, it’s now a proven fact that more and more clients are leaving large firms in hopes of finding green pastures elsewhere.USA Today ran a story in late September, “More Firms Flee Big 4 Accountants”, that spoke to this very topic.
Practice

Analysts Warn of Security Issue with Google Desktop Search

Two independent warnings have been issued about Google's new Desktop Search tool, claiming it can pose security risks by caching confidential information, Internetnews.com reported. Google Desktop Search allows users to search documents, spreadsheets, e-mail, instant messages and Web pages that have been visited by that PC. To enable this, it creates cached versions of Web content -- which could include sensitive corporate information stored on servers and accessed via a Web interface, Internetnews.com reported.

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