Practice news

Practice Management

Employees Lack Confidence in Management

By Bruce L. Katcher, Ph.D., President DISCOVERY SURVEYS, INC.Employees need to feel confident that senior management is competently running the organization and has solid long-term plans for the future. Otherwise, there will be an erosion of employee: Motivation;Job performance; andCommitment to the organization.What can be done to build employee trust in management? 
Practice

Survey: Ethics & Corporate Governance Highlights Need for Strategic Succession Planning

Only 53 percent of board directors, chief executives, and other U.S. business leaders believe that existing succession management practices are yielding a strong talent bench, according to a new report on ethics, corporate governance and succession management.The report also reveals a distinct difference of perception between CEOs and board directors about whether corporate leaders today are making business decisions that are both ethical and in the best interest of the company.
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.
Practice Management

Shareholders Become More Active in Executive Pay Debate

Just because every other company is doing it doesn’t mean all shareholders are going to sit idly by and dole out huge pay packages to executives who aren’t producing equally high rates of return for investors.The Seattle Post-Intelligencer reported this weekend that a shareholder of a Southeast bank holding company has proposed a resolution for the company’s annual meeting, that basically asks, "If we shareholders aren't doing very well, why should you executives?"The shareholder’s resolution claims that even though the company’s stock fell over three years, top executives rece
Practice

New York State Society of CPAs Names Garden City President

The New York State Society of Certified Public Accountants installed John J. Kearney, CPA of Garden City as its 2004-2005 President at the Society's 107th Annual Election Meeting and Dinner at the New York Marriott Marquis Hotel.Kearney, a shareholder of Jaeckle Kearney & Lepselter in Garden City, joined the Society in 1989. He has served as President-Elect, Vice President and a member of the Society's Board of Directors and Executive Committee.
Community News

Former MCI Executive Paid $8.1 Million Severance for Seven-Month Tenure

Hall of Shame At a time when MCI Inc. is projecting a 23 percent revenue decline for this year and plans to trim its total staff by 15 percent, a filing this week showed that a top executive who spent just seven months at the company will be paid $8.1 million in severance.The Ashburn, VA-based long-distance company, recently known as WorldCom, disclosed the severance agreement with former president and chief operating officer Richard R.
Practice Management

Values Statements Seen as 'Window Dressing' According to a New Survey

Wf360, this week announced results of its "Global Corporate Values Barometer." The survey offers perceptions about the role of corporate values in the marketplace and addresses personal aspirations for achieving the "Good Life" and was conducted by NOP World, a top-ten market research and consulting firm.Mixed Grades on Corporate Values While fifty-six percent of respondents agree that the corporate values of their organization are part of the attraction to their job, the same number indicate that the "values statements of most companies are window dressing and do not drive the m
Practice Management

How To Improve Your Self Management Skills

You are responsible for everything that happens in your life. Learn to accept total responsibility for yourself. If you do not manage yourself, then you are letting others have control of your life. These tips will help "you" manage "you." 
A&A

BBB Ranks Top Business Inquiries and Complaints During 2003

The nation's Better Business Bureaus (BBBs) this week reported that services provided to consumers and businesses in 2003 surged to 52.9 million, up 27 percent from the 41.5 million instances of service provided in 2002. Pre-purchase Information: Pre-buying inquiries in the United States increased to 48.8 million in 2003, up nearly 28 percent from 38.2 million in 2002. These requests included 30.8 million BBB reliability reports on businesses located in the U.S.
Practice

Rising Wages, High Turnover in India Create Scramble for Workers

India may become a victim of its own success as a center for outsourcing.As U.S. companies continue to rush business offshore, the competition for labor is getting fierce — so fierce that a typical business-processing center can expect to lose 15 to 20 percent of their workforce every year, the New York Times reported.
Practice Management

Survey Indicates Vacations Improve Staff Productivity

Feeling guilty about spending time away from the office this summer? You may be doing your company a favor. More than half (51 percent) of executives surveyed recently said employees are more productive after a vacation than before one. The survey was developed by Accountemps, the world's first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals.
Practice

BDO Seidman Launches New Service Offering; Anti-Fraud Program

FIRSTGlobal InvestigationsSM, a division of BDO Seidman LLP, today announced the rollout of the Critical Anti-fraud Procedures (CAP) Programs. This new service offering is responsive to the heightened awareness in corporate America, and specifically at the board level, of the need to take a pro-active approach to preventing corporate fraud.
Practice Management

‘Controlled’ Companies Taking Advantage of Loophole

By calling themselves "controlled" corporations, dozens of companies are dodging rules created to make corporate boards more isolated from management, the Wall Street Journal reported.Companies that have filed with the Securities and Exchange Commission saying that a majority of their board members will not be independent include Cox Communications, EchoStar Communications Corp. and Weight Watchers International Inc., the Journal reported. Another avenue around the new rules involves companies that are not forming independent compensation committees to oversee executive pay.
Practice Management

Document Your Processes - It Pays!

By James K. Boomer, MCPThere are a number of tasks we do on a frequent basis that become so routine that we take for granted that “everyone in our organization knows how to do that!” This assumption is most likely untrue. More likely, a number of employees are sitting at their desks right this moment stumped about where to begin with this new project they have been assigned. Documented processes provide a perfect starting point for new projects.The first step in documenting a process is identifying a repeatable process that is frequently used within the organization.
Practice Management

U.S. Workers Give Performance Management Programs a Failing Grade

Only three out of ten U.S. workers agree that their company’s performance management program actually does what it’s intended to do: improve performance. And only two out of ten workers say their company helps poorly performing workers improve, according to a recent survey by Watson Wyatt, a leading human capital consulting firm. “The survey results clearly indicate that corporate America’s performance management systems need fixing,” said Scott Cohen, Ph.D., national director for talent management at Watson Wyatt and an expert in performance management.
Practice

Delta Shareholders OK Plan to Limit Executive Pension Accounts

Shareholders of Delta Air Lines have approved a proposal to limit bankruptcy-proof executive pension accounts, which sparked outrage at the carrier last year.The proposal was approved Friday at Delta’s shareholder meeting by holders of about 53 percent of shares, overcoming opposition by the board, according to the Wall Street Journal.In a statement, the board said the measure would limit Delta’s ability to attract and retain top management talent, but the board will follow the shareholders’ wishes, said Delta’s Chief Executive Gerald Grinstein.Under the plan, which has the su
Practice

The Focus of Firm Management

By L. Gary Boomer, CPA, CITP, CEO While there are seminars and on-the-job training for managing partners, there is no book or school on how to manage an accounting firm. Too often managing partners get strapped with administrative duties and fail to lead the firm toward strategic objectives. It is often lonely in the managing partner’s role, as they have to enforce discipline, manage partner disputes, deal with financial issues and in many firms simultaneously manage a book of business in order to retain security and status.
Community News

Five Ways to Build Your Business

by: Troy Waugh Is this going to be your year for turning the power of marketing and sales on in your business? If your answer is yes, here are five keys to success: Focus on client's profits, not your own. There is a limited demand for tax return preparation services and audits, but there is unlimited demand for accountants and consultants who can help clients improve net profits! If youare still focusing on increasing your billable hours, billing rates or net fees, it's time to reorient your thinking. 
Practice Management

Administrative Professionals Are Vital Communication Liaisons, Professional Secretaries' Week is April 18-24

Administrative professionals play a vital role in facilitating the flow of information and communication intoday's office. They also serve as key front-line public relations ambassadors for their managers and their organizations.The field of more than four million administrative professionals in the United States and Canada includes executive assistants, secretaries, office managers and other administrative support staff.As communication liaisons, administrative professionals maintain and support relationships with other managers, employees, customers, vendors and the public.
Tax

Tax Business Accused of Bilking 100,000 Customers

The Justice Department wants a federal judge to shut down a business that is accused of costing the government and 100,000 customers at least $500 million.The New York Times reported that the business, the National Audit Defense Network, has cheated the government out of $324 million or more in taxes in the last three years, according to a civil suit filed in Las Vegas Thursday.The company markets itself as a network of more than 1,000 former Internal Revenue Service agents and others who can win audits and stop collection of past due taxes.

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