Practice news

Practice

CPAs are Called Upon to Self-Report on Quality Control Issues

Certified public accountants are being asked to report on their own firms' quality control procedures as well as their clients'. New model rules issued by the National Association of State Boards of Accountancy (NASBA), would have licensed public accounting firms submitting to their state licensing boards adverse quality control reviews of their operations, as well as having individual CPAs notify the licensing boards of civil charges brought against them involving fraud, violation of standards of practice or misappropriation of funds.
Practice Management

Nortel Releases Financial Information; Executives Fired

The Ontario-based Nortel Networks Corp. has finally released unaudited financial numbers to investors but the information has done little more than add to an already foggy situation, the National Post of Canada reported.The company's long-awaited restatement for the first six months of 2004 did indicate that at least 10 percent of its work force-about 3,500 people-will be laid off by the end of the year, which the company hopes will result in $500 million a year in savings."It's a publicly traded company, and we still don't have any numbers from them.
Practice Management

Doing Well by Doing Good; Organizing Contributions With A Firm Giving Policy

By Bruce W. Marcus, marcus@marcusletter.comWe’re getting to that time of year when the requests for corporate donations to good causes begin to come in. So much need. So few available dollars. And as you grow larger, and make deeper inroads into your community and your market, so too do the demands and urgings for your participation increase.Obviously, you can’t respond generously to everyone who solicits your help.
Practice Management

The Firm of Tomorrow....Ready, Set…Grow!

By Gale Crosley, CPAFirst, Consider Hiring a Business Development Professional. For years, the Big Four have used business development professionals. Now, Sarbanes/Oxley and other environmental changes make it a wise best practice for mid-size firms, as well. Although smaller firms have greater potential to pursue larger, more sophisticated clients, they may lack the needed large opportunity development skills. But it’s more complex than simply hiring the right person.
Practice Management

When an Employee Quits, Your Management Responsibilities Don’t

By, Alexander Hamilton Institute, Inc. Jack Hunzinger had been a thorn in his manager’s side since day one. His manager, Ally Billson, had numerous reasons why she wanted to get rid of him. However, he beat her to the punch one morning by giving his two weeks’ notice. Billson was relieved she didn’t have to go through the trouble of firing him. Her relief, however, could be slightly premature.Billson didn’t hesitate to accept Hunzinger’s resignation and even asked him to leave immediately. She didn’t want to risk Hunzinger screwing things up any more.
Tax

IRS Issues New Schedule to Help Resolve Employment Tax Discrepancies

The IRS is issuing a new schedule to make it easier for taxpayers to provide the IRS with information about employment tax discrepancies created by an acquisition, statutory merger or consolidation.If an acquisition, statutory merger or consolidation creates a discrepancy between what was reported to the Social Security Administration on Form W-2, Wage and Tax Statement, and what was reported the IRS on Form 941, Employer’s Quarterly Federal Tax Return, the employer can use the new Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations,
Practice Management

Cross-Selling Services: Companies Should Serve Well, Then Sell

Companies that want to sell more products and services through their staff, should pay better attention to basic customer service if they want to succeed. A new survey by The Forum Corp.
Practice Management

Seven Ways to Motivate Employees

by Bruce L. Katcher, Ph.D. President, Discovery Surveys, Inc.THE PROBLEM
Practice Management

Opportunity's Knocking for New Revenue Growth

By Gail Crosley, CPA To understate the situation, the rules governing opportunity development for CPA firms have changed dramatically. What's different? Almost everything. When the Sarbanes-Oxley Act of 2002 became law, we knew we were dealing with a set of rules that would guide how and what kinds of services CPA firms delivered. But what many CPAs didn't anticipate is that the rules have created a regulatory environment that is significantly driving new marketplace dynamics.
Practice Management

Bear Essentials of Human Resource Training

Got a gorilla of a morale problem in your work place? A new human resources training program based on the successful business model of the Vermont Teddy Bear Company thinks it can help.
Practice Management

Atlanta Financial Professionals Launch CFO Services Consultancy

A new concept in local business outsourcing has been officially introduced. With the launch of AcuityCFO, small and mid-market businesses throughout Georgia now have access to broad financial services without hiring a full-time CFO or permanent accounting staff. Though introduced today as AcuityCFO, the company already is a trusted independent financial partner for numerous companies in the Atlanta area. Started by Atlanta financial executive W. Stewart Brooks in 2001 as BrookVision, the company has evolved into AcuityCFO.
Practice Management

Washington State CPA Firm Wins Practice Innovation Award

Clark Nuber, a Bellevue, Washington, CPA and consulting firm was recently awarded the Practical Accountant magazine's Practice Innovation Award for the second time. The award is for the Clark Nuber Client Portal, a secure portion of their website that allows clients and employees to collaborate on projects and share information, while reducing costs, creating more efficiency, and providing a higher level of customer service.
Community News

Information Rights Management: Does It Have a Place in Your Firm?

Imagine this scenario: You have two clients, both leaders in their business niche, who are intense local competitors with one another. Each has agreed to let you work their account, trusting in your confidentiality and comfortable that what they tell you will not find its way to their competitor. One of them sends you an email asking for a copy of a projection you have done for them. You find the document on your network, attach it to the email reply, encrypt the email for security, and send it.
Community News

Companies Struggle with New Chief Compliance Officer Position

The overwhelming range of new duties brought on by corporate reform legislation has prompted many companies to create the position of chief compliance officer.The problem is, companies are not always clear on who the chief compliance officer should report to or even what that person should do, the Wall Street Journal reported.The Sarbanes-Oxley Act does not require the new position, but 36 percent of companies now have a chief compliance officer, according to a recent study from market research firm Meta Group.
Practice

Ex-Directors of Bankrupt Companies Get Invites to Join Other Boards

Directing a company that filed for bankruptcy amid scandal is apparently not enough to keep former board members from leading other companies.Former directors of scandal-ridden companies such as Enron and WorldCom are in demand, Reuters reported.
Practice Management

Ten Strategies for Client Retention

by Bea Fields Traditional marketing strategies encourage business owners to continually grow their businesses by adding new customers. In today's competitive world of business, it is more important than ever to aim for more transactions with existing customers by using the power of customer follow-up and attention to good service. These ten tips may help you in turning your existing customers into walking billboards for your business. Spend thirty minutes each day talking with two existing clients.
Practice Management

Ex-KPMG Partner Joins Freddie Mac as Sr. VP and General Auditor

Freddie Mac announced last week that Stan Martin was appointed as senior vice president and general auditor, effective June 21. Martin had served as interim general auditor since February 9, 2004. Martin reports directly to the Audit Committee of the board of directors. "I am very pleased to have Stan on our Freddie Mac team. His significant financial, management, and banking experience will be an asset as we continue to build our internal controls," explained Freddie Mac Chairman and CEO Richard F. Syron. "Stan's role at Freddie Mac is very important to the company's future.
Practice Management

Creative Strategies for Delivering 5-Star Customer Service

by Bea Fields Customer satisfaction is valuable, but customer loyalty is priceless. In today's competitive world of business, it is becoming more and more important to deliver customer service that is unbeatable. These ten creative strategies can support you in turning your customers into walking billboards for your business.
Practice Management

2004 Accounting Practice Survey Launched

Forty-three states, in addition to the Association for Accounting Administration (AAA), are participating in this year’s PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, which launched last week. The PCPS/TSCPA National MAP Survey provides local and regional CPA firms with the most comprehensive information available for benchmarking management policies and financial results against other firms.
Practice

SEC Charges Lay, Enron's Former Chairman and CEO, with Fraud & Insider Trading

The Securities and Exchange Commission today initiated civil charges against Kenneth L. Lay, former Chairman and Chief Executive Officer of Enron Corp., for his role in a wide-ranging scheme to defraud by falsifying Enron's publicly reported financial results and making false and misleading public representations about Enron's business performance and financial condition. The Commission also alleges Lay profited from the scheme to defraud by selling large amounts of Enron stock at prices that did not reflect its true value.

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