Practice news

Practice Management

Streamlining Document Management for Accounting Firms

Keeping client files organized and accessible can seem like a full time job, even in small accounting firms. As firms grow, they have more employees interacting with more clients generating more files. Keeping things organized becomes a Herculean task. Fortunately, the days of file cabinets and paper folders are rapidly disappearing.On Monday, July 25, Interwoven, Inc.
Practice Management

Summer is Time for Small Business Re-evaluation

Summers can offer small business owners opportunities not usually available in busier times. With either a slower pace or busier times, it might be an occasion to reevaluate any range of plans made earlier in the year.“You can make changes to your business model, re-evaluate clients, really plan out your budget and some of the investments you want to make,” said Richard Magid, CEO of SoundBoard in a statement made to Yahoo! News.
Community News

Moms Avoid Cubicles, Work from Home

As fewer employers offer flexible work schedules, more mothers are turning to their home computers to find that elusive balance between making an income and raising their children.Mothers are using their child's naps or play dates to work from home. That way, they can make money and be involved in their kids' lives without stepping foot into a cubicle.

Introducing Office Tools Pro 2005 SQL Version

The SQL version of Office Tools Pro 2005 for accounting professionals debuted Thursday, July 21, 2005.
Practice Management

Explore the Possibilities: Carillon Offers Free ERP Software

Carillon Financials Corporation is looking to lure hundreds of customers away from Enterprise Resource Planning (ERP) industry powerhouses Oracle and Microsoft. To do so, Carillon is giving away more than $100 million of software to businesses across the country.“We are seeking users of competitor's systems who are dissatisfied or have outgrown their systems.” explains Larry Pettit, President and CEO of Carillon. “Carillon is ready to shake up the ERP industry.
Practice Management

AICPA Extends Comment Period for Business Valuation Standards

The American Institute of Certified Public Accountants (AICPA) announced on Friday, July 22, 2005, that the comment period on proposed Business Valuation Standards has been extended to September 30, 2005.

The Present (and Future) of Business Communications

Many firms recognize that failing to properly retain business related e-mail can lead to lawsuits, fines, bad publicity and even criminal charges. Only a few, however, understand the same things can happen with instant messaging (IM) and peer-to-peer (P2P) communications. Is your firm one of them?The “2004 Workplace E-mail and Instant Messaging Survey” found that only 11 percent of responding companies use gateway/management software to monitor and control IM use and risks.

Experts Advise a Go-Slow Approach to Outsourcing

Many companies burdened by the costs and complexity of the Sarbanes-Oxley Act requirements are turning to India for help.Call it one of the unintended consequences of the corporate reform legislation. While the 2002 law was seen as a cure for sloppy financial reporting and the frauds it can cover up, it has also resulted in more work being sent overseas, the Wall Street Journal reported.Some Indian outsourcing companies told the newspaper that their Sarbanes-Oxley-related business is rising at more than 50 percent a year.
Practice Management

Pursuit of the Paperless Office

Using the effective power of the Internet and current technology in your office can help you work using fewer resources. You can also serve more clients while increasing the quality of your work you do for those clients. Its an ideal situation but reachable with planning.The cost of developing and warehousing electronic documents is much less than their paper equals. Access is faster to the benefit of you or your customers. The cost savings on consumables such as paper, printing, toner and ink can add up. The reduction in postage or faxing can be seen over time.

Self-Employment Declines Sharply for Second Consecutive Month

Labor Department data reported in USA TODAY, shows the number of self-employed fell 3.1 percent, or 303,000, in June. It was the second consecutive month of big declines.One possible reason is that companies are hiring again. “More people are finally being reabsorbed into full-time jobs,” Maria Minniti, associate economics professor at Babson College told USA TODAY.But entrepreneurs are struggling with rising costs as well, especially the cost of health care.
Practice Management

Pricing: Another Side to the Profit Equation

There’s been a lot of talk about cost-cutting over the past few years as companies of all sizes strive to increase profits. When it comes to increasing profits, however, reducing costs is only part of the story.“Companies will do everything in their power to cut costs, from outsourcing IT departments to limiting employee travel. But there’s another side to the profitability equation that often goes unexplored – pricing,” says Greg Peters, CEO of Zilliant.

Facsimile Signatures as Good as the Real Thing to IRS

Tired of signing all those employment tax forms? New rules issued on July 12, 2005 by the Internal Revenue Service allow corporate officers or duly authorized agents to sign employment tax forms using alternative signature methods including mechanical devices and computer software.“The IRS is committed to reducing the burden on taxpayers whenever we can,” IRS Commissioner Mark W. Everson states.
Practice Management

House Passes OSHA Reform Package

The U.S. House of Representatives has passed four much-discussed bills designed to help businesses have more flexible dealings with the Occupational Safety and Health Administration (OSHA). The bills were introduced by Rep. Charlie Norwood (R-GA). National home builder groups commended the passage of bills while Democrats argue that the passage of these bills will undermine OSHA’s ability to protect workers and enforce violations effectively. The passage of these bills came mainly as a result of Republican support.
Practice Management

Franchising As A Growth Option for Your CPA Firm

Gaining new clients and increasing business is very challenging and difficult for many small CPA firms. There are a number of ways in which CPAs market. Many of these methods are not very effective for providing for any significant, real long-term growth. Traditionally, “referral marketing” has been the number one way for small CPA firms to gain new business. However, referrals can only take you so far, and will only yield a limited amount of growth in your practice.One non-traditional growth method that CPAs may consider is franchising. What is a franchise?

Time Out: 5 Tips to Make the Most of Retreats

Corporate and management retreats have earned a bad reputation in recent years thanks to the overzealous spending of executives who later found themselves on trial for fraud. Done properly, however, retreats can be memorable, enjoyable and productive events for you and your entire team. Here are some tips to help you make the most of your next retreat.Beware of Information OverloadEveryone wants to make the most of the retreat experience. So, it is tempting to try to pack as much as possible into a few days or hours. Unfortunately this can lead to information overload.
Practice Management

AICPA Ethics Ruling Addresses Tax Outsourcing

It was easy to overlook on the eve of a long holiday weekend, but new ethics rulings on outsourcing went into effect on July 1, 2005. The rulings adopted by the American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee address a member’s responsibilities when outsourcing services to third-party service providers.According to the Wall Street Journal, the ruling requires the clients be informed before their confidential financial information is shared that their tax returns are being outsourced. For accountants, however, it is that simple.
Practice Management

The CPA’s Road Map to e-Enlightenment

Computer and Internet technology continue to transform business. From familiar computer networks enabling organizations to share data, software and hardware, to the emerging web-based software packages allowing internal operations to be performed electronically anytime, from anywhere - technology drives business practices. Unfortunately, it’s easy to get confused about technology and where it is going. When evaluating how a firm should plan ahead, a big-picture overview of options and future trends is most helpful.
Practice Management

Survey Shows Management Accountants Earn Top Dollar

Public accountants are no longer at the top of the salary heap, according to a new survey by the Institute of Management Accountants (IMA).The IMA, in its 16th annual salary survey, announced that management accountants and finance professionals are in first and second place, respectively, in average salary and total compensation in 2004.
Practice Management

Office Costs Increasing

If you rent office space, you probably already know that office rent rates rose in 2004.
Practice Management

Upcoming IMA Conference Attracts Leading Executives

Are you among the more than 1,000 foremost authorities in management accounting and financial management heading to Boston next week?


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