Practice news

Practice

Discover Who You Are To Succeed

By Paul J. MeyerIf you were asked to make three brief statements in response to the question, "Who are you?" how would you respond? One response might be to state your name because your name is an important emotional symbol of your identity. You might define yourself in terms of your professional title, especially if you enjoy a sense of dedication and commitment to your career.
Practice

Quiz - Assess Your Management Style

"Business2.0", located at http://www.business2.0.com tapped Stephen Covey's expertise to develop the following quiz. Circle true or false responses to the 15 questions based on your gut reaction, not what you think you should say. Once you have completed the quiz, rate your answers. You may discover that several simple adjustments in behavior or attitude--or both--could help you transform your staff into a high-performance team.
Practice Management

Business Roundtable Addresses Audits, Whistle-Blowing

The Business Roundtable, an elite association of 150 chief executive officers (CEOs) of leading corporations, has released guidelines to increase trust in U.S. companies post Enron. In a press release dated May 14, 2002, the CEOs encouraged all U.S.
Practice

The Art of Managing a Group of Professionals

In their book First Among Equals, David Maister and Patrick McKenna offer a "play book" for managers of professionals, providing real world examples, self evaluation materials, and concrete advice on stressful day-to-day management issues that every leader of professionals will welcome. This is a must read for every manager of a group of professionals.
Practice Management

Eide Bailly Adds Hospital Billing to Service Mix

Fargo based Eide Bailly, LLP, one of the Top 20 CPA firms in the U.S., is expanding its health care practice by adding hospital billing services to its service mix.
Practice Management

Improving the Workplace - Employees Say They Need More Training

By: Bruce L. Katcher, Ph.D., President, The Discovery Group  The ProblemWhen work is not being performed properly, management's first instinct is to blame employees. Often, however, the problem is not the employee. It is a lack of tools and equipment, inappropriate procedures, ineffective supervision, or a lack of training.
Practice

Stop Looking - Start Listening For Your Next Selling Opportunity

Selling is the most advanced form of communication. It requires the utilization of all of our senses. Although you may feel the greatest barriers to your selling performance may be attributed to having the wrong product, closing techniques, presentation tools or even the wrong prospects, consider that the foundation of successful selling is based on how well you listen. The ability to actively listen has been proven to dramatically improve the capabilities of a professional salesperson. Ironically, listening is the least developed skill amongst salespeople.
Practice

CFOs Embrace Strategic Risk Management For Growth

CFOs are looking for ways to maintain earnings stability and secure a competitive advantage in the uncertain economic market and are finding it in an unlikely place - risk management - according to final results of a survey released today by CFO-Research.According to the survey, conducted last fall and just released, companies are finding numerous benefits to strategic risk management, including;The ability to uncover new corporate opportunities Anticipating unexpected events and planning for their potential impactLimiting potential surprisesCreating efficien
Practice Management

20 Questions Directors Should Ask About Privacy

A new resource is available from the Canadian Institute of Chartered Accountants (CICA) to help corporate directors understand and implement privacy initiatives within their companies.Although it was originally developed for a Canadian audience, 20 Questions Directors Should Ask About Privacy has global appeal in its approach to helping corporate boards address the growing demands for consumer privacy.
Practice Management

Financial Executives Revise Ethics, Support CARTA

In testimony to the House Financial Services Committee on March 20, 2002, Phil Livingston, president and chief executive officer of Financial Executives International (FEI), said FEI lends its support to H.R. 3763, the Corporate and Auditing Accountability, Responsibility and Transparency Act of 2002 (CARTA). Mr.
Practice Management

GE and IBM Raise the Bar for Annual Reports

The sudden collapse of Enron has prompted investors to demand greater transparency, and companies are responding by expanding their annual reports. Every company has its own unique disclosure challenges, but corporate giants General Electric (GE) and IBM are clearly at the forefront when it comes to complexity.
Practice Management

Financial Executives Review Audit Policies and Ethics

Phil Livingston, the president and CEO of Financial Executives International (FEI) said in the latest issue of the association’s e-newsletter, FEI Express, the FEI has been hearing from its members about the changes in corporate policies that companies are making to improve auditor independence. He encouraged companies to issue press releases indicating the changes they’ve made. He also asked for input on the FEI’s code of ethics.
Practice Management

Ten Questions To Ask When Preparing For A Sales Call

Keith Rosen, CEO of Profit Builders provided AccountingWEB with the some questions to ask before you prepare for a new client sales call.Is my mind clear of any distractions that could have an adverse effect on my performance? (Externalities: fight with supervisor or spouse, car troubles, income, weather, health, etc.) Do I want to be here? To what degree has this appointment been confirmed? (Is this person expecting me?) Do I view my client as a number or as a person to create a mutually beneficial partnership with? Are they someTHING (a quota) or someONE?
Practice Management

General Recommendations on Corporate Security

In the wake of the September 11 terrorist attacks on America, many corporations have been seeking guidance on appropriate security measures. One such company that offers this guidance is Kroll, a risk management company. According to Kroll, each company's circumstances, needs and risk profiles are different, and the response must be tailored accordingly. However, the following general points may be helpful: Review the risk profile of destinations carefully and plan travel accordingly.
Practice Management

SEC Seeks More Power to Punish Corporate Wrongdoers

Speaking to the Glasser LegalWorks 20th Annual Federal Securities Institute, Stephen Cutler, director of the Division of Enforcement of the Securities and Exchange Commission (SEC), said the SEC is asking Congress for more power to punish corporate wrongdoers.A push for more powerThe SEC is asking for added authority to impose penalties on officers and directors through administrative cases that do not require federal court proceedings. Specifically, it wants to able to bar executives found to have committed wrongdoing from future service at any public company.
Practice Management

Come Together Cooperatively to Serve Your Clients

Co-opetition: Compete and Cooperate MarketingWhen you combine the words cooperation and competition, a new word emerges: Coopetition. Coopetition works when competing organizations come together cooperatively to serve a client.
Practice Management

Three Ways to Grow Your Practice in 2002

By Rich Walker, CPA, Director of IntuitAdvisorA new year means new opportunities for accountants to grow their practice. Here are some words of wisdom that will help you succeed in 2002.1. Focus on Great ServiceIt might sound simplistic, but superior customer service is the number one way to retain customers. Some suggestions for maintaining a great customer relationship are:Be responsive. Let your clients know they're important.
A&A

Reminder: Retirement Plan Amendments Due By February 28

The IRS has issued a reminder to employers and retirement plan administrators that they must amend their employees' retirement plans to comply with the changes made by the "GUST" laws by the February 28, 2002, deadline. The deadline affects qualified retirement plans, including Code Sec. 401(k) plans, defined benefit pension plans, profit-sharing plans, ESOPs and Keogh plans.An exception to the February 28, 2002, deadline exists for plans with a fiscal year other than a calendar year. The deadline for those plans is the last day of the fiscal year that began in 2001.
Practice Management

SEC's 'What-if' Numbers Offer Hope To Battle-Weary Companies

Have you heard the one about the man who woke up from a coma and asked, “What’s an auditor?” He got the traditional reply: “Someone who arrives after the battle and bayonets all the wounded.” If Robert Herdman gets his way, that joke won’t be so funny any more. Mr. Herdman is the chief accountant of the Securities and Exchange Commission (SEC), and he has a new solution that will help companies avoid the battles altogether. The Perils of Too Much PrecisionMr.
Practice Management

Investors See Record Gaps in Pro Forma vs. GAAP Earnings

Preliminary statistical data show the difference between operating (pro forma) earnings and net income under generally accepted accounting principles (GAAP) reached an all-time high in 2001. These statistics cover the largest U.S. public companies, collectively known as the Standard & Poor’s 500 (S&P-500). The Securities and Exchange Commission (SEC) and accounting firms have been cautioning companies about the risks of disclosing pro forma earnings and the need to reconcile these earnings to net income under GAAP.

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