News

Community News

Auditing a Strong Revenue Source for Firms

Auditing has gotten a bad "rep" over the past few years--and especially during the past year--thanks to investigative work done by the Securities and Exchange Commission and the fact that CPAs and accounting professionals have reportedly been seeking more lucrative, less risky alternatives to audit work.However, some experts in the nation's top firms have gone public with their opinions that their assurance services are indeed a money-maker for their firm and that any integrity lost as a result of alledgedly poor auditing practices is not really their fault.In the world of the Chief Fina
Technology

Hack-Proof Your Web Site

Cyber villian, Maxus, hacked through CD Universe’s Web site and stole thousands of credit card numbers. Although hackers often target the big buys like Microsoft, experts say that small- and medium-sized businesses are at risk and usually are not as security-savvy.While increased Web site security may sound like a huge undertaking; it doesn’t have to be.
Community News

"Best" U.S. Companies Boasts CPA Firms, Great Plains

Fortune magazine has released its annual list of the Best Companies to work for in America, and making the list this year were two Big 5 firms and one accounting software giant.Great Plains, a popular provider of back-end office solutions, came in the highest of the three accounting-related companies at Number 15.
Technology

"Mock" Traffic Shuts Down Yahoo!

Conspiracy theories sometimes are true. Yesterday, Yahoo! had to shut down operations for three hours in the middle of the day due to "mock" traffic. What seems to be users to the site is, in reality, a computer hacking through the Internet, making Yahoo! so busy that regular visitors cannot access the site.The attack came from multiple locations all at the same time, and because of the breadth of activity, the company could not prevent a shut down.Yahoo!

Martha Stewart Owes NY State Tax

The homemaker's homemaker herself, Martha Stewart, has made the news, not for growing the best tomatoes ever, but for owing back taxes to the state of New York.In a decision on what occurred eight years ago, the State Division of Tax Appeals in Troy, NY, has held a ruling that she was a resident of the state in 1992. As a result, she owes tax on earnings in 1991 totalling more than $221,000.Stewart has challenged the ruling, claiming she did not live in the state for the minimum 183 days out of the year required to pay taxes.
Practice Management

Fraud Costs Companies $400 Billion Annually

Many CPAs and accounting professionals have discovered a lucrative business by specializing in fraud, and are extremely familiar with this tremendous drain on resoruces, but did you know that fraud costs North American companies more than $400 billion annually?And that's just the beginning. Putting the monetary loss aside, fraud takes its toll on other aspects of company operations, like employee morale and long-term growth.

Cost of Health Care Systems Overhaul Could Dwarf Y2K

Last Friday, February 4, the Chicago offices of Deloitte & Touche and Deloitte Consulting got together to examine the most sweeping legislation to affect the health care industry in more than 30 years. The offices jointly hosted an educational seminar for health care executives and industry specialists to discuss the Health Insurance Portability and Accountability Act (HIPAA) Compliance.At the seminar, health care experts discussed the impact that HIPAA will have on the health care industry.

Promote Knowledge Sharing in Your Organization

Progressive organizations now know that great ideas do not always come from management. At all levels of a company, there are rich stores of knowledge to be found. Companies that encourage best practice sharing can tap into this rich resource.Not only does this type of sharing promote overall knowledge, but it facilitates further creativity. Organizations that use best practice sharing find that it helps them overcome the “that’s the ways it’s always been done” mentality.
Technology

Internet Tip: Start Your Intranet Right With Intranet.com

If you are a small organization and want to explore the benefits of an Intranet system, one of the best places to start is with intranet.com, a free intranet provider offering standard features including members, contacts, calendars, documents and announcements. They make their money through advertisers on the sites, so you can get the service for free.

Sage Software Joins With Concentric Network

IRVINE, Calif., Jan 18, 2000 — SageÔ Software, Inc., the leading provider of PC-based accounting software solutions in the U.S., and Concentric Network Corp. (Nasdaq: CNCX), a leading provider of e-business solutions for growing companies, today announced an alliance to provide integrated Web hosting and Digital Subscriber Line (DSL) services for Sage’s MAS 90® internet.access, a business-to-business e-commerce module that allows the customers of MAS 90 user companies to perform account inquiries and order entry functions in a secure Web-based environment.

AccountingWEB Weekly News Wrap-up - Issue 28

The AccountingWEB Friday Wrap-Up Newswire - Issue 28February 4, 2000http://www.accountingweb.comIn the news this week:Is The PWC Consulting Division The Next Candidate For A Split?New Quality Control Systems For Upholding Independence Rules To Be Implemented In The Next Few WeeksAudit Committees Need To Rise To The ChallengeKPMG Consulting, LLC is Formed - Positioning For an IPO?

Busy Block Site Mirrors CPA Top Ten Technologies

CPAs have taken the initiative to identify this as an ongoing problem with e-Commerce. The AICPA has identified "high availability and resiliency of systems" as one of the Top Ten Technology Issues affecting the accounting profession for 2000.This issue made the news again this week when H&R Block had to close its Internet site temporarily because of the tremendous number of taxpayers who wanted to fle their return virtually.
Technology

CCH Offers Low-Cost Online Filing Solution

Well-known tax knowledge provider CCH has developed an online tax filing solution designed exclusively for the small business and consumer markets.
Tax

IRS Sees Red in Unreported Income

A question posed by a taxpayer in the San Francisco Chronicle posed an interesting situation, especially for small business entrepreneurs: what happens when 1099 income from independent contracting does not match reported income on a taxpayer's 1040?Two scenarios exist. First, taxpayers may not be reporting income for payments received in December because they want to defer the income to the new year.

To Retain, You Must Train

In America today, employees are a hot commodity. To retain these professionals, training may be the cornerstone of an effective strategy. Employees who are trained and groomed for success within a company, tend to stick around it seems.Training in the workplace is much different today than it was. It’s no longer about giving employees skills they can use around the office, it’s about helping employees grow professionally. Training involves everything from job-related skills training to cutting-edge management training.

Client Advisory Board Follow Up Materials

Below you’ll find information provided as a follow up to the Client Advisory Board chat session held February 1st. For more information on conducting CABs with your clients, please call Results Accountants’ Systems at 1-800-800-5601 or visit our website at www.ras-net.com.Client Advisory BoardsImagine one of your clients sitting down at a luncheon with several other business owners. The subject of accounting services comes up.
Community News

Formation of KPMG Consulting Positions Firm To Go Public

In a move generally interpreted as a first step towards taking its company public, KPMG announced on Monday the formation of KPMG Consulting, a separate corporate entity, which will handle the business consulting side of the business.KPMG Consulting will be 80.1 percent owned by KPMG and its partners, and 19.9% owned by Cisco Systems, who last August announced an investm
Tax

Tax News Covers Charitable Deductions

The latest tax news from MSNBC covers a variety of topics including news that taxpayers who do not itemize may be able to deduct charitable contributions.Approximately 70 percent of taxpayers do not itemize and do not write off any deductions currently. A legislative plan backed by President Clinton would allow deductions, and since this is an election year, it may be interesting to note that George W.
Community News

EY Cuts 5% of Accounting Jobs

There are more shake-ups to report among the Big 5 firms as each of the firms struggles to get a foothold in the e-commerce business.Ernst & Young has layed off 400 people who held traditional accounting jobs because of a shift in mindset at the firm from the tried and true accounting business to E-commerce, E-business and the like.
Technology

Six Hot Intranet Tips

Intranets are hot. Companies are realizing that they are great for posting phone lists, sharing files, and getting employees connected. If you want to go live on the Web, which is hassle-free, try Intranets.com or HotOffice.Now, let’s get onto tips that will help you get a handle on simple Web-based intranets! Remember big bandwidth. With externally-hosted intranets, your biggest problem is going to be sluggish speed of the Internet over traditional analog modem dial-up accounts.

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