Most of us would rather buy a new car or go to the dentist than deal with overdue collections. Although we are numbers-oriented, we fall flat when it comes to taking the initiative to collect what's due.The trick is to act fast. For example, if a receivable is just one day overdue, call immediately to find out if something went wrong. There may be a very good reason, or the sender may indeed be tardy for no good reason.Still, acting quickly will jog the sender's memory and should help with collections.

Could Ernst & Young be following in the footsteps of Big 5 rival Arthur Andersen when it spun off its consulting arm to Andersen Consulting? Today, E&Y announced it may sell its consulting business to Cap Gemini, a European services firm based in Paris.Reports suggest that the combined revenue for the two entities would total more than $8.5 billion, not to mention untold more revenues in future consulting services.Analysts are speculating that the split may be difficult given its integration with E&Y's accounting practice.

Auditing has taken on a new meaning as firms are called upon more and more to audit more than just the financials. Take BP Amoco, for instance. They called upon Ernst & Young Environmental Services Group to audit their social and ethical behavior.The reasoning behind this change in mindset stems from a growing responsibility companies feel they have to stakeholders who more than just the company's financial picture.

The only reason to create a newsletter is to make money by selling goods or services. What's spent on producing literature must show a return. Otherwise, it's money flushed down the drain. If your readers wouldn’t call you when they miss an issue, chances are your marketing dollars are better spent somewhere else.Your newsletter can make your company appear professional, human and established. To do that, keep these ideas in mind:Write for your readers’ level. Don’t talk down to them and don’t technospeak above their head.

A new feature called "Forecasts and Reflections" was added today, increasing the interactivity of the site and further expanding the ability to gather information about the profession from the members of the AccountingWEB community. User views on current topics, trends, and major initiatives affecting the profession will be developed and can be used as an arena to find out what others are thinking.

Deloitte & Touche has been hired by drug retailer Rite-Aid to replace KPMG as the company's audit firm. KPMG resigned the account last month, claiming that it could not trust the information the drug store chain provided to it.The hiring of Deloitte coincides with the hiring of new CEO Robert G. Miller, vice chairman of Kroger Corporation and former chief of Fred Meyer Inc. Kroger owns Rite-Aid.The company announced in October that it had to restate downward pretax earnings for the last three fiscal years to the tune of approximately $500 million.

Federal securities regulators, concerned with the growing number of companies inappropriately managing earnings by artificially boosting revenue, issued guidance on revenue recognition last week. The Securities and Exchange Commission (SEC) released a staff accounting bulletin (SAB) that discloses how companies should manage revenue recognition practices. The SAB also points out basic criteria that companies must adhere to before they can record revenue.

The season of giving gifts continues. A story recently ran on AccountingWeb discussing the need to match the right gift to the right person.Thought needs to be given as well to how you present the present. For example, if you are sending perishable goods, you need to ensure the company sending the gift provides more than lip service when it comes to wrapping and shipping. Nothing's worse than sending a fruit basket just to find out the fruit arrived crushed.Here are some tips.

From individuals with a penchant for entrepreneurial ventures to high-profile industry leaders such as Netscape Communications founder Marc Andreessen and former Microsoft Group Vice President Brad Silverberg “angel investors” are pumping new life into start-ups.Venture capitalists have long been the place where new companies with a hot idea turned for cash. Now, a lot of companies, especially those connected with the Internet, can get the dollars they need from an “angel investor.” The average venture capitalist fund was over $183 million in 1998.