News

A&A

Finance Gurus Ignite NonProfit World

Venture capital firms are a dime a dozen nowadays, and most start-ups and entrepreneurial pursuits can't get enough of the wave of new money.What about charity, nonprofits and philanthropy? Aren't organizations who hold 501(c)(3) or 501(c)(6) filing status just as viable to be funded by investors?Yes, according to Flatiron Partners, a New York City-based venture capital firm that has just announced two new projects in its huge portfolio.
Technology

Competition Reigns! EY Tapped for Extranet

Who says you shouldn't conduct business with competitors? In the 'new economy,' nothing could be further from the truth as evidenced by a UK consortium of oil and gas companies known as Logic.Extranets are hot commodities, and Ernst & Young has been asked by Logic to develop services related to its external Internet system.Logic is an organization of British oil and gas companies.

Peer Review Standards Spread to Germany

New legislation has been introduced in Germany to require public company auditors to undergo rigorous peer review standards similar to their U.S. counterparts.The move was made to raise the position of German accountants in the world financial marketplace.
Practice

Developing a Strong Cash Management Procedures Manual

Article by Leslie N. Masonson, CCMReprinted with permission from The Financial Management Network.Many companies do not have a detailed, up-to-date and well-written cash management procedures manual. Only an estimated 60% of large companies have this manual, while 20% of smaller companies have one. This oversight can prove costly in case of a fraud, disaster, or other difficult situations.The process of creating a cash management procedures manual is time-consuming, people intensive, and difficult to keep current.
A&A

'Commingled Pools' vs. 'Mutual' Funds

Many financial planners, and those helping administer retirement plans for clients and companies, may want to take a refresher course on the differences between 'commingled pools' and 'mutual' funds.Mutual funds, of course, are very popular staples of 401(k) plans and other savings instruments, and although these funds and commingled pools are both run by investment managers, funds that are 'commingled' are not open to individual investors are not regulated by the Securites and Exchange Commission.Most commingled pools are run by banks and trusts, and do

MBAs Choose EY

In a survey of 2,700 MBA candidates, Ernst & Young LLP ranked as one of the top 25 most sought after places to work by this group that is in demand by employers everywhere. EY ranked 27th last year and moved into the number 25 spot this year.Results of the survey, which can be found in the April 17 edition of Fortune magazine, indicate that 37 percent of MBAs want a job with a large multinational company.
A&A

CPA Software Giants Join XBRL Effort

A number of prominent accounting software companies have signed on with Big 5 firms, the AICPA and international organizations to step up the push for XBRL.XBRL is short for Extensible Business Reporting Language, and is the brainchild of a consortium seeking to establish an international language to report financial information over the Internet.A few of the software companies participating in the effort include Navision, Best and Sage.
Community News

Former AmEx Exec Joins 1st Global

Tony Cord, formerly Vice President, Mergers & Acquisitions for American Express Tax & Business Services, Inc., has joined 1st Global as Director of National Business Development.Mr. Cord was a key player in the accounting firm consolidation efforts of American Express over the past few years. 1st Global, Inc., is a development partner for leading CPA and tax firms seeking to successfully integrate a comprehensive financial services business into their accounting practice. As Director of National Business Development for 1st Global, Mr.
Tax

$500,000 Profit in 90 days

We tried to tell you.Back on the 20th of January, AccountingWEB ran a story on the auction of the domain name www.taxes.com.At the time the asking price was just $260,000.Here we are 90 days later, and the current bid for the domain name is at a whopping $700,000!Some quick thinking deep-pocketed firm could have made a nice windfall this quarter. So, the price is now $700,000.

Marketing Like a Pro on a Shoestring Budget - with Tina Kersen

Tina Kersenthe one80 group214-739-5616[Session Moderator] Welcome to "Marketing on a Shoestring Budget" with Tina Kersen.[Session Moderator] Allow me to introduce Tina.[Session Moderator] Tina Kersen loves the dynamics of today's evolving accounting firm. An entrepreneur, with a background in human resources and market research, Tina brings a unique perspective to marketing.[Session Moderator] She has published articles about outsourcing, employee retention, employee morale, and financial strategies.
Practice

Great News!

This is the third in a series of editorials by Results Accountants' Systems.This has been my week for great news (more about that soon).It’s also been my week for a quarterly check-up at the doctors. And as I was sitting there in the waiting room (why can’t doctors see you on time?). I thought about being a doctor and the parallels between being a doctor and being an Accountant in Public Practice.There are two that I thought of. First, a sign I saw in a medical practice several years ago.

Social Security Cap Boosts Aged Workers

When President Clinton signed the legislation last week that lifted the cap on social security earnings for Americans, ages 65-69, he not only provided seniors the ability to continue working, but helped feed the employee-needy small business marketplace.In essence, the cap enables this population to work without jeopardizing their social security benefits.Experts do not yet know how many aged Americans will enter the workforce, but potential workers may do so right away if they choose; legislation was made retroactive to Jan.
A&A

Financial Capital Standards a Hot Issue

The Association for Financial Professionals has put its support behind an effort to promote a tighter set of capital standards to promote stability throughout the financial services marketplace.Because many AFP members are involved with foreign and U.S.

IRS Seeks Budget Increase

Fighting a 1960s-era computer system and declining audit rates, IRS Commissioner, Charles Rossotti, told a House Government Reform subcommittee that the IRS is in need of a budget increase. Today, the agency performs half the audits it did three years ago. The Commissioner says this could threaten the entire tax system.The IRS is asking for approximately $8.8 billion for the fiscal 2001 year – that’s an increase of $769 million over last year’s budget. Part of that money – $119 million – is slated to update the agency's very outdated computer system.
Technology

The Future of Financial Reporting

A number of leading accounting organizations, including AICPA, Arthur Andersen, Deloitte & Touche and PricewaterhouseCoopers, are backing a new XML-based financial standard to exchange information online.Known as the XBRL Project Committee, the goal is to roll out the standard--Extensible Business Reporting Language or XBRL--by July 1.XBRL also is supported by some of the most well-known software companies, including Microsoft, SAP and O

PWC IP Database Boosts Active BV Arena

Sellers and traders of intellectual property services, such as trademarks, patents and valuation services now have a way to speed up the process through the Internet.The Houston office of PricewaterhouseCoopers operates the Intellectual Property Exchange, and online database of sellers and traders who offer IP online.

Perks For Employees Aim To Free Personal Time

Ernst & Young makes LifeConcierge, a service that offers services such as finding a maid or taking a car into the service station, available to its 7,500 IT consultants. What’s the idea? Well, the Big 5 firm hopes by providing lifestyle “perks” like this, it will give its employees more quality personal time. Ultimately, the perks are designed to keep employees happy and employed at the firm.

CAMICO Receives NY Society Nod

The influence of one liability insurance carrier now spreads coast to coast, anchored on each side by two of the nation's largest state CPA societies.The New York State Society of CPAs has given its endorsement to CAMICO, one of the nation's most powerful professional liability and risk management insurance carriers serving the accounting profession.The CAMICO Mutual Insurance Company is owned by the California Society of CPAs, but is operated as a separate entity.

Excel Tip: Audit & Financial Reporting Using Pivot Tables

This is one in a series of Excel Pivot Table Tutorials developed by AccountingWEB software consultant David Carter.
Technology

Privacy Software Puts Internet Security Back in Your Hands

Here's one for you. YouPowered.com has developed MyOrby, an Internet privacy software that puts privacy back in your control. It tells you when you're being tracked and gives you the option to stop a site from tracking your activities. MyOrby learns your web surfing behavior - like playing games, downloading music, searching for things, sending emails, chatting, shopping - and uses what it learns to communicate with web sites you are in to find your most preferred experience in that site.

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