News

Fed Raises Short-Term and Discount Interest Rates a Quarter Percent

Predictions that the central bank would raise rates proved true as the U.S. Federal Reserve announced on Tuesday quarter-point increases in both the federal-funds target rate and the discount rate. Spokespersons for the Fed say the bank is maintaining its "neutral" bias toward any future rate changes.Also raised were the federal-funds target rate - or the rate at which banks lend to each other overnight - to 5.25 percent from 5 percent.
Practice

Cut staffing costs

Staffing can be one of your highest cost centers. Manage this expense and you'll be on your way to preserving one of your firm's most valuable assets and getting more bang for your buck. Increase training, increase retention. Commit to an employee development program and you might just increase employee loyalty. Employees respond to employer sponsored programs that make an investment in their technical, professional and personal skills. From presentation skills to management training, you have lots of ways to show employees that you are willing to invest in them. Take it outside.
Practice Management

Planning for Disaster

Is your firm prepared for a disaster? From hurricanes to earthquakes to fire, disasters come in all forms and no business is immune from their wrath. Know the basics and protect your firm's resources. Have a plan. While you can't avoid a disaster, you can certainly be prepared in case one strikes. Ensure you have backup copies of firm records and a plan to recover them once the disaster is over. Consider offsite storage so you can get your hands on important data quickly. A recovery action plan can also help guide you and your employees. Get covered.
Technology

Deloitte & Touche Teams to Provide Enterprise Software Solution

Hewlett Packard, Deloitte & Touche and QAD announced they have formed an international beverage focus team to help beverage manufacturers and distributors answer their industry-specific enterprise software needs in the areas of e-business, food safety compliance, manufacturing agility and brand management.The team is offering beverage companies a joint solution that provides tight integration of QAD applications and other best-in-class beverage software with HP servers and consulting services
Technology

PSINet Signs Deal to Acquire Transaction Network

Internet service provider PSINet Inc. has signed a definitive agreement to buy Transaction Network, a provider of data communications and electronic commerce services. PSINet said it would buy the processor of sales over the Web for a $720 million cash-and-stock deal.Transaction Network runs a network used by U.S. credit card processors that has reportedly experienced rapid growth this year.
Technology

New Quicken Products Help Consumers Make Better Financial Decisions

Intuit, Inc. has introduced its new Quicken 2000 software product line with components designed to help consumers make better investing decisions and plan for the future. Quicken Deluxe® 2000 for Windows and the rest of the Quicken 2000 product family arrive at a time when investors have seen more than $1.3 trillion in stock market wealth vanish during the massive stock correction this summer.
A&A

European Banks Offering Online Services Nearly Doubles

European financial institutions are turning to the low-cost alternative of Web-based accounts to gain market share.A report on deregulation and restructuring in the region revealed the number of European online banking sites nearly doubled in the last six months, climbing to 1,265 from 703. By way of comparison, the number of U.S.

Consensus Says Feds Will Raise Interest Rates Today

Word on the street says it's a certainty. Analysts, economists and investors expect Federal Reserve Chairman Alan Greenspan to raise short-term interest rates a quarter notch to 5.25 percent.

Are You On Information Overload?

It's the information age and you are being inundated by information, right? Two major sources of incoming information are email and the Web. Fortunately, there are software programs that can help you put some organization back into your electronic life. Your choices are abundant, including many email programs that are free on the Net. But wait!
Technology

Fed Ratifies Electronic Bank Statements

Under an interim rule approved by the Federal Reserve, banks will be able to transmit regular deposit account statements by email or make them available on their Web sites for customers who request electronic delivery. The regulation will most likely go into effect later this month.
Technology

Student Becomes First Convicted Internet Pirate

A University of Oregon student has become the first person convicted of a felony under the No Electronic Theft (NET) Act of 1997. The law punishing Internet copyright piracy states that anyone who distributes 10 or more copyrighted works with a value of more than $2,500 can face up to three years in prison and a fine up to $250,000. According to the Justice Department, Jeffrey Gerard Levy, 22, admitted in January 1999 that he had illegally allowed the general public to download and copy copyrighted music, movies and software programs on his Web site. Levy will be formally sentenced Nov.
A&A

Chicago Exchange Approves After Hours Trading

The Chicago Stock Exchange has become the first exchange to approve after-hours trading for institutional and individual investors. This move comes as other exchanges across the country work to extend stock trading into the late evening and early morning hours. The nation's third largest stock market said it plans to add two extra hours of trading. Pending regulatory approval, it hopes to add the extra hours Oct.

Japanese Banks Announce Alliance

Share prices soared on the Tokyo Stock Exchange Friday after three Japanese banks announced an alliance that would create the world's largest banking group.

Increase in Federal Reserve Rates Likely

When the Federal Reserve meets on Tuesday, Aug.

Auditors Say Savings By Gore's Project Were Overstated

Some of the cost savings claimed by Vice President Al Gore's project to streamline government were overstated, and other cuts in expenses can't be substantiated, according to auditors who looked at changes in three agencies.According to the General Accounting Office, Gore's "reinventing government" project claimed $21.8 billion in savings in which the project lacked evidence to support, inflated savings by double-counting cost cuts, and took credit for savings that may have been the result of other efforts to cut government bureaucracy.Project officials also neglected to take into accoun
Technology

New Software Program Integrates Electronic Workpaper and Trial Balance Software on Microsoft Platforms

This week, ePace! Software announced the release of its new software package called ePace! Engagement, the accounting industry's first integrated software package to combine both engagement management and trial balance capabilities into one solution.The new product also is the first software of its kind to be built completely on Microsoft Word and Excel. ePace!
A&A

Datek Online Is First To Provide Customers With Instant Answers

Datek Online, an online brokerage pioneer, introduced "Ask Datek" - a new service that give customers instant access to answers for Datek-related questions. Datek is the first online brokerage firm to offer the intuitive type of answering service that allows customers to ask questions in natural language.

Research Puts Citigroup On Top Of Global Leader List

As financial institutions strive to gain market share through mergers and acquisitions, the question remains, "Which one will emerge as the global banking leader?" According to a survey report just released by Total Research Corporation, Citigroup is the only bank that is seen as a millenium leader.Survey respondents, who included leading investment professionals, gave Citigroup high marks in categories such as future growth, investment track record, quality of management, customer focus, responsibility to the

AccountingWEB Weekly News Wrap-up - Issue 5

============================================================== The AccountingWEB Newswire - Issue 5 August 19, 1999 http://www.accountingweb.com============================================================== In the headlines this week:1. New Accounting Firm Association is Formed2. Consolidation of Firms Is Threatened By SEC Review3. New SSA Report Provides Consulting Opportunity 4.
Practice

Some Hints For Client Retention

You've heard the saying, "For every $5 dollars spent earning a new client it only takes $1 dollar to retain one." But what does that mean? It means it's smarter to keep the clients you've got happy (and sell more services to them) than to continue acquiring new clients to replace the old clients walking out the door. So, why do clients leave? Fortunately, they usually don't leave due to lack of technical proficiency.

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