News

Going Behind Enemy Lines

When I announced that I was having lunch with the marketing director at [insert name of competitor here], one of our partners who just happened to be passing through the lobby said, “What? You are having lunch with who?” I smiled and said, “Yes, we have lunch regularly.”He looked at me with disbelief. I told him that we are “friendly competitors.” I then went on to tell him that competition is always going to be present in the marketplace. How we look at our competition will determine how well we do in the marketplace.

Forecasts and Reflections Section Added

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.
A&A

Banks go Online for Business Loans

The Internet revolution is everywhere, and banks across the world are beginning to realize that a secure future may lie in offering loans to businesses via the Internet.A mindset must be switched in the banking industry from that of the "customer" to "small business client." With a rash of small businesses popping up daily in all corners of the planet, more and more financing is needed to operate effectively.
Community News

Rite-Aid Taps Deloitte as Audit Firm

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.

Accounting Salaries Increase 4.65 Percent In 2000

Starting salaries for Y2K are expected to increase by 4.65 percent, according to the newly released Robert Half and Accountemps Salary Guide. Last year’s increase was 4.67 percent, so rest assured that the demand for these individuals hasn’t decreased in the past 12 months.Large accounting firms (those with fees of $250M+), will see salaries increase 4.8 percent with managers and directors looking at an 8.4 percent increase. Small accounting firms may be hit hard, too, with first-year accountants facing a 5.8 increase in average base compensation.

SEC Issues Bulletin On Revenue Recognition

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.
Community News

E&Y Ranked High for Knowledge Management

Kudos go to Ernst & Young for receiving an award for one of the top five most admired organizations for knowledge management.The MAKE, or "Most Admired Knowledge Enterprise" awards are conducted by conducted by Teleos in conjunction wtih the KNOW Network, a group of knowledge management companies that share best practices.

Holiday Gifts ARE What They're Wrapped up to be

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.
Practice Management

Virtual Assistants Perform Tasks Efficiently

If you're business is like most businesses, the secretarial or administrative assistant pool is one big revolving door. People agree to work, but support positions at the bottom rung of the ladder are merely stepping stones to other positions in the company or to another company entirely.There also is the matter of training every new person that takes the job.How about forming a relationship with a virtual assistant?

Do your clients need an angel?

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.

Impact of Technology on Reporting Revealed

Technology impacts financial and business reporting, but to what extent? The Canadian Institute of Chartered Accountants (CICA) recently concluded a study examining the impact of technology on financial and business reporting and related issues the accounting profession needs to consider.
Practice

Move That Home Office Meeting to a Public Place

Meeting clients in public spaces is a solid alternative than meeting at your office, especially if you telecommute and that office is in your home.Although almost anyone that has a home office is proud of his or her environment, the home as "meeting space" is not always idea. There are children, of course, that can be a distraction, but so are pets and other interruptions.
Tax

New IRS 1999 Tax CD-ROM Available

The IRS has made a decision regarding its 1999 tax products CD-ROM, and awarded National Technical Information Service (NTIS) the contract.The CD-ROM contains current and prior year tax products, Service Bulletins, Market Segment Specialization Program Audit Technique Guides, as well as IRS e-file and Earned Income Tax Credit information.This year's CD also will contain the latest version of Adobe Acrobat fill-in software (version 4.0) along with built-in software for browsing, bookmarking and linking Taxpayer Information Publications.The first release
Technology

Internet Service Offers Expert Financial Advice

Experts knew it would eventually happen, and now the Web is talking the talk and walking the walk as a virtual source for expert advice on various financial matters.Exp.com is a Web site company that has assembled a network of qualified, degreed experts to provide fee-based consulting services to participants in a totally virtual environment.Users can either post requests directly on the site, or contact the company and negotiate with an expert directly for his or her services.

Thank Those Clients

‘Tis the season to be jolly! Once a year gifts can send a nice message to clients. They simply say, “We appreciate you and your business.” So, what should you send?You could send a card that is designed especially for you. The cost for this is minimal for design and the printing costs often are less than buying a commercial holiday card. Want to add a little something to your card? Make a donation on behalf of your clients and let them know the receiving organization in your card.

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Tax

IRS Employees Under Scrutiny

How's this for a change? More than 5,000 employees with violations of misconduct will be investigated during the coming year, according to an e-mail issued by Inspector General David C. Williams.This equates to an average of one for every 28 IRS employees, and one in every nine front-line auditors and tax collectors under investigation.Williams is head of the newly created tax administration office.
A&A

KPMG Study Reveals M&A Trends and Pitfalls

Research conducted by KPMG indicates an overwhelming majority of 83 percent of mergers & acquisitions fail to enhance stockholder value.
Practice

Former FASB Official Urges Technology Savvy

A former FASB board member who is dean of Cornell University's Johnson Graduate School of Management validated the theory that CPAs need to be well-versed in technology in order to compete in the financial marketplace.Robert J.

Are You Writing Well For The Web?

You’ve been to sites where the first page is text, text, text, right? Well, don’t be one of those sites. Writing for the web is different than writing for print. Think about your own web surfing habits. Do you read each line? Or do you skim and hop to the content for which you are looking?So what do you need to know? First, keep your writing personalized and interesting. If your reader doesn’t see something that grabs them, they will simply click onto something else. Let your firm’s style and personality show through your writing.

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