KPMG To Get A $1 Billion Investment From Cisco Systems

In a deal to be announced today, Cisco Systems Inc., the dominant player in Internet networking equipment, will make a direct investment of $1 Billion in accounting giant KPMG in exchange for 20% of KPMG's US unit.KPMG, in an effort to maximize the use of the Internet to deliver services to their clients, will hire over 4000 engineers and other complementary staff over the next 18 months.

Can The Entire Web Be Captured in One Search Engine?

A Norwegian company is aiming to win the Internet search engine war, claiming they will have the entire web indexed and searchable within a year.

Microsoft Considering Free Internet Access

In an effort to boost its membership in a struggling MSN network, Microsoft announced this week that it is considering offering free Internet access to MSN members.Microsoft officials indicate that no decisions have been made yet, but they are looking at many different pricing models, including cheap or even free access to the Internet.

AICPA Streamlines Process, Intends to Cut 40% of Committees

Accounting Today reports this week that the AICPA, in an effort to streamline the decisionmaking process, will cut 49 of its 120 committees, and restructure the process to set and implement policy.Overlapping policies, and conflicts between committees are two of the problems the new structure is intended to solve. The elimination of the committees will affect over 600 volunteer members.The AICPA will involve members, outside experts and others from outside the profession as an organizational strategy group to get a more complete picture in setting the course for the future.

Tax Bill Finalized But Veto On The Horizon

House and Senate Republicans are putting the finishing touches on their tax cut plan valued at $792 billion over the next ten years. This is a far cry from the Democrat’s desired $250-300 billion cut, and almost guarantees a veto from the President. The bill would trim all five income tax rates by one percentage point, lower capital gains taxes for individuals, provide special tax breaks to businesses, and ease the so-called marriage-tax penalty, which forces millions of couples to pay higher taxes than if they were single.

AccountingWEB Weekly News Wrap-up - Issue 3

============================================================== The AccountingWEB Newswire - Issue 3 August 5, 1999 (C) 1999 AccountingWEB, Inc.

10 "Top 100" CPA Firms Form Financial Management Company

Ten of the largest CPA firms in the US announced yesterday the formation of Capital Professional Advisors, a new financial management company designed to provide turnkey insurance and investment programs for their clients.Minneapolis based Capital Professional Advisors will be funded by the affiliated member firms and by Allmerica Financial Corporation, a Fortune 500 insurance and financial services company.Gordon Viere, CEO of Larson Allen Weishair & Co., LLP, Minneapolis, is chairman of Capital Professional Advisors.

Internet Tip of the Week: WebVCR

Road warriors, or those with a limited amount of Internet connect time can now "record" websites while you're online, and view them at your convenience and without incurring any phone charges "offline." Similar to features of a VCR (but MUCH less complicated -- and no clock setting to master!)WebVCR by NetResults is the latest technology to allow you surf the Web even when you're not connected.For those of you who enjoy reading newspapers on-line, this is an ideal product which avoids long phone line and access charges.WebVCR can be downloaded for a 15-day free trial at

Certified Bookkeeper Designation Now Available

The American Institute of Professional Bookkeepers has developed the first professional certification in the country for bookkeepers. To receive the Certified Bookkeeper designation, applicants will have to demonstrate the ability to carry out all accounting and bookkeeping functions through the adjusted trial balance, and demonstrate payroll skills, for companies up to 100 employees. A free booklet is available from the AIPB outlining the elements of the program, and the benefits of the designation.

New Web Based Calculator Offers Taxpayers Relief From IRS

A new web site,, was launched this week by Time Value Software to assist millions of businesses to reduce penalties imposed by the IRS. The penalty reduction is enabled by recent tax law changes (IRS Rev. Proc. 99-10) that give businesses 90 days to ask the IRS to use a different calculation method for penalties. "Our experience is that we can reduce penalties in more than half the cases," said Tom Persky, head of product development for TimeValue.

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AccountingWEB Weekly News Wrap-up - Issue 2

================================================================ The AccountingWEB Newswire - Issue 2 July 29, 1999 (C) 1999 AccountingWEB, Inc.

American Express Enters World of Internet Banking

Financial Services giant American Express announced this week its entry into the world of Internet banking by launching Membership B@nking. This on-line banking service is offering high interest rates on deposits, low interest rates on loans, unlimited electronic bill payment, and rebates on ATM surcharges.Ruediger Adolf, senior vice president of strategic planning and business development at American Express, told Reuters "This is really our entry into the banking industry."

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Cookies Explained

Cookies is the term used for little chunks of data that web servers can store on your hard drive. Cookies record information about your visit to a particular site, and can ONLY be read back later by the site that created them. They are often used to make your web surfing more personal and convenient, but some people fear that cookie abuse could lead to loss of privacy.Cookies Are Good For YouMore and more sites are using cookies to enhance your web experience and enable some pretty cool features.

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Sage Software And Haitek Solutions Announce Native SQL Server ERP

IRVINE, CALIF. and CONCORD, OHIO, June 29, 1999-Sage™ Software, a leading provider of accounting software solutions, and Haitek® Solutions, an Enterprise Resource Planning (ERP) software developer, today announced the development of Envision® ERP, a suite of manufacturing applications developed solely to run on Windows NT®. Envision seamlessly and exclusively integrates withSage Software's Acuity® accounting and distribution applications for manufacturers.

AccountingWEB Weekly News Wrap-up "Debut" - Issue 1

The AccountingWEB Newswire - Issue 1 July 22, 1999 http://www.accountingweb.comCopyright (C) 1999 AccountingWEB, Inc. All rights reserved.May be reproduced in any medium for non-commercial purposes aslong as attribution is given.

Web site of the week:

This week's Site of The Week is NetMind. Those of you who are following activities of particular companies, organizations, or even family members who have their own web site can register those sites that you are tracking with NetMind, and you will be emailed automatically when those sites are changed or updated.This is great if you want to follow news of your clients,referral sources, etc. Be sure to follow up any clientdevelopments with a phone call and keep an eye out for anybusiness opportunities that may appear!What are your favorite sites or Internet tips?