News

A&A

Many Companies lax on Finalizing Budgets

Many CPAs and accounting professionals provide consulting services to companies on helping them with their budgets. However, many professionals this year may find that their clients are behind the eight-ball when it comes to finalizing their 2000 budgets.A new benchmark study by KPMG reports that among 300 companies who reported budget data, many companies who usually complete their budgets in September are running behind, with some budgets taking as long as 20 weeks to prepare.The reason is attributed to several factors, according to experts.
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Community News

KPMG Reports 17 Percent Revenue Increase

KPMG International has finished the year with a 17 percent increase over the previous year with $12.2 billion in revenues.The firm attributes the increase to substantial growth in its varous business lines, including tax and assurance services. The largest growth occurred in Financial Advisory Servies with a 39 percent increase.
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A&A

Brush up on the Roth IRA

What are the tax-saving advantages of the Roth IRA?This relatively new savings vehicle is ideal for the younger set because it enables a person to invest in the long-term for retirement, with the money growing on a tax-free basis.Even though most everyone qualifies for a typical IRA, the Roth is better for a younger investor because money grows tax-free rather than tax-deferred.
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A&A

Comerica & ADP Offer Discounts on Payroll Services

Many CPAs and accounting professionals call upon payroll services giant ADP to fulfill their client and employer pay systems. Now, ADP has announced it will collaborate with Comerica Bank and Goldman Sachs to provide payroll and employment services to small businesses.What does this mean to the accounting world? Three of the giants in financial services have taken over services that CPAs provide to clients everyday.
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Technology

PWC Creates Online Product Marketplace

What's this? A Big 5 firm entering the online stampede to the product marketplace?It's true. PricewaterhouseCoopers has unveiled its new "e-conomy" site dedicated to providing business-to-business products at a discount price.Members would be other businesses who want to obtain anything from office supplies to staffing services and software to travel deals.Why?
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Planning, Patience and Personality

The 3 Ps of selling will help you meet the challenges we face in the sales process. Some of these challenges are: trying to penetrate a new account; the complexities of dealing with many decision makers (all who have the power to say no); and dealing with customers who are satisfied with their current supplier. If selling were easy, everyone could do it!Planning. As salespeople, we need to balance our customer’s needs while addressing our own. One of our needs is to simplify the selling process. We accomplish this by improving our efficiency.
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AccountingWEB Weekly News Wrap-up - Issue 21

The AccountingWEB Friday Wrap-Up Newswire - Issue 21December 17, 1999http://www.accountingweb.comIn the headlines this week:1. Consulting and Venture Capitalist Role Blurred at Andersen2. Keep Poaching Out Of The Firm3. PWC Starts Its Own Web Seal Program4. CPA Patricia Gilbreath Elected Mayor of Redlands, California5. Do Your Clients Need an Angel?6. Tips for Timely Collections7. FASB Outlines Fair Value Derivative Accounting8. Website Acid Test: Can Visitors Find Your Phone Number?9.
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Technology

It's a Buggy Time for Internet Browsers

Security still is one of the hottest topics related to Internet operations, and the latest news from the world of browsers finds that both Microsoft and Netscape's browsers have bugs related to security and privacy issues.Just recently, Microsoft presented users three bug patches and is reportedly about to issue another patch.
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Largest Year-End Projects Related to Y2K

A new study by PricewaterhouseCoopers finds that the majority of companies surveyed are heavily concentrating on Y2K preparedness in areas of investment, staffing and other matters. U.S.
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Technology

Andersen Consulting Invests Heavily in Online Ventures

In an effort to entrench itself even deeper in the lucrative world of dot.coms and related consulting, Andersen Consulting has announced that it will invest as much as $1 billion over the next five years to to create Internet and electronic-oriented companies.The new company, known as Andersen Consulting Ventures, will start with $500 million in funding from Andersen Consulting.
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Is GoldMine 5.0 a gold mine?

Some people swear by it and others have heard that GoldMine is difficult to use. And with the goal of overcoming this “difficult” reputation, GoldMine 5.0 combines ease-of-use features and improved contact, opportunity, and marketing management tools.The new version better integrates with Microsoft Outlook and sports a new multimedia tutorial. This package helps middle-of-the-road users manage data at a fraction of the cost.
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FASB Outlines Fair Value Derivative Accounting

The Financial Accounting Standards Board (FASB) released its preliminary views on measuring financial derivatives at fair value yesterday. These views cover three areas:>Types of financial instruments reported at fair value>The definition of fair value>Ways that changes in fair value can be reportedThe impetus for the release is the trade body’s goal of giving investors a better understanding of companies’ holding of derivatives and their underlying assets.
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A&A

Best Buy Adheres to SEC Guidelines

Well-known audio/video and computer retailer Best Buy has surfaced as the first-known company to respond publicly to the SEC's new accounting guidelines that, in most cases, organizations must report income derived on the sale of extended warranties over the life of the warranty rather than at the time of the sale.The SEC also is requiring issuers of warranties to go one step further by making the sales net commission revenues.
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KPMG Chief Calls for Global Awareness

Stephen Butler, chairman of KPMG Interntational, stressed the need for the accounting world to think more broadly in terms of doing business internationally and thinking of invisible borders outside of the United States.The message was given on before the International Relations Council in Kansas City, MO.
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Tying Salaries to Performance is #1 Priority

Who said cushy benefits truly made a difference in working-class America?A new study conducted by the Society for Human Resource Management found that American workers were most concerned with tying their salaries back to performance. In other words, if they work harder, put in longer hours and are loyal, they should be compensated proportionally for their efforts.A total of 783 companies participated in the study. Final numbers were tallied by Arthur Andersen.So how fair is the dreaded performance review?
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A&A

Forbes Spotlights 200 U.S. Best Small Companies

We promise this story will make you feel "young," at least in the world of small business and the rash of online companies.Who made the grade on this year's Forbes' Hot 200 list of small companies in America?You'll be surpised to find out. Among the biggest surprise is that there are no "dot.com" companies on the list.
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Cure For The Bonus Blues

When salaries are skyrocketing and you are feeling the pinch of the industry bonuses being launched down the street, take heart. There are things you can do when your firm is in a cash crunch. Just remember to do something for your team.Give the gift of time if you don’t have the cash. Studies show that people respond more positively to time off than they do to any other alternative rewards. If you can’t spare a day now, give them a “take one day” certificate to be used later.If you want to show your appreciation to a great team, throw a party!
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A&A

Can you Guess the Financial Innovations of the Last Century?

What do you think is the most impressive financial innovation of the 20th Century? If you said credit cards, then you're in line with others who also think this is the niftiest invention of the last 100 years.Kiplinger.com conducted the poll of its readership to determine which products, services and innovations had the most impact on personal finances.
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Technology

Eudora Now "Free" With Advertising Commitment

Sometimes the other guy needs some attention, too.Qualcomm, makers of the popular e-mail program Eudora, has announced it will waive the purchase fee of $50 for its "Pro" version in exchange for a commitment to view advertising alongside the e-mail browser.A lesser version called Eudora Light has been available free for some time over the Internet, but this is the first time the Pro version is available at no cost.
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Tax

IRS Collects $1.3 Billion Less Than Expected

The IRS announced it has collected $1.3 billion less this past year than expected. The reason is due, in part, to new tax laws for taxpayers, a shortage of agents and Service property seizures and liens.Even at an astounding $1.3 billion, this is only a small part of the $1.8 trillion collected by the IRS in 1999. Still, Commissioner Rossotti has issued a statement with his concern over the loss, and that the Service is attempting to make up for the losses.Employee-wise, over the past several years, there have been as many as 15,000 fewer agents.
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Pages

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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