Practice | AccountingWEB
by AccountingWeb on Mar 14, 2003
by Stuart R. Buttrick, Baker & DanielsThe number of discrimination lawsuits increases every year. They’re taking more time to resolve through the judicial process and becoming more costly to defend, and juries (especially in the post-Enron era) are awarding bigger awards to employees.
by AccountingWeb on Mar 14, 2003
Continued from "Are You Teaching Your Employees to Steal? Part 2"WHEN DO PEOPLE EMBEZZLE OR ABUSE THE COMPANY? Generally, three things have to be present before someone commits fraud or embezzles: need, opportunity, and rationalization. This is known as the "triangle of fraud." (See Figure 1.)Need takes two forms—direct and indirect. Direct need is stealing to fund cash needs and is often driven by an addiction—drugs, alcohol, gambling, or an extramarital affair.
by AccountingWeb on Mar 13, 2003
The topic of CEO compensation has taken center stage recently with news about top executives becoming incredibly wealthy even though they did little for their company’s stockholders. Over the years boards have supported incentive-heavy packages for CEOs by rationalizing that what’s good for the executive is good for the company.
by AccountingWeb on Mar 12, 2003
By Bruce L. Katcher, Ph.D. President of The Discovery GroupTHE PROBLEM:Our research shows that employees crave performance feedback but that their supervisors are doing a poor job of giving it to them. 60 percent of employees say that they don't receive ongoing feedback about their job performance throughout the year.Here are some reasons why supervisors avoid providing feedback: 
by AccountingWeb on Mar 10, 2003
Tax professionals are able to file employment taxes for business clients for the first time as part of a new Employment Tax e-filing System offered by the Internal Revenue Service.The IRS expects the e-file upgrades will continue to reduce the paperwork burden on small businesses.
by AccountingWeb on Mar 10, 2003
Question: How do you get the employees of a CPA firm to treat the business as their own? Answer: Sell the business to them through an Employee Stock Ownership Program. That’s exactly what Minneapolis-based HLB Tautges Redpath Ltd. did earlier this month.One hundred percent of the ownership of the firm will be redistributed from the partners to the 85 employees under the ESOP plan.
by AccountingWeb on Mar 09, 2003
Employee theft is surprisingly common and can devastate your business. Consequently, it is worthwhile to put an anti-theft program into place, which includes internal auditing and monitoring.
by AccountingWeb on Mar 09, 2003
A newly released survey of private companies in the United States indicates that although the Sarbanes-Oxley Act is primarily geared towards public companies, 58% of private companies are instituting changes to ensure greater control of their accounting processes."Although recent changes to accounting regulations have been directed toward public companies, privately held firms are also closely scrutinizing financial processes in the wake of corporate scandals," said Paul McDonald, executive director of Robert Half Management Resources who sponsored the survey.
by AccountingWeb on Mar 07, 2003
By Gregory P. Smith Disney World has more than 240 reward and incentive programs in place. All good businesses have at least one or two. Incentive programs serve a specific purpose. Some programs show appreciation to employees. Other programs are designed to improve performance and create behaviors management would like to see. No matter what type of program you have or want, designing the program is critical to its success.Focus on the desired behavior needed or the goal of the program. Begin with a clear, briefly-stated objective.
by AccountingWeb on Mar 07, 2003
Continued from "Are You Teaching Your Employees to Steal? Part 1"FRAUD AND ABUSE ARE COSTLYFraud and abuse cost the U.S. economy $400 billion a year. That translates into 6% of revenue or $9 per day, per employee. And relatively speaking, small companies are at a higher risk of fraud than large companies. Why? Because small companies don’t have as sophisticated systems of internal controls as large companies.
by AccountingWeb on Mar 05, 2003
If U.S. accounting practices swing to fair value, it will be in large part due to the efforts of Robert Herz, chairman of the Financial Accounting Standards Board (FASB), according to an article in the February issue of CFO magazine.
by AccountingWeb on Mar 05, 2003
The Internal Revenue Service more than doubled the number of criminal investigations of preparers of federal tax returns in 2002 compared to the previous fiscal year, according to figures released by IRS Criminal Investigation.In Fiscal Year 2002, 254 investigations were initiated, compared to 116 the year before. More cases were referred to the Department of Justice for prosecution – 89 in FY 2002, up from 73 the year before.
by AccountingWeb on Mar 03, 2003
by Andrew WoodReferrals are the life-blood of any successful business or service, but they work much more predictably and effectively when you develop and follow a system so that good leads don't just slip away.Ask any good business owner how she generates most of her business and she will cite referrals, but ask her to explain her referral system to you and you are very likely to hear that referrals just happen.
by AccountingWeb on Mar 03, 2003
Arthur Andersen's conviction on obstruction of justice charges related to the Enron debacle spelled the abrupt end of the 88-year-old accounting firm. Until recently, the venerable firm had been regarded as the accounting profession's conscience.
by AccountingWeb on Feb 28, 2003
By, Keith Rosen Although you have a handle on your business' operating costs, there may be some hidden expenses that are costing you more than money. Many execs confess that although their business is moving forward, they find their time is consumed with, accepting or being dragged down by unwanted situations, problems or behavior. Not overwhelming individually, they have a way of building up until they effect productivity, cause stress and waste time and energy.

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