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A&A

Recent SBA developments affecting your business

The U.S. Small Business Administration (SBA) is a unique institution that brings a wide range of resources and benefits to small businesses and entrepreneurs. Steven Preston, the Administrator of the SBA, came to this Federal agency in 2006 from the private sector. Since then he has enacted reforms to cut red tape, reduce transaction processing time, and make the agency more responsive to small business owners and individuals. Administrator Preston is our featured guest in this episode of Small Business Trends Radio.
A&A

FEI CEO's 2008 Top challenges for financial executives

As financial executives of both public and private companies absorb the events and happenings of 2007 and look ahead at what's in store for them in 2008, FEI CEO and President Michael P. Cangemi has compiled the following list of the Top Challenges for 2008 - in no particular order:Fair Value/Subprime Market Crisis/Derivatives. Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standard 157, Fair Value Measurement, was originally required to be adopted for financial statements for fiscal years beginning after Nov.
A&A

Small business forecast for 2008

For over 80 years now, the Kiplinger organization has been providing insights into business forecasting and finance. Kiplinger was actually founded in 1920 by W.M. Kiplinger and in 1923, The Kiplinger Letter was launched and the company began producing the nation’s first newsletter. Our featured guest in this episode of Small Business Trends Radio is Matthew Mogul, Associate Editor of Kiplinger Business Forecast. Matthew provides business insights for the coming year and discusses a variety of issues that may have an effect on small businesses.
A&A

Reducing float for fun and profit

If you're running a small business, especially one that is growing, then chances are you are broke all the time.The cash float problem that occurs during business growth is a mathematical rational reality that is easy to understand, but still punches you in the gut from time to time. Simply put, if you are in a position—as most of us are—where you must pay to create something before you sell it, and your customer pays you 45 days later or so, then you have a period of time of at least 45 days (usually more) where you have spent money that you aren’t getting back.
Technology

Budgeting trends help SMBs and SMEs thwart headaches

The two most common budgeting and forecasting headaches experienced by CFOs and finance executives at small and midsized businesses are gaining buy-in from other managers in the company and using Microsoft Excel spreadsheets, according to a recent study performed by Centage Corp. and the Institute of Management & Administration (IOMA).
A&A

Survey says 40 percent of networks at SMBs are not secure

Despite having anti-virus and anti-spam software as well as a firewall installed, four in 10 small and medium sized companies in the United States still do not believe their networks are secure, a new survey shows.In a poll of 455 IT executives for U.S. SMBs, 42 percent said their networks were not secure, even though 96 percent and 93 percent of respondents respectively said they had anti-virus and a firewall installed. Eighty percent said they also used spam filtering.
A&A

SEC authorizes one-year SOX 404(b) extension for SMBs

The U.S. Securities and Exchange Commission has agreed to provide small businesses with an additional one year extension to comply with Sarbanes-Oxley Section 404(b) internal control requirements.
Technology

AICPA tax veep to participate in live small business tax Web chat

AICPA Vice President of Taxation Thomas P. Ochsenschlager will answer questions Thursday, December 20, from 1:00 p.m.
A&A

Growing your small business with project management

By Michelle LaBrosseIf you think Project Management is only for the big guys, think again. Project Management is a powerful business tool for businesses of any size. And as any small business person will tell you, effectiveness and efficiency is never about size. It's about working smart.Improve Performance with Process
A&A

Nonpublic companies get FIN 48 reprieve from FASB

At a recent board meeting, the Financial Accounting Standards Board voted to defer the effective date of FIN 48 for all non-public entities to periods beginning after December 15, 2007. The FASB instructed the staff to develop an FASB Staff Position which will have a 30-day comment period once it is released. This action is a welcome response to a recent letter issued by the Private Company Financial Reporting Committee (PCFRC) that recommended that FASB delay the effective date of FASB FIN No.
A&A

Sage makes a Peachtree offer some won't be able to refuse

This week, Sage Software announced the availability of free software for the clients of accountants who are ready to make the switch to Peachtree. Through January 31, 2008, accountants who recommend Peachtree to their clients currently using Intuit's QuickBooks can get Peachtree by Sage Complete Accounting 2008 for the clients for free with proof of ownership of QuickBooks. Customers who then make the switch to Peachtree will also get six months of support free, from the date of registration, with the Guaranteed Start-up Success program.
A&A

Small Business Survival Index released

The Small Business & Entrepreneurship Council (SBE Council) has released its twelfth annual rankings of the states according to their public policy climates for small business and entrepreneurship in the Small Business Survival Index 2007. According to SBE Council chief economist Raymond J. Keating, author of the study, "We're in a period of questions and uncertainty when it comes to the economy.
A&A

FASB calls for delay in non-GAAP reporting

The Financial Accounting Standards Board and its oversight foundation, the Financial Accounting Foundation, have sent a letter to the Securities and Exchange Commission asking for a delay in the agreement to allow foreign firms using International Financial Reporting Standards to no longer reconcile their accounts to U.S. GAAP rules. In the letter, Robert Denham, chairman of the FAF, and Robert Herz, chairman of the FASB, said that investors would be better served if all U.S.
A&A

Control self-assessment: Everybody pitching in with internal controls

By J. Stephen McNally, CPA The fifth anniversary of the Sarbanes-Oxley Act has passed, and many continue to argue whether or not the benefits of the legislation outweigh the related costs. Although there is no clear answer to this yet, does it even matter? Establishing and maintaining strong internal controls over financial reporting and disclosure is critical for the success of any organization: public, private, and nonprofit alike.
Technology

Yankee Group advisory: SMBs demanding Software-as-a-Service

As small and medium sized businesses (SMBs) increasingly move to Web-based accounting applications deployed in Software as a Service (SAAS) arrangement, CPAs face a key decision on whether to help SMBs make the move or stand by and risk losing clients.
A&A

AICPA joins with SBA to provide assistance to SMB owners

The U.S. Small Business Administration and the American Institute of Certified Public Accountants (AICPA) have announced plans to form a partnership to train owners of small accounting firms on SBA products and services. SBA and AICPA have signed a Strategic Alliance Memorandum to share resources to help start, maintain, and expand small businesses."America's accountants are an important part of the small business community so it is important to integrate SBA's resources with AICPA's," SBA Administrator Steve Preston said.
A&A

IT risks rising up audit committee agendas

Research by KPMG's Audit Committee Institute among over 1,300 audit committee members in 25 countries around the world has found that nearly a third (30 percent) are not satisfied that their committee spends sufficient time looking at IT risk issues, with a further 59 percent only "somewhat" satisfied.
A&A

Risky business: Facing adversity and riding the storm

Noah's Ark is the oldest example of a contingency plan, described in the Hebrew Scriptures as a great boat designed to save Noah, his family, and a fair few animals from the great flood. It's nothing new, therefore, to plan for the unexpected whether that is natural or man-made disasters. And there are plenty of examples to glean lessons from, including the recent fires of southern California, Hurricane Katrina, the U.S. terror attacks of 9/11, to name only a few.
A&A

Global Risk Management survey reveals some multinationals not ready for risk

Multinational corporations are facing increasingly diverse, complex and exotic risks, and may not have all the resources in place to manage them effectively, according to Aon's first Global Risk Management Survey.More than half of the survey's respondents said they weren't prepared for the risk they rated as most worrisome - damage to reputation. "Executives now see reputation as a major source of competitive advantage," said Ruth Joplin, Aon Global Risk Consulting managing director.
A&A

New challenges for internal audit: Business and operational risks

Internal audit departments are in the middle of "an evolutionary transition" facing great opportunity and challenges, according to Ernst & Young's 2007 Global Internal Audit Survey, which analyzes current developments and identifies future trends and leading practices based on findings from a survey of Internal Audit directors of 138 predominantly public companies.

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