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CFO

A&A

Businesses protected from financial loss with professional liability insurance

A separate coverage can be added to existing insurance policies that protects professionals in the event of a client's claim that they have suffered a financial loss as the result of an error or omission that was committed by a company while performing and delivering their professional services.Whether you are running a small home-based business or a multi-million dollar industry, it is important to plan for disaster mangement to protect against unexpected circumstances.
A&A

Eight cash flow secrets of entrepreneurs

Your success as an entrepreneur comes down to whether or not you can pay your bills and still turn a profit. Seems obvious, right? It is, but achieving a healthy balance between monetary intake and output is an art form that confounds many entrepreneurs. According to entrepreneurial guru Ty Freyvogel, your ability to manage your cash flow will either make you or break you. Eight cash flow secrets of entrepreneursBy Ty FreyvogelI have seen otherwise successful entrepreneurs crumble under the stress of poorly managed cash flow.
A&A

Ensuring the safety and productivity of your employees

AccountingWEB is pleased to offer a presentation of Small Business Trends Radio. This is an hour-long broadcast that can be downloaded as a podcast or played on your computer.Many small businesses are experiencing a growing need for high quality monitoring services to ensure the security and safety of their business and employees.
A&A

FEI and IMA request deferral of SFAS 157

In a letter to Robert H. Herz, chairman of the Financial Accounting Standards Board (FASB), two committee chairmen of Financial Executives International (FEI) have requested that FASB delay implementation of SFAS No. 157 - Fair Value Measurements (FAS 157) for one year in order to allow companies and their accounting firms time to prepare for implementation. Currently, FAS 157 is effective for fiscal years beginning after November 15, 2007. The Institute of Management Accountants (IMA) has also requested the delay, CFO.com reports.
A&A

ExcelZone spreadsheet seminar tips: Think first, Excel second

An experienced group of management accountants gathered earlier this year at the Law Society in London for AccountingWEB UK ExcelZone's inaugural seminar on "smarter management reporting with Excel." The event, the first in a series, was sponsored by ExcelZone partner Rugged Logic. ExcelZone contributor Simon Hurst was on hand to pass on tips for smoother working with accounting data and spreadsheets. "Before we get on to the practical stuff, the first thing you need to do when reporting with Excel is to design a good spreadsheet," says Simon Hurst, AccountingWEB contributor.
A&A

Tax pitfalls you could face as a small business owner

AccountingWEB is pleased to offer a presentation of Small Business Trends Radio. This is an hour-long broadcast that can be downloaded as a podcast or played on your computer.Starting your own small business can be an exciting venture. However, there are several things that many do not think about in advance that could put them out of business before they have barely begun. And attempting to handle some of these problems on your own may ultimately lead to negative results.Michael Rozbruch, CEO of Tax Resolution Services will assist you in steering clear of these costly pitfalls.
A&A

For small businesses cash flow is king

Many small businesses seem to stumble from crisis to crisis as they strive to balance bills, paydays and receivables without a cash budget. Recognizing that new entrepreneurs and owners of rapidly growing small businesses need help in establishing an effective cash management system that makes every dollar count, accounting firms, law firms and banks are beginning to offer cash flow guidance.“Generally, what I see in most in businesses, small and large, is a lot of them don’t do cash budgets,” Barry Worth, a CPA and turnaround specialist with Brown Smith Wallace LLC in St.
Practice Management

How to defend yourself against receivables fraud

Fraud investigator Andy Wilson has produced a list of self-tests that companies can use to measure how well defended they are against receivables fraud.Here's a rundown of his guidelines..."I don't understand it. Business is as good as it has ever been ... but there is no money in the bank," said the owner of a floral business to a group of anti-fraud professionals he had retained to determine if the business was bleeding cash via internal fraud.Two days before the fraud examination was to begin the bookkeeper failed to report to work.
Community News

Record keeping for small businesses

The mindset and behaviors associated with protecting intellectual property start with top management. It's a tough job considering the not-so-surprising latitude for departing employees to take corporate trade secrets with them. The Boston Business Journal reports that even with strict vendor confidentiality agreements, keeping corporate secrets may be difficult. Identifying intellectual property at early stages is a good start."Almost all intellectual property starts out as a trade secret. In a lot of ways, that's the point where it's most vulnerable," James Donnelly Jr.
Tax

IRS offers relief for late S corporation elections

Businesses that are eligible to elect S corporation tax treatment now have a simpler process for requesting relief for late elections under a change announced this week by the Internal Revenue Service.Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both forms simultaneously.
Technology

IBM expands software line for small and mid-sized businesses

IBM has announced new software and resources to help mid-sized customers more effectively manage the quality of their software and network infrastructures, just like their counterparts in large enterprises. The new software underscores IBM's expanded focus on providing small and mid-sized businesses with the solutions necessary to remain competitive in the market. Typically, IT departments in small and mid-sized businesses lack resources or a formalized IT department to support their operations.
A&A

CPA firms are ranked in Assets Under Management survey

CPA Wealth Provider, a SourceMedia publication, is presenting its first-ever ranking of CPA/Financial Planning firms by Assets Under Management (AUM). This ranking is featured in the October 2007 issue of the magazine and is expected to be an annual event. The ranking lists the 11 firms that are in "The Billion Dollar Club," the 41 firms that are in "The $100+ Million Club" and the "Rising Stars" that comprise the remainder.
A&A

Setting up payroll in a small business

For a small business with new employees, the process of setting up a new payroll system can be daunting. By breaking down the process into small steps, the process can go smoothly, employees will get their paychecks on time, and tax filing deadlines will be met with ease.Step 1: Obtain a federal identification number from the Internal Revenue Service and a state identification number from your state revenue department.
A&A

New employer ID numbers now available instantly online

Taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time, the Internal Revenue Service has announced. "This new and improved online application will reduce the time it takes taxpayers to get an EIN," said Richard Morgante, Commissioner of the IRS Wage & Investment Division.
A&A

Here comes QuickBooks 2008

Intuit Inc. has released its new line of QuickBooks 2008 products and services. According to Intuit, the 2008 version of the nation's best-selling small business financial software focuses on ease-of-use improvements for important day-to-day tasks, as well as connecting in new ways with new applications. Other new features extend the power of QuickBooks beyond accounting by integrating with new online services and industry-leading applications.
A&A

Job security: Execs prefer being employed to self-employment

Most executives would decline the opportunity to be their own boss, according to a new survey. Sixty-five percent of respondents said they feel the average executive would not choose to be self-employed if he or she had the necessary startup capital. Thirty-two percent disagreed -- down from the 38 percent in a similar survey 10 years earlier who felt senior managers would, indeed, take the plunge.The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis.
A&A

Survey: Female entrepreneurs take risks, are educated, and have borrowing power

RSM McGladrey has announced results of its Survey of Women Business Owners. The 2007 survey is the third survey sponsored by RSM McGladrey, the nation's fifth largest tax, accounting, and business consulting firm. The Chicago Chapter of the National Association of Women Business Owners, who was a co-sponsor last year, the University of Chicago, and the Committee of 200, an international membership organization offering top business owners and corporate women support, mentoring, education and recognition, joined RSM McGladrey as co-sponsors of the 2007 survey.
A&A

CFOs worried about availability of future finance leaders and talent

There is a disconnect between where the finance office needs to go and the talent it will need to get there, according to a Deloitte Consulting LLP global survey, "The Finance Talent Challenge: How Leading CFOs are Taking Charge." The study, developed in cooperation with the Economist Intelligence Unit (EIU), discovered that a new breed of talent is needed to propel the finance function beyond traditional roles within a company and to a new level of strategic leadershi
A&A

The importance of business planning

In every aspect of our lives the importance of planning is clear to see, so why do so many small business owners not give the same level of importance to planning when it comes to their company?
A&A

Succession planning for solo business owners

When you're the sole employee of your own company, you are the company, from CEO to receptionist. While that keeps costs low and affords considerable operating flexibility, flying solo makes succession planning problematic at best. There is no "& Son" in the company name to suggest who will take the reins when you retire, and you have no employees to buy the business from you. When you leave your business, it may cease to exist.That's not what you want to happen, of course.

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