CFO

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.
A&A

State and Federal Enterprise/Empowerment Zone tax breaks extended

Federal Work Opportunity Tax Credits (WOTCs) now cover 18 - 39 year-old employees hired by businesses located in Renewal Communities, Empowerment Zones, and rural renewal counties under legislation passed recently in Congress. Prior to passage of the new legislation, part of H.R. 2206: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007, the credits applied only to 18 - 24 year olds.
A&A

A Conversation with Bruce Pounder: The Impact of Convergence on U.S. GAAP

Internationally recognized convergence expert, Bruce Pounder, explains what we can expect to see in financial reporting and the financial statements of the future. To start off, can you briefly describe the phenomenon of "Convergence?"The word Convergence refers to the process of eliminating differences in accounting standards among countries. But Convergence also refers to the goal of that process - the absence of differences in accounting standards among countries. So Convergence is both a process and a goal.
A&A

Offering benefits reduces employee turnover in small businesses

A survey by the Office of Advocacy of the U.S. Small Business Administration reports that while job tenure is longer at larger firms, offering benefits reduces the probability of employees leaving jobs at any firm in a given year by 26.2 percent, and increases the probability that an employee will stay an additional year by 13.9 percent. In addition, the study found that for every year the employee remains on the job, the likelihood of turnover is reduced by 81 percent.
A&A

Sec. 199 deductions: Use statistical samplings

Even expert tax practitioners can become confused by the complex tax rules pertaining to the Sec. 199 domestic "manufacturing" deduction. The IRS has already issued hundreds of pages of regulations on this issue. Fortunately, it is also taking steps to cut down on some of the paperwork. Alert: The IRS continues to provide guidance for claiming the deduction. The latest missive explains how to use a statistical sampling for this purpose. (IRS Revenue Procedure 2007-35) But the new IRS procedure only goes so far.
A&A

FASB seeks comments on FAS 140-d

The Financial Accounting Standards Board has issued proposed Staff Position (FSP) FAS 140-d, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions." The Board currently seeks written comments on the proposed FSP, which addresses the accounting for the transfer of financial assets and a subsequent repurchase financing.The FSP focuses on the circumstances that would permit a transferor and a transferee to separately evaluate the accounting for a transfer of a financial asset and a repurchase financing under FASB Statement No.
A&A

Minimum wage set to increase today

The federal minimum wage will rise from $5.15 to $5.85 per hour on Tuesday, July 24, 2007, the first of three increases that will take place over the next two years. Over the next two years, the federal minimum wage will rise from to $7.25 per hour in three steps. The federal minimum wage will increase to: $5.85 per hour on July 24, 2007 $6.55 per hour on July 24, 2008 $7.25 per hour on July 24, 2009 Employees last saw an increase in the federal minimum wage in 1997.
A&A

Top five hiring mistakes small businesses make

Gevity, which serves as a full-service human resources department for small and mid-sized businesses, has released its list of the top five hiring mistakes made by small businesses when recruiting and hiring employees. Developed from Cornell University/Gevity research and surveys of small business owners, the list is a handy tip sheet for recruiting and hiring top talent. Here are the top five hiring mistakes -- and how to avoid them:Offering candidates uncompetitive compensation.
A&A

Google launches new search engine for small businesses

Search engine giant Google is expanding its range into business site search engines facilities with a new search engine starting from $100 a year.The company claims that the hosted Google Custom Search Business Edition can be implemented on a business website in less than 10 minutes and will give visitors better search results once they arrive.The new service expands on the free Custom Search Engine, which includes Google AdWords links alongside the site's own search results and offers some faciliti
Practice Management

Checklist for the sale or acquisition of a closely-held company

All sales and acquisitions of closely-held companies share a general sequence of activity from inception to consummation. Phases of the process will invariably differ from transaction to transaction, but there is usually a substantial commonality of approach. Although each aspect warrants comprehensive discussion, the following is a checklist and general summary of the most material aspects warranting attention.1.
A&A

2007 Best small and medium companies to work for in America

A joint endeavor of the Great Place to Work Institute and the Society for Human Resource Management provides an opportunity for small-sized companies (50-250 employees) and medium-sized companies (251-999 employees) to compete for the honor of being named one of the "Best Small & Medium Companies to Work for in America."Competing companies win marks for low turnover, providing employee training programs, and work/life flexibility. Surveys are filled out anonymously by employees. Companies can nominate themselves for the award and they pay a fee to be included in the competition.
A&A

Taxes now leading concern of small businesses

Taxes were the leading concern of business owners during the second quarter of 2007 replacing health care which previously was cited as being the single greatest issue impacting small businesses according to the latest Small Business Research Board (SBRB) study released this week. Business owners in the U. S. responding to the nationwide poll co-sponsored by International Profit Associates (IPA) said taxes were closely followed by overall economic conditions and energy / fuel costs as key concerns affecting small businesses during the current quarter.

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