CFO

A&A

Streamline your business for summer

As we move towards the halfway point of the year, now is the perfect time for small businesses to organize their finances and streamline business processes for the coming months.
Technology

New debt collection software helps small businesses

Invoice management and chasing down late payers is a time-consuming and frustrating aspect of running a small or medium-size business. For these business owners or their office managers, the effort and expense associated with convincing delinquent accounts to settle past-due invoices can outweigh the returns.
A&A

Polish your online profile: CFOs race into executive MySpace

Prompted by the online networking of the MySpace and Facebook generations, top managers in big companies are rushing to join the online business networks once frequented by client-starved consultants and lonely entrepreneurs. Posting a profile on networks such as LinkedIn could soon be as routine as handing round your business card. The future of financial knowledge-gathering, marketing and recruitment may also lie online.
A&A

Eco-friendly tips for small businesses

With large businesses and consumers becoming interested in all things environmental, many small business owners have found that small changes like recycling paper and using less electricity can bring benefits to their bottom line. Adopting eco-friendly practices that benefit the environment can also make a company more attractive to potential clients in many industries, including construction.The first thing that companies should do is look for ways to save power in the office, according to a report on KLFY TVNews in Acadiana, LA.
A&A

Ten reasons to call your clients this summer: a win-win proposition

Many tax professionals look for ways to increase their business and, of course, their income, in the slower, summer months. Opportunities for increasing your business might be lurking in your existing client base. Review client files when you've got time on your hands and you might find there are many useful suggestions you can offer that will help your clients and increase your business.Take the time to look back at the questions your clients raised when you prepared their tax returns, review their tax returns, and examine their financial conditions.
A&A

SBA targeting military with new loan program

On June 13, the Small Business Administration unveiled a new loan program, the Patriot Express Pilot Initiative, designed to help veterans and members of the military and their families start or expand small businesses.Loans under the Patriot Express program can be as high as $500,000, as compared with the $350,000 ceiling on loans under the SBA Express Program. Patriot Express loans are backed by a guarantee of 85 percent up to $150,000 and 75 percent up to $500,000, compared to the normal 50 percent guarantee.
A&A

RSM McGladrey survey shows growth for small, middle-market companies

The manufacturing and wholesale distribution segments in the United States continue to see positive growth across several industry segments, according to the RSM McGladrey 2007 Manufacturing and Wholesale Distribution National Survey, released Thursday. Conducted this spring, the second annual RSM McGladrey survey provides insights into what CEOs, CFOs, and other senior industry executives are thinking, doing and planning to grow their businesses in an increasingly competitive marketplace.
A&A

Consumers slow to accept health savings plans

The number of U.S. workers enrolled in consumer-directed health plans with tax-free health savings accounts grew only slightly from 2005 to 2006, from 2.4 million to 2.7 million, according to a survey conducted by the Kaiser Family Foundation, The Wall Street Journal reports. Low satisfaction among workers who have enrolled in these plans also suggests that employers may need to make a greater effort to contribute to these plans and add coverage to make them more appealing.
A&A

FIN 48 from different perspectives

Financial Accounting Standards Board Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, is intended to substantially reduce uncertainty in accounting for income taxes. Its implementation and infrastructure requirements, however, generate a great deal of uncertainty. This feature provides an overview of FIN 48, addresses some of its federal and international tax issues, as well as issues arising at the state and local level.
A&A

Paychex launches new tax credit service for SMBs

Paychex, Inc. has introduced its new Tax Credit Services, a product that provides small and medium-sized businesses across the United States with an easy and cost-effective tool to help them identify and apply for wage-based tax credits they may be eligible to receive. Paychex Tax Credit Services target two types of business tax credits: location-based and job creation tax credits. Wage-based tax credits were designed to encourage economic development and create job growth in targeted areas throughout the country.
A&A

Study shows small business confidence index and revenue expectations on the rise

Regionally, businesses in the Northeast, South, and Midwest have increased confidence and anticipate higher staff levels and more hiring during the next 12 months. Confidence levels of businesses in the Western U.S. ebbs and is now more in line with the rest of the nation says an SBRB report prepared in conjunction with International Profit Associates.The Small Business Research Board (SBRB) U.S.
A&A

SBA to educate 100,000 small businesses about software management and risks

The U.S. Small Business Administration (SBA) and the Business Software Alliance (BSA), an organization dedicated to promoting a safe and legal digital world, have announced a partnership to educate nearly 100,000 small businesses on proper software management and the risks associated with the use of unlicensed software.
A&A

New credit cards target smallest firms

With growth slowing in the consumer credit card market, credit card companies are offering new small business cards designed for the smallest businesses, from two or three-person operations up to firms with a few million dollars in annual revenue, The Wall Street Journal reports. Only one in four of businesses this size uses a business card, according to Advanta, a Spring House, PA company, that specializes in small business plastic, The Journal says.
A&A

Integrity tops CFO leadership survey

A survey of Chief Financial Officers identified integrity as the most important quality in a leader.The mark of a good leader may lie in his or her ability to be honest and upstanding, said 31 percent of CFOs in a recent Robert Half Management survey. Experience and communication skills followed, each receiving 27 percent of the response, and technical or functional expertise received 11 percent.The survey includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
A&A

Profits To Be Lost Under New Accounting Rules

Accounting-rule makers are planning to unveil a draft plan to rework financial statements, the data that millions of investors use every day when deciding whether to buy or sell stocks, bonds and other financial instruments, the Wall Street Journal reports. One possible result will be the elimination of net income or net profit, the bottom-line figure showing what is left after expenses have been met and taxes paid. It is the item many investors look to as a key gauge of corporate performance and one measure used to determine executive compensation.
A&A

IMA Statement on ERM Implementation

The Institute of Management Accountants released a statement, as part of its series of practitioner guides, that covers specific practices and techniques for enterprise risk management (ERM) implementation. ERM is a concept used by organizations to identify, assess and manage risks to meet objectives and remain accountable to their stakeholders. It approaches risk from a holistic view across the enterprise.
Tax

New Electronic Filing Requirement for Small Tax-Exempt Organizations

Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax periods beginning after December 31, 2006.Small tax-exempt organizations, whose gross receipts are normally $25,000 or less, are not required to file Form 990, Return of Organization Exempt From Income Tax, or Form 990-EZ, Short Form Return of Organization Exempt from Income Tax.
A&A

People Skills Help Controllers Rise to CFO

Controllers who want to rise to chief financial officer need to move beyond finance expertise and become leaders with strong people skills, according to a new report.The results of a Korn/Ferry International survey reveal that controllers seem to have an advantage when competing for the CFO position. As many as one-third (33 percent) of Fortune 500 CFOs had been promoted from a controller post. But, just four percent of external hires were controllers, while 58 percent originated from CFO posts elsewhere, and 17 percent came from a CEO or general manager position elsewhere.
A&A

President Vetos Small Business Tax Breaks

President Bush vetoed the supplemental appropriations bill Congress narrowly passed last week. The bill, which primarily would have provided money necessary to continue military operations in Iraq, also included a set of tax breaks for small businesses.
Tax

Issues Spouse-owned Businesses Should Consider

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How Spouses Earn Social Security BenefitsA spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially controls the business in terms of management decisions and the second spouse is under the direction and control of the first spouse.

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