CFO

A&A

Small Companies Lead Pack of Restatements

Smaller companies more often restated their financial results through the third quarter of 2006 than the largest companies, a financial research firm has found.Glass, Lewis & Company, which tracks the number of restatements by U.S. companies, said companies with market capitalizations of less than $75 million filed the most restatements in the first nine months of 2006, compared with the same period in 2005.
A&A

The Differing Work Habits of Small Business Men and Women

A survey conducted of men and women who work in the Small and Medium Sized Business (SMB) segments revealed that working habits differ between the sexes. The survey of 314 men and women was conducted in the last quarter of 2006 by Broadwick Corporation.
A&A

Small Businesses Have More Credit Card Debt

A newly released report by the Small Business Administration (SBA) finds that small businesses have acquired more outstanding debt. Most of it was credit card debt. From June 2004 to June 2005, both the number and dollar amounts of small business loans rose 25 percent. All commercial lending institutions accounted for the numbers, not just SBA loans and the increase in business debt was especially prevalent in the smallest businesses, under $100,000.
A&A

Restatements Rise for Companies Bypassing SOX's 404 Provision

In what may be a cautionary notice to auditors of small public companies, recent research shows that financial report restatements are increasing at small businesses that have been exempt from the onerous 404 provision of the Sarbanes-Oxley (SOX) accounting reform act, but dropping for companies that do follow 404.The number of restatements filed by public companies to correct accounting errors during the first nine months of this year versus the same period in 2005, rose 45 percent for small “micro-cap” companies, that have been exempt from 404, according to a recent report.
A&A

SEC Proposes Risk-Based Analysis of Financial Controls

The Securities and Exchange Commission (SEC) voted unanimously on Wednesday to allow public companies subject to the requirements of Sarbanes-Oxley (SOX) to evaluate the design of only those financial controls that might carry the risk of having a material impact on financial statements.
A&A

Few Firms Have a Regulatory Response Team Despite Anti-fraud Programs

In the heightened regulatory environment of the post-Enron business world, a majority of companies have instituted formal anti-fraud programs and controls, according to an online poll released earlier this month by Deloitte Financial Advisory Services LLP (Deloitte FAS).
Community News

Judith O’Dell to Chair Private Company Financial Reporting Committee

Judith H. O’Dell, CPA, has been named Chair of the new Private Company Financial Reporting Committee (the Committee), part of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) initiative to improve the FASB’s standard-setting process to include the needs of private companies.
A&A

SEC and PCAOB Still Working on Sarbanes-Oxley Changes

Christopher Cox, the Securities and Exchange Commission (SEC) Chairman, said Monday that regulators were still working on revisions to its rule requiring companies to adopt internal controls and procedures for financial reporting but said he was “confident” that the result would “improve the reliability of public company financial statements and better protect investors,” the Washington Post reports. The SEC will issue its proposed revision on December 13.
A&A

Communities Partner with Salvation Army to Help Needy

Volunteer bell-ringers in Williamsport, Pennsylvania, want to bring in enough donations to help pay for holiday food baskets for 900 needy families in the region this year, says Major Marie Harris, Community Relations and Program Development Officer in Williamsport. Fifty local businesses have joined in the fundraising effort by participating in the Festival of Trees, donating and decorating trees in the Lycoming Mall that will be auctioned in mid-December for the benefit of the Salvation Army.
A&A

Survey Defines Financial Services Used by Small Businesses

Small businesses contribute much to the economy. Since these businesses finance themselves differently from larger entities, understanding trends in their financing methods and their sources of capital are important to both policy makers and economic research. The results of the 2003 Survey of Small Business Finances (SSBF) were released last month, according to the Federal Reserve Board (Fed).
A&A

Credit Card Companies Marketing New Small Business Cards

Spurred by the growth in small business owners since 2001, up 4 percent to 5.9 million, and the business potential of the 90 percent of small business spending not on credit cards, American Express, Visa and others are marketing new cards designed for the small business owner.
A&A

Wanted: Creative Business Ideas - $100,000 Reward

Microsoft Corporation is conducting a nationwide contest looking for creative small business ideas. The contest, the Ultimate Challenge, is designed to ignite the spirit inherent in small business. It was announced in conjunction with the introduction of Microsoft Office Accounting Express 2007. "We know there are lots of great ideas out there from people just waiting to start their own business, and we want to make their dream come true," said Rajat Taneja, Microsoft general manager of Small Business Applications and Services.
Tax

Churches Adopt Business Management Methods

Megachurches with memberships in the thousands and budgets in the millions are hiring more staff and consultants with business experience as they look to implement corporate management and accounting methods for their congregations.Advertisement
A&A

Accounting software source code presents consulting opportunity

Modifying source code in accounting software applications has emerged as a strong opportunity for accountants who want to be involved in technology consulting but may want to stop short of reselling or implementing systems.There is much confusion in the business community over the availability of source code in popular accounting software products and over other issues associated with modifying the software to meet users' special needs, says Richard Morochove, a Toronto Canada-based technology consultant and columnist for PCWorld magazine.
A&A

Connecting Small Business Owners and Accounting Professionals

A new, innovative service is available to help small businesses meet their accounting needs-and it is free. The Green Brim, LLC gives business owners a way to fill their accounting, tax or bookkeeping needs using a simple online registration process. This eliminates the pricing disadvantages that can occur when negotiating fees with accounting firms and cuts the time it takes to obtain and check referrals.
A&A

SBA Changes the Rules for Small Businesses Seeking Federal Contracts

A week after Democrats reclaimed the Congress, a situation likely to thwart the Bush Administration’s plans to close the embattled Small Business Administration (SBA), the agency on Tuesday announced new regulations and measures intended to help small businesses secure more federal government contracts, while improving transparency and accountability.The most significant of the measures is a new regulation requiring small businesses to recertify their size status when a long-term contract option is exercised, the business is purchased by or merged with another business or upon completion
A&A

SEC, PCAOB Chairmen Differ Over SOX 404 Changes

Securities and Exchange Commission (SEC) Chairman Christopher Cox and the Public Accounting Oversight Board’s (PCAOB) Chairman Mark Olson were reported to be planning to meet, possibly as early as Sunday, to discuss differences in their approaches to revising Section 404 of the Sarbanes-Oxley Act (SOX), Reuters reports. Early in November the PCAOB sent a draft audit revision to the SEC that did not win SEC approval because it did not meet the concerns of small businesses, unnamed sources told Reuters.
Practice Management

Keep Those Receipts: IRS Guidance on Per Diem Expense Reimbursement

Employers who routinely pay per diem allowances in excess of the federal per diem rates need to track the amount of expense reimbursement allowances paid to employees on a per diem basis, according to guidance issued last week by the Internal Revenue Service (IRS).
Tax

Small Business Survival Index Released

The Washington-based Small Business & Entrepreneurship Council (SBEC) released their 2006 small-business survival study last week. The Warren (Ohio) Tribune Chronicle reports their results compare states for the tax, spending, regulatory and litigation burdens, according to the council’s chief economist Raymond Keating.Small businesses and the spirit of entrepreneurship are important for our economy. Any policies that affect the health and growth of businesses should be examined more closely for obstacles to this sector’s vitality.

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