Practice Management

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.
Practice Management

Using conflict as a strategic asset

Wouldn't life be easier if we could just make decisions in a vacuum and not worry about what others thought?Yes it would, but the business environment in which we operate is focused more and more on fostering teamwork. Teams increase the complexity of decision-making because they are composed of members with diverse backgrounds.Naturally, when you get a group of diverse people together to make a decision there will be conflict. However, conflict is not necessarily 100% bad.
Practice Management

Free podcasts: 7 ways to improve your practice

CCH, a Wolters Kluwer business and a leading tax and accounting information group, has launched a series of free podcasts for accounting practices. The series, entitled "7 Ways to Improve Your Practice," is aimed at accountants and will help them to improve business productivity and efficiency.
Technology

Excel 2007 tip #1: Make your data visible to other Excel users by saving in Excel 97-2003 format

Files produced by Excel 2007 are in the new .xlsx format. No other version of Excel can read them unless a special compatibility pack has been installed. If you plan to share your Excel 2007 files with other Excel users, you can set Excel 2007 to save your files automatically in Excel 97-2003 format. This will allow other Excel users who have not upgraded to Excel 2007 to read your files.How to set Excel 2007 to automatically save files in Excel 97-2003 format: Start up Excel 2007. Open an empty worksheet.
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.
Practice Management

Running a motivational session: 10 steps to success

At some stage most managers need to conduct a motivational training session with their team members. Bob Selden, who has been a manager and trainer for many years, sets out 10 helpful points to help them reach that goal. So, you're a manager. So, you know you have to run a training session or a team meeting for your team (for the first time) that needs to be motivational, and you're not a professional trainer. So what! With a good plan and a well structured session, training can be enjoyable and most of all rewarding for both you and your team. Here's how....1.
Practice Management

The real value of CPAs: guiding clients to business success

How many CPAs only have contact with their corporate clients at tax time? If you’re guilty as charged, you’re undoubtedly doing a disservice to your clients and leaving money on the table, too. Business owners want their CPAs to help them better manage their finances and the impact of their finances on their personal lives, not just fill their compliance needs. These expectations require CPAs to become more involved, partner with their business clients and truly evolve as trusted advisors.
Practice Management

J.H. Cohn Appoints CIO

J.H. Cohn LLP has appointed Robert Grosberg to the position of chief information officer. As CIO of J.H. Cohn, Robert leads the Firm’s efforts to implement business solutions through reliable and efficient technology. “Robert’s appointment solidifies our commitment to leveraging technology to the fullest so we can best serve our clients, and build upon our solid technology infrastructure to support our professionals and staff,” said Kenneth J. Kanter, partner and chair of J.H. Cohn’s Technology and Operations Steering Committee.
Practice Management

Who Are Your Best Clients? And What Do You Do Once You Know?

By Michelle Golden
Practice Management

Straight Advice for Female Leaders

Presidential hopeful Senator Hillary Clinton’s election campaign is in full swing and there are myriad issues to tackle. Perhaps first and foremost is the fact that Sen. Clinton is a woman. While political correctness often dictates the honesty level in many discussions, the reality is many voters are grappling with how they feel about women in power. Even in the corporate world, female leaders face unique challenges that their male counterparts do not. To demonstrate their strength, many women try to overcompensate and rule with an iron fist, which doesn’t do much for building teamwork.
Practice Management

Retaining the Start-up Spirit

Despite being almost 20 years old, Cobra Beer still very much retains an entrepreneurial attitude in the United Kingdom. Dynshaw Italia, for instance, is not only the firm's finance director but also heads up its HR and IT departments.
Practice Management

Abalos & Associates Add Partner

Sandy Abalos, managing partner of Abalos & Associates, PLLC, a full service CPA firm specializing in small and mid-size businesses, has announced that Cheryl Folkerth has been named a partner in the firm, joining Abalos and Barry Friefield.In this position, Folkerth will manage major client engagements as well as develop the firm’s knowledge management system and its conversion to a near paperless office, which will enable staff to work remotely from locations outside of the main office.Her core expertise includes tax planning and preparation, directing financial statement preparation,
Practice Management

Managing Partners & Core Values

“Now the hardness of this world slowly grinds your dreams awayMakin’ a fool’s joke out of the promises we makeAnd what once seemed black and white turns to so many shades of grayWe lose ourselves in work to do - work to do and bills to pay”“Blood Brothers”—Bruce SpringsteenNet income per partner. Workload Compression. Standards Overload. Recruiting. Billable hours. Mergers. Technology. Succession planning. Leadership training. Client retention.
Practice Management

Inexpensive, But Effective Fraud Prevention

Small practices and businesses are more vulnerable to fraud and have more to lose than their corporate cousins, but a few inexpensive changes can do much to prevent workplace fraud.Advertisement
Practice

How to Make Collections & Cash Flow More Timely

Outstanding invoices are the scourge of every small business owner, and are even more troubling for accountants who are always pressing their clients to monitor their receivables. Many firm owners don’t want to spend their time and energy on phone calls and e-mails to customers about payment, but some steps can be taken before an invoice is overdue that can lead to effective collections. Accounting software products such as Intuit's Quickbooks Billing Solutions offer efficient and effective invoicing tools.
Practice

Top 5 Productivity Killers

As Vice President of Strategic Business Development at FileVision, Laurie Shufeldt sees her share of customers in need of improved productivity. Shufeldt helps SMB customers, especially those in the healthcare, financial services and government industries, bridge the gap between digital content and paper documents. Based on her experiences, here are the top five productivity killers capable of slowing down any firm or practice.Productivity Killer No.
Practice Management

5 Ways to Get More Mileage from Your General Ledger

We don’t have to tell you how cut-throat your business world can be. Clients always feel the need for speed and if your practice can’t keep up, they will take their accounts across the street to your competitors.To compete, practices cannot afford to run a lengthy, convoluted budgeting process. Across-the-board budget data from departments, databases, and reporting tools must be immediately accessible and revisable.
Practice Management

A Conversation With David Maister: What’s Our Deal?

At a recent conference, I heard a number of successful firm leaders describe how their firms had achieved significant growth and profitability. A common phrase used by each and every one of these firm leaders was “making sure that all the key people were ‘on the same page.’”Clearly, it was important that something was agreed to and shared among the members of these firms. But what? What does “being on the same page” really mean?
Practice Management

State of the Paperless CPA Firm

“Paperless” has been the term used by many practitioners to describe the transition of today’s CPA firms to more streamlined electronic work-flows that automate processes by eliminating the manual handling of physical documents. To better understand and evaluate the status of this paperless environment in 2007, the Association for Accounting Administration
Practice

Eisner Names Nachmias Audit Partner

Eisner LLP, a middle-market accounting and business advisory services firm, announced that Richard S. Nachmias has joined the firm as an audit partner in the sports, media and entertainment practice group.Nachmias offers more than 22 years of experience providing services to clients and companies in the media and technology industries. He formerly served as North American CFO of a global provider of advertising and marketing research and as CFO of an international advertising representation agency.

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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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