Practice Management

Practice

Hubris And Greed Common Traits in Fallen CEOs

Was it perseverance or hubris that led the founders of some disgraced corporations to deviate from the law on behalf of the companies they built from scratch? "When you're the founder, you think you can do anything and that the rules don't apply to you," says Mark Cheffers, CEO of AccountingMalpractice.com.
Practice Management

Warren Buffett Speaks Out on CEO Compensation

This past weekend Berkshire Hathaway Chairman Warren Buffet had a few things to say about CEO compensation. At an annual stockholder’s meeting, which Mr. Buffett dubs “Woodstock for Capitalists,” Mr. Buffet told shareholders that many CEOs are paid too much. Mr. Buffett also said that stock options are unfair because good executives can be hurt when the market is on a downturn and poor executives can profit during a boom.Mr. Buffett isn’t alone in thinking that current compensation methods don’t properly reward executive performance.
Education & Careers

Making Ethical Decisions - Part One: Making Sense of Ethics...

Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsPart One of FiveMaking Sense of Ethics...Should I lie on a job application to spare my children from being thrown in the street? Should I ignore my boss’s hypocrisies to keep my position? Making ethical decisions can be difficult. We make most of them in a world of economic, professional and social pressures, which can obscure moral issues. Often we don’t know or understand crucial facts.
Practice

The 2002 Winners: 101 Dumbest Moments in Business

Business 2.0 has published its third annual listing of what it calls "the most ill-conceived, embarrassing, and downright appalling developments of the past year," aptly dubbed the 101 Dumbest Moments in Business.The listing is off and running with the Grand Prize winner of the 2002 dumbest moment, Midas, the company that featured an elderly women in its television ads baring her chest off camera to a supposed Midas mechanic and asking, "So what can you do with these?" Other amusing award winners include the short-lived ABC television entry into the Fall 2002 lineup, "Push, Nevada," the
Practice Management

Nine No-Fail Tips For Becoming an Undisputed Value Leader

Looking to become the superior value provider in your industry? You are if you want to keep your customers from going elsewhere, says R. Eric Reidenbach, Ph.D., principal and founding partner of VALTec Group, Inc. and co-author (along with colleagues Reginald W. Goeke, Ed.D. and Gordon W. McClung, Ph.D.) of Dominating Markets with Value: Advances in Customer Value Management.
Practice Management

Ten Steps to Branding Your Firm

by Terri M. Sommella, Sommella Market StrategiesStudies show that 75% of firms are either in the process of a branding campaign or are considering one. Why? Succinctly put, branding creates differentiation and client loyalty. It is the purposeful development of a personal relationship between the client and the product or service. A brand is not all consuming but rather, represents a piece of the whole, one aspect of the firm.
Practice Management

Ideas to Improve The Quality of Your Firm

by Nancy Blodgett, President of Performance ExcellenceAdjust Your AttitudeBe open to new ideas!Make time for quality improvement. Don’t manage by fear. Help people feel secure in their jobs.Don’t let the statement: "we’ve always done it this way," keep the firm from trying new approaches to problem-solving. Change the "Us vs. Them" culture of management and staff by adopting quality principles and methods.
Community News

Building Your Firm One Step at a Time

By, The Marcus LetterThere is no shortage of advice about how to build a marketing program. There are books, articles, consultants, seminars. If you really want to do it, there’s something or somebody around to tell you how. Even if you cut away some of the nonsense about marketing an accounting firm, there’s still a lot of good information available.The trouble with it is that for many firms, most of it is unrealistic. There’s too much. It’s overwhelming.
Practice Management

Tips For Effective Internal Investigations

by Stuart R. Buttrick, Baker & DanielsEmployers are forced to defend themselves against large numbers of EEOC charges and lawsuits, many of which could be avoided by prompt and effective internal investigations. A primary goal of any human resource or EEO officer should be to have an effective mechanism for allowing work-related complaints to be resolved internally.
A&A

Top Executives’ Pensions Protected in Bankruptcy Filings

Even in the wake of significant layoffs, some companies are reportedly making use of trusts and other creative arrangements to protect their top executives’ huge pensions, which are not usually covered by pension insurance when a company declares bankruptcy.Airlines such as Delta and United have taken steps to protect their top executives’ pensions as the airline industry struggles to regain its footing after the Sept.
Practice

Free Report - Reinstatement Rights For Military Leave

While employers might be in compliance with the Federal Uniformed Services Employment and Reemployment Rights Act (USERRA), they might be missing crucial state military leave laws that could subject their companies to unknown costly legal liabilities.
Practice Management

When Management Ignores Employee Suggestions - What Can Your Firm Do?

By Bruce L. Katcher, Ph.D. President of The Discovery GroupOur research shows that 7 out of 10 employees believe that management does not act on employee suggestions. Here's why this is a problem.Good Suggestions Slip Through the CracksOne of the major lessons of the quality improvement movement has been that employees who actually perform the work usually have very good suggestions for improving the work. Ignoring their ideas is a sure prescription for inefficiency and reduced profitability.Employees Lose Trust in Managemen
Practice Management

Time And Billing Survey Reveals CPA Concerns

A recent survey of over 2,200 CPA firms ranked the popularity of over 84 different time and billing systems, identified features that are critical, and revealed certain frustrations that CPAs have about the systems that they use. The survey was commissioned by the Management of an Accounting Practice Committee of PCPS, and was developed in conjunction with cpa2biz, and the AICPA.
Practice Management

Marketplace Starts Reacting to Deloitte’s Consulting Decision

Deloitte’s decision last week not to separate its consulting arm is beginning to show its affects in the marketplace.Because of perceived independence issues, General Motors Corporation has announced that it will pull all of its consulting work from Deloitte, a move that amounts to a loss to the accounting firm of about $80 million worth of work.Last week, Clorox and Auto Nation – who are both audit and consulting clients of Deloitte - announced that they would begin shopping for a new auditor.Despite all of the recent scrutiny on the perc
Practice Management

A Bed, A Breakfast, And a 1040

Every business looks for a way to distinguish itself from the competition. CPA and Bed & Breakfast owner Kevin Marshall decided to tie his two interests together. While guests relax for the night and have a delightful breakfast at his Dutch Iris Inn in Granby, Connecticut, Kevin Marshall will prepare the guest's tax returns and have the forms ready to go at checkout time. The overnight package includes preparation of the 2002 Federal and Connecticut tax returns, a night's accommodations and breakfast for two in the morning.
Practice Management

CPA Firm Jumps on Mortgage Bandwagon

Practice Management Idea!
Community News

PwC Chief Criticizes Deloitte’s Decision to Keep Consulting

In a rare display of public discord among the Big Four firms, Samuel DiPiazza, chief executive of PricewaterhouseCoopers, has expressed concern over rival Deloitte Touche Tohmatsu’s decision to keep its consulting business in house, instead of selling it off as the other large firms have done. He believes that decision shows a "lack of sensitivity" and runs counter to other firms’ efforts to help restore the profession’s integrity.In an interview with the Financial Times, Mr.
Community News

Crowe Chizek Rebrands And Restructures For Growth

Big 10 CPA firm Crowe, Chizek and Company LLP has announced a corporate restructuring to better allow it to integrate company services, strategic alliances and joint ventures for the future. All services of the firm will now be coordinated under the umbrella of a new holding company, Crowe Group LLP.
Practice Management

Grassley Urges Caution When Using Paid Tax Preparers

Disturbed by what he heard at a hearing on taxpayer issues, Senator Charles Grassley, Chairman of the Senate Finance Committee, has issued a statement urging taxpayers to exercise caution when hiring a paid tax preparer.Sen. Grassley’s caution comes after hearing from the General Accounting Office who estimated that over half of US taxpayers who overpay their taxes had employed the services of a paid tax preparer.
Practice Management

Tips on Collecting Receivables

The end of tax season for a CPA firm marks the end of a 90-day sprint and the beginning of what most firms hope to be their biggest cash payoff of the year.However, many firms get caught in the receivables trap, and what should be a windfall for the firm turns into slow paying clients, accounts receivable headaches and frustrated owners.Here are some tips to help you collect the money your clients owe.

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