AccountingWEB Weekly News Wrap-up - Issue 38

The AccountingWEB Friday Wrap-Up Newswire - Issue 38

April 14, 2000

** This week's Newswire is sponsored by Timeslips **

In the newswire this week:

1. AICPA: Restructuring With a Dot-Com IPO?
2. The Future of Financial Reporting
3. Global Business Professional Designation Proposed
4. This Fourth Excel Pivot Table Tutorial Is The Best Yet
5. Develop QuickBooks Training and Support As A New Service Area
6. Internet-Based Perks Are Proving A Big Hit Among Employees
7. Marketing Like a Pro on a Shoestring Budget
8. Nine Steps To A Cash Management Procedure Manual
9. Former AmEx Exec Joins 1st Global
10. Internet Tip: Voice Mail While You're on the Internet

Editor's Note

Congratulations to all of you who are wrapping up tax season this week. We all know how hard you've worked and want to recognize and applaud your hard work and efforts! Be sure to take the next couple of days to re-acquaint yourself with your spouse, kids, pets, and that favorite chair in the living room. Welcome home!

Big news this week is the report that the AICPA is finalizing plans to massively restructure itself into three divisions, one of which will be an Internet portal that will be a publicly held company. All entities in the profession continue to look to the future, and more and more repositioning will occur. The lines between accountant and consultant will continue to blur, and the lines between member-driven professional body and for-profit dot-com will also continue to blur.

Michael T. Platt

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AccountingWEB's Online Workshop Schedule

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The Future of Financial Reporting

Tuesday May 2 4:00pm EDT

Mike Willis, Chairman of the AICPA XBRL Steering Committee on the future of financial reporting, will join us on Tuesday for a timely and important conversation regarding the way financial reporting will be done in the future. If you were to attend only one online workshop this year, this should be the one!

1. AICPA: Restructuring With a Dot-Com IPO?

It was only a matter of time. As the Internet continues to infiltrate all aspects of our lives, the AICPA is looking to be sure it's not left out in the cold. This week it was reported that the Institute is finalizing plans to restructure itself into three divisions - one a corporation co-owned with state societies to provide membership services, one a traditional professional association offering standard setting and ethic checking, and one an Internet portal for news, information and CPE that will be positioned as an IPO and traded on the public market. The move will undoubtedly strike heated debates among the membership, and a final ruling on the restructure could occur as early as this fall.

2. The Future of Financial Reporting

We have seen the future, and it is "XBRL." Extensible Business Reporting Language, or XBRL, is the brainchild of a consortium seeking to establish an international language to report financial information over the Internet. The AICPA, other accounting institutes, Big 5 firms, other CPA firms, Microsoft, Sage, Navision, Oracle, Morgan Stanley and a host of other big name corporations are throwing their support into the consortium to revamp the way financial statements are reported. You may not be aware of this group's activities yet, but the new standard will be rolled out by July 1 and you better be prepared. It will change the way you do business forever.


How much of your valuable time will you be giving away for FREE this tax season? Certainly, there may be few services you intend to provide at no charge, but what about the time you had no intention of leaving off of your bill? April 17th may signify the end of a busy season for some, but for most it's only the beginning of a new "billing season." Those firms using Timeslips will only need to click their "Print Bills" button and let the software format, compile, print and track all of their invoices for them. We'd love to share some of the billing automations secrets we've learned during our 15 years of helping businesses like yours grow. Give us a call or visit us online. 800-554-0467 -

This newswire will be read by thousands of accounting
professionals this week. For advertising information, contact Ryan Carmen at

3. Global Business Professional Designation Proposed

Eight leading professional institutes from around the world, including the AICPA and the Canadian Institute of Chartered Accountants, have formed a Global Task Force to explore the creation of a new international business professional designation. Such a designation would allow professionals from many disciplines to be universally recognized for their skills and ethical standards to provide more globally relevant services to their clients, employers and customers. In a more globalized economy, this designation would help professionals seize new opportunities and create new ways to further distinguish themselves as business advisory leaders.

4. This Fourth Excel Pivot Table Tutorial Is The Best Yet

This fourth-in-a-series of valuable Excel Pivot Table Tutorials has been developed by software consultant David Carter exclusively for AccountingWEB. This "Audit and Financial Reporting" tutorial shows you how to use Excel pivot tables to quickly identify errors in a set of several thousand accounting records, then print financial and departmental profitability reports – all within a fraction of the time the same tasks would take using conventional methods. The other tutorials - on data extraction, analyzing sales data and budgeting are not to be missed!

5. Develop QuickBooks Training and Support As A New Service Area

If you support QuickBooks(r) or have a technology division, you will want to attend the Bridge21 live QuickBooks(r) training class May 4-7 in San Diego being presented to over 100 San Diego businesses. AccountingWEB is pleased to announce a $200 member discount for this Bridge21 Computer Consulting by Accountants conference. Learn first hand how to use QuickBooks(r) training and support to build your practice. Additionally, learn how to set up a virtual office so you can work at home or hire lower cost labor. Rich Walker from Intuit is speaking on payroll and QuickBooks(r) certification. Doug Sleeter will be doing technical training for accountants that support QuickBooks(r). Net Ledger and On-Line Office will speak about Internet/ASP based accounting.

We tried to tell you. Ninety days ago you could have purchased the domain name for a steal at just $260,000. Today, the name is still available, but the bid is up to $700,000. Any takers?

6. Internet-Based Perks Are Proving A Big Hit Among Employees

Specialized low-cost services on the Internet are now making it possible for an employer to offer a wide range of perks to their employees at a fraction of the costs of similar traditional services. Concierge Services also make life easier for employees, and again can be contracted for a fraction of the costs of traditional services. With unemployment at a 40-year low, anything you can do to offer employees an improved quality of life in return for their increased dedication to your business should be examined.

7. Marketing Like a Pro on a Shoestring Budget

Tina Kersen, President of the one80 group, joined AccountingWEB this week to present some great ideas to promote your firm without spending a ton of money. Some of the areas covered included establishing your firm as an expert to the press without spending thousands on PR consultants; using awards for employees and clients as a way to strengthen the relationship; turning happy hour with referral sources into a productive event; defining the "perfect client" so you'll know what to ask for when you see a referral source. Be sure to review the transcripts of the session so you too can uncover ways to market your organization on a limited budget.

8. Nine Steps To A Cash Management Procedure Manual

Many companies do not have a detailed, up-to-date and well-written cash management procedures manual. Only an estimated 60% of large companies have this manual, while 20% of smaller companies have one. This oversight can prove costly in case of a fraud, disaster, or other difficult situations. Leslie Masonson outlines nine easy steps toward developing a cash management procedure manual and suggests that every company take the time and effort to develop one. So whether you are a cash manager in a corporation or a public accountant with clients who need this manual, you should review Mr. Masonson's recommendations and implement this simple yet effective tool.


Do you have access to a handheld computer, laptop, networked computer, or Web browser? Mobile professionals are quickly discovering increased profitability through the use of inexpensive, and easily accessible time and expense recording solutions. With Timeslips you will capture every billable minute generated by everyone in your firm, no matter where they are, and then synchronize it into the best-selling time billing software available. Give us a call, or visit us online for your FREE TRIAL VERSION. We'd love to show you how you can be more profitable simply by tracking what you're already doing.

9. Former AmEx Exec Joins 1st Global

1st Global, Inc., the development partner for many CPA firms seeking to integrate a financial services business into their accounting practice, has added Tony Cord to their team as Director of National Business Development. Cord comes to 1st Global after several years as a Vice President of Mergers & Acquisitions for American Express Tax & Business Services.

10. Internet Tip: Voice Mail While You're on the Internet

If you've got a computer at home, don't have the luxury of two phone lines, and are worried about missing important phone calls, a service called Pagoo Call Catcher could be your salvation. For $4.95 per month, the service will allow people who call you while you're online to leave a voice message, and that message is then stored in your computer and you are notified by email or your pager that there is a voice message waiting in you in your Pagoo Mailbox.

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May be reproduced in any medium for non-commercial purposes as long as attribution is given.

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Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.