AccountingWEB Weekly News Wrap-up - Issue 40

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The AccountingWEB Friday Wrap-Up Newswire - Issue 40

April 28, 2000

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

In the newswire this week:

1. For Rent: ePeachtree Accounting Software For $9.95/Month
2. AccountingWEB's XBRL Resource Center Now Open For Business
3. Limit Your Fiduciary Liability By Following These Eight 401(k)
4. Justification For Technology Projects
5. A Time Management Tip That Really Works
6. 24 Principles Of Globalization
7. RSM McGladrey CEO Steps Down
8. Finding and Retaining Good People
9. IRS: Spending Millions To Collect Hundreds
10. Software Tip: Customizing Bullets in Word

Editor's Note

As most CPAs start coming back to work after tax season, they are catching up on some of the big changes that have rocked the profession in the previous few months. AICPA restructuring; Big Five consulting arm spin offs; changes in financial reporting. Be sure that you stay up-to-date with the changes with AccountingWEB's guide "While You Were Out . . .", our most read feature of the past week.

Michael T. Platt

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AccountingWEB's Online Workshop Schedule

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Tuesday May 2 4:00pm EDT - The Future of Financial Reporting

We are delighted to welcome Mike Willis, Chairman of the XBRL Steering Committee, as a presenter in the AccountingWEB Workshop Room on Tuesday May 2 at 4:00pm EDT. This session will be on a topic that will forever change the way that financial reporting is handled in the era of the Internet. Be sure to tune in on Tuesday so you will know how the XBRL Steering Committee plans on changing the way you do business in the future. See you online!

1. For Rent: ePeachtree Accounting Software For $9.95/Month

Peachtree Accounting Software, which is one of the most widely used accounting software systems in the country (and the source of a lot of consulting revenue for "installation services") is now making its popular software applications available in a no-fuss, no-hassle, no-installation-required medium - the Internet. For $9.95 per month, clients will be able to access their finances from any computer on the planet. Soon gone are the days of costly consulting projects to install Peachtree Software on a client system, assuring that all software is compatible with networking specifications. In one quick move, ePeachtree has established itself as the benchmark "rentable" Internet application, affording all the benefits without the hassle of installation and compatibility.

2. AccountingWEB's XBRL Resource Center Now Open For Business

One of the biggest changes in the way companies report financial data is coming in the form of a new computer language. XBRL (eXtensible Business Reporting Language), formerly code named XFRML, is a freely available electronic language for financial reporting. It is an XML-based framework that provides the financial community a standards-based method to prepare, publish in a variety of formats, reliably extract and automatically exchange financial statements of publicly held companies and the information they contain. It is meant to enhance the current way financial reporting is utilized, and is not meant to require or demand any new standards. Confused? Want clarity? Come to the AccountingWEB XBRL Resource Center and find out about XBRL, what it is, what it does, and how you will be affected.


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

3. Limit Your Fiduciary Liability By Following These Eight 401(k) "Commandments"

If your company administers a 401(k), or you provide advice to clients who have retirement plans, then you need to be concerned about doing it right, and keeping your fiduciary liability to a minimum. This week, CFO magazine published its list of eight commandments you should follow if you are knee-deep in the 401(k) swamp. A well-designed plan may not eliminate unwanted lawsuits from disgruntled employees, but it will ensure that you are maximizing the effectiveness of the plan, and minimizing the premiums from insurers. Be sure to review this eight-point checklist and keep your 401(k) administration humming.

4. Justification For Technology Projects

Business is good. Clients want more of your services. But staffing resources are tight. Using more technology and changing work processes will help you meet this crunch. But how do you cost justify these technology purchases? Consultant Tom Davis provides the equation for cost/benefit analysis, and explains exactly what you need to measure to justify increased technology. Don't miss this one!


AccountingWEB will be a supporting exhibitor at the AICPA/ITA Tech2000 show at the Hyatt Regency Hotel in Atlanta May 10-12, 2000. We invite you to stop by our booth #300 to say hello, meet the team, and register to win up to $500 cash! Hope to see you in Atlanta!

5. A Time Management Tip That Really Works

If you're feeling our of control, and time just continues to slip away from you, then you are a perfect candidate for this simple yet effective time management tip: schedule time with yourself. It's similar to the idea of paying yourself first when you get your paycheck. And it works. Think of yourself as your most important client - and be sure not to miss any meetings! Stick with your commitment to yourself and, in no time at all, you will find that you are in control again.

6. 24 Principles Of Globalization

Globalization may be the most significant development of our time. Driven by the spread of technology, the collapse of Communism, and the ever-wider adoption of market economies, companies are spreading their operations across countries while groups are interacting as never before. Esteemed author Marvin Zonis outlines in this feature article the consequences for companies as they become more global. By identifying twelve global principles affecting business, and twelve Internet principles affecting business, Zonis paints a clear picture of how the economy will be driven in the 21st century. If you are involved with any companies that are globally driven - or potentially could be - this essay is a must read.


7. RSM McGladrey CEO Steps Down

A changing of the guard was announced this week at RSM McGladrey, H&R Block's national accounting, tax and consulting practice. Mark Scally, CEO of RSM McGladrey, will step out of his role as CEO and into a senior position focusing on global business opportunities with RSM International, the McGladrey international network of firms. Current COO Tom Rotherham will step into the position of RSM McGladrey CEO.

8. Finding and Retaining Good People
Debbie Peri, a professional development consultant for Results Accountants' Systems, shared with the AccountingWEB community in this week's workshop some "tried and true" methods for finding and retaining the best employees. Debbie's session covered three main areas: 1) Lay the foundations for a working environment that your people will be passionate about, and a firm that people want to be a part of; 2) different ways and places to find those 'good people'; and 3) keeping them engaged, satisfied and productive for a long time! For those looking for the checklist to success in this area, be sure to take a look at Debbie's ideas and see how they can be incorporated in your recruiting and retention strategies.

9. IRS: Spending Millions To Collect Hundreds
A recently completed audit by the General Accounting Office (GAO) shows that the IRS routinely sends notices to millions of Americans about mistakes in their returns, often involving amounts due of less than $5 or refunds of less than $1. That's the law. But the report also shows that often these notices cost the IRS anywhere from 42 cents to over $14.00 each to send them. The numbers just don't add up. IRS Commissioner Rosotti is hoping that Congress will recognize the discrepancy between the law and a "practical" approach, and will amend its position so that the IRS can do what it needs to do, can address the concerns of the US Congress, and can collect the hundreds it is owed without spending millions to do it.

10. Software Tip: Customizing Bullets in Word
You’ve seen them. Bullets, the little characters that appear before a list of paragraphs that are designed to draw attention to the following text. Maybe you have used the arrow or the basic black dot, but have you ever wanted to expand your selection to something that may follow a theme? For example, using a gun for a proposal for a gun manufacturer? Or perhaps using a heart for a cardiac surgeon? Follow the link below and review this AccountingWEB guide to utilizing bullets to ensure that your creativity can continue to expand.

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