AccountingWEB Weekly News Wrap-up - Issue 45

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The AccountingWEB Friday Wrap-Up Newswire - Issue 45

June 2, 2000

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In this week's newswire:

1. CPAs to the e-Rescue
2. SEC Steps Up Efforts To Investigate Financial Fraud
3. What Every A/P Manager Needs To Know About Digital Signatures
4. "Cap Gemini Ernst & Young" Rebranded and Restructured
5. Maximizing Referral Systems in a Practice
6. Legal Eagles Stack Up in Accounting Firms
7. New Leadership at the Institute of Management Accountants
8. E&Y, E*Trade To Create New Company To Provide Financial Advice
9. Benchmarking - Follow Up Materials
10. Marketing Tip: Increase Your Newsletter Exposure

Editor's Note

A quick note to our members: AccountingWEB will be upgrading its features and site to more effectively get you the tools and resources you need in a quicker and more efficient manner. To help us help you, we are asking each of you who are receiving this newswire to update your AccountingWEB membership profile on line now. Two minutes of your time today will give us the feedback we need to improve our processes and systems so you will benefit.

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It will take you just a couple of minutes. Please help us help you by updating your profile now! Thank you!

Michael T. Platt
[email protected]

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AccountingWEB Workshop Watch: Tuesday June 6 at 4:00pm EDT

"Systematizing: Improving the Effectiveness (and Processes)
Within Your Practice"

Join Trent Kaeslin on Tuesday June 6 at 4:00pm EDT as he shares ideas on how to systematize the business processes in your organization to improve both efficiency and effectiveness.

And Coming June 13:
"A Career Alternative - The Enrolled Agent" with Eva Rosenberg, a.k.a. "The Tax Mama"
Tuesday June 3 at 4:00pm EDT

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1. CPAs to the e-Rescue

Financially struggling DotComs, which for many investors recently have been a pain in the portfolio, may turn out to be a boon for CPAs who are entering the picture as high tech e-commerce doctors. Recovery teams are being organized in many of the Big 5 accounting firms to come in and assist start up Internet companies who are missing their financial objectives. Already, KPMG has advised on about ten cases, while Deloitte & Touche has counseled between five and ten clients. Stay tuned - it's probably just a matter of time before this is identified as one of the key assurance services.



With your help, AccountingWEB is building a list of some of the best reference sites on the Internet for accountants and accounting professionals. Please take a moment now to give us your input. It'll only take a minute and will be a great help. Just follow the link below. Thank you!

2. SEC Steps Up Efforts To Investigate Financial Fraud

The SEC has announced a new Financial Fraud Task Force, a team of accountants and lawyers who will focus exclusively on accounting and financial reporting investigations. The Task Force will be headed up by Charles Niemeier, who was named this week as the SEC's Chief Accountant of the Division of Enforcement, a position previously held by Walter Schuetze.


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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. What Every A/P Manager Needs To Know About Digital Signatures

One of the biggest fears finance managers have about the Internet is the lack of security. The solution to the security problem lies in encryption and digital signatures. A/P professionals need to understand that these new technologies are coming to accounts payable — quickly. A feature article this week by Mary Ludwig Schaeffer explains the basics behind digital signatures and encryption, and how these features are entering the world of finance. It's a good primer for those responsible for accounts payable functions.

4. "Cap Gemini Ernst & Young" Rebranded and Restructured

Global consulting giant Cap Gemini, on the heels of acquiring Ernst & Young's consulting division, is changing its name to Cap Gemini Ernst & Young to capitalize on the brand recognition of E&Y in the marketplace. According to the terms of the deal, however, the rights to the E&Y name only extend out four years, at which time the rights will be revoked. Shareholders at the Cap Gemini meeting this week also approved a complete governance restructure including the re-introduction of an 11 member Board of Directors.

5. Maximizing Referral Systems in a Practice

Are you surprised to learn that if you have 100 clients, and get 20% of them to refer just 2 clients a year to you (valued conservatively at $3500 each), then in year 10, even with a 5% drop off of clients, your fees from these referred clients would equal almost $7 million? How do you organize your firm and adjust your culture to ask clients for their referrals? Robert Nixon outlines the systems needed in practice to take advantage of the power of referrals in this AccountingWEB article.

6. Legal Eagles Stack Up in Accounting Firms

It's official - in a report issued this week, the number of lawyers employed by the Big 5 accounting firms and their affiliates around the world far exceeds the number of lawyers employed by the five largest law firms in the world. At Arthur Andersen alone, between its international legal network, law school graduates in the tax area, legal-degreed experts in corporate finance and in house counsel, the total number of lawyers is well over 3600. Compare that to the ranks of Baker & McKenzie, the largest law firm in the world with under 2500. And the ranks are growing quicker. The Big 5 are looking to create global professional services powerhouses, and are creating multidisciplinary practices around the world - except of course in the US where it is still - for the time being - forbidden.


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7. New Leadership at the Institute of Management Accountants

The 70,000 members strong IMA, the world's largest organization dedicated to advancing management accounting and financial management, has named a new Executive Director. David Schweitz will take over as Executive Director. Mr. Schweitz's previous position was as President and CEO of Mid-Atlantic Farm Credit, and has over 25 years experience serving the financial industry.


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8. E&Y, E*Trade To Create New Company To Provide Financial Advice

Ernst & Young and E*Trade have agreed to each put in $25 million to establish a new company to provide an electronic financial advisory service and assistance to E*Trade's growing customer base. E*Trade's customers would have access to E&Y's network of financial planners. The sophisticated electronic advice service, originally created by Ernst & Young's Personal Financial Counseling practice, will reproduce the experience of meeting with a personal financial advisor face-to-face. Customers would also have the option of obtaining financial planning information by consulting with a professional advisor.

9. Benchmarking - Follow Up Materials

In a workshop held on AccountingWEB last week on benchmarking, Ric Payne promised to make available a number of spreadsheets to assist in the benchmarking process within an organization. These spreadsheets are now available as a downloadable .exe file that you can save on your hard disk and use as you like. And yes they have been checked for all viruses! Our thanks to Ric for making this available.


Catch up on all the latest features in AccountingWEB and find out what we've got on the site that can benefit your business today.

10. Marketing Tip: Increase Your Newsletter Exposure

If your firm sends newsletters to clients, try this tip: Simply incorporate a routing box on your newsletter. Include six to eight blanks for routing initials and a place where each person can sign off when they have read your newsletter. This is a great way to encourage pass-around readership within your target company, and is also a way to pare down your production costs if you're sending to multiple people within the same company.


AccountingWEB welcomes as the newest member of the PressZONE. Find out about this new web-based payroll venture created by Scott Wald, the man who Fortune Magazine named one of the "40 smartest entrepreneurs in America under the age of 40."

AccountingWEB Poll

What do you think about the AICPA's proposed Internet portal for the accounting profession? Make your opinion count - VOTE IN OUR ONLINE POLL right now and let us know what you think.

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