Joe Eckelkamp | Mentors

EckelkampSometimes bosses make the best mentors.

by Joseph T. Eckelkamp
Eckelkamp and Associates, CPAs

I’ve been blessed with many great bosses over the years — many were mentors. Jim Finkenkeller, Jim Garone, Phil Sattler, and Marc Welp immediately come to mind. But, without a doubt, the three that stand out above the rest are Richard Goldberg, Keith Roever, and Jerry Kolar.

In each case, the single thing that stands out is they genuinely wanted to see me succeed for my own benefit–not just because they needed me to look good so they would look good–and they were willing to “just talk” about stuff. That built very high levels of two-way trust that added to the relationship. All three remain close friends to this day even though I haven’t worked directly with them in at least a dozen years. I wouldn’t call any of them “drinkin’ buddies”, but the friendships are strong and enduring.

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Posted on July 3, 2008
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Jack Ciesielski on: The Staffing Crisis

Jack CiesielskiIt’s the economy…

by Jack Ciesielski
The Accounting Observer

Despite the higher demand, the higher pay, and the promise of steady employment, accounting - particularly public accounting - is still not perceived as a “glam job” compared to finance.

I don’t think that’s a perception that can be forced to change by the profession’s stewards. I think a really miserable economy and a protracted bear market would do a lot more to change students’ views than any PR campaign.

Posted on July 2, 2008
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Niches to RichesHow CPAs Find Success in Specialized Services.

Including: The top six “Gateway Services” that launch leading-edge firms into the best new business lines.

This CPA Trendlines Special Report is sponsored by AICPA Specialized Communities.

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CONTENTS:

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Posted on July 1, 2008
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Rita Keller on: The Staffing Crisis

How to encourage and celebrate CPA exam candidates.

by Rita Keller
Shareholder
Brady Ware

Many firms, especially the large nationals and regional’s, have so much work that they do not want their young accountants taking time away from billable work to devote to study and passing the exam. Simply put, client needs come before staff development needs.

However, I am seeing many of the Top 100 firms now beginning to re-emphasize the importance of the exam.

At Brady Ware we did a complete re-engineering of our performance management and advancement policies and procedures. One aspect is that accounting graduates entering the firm have two years from their employment date to pass the CPA exam. “We are a CPA firm, we need CPAs,” stated Gary Adamson, Managing Director.

To reinforce the firm’s commitment, we offered more generous benefits to support their efforts at passing the exam. Those who had been at the firm but had not passed the exam were given a two-year window.

The accountants actually thanked us for giving them the boost they needed and they appreciated the extra perks. We are nearing the end of the two-year grandfather period and have many success stories. Their progress is closely monitored and communicated throughout the firm. We celebrate each section passed!

Posted on July 1, 2008
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Tom Hood on: The Staffing Crisis

Tom HoodThe three reasons for the CPA shortage and how to fix it.

by Tom Hood, CPA.CITP

Executive Director & CEO
Maryland Association of CPAs, Inc.

I have been thinking about this a lot and we at the MACPA are working hard to fix this.

I think the shortage has three root causes:

1) We are now a Profession where our senior members (Partners and CFOs) Read more

Posted on June 30, 2008
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Small Business Cuts Back

Wells Fargo’s new Gallup poll shows…

More than one-third of small business owners say their personal financial situation as a whole is getting worse.

Already, half have postponed a major purchase in the past three months, and nearly as many (44 percent) have reduced the amount of money they’ve deposited into savings, checking or a CD. Thirty-one percent have reduced the amount they have contributed to a retirement account.

Seventy-five percent have concerns about paying for gas. More than half (51 percent) are worry they will not have enough money for the next 12 months’ regular medical and dental expenses, and almost half (46 percent) fear they will not have enough money to pay for unforeseen medical emergencies.

Sounds like they could use some ideas from a good accountant. Send in your Money Tips here: CPA Trendlines Money Tips.

See some of the best ideas so far, from:

Posted on June 26, 2008
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CPAs Show How to Market in Tough Times

Over 400 CPAs share their practice-building strategies.

Get the seven keys to success. Take the survey.

by Rick Telberg/At Large

CPAs may know their dollars and cents, their rules and regs, their 1040s and 10-Qs and their QuickBooks and MAS 90, but when it comes to marketing, they’re too often learning by doing, which too often means learning by doing it wrong.

Marketing’s a profession unto itself, and the thread between it and the money-numbers game is long, thin and tenuous. Practitioners know they need to do it, but they don’t always know what works and what’s money down the drain. In this slowing economy, it may pay to know the difference.

I have a feeling a lot of practitioner-marketers share the frustration of Edward Gorz, a sole practitioner, who says, “I just started and not much has worked yet.”

Get the Seven Keys to Success

Take the survey. See the answers.

(Free. Confidential.)

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Posted on June 23, 2008
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Big 4: Too Big to Fail?

Or, as Jim Peterson (pictured) suggests, Too Big to Save?

After following the proceedings at the U.S. Treasury’s Advisory Committee on the Auditing Profession, Peterson summarizes the clear and present perils: The Big Four are facing 27 legal cases with damage exposures above $1 billion, of which seven exceed $10 billion – with the estimated total between $100 and $140 billion. And says, “The large firms cling to their tactically sound but politically tone-deaf refusal to offer comprehensive data on their own financial condition, but the litigation potential to overwhelm their partners’ limited capital is unrebutted.”

Read about “futility in the face of catastrophic risk.”

Posted on June 21, 2008
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The Top Five Essentials to Working at Home

Can you work in your pajamas?

by Rick Telberg/On Careers

Are you ready to ditch the office and work at home?

Two thirds of CPAs already are, to one extent or another.

Some two out of three accountants are regularly working from home these days-running a full-time home-based practice, a part-time side business or just lugging home the daily overflow from the office. And with gas prices busting $4 per gallon, it’s getting more attractive every day.

But it’s not for everybody. Working at home requires some very real and sometimes limiting conditions.

According to the CPAs whom I’m hearing from, five key factors are emerging as essential to working at home successfully: Read more

Posted on June 19, 2008
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Are YOU Ready to Work at Home?

2 in 3 CPAs call it “great!”

by Rick Telberg/At Large

The dog may be barking in the yard, the kids screaming upstairs and the spouse bugging you. But, what the heck, you’re working from home and the odds are you love it.

Two thirds of CPAs who work from home-running full-time practices, side businesses or handling overflow from their office day jobs-classify the experience as “great!”

Just the same, they’re also quick to warn that not everyone is cut out to conduct business in the bosom of their families. Most of the tales that work-at-home CPAs reveal in a new CPA Trendlines study could serve as scripts for happy situation comedies, but some also have the makings of high drama. Read more

Posted on June 16, 2008
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Fernando Gomez | Money Tips

dollar-sign-in-a-light-bul-illustration-160x160-web-ready.jpg3 Cost-Control Ideas for Small Business.

Fernando Gomez, CPA
 Jackson Heights, N.Y.
fgomezcpa.com.

1. A business should have appropriate insurance coverage. Consider increasing the insurance deductible, where permitted, on all types of business insurance in order to reduce the premiums paid.

2. If the business has employees then it must maintain workers’ compensation insurance. Consider paying such insurance on a monthly basis throughout the year based upon actual payroll figures instead of paying based upon payroll estimates, which can be higher.

3. Consider the “Installment method” when selling a small business. Reporting the sale using this method can save significant amount of taxes, and can provide flexibility for both the seller and buyer.

Posted on June 15, 2008
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Alyssa Lebovic | Money Tips

15 Practical Ways for Small Business Owners to Cut and Contain Their Costs…

…And 1 thing to NEVER compromise on.

Alyssa Lebovic, CPA
Partner
Keller & Lebovic CPAs
Fair Lawn, N.J.

1. Look over all your expenses with a fresh eye. Don’t accept “that’s just what it costs.” If costs in any area have been climbing or if something is a major expense, consider shopping around for less expensive, but reliable vendors.

2. Consider buying supplies or merchandise in greater quantities if prices are discounted and you’ll use it up in a reasonable period of time.

3. Consider joining forces with other businesses to buy in quantity for a discount. Read more

Posted on June 14, 2008
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Sal Inserra | Mentors

A lifetime ago, two mentors set a young student straight.

Salvatore A. Inserra, CPA
Partner, Porter Keadle Moore, LLP

At 20 years old the world was a blank canvas with vast opportunities and yet it looks like a map without road references. Even after staring at the map you cannot quite figure how to get to your goal or where you goal is. All that said, I thought I knew exactly the path to take. Until I was set straight.

In college I was employed by JP Morgan. Just a part time employee who transferred from department to department. It did not bother me much because I enjoyed the change. At the time, I was enrolled in the City University of N.Y. pursuing an economics degree. The department I was working in, when I met my mentors, was the accounting and analysis group. I basically had 12 bosses. If I was going to be honest about it I should name all 12 as mentors but there were two that stuck out - Diane Makoujy and Lou Vitali.

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Posted on June 12, 2008
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