Tax Season Countdown: 27% S-T-R-E-S-S-E-D - O-U-T!!!

Through April 1, 27% of more than 800 tax professionals are saying they are experiencing at least “frequent” stress or are “TOTALLY CRAZED!”

Tax Season Stress
(Thru April 1, 2007)

Believe it or not, this year’s stress levels are running a little better than last year’s stress levels.

Meanwhile, in other readings: Read more

Posted on March 31, 2007
Filed Under BSG [CPA TRENDLINES] | Leave a Comment

WHITE PAPERS BY BRUCE W. MARCUS AND THE BAY STREET GROUP

WHITE PAPERS BY BRUCE W. MARCUS AND THE BAY STREET GROUP

Advancing on the Retreat. A blueprint and guide for a retreat, designed to move your firm effectively into the 21st Century.

Productivity. A guide to streamlining the mechanics of your firm to increase profitability by improving productivity.

Recruiting. In the competitive world for scarce talent, the traditional Help Wanted ad no longer suffices. Here’s a proven technique that really works.

What Do Clients Really Want? An insightful Bay Street Group survey that can help you tune up your practice to improve client relations.

Advertising. A treatise on good and bad advertising practices , specifically for law and accounting firms, with examples to help you avoid costly advertising mistakes.

The Clean Slate Project. A unique and original approach to painlessly effect change to manage the firm more productively and profitably, within the confines of the traditional law or accounting practice.

Mobile CPAs. A Bay Street Group survey of mobile accounting firm practices, with guidance to improving your firm’s mobility.

Read more

Posted on March 22, 2007
Filed Under BSG MARKETPLACE - Products, Services and Vendors | Leave a Comment

Working Smarter, Not Harder

Focus on value. Set priorities. Follow through.

by Rick Telberg
On Careers

These days it seems like everybody wants to “work smarter” rather than harder, or at least that’s what the smart CPAs are telling us. However, what equates to “working smart” differs from worker to worker, and from boss to boss.

Read more

Posted on March 21, 2007
Filed Under BSG FINANCE PROFESSIONAL | Leave a Comment

Sage Signs New Payroll Customer

ST. PETERSBURG, Fla. [News Release]Sage Software announced today that Oceanwide USA, a Miami, Fla.-based leader in U.S. customs brokerage and manifest software and U.S. subsidiary of Oceanwide Inc., has taken advantage of the Sage Software ‘Payroll Your Way’ freedom of choice option through implementation of Sage Payroll Services, the company’s online U.S. payroll for small and mid-sized businesses (SMBs). Oceanwide is using Sage Payroll Services integrated with the on-premises version of one of Sage Software’s award-winning business management systems, Sage Accpac ERP (enterprise resource planning). Read more

Posted on March 21, 2007
Filed Under BSG MARKETPLACE - Products, Services and Vendors | Leave a Comment

AccuFund Updates Accounting Suite

AccuFund Accounting Suite Version 3.05 Features Enhancements to Purchasing, Requisitions and Other Core Components

Needham, MA [News Release] — AccuFund, Inc., provider of financial reporting and accounting software for non-profit, municipal and government organizations, today announced the availability of Version 3.05 of the AccuFund Accounting Suite. With this release, the company has made several enhancements to many of the system’s core modules, most notably the Purchasing and Requisitions modules, providing users with even greater ease of use, accessibility to information and data management. Read more

Posted on March 21, 2007
Filed Under BSG MARKETPLACE - Products, Services and Vendors | Leave a Comment

FREE DOWNLOAD: PAYROLL ATTITUDES AND INTENTIONS

FREE Instant Download (PDF)

GET THE RESULTS: CPA Best Practices/How Happy Are You with Your Payroll System?

In this study, 699 accountants, finance managers and CPAs from all sectors of the profession were questioned in an online survey.

Of the respondents, 49% work in public accounting, 37% work in business or industry, 9% work in government, education or the nonprofit sector, and the remaining 5% are in other categories including vendors or service providers to the accounting profession. Some 64% are C-Level decision-makers and influencers.

The study gauges accounting practitioners’ satisfaction levels regarding the systems they use to handle payroll services, how those systems should be enhanced, the features important to payroll services delivery, and who will be the preferred providers of payroll services in the years ahead. (Note: Brand-specific information may be provided upon special arrangement with Bay Street Group.)

The study represents a broad-based barometer of the accounting profession’s sense about payroll services. It is designed to help CPAs better understand the issues underlying the quality of this deliverable, what their prospective clients expect from payroll services, and where the future opportunity lies in this business area. It should also provide the vendor community some direction on how to fine-tune their payroll products and services to meet the accounting profession’s evolving requirements.

GET THE RESULTS: CPA Best Practices/How Happy Are You with Your Payroll System?
[11 tables, 8 pages including summary analysis] Read more

Posted on March 20, 2007
Filed Under BSG RESEARCH | Leave a Comment

Some CPAs Love Tax Season

Others dread it. Guess who wins.

How do you compare? Join the tax season study.

by Rick Telberg
At Large
Write Letter to Editor

Tax season has a way of strengthening the profession. For some, it’s a grueling marathon of survival of the fittest, and for others, it’s a lesson in what to do differently next year. So, what does it take to be a top-performing firm? Surprisingly, there is something different about these best firms, and it is not always what you’d expect. The best-managed, most successful CPA firms are not necessarily the largest, the oldest or the newest. They also don’t always pay their staff the best, or spend the most money. Read more

Posted on March 18, 2007
Filed Under BSG [CPA TRENDLINES] | Leave a Comment

Tax Season Stress: Up 4 Points

How are you feeling?

As if tax season wasn’t enough, this week you need to watch your NCAA bracket!

Join this week’s survey and check back next week for the results.

Tax Season Stress: Week ended March 18 2007

The most severe stress levels for the week ended March 18, 2007, rose slightly to 29% of respondents, up 4 points in the week.
Read more

Posted on March 18, 2007
Filed Under BSG [CPA TRENDLINES] | Leave a Comment

Job Listing: Sr. Tax Accountant, Dulles, Va.

From a LinkedIn colleague: Please take a look and forward this job on to anyone you think would be interested in the position, or anyone else who could help find a great candidate.

Company: Confidential, Dulles, Va.
Job Title: Senior Tax Accountant
Description: We would love to talk to anyone who is willing to entertain an exciting opportunity with a company that is growing and can work for an amazing mentor. This is a company where someone can “hang their hat,” learn from the best, and be a part of a dynamic organization. Any referrals would be great, and if you would be interested in an opportunity as well, we would love to have a conversation! Read more

Posted on March 17, 2007
Filed Under BSG FINANCE PROFESSIONAL | Leave a Comment

When’s Best to Ask for a Referral?

Percentage of Clients Who Would Recommend Their CPA Firm, by Tenure of CPA Firm.

RESEARCH SNAPSHOT
WHAT CLIENTS SAY: Would you recommend your CPA firm?
(Percentage answering “Yes,” based on tenure of CPA firm)

Which are the best clients to ask for referrals?

You might think that your oldest, seemingly most loyal, clients would give you the best recommendations.

But you’d be wrong.

In fact, new clients—clients less than a year–old are probably your best. Call it the “Honeymoon Effect.”

According to our research into the clients of CPA firms, 77% of the clients who have been working with their CPA for less than a year are happy enough to recommend the firm.

But overall, only 55% of clients are that satisfied. The danger period for losing a client is in the first five years.

Survive the first five years, and client satisfaction could increase. Still, it may never reach the level of enthusiasm you’ll find in the first year.

So, to maximize your referral marketing strategy, focus on new clients.

Source: Bay Street Group Research Program, “What Clients Really Want.”
Copyright 2007 Bay Street Group LLC. All Rights Reserved. Read more

Posted on March 15, 2007
Filed Under BSG RESEARCH | Leave a Comment

FREE DOWNLOADS: EXECUTIVE PREVIEWS and SPECIAL REPORTS

FREE Instant Download (PDF)

CPA BEST PRACTICES: HOW HAPPY ARE YOU WITH YOUR PAYROLL SYSTEM?

In this study, 699 accountants, finance managers and CPAs from all sectors of the profession were questioned in an online survey.

Of the respondents, 49% work in public accounting, 37% work in business or industry, 9% work in government, education or the nonprofit sector, and the remaining 5% are in other categories including vendors or service providers to the accounting profession. Some 64% are C-Level decision-makers and influencers.

The study gauges accounting practitioners’ satisfaction levels regarding the systems they use to handle payroll services, how those systems should be enhanced, the features important to payroll services delivery, and who will be the preferred providers of payroll services in the years ahead. (Note: Brand-specific information may be provided upon special arrangement with Bay Street Group.)

The study represents a broad-based barometer of the accounting profession’s sense about payroll services. It is designed to help CPAs better understand the issues underlying the quality of this deliverable, what their prospective clients expect from payroll services, and where the future opportunity lies in this business area. It should also provide the vendor community some direction on how to fine-tune their payroll products and services to meet the accounting profession’s evolving requirements.

FREE DOWNLOAD: CPA Best Practices/How Happy Are You with Your Payroll System?
[11 tables, 8 pages including summary analysis]

______________________________________________________________________________

Join the Survey. Get the Results.

ACCOUNTING SOFTWARE DECISIONS

EXECUTIVE PREVIEW
Join the Study Group. Get the Results Immediately.

• CPA Satisfaction • Buying Plans • Key Purchase Criteria •

EARLY TOP-LINE HIGHLIGHTS
• Data gathered from 559 respondents in an online survey.
– 75% are C-Class executives.
– 71% work in offices of up to 50 persons.
– 50% practice in public accounting and 36% in business or industry.
• 89% are currently less than “completely” happy with their current accounting software package.
• Over the next 18 months, 35% are at least “somewhat” likely to be considering a new purchase of accounting software.
• Most important criteria in selecting a new accounting package:
– Ease of Use
– Features and Functionality, and
– Vendor’s Long-Term Viability

Join the Study Group. Get the Results Immediately.
____________________________________________________________________

Take the poll. Get the instant download.

TAX SEASON 2007: TECH STRATEGIES
New Tech Investments Drive Profit Forecasts for‘Busy Season’

EXECUTIVE PREVIEW

Join the study. Get the instant download.

KEY FINDINGS
The Key Strategic Issues professionals face this busy season, are:
• Going Paperless (Scanning, storage, etc.)
• Improved Client Service and Communications (online service and delivery)
• Improved Efficiency (dual monitors, software upgrades, faster internet connections)

Key New Investments are:
• Tax Software
• Printer/Scanner/Copier/Fax
• Laptop/Notebook
• “Going paperless” is the hot-button issue of the year.

Top “Concerns:”
• Client Privacy
• Viruses/Spyware/Malware
• Catastrophic Loss of Data

• Respondents are predominantly owners and senior executives from public accounting firms.

In a separate analysis, the professionals who are most optimistic and best prepared for the busy season are also more likely to be:
• Integrating and consolidating software applications,
• Strengthening their marketing strategies, and
• Adding new security and backup systems.

• Most are “on schedule” or “ahead” of plan in preparing for tax season.

Top lessons learned from last year, to be applied this year, include:
• Going paperless,
• Improved scheduling and
• Tighter management.

Join the study. Get the instant download.
____________________________________________________________________
STAFFING CRISIS: 10 SECRETS OF FIRST CLASS FIRMS

Instant Download

CPA WORKPLACE ISSUES: RECRUITING & RETENTION
– 1 in 6 Firms Report Staffing ‘Crisis’
– New Study Identifies Key Factors at the Winning Firms

EXECUTIVE SUMMARY: Get the instant download.

PARTICIPANTS
•63% in public accounting; 25% in business or industry
•41% work in offices of 11-to-50 people, 18% in 1-10
•58% are senior, C-level executives, partners, or owners

KEY FINDINGS
Top performing organizations are less likely to report staffing problems, and they place greater-than-average emphasis on the following factors:
•Best Technology
•Relevance to Customer, and
•Challenging Work

MORE
•About 68% of respondents say the capabilities of their organizations are suffering due to staffing issues.
•16% say: “Crisis! We must turn away work because we can’t find people.”
•Despite the preponderance of C-Level managers in the survey, only 4% admit they may be part of the problem.
•Work/Life Balance may be as important as Compensation and Recognition as a critical success factor in staffing.

Get the instant download.
____________________________________________________________________
POST-ENRON: CPAs FIND PROBLEMS IN BUSINESS INTEGRITY

DOWNLOAD NOW

New Study: Does ‘Corporate America’ Get It?

Apparently NOT, according to finance and accounting professionals.

KEY FINDINGS
•87% of finance and accounting professionals say most members of the American public believe that, in general, American corporations still fail to comprehend their post-Enron expectations for integrity in business.
•And 72% of finance and accounting professionals agree with the public’s viewpoint.
•A sizeable number of finance and accounting professionals find fatal flaws in the governance of most major corporations.

The leading lapses include failures in these areas:
•Employees, shareholders, or citizens cannot raise issues without fear of retribution.
•The Board of Directors is ill-informed and not truly independent.
•Corporate Codes of Conduct are not comprehensively taught to staff and management; and are too often simply ignored by top executives.

•And the practitioner’s own company is not immune from problems in governance, although respondents are less likely to cite problems in their own company than they are to cite problems in corporations in general.

PARTICIPANTS
•57% of respondents practice in business or industry.
•50% work in offices of 100 persons or more.
•64% are C-level executives or senior management.
____________________________________________________________________

FREE DOWNLOAD

The profession has long recognized an “expectations gap” with the public’s view of auditor liability. But in this report Bay Street Group discovers a “New Expectations Gap,” whose effects could be just as deleterious.

THE NEW EXPECTATIONS GAP

In this study, 1,799 accountants, finance managers and CPAs from all sectors of the profession were queried in an online survey conducted throughout most of 2006.

Of the respondents, 62% work in public accounting, which in this report are classified as “CPA Firms.” The rest, 38%, work in the business, industry, government, not-for-profit, education or vendor sectors, which in this report are classified as “Clients.” Some 75% are C-Level decision-makers and influencers.

The study makes important new findings in the discrepancies between the behaviors and opinions of CPAs and their Clients.

It should prove useful to both CPA Firms seeking to fine-tune their client acquisition and retention strategies, as well as to Finance Managers charged with engaging a CPA Firm and evaluating its performance.

Key data points in this “New Expectations Gap” include:

1. Client Satisfaction — CPA Firms grossly overestimate Client Satisfaction. Some 93% of CPAs believe half or most of their clients are sufficiently satisfied to recommend them. But only a bare majority of Clients (55%) would recommend their current CPA firm.

2. Identifying Decision-Makers — The overwhelming number of Clients believe they – as CPAs, finance managers, executives, and individuals – are the “MAIN DECISION-MAKERS” in the hiring of a new CPA firm. But most CPA Firms believe the owner is the key person. Only 17% estimated correctly that about half of their clients would be “Recommenders.” (Note: The trend holds true when all sizes of CPA Firms are compared against all sizes of Clients.)

3. Identifying Influencers — CPAs underestimate the importance of senior financial executives in the decision to choose a new CPA firm.

4. Client Base Stability — 38% of CPAs say their average Client tenure is “more than 10 years,” but only 25% of Clients would agree.

5. Marketing Tactics — The top three marketing tactics which CPA Firms plan to launch or increase are:
– Increasing Referrals,
– Networking and
– Website Upgrades.

But if Clients were writing the marketing plans, they might agree with making Referrals and Networking top priorities, but they would add Seminars. Of course it needs to be noted that Clients, as prospects, see and experience marketing efforts much differently than the marketers who can parse strategy and measure returns.

6. Criteria for Evaluating CPA Firm Performance — In choosing a CPA Firm, Clients are most concerned about:
– Service and Attentiveness,
– the Reputation of the Firm and the Quality and
– Accuracy of the Work.

The data should be studied by comparing and contrasting the responses of CPAs and Clients. A Gap Analysis showing the widest discrepancies in Behaviors and Attitudes can yield startling differences in perspective.

CONTACT INFORMATION

Complete data is available from Bay Street Group LLC for those interested in a deeper analysis. For instance, data may be filtered and cross-tabbed by size of CPA firm, by size of client company, by job title, marketing tactic, etc.

Contact: HS@BayStreetGroup.com, or (914) 674-4531.

All questions, comments, suggestions, critiques and ideas are gladly accepted and may be incorporated in future editions of this study.
____________________________________________________________________
Entering the final quarter of 2006, CPAs’ economic outlook for the Year 2007 can be termed good and improving.

Click for Download

DOWNLOAD THE FREE EXECUTIVE PREVIEW (pdf):
Outlook 2007 — The CPA Business and Economic Forecast for the Year Ahead

HIGHLIGHTS:
• In this study, 54% of respondents work in public accounting and 33% work in business & industry.
• 83% of respondents work in the small-business/small-office environment.
• 58% of respondents hold C-level decision-making positions.
• Another 23% hold senior staff and general management positions.
• 66% of respondents are positive about the business and economic outlook.
• 41% voice growing confidence, versus 24% reporting no change in their opinion and 25% reporting less confidence.
• CPAs are most confident about the prospects for themselves, their families, and their own businesses.
• Respondents are generally optimistic about the environment for revenue growth and profits.
• They are less optimistic about the climate for expansion, mergers and acquisitions, and cost of goods.
• Key problem areas going forward continue to be lack of available staff, affordable health insurance and government regulation.

DOWNLOAD THE FREE EXECUTIVE PREVIEW (pdf):
Outlook 2007 — The CPA Business and Economic Forecast for the Year Ahead

____________________________________________________________________
The One-Day Program to Improve Prductivity and Profitability to Better Serve Today’s Client

Download Now

Developed by
Bruce W. Marcus
The Marcus Letter
And Offered in Partnership
with The Bay Street Group LLC
FREE DOWNLOAD: Get the full 12-page white paper.

INTRODUCTION
There is a disconnect between the dynamic contemporary world of commerce and the traditional practices of the professions. It’s generating an ever widening gap between law and accounting firms, and the business world they serve. It’s fostered by anachronistic practices, in which economic advantages and productivity that could serve both the firms and their clients are impeded by traditional practices that are not far removed from the wigs and robes and scriveners of the past.

The Clean Slate Project™ is a one-day exercise that asks participants – the firm’s senior decision makers and planners – to wipe clean the slate on which is written the firm’s practice structures and techniques, and then to build a virtual firm focused not on process, but on the tasks that must be accomplished to better serve the firm and its clients. The exercise then moves forward to establish techniques for making the virtual firm a reality. The aim is to build a streamlined firm with increased productivity, greater efficiency, greater openness to new ideas, and ultimately, a matrix for increased profitability.

Because no two firms are alike, the Clean Slate approach serves each firm in its own way, predicated on the firm’s own culture and view of how to manage itself and serve its clients.

Results:
• Increased productivity
• Greater efficiency
• Openness to new ideas
• Roadmap to new profits

FREE DOWNLOAD: Get the full 12-page white paper.

____________________________________________________________________
FREE DOWNLOADS: Choose any or all of these FREE Executive Previews and Special Reports.
FREE! Technology Issues, Trends and Strategies in the Mobile CPA Workforce

FREE! DOWNLOAD NOW

EXECUTIVE SUMMARY
Prepared by
Rick Telberg, Principal
Bay Street Group LLC

FREE! DOWNLOAD NOW

KEY FINDINGS
• 84% of respondents spend at least half their time working on a computer, with 48% spending “more than 80%” of their time on a PC.
• 89% spend at least one-quarter (25%) of their time working outside the office – i.e.: traveling, a client location, home office, hotels, etc.
• The most common pieces of mobile equipment currently in use are, in order, a mobile phone (92%) and a laptop PC (73%).
• The most often mentioned mobile device respondents are considering for purchase is a PDA, BlackBerry, Palm Treo or HP iPAQ (42%), followed by a new laptop PC (34%), and a new mobile phone (28%)

Learn More…

____________________________________________________________________

GO TO THE FREE DOWNLOAD PAGE.

YOU ARE WHAT YOU CHARGE
Pricing Strategies in the Accounting Market
A Bay Street Group Research Project
GET THE FREE EXECUTIVE PREVIEW HERE.

What do your prices say about you? If you’re not thinking about the value of your products and services, you’re not doing your job. Are you priced right?

LOOK INTO THE STUDY’S KEY FINDINGS AND TABLE OF CONTENTS.

***Cited in the August 2006 issue of Accounting Office Management & Administration Report (pdf)***

____________________________________________________________________

Go to Download page.

ADVANCING ON THE RETREAT
By Bruce Marcus
A retreat can be a good time to relax, rest, and become reacquainted with your partners, even as it addresses the firm’s mundane housecleaning efforts. It can be a better time, and a great opportunity, particularly in this era of economic turmoil and technological change, for real accomplishment by recognizing new realities of the marketplace and professional environment, and calculating what must be done now to make the firm viable in the future.

INCLUDING: The Top 10 Issues You Can’t Afford to Ignore.
Go to the Download page now.

____________________________________________________________________
THE DO’s and DON’Ts of CPA STAFF MANAGEMENT
by Rick Telberg

DOWNLOAD HERE

Staffers Speak Out, Share Some Tips. But Are Managers Listening?
The finance and accounting profession, already facing a crisis in recruitment, is failing to utilize proper retention strategies, such as an enlightened system of mentoring, coaching, goal-setting and performance review and remediation. 45% percent of finance and accounting professionals surveyed would consider changing jobs because of the managerial atmosphere of their office.

What Managers Are Doing Wrong:
1. Managers wait until problem is out of hand to confront it. And by then it’s too late to handle it productively or with sensitivity.
2. The feedback is not confined to the facts, but ranges further afield.
3. It feels like a verbal attack on the employee.

INCLUDING: Verbatim comments from dozens of staffers.

Download the FREE Executive Preview.

____________________________________________________________________

Click to Download PDF: ‘How Hard Are YOU Working?’

HOW HARD DO YOU WORK?
by the Bay Street Group

KEY DATA POINT: About two-thirds of finance and accounting professionals consider themselves “frequently” stressed or “at a crisis point!”

____________________________________________________________________
MORE….

TRENDS AND ISSUES IN PERSONAL FINANCIAL ADVISORY SERVICES:
BSGPFPTrendsExecPreviewNov05_wbdr.pdf

SMALL-OFFICE/HOME-OFFICE STRATEGIES FOR PEAK PRODUCTIVITY:
 SOHOPreview.pdf

THE CPA’S TECHNOLOGY WISH LIST:
CPATechWishListOct05.pdf

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Don’t Miss Any New Studies or Fresh Updates:
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( …and Pick Up a FREE Welcome Gift as Our Thank You!)

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Posted on March 14, 2007
Filed Under BSG RESEARCH | Leave a Comment

Think You’re the Only One with a Staff Shortage?

North American Executives See a Dramatic Rise in Competition for Talent as Companies Increasingly Look Inward to Develop Needed Competencies

San Mateo, Calif. (SuccessFactors) — More than nine out of 10 North American business and HR executives surveyed in late 2006 say their companies are experiencing increased competition for talent — leading to higher compensation packages, slower time to new hires and reduced business flexibility. As a result, executives say they will increasingly look inward, to their existing workforces, to find and develop the competencies they need to address changing requirements in their markets.

Read more

Posted on March 13, 2007
Filed Under BSG BUSINESS BUILDER | Leave a Comment

The CPA Detective

“You’re an accountant Andy Barker: Go where the numbers take you.”

Hollywood finally takes Stu Kessler’s suggestion seriously… and we get a comedy: “Andy Barker, P.I.” CPA by day, crime solver in the time left over.

Former AICPA chief Stu Kessler, as some will remember, has long said that CPAs needed their own TV show. “Imagine,” he said, “something like ‘L.A. Law.’ Call it, “L.A. CPA.” So today we get this gem from Conan O’Brien and Andy Richter. The critics, so far. love it. The CPAs? Well, they may be too busy with tax season to tune in. But if you can, you should.

Can’t wait until Thursday at 9:30 pm (8:30 Central) on NBC? Check out the full episodes here.. (sponsored by, no coincidence, TurboTax)… http://www.nbc.com/Video/rewind/full_episodes/andybarker.shtml Read more

Posted on March 12, 2007
Filed Under BSG [CPA TRENDLINES] | Leave a Comment

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