CPA Mobility: Not O.K. in OK

daryl-hill-oscpa-ceo.gifOklahoma fails to join mobility movement.

Unlike 26 other states which have passed laws expanding the ability of CPAs to practice across state lines, Oklahoma legislators shot down the state CPA society’s plan to update state rules.

All out-of-state CPAs who perform accounting services for clients who reside in Oklahoma will have to notify the Accountancy Board. But Oklahoma CPAs who have clients in other states will not have to notify Boards in the now 26 states that have passed mobility legislation. OSCPA Executive Director Daryl Hill (pictured), said the events dealt a “legislative blow to the Society.”

Hill added: “Lack of participation from the majority of OSCPA members did not help the cause.”

Ouch!

More here…

Posted on May 30, 2008
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Winning the Talent Wars

mark-koziel-mug-cropped.jpgHow small firms compete in today’s market. How are you doing? Join the study. Get the answers.

by Rick Telberg/At Large

In a time of unprecedented demand for accounting professionals, the ability to recruit and retain talent is proving to be a decisive competitive factor.

Because of the so-called staffing shortage, professionals are clocking more hours, firms are turning away work, partners are postponing retirement and mergers are surging.

Recruiting has become every bit as important to survival and growth as finding clients, according to Mark Koziel (pictured), the AICPA’s senior technical manager in charge of practice management. “Making recruiting a systemized function of the firm is critical,” Koziel says. Read more

Posted on May 27, 2008
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4 New Rules for the Tech-Savvy CPA

Plus: Four trends to watch.

How tech-smart is your firm? Join the study; get the answers.

by Rick Telberg/At Large

No CPA would think of trying to do business without a computer or mobile phone.

So why then aren’t more CPAs taking a strategic approach to their technology investments?

john-higgins-mug.jpgAfter all, most growth oriented accounting firms are already spending 5% to 10% of their revenues on IT hardware and applications, according to most studies. My own research suggests that barely one in 10 firms is following a written, strategic technology plan. For most finance and accounting organizations, that’s like piloting a ship without charts.

But where to begin? For that, we went to John Higgins (pictured), CPA, CITP. John is a strategic advisor to CPA firms through his company, CPA Crossings LLC in Rochester, Minn. He is also a past chairman of the Michigan Association of CPAs and a member of the AICPA Business & Industry Hall of Fame. Read more

Posted on May 19, 2008
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Tax Staffer at Work…

…Accounting rapper at home!

Bobby Frye, tax staffer at Warren, Averett, Kimbrough & Marino CPAs, in Birmingham, Ala., says he finds it “utterly disgusting that no good songs have ever been written about accountants.”

So, with a nod to Snoop Dogg for the “moderately” offensive tune “Gin and Juice,” Frye offers up “this precious gem of melodical and lyrical wonderment.” Read more

Posted on May 16, 2008
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Politics Corrupts Accounting (Shocked!)

claude_rains1.jpg

As if you needed another reason to suspect earnings management.

New research shows that companies making political contributions often bend accounting rules so as not to embarrass their candidate.

Companies “involved in potentially controversial business activities—outsourcing, for example—understate their earnings if it might boost a candidate’s chances of election,” according to a study at the Harvard Business School called “Accounting Information as Political Currency.”

Such earnings management “seems to have been motivated by the desire of contributing firms to not taint preferred candidates with association to the political red flag… outsourcing… as well as to ensure future benefits and avoid future costs in regulatory matters.”

Or, as Claude Rains says in “Casablanca:” “I’m shocked. Shocked!”

Posted on May 15, 2008
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Minority Women Face Racial Barriers in Accounting

Women of Color Struggle to Succeed in Accounting Firms.

istock_000005179233xsmall.jpg[via Catalyst] 

Workplace experiences of women of color are vastly different from those of white women, white men, and men of color, according to Women of Color in Accounting, the second report in Catalyst’s breakthrough Women of Color in Professional Services Series.

Furthermore, the study finds that these unique experiences should be recognized in order to better engage women of color and offer this crucial employee group greater access to advancement opportunities. Read more

Posted on May 14, 2008
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Good News on the Staff Shortage

Is the talent crisis over?

Chart: Accounting degrees awarded - 1971-2007 (Source: AICPA)

accounting-degrees-awarded-1971-2007.JPG

CPAs rate their jobs. Join the survey. Get the answers.

by Rick Telberg/At Large

Having trouble finding more good accountants? If so, you are far from alone.

For Cheryl Mills, a senior manager at a CPA firm in New York City, retaining qualified staff has become an uphill battle. “We have lost 60 percent of our workforce this year,” says Mills.”The rapid turnover makes investing in staff difficult.”

Echoing that sentiment, Neil Schembre, who works at a small firm in Fanwood, N.J., says, “Staffing is the lifeblood of my business.” Read more

Posted on May 12, 2008
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Memo to: Indiana Jones. From: His CPA

indiana-jones-harrison-ford.jpgProfessor Henry “Indiana” Jones Jr.
33 New Montgomery Street
San Francisco, California 94118

Dr. Jones,

We are in receipt of your Form 1040 for this past year, and there are several items on your tax return that the Internal Revenue Service would undoubtedly take issue with. These are items that, as your accountant, I would be greatly remiss in not bringing to your attention. While we appreciate your continued use of our qualified tax preparation team and we understand that your financial situation is far from straightforward, we are compelled to make note of the following issues:

It’s worth reading the rest at the very funny Riding with Rickey….

Posted on May 11, 2008
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Tweak Your Growth Plan in Five Easy Steps

050508.jpgCPAs update sales and marketing strategies for tough economic times

What’s working for CPA firms today? Join the survey; get the answers.

by Rick Telberg
At Large

Many accounting firms, already inundated with more than enough work, are rethinking their new business strategies and are turning away from sheer growth in fees and clients to refocus instead on sustainable profit and enterprise value.

For many accounting firms in recent years, marketing has not been a problem. New clients have been rolling through the doors. And, in fact, CPAs are working longer hours or even turning away business to handle the surge.

But with the economy shifting into low gear, more CPAs are taking a new look at their marketing and business development strategies.

Here are five fresh viewpoints to tweak your marketing strategies: Read more

Posted on May 5, 2008
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The Beginning of the End of GAAP

Mark the date: June 16, 2008.

That’s the headline that will go down in accounting history,  courtesy of CFO magazine’s brilliant Marie Leone (pictured). She’s reporting that FASB chairman Robert Herz has announced a public forum, slated for Baruch College in New York, to kick off an effort to move American companies to international accounting standards.

Full story, here…

Posted on May 5, 2008
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Aronson Launches Government Contracting Blog

Replaces email, paper and faxes.

lisa-cines.gif Rockville, Md.-based Aronson & Co. CPAs has launched a blog, Aronson Fed Point, geared toward the government contracting community and written and compiled by members of A&C’s government Contract Solutions Group.

“There’s no question that blogs are going to become increasingly more important to business owners and entrepreneurs,” said Lisa J. Cines, CPA, A&C’s Managing Officer (pictured).

“Government contracting is an industry that moves incredibly fast and changes need to be communicated immediately. Blogging allows our experts to address these changes and how they will affect a contractor’s business. Rather than sending out more paper, more emails, more faxes, we have opted to create an online community for busy professionals where they can access a wealth of information in a central repository and share their own experiences and knowledge.”

Posted on May 4, 2008
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Golden Age Ending for Law Firms?

043008.jpgAfter five years in a row of gains, revenue and billing-rate increases have slowed.

Instead, headcounts and salaries are advancing faster, eating into profit growth.

According to the annual American Lawyer magazine ranking of the top 100 firms in the U.S.: “The great run may be over. The sharp decrease in deal activity is well-known. And the classic countercyclical practices — litigation and bankruptcy — have not yet lifted all boats. Also, there is a structural indicator that points to weakness. For the first time since the bust of 2001, the growth in head count noticeably exceeded the growth in revenue per lawyer. Coupled to the body count was the much brooded-about associate salary increases last year. Many consultants argue that those costs will be fully felt this year, precisely when demand for high-priced legal help may fall.”

Full story here…

Posted on May 1, 2008
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CPAs Remain Negative on Economic Outlook

A percent sign.Some 57 percent of key AICPA members are pessimistic or very pessimistic about the economic outlook for the U.S. over the next 12 months.

That’s relatively unchanged from 59 percent who held negative expectations in the first quarter. The survey found just under 12 percent of CPAs in executive positions expressed optimism about the economy, virtually unchanged from 11 percent in the first quarter. Read more

Posted on May 1, 2008
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