Four good ideas for managing small business in a slowdown.
by Donald J. Snyder, CPA
Partner
Green Hasson & Janks LLP
Los Angeles
1. Scrutinize The Budget. Review yearly budget on a monthly basis, comparing actual and budget amounts – challenge all variances.
2. Manage Cash Flow. Stretch your payables to manage your cash flow. If you’re used to paying within 15 or 30 days, READ MORE →
…then why aren’t starting salaries increasing?
“The current average salary offer to accounting majors—$47,429—is literally just a few dollars higher than the average these grads posted in Spring 2007—$47,421,” according to the annual survey by the National Association of Colleges and Employers.
Meanwhile, many other technical disciplines are seeing salary offers increase substantially. For example, the average offer to computer science graduates skyrocketed 14.7 percent to $59,873 this year. Also: construction science/management (13.4 percent, to $52,745); aerospace engineering (11.3 percent increase, to $57,999); and agricultural business and management (11.2 percent increase, to $42,299).
And hefty increases aren’t limited to the technical fields: “The average offer to psychology graduates rose 10.7 percent from $30,751 to $34,054,†says a spokesperson.
This, despite the fact that accounting firms are among the most voracious recruiters on campus this year.
So, what’s to blame? NACE’s best guess: “the effects of changes in the economy.” Now, that doesn’t sound good.
Top 10 Tips For Surviving an Economic Downturn
Kevin Ryan, CPA
Partner
Citrin Cooperman
Philadelphia
Many Citrin Cooperman clients are noticing a growing concern among their customers, and consequently, are beginning to prepare for tougher times.
Our clients are asking us what they should be doing now to prepare for an economy that goes south. As CPAs, we’re always worried about volatility in the marketplace, so the advice we provide now is the advice we’ve provided to businesses all along. Look at 9/11. Many companies weren’t prepared when the economy sank then, and frankly, many companies didn’t make it.
There are steps owners of privately held businesses can take now to prepare for a sluggish economy. They include: READ MORE →
Web-based accounting startup teams with CPA2Biz.
Bill.com, a Software as a Service (SaaS) company that provides businesses on-demand accounts payable software, has forged a strategic alliance with the CPA2Biz unit of the AICPA.
The deal provides Bill.com with a one-stop solution to its accounting marketing and gives the AICPA the opportunity to partner with a Silicon Valley star to develop some long-sought-after projects, including a CPA “dashboard.â€
For accountants, it provides a simple and innovative accounting service to gain and retain clients.
The announcement was timed for the AICPA Information Technology Conference this week in Las Vegas.
And what should CPAs be doing about them?
Sound Off: Take the poll. See the answers.
by Rick Telberg/At Large
Accountants are all too familiar with the succession issues faced by accounting firms. But accounting firms aren’t the only ones with succession issues.
In fact, closely-held and family-owned businesses across the nation are facing a succession crisis of their own. CPAs are well aware of the problems their business clients face and are devising strategies to help. READ MORE →
Alliance launched in 2003 with CPA2Biz
More than 20,000 CPA firms nationwide are now enrolled in the Paychex Partner Program from AICPA Business Solutions. READ MORE →
Cost Control Ideas for a Small Business Slowdown
John Straccamore, CPA
Partner
Bederson & Co.
West Orange, N.J.
A few of the items small business owners should be looking at going into an economic slowdown include:
John has more than fifteen years of experience in public accounting and private industry.
[Have a tip? Send your best ideas to comments@cpatrendlines.com.]
New finance execs must move swiftly to learn the ropes, set the pace.
by Rick Telberg/For the Finance Executive
Finance executives are increasingly finding themselves in the middle of corporate decision making and responsibility. For newly appointed CFOs and finance managers, success is no small feat-the first 100 days are critical.
With the pressure on, new finance managers want to make their mark early, and, according to the McKinsey Quarterly survey by global management consulting firm McKinsey & Company, there are some activities that should make nearly every finance executive’s short list of priorities.
One of the most critical activities during an executive’s first 100 days is the gaining of and understanding of what drives his or her company’s business, whether it be how a company makes money or its returns on invested capital. At the same time, a CFO must also consider potential ways to improve such drivers. READ MORE →
Why doing the obvious isn’t always easy.
How does your firm measure up?
Join the survey. See the answers.
by Rick Telberg/At Large
There’s hardly a finance or accountant organization on the planet whose owners and staff haven’t decided, resolved, pledged or promised to themselves and each other to deliver outstanding client service, create a great place to work or achieve phenomenal success. Maybe yours is one of them.
So why, then, is it so rare to find a firm that actually accomplishes what it says it wants to do?
Ask David Maister (pictured). The best-selling author of the classics “Managing the Professional Service Firm” and “True Professionalism” has published a new must-read for accountants and finance professionals called “Strategy and the Fat Smoker.” READ MORE →
CPA Trendlines Technology Journal of Accountancy
