CPA Firms Begin to See Collections Problems

New York firms have begun to institute a variety of measures in order to ensure prompt payment for services rendered.

via NYSSCPA

These changes come amid growing concerns, expressed by some New York state CPA society members, that the current financial downturn will eventually affect the ability of some clients to pay them on time and in full.

For some CPAs, including CPA George O. Sanossian, it already has….


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Posted on February 27, 2009
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How Much Is Hiding in Your Company’s Pockets?

Allen Liebnick reveals five sure-fire detection methods.

You know that great feeling when you put on a pair of jeans you haven’t worn in a while and find a $20 bill in your pocket? Want to know how companies can get that great feeling too? By checking their “pockets” for lost dollars. And what are those pockets? Overpayments that have gone undetected!

Overpayments can include:

  1. Duplicate or erroneous payments
  2. Missed discounts and/or rebates
  3. Pricing errors
  4. Unapplied credits
  5. Erroneous sales tax charges

More here…

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Posted on February 26, 2009
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SURVEY RESULTS: Clients Make the Difference

The recession may be the single biggest factor affecting tax professionals in this year’s busy season.

But, in the end, it’s all about clients. Ask a CPA, “What the biggest difference about your tax season this year?” And, collectively, they’ll draw you a picture that looks like this:

No doubt, the deepening recession is the biggest problem for CPAs this year. By comparison, last year at this time, the economy was a major problem for only about 26% of professionals. Clients are coming in later than usual, usually more more disorganized and worried about covering the fees. Professionals are racing to stay up to date with all the breaking news and worrying about billing and collections.

How’s busy season for you so far? Leave a comment below. Then join the survey and get the updates.

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Posted on February 26, 2009
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Payment Stretching: How do Deal with The Fallout

As the economic climate turns gloomier, more than a few organizations find themselves scrambling for ways to pay their bills.

by Mary Schaeffer

Techniques that some use to stretch their payments is paying invoices a few days — or more — past the due date. The practice of payment stretching, advocated by some as a way of enhancing cash-flow, has serious pitfalls and should be avoided under most circumstances. However, it would be naïve to assume that given tight cash-flow, no one would fall back on payment stretching.

Continued here…

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Posted on February 25, 2009
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The Bad Math that Killed Wall Street

Here’s what sunk your 401(k).

http://www.wired.com/images/article/magazine/1703/wp_quant4_f.jpg

Read more

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Posted on February 25, 2009
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SURVEY RESULTS: Busy Season in the Crash of ’09

The deepening recession is the biggest problem for CPAs this year.

BY far, most practitioners say the “general economic situation” is their biggest challenge this year, followed distantly by getting up to date with tax code changes and late and disorganized clients and client information.

Here are early and partial results from our ongoing tracking polls…

By comparison, last year at this time, the economy was a major problem for only about 26% of professionals. Clients are coming in later than usual, usually more disorganized and concerned about covering the fees. Professionals are racing to stay up to date with all the breaking news and worrying about billing and collections.

How’s busy season for you so far? Leave a comment below. Then join the survey and get the updates.

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Posted on February 24, 2009
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Road Map for Financial Recovery: Radical Transparency Now!

This sounds like a job for accountants.

It’s not enough to simply give the SEC — or any of its sister regulators — more authority; we need to rethink our entire philosophy of regulation. Instead of assigning oversight responsibility to a finite group of bureaucrats, we should enable every investor to act as a citizen-regulator.

Comment here: http://cpatrendlines.com/2009/02/24/road-map-for-financial-recovery-radical-transparency-now/#respond

Read the rest at Road Map for Financial Recovery: Radical Transparency Now!.

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Posted on February 24, 2009
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The Practical Accountant’s Jeff Stimpson is podcasting

At http://www.webcpa.com/podcasts/podcast.cfm

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Posted on February 24, 2009
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Intacct Launches On-Demand Global Business Management

Intacct Offers Enterprise Class Multi-Entity, Multi-Currency Financial Consolidation, Reporting and Analysis

Intacct, a leader in on-demand financial management and accounting applications, has unveiled Intacct Global Consolidations as part of its launch of Intacct Winter 2009, the latest edition of the Intacct financial management system.

Intacct is calling Global Consolidations is “a breakthrough Software as a Service (SaaS) application that enables global businesses to revolutionize their financial consolidation, reporting and analysis.”

FREE DOWNLOAD: Get the deck (PDF, 7 pages)

Continued at Intacct…


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Posted on February 24, 2009
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