And four simple solutions. by Rick Telberg If this is February, then it’s the season for already forgetting our New Year’s resolutions. I don’t know about you, but I’ve already broken a few of them. But there are some New Year’s resolutions that we cannot afford to ignore. For accountants, here are just four. That’s right: only four. That’s all we have space for here. But each is hitched to a pervasive dilemma within the profession.
Also: A&A and the Recession and SSAE No. 16. Listen free to the current podcast here. by Dr. Tom Ratcliffe, Ph.D, CPA Plain-English Accounting Bi-Weekly Report Executive Summary: 1. Our update on some special presentation issues in financial statements and the new guidance in that regard that relates to comprehensive income display matters. 2. While the accounting and attest engagement technical literature guidance is not new in certain areas, how that literature might need to be addressed in financial statements in the current economic environment continues to pose some challenges in both preparing financial statements and performing attest engagements on those statements. 3. Now that SSAE No. 16 [AT Section 801] is fully in play, some questions have been raised by practitioners [...]
What makes an accounting firm great? by August Aquila Aquila Global Advisors Too many firms don’t give a lot of thought to the question.Their main concern is surviving. But the sooner a firm can start focusing on what makes a great partnership, the better off it will be. Think about this, if you don’t address this question, how will you know if you are admitting the right types of partners? What technical and personal skills would you want? What personal values (character) would you look for? Here are seven characteristics that form the foundation of a great partnership. If you are missing any of them or if you merely need to improve in some areas, now is the time to [...]
And so, too, the mood of the accounting profession. by Rick Telberg The outlook for a better busy season is improving among tax and accounting practitioners, with 16% reporting “much better” operations in January, up from 11% in the year-ago month and continuing a string of monthly year-over-year advances in the CPA Trendlines polling. The CPA Trendlines survey, now in its seventh year, tracks real time busy season conditions. Participants get an early peek at the results. Click here to join the survey, get the answers. Overall, practitioners are headed into the jaws of the February busy season with 57% of them reporting generally positive results. Only 19% are calling for worse and 25% forecast no change.
Accounting firms hire the most, pay less. The average salary for accounting majors is averaging up 3.7 percent to $50,500, according to a new survey of college graduates and the employers who hired them.
Survey unveiled at launch of new CGMA credential. About 75% of the world’s CEOs say more emphasis should be placed on measuring the value of non-financial assets such as intellectual capital and customer relationships to drive long-term performance, according to research from the AICPA and Chartered Institute of Management Accountants. But just 51 percent of nearly 300 CEOs surveyed in 21 countries say their organizations currently measure the value of non-financial assets well or very well. And only 12 percent now turn to their finance teams for help with the task. FREE INSTANT DOWNLOAD for CPA Trendlines Pro MEMBERS For the full report, click:
Get paid and avoid misunderstandings with your clients. by Steve Erickson Steve Erickson LLC In some firms, engagement letters are treated as an afterthought even though they are required as a part of any quality control system. This lack of attention to the detailed management of an engagement often leads to misunderstandings, scope creep, upset clients and increased write-downs. Here are a few thoughts on how you might improve this process:
CPA Trendlines Founder Named “Top Thought Leader.” For the second year in a row, Rick Telberg, president and CEO of Bay Street Group LLC, which publishes CPA Trendlines, has been named one of The Top 25 Thought Leaders in the tax and accounting profession by CPA Practice Advisor magazine. Telberg joins honorees Greg Anton, CPA; L. Gary Boomer, CPA.CITP; Jim Boomer, CPA.CITP; Jim Bourke, CPA.CITP,CFF; David Cieslak, CPA.CITP; Gale Crosley, CPA; Chris Frederiksen, CPA; Michelle Golden, CPF; John Higgins, CPA.CITP; Tom Hood, CPA.CITP; Randy Johnston; Roman Kepczyk, CPA.CITP; Allan Koltin, CPA; Mark Koziel, CPA; Barry Melancon, CPA; James Metzler, CPA; Edi Osborne; Rick Richardson; M. Darren Root, CPA.CITP; Gary Shamis, CPA; Donny Shimamoto, CPA.CITP; Doug Sleeter; Brian Tankersley, CPA.CITP; and Jennifer [...]
High-performing firms look to leap ahead of low-performers with a few key strategies. by Rick Telberg A new study by CPA Trendlines shows that high-performing firms and low-performing firms are following markedly divergent marketing and practice development strategies as they battle through a sluggish economy. The complete 160-page study, “Marketing and Business Development Strategies at Accounting Firms – 2012 Survey Report, with Commentary and Analysis,” is available for purchase by CPA Trendlines parent Bay Street Group LLC. The study shows trends within the profession, but also distinguishes between high-performing firms and low-performing firms, based on time-tested proprietary CPA Trendlines criteria. In this study, high performing firms are far more likely than low performing firms to enjoy marketing successes. The data for [...]
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CPA Trendlines Technology Journal of Accountancy
