And the two professional remedies you already know. By Frank Stitely, CPA Stitely & Karstetter PLLC Cloud accounting software revolutionizes our relationships with our clients, enhancing our ability to provide real-time and forward-looking tax and accounting services. At the recently concluded Sleeter Conference in Las Vegas, cloud vendors promised zero data entry, the editing of transactions in spreadsheet format and seamless integration with best of breed third-party applications. They didn’t mention, however, that their programmers redefine accounting principles by sacrificing sound internal control at the ease of use altar. Before launching your clients into the accounting cloud, evaluate the risks currently ignored by many, if not most, cloud vendors.
By Ed Mendlowitz “Tax Season Opportunity Guide“ QUESTION: I have clients that are growing and seem to need more services in house than they can afford and they are leaning on me to set in and provide them. I gather this is an additional engagement and want to know how I can go about it. RESPONSE: It seems that the client is crossing the line into a more sophisticated area, but is not able to afford a full-time CFO.
The IFRS Foundation says it has “solid evidence” that IFRS has already become the de facto global language for financial reporting in an additional 41 countries, bringing the total number of countries surveyed to 122. Key findings based on all 122 jurisdiction profiles include:
By Ed Mendlowitz “Tax Season Opportunity Guide“ QUESTION: I do not belong to the NJSCPA and see no value in it. What are the benefits if I am a sole practitioner and just starting out? RESPONSE: I belong to the AICPA, NJSCPA and NYSSCPA, feel strongly about supporting these societies and believe it is a responsibility of professionals to do so. I am also active in these three organizations, in different ways and not always at the same time, although I have never been on the board of any of them.
Question: I am on the board of directors and am treasurer of a not for profit organization. One of the board members is an officer of a commercial bank where we have our accounts. The organization wants to get a one-year CD with some excess funds they have. It turns out that the interest rate is less than half of what we could get from a local savings bank. I suggested that we open the CD in the savings bank and the bank officer got very agitated and threatened to cut off the bank’s support of the organization if we did not keep the funds in his bank. The bank is a substantial contributor to the organization, and I […]
The dysfunctional partner team and three ways to get them back on track. You’ve tried management by committee. And by now, you know it doesn’t work. In a new analysis of CPA firm management practices, Marc Rosenberg finds, “Management by committee rarely works.” There must be a better way. And, yes, there are a few. Here is a five-point spectrum of approaches that firms use to make decisions. One of them may work for your firm. – Rick Telberg More strategies for growing firms: How The Structure of an Accounting Firm Changes through the Years | Non-Equity Partners: A Growing Trend | 12 Best Practices for a CPA Firm Compensation Committee | The 19-Point Marketing Director Job Description | Billable […]
The main categories of information for internal communications and management. By Bruce W. Marcus Professional Services Marketing 3.0 While the substance of information varies from firm to firm, there are 10 categories that cannot go unconsidered:
Lessons from the best-managed firms. By Marc Rosenberg Author of “CPA Firm Management and Governance: The Managing Partner’s Guide to Running a CPA Firm Like a Business.” Baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms. In fact, CPA Trendlines estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. And over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control.