Weak internal controls at the heart of a surge in new cases of accounting fraud. The number of accounting class-action lawsuits is returning to historical levels as the SEC focuses on accounting fraud the markets react against restatements.
Even as overall restatements remain steady. The number of restatements by public companies has leveled off and severity has remained low in the last five years, but restatements have increased from accelerated filers for the fourth straight year, according to Audit Analytics, a research firm.
Help your clients account for marketing costs. By Sandi Smith Leyva The Accountant’s Accelerator One of the value-added services we can offer clients is to align their chart of accounts with their tax form so that the numbers are easy to pull off at tax time. But there’s an even bigger opportunity if we take a deeper look.
Profession adds 1,400 new jobs in latest month. Next question: Who’s hiring; who’s not. Join the survey; get the answers. By CPA Trendlines With practitioners across the country reporting strong demand for new hires, the nation’s tax, accounting and bookkeeping industries added 1,400 new jobs last month, with some sectors marking new highs for 2014 and approaching the pre-crash peak six years ago. Jennifer Dizon, an audit and advisory partner at Hood & Strong’s San Jose, Calif., office, tells CPA Trendlines her firm is looking to hire. “We need more staff to service business growth,” says Dizon, who is also the newly elected state chapter president of the National Association of Women Business Owners. In Elkhart, Kan., enrolled agent Terri Ryman at Southwest Tax & Accounting says the office […]
51% plan new hiring now and into next year. For 2015, 81 percent percent of small businesses forecast a revenue increase, with 21 percent expecting to grow more than 100 percent, according to a new Xero survey. The study also shows that employing an accountant pays off. SMBs (small and medium-size businesses) that use an accountant with online accounting software enjoyed a 16 percent increase in revenue over businesses that use online accounting software without an accountant. And using more accountants equals more revenue, says the study released by a cloud accounting software maker.
What it means for independent tax and accounting firms. By Hitendra Patil Pransform Inc. The accounting profession in the U.S. has been shaken up by announcements from Liberty Tax Services and H&R Block that they are entering into core bookkeeping and accounting services business. More on The Entrepreneur Accountant: Six Steps for a Better Tax Season • 8 Seconds into the Future: Meet Generation Z • 5 Reasons Gen Y Will Make or Break Your Firm • 3 Ways Amazon’s New Fire Phone Hints at the Future of Accounting • The 8 Traits Creating the Firm of the Future Today • Get More Done, Make More Money: Stop Doing These 17 Things • What Shopping Habits Reveal about Accounting Clients • […]
Many never fully recover. By CPA Trendlines The typical organization is losing 5% of revenues per year to fraud, costing about $145,000 per company – and smaller businesses are disproportionately victimized, according to a new research report. The losses translate to $3.7 trillion globally, says the group which has been conducting the research since 1996. PRO members: Download the full report here. Highlights…