Monthly Archives: December 2012

Hackers Show How to Break into Major Accounting Software Systems

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The hacker transfers receivables credit balances to payables in GP Dynamics (from the white paper)

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by Rick Telberg

When finance and accounting professionals worry about computer security, they may think about stolen laptops, purloined passwords, or lost backup drives.

But few worry about hacker attacks against their accounting system software, the kind of attacks that could bring down an entire business or even up-end part of the global accounting system.

Well, start worrying.

A pair of computer science security experts has unveiled new research that shows just how easy it might be to crack into such commonly used software systems as SAP, Oracle, or even QuickBooks, Sage or Microsoft’s Dynamics.

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Novice Manager Needs to Know: How To Do It All?

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15 strategies for a first-time supervisor’s success.

Here at CPA Trendlines, Ed Mendlowitz answers some of the toughest questions practitioners can throw at him. He’s the right one to ask. After more than 40 years in the business – building his own practice, running the firm, and eventually selling it to a major regional firm, WithumSmith+Brown, where he remains a senior partner and consultant to professional services clients – he has the answers. We’re happy to have him at CPA Trendlines. Send your questions for Ed here, or chime in with Comments below.

Ed Mendlowitz CPA The Practice Doctor Q and AMore from Ed Mendlowitz, The Practice Doctor Q&A: Why No One Listens to You | Fun Reads for Busy Season  |  When NOT to Offer a Free Initial Consultation | Measuring Growth in Yourself, Staff and Partners  |  What Do You Think You’re Doing?  | Can You Teach Judgment?  |  Clients’ Calls At Home  | What You Need to Know before Expanding into Business Valuation |

Question: My boss asked me to call you.  I am a staff accountant with five years experience.  I am having a lot of stress trying to manage everything I have to do. I am juggling supervising people that I don’t know how to supervise, being managed less by those above me and having to figure out more for myself – including things I never did before or in industries I never worked on previously, keeping current with changes in accounting rules and taxes (since I am more like a generalist and clients ask me everything) never seem to have any free time, juggling my schedule because most of my clients are never ready when they say they will be and being accountable to my boss for everything I do plus what the staff working under me does. So how do I do it all? How can I prioritize all my responsibilities? READ MORE →

Rise to the Top with a Fresh Elevator Speech

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3 tips for a powerful pitch.

By Sandi Smith, CPA
Accountant’s Accelerator

An elevator speech is that short and sweet 30-second answer to the question “What do you do?” In networking circles, it’s critical that your elevator speech is clear and interesting. If it’s not, people will be confused, and no one who is confused will know how to refer you to others.

Sandi Smith

More for soloists and small firms from at CPA Trendlines:  Four Ways to Practice Entrepreneurial Perseverance • 5 Mistakes to Avoid When Seeking New Clients •  The Success Secrets Women Already Know  • His and Her Brains at Work in Tax and Accounting  • The Power of Deadlines in Closing a Deal • On the Road to a Stress-Free Life: Identify Your Character Strengths • The Missing Ingredient in Your Marketing That Will Make All the Difference  • 3 Steps to Start Running on Millionaire Time  • 5 Mistakes to Avoid When Seeking New Clients • Why You’re Missing Out on 98% of Your New Business Potential • How to Win New Clients with a Freebie Strategy  • The Top 12 Business Card Blunders Accountants Make • Seven Tips to Keep the Clients You Have • How to Attract Clients Like a Magnet • Eleven Easy Ways to Deliver More Value to Clients• Five Things Accountants Take for Granted That Costs Them Revenue • What’s in Your New Client Funnel? • What’s In Your Welcome Kit for New Prospects? • Five Fun and Easy Ways to Wow Your Clients • Six Ways to Give Yourself a Raise • Strategies to Stop Losing Business to Competitors

The typical networker recites their elevator speech by listing everything they do. For example, I recently heard an insurance agent say, “We insure your auto, car, home, life, …” Well, I heard part of it. She listed a dozen more things – the kitchen sink may have been in there – and I bet some of those services haven’t been sold in years. READ MORE →

How a Founding Partner Passes the Baton to a New Managing Partner

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With 16 questions and 10 steps.

by August J. Aquila

One of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it’s the first time. Knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.

August J. Aquila

More August Aquila on CPA Trendlines:  Six Reasons NOT to Plan for Succession  |  How to Apply Sam Walton’s 10 Rules for Success at Your Firm |   Nine Steps to Effective Succession Planning for the Small Firm |  Thinking Merger? Look Before You Leap  | Four New Checklists for Succession Planning  |   Partner Accountability: Seven Signs Your Firm May Be in Trouble | 25 Ways to Grow Your Practice  | Herding Cats: Change Management for CPA Firms  | Engaging Partners in the Firm’s Future  | What It Means To Be a Partner  | Leadership at It’s Strongest: What Successful Managing Partners Do | No Alignment? No Execution. | 12 Steps to a Foolproof Merger  | Seven Steps to Building a Great Partnership  | 5 Success Tips for Tax Season  | Managing Partner Job #1: How to Get Buy-In  | The 10 Basic Ways to Boost Profits at an Accounting Firm | Can You Really Change a Partner?  | 11 Weekly Self-Assessment Questions for Professionals  | Seven Keys to a Successful Merger |

For the managing partner who is thinking about succession, there are four primary goals that he or she should be working on during the next few years. Each of these issues needs to be discussed with your founding partner: READ MORE →