Career Development
In the past few years much has changed for CPAs looking for a new job. Technology is providing candidates with greater exposure to opportunities and more information about potential employers. And in the current market, job seekers, not hirers, are in the driver’s seat. Here’s a look at how the recruitment rules are being rewritten.
Practice Management
Every CPA knows an accounting firm’s bottom line depends on billing adequate rates for staff members who work hard and use time efficiently. The formula seems simple, but each worker ultimately decides how much effort he or she will put into the job. A carefully crafted incentive compensation plan can enhance profits by motivating the team.
Employee Benefits / Practice Management
CPAs who provide professional services to pension and other employee benefit plans must be aware of the potential liability exposure under ERISA. A recent U.S. Supreme Court case made it clear that accountants and others may be held liable for certain transactions with these plans.
Personal Financial Planning
With the sizable amounts in some IRAs, owners typically want to continue generating tax-deferred earnings as long as possible. Unfortunately, the tax laws require IRA owners to begin taking minimum IRA distributions starting in the year they turn age 7012. There are, however, a number of techniques CPAs can recommend to clients to help them prolong the distribution period.
Personal Financial Planning
Special Report: The SEC introduces a system that accepts investment advisers’ federal and state registrations on the Web and gives investors convenient, free access to advisers’ disciplinary history, services and fees.
Business & Industry
There’s no clear-cut path to the CFO suite, but accounting professionals have an inside track. Besides having technical skills and corporate experience, individuals aspiring to the CFO position need to grasp the big picture, have board exposure, technology savvy, familiarity with reengineering—and the list goes on.
Technology Workshop
You can set up your computer network using proven technology to fulfill the complete software and data access needs of multiple users, whether they are in the office, in a satellite location, at home or with a client.
Auditing / Frontline Views
Shaun F. O’Malley, former Price Waterhouse CEO and chairman of the Panel on Audit Effectiveness, offers his insights into the panel’s findings and recommendations.
Not-for-Profits / Tax
Proposed regulations will change how NPOs treat the payments they receive from corporate sponsors. With proper planning, CPAs can help these organizations avoid the unrelated business income tax on these payments.
General Interest
Accountants can supply small businesses with much more of the human resources, health care and legal compliance consulting services they need. But firms first have to develop good marketing plans and the right skills.