Shared services are being applied to an increasing number of functions. Human resources, IT, and finance were some of the first areas where shared services commonly were implemented. Now sales operations, supply chain operations, and marketing are taking advantage of shared-services platforms.
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Management accounting
Five key defenses against risk
When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits? These are among the many questions organizations consider through a lens of strategic opportunities
Crowdfunding poses benefits, risks
Financial return crowdfunding does not pose systemic risks to the world economy yet, according to a report issued Wednesday by staff researchers working for the International Organization of Securities Commissions (IOSCO). But in the marketplace, crowdfunding—which is growing in popularity—poses both benefits and risks, according to the report. Crowdfunding involves
Regulation leads list of top 10 risks for 2014
Regulatory changes and scrutiny are the risks business leaders are most concerned about for 2014, according to a new survey conducted by N.C. State University’s Enterprise Risk Management Initiative and consultant Protiviti. “It’s a message for policymakers,” said Jim DeLoach, CPA, a Protiviti managing director. “… The bottom line is,
Seven ways for small businesses to rein in health care costs
Editor’s note: On Feb. 10, the IRS delayed the penalty for employers with 50 to 99 full-time equivalent employees. Click here for details. New health care regulations in the United States have small business leaders bracing for increased costs and eager to save where they can. Although it was delayed
Smart ways to tap accountants’ business process acumen
There are ways to avoid disasters at the launch of the software and afterward, and some think accountants could play a bigger role in implementation work that has been largely dominated by IT and computer experts.
Cutting the clutter: Streamlined operations reports engage key stakeholders
Carol Kenner, CPA, CGMA, knew her company’s financial statements backward and forward. Every number on every page made sense to her. But not everyone at Solix Inc., the New Jersey company where Kenner is CFO, knew what the numbers meant.
Tackling tariffs
U.S. companies trying to improve their bottom line should look closely at harmonized tariff schedules, according to Alexander Koff, Esq., a partner at Whiteford, Taylor & Preston who co-chairs the Baltimore-based law firm’s international practice. He offers these tips: Read up on the U.S. harmonized tariff schedule. The U.S. International
The top priorities for finance in 2014
Harnessing data for strategic planning, streamlining processes, and bracing for heightened regulatory concerns are the top priorities for CFOs and the finance function, according to a recent report.
Unstructured data: How to implement an early warning system for hidden risks
Companies rarely use technology to effectively identify risks beyond those related to business and transaction processing in financial and operating system internal controls. This article provides techniques to expand the scope of an organization’s risk management processes—in a way that may help some identify hidden risks before they emerge as full-blown crises.
Six developments for CPAs to watch in 2014
If you enjoy change, 2014 should be a good year. The months ahead will see the accounting profession gearing up for new regulations and handling significant financial reporting developments, including preparing to implement changes in accounting for revenue. Here are a few of the likely financial reporting and regulatory developments
SEC proposal aims to aid small businesses
Rules proposed Wednesday by the SEC would build upon the Regulation A exemption with the intention of increasing smaller companies’ access to capital. The proposed rules would implement part of the Jumpstart Our Business Startups (JOBS) Act of 2012, P.L. 112-106, by making the Regulation A exemption more useful to
Six key risk areas merit attention in 2013 audit cycle
Auditing of internal control over financial reporting, a topic that has received a lot of attention from the PCAOB this year, is among the key risk factors for the 2013 audit cycle, according to a new Center for Audit Quality (CAQ) alert. The alert describes six key areas of potential
Align your controls with COSO’s principles
A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say. The updated framework includes 17 newly described principles across the five components of internal control that were
IIRC releases International Integrated Reporting Framework
The International Integrated Reporting Council (IIRC) on Sunday made public an approved framework for integrated reporting. The group intends for the framework to guide companies on how to best communicate with their stakeholders. The release represents a key step forward for integrated reporting (IR). The aim of IR is to
Shooting straight
The new imperative for internal auditors is clear. Companies increasingly expect their internal audit function to take on a more strategic, collaborative role within the business. At first glance, that seems to be a complex notion. Independence and objectivity safeguards indicate that internal auditors should not be proposing or setting
Honing your hiring
It takes some detective work to hire the right new employee. Management needs to piece together clues about the applicant’s personality and work history. It takes time to determine whether a candidate has the character and credentials to fit the company’s needs. Here are a few steps to help you
How to conduct a risk workshop
Humana is a company of 50,000 people, so assessing and addressing all the risks that each segment of the company encounters is no easy feat. For years, Humana, a multibillion-dollar player in managed health care and health insurance, had a top-down approach to risk. But a few years ago, the
From CGMA Magazine: How to be a better delegator
Being able to delegate well allows effective leaders to free themselves to do high-value tasks and to improve their own performance. Here are seven tips on how to delegate more effectively. Consider the benefits. Delegation isn’t just about freeing yourself from tasks that are beneath your pay grade—it is also
Top risk for businesses: Regulation, compliance overload
Corporate directors believe regulatory and compliance overload is the greatest risk facing their business, well ahead of cyber threats and corruption, a new survey shows. Also, board members seem skeptical about some new proposals from the PCAOB regarding the auditor’s reporting model. That’s according to the latest BDO Board Survey,
Features
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