Baker Tilly Virchow Krause LLP, one of the 20 largest U.S. accounting firms, is merging with Holtz Rubenstein Reminick LLP in a deal that will give Chicago-based Baker Tilly a significant foothold in New York City. The merger announced Wednesday is scheduled to take effect June 1. It will create
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Firm practice management
Tech talk: What CPAs need to know
Tax Code modifications and new FASB rules aren’t the only changes that CPAs have to concern themselves with these days. Whether it’s the security of clients’ data, the implications of migrating to the cloud, or the uncertain future of the once-venerable desktop, rapid technological transformation continues to generate new challenges
Smart tech tips
Technology mistakes can cause higher expenses and lost revenue opportunities. During a session at the AICPA Advanced Personal Financial Planning Conference in January, Advisor Products President and CEO Andrew Gluck shared tips on how to avoid the biggest technology mistakes. The tips could prove useful for accounting firms and small
Criminal background checks can’t remain in the background anymore
Among the many client services they perform, accounting firms often handle client funds in the performance of various services provided to both individuals and businesses—bookkeeping, investment advisory, family office, and more. Imagine what might happen if a firm employee steals or otherwise misappropriates funds from a client: The firm would
From “write-up” to right profitable
CPA firms for decades saw little upside to providing basic accounting services to business clients. Bookkeeping and other “write-up” activities required extensive data entry and document transfer that chewed up man-hours but did not require much specialized knowledge. Client accounting services (CAS) were seen as commodities that brought with them
Survey: Business development now tops FVS practitioners’ list of concerns
The top priorities of forensic and valuation services (FVS) accountants have changed drastically over the past few years, with business development concerns outpacing technical issues, according to a new AICPA study. The 2013 FVS Membership Top Issues Survey found that “bringing in new clients,” the classic business development imperative, ranked
Clients: The end is near
Evaluating clients annually is good practice management for a professional services firm. A firm’s strategies, areas of practice, and risk profile change over time. As a result, certain clients may no longer be a desirable fit for the firm. Similarly, some client behaviors become problematic and can harm the staff’s
Cloud adoption brings unexpected costs, KPMG survey says
Companies moving IT systems to the cloud are encountering higher costs and more implementation problems than they expected, KPMG International reports in a new survey scheduled to be released on Tuesday. About one-third of the more than 650 business and IT leaders in the global survey experienced higher-than-anticipated expenses adopting
How to develop and publish a mobile app
When Susan Bruno set out to launch a mobile application to help women gain control of their finances, and Leonard Wright decided to develop an app to enhance his client interactions, neither wealth manager could foresee the dizzying array of detours and dead-ends they would encounter on the road to
How to drive partner accountability and unity
Partner accountability and unity are essential for accounting firms to maximize their productivity and profits. Unfortunately, partner harmony is hard to find, especially at larger firms. Consider the findings of the most recent CPA Firm Top Issues Survey conducted by the AICPA Private Companies Practice Section. The biennial poll of
When parties come knocking for client records
CPA firms either maintain or have access to numerous types of client records and related working papers. Requests for access to copies of such records can arise from multiple sources, including current and former clients, lawyers, civil and criminal investigators, lenders, and others. All requests should be made in writing.
Succession planning: The challenge of what’s next
CPA firm owners say succession planning is important, and a growing number of firms have formal plans in place. Still, many firms and sole proprietors have a great deal of succession planning work ahead of them. Among the challenging statistics that emerged from a recent AICPA survey on the topic:
National mobility campaign adds California and D.C.
As California and the District of Columbia reach major milestones related to individual CPA mobility laws, profession leaders pause to reflect on what this means and assess the next steps in promoting cross-border practice. California Gov. Jerry Brown on Sept. 20 signed legislation that facilitates cross-border mobility for out-of-state CPAs
Practice safe e-filing
Since 2012, e-filing generally has been mandatory for tax preparers or firms that anticipate filing 11 or more federal individual or trust returns in a calendar year. However, e-filing presents a variety of dangers and unintended consequences not present with paper filing. Here are tips to make e-filing as safe
KPMG revenue tops $23B on gains in advisory, tax
Fiscal 2012 financial results released by KPMG International suggest that strong demand for advisory and tax services and rapid revenue gains in emerging markets helped the Big Four accounting firm shrug off the effects of the eurozone crisis. The global network of firms that make up KPMG International reported $23.03
Google, Apple, Samsung surge to top of market for smartphones, tablets, PCs
Google, Apple, and Samsung are leading a sales surge in the worldwide smart connected device market—a category consisting of personal computers, tablets, and smartphones—that should continue for at least the next five years, according to new research from International Data Corp. (IDC). The IDC’s Worldwide Quarterly Smart Connected Device Tracker
Most CPAs see role in helping clients adopt technology, AICPA survey finds
Nearly 40% of CPAs see themselves as catalysts for their clients’ adopting innovative technologies such as cloud computing and mobile devices, according to survey results released Wednesday by the AICPA. The survey of 624 AICPA members in public accounting found that an additional 43% of CPAs will respond to clients’
2012 MAP Survey: Signs of recovery
Accounting firms aren’t all the way back to where they were before the Great Recession, but they are making progress. That’s one of the many findings of note in the 2012 National Management of an Accounting Practice (MAP) survey, sponsored by the AICPA Private Companies Practice Section in association with
SEC provides regulatory relief for Hurricane Sandy interruptions
The SEC on Wednesday issued a conditional exemption from certain federal securities law requirements for accountants, publicly traded companies, investment companies, and others affected by Hurricane Sandy. A regulatory relief order issued by the SEC says the storm and flooding have displaced individuals and businesses, and disrupted communications and transportation
Sandy’s sobering reminder: Prepare for the worst
As business owners affected by Hurricane Sandy attempt to pick up the pieces and get back to work, their plight serves as a reminder to others that it makes sense to prepare for the worst in business. Jim Hardy, CPA/ABV/CFF, said it’s a mistake for business owners to think that
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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