Cloud, mobile, social media, and Big Data are the emerging technologies having the most impact on the accounting profession, according to a survey of more than 400 U.S. accountants released Monday by software provider CCH, a Wolters Kluwer business. The results of the CCH Technology Survey were unveiled on the
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Firm practice management
How to keep a natural disaster from becoming a financial disaster
A natural disaster does not have to be a financial disaster, too. Estimates of damage caused after Hurricane Sandy ravaged the East Coast have run as high as $60 billion. CPA personal financial planning experts say that taking the right steps after a disaster can help people protect their surviving
Windows 8: Jump or wait?
With the Oct. 26 release of Windows 8, Microsoft unveiled a new look and new direction for the operating system that runs 92% of desktop computers worldwide. But Windows 8 isn’t about desktop dominance. It’s about Microsoft seeking to gain a foothold in the mobile market, where Apple’s iOS and
2012 MAP Survey: A snapshot
The smallest firms have been the biggest winners among U.S. accounting firms during the past two years. That’s one of the findings of the 2012 National MAP (Management of an Accounting Practice) Survey, a biennial benchmarking survey conducted by the AICPA Private Companies Practice Section in conjunction with the Texas
Follow MAP to better firm
The 2012 National MAP (Management of an Accounting Practice) Survey, conducted by the AICPA Private Companies Practice Section and the Texas Society of CPAs, allows CPAs to benchmark their firms against their peers, an exercise that can identify areas—and processes—for improvement. To best use the MAP results, CPAs should do
Cohn-Reznick deal closes as market pressures portend more mergers
J.H. Cohn LLP and the Reznick Group have closed on their previously disclosed merger, a transaction that creates the 11th-largest U.S. accounting firm and represents the second marriage of top 20 firms consummated this year. The Cohn-Reznick combination, first announced in May, creates a firm with 2,000 employees, 25 offices,
Succession planning on the rise, but about half of CPA firms haven’t implemented a plan
With Baby Boomers nearing retirement, the number of succession plans in place for CPA firms is on the rise. But fewer than half of multiowner practices have succession plans ready, mentoring is largely informal, and the development of future partners is in decline, new research shows. Forty-four percent of multiowner
Accountants: What it takes to start your own business
Accountants who think they want to launch their own business should not proceed unless they have a clear vision of their company’s purpose and a thorough understanding of what it really means to become an entrepreneur. Those were among the main points made by a panel of accountants-turned-entrepreneurs during a
Guidance examines how to respond to questions about clients’ loan applications
CPAs can find nonauthoritative guidance on how to respond to requests for client information in connection with a pending loan application from Technical Question and Answer (TPA) 9110.19, which was developed by the AICPA Accounting and Auditing Technical Hotline. Prospective borrowers are asked to furnish only limited information in connection
Technology and CPAs: Visions of the future
Which technologies will have the biggest impact on accounting, and how will they transform the profession? Which technology skills will CPAs need to be successful?
Technology and CPAs: The full survey
Editor’s note: Also read, “Technology and CPAs: Visions of the future” in the June 2012 JofA. JofA: What do you foresee being the most important technologies CPAs will use in their jobs over the next decade? Bezugly: Whether they are client portals, mobile apps, or cloud computing, technologies that continue
Best practices for promotion of diversity in the accounting profession
At various summits over the past couple of years, leaders dedicated to the advancement of African Americans in accounting have proposed various strategies to promote diversity within the accounting profession. The most recent and extensive summit took place in December 2010, when four dozen accounting profession leaders and stakeholders met
In pursuit of inclusion: New initiative will focus on racial diversity
Even as Ken Bouyer looks with pride at the progress Ernst & Young LLP has made in recruiting minority candidates over the past 20 years, he realizes that his profession’s work to promote ethnic and racial diversity is far from over. Bouyer, E&Y’s Americas director of Inclusiveness Recruiting, said that
Secrets to surviving four technology storms ahead
George Colony sees a technology future in which the web fades in prominence to something akin to AM radio, society maxes out on social media, younger consumers’ habits radically depart from those of even the closest generation, and mobile engagement with customers could mean life or death for business models.
Finance and accounting workers feel secure in jobs, according to survey
Workers in finance and accounting feel secure in their jobs, but more than half say the economy has hurt their careers and nearly half plan to explore other positions when the job market opens up, according to a new survey. Finance and accounting employees are among the least likely professionals
Leaders from large accounting firms bullish but monitoring regulation, complexity, human capital
Complexity and competition in the public accounting profession will rise as businesses demand more, better, faster, and cheaper. Working in teams and harnessing data will become more critical. Services in areas of assurance, audit, tax, and advisory work will remain the core, while emerging international markets will open up risk
Gaining (from) your clients’ trust
For decades, CPAs in public practice have laid a foundation of trust with clients by competently handling confidential financial data and performing core services such as tax preparation. Today, forward-thinking CPAs are building on that foundation, expanding their business offerings, nailing down new revenue streams and cementing a more profitable
CPAs prioritize tech security
CPAs are confident that their organizations can secure their IT networks and manage data, but they doubt whether their employers will be able to generate revenue streams and other benefits from emerging technologies such as cloud computing and mobile devices, the AICPA reported in releasing the results of its 2012
Small businesses in U.S., Canada aren’t using accountants’ complete skills, survey shows
Efforts to get accountants more fully engaged with clients have found limited success with small businesses in the United States and Canada, a new survey shows. Forty per cent of small businesses surveyed in the U.S. and Canada do not even use an outside accountant, according to a report by
What CPAs need to know about organized crime
The FBI called it “The Case of the Stolen Company.” New Jersey U.S. Attorney Paul J. Fishman said it “gave new meaning” to the term corporate takeover. An indictment filed in a New Jersey federal court said that a group with ties to La Cosa Nostra (LCN), commonly known as
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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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