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:
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Firm practice management
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
Accounting profession at tech tipping point, Wolters Kluwer exec says
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
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
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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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