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
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Firm practice management
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
Planning and paying for partner retirements
John was one of three founding partners in a firm formed 35 years ago. He oversaw the buyout of the other two founding partners and, as managing partner, groomed three young managers as his successors. However, when the time came for these managers to be admitted as partners, two of
A wealth of opportunity
Much has been written in recent years about wealth management services that call for practitioners, including CPAs, to have personal financial planning certification and to come under investment-adviser or other regulations. Much less attention has been paid to PFP services that don’t require specialization or additional licensing. One of these
Keep the best and brightest
The AICPA’s Private Companies Practice Section (PCPS) recently completed a national survey about the attitudes and aspirations of the most promising young accounting professionals. The 2011 PCPS Top Talent Study (available at tinyurl.com/6tygubv) suggests how firms of all sizes can hang on to top talent. —By Yasmine El-Ramly, CPA/CITP, (yelramly@aicpa.org),
CPAs prioritize security, unsure how to best leverage new technologies
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 Wednesday in releasing the results of its
A strategic approach to IT budgeting
Organizations of all types struggle with information technology (IT) budgeting. This often happens because the IT team doesn’t understand the budgeting process and the finance team doesn’t understand IT. CPAs, whether in public practice, business and industry, the not-for-profit sector or government, can remedy this disconnect by changing their organization’s
Daily money management
As Americans enter old age in rapidly increasing numbers, more accountants will run into situations like the one a Virginia CPA encountered last year. The CPA spent five hours rummaging through the home of a 94-year-old client, trying to find the paperwork needed to complete the man’s 2010 tax return.
Heads in the cloud: Part 2
The rapid growth of cloud computing is whipping up a storm of change and challenges, opportunities and obstacles for CPA firms. While many firms have embraced the Internet as a place to conduct business more efficiently and effectively, others are holding back, often due to concerns about the security of
Heads in the cloud
Editor’s note: This is the expanded version of the cloud computing round-table discussion from “Heads in the cloud: Part 1,” Feb. 2012, and “Heads in the cloud: Part 2,” March 2012. To help CPAs better understand the benefits and challenges of the cloud, the JofA invited five CPAs to
Pricing, billing and collecting fees
CPA firms provide invaluable advice to business clients but often struggle to run their own businesses effectively, particularly in the areas of pricing, billing and collections. Failure to set appropriate fees, deliver bills in a timely fashion and collect payment promptly—or even in full—cuts into a firm’s profitability, hurting the
Heads in the cloud: Part 1
Cloud computing creates unprecedented opportunities for CPA firms to do more chargeable work faster and with better client communications. But transitioning to the cloud and having confidential information accessible over the Internet raises implementation and security concerns that CPA firms must address. To help CPAs better understand the benefits and
Board of education: Client advisory board implementation action plan
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. Here is a step-by-step client advisory board implementation plan developed by the AICPA’s Private Companies Practice Section. More client advisory board tools are available to PCPS members
Board of education: CPA firms, businesses can profit from clients’ advice
It’s no secret that CPAs take pride in their standing as trusted advisers to their clients. What’s not so well known is that CPAs can gain—and in many cases, literally profit—from the advice of those same clients. Client advisory boards offer CPA firms and other businesses the opportunity to
Bridging compensation gaps in a merger
Accounting-firm mergers must overcome numerous obstacles. One of the most common—and challenging—involves compensation and benefits for partners and staff. Merging firms usually have differences in compensation levels, compensation methods and benefits packages. It’s crucial for staff and partner retention that the merging firms combine the varying systems into one without
Technology 2012 Preview: Video
With 2012 just around the corner, the JofA gathered the three technology keynote speakers from the AICPA’s 2011 Practitioners Symposium/TECH+ Conference to talk about tech trends heading into the new year. The nearly 90-minute conversation covered a wide range of technical issues critical to all CPAs. Participating in the call
The Lowdown on High Potentials
CPA firms trying to attract and retain top talent should emphasize career growth opportunities, salary and paid time off while maintaining an open-door policy that makes management accessible. That summarizes the key findings of the AICPA’s Private Companies Practice Section (PCPS) 2011 Top Talent Survey, which aims to help PCPS
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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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