Despite flat revenues, CPA firms managed to maintain profitability during the past two years, according to the 2010 PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey, a biennial survey conducted by the AICPA’s Private Companies Practice Section and the Texas Society of CPAs. The survey results provide a comprehensive benchmarking
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Firm practice management
Featured Online Content for December 2010
FEATURED VIDEO Use the 2010 MAP Survey to Benchmark Your Firm The AICPA’s James Metzler, CPA, and Mark Koziel, CPA, discuss findings from the 2010 PCPS/TSCPA National MAP Survey, conducted by the AICPA’s Private Companies Practice Section and the Texas Society of Certified Public Accountants. The 2010 survey includes responses
Make Your Accounting Department More Efficient
In today’s world, accounting departments run lean. Asked to do more with less, accountants are being pushed to the max. Since adding staff is usually not an option, here are seven ways to lighten accounting’s workload. Challenge every step, every piece of paper, every input and every output. Chances are
Featured Online Content for November 2010
FEATURED VIDEO Performance-Based Compensation Accounting firms are increasingly using pay-for-performance to compensate their high performers. Compensation experts August Aquila and Coral Rice discuss key aspects of a pay-for-performance system, how it can benefit your firm and mistakes to avoid when implementing it. Also on journalofaccountancy.com, read ideas from the
How to Be a Better Mentor
A mentor’s job is to foster one-to-one relationships that challenge people to rise to higher levels of competence and responsibility. This article discusses three key characteristics of an effective mentor: 1. An effective mentor asks challenging questions that help people expand their scope of responsibilities. 2. An effective mentor is
Accounting Firm M&As: A Market Update
The market for mergers and acquisitions in the accounting profession has changed dramatically over the past 18 months. Before the financial crisis in 2008, M&As were viewed more as a tool for acquiring experienced talent and less as a means for growing the top line. The economic shift has contributed
Featured Online Content for October 2010
FEATURED VIDEO Tech Tips From Clarke Price Clarke Price, president and CEO of the Ohio Society of CPAs, is something of a techie. He has made it a habit to reach out to CPAs and other professionals for feedback on their favorite apps for everything from smartphones to the iPad.
JofA Website and Articles Win Business Publication Awards
The JofA’s website, journalofaccountancy.com, won the silver award for Best B2B Website in the 2010 Tabbie Awards competition, presented by Trade, Association and Business Publications International (TABPI). Two JofA articles were also honored in the How-To and Technical article categories. The awards, which recognize excellence in editorial content and design,
Vetting a Vendor: Questions to Ask Before Making an Investment
Editor’s note: Also read “Cloud Computing: What Accountants Need to Know” in the October 2010 issue of the JofA. Ample research must be done before selecting any vendor, but specific areas should be addressed when choosing to move your data to the cloud. The following are some questions to
Cloud Computing: What Accountants Need to Know
There’s no arguing that “cloud computing” is gaining a great deal of momentum. Worldwide, cloud services revenue is forecast to reach $68.3 billion in 2010, a 16.6% increase from 2009 revenue of $58.6 billion, according to analyst firm Gartner Inc. So what does this mean to the accounting profession? What
Lynn Teuscher, CPA
If you were to observe one of our firm’s weekly staff meetings, you might wonder who owns the business. Legally, of course, there are three owners of AGT—my partners, Dorian Aiello and Steve Drageset, and I. But to listen to the staff, you would think they were the owners. They
Featured Online Content for September 2010
FEATURED VIDEO Tax Software Survey Analysis In this video, JofA Senior Editor Alexandra DeFelice discusses what more than 12,000 CPAs had to say about their tax preparation software and provides analysis of some tax software trends to watch. Also on journalofaccountancy.com, find more information about each tax preparation software vendor,
Dealing With Clients in Financial Distress
Managing receivables is difficult in the best of times, and these challenges have been made even more difficult by the current economic environment. But there are several steps your CPA firm can take. Get a handle on billing issues at the outset. First, send out invoices in a timely manner.
Payment Processing Tips for Small Businesses
In a tight economy, small businesses are finding it increasingly necessary to offer their customers a payment card (credit/debit) option. CPAs can use these tips to educate their small business clients about payment processing: —By Greg Hammermaster (ghammermaster@sagepayments.com), president, Sage Payment Solutions. More from the JofA: Find us
Employee Involvement in Practice
The article “Employee Involvement: A New Blueprint for Success” (May 2010, page 46) affirmed many of the initiatives we have been implementing over the past year. At Concannon, Miller & Co. PC, our GO To Team consists of five individuals from all levels of our professional staff whom we have
Jobs Key to Consumer Confidence
Job growth is at the heart of increasing consumer confidence and growing the economy, Quincy Krosby, chief market strategist for Prudential Financial, told AICPA Council members Tuesday in San Diego. “If we don’t bring the word ‘confidence’ in, small business owners will be afraid to hire. They are worried about
Sample Win-Win Compensation Agreement for Managers
Click here to download a sample win-win agreement spreadsheet, applicable to managers. Also read, “Retaining Top Talent Still a Requirement for Firms,” by Heidi Brundage, CPA, and Mark Koziel, CPA.
Retaining Top Talent Still a Requirement for Firms
For years, finding and retaining staff were the top two concerns of management at public accounting firms. But when the economy soured, client retention quickly became the top issue for CPA firms of all sizes, according to the 2009 PCPS CPA Firm Top Issues Survey, a biennial survey of public
Employee Involvement: A New Blueprint for Success
When it comes to improving employee retention and increasing profitability, my firm, San Francisco-based Eichstaedt & Devereaux, believes that investing in and developing our future leaders builds the foundation for success. Instead of top-down firm management, we use a grass-roots employee involvement program to engage employees in the firm’s business.
Prevent Payroll Errors
Payroll mistakes can be costly. Laws taking effect this year, including the Paycheck Fairness Act and Working Families Flexibility Act, and initiatives such as the IRS’ National Research Program and OSHA’s recordkeeping National Emphasis Program, can result in fines and penalties for errors or noncompliance. The following tips can help
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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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