“Why should we change the way we track tax work through the office? Isn’t the manual system better?” I have heard these types of questions many times over the years, and it never surprises me because accountants, like many of us, don’t like change. Firms that use a manual system
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Firm practice management
Client Portals: A Secure Alternative to E-Mail
Federal and state laws continue to get stricter about maintaining the security of clients’ Social Security numbers. Accountants in Massachusetts and Nevada are required to encrypt e-mails that contain clients’ personally identifiable information, and several states have similar legislation pending. Client portals—secure online storage areas—offer an alternative to e-mail for
Retain Clients and Help Them Recover
The economy may be on the road to recovery, but typical clients still face uncertainty. Recently, I asked a friend how business was going, and he dryly responded that even the customers who have no intention of paying are not buying. Not all of your clients may be struggling this
Get Results: Specific Steps to Process Improvement
Editor’s note: This is a Web-exclusive sidebar for “Get Results: Improve Your Accounting Firm Processes Using Lean Six Sigma,” Jan. 10. Previous attempts by Rea & Associates to develop consistent procedures didn’t always result in the most successful, efficient or effective processes. Instead, 11 offices did things 11 ways
Community Service in Down Economic Times
The stress of economic hardship can cloud corporate priorities. As a result, corporate citizenship activities may suffer at a time when the help is most sorely needed. Accounting firms and other businesses may lose sight of the fact that these volunteer activities make a positive difference in the community at
CPAs in an Aging Society: When Alzheimer’s Disease Affects a Client
Jack is agitated. He has been a client for 10 years, and is now 80 years old. He lost his wife of 40 years a year ago. At your last meeting six months ago, Jack was engaged and paid close attention. Today, he is easily distracted. While he has
Get Results: Improve Your Accounting Firm Processes Using Lean Six Sigma
Poor processes directly affect client service and client satisfaction. You see it in delays in completing jobs, responding to client requests, or when a partner fails to communicate a piece of client-related information, causing an unnecessary mistake down the line. Inefficient processes can result in your firm’s inability to bill
Technology Is a Cornerstone of Successful CPA Firms
High-performing firms include technology in their strategic plans and leverage those tools to help them succeed in areas such as client service, practice management and staffing, according to a survey by Opinion Research Center commissioned by CCH. The survey included quantitative interviews with 100 partners at firms ranging in size
Don’t Skimp on Scanners
Another tax season is coming and with it come renewed vows of “going paperless”—or at least going in that direction. The CPAs who have gone completely paperless—scanning in the beginning of the process, using triple monitors so the third screen replaces the physical source docs and essentially never touching a
Uncover Strategic Value
Strategic value is not the same as fair market value, where a “hypothetical” buyer and seller have access to all relevant data. Strategic value includes synergies and special features, usually hidden, that give the buyer a quicker, less costly and lower risk way to achieve goals. Look for the following
Windows 7: Is It Right for You?
Windows 7, the newest version of Microsoft’s desktop operating system, comes with numerous functional improvements over its widely used predecessors, Vista and XP. Some of these enhancements—such as more powerful hard drive search and data encryption capabilities—will save time and boost security; others, including 64-bit application support and Apple-like multifinger
Keeping Them Satisfied
Fifty-seven percent of accountants in a recent survey said they plan to stay with their current employer once the economy improves. But almost one-quarter (23%) plan to look for a new job. The survey, by Ajilon Finance, also found that less than 2% of accounting jobs nationwide have been cut
Optimism Grew Again in Q3, Spread Across Industries
Heightened optimism among CPA financial executives seems to indicate the worst of the recession is in the past, but the consensus is growing that the U.S. economy is still a ways off from achieving a full recovery. While optimism about the economy continued to improve and spread across most industries
Teach Young CPAs Well
On the day Barry Melancon passed the CPA exam, two partners in the small Louisiana firm where he worked did something that paved the path to his role as president and CEO of the AICPA. First, the managing partner told him he needed to make a personal contribution to the
CPAs Can Benefit From Flu Preparation
Several federal agencies have jointly developed a “Preparedness Guide for Small Business” to help small businesses plan for the H1N1 flu (swine flu). “Small businesses play an essential role in our national effort to prepare for all disasters and emergencies—including the H1N1 flu,” Homeland Security Secretary Janet Napolitano said in
Economic Optimism Continues to Improve Among CPA Executives
Heightened optimism among CPA financial executives seems to indicate the worst of the recession is in the past, but the consensus is growing that the U.S. economy is still a ways off from achieving a full recovery. While optimism about the economy continued to improve and spread across most industries
How to Leverage Social Networking
When the IRS announced in June that it would launch a review of tax return preparers, the Maryland Association of CPAs (MACPA) spread the word to its members with a news item on the association Web site. But it didn’t stop there. The association posted the IRS news on its
Blogging for a Better Tax Practice
Some CPA tax practitioners find they are able to garner new clients and better maintain ties with existing ones by blogging on tax topics. Beyond providing an electronic soapbox, they say, a blog can be a powerful way to disseminate information to existing clients while revealing to prospective ones the
CPAs Embrace Twitter
Twitter has taken the Internet by storm. Like LinkedIn and Facebook, Twitter hosts a growing community of CPAs and financial professionals, but unlike its social-networking peers, the microblogging Web site limits users’ messages, questions and conversations to 140 characters (including spaces). To put this limit into perspective, this paragraph has
In a Noncompete Bind?
If you find yourself out of a job in this downturn, keep in mind that restrictive covenants may limit your next move. If you are a party to such an agreement, you could face a costly lawsuit if you go to work for a competing company or firm or start
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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