This year’s AICPA TECH+ Conference in Las Vegas proved that, while accountants are using more Web-based applications, security remains a top concern when moving client information online. It’s also apparent that most CPAs aren’t quite sure what to do on social media sites such as Facebook and Twitter. The following
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Firm practice management
New Law in New York May Affect Out-of-State CPAs
Editor’s note: This article originally appeared in the July 17 AICPA News Update. On July 26, 2009, a new law goes into effect in New York state that significantly changes the regulation and practice of public accountancy. The law includes many new or expanded provisions that affect CPAs practicing in New
CPA Firms Name Their Top Issues
For the first time in several years, staffing is not the most pressing concern for many CPA firms, according to information released in the PCPS CPA Firm Top Issues Survey. Instead, client retention dominates the list, suggesting that “the weakened economy has shifted CPAs’ concerns from staffing to client retention,”
Social Media Panel Outlines Tips for Accountants
Do accountants need to be on social networking sites such as Facebook and Twitter, or is it OK for them to sit on the sidelines? That question was posed by Bill Sheridan, e-communications manager for the Maryland Association of CPAs, during a social media panel he moderated at the MD
A Fresh Approach for Compilation and Review
The AICPA’s Accounting and Review Services Committee (ARSC) has proposed the most significant changes to the professional literature for compilation and review engagements since the December 1978 issuance of SSARS no. 1, Compilation and Review of Financial Statements. The proposed Statements on Standards for Accounting and Review Services (SSARSs), issued
Compilation and Review Engagements: Why Tackle This Project Now?
Editor’s note: This article is a sidebar to “A Fresh Approach for Compilation and Review.” Based on concerns expressed by stakeholders in compilation and review engagements, the Accounting and Review Services Committee (ARSC) turned to the AICPA’s Private Companies Practice Section (PCPS) for help in its consideration of how to
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
Explaining the Sample Fixed-Price Agreement
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Also see Exhibit 7, a sample fixed-price agreement. Date of the FPAThe fixed-price agreement (FPA) shown in Exhibit 7 can be either for a calendar or fiscal year, depending on
A Lesson in Value Pricing Ice Cream: From an Accountant
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” The history of business is the history of epiphanies. Sometimes the fog clears up, and the right path is seen. This certainly happened—with respect to pricing—for Ben Cohen and Jerry
After Action Review
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” The following questions should be answered by the pricing council/CVO after each major engagement: Did we add value for this client? How could we have added more value? Did we
Sample Change Order
Editor’s note: This is a Web-exclusive sidebar for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Client: Date: Project description and scope of services [and estimated completion date, if appropriate]: ________________________________________________________ __________________________________________________________ Price:$_____________ We believe it is our responsibility to exceed your expectations. This Change Order
Pricing Council and CVO Purpose and Criteria
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Examples of purpose and strategy statements for the role of the pricing council and chief value officer (CVO) are: To ensure the firm prices on purpose, according to the value received
Disadvantages of Hourly Billing
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” Hourly billing misaligns the interests of the CPA and the client—the client wants work done effectively, whereas the CPA firm wants to log more hours. It does not focus on what
Sample Fixed-Price Agreement
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” November 19, 2009 Dear Client: In order to document the understanding between us as to the scope of the work that ABC, CPAs will perform, we are entering into this Fixed
The Five Cs of Value
Editor’s note: This is a Web-exclusive exhibit for “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” For a firm to price on purpose, it must understand the Five Cs of Value: 1. Comprehend value to clients. 2. Create value for clients. 3. Communicate the value you create.
Price Psychology
Editor’s note: This is a sidebar to “Pricing on Purpose: How to Implement Value Pricing in Your Firm.” People tend to buy emotionally and justify intellectually, which makes the study of price psychology a worthwhile endeavor. Essentially, price psychology has two characteristics: 1. Price leverage 2. Pricing emotions
An Efficient Profit Motive
The sagging economy and the pressure to go “green” are prompting firms to become more efficient. Whenever you make staffing changes, set new goals or tighten your budget, you have an opportunity to reassess workflow, enhance technology or improve productivity. Consider the following ways to lower expenses and increase profitability:
Put Your Business on the Map With Google Maps
Every firm’s dream should be to have a free listing on a major search engine at the top of its first results page, allowing prospective clients to find the firm when they’re searching for accounting, tax or financial planning services. Imagine if this free listing also included the firm’s phone
The Tech-Savvy CPA
When it comes to technology, are you a leader or a laggard? Do you embrace technology or shun it? This article contains questions and explanations to help you determine how technology-savvy you really are, and identify where you could improve your technology performance. 1. Does your computer have more than
Protect Your Portable Data—Always and Everywhere
Their widespread use sometimes makes relatively new technologies seem safer than they are. In fact, even popular and advantageous innovative devices may have significant risks. Prominent examples include data-filled laptops and flash drives. Recurrent headlines make it clear: Your laptop could become one of the thousands lost or stolen every
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Preparing clients for new provisions next tax season
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