EXECUTIVE SUMMARY AICPA STANDARDS CLEARLY STATE procedures for confirmation of accounts receivable. Nevertheless, and despite an auditing procedure study, peer reviews continue to find that CPA firms have problems understanding the various processes. RECEIVABLE CONFIRMATIONS ARE NOT ALWAYS required if accounts receivable are immaterial, the use of confirmations would be
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Firm practice management
Marketing Clinic
ANNETTE SCHUMACHER BARR, CPA, is a technical manager in the AICPA professional standards and services division. Ms. Schumacher Barrs views, as expressed in this article, do not necessarily reflect the views of the AICPA. Official positions are determined through certain specific committee procedures, due process and deliberation. Each year, the
A Solution To Firm Retirement Problems
EXECUTIVE SUMMARY MOST CPA FIRMS FACE A HUGE FINANCIAL liability to their retired and soon-to-retire partners. Few firms have developed a satisfactory solution to this problem. In most instances, the typical firm does not prefund its retirement plan because there is no current income tax deduction for doing so. THE
The Partner Alternative
EXECUTIVE SUMMARY TRADITIONALLY, ALL CPAs in public accounting aspired to be partners. The partner title was the key measure of success and firms operated on an up-or-out model. TODAY, HOWEVER, HARD-to-find specialists and a new generation wanting more personal time are unable or unwilling to do what is necessary to
The Business of Barter
EXECUTIVE SUMMARY BARTER IS MORE than just a fair exchange of goods and services between two businesses. It often provides both financial and marketing bonuses for both sides as well. ITS BEST TO WORK through a barter exchange network, which acts as a broker for its clients goods and services.
The ABCs Of Supervision
EXECUTIVE SUMMARY ALTHOUGH TECHNICAL COMPETENCE is important, a key but neglected area of a CPAs development is supervisory skill. CPAs NEED TO LEARN HOW to communicate, organize, motivate and direct the efforts of others in their firm A LACK OF INTERPERSONAL SKILLS may be a major reason why many qualified
Measuring Success: A How-to Guide for Marketers
Partners and firm managers often underestimate the value marketing contributes to a CPA firm’s bottom line. Therefore, as a firm marketing director, it is imperative that you implement steps to track your marketing programs’ results and consider creative ways you can communicate those results to management. Not only is this
Avoid boilerplate proposals
Interim fieldwork We conduct the interim fieldwork phase before yearend. At the conclusion of this phase, we meet with the board of directors audit committee to discuss any matters of audit concern and finalize arrangements for the next phase. During this phase we perform selected audit procedures, such as A
Conquering Shyness
EXECUTIVE SUMMARY VERY FEW CPAs ARE EXTROVERTED, “people” persons. But to be a successful CPA today you have to go out and sell yourself and your business to clients and prospective clients. YOU CANT BECOME extroverted overnight. But by following some tips, little by little you can overcome shyness about
Products and services.
The Goods Organize Information in a Flexible Database C PAs handy with spreadsheets often use them to perform double duty as databases. However, while a spreadsheet can run some database functions, it cannot successfully tackle major, complex database jobs. The askSam database, which resembles a word processor, is good news
Keeping up to Speed
EXECUTIVE SUMMARY TWO CPAs HAVE INTRODUCED advanced technology, high standards and professional activism to their six-person firm in order to expand the horizons of the firm and their clients. THE PARTNERS OF Pielech & Pielech upgrade their technology regularly, make sure staff members know how to use it and encourage
Best Practices for CPA Firms
EXECUTIVE SUMMARY THE AICPA HAS COMPLETED TWO projects to identify “best practices” for accounting consultations and auditor communications with boards of directors and audit committees. These practices are intended to help CPA firms evaluate and enhance their policies and procedures in these critical areas. IN FIRMS THAT FOLLOW BEST PRACTICES,
A small-town CPA
Setting a tone—literally and figuratively—for a practice. An Old-Fashioned Web Site By RICHARD J. KORETO I ts just a small firm in a small town by a bayou in Louisianas cotton country. In its 25 years the firm had not offered high-tech services; it was mostly tax with some
Many CPAs
Age-old questions answered with the technology of the future. The $19.95 Engagement By Richard J. Koreto T imothy C. Stewart has given consulting a new twist by signing up clients he may never speak with. Small business owners can visit his Internet site and, for a one-time fee of
Writing in Plain English
EXECUTIVE SUMMARY FOLLOW FIVE IMPORTANT writing principles and your clients will understand better what you do and why it benefits them. USE MANY VERBS. They give your language life. Use the active voice—the passive voice will rob your writing of its energy—and simplify your sentences by breaking them up into
If You Build It, Will They Come?
EXECUTIVE SUMMARY IF YOU WANT TO CREATE a Web site for your firm, you have to offer something to attract visitors. ARTICLES, TAX TIPS AND checklists—changed frequently—give potential clients a reason to keep coming back. USE PHOTOS AND ILLUSTRATIONS. There are easy, inexpensive ways to find and upload these to
A video to promote
Ten tips for producing a video about your firm. Marketing Clinic By Lyne P. Manescalchi A ccounting firms across the nation are developing new marketing strategies to differentiate their firms from the rest. For example, most CPA firms are racing to set up their own Web sites to market
Monitoring A Small Firm
EXECUTIVE SUMMARY SMALL FIRMS MAY HAVE DIFFICULTY complying with American Institute of CPAs practice monitoring requirements because in some very small firms an individual may have to review his or her own performance. STATEMENT ON QUALITY CONTROL Standards no. 3, Monitoring a CPA Firm’s Accounting and Auditing Practice , which
Handling the Small Public Audit Client
EXECUTIVE SUMMARY THE SMALL PUBLICLY TRADED corporate audit market offers a substantial marketing opportunity for smaller accounting firms. A SURVEY SHOWS SUCH COMPANIES appear to be generally satisfied with their small firm auditors but don’t know about or take full advantage of all the services their firms offer. THERE ARE
Letter from the State Board: What Should You Do Next?
EXECUTIVE SUMMARY STATE BOARDS OF ACCOUNTANCY are responsible for investigating complaints from the public regarding CPA performance and behavior. STATE BOARDS CAN REQUIRE practitioners to take specific CPE courses to correct an apparent deficiency, to cease and desist certain behaviors and to submit to some form of practice monitoring. They
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