Running a Firm (822)

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The Calendar Challenge

For thousands of years, scientists and religious leaders introduced, modified, and later abandoned hundreds of different calendaring models. People take calendaring very seriously. Wars have been fought over the appropriate association of time and measure. There are a few calendars that are still actively referred to in today’s society; such as the astrological, lunar, Gregorian, Chinese, Balinese, Islamic or Jewish.  All these calendars have three things in common, a start date, a means of measuring time in various and cumulative units, and an end date. The units of time may correspond to earthly occurrences, like seasons or astronomical changes. Or they may be very arbitrary based on a governmental or religious edict. Conflict over calendars continues even today. There is one fringe group that seems to still struggle with defining their calendar; the accounting profession.  I believe it is the profession’s undefined calendar that often gets in the way of taking on new initiatives and advancing toward their goals at the same rate as other businesses.  Here’s why . . . Read more...

Portals Emerging as Information Hub

door openingClient portals are becoming a lot more than a place to post document. Vendors are revving them up as places to distribute invoices and collect payments, to blast out client information and to provide access to hosted applications. More immediately, they loom as a way to deal with state bans on emailing sensitive application. And the process is moving ahead very quickly.

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Top Trends for Small Accounting Firms in 2010

With small accounting firms coming out of a tough tax season, we thought now would be an appropriate time to look ahead for the balance of 2010. This article looks at economic trends, accounting industry dynamics and social trends in analyzing what's ahead.

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Getting Naked – OK Not Quite

Statue If you have ever read any of Patrick Lencionis books then I know you are already a fan.  But if you aren’t already familiar with Lencioni, his latest book, “Getting Naked” might be a great place for you to start.  The book will likely evoke a very passionate response from you. In it, Lencioni talks about the three fears that can sabotage client loyalty.

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Document Management Expands Its Reach

Not too long ago, there were not only separate applications for electronic tax filing, there were separate companies selling those products. A little further back, tax preparers had to pay separately for laser printing functionality for their tax software. So how much sense does it make to have separate applications with document management, workflow and client Internet portals when the use of documents is common to all the products?

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CPAs as Aggregators

The Oklahoma land rush the result of the opening of a choice portion of Native American territory in Oklahoma for settlement, which set off one of the most bizarre and chaotic episodes of town founding in history. The land rush started at high noon on April 22, with an estimated 50,000 people lined up to claim their piece of the available two million acres. By the end of the day, both Oklahoma City and Guthrie were cties of around 10,000 people in half a day. In Oklahoma City. Much like the Oklahoma land rush of 1889, accountants are now having a once-in-a- lifetime opportunity that is guaranteed to change the landscape of financial business forever.

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Tax Research: Revolution or Evolution?

Just how big a change does it take to meet the needs of tax researchers as technology evolves?  One answer was suggested last year when CCH introduced IntelliConnect to replace its Tax Research Network. There have been indications the transition has been rougher than CCH would like and the company has put out three quick enhancements, starting in the fall.

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A Passion a Day Keeps the Doctor Away

Passion imagePassion, and the biochemical release it facilitates in the brain, reduces stress and is shown to improve your overall health. Amazingly, it has a similar effect on those who cross your path. Now put the words Passionate and Accountant together in the same sentence and you have a formula for healthier people, businesses, firms, and the economy. Bottom line: if you are not passionate about what you do, if you don’t spring out of bed with enthusiasm for the day ahead, you have to ask yourself, “what ‘s missing?”

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Workflow Applications Grow into Process Management Systems

In the second year of using the workflow system from XCM Solutions, the Red Bank, N.J.-based accounting firm WithumSmith+Brown has taken a system that was used in firm-wide test during the last tax season and has implemented it throughout the firm, wherever there are documents and processes to track. "Every job a staff person puts in is the system," notes partner Jim Bourke. "We mandated that all jobs, financial statements, tax returns, whatever the work product is going through XCM so we can track workflow." Read more...

Becoming a Local Expert During Tax Season

Tax ArtFor those of us in the tax and accounting profession, the days between now and April 15 are usually the most stressful of the year. They’re also the time when the media suddenly take an interest in what we do with increased coverage on tax season and money matters. Most of us are too busy to realize that this is a great opportunity to get generate some very valuable publicity.

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