most risk is not in the accounting records. why not? because the vast majority of our work as cpas involves monetizing and measuring activities that have already occurred.
the risk starts before we do our job. think recording sales, not making sales. in manufacturing, think cost accounting, not making widgets.
because our work is historical, one of the major flaws, no matter the type and size of the entity, is that we usually react to change after fraud has occurred. when a new law, regulation or competition affects our employer or client, we fail to implement new controls or audit procedures to compensate for new fraud risks. read more →
welcome to the post-pc era. the (desktop) computer as king of the technology kingdom is now officially dead!
over the last five years, we have largely moved from desktop computers running locally installed purchased software to running mobile apps, and subscribing to services ranging from office 365 to quickbooks® online. read more →
urgency creates stress and pressure and leads to mistakes and improper perceptions of the quality of the work.
planning and execution reduce urgency. one way to eliminate urgency is to properly plan the work with realistic deadlines and proper resources. read more →
if you’re having one of the toughest tax seasons in years, you’re not alone. in fact, you’re one in an unusually large crowd.
unless trends reverse in the last four weeks of tax season 2013, many practitioners – mainly those practicing solo or in small firms – should be bracing for significant declines in revenues and profits from last year.
tax season trending:
better or worse than last year?
some 64% of solo practitioners are reporting “worse” trends than last year, with half of them terming it “much” worse. about 16% are enjoying “better” trends overall.
to be sure, small firms may be feeling more than their fair share of pain. but many larger firms are hurting too. among the largest firms surveyed, 30% are experiencing positive trends, with 50% reporting negative trends.
practitioners across the nation are reporting severe issues. for one practitioner in monroe, la., the season has been running “slow as molasses!”
for some, tax season 2013 may be the last straw. “between the delays caused by the fiscal cliff, software delays and angry clients, it may be time for retirement,” says one veteran of 35 tax seasons and a partner in an 11-partner firm.
“all the irs delays have put my clients in slow motion mode!,” says liz hegarty, an austin, texas, soloist. “my in-flow is down 25% but all that means is a really compacted ‘extension’ craze in april! and i already have a crazy extension ‘season’ due to late k-1s.”
the latest analysis of survey data sheds light on key financial metrics, including trends in:
you know why i like writing articles? it keeps me out of the kitchen, where from bachelorhood through fatherhood, i still make any culinary task a bumbling trip down a path of missed ingredients and inaccurate measurements – right to the doorstep of “didn’t-turn-out-like-i-expected.”
why is our local pizzeria on the speed-dial? for those (thankfully infrequent) times when my wife is traveling, and i’m on the hook to keep my two youngsters relatively nourished.
unlike my cooking endeavors, yours in public accounting surely go beyond the simplicity of cold cereal or the occasional peanut-butter sandwich.
today’s modern engagements require delicate management of people, their work, the client’s demands and the firm’s expectations.
beyond paperless: cpa firms launch a new arms race for cloud and mobile technologies.
by rick telberg
卡塔尔世界杯常规比赛时间 research
leading cpa firms have clearly broken the going-paperless barrier and are adopting cloud and mobile technologies at a record pace, according to new data obtained by 卡塔尔世界杯常规比赛时间 research.
indeed, the question for practitioners is no longer “have you gone paperless yet?” or even “how paperless have you gone?” it is now “how much of your workflows have you moved to the cloud and made mobile and accessible everywhere and any time?” and the rest of the firms are asking themselves, “can i catch up?”
but the pace is astonishing. a new survey of 115 of some of the best-managed firms in the business shows:
smart phones for handling email, contacts and schedules are all but universal.
email now dominates client communications, not the phone call.
paper w2’s and 1099’s are practically extinct, having been scanned at first touch.
and if you’re using only two monitors on your desk, you’re getting left behind. most of the advanced firms are now using three per person. and that’s not counting the smartphones or ipads that are always nearby.
the last time tax professionals slogged through a tax season from hell, it was 2008, the financial world was crashing into a million little pieces, and 1 in 4 accountants was reporting disastrous operations.
before that, long-timers might recall 1995, when the irs deployed a filing fraud crackdown that delayed millions of refunds.
chicago cpa jody padar helps clients calculate their carbon footprint.
jody padar, new vision cpa group
in a sign of things to come as consumers turn to socially responsible shopping, one of the profession’s leading changemakers, chicago cpa jody padar, is launching the world’s first online tax return service that helps clients save money on their taxes while showing them how to reduce their carbon footprint and earn green perks.
branded ecotaxfile.com, the service “gives consumers and small businesses a level of confidence in their tax returns that can only come from working with a full-time accounting professional,” says jody padar, cpa, mst, operations director for ecotaxfile.com and one of accounting today’s 100 most influential people in accounting as an advocate for forward-thinking cpas. she practices out of her new vision cpa group in arlington heights, ill.
available for tax filers in the u.s. and canada, ecotaxfile.com offers real-time, personalized consulting from professional tax accountants and provides individuals and small businesses with tools and specific recommendations for cutting their carbon consumption along with special offers and deals for less carbon-intensive activities.
ecotaxfile.com
“we provide direct access to full-time cpas and tax professionals who can help eliminate the stress of tax filing while finding every possible way to maximize your refund or reduce your tax payment,” padar says.
“it’s simple: when you file your taxes with us, we’ll also calculate your carbon footprint,” says ecotaxfile.com founder brad cran. “we then identify areas where you can reduce your impact to live cleaner and save even more money.”
rick telberg, publisher of 卡塔尔世界杯常规比赛时间, will speak at the 5th annual 2013 accounting technology new york, may 1-2, penn plaza pavilion and pennsylvania hotel across from penn station, covering “cloud computing for accounting.” rick’s session will be on wednesday, may 1 from 4-5 pm in the pennsylvania ballroom.
register for the free show that will also admit you to rick’s cpe accredited session by going online at: www.flaggmgmt.com/ny
however, if you show too much interest in his cards, he will kick it up a gear (lucky you) and start showing you a hole and begin to tell you what clubs he would hit on each hole according to the yardage of the hole. i always said tucker has too much time on his hands!
you know, a golf scorecard and an accounting marketing plan are very similar.
a leading measure of overall confidence among u.s. finance and accounting workers, rose 5.4 points to 55.8 in 4q 2012 — ending a two-quarter decline, according to new data reported by 卡塔尔世界杯常规比赛时间.
the new survey finds growing confidence in job availability and in workers’ personal employment situations, despite continued tepid sentiment in the strength of the economy.
if you have staff, have happy, cheerful, helpful people. don’t surround yourself with downers and nay-sayers. make sure they are team players.
part of this is your firm’s culture. it takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely. everyone working together gets it done. you need to create that atmosphere.
with tax season 2013 delayed by last-minute code changes, staffing problems and software glitches, the mood of the profession is turning markedly sour.
“irs delays will cause confusion and errors, and many upset clients,” says charles postal at santos postal, a five-partner firm in rockville, md. “more extensions will depress cash flow.”
at the same, postal adds, “clients will have more tax needs, but the struggling economy will depress their ability and desire to pay for services.”
in order to battle the business pressures, postal’s firm is “pushing back on fees, using standardized billing by product rather than hours, and adding on charges for technology, audit and tax notice insurance.”