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busy season management

will the new congress reform 1099 regs?

don’t bet on it.

via cch

irs form 1099because congress and the irs both have a lot of issues to address at year-end, little guidance on 1099 compliance will be forthcoming until after the next filing season, according to john w. roth, j.d., senior tax analyst at cch.

“congress has so much on its plate now that it is not likely to be addressed until next year, and a lot depends on who controls congress at that time,” roth says. “there are likely to be continued efforts to repeal, but who knows if these efforts have any chance at success.”

read more →

outlook & analysis

m&a fever grips major cpa firms

economic slowdown sparks shake-outs, consolidation

by rick telberg

at a pace perhaps not seen since 1999 when the threat of the “y2k” bug stoked huge technology updates, today’s leading accounting firms and finance organizations are overhauling their systems, personnel and strategies in the face of one of the worst economic slumps on record.

accounting firms are getting positioned to either emerge stronger from the slump or to enter the mergers-and-acquisitions derby. they have thinned out their rosters and many are reportedly re-hiring. they are investing heavily in technology after taking a hiatus last year. and they are lighting a fire under business development programs.

but it’s in the mergers-and-acquisition arena that we’re already seeing the most visible signs of the predictable consolidation and shake-out that traditionally accompanies economic contractions.

the latest high-profile deals include:     read more →

leadership

the five big trends pinching cpa profits

steve erickson
steve erickson

‘dealing with the recession has not been pleasant or easy.’

steve erickson
www.steveericksonllc.com

the “great recession” has reduced the spending of countless millions that has a negative impact on the clients we serve. as a result, our revenues have been relatively flat or decreasing, while our costs have continued to rise. this trend will have to be reversed if we are to remain viable and able to serve our clients successfully.

here are some of the major trends:

  1. pricing has moved substantially from a cost-plus model, in which a multiple of a person’s hourly salary was charged for services to a fixed fee, for many of the services we provide at a time when regulatory agencies are imposing ever increasing requirements and standards. as a result, our realization has decreased on many engagements due to budget overruns that cannot be billed to our clients. since our clients are also experiencing the downturn in the economy many have requested fee decreases from us. read more →
management

why some succeed and others fail

how building the right kind of “learning organization” can be the key to long-term survival.

doug thompson
doug thompson

by rick telberg

doug thompson, the recently retired president of the cpamerica network of accounting firms, was thinking about the key to success in today’s business arena.

he should know. he joined the association in 1982 when it had only 17 members and built it into the fourth-largest group of firms in the business.

after a long pause, he said simply, “your ultimate altitude in life is not determined by your aptitude. it’s determined by your attitude.” to thompson, that’s as true for firms and finance organizations as it is for individual, career-minded professionals.

i think he’s on to something.

read more →

leadership

the talent battle never sleeps

recession-resistant performance linked to continuous staff development.

jeff scwartz
jeff scwartz

you can’t wait for the next economic boom to accelerate recruiting, nurture leadership training for future leaders, and assemble formal succession plans for your top partners, according to a massive, year-long study.

you must do it now, or risk falling behind. surveying some 1,800 global executives, deloitte said in a new study that the best performing, most confident firms are those that have kept staff retention and development as a major priority through the recession.

read more →

outlook & analysis

new aicpa chair sees upsurge for cpas

new regs, new oversight to drive new demand.

paul v. stahlin, the newly elected 2010-11 aicpa chairman said in his inaugural speech that the u.s. is emerging from a period of economic turmoil that has “driven demand for new business practices, new regulations, new oversight and new solutions.”

“we as cpas have the unique ability to make sense of a constantly changing complex world,” stahlin said.  “employers, our clients and our country turn to us to make sense of the most complex developments in business and regulation.  we best understand how a business ticks.”


five things to keep you awake at night,  from the incoming aicpa chairman: in this 12-minute video, stahlin outlines his views of the profession’s — and the institute’s — biggest challenges and opportunities. [originally posted here]

read more →

outlook & analysis

cpas “on hold” with ifrs

only 13.5% are getting ready — same as may 2010.

via aicpa

the key message from the aicpa’s october 2010 ifrs readiness survey is that movement within the u.s. accounting profession toward ifrs has been on hold since may 2010.

basic familiarity with ifrs has remained stable at 45 percent and the number of companies and firms actively preparing for adoption or ready for adoption has remained about the same at 13.5 percent. thirty-eight percent of respondents indicated they are delaying implementation while waiting for sec action.

read more →

outlook & analysis

the 12 priorities of top performers

including one “silver bullet” to help auditors and accountants make sure that companies get what they pay for.

dan swanson
dan swanson

by rick telberg

the coming decade may well redefine the role of the internal auditor in corporate governance, according to one widely followed expert.

“internal audit is getting more strategic,” dan swanson, a 26-year veteran of the profession and a former director of professional practices at the institute of internal auditors, told me. “it’s not seen as strictly a policing function as it was 10 years and 20 years ago.”

swanson sees accountants in internal audit becoming “more involved in the overall business and the strategic direction of the organization.” he sets out a new, expansive and challenging role for internal auditors.

read more →

outlook & analysis

u.s. cpa exam goes global

to be administered outside the u.s. for the first time. “historic” agreement.

from the aicpa

the uniform cpa examination will be offered outside the 55 u.s. jurisdictions for the first time in its history in 2011. the american institute of certified public accountants, national association of state boards of accountancy and prometric – the three organizations that jointly offer the cpa examination in the united states –  reached an agreement to administer the exam in international locations.

the cpa examination next year will be offered in japan, bahrain, kuwait, lebanon and the united arab emirates.

read more →

management

survey results: are accounting firms getting ready to start hiring again?

if busy season 2011 starts in less than three months, then this must be hiring season.

…or it would be, were it not for the economy.

results from a 卡塔尔世界杯常规比赛时间 study suggest that accounting firms could be at least considering plans to add to their rosters for the first time since the sudden and massive layoffs that began in 2008.

seven keys cpa logo
details of the survey results are scheduled to be released at
the next seven keys to successful cpa firm management webinar oct. 21, 1 p.m. et,
“creating a great place to work – for the new economic realities.”
click here to register.

less than half of all accounting employees say they love their jobs so much they’d hardly consider jumping, unchanged from last year. but many of the workers last year who were on the fence have now slid into the job-seeking camp.

last year only 10% cried “please get me outta here!” this year, it’s 14%. the data jibes with a robert half report that shows 44% of workers are more inclined to look for jobs outside their firms as a result of their experience during the recession.

the job-jumpers may get their chance soon: the layoffs may be over and firms are ready to start growing again.

read more →

outlook & analysis

best pay raises going to senior staffers

but where are the jobs? companies await economic restart.

click here for robert half's handy-dandy online salary calculator (which could keep you so busy you could forget you’re still looking for that new job)

starting salaries for accounting and finance professionals could eke out 1% to 3% gains next year over 2010 levels, according to the new annual salary guide from robert half, the job agency.

the hottest jobs in an albeit frozen economy are business analysts, tax accountants and financial analysts — which can expect starting salary advances of more than 3% over 2010.

here are some highlights in an otherwise bleak jobs outlook: read more →

outlook & analysis

more strong salary signals, even as rosters shrink

pay hits new high.

accounting and bookkeeping services, all employees, in thousands

employment dipped again last month in the accounting and bookkeeping sector,  according to the bureau of labor statistics.

the news came as the u.s. unemployment rate was reported for the second month in a row at 9.6%, despite eight months of minor, but measurable, national job growth.

read more →

management

q&a: steve erickson on creating a great place to work

thanks to the economic bust, the staffing crisis for cpa firms seems to have evaporated.

so here’s the question: does creating a “great place to work” still mean anything these days?

steve erickson
steve erickson

steve erickson
www.steveericksonllc.com

maintaining “a great place to work” has never been more important than it is at this time. great professionals give outstanding service to their clients because they are fully engaged in what they are doing. they want to be where they are and serving the clients they want to serve. professionals that are unhappy and doing what they have to do to keep a paycheck coming in are not fully engaged in the profession and do not always give great client service.

read more →