TaxMama’s Money Tips

taxmamaWe asked: What should small business do in an economic slowdown? Eva “TaxMama” Rosenberg answered!

By Eva Rosenberg, MBA, EA
Publisher, taxmama.com, “Where Taxes are Fun!”

…Just some quick ideas before I actually wake up and start producing today’s TaxQuip.

1) There are the obvious suggestions - start analyzing your comparative financial statements to see where your costs are highest - especially compared to the last 3-5 years.

2) Look at your vendor records and see which vendors you’re ordering from on a weekly or frequent basis.

a) Are too many orders being placed, for too many things the company doesn’t need all that much? i.e. frivolous orders

b) Could placing fewer, larger orders result in discounts?

c) Are you taking advantage of 2%/10 day payment terms? Or can you negotiate those terms with your larger vendors?

Read more

Posted on July 19, 2008
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Gloria Birnkrant: Money Tips

Gloria BirnkrantHere are eight tips for minimizing the effect of a recession on a small business…

By Gloria Birnkrant
Partner, NSBN

1. Clean up your act now, before you start feeling the pinch. Be sure you are getting current and good financial information on how your business is doing. Waiting till the end of the year to see how you did will not do it. You need to know, as up to date as possible, how you are doing, month by month.

2. Take a look at your expenses and see where you may be able to cut costs, without cutting service to clients/customers. Clients/customers are hard to get and if lost, almost impossible to get back.

3. Secure your credit now. Credit is already very tight and will probably get tighter. Read more

Posted on July 18, 2008
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NEW SURVEY RESULTS: CPA Tech Savvy

Talk the talk, and walk the walk?

Here are the early results for the CPA Tech Savvy survey:

The study remains open. Join the survey; get the results.

Drumroll, please… The stats…

CPA Tech Savvy - Results Preview


What’s on your wish list?

Here’s one of our favorite comments so far:

If I could change anything about my company’s technology setup it would be management’s recognition of the value dual monitors, laptops, and faster reponse times with systems. We are consistently told by management we are in “high performance positions”; however, there is nothing high performance about the equipment in our offices. (Most of us have better computer setups in our own homes than we do on our office desk). Since many senior managers are not hands-on when it comes to computers they don’t recognize the time and money loss that goes with less than “high performance” computers and systems.

Here’s another:

I would like to see our firm develop an ongoing strategic plan, with the commitment to continual maintenance and replacements. We tend to love the technology and are fine with making initial financial investments, but we need to realize that technology requires attention beyond that.

And:

Paperflow from clients to be more paperless, my own company’s ftp portal.

Of course, some people are never satisfied:

We have two monitors for everyone now. Let’s make it three a piece.

Join the survey; get the results.

Posted on July 16, 2008
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James E. Kinsey: On Mentors

James E. KinseyMy mentor in life was a social worker named Anita Hoolaway.

by James E. Kinsey
President/CEO, James E Kinsey CPA PC

She was special to me because she took a genuine interest in my well being. She made sure that I got into the classes that would assure me entrance into college and provided me with the help that I needed due to my visual impairment. Even after I enrolled in college, she continued to follow my progress and assisted me with obtaining financial support. She believed in me which gave me the confidence to seek a career change from business management to accounting which led to my obtaining the CPA licensure.

Over the years, I have provided internships to aspiring accountants whenever the opportunity presented. I provided this assistance because someone showed an interest in me beyond what was required.

(via LinkedIn)

Posted on July 15, 2008
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Jay Moeller: On Staffing

Jay MoellerWhy aren’t more kids sitting for the CPA exam?

By Jay J. Moeller
Partner, Battelle & Battelle LLP

Everyone knows how easy it is to fall into the trap of procrastination. While the computerized exam is a great step forward, the continuous nature of it makes it too easy for candidates to delay sitting, and I venture most think they have very good reasons for delaying getting into the exam process. Add to the procrastination trap the reality that most firms are incredibly busy and have lost focus on the exam & aren’t pushing their staff, we have a ‘perfect storm’ of candidates not sitting for the exam.

Note: Jay has served on the AICPA’s Standards Settings for Uniform CPA Examination Committee and also is a question contributor to the Uniform CPA Examination.

Posted on July 15, 2008
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Why CPE Will Never Be the Same Again

How does your firm rate in the CPE race?

Join the Seven Keys to Success study; get the results.

By Rick Telberg/At Large

The global shift towards principles-based accounting standards, combined with the relentless pace of change in the world of business, is prompting many finance and accounting professionals to rethink their approach to continuing professional education.

CPE has already changed considerably in both form and content. In form, CPE can now be taken online or offline, in person or remotely, anytime and anywhere — 24/7/365.

But even bigger changes may be taking place in content, as global accounting and reporting standards evolve to a so-called principles-based regimen. At the same time, accounting firms and finance organizations are finding that the cookbook approach to continuing education, like the cookbook approach to accounting, needs to give way to a more sophisticated mix of knowledge and judgment.

Read more

Posted on July 14, 2008
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SURVEY LAUNCH: ‘Test Your Tech Savvy’

Take the survey; get the results.Is your home-office computer setup better than the one in your office?

We’ve launched a new survey, “Test Your Tech Savvy,” to gauge emerging trendlines in the important area of technolgy adoption and use among finance and accounting professionals. You can join the survey panel here, and, as always, you’ll get the topline results.

And the responses are already rolling in. What’s on your wish list?

Here’s one of our favorite comments so far:

If I could change anything about my company’s technology setup it would be management’s recognition of the value dual monitors, laptops, and faster reponse times with systems. We are consistently told by management we are in “high performance positions”; however, there is nothing high performance about the equipment in our offices. (Most of us have better computer setups in our own homes than we do on our office desk). Since many senior managers are not hands-on when it comes to computers they don’t recognize the time and money loss that goes with less than “high performance” computers and systems.

Here’s another:

I would like to see our firm develop an ongoing strategic plan, with the commitment to continual maintenance and replacements. We tend to love the technology and are fine with making initial financial investments, but we need to realize that technology requires attention beyond that.

And:

Paperflow from clients to be more paperless, my own company’s ftp portal.

Of course, some people are never satisfied:

We have two monitors for everyone now. Let’s make it three a piece.

What’s your view? Join the discussion here.

Posted on July 13, 2008
Filed Under BSG [CPA TRENDLINES] | 2 Comments

Smart Marketing: SMBs Tune in to Truly Helpful Resources

Many marketers offer educational resources to acquire and retain SMBs. But how well do they really work?

Bredin Business Information surveyed 270 SMBs on their perceptions of educational resources, and surveyed major marketers on their performance.

Highlights:

  1. Educational content drives traffic. 45% of SMBs report using the Internet frequently or very often to find educational content.
  2. Articles still work best. 59% rated articles a useful or very useful format. Interactive tools such as quizzes and calculators were next at 37%. Web 2.0 formats – forums podcasts, webcasts and blogs – were well behind.
  3. SMBs look to you first. 54% of respondents visit vendor sites frequently or very often for educational information, compared to 37% for media sites, 33% for trade associations and 30% for government and non-profit sites.
  4. Content boosts your brand. 50% of respondents agree, or agree strongly, with the statement “I am more likely to think favorably of a vendor whose site has educational content.” 46% are more likely to explore your site, 42% are more likely to visit your site, and 41% are more likely to buy from you if your site has educational content.
  5. Marketers want to be trusted advisors. Most marketers reported that as their chief objective in providing educational content (59% ranked it their #1 or #2 goal), followed by enhancing customer retention and loyalty (56%) and acquiring new customers (53%).
  6. …and it’s working. 74% of respondents rated educational resources effective or very effective at achieving their goal of becoming a trusted advisor. However 46% agreed educational content meets their retention and loyalty goals, and only 20% agreed that educational content has helped them meet their acquisition goals.

Posted on July 11, 2008
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Six Success Secrets in Finance

How CPAs can master the essence of excellence.

by Rick Telberg/On Finance

Why do some accounting shops excel while others stagnate?

Good question. And it’s probably best answered not by looking fearfully at the dismal swamp of stagnation, but by optimistically assessing what makes some outfits burgeon from solo players to massive giants.

Business guru John Spence did just that and he detected a pattern. Spence is the author of “Excellence by Design: Leadership.” And his message is deceptively simple. He provides a few bullet points that speak volumes about the essence of excelling:

Read more

Posted on July 10, 2008
Filed Under BSG FINANCE PROFESSIONAL, BSG [CPA TRENDLINES] | 2 Comments

Gary Boomer: On the Staffing Crisis

Gary BoomerFour reasons why CPA firms lose young professionals. And what to do about it.

By L. Gary Boomer, CPA.CITP
CEO, Boomer Consulting, Inc.

I think there are obvious reasons accounting graduates are not sitting for the CPA exam and staying in public accounting. Some of the more relevant reasons are:

1. A large percentage are going into private accounting right out of school. (About 70% from the last statistics I saw.)

2. Firms work them too many hours and don’t provide the required technical, soft and IT training. It is all about the charge hour in most public accounting firms.

3. The exam is difficult and many candidates procrastinate. Firms need to develop fast track programs for getting people through the exam as quickly as possible. Existing CPAs de-motivate many candidates by referring to how the exam is easy since is computerized. Most CPAs can’t tell you the four parts, nor could they pass it today.

4. Many firms are top heavy and younger people don’t see their significance or buy into the vision of the firm.

Most of these are negative, but all progress starts with the truth. The one thing firms should communicate is that a CPA can have the 10 to 20 lifetime jobs talked about by the generational experts . They can even be with the same firm. The CPA certificate provides a multitude of opportunities.

Posted on July 8, 2008
Filed Under BSG [CPA TRENDLINES] | 3 Comments

Thirteen Fresh Recession-Busting Ideas

And one thing never to cut back on.

Add your best advice for small business owners and accounting firms: Leave a Comment.

By Rick Telberg/At Large

With energy prices surging, credit markets frozen and the economy slowing, CPAs are getting more questions and listening to more client concerns than ever before. Fortunately, they have answers.

In fact, CPAs have plenty of answers. Good answers.

“Many clients are noticing a growing concern among their customers, and, consequently, are beginning to prepare for tougher times,” says Kevin Ryan, a partner in the Philadelphia office of Citrin Cooperman.

Read more

Posted on July 7, 2008
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Joe Eckelkamp | Mentors

EckelkampSometimes bosses make the best mentors.

by Joseph T. Eckelkamp
Eckelkamp and Associates, CPAs

I’ve been blessed with many great bosses over the years — many were mentors. Jim Finkenkeller, Jim Garone, Phil Sattler, and Marc Welp immediately come to mind. But, without a doubt, the three that stand out above the rest are Richard Goldberg, Keith Roever, and Jerry Kolar.

In each case, the single thing that stands out is they genuinely wanted to see me succeed for my own benefit–not just because they needed me to look good so they would look good–and they were willing to “just talk” about stuff. That built very high levels of two-way trust that added to the relationship. All three remain close friends to this day even though I haven’t worked directly with them in at least a dozen years. I wouldn’t call any of them “drinkin’ buddies”, but the friendships are strong and enduring.

Read more

Posted on July 3, 2008
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Jack Ciesielski on: The Staffing Crisis

Jack CiesielskiIt’s the economy…

by Jack Ciesielski
The Accounting Observer

Despite the higher demand, the higher pay, and the promise of steady employment, accounting - particularly public accounting - is still not perceived as a “glam job” compared to finance.

I don’t think that’s a perception that can be forced to change by the profession’s stewards. I think a really miserable economy and a protracted bear market would do a lot more to change students’ views than any PR campaign.

Posted on July 2, 2008
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