• Most Topular Stories

  • Cost Accounting in the New Era

    Investment and Small Business Accountants
    19 Sep 2014 | 12:16 pm
    Cost accounting in the new era has completely moved away from the simple act of identifying direct costs, indirect costs and overhead, then using the traditional cost allocation method to allocate the costs. I remember the good old days when cost accounting was all about collecting prime costs and overhead costs, apply some simple arithmetic […]
  • What is treasury stock?

    10 Sep 2014 | 8:15 am
    Treasury stock is a corporation’s previously issued shares of stock which have been repurchased from the stockholders and the corporation has not retired the repurchased shares. The number of shares of treasury stock (or treasury shares) is the difference between the number of shares issued and the number of shares outstanding. Since the treasury shares result in fewer shares outstanding, there may be a slight increase in the corporation’s earnings per share. Treasury Stock is also the title of a general ledger account that will typically have a debit balance equal to the cost of…
  • 15 Tasks Your Virtual Accounting and Bookkeeping Team Can Do To Save You Time AND Money

    Common Cents
    Joyce M. Washington, CPA
    22 Aug 2014 | 4:00 am
    I’m an accountant so I’m all about being frugal, saving time and money WITHOUT cutting corners when it comes to quality. A lot of times when we are making an effort to simplify our lives and build our team… we can’t seem to think of the things that our team member can do.  This can be especially hard when we are so used to doing everything ourselves. This is an issue that I’m working on myself.  How to stop being an entrepreneurial Superwoman.  I think it’s time to retire my cape… and maybe it’s about that time for you too so, here are a few tasks that you can have your…
  • Alibaba prices at top of its range, raises $21.8B in IPO

    CPA Letter Daily
    19 Sep 2014 | 6:22 am
    Chinese e-commerce giant Alibaba Group Holding raised $21.8 billion in its initial public offering after pricing at $68 a sha -More- 
  • House passes measures to rein in IRS authority

    Financial Planning Digest
    18 Sep 2014 | 10:16 am
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    Deloitte Global headlines

  • Cash to growth: Pivot point

    15 Sep 2014 | 2:37 am
    Welcome to the first EMEA focused research based on the unique combination of bespoke data gathered across 14 countries and the research capabilities of the Deloitte firms located in these countries.
  • Competitiveness: Catching the next wave

    12 Sep 2014 | 5:48 am
    China has the opportunity to be a world leader in a number of important areas that will be cornerstones of global growth in the decades to come. This latest report in Deloitte’s competitiveness series aims to put China’s history of growth into broader perspective, and identify key industry sectors that will help power the nation’s “next wave” of sustainable growth.
  • Asia Pacific Economic Outlook September 2014

    12 Sep 2014 | 5:38 am
    This edition gives a near-term outlook for China, India, Malaysia, and Vietnam. China is experiencing steady growth, though risks remain. India’s recently announced budget is comprehensive but lacks a clear road map. Malaysia’s economy appears to be gaining momentum despite recent airline tragedies. And Vietnam’s growth outlook has been steady, though the economic influence of China continues to be strong.
  • 2014 Q2 Global CFO Signals

    12 Sep 2014 | 5:37 am
    For CFOs, these may indeed be the best of times. Uncertainty is down. Asset prices are up. Interest rates remain stable. And cash and credit continue to be plentiful.
  • Next wave of industry to fuel China’s growth

    12 Sep 2014 | 5:30 am
    China today faces an inflection point: the ingredients that propelled its rapid expansion and unprecedented development over the past 30 years won’t fuel its expansion over the next three decades. Instead, China faces an opportunity to transition to a new wave of prosperity.
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    Accounting News and Notes

  • Do What You Love and You Will NEVER Work a Day in Your Life

    John Dillard
    12 Sep 2014 | 11:41 am
    Do What You Love and You Will NEVER Work a Day in Your Life   “Where Passion Meets Reality”  — Duluth CPA, John Dillard CPA Life Lessons from Mike Rowe of ‘Dirty Jobs’…. “Don’t Follow Your Passion, Live It”
  • Fighting the Wiles of Satan: Be EVER Diligent

    John Dillard
    12 Sep 2014 | 7:20 am
    For the past several weeks I have been fighting a major battle with the evil one. For some reason he has decided to come after me with all he has at this time. I know that Satan has no power over me, but I also know that he will constantly look for any weaknesses that is going on in my life and my spiritual relationship with my heavenly Father. I must admit that for some reason my drive to stay in The Word and talking to Him has been less than desirable lately. I also know that here is where you become most vulnerable to the desires of Satan and all of his temptations which results in what…
  • 9/11: Pledge of Allegiance (THE Way it WAS Always Intended)

    John Dillard
    11 Sep 2014 | 7:01 am
    9/11: Pledge of Allegiance (THE Way it WAS Always Intended) ONE Nation UNDER GOD!!! Red Skelton’s Pledge of Allegiance America is the GREATEST Country the World Has Ever Known
  • 9/11: The GREATEST Country the World Has EVER Known

    John Dillard
    10 Sep 2014 | 11:10 am
    As Long as We Can Put God First America WILL Stand!!! 9/11: The GREATEST Country the World Has EVER Known 9/11: We Must Never Forget America is the BEST Country the World Have Ever Know God Bless the U.S.A. by Lee Greenwood
  • The TOP 10 CPA’s, Accountants in Tax Prep, Bookkeeping & IRS Rep in Gwinnett County GA

    John Dillard
    9 Sep 2014 | 7:26 am
    The TOP 10 CPA’s, Accountants in Tax Prep, Bookkeeping & IRS Rep in Gwinnett County GA Top 10 Reasons to Hire a Christian CPA Firm Free CPA Consultations Top 5 Ways a Virtual CPA Guides Your Business Economic Engine
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    NJSCPA Exam Cram Blog

  • Three to Go

    Joseph Zapf
    15 Sep 2014 | 8:02 pm
    Hey Everyone, I am back again here with some more exciting CPA Exam news. First, I will start out with some good news. I finally received my scores and my efforts are finally starting to pay off, as I passed...
  • On My Way to a CPA: Tip # 7

    Michael Palantone
    15 Sep 2014 | 7:05 pm
    Well, another week of studying has passed, along with another terrible football Sunday for my team, but here's to fantasy football and pick-em pools. More importantly, one more exam still separates me from finishing the task at hand, and this...
  • Football Season Has Begun

    Mark Eckerle
    11 Sep 2014 | 3:06 pm
    Hello All! So this past weekend I scheduled my next exam, Reg on October 7th. I was hoping I would be able to book a Saturday because I recently started my new job a few weeks ago and I was...
  • Keep Calm and Study On

    Danielle Miller
    10 Sep 2014 | 10:05 am
    Yesterday NASBA released the final scores for the Q3 testing window and unfortunately, I did not pass FAR. However, I know that I wasn't feeling 100% confident or ready to take the exam. I am going to use this as...
  • On My Way to a CPA: Tip # 6

    Michael Palantone
    9 Sep 2014 | 9:06 am
    What's going on guys, I hope all of you have started off this testing period strong and determined to ace these exams! I am more than thankful to now say that I am just one part away from freedom, as...
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  • What is treasury stock?
    10 Sep 2014 | 8:15 am
    Treasury stock is a corporation’s previously issued shares of stock which have been repurchased from the stockholders and the corporation has not retired the repurchased shares. The number of shares of treasury stock (or treasury shares) is the difference between the number of shares issued and the number of shares outstanding. Since the treasury shares result in fewer shares outstanding, there may be a slight increase in the corporation’s earnings per share. Treasury Stock is also the title of a general ledger account that will typically have a debit balance equal to the cost of…
  • What is the contribution margin ratio?
    9 Sep 2014 | 8:25 am
    The contribution margin ratio is the percentage of sales, service revenues or selling price that remains after all variable costs and variable expenses have been covered. In other words, the contribution margin ratio is the percentage of revenues that is available to cover a company’s fixed costs, fixed expenses, and profit. (The contribution margin ratio is different from the gross margin ratio or gross profit percentage and cannot be computed directly from the reported amounts on the company’s external income statement.) To illustrate the contribution margin ratio, we will…
  • What is sales mix?
    8 Sep 2014 | 7:49 am
    Sales mix is the relative proportion or ratio of a business’s products that are sold. Sales mix is important because a company’s products are likely to vary in their profitability. To illustrate sales mix, let’s assume that an automobile company plans to sell 100,000 units in the current year. The planned sales mix is 20,000 units of the low-profit models + 50,000 units of the medium-profit models + 30,000 units of the high-profit models. In other words, the planned sales mix is 20%, 50%, 30%. Next, lets assume that the total units actually sold amounted to 95,000 units…
  • What is relevant range?
    6 Sep 2014 | 10:36 am
    In accounting, relevant range refers to a limited span of volume or activity. To illustrate, let’s assume that a manufacturer’s monthly production volume is consistently between 10,000 and 13,000 units and between 20,000 and 25,000 machine hours. Within this range of activity it operates smoothly with the same amount of monthly fixed costs (say $200,000) for supervisors, rent, depreciation, etc. If the volume were to drop below this range, the company would reduce the number of supervisors, the space rented, etc. so that its total monthly fixed costs would be smaller. If the…
  • What is discount on bonds payable?
    4 Sep 2014 | 12:15 pm
    Discount on bonds payable (or bond discount) occurs when bonds are issued for less than their face or maturity amount. This is caused by the bonds having a stated interest rate which is lower than the market interest rate for similar bonds. To illustrate the discount on bonds payable let’s assume that a corporation will be issuing bonds with a maturity amount of $5,000,000 and a stated interest rate of 6% per year. However, the bonds are actually issued when the market demanded 6.1%. Since the investors will insist on earning the market interest rate of 6.1% the investors will not pay…
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    CPA Success

  • MACPA is making the Shift Change - Today!

    19 Sep 2014 | 12:01 pm
    "Mr. Gorbachev, tear down these walls!” - President Ronald Reagan We have been talking about the major business fundamentals that are shifting in this era we call the “shift change”. The shift change involves the five areas that are transforming as a result of the three mega-trends of technology, demographics and the retiring baby boom generation, and globalization. Today, the MACPA is making the shift in two areas - workplace and technology. Of course this shift  also involves and impacts the other three areas - Leadership, Learning and Generations.  As our Board…
  • For women, paving career paths starts with communication

    19 Sep 2014 | 4:00 am
    Women in the workplace have fought an unfair and uphill battle for respect and equality from the very start. They’ve made tremendous progress over the years, but there is still a long way to go. Men still get more money and greater leadership opportunities than women, and many of the old foes — sexism, misogyny, gender bias, stereotypes — are, unbelievably, still in play. And yet a woman’s biggest enemy today is sometimes … herself. Cheryl Duvall says that enemy often takes the form of subtle, sometimes unspoken, often unconscious messages that woman send as…
  • Proposed XBRL exemption returns. Make it go away.

    14 Sep 2014 | 5:00 am
    UPDATE: As expected, the House passed H.R. 5405 on Sept. 16 by a vote of 320-102. You have to admire the determination of our elected officials. When they wrap their arms around a really bad idea, they simply will not let go. And they won’t let a little thing like common sense get in the way, either. Case in point: H.R. 5405. Also known as the “Promoting Job Creation and Reducing Small Business Burdens Act,” this proposed bill would, in part, exempt small public companies — defined as those with less than $250 million in annual revenue — from having to comply…
  • Cash may still be king (for tax purposes, that is)

    11 Sep 2014 | 9:00 pm
    Did you know that the cash basis method for tax almost went away? File this under the "What have we done for you lately" category. One of the top reasons we (state CPA societies and the AICPA) exist is to represent our members before the U.S. and state legislatures. Last night, we received notice from the AICPA's Capitol Hill team that one of our major efforts over the past year paid off. The issue was a congressional mandate that would ban the use of the cash-basis method for tax purposes for businesses and individuals with more than $10 million in annual gross receipts. It would have…
  • Our time is finite. Make it count.

    11 Sep 2014 | 4:13 pm
    My next-door neighbor is dying. He’s in the end stages of a terminal liver disease, and his wife called me in tears tonight. She wanted me to come over and help her move him from the living room to his bed. I was happy to do so, but it took the help of another neighbor to get the job done. Afterward, we looked at his wife, a scared and devastated woman about half the size of her husband, and a frightening thought hit us: What happens when we leave? How can she possibly take care of her husband by herself? She couldn’t, of course, so we called 911 and had him taken to a nearby…
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    TSCPA Governmental Affairs

  • Road funding on the Nov. 4th ballott

    Bob Owen
    15 Sep 2014 | 8:55 am
    Everyone, at least everyne who reads this bolg, knows that Texans will go to the polls on Nov. 4th to elect all our statewide officials and most of our state legislators; but much of the public is probably unaware that road funding is on the same ballot. During the last session legislators voted to submit a constitutional amendment to the voters to forever use a portion of the Rainy Day Fund to retire road debt and build more roads.  The Fort Worth Star-Telegram has a good article and explanation of what's being proposed and the consequences if the amendment fails to pass. …
  • Senator Charles Perry comments on his election and what's to come

    Bob Owen
    12 Sep 2014 | 8:38 am
    CPA and TSCPA member and now Senator Charles Perry, who won the Senate District 28 special election handily, comments on his hopes and plans for service in the Senate.  He talks about some of the important relevant issues and his hopes for Senate committee assignements.  Read it all in the Amarillo Globe News.
  • A quote reflective of our times

    Bob Owen
    12 Sep 2014 | 8:29 am
    As published in Texas Weekly: "If a Republican says it, a Democrat has to disagree. And if a Democrat says it, a Republican has to disagree. And we’re in really sorry shape. Politicians are not serving you well." Land Commissioner Jerry Patterson on the impasse on immigration and other hot button political issues.  
  • CPA Charles Perry wins Senate District 28 special election

    Bob Owen
    10 Sep 2014 | 1:58 pm
    CPA and TSCPA member Rep. Charles Perry (R-Lubbock) is now Senator Perry.  He won the special election without a runoff in a field of six candidates getting 53% of the votes with his closest competitor at 30%.  According to the Texas Tribune "Of the district's 51 counties, Perry broke 50 percent in 42 of them.  You can read more about the election results in the TT article. Perry was endorsed by TSCPA-PAC.  CPAs will be glad to have a CPA in the Senate once again.  Sen. Tommy Williams, a CPA and TSCPA members, resigned his senate seat late last year.
  • Strategic Fiscal Review

    Bob Owen
    5 Sep 2014 | 11:30 am
    The Legislative Budget Board (LBB) announced a strategic fiscal review (SFR) of the state budget at this week's House Appropriations Committee meeting.  What is a strategic financial review?  Think of it as zero based budgeting on steroids.  The LBB was directed to do the SFR on selected state agencies by Speaker Joe Straus (R-San Antonio).  The selected state agencies represent about 21% of the total of the all funds budget for the 2014-15 biennium. For those agencies selected the SFR will be detailed, looking at historical operations…
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    CPA Trendlines

  • NEW SURVEY RESULTS: Accountants Face Stiff Client Resistance to Cloud Accounting Apps

    20 Sep 2014 | 6:48 am
    SMBs say cloud accounting is the last thing they want. Accountants are encountering extraordinary difficulties in getting their small- and mid-size business clients to adopt cloud computing, according to new research findings made available first to CPA Trendlines. Accounting is last operation small business wants to update. Everything else comes first, according to Software Advice, […]
  • Men, Women: A Tale of Two Brains for Business

    Vickie Pittard
    19 Sep 2014 | 9:29 pm
    What brain science tells us about how to work better together. By Sandi Smith Leyva The Accountant’s Accelerator We need to acknowledge that in the tax and accounting workplace, women do not understand men, and men do not understand women. It happens in dating, so it should not be a surprise when it happens at […]
  • Mergers: 11 Lessons from Done Deals

    writer 12
    17 Sep 2014 | 9:19 pm
    Some choice morsels from Marc Rosenberg 20 years in CPA Firm Mergers...
  • Beyond Mentoring: Why Sponsoring Women for Leadership Matters

    Beth Bellor
    17 Sep 2014 | 2:00 am
    It’s time for the men running CPA firms to “man up” and get serious about promoting women into leadership roles. By Ida O. Abbott Sponsoring Women: What Men Need to Know Smart accounting firm leaders want to be in the forefront of efforts to advance women. As the global economy continues to become more competitive, […]
  • 10 (Nearly) Painless Ways to Keep Up to Date with Technology

    14 Sep 2014 | 9:01 pm
    By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: I have a small firm and I’m overwhelmed with all the new technology things I’m hearing about. How can I keep up to date? RESPONSE: I personally am astounded at what is out there. It is way beyond me. RELATED SURVEY RESULTS: How Accountants Keep Up with Tech Trends Here […]
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  • Protiviti’s 2014 IT Security and Privacy Survey Reports IT Professionals Lack Confidence In “Technology Wall” Concept

    18 Sep 2014 | 10:00 pm
    By Rob Starr, Content Manager. According to findings from Protiviti's 2014 IT Security and Privacy Survey , organizations still struggle to manage data securely, prepare for possible crisis scenarios, and defend against hacking and other cyber threats. Cal Slemp, managing director and global leader, security and privacy solutions, Protiviti, walked through the survey's highpoints.   Why do organizations lack confidence in their ability to prevent a cyber attack or dat...Keep on reading: Protiviti’s 2014 IT Security and Privacy Survey Reports IT Professionals Lack…
  • Deloitte Consumer Spending Index Picks Up In August

    17 Sep 2014 | 10:37 pm
    By Rob Starr, Content Manager In what might be a sign of better things to come in the future, The Deloitte Consumer Spending Index recuperated in August with a notable decrease in initial unemployment insurance claims as one of the drivers. Daniel Bachman, Deloitte’s senior U.S. economist, answered some questions about what the uptick means.     What are the factors that have the  Deloitte Consumer Spending Index (Index) picking up again in August? We have some improvem...Keep on reading: Deloitte Consumer Spending Index Picks Up In August
  • Structured and formal self analysis as the path to career success

    16 Sep 2014 | 10:41 pm
    By Rob Starr, Content Manager,   With a doctorate from Columbia University in Adult Learning and thirty years experience applying behavioral sciences to both individuals and organizations, Dr. Dennis J. O’Neill is different than the average executive coach.    He suggests executives need to learn about themselves to really succeed by employing the same structured and formal techniques they did when they were studying accounting. In essence, he says, you need to transition y...Keep on reading: Structured and formal self analysis as the path to career success
  • PwC sees customized privacy strategy as central to enhancing Big Data applications

    15 Sep 2014 | 10:35 pm
    By Rob Starr, Content Manger. ...Keep on reading: PwC sees customized privacy strategy as central to enhancing Big Data applications
  • Accenture Study Shows Businesses Flag Big Data As Important For Digital Transformation

    14 Sep 2014 | 10:13 pm
    By Rob Starr, Content Manager Vince Dell’Anno, managing director and global information management lead, Accenture Analytics, part of Accenture Digital, leads us through the highpoints of the  survey of chief information officers, chief operating officers, chief data officers, chief analytics officers, chief marketing officers, chief financial officers and other senior technology, data and analytics leaders from companies in 19 countries across seven industries. Among other thi...Keep on reading: Accenture Study Shows Businesses Flag Big Data As Important For Digital…
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    Success Starts Here

  • McGladrey Named to 2014 Working Mother 100 Best Companies List

    17 Sep 2014 | 8:09 am
    McGladrey is excited to announce that we were recently named by Working Mother magazine as one of the publication’s 2014 Working Mother 100 Best Companies. Working Mother recognized companies for outstanding leadership in establishing policies, programs and corporate culture that supports working moms, including child care, flexible work arrangements, paid parental leave and advancement of women. Companies are also measured on access to and use of family-friendly programs. “We are honored to receive this recognition for the eighth year,” said Richard Caturano, McGladrey’s…
  • ALPFA Exposed

    16 Sep 2014 | 2:07 pm
    by Nelly Montoya, Assurance Senior Associate, San Franciscoand Michael Gerlach, Assurance Director, ChicagoThe 2014 installment of the Annual ALPFA Convention was held August 2-6 in Lake Buena Vista, FL. Under the direction of Rich Caturano, McGladrey leadership chose approximately 25 professionals to represent the firm at the convention to learn more about the importance of diversity and inclusion, increase the familiarity of McGladrey in the professional and educational environments, and get to know the professionals and students attending. We were two of the lucky attendees that…
  • McGladrey Presence at the National Association of Black Accountants (NABA)

    10 Sep 2014 | 6:41 am
    McGladrey helped NABA celebrate bright young stars and future personalities of the profession during it’s annual Conference. Rich Caturano, McGladrey partner and leader of the National Culture Diversity and Inclusion initiative spoke at the NABA Leadership Breakfast. Rich gave compelling remarks on what leadership means using real world examples which delighted the accomplished and emerging leaders in attendance. McGladrey principal, Tyrone Beasley led a the Opening Forum Discussion to an audience of hundreds of attendees on Discovering and Nurturing Top Talent. And McGladrey employees of…
  • McGladrey kicks off Birdies Fore Love

    26 Aug 2014 | 10:52 am
    By Teresa Carlin National Leader of McGladrey’s Birdies Fore Love programTeresa CarlinI have played golf since I was 5 years old and have been around the game my whole life. Most of my family vacations have centered around either playing or watching golf, from the junior and collegiate levels to the pros. One of the things that I have always witnessed as a theme of the sport is philanthropy. The McGladrey Classic was one of my very first and strong attractions to McGladrey as a company. Not only does the tournament provide a terrific platform for playing and watching a game I love, but…
  • International Tax Intern's Summer Video Blog

    21 Aug 2014 | 7:57 am
    Vikas Tailor is an International Tax Intern in McGladrey's Schaumburg office this summer. Learn about the details of his internships and his four tips for future interns.
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    The Student CPA

  • Audit Practice-Less Arthur Andersen Is Back from Damnation

    2 Sep 2014 | 8:56 pm
    Vorsatz says the firm will go by Andersen Tax from now on, and it will draw lessons from both the rise and the fall of the old Andersen. He’s hoping to restore the old firm’s reputation for ethics and integrity. And, he says, his firm’s focus will continue to be narrower than the old Andersen’s […]
  • CPA Exam Review Spotlight (FAR): Accruals and Deferrals

    31 Aug 2014 | 1:00 pm
    When it comes to accounting, timing is everything. Accruals and deferrals are two of the practices through which both the revenue recognition and the matching principles are applied.  Those principles of accounting are two of the pillars on which accrual accounting (i.e., U.S GAAP) stands. So let us examine further what accruals and deferrals are […]
  • CPA Exam Review Spotlight (FAR): Installment Sales Method

    26 Aug 2014 | 6:30 pm
    Based on some of the accounting literature I reviewed in preparation of this spotlight on the installment sales method, one of the most challenging issues accountants deal with is the proper recognition of revenue related to the operations of a business concern. While a good number of general rules and guidelines have been developed to […]
  • CPA Exam Review Focal Point (FAR): Converting from Cash to Accrual Accounting

    22 Aug 2014 | 4:00 am
    “Converting from Cash Basis to Accrual Basis Accounting” is the first installment in a long series of blog posts geared toward deconstructing the most likely topics you may be tested on when you take the Financial Accounting and Reporting (FAR) section of the Uniform CPA Exam. Candidates are likely to get questions about this topic […]
  • It’s good to be back … yet again

    27 Jul 2014 | 8:00 pm
    It’s been almost a year since I last announced with great fanfare, via this post, my return to blogging on a regular basis.  As most of the site’s frequent visitors may have noticed, I was only able to pen one blog post ever since I made that infamous announcement. I tried coming up with attenuating […]
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    One Accounting

  • After the Vote – What it means for Small Businesses

    Chris Thomas
    17 Sep 2014 | 8:03 am
    Special Referendum Webinar Monday 22nd of September 2014, 10.30 am -11 am    The Referendum debate is gripping the whole of the UK as we edge ever closer to the vote on Thursday 18th September. Will a ‘Yes’ vote see Scotland leaving the UK for good, or will a ‘No’ vote retain our country in the Union with the prospect of more powers devolved from Westminster? We are running a special post-vote Webinar on Monday 22nd September at 10.30am. Put simply, we will be explaining what the result will mean for business owners across Scotland and the rest of the UK. The content will of…
  • Scottish (Mock) Referendum Result!

    Chris Thomas
    16 Sep 2014 | 8:05 am
    We held our own mock Independence Referendum in the office today. Chris splashed out on a teapot and we had some fantastic cupcakes delivered by Cuckoos Bakery. We are a pretty diverse bunch with our team of 10 coming from Scotland, England, Ireland, Germany, Greece and New Zealand. So, we thought that we would be a good barometer as to how Thursday’s vote will go. Tensions rose as the ballot papers were handed out. We had three options to choose from; “Yes”, “No” and “Don’t Know” for good measure. One by one we entered the special polling booth to cast our vote. A quick team…
  • New HMRC Late Filing Penalties

    Chris Thomas
    5 Sep 2014 | 2:06 am
    From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI “late”, or don’t submit it at all for a month in which you paid your employees. So what makes the FPS “late”? HMRC say the FPS must be submitted on or before the day the employer pays the employees (the “payment date”). But is that the day the funds leave the employer’s bank account or the day the employee receives the money? In fact the “payment date” for RTI purposes is neither of these dates.
  • Commission Refunds

    Chris Thomas
    19 Aug 2014 | 7:32 am
    If you invest through a firm of financial advisers, you may well receive a repayment of commission from that firm each year. In previous years any refunded commission was rolled into the earnings from your investments or set against charges, so you may not have been aware of it. However, from 6 April 2013 the financial adviser must deduct tax from any refunded commission and show the amounts paid and deducted separately on your annual statement . You should look out for these refunded amounts on your investment statement for 2013/14, as it must be declared on your 2013/14 tax return. However,…
  • EC Sales Lists (Vat 101)

    Chris Thomas
    12 Aug 2014 | 7:27 am
    If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101). There are no payments to be made or reclaimed with the ESL, as you do on your quarterly VAT return form, but you must submit the ESL on time or HMRC will charge a penalty for late submission. If you export goods worth more than £35,000 per year you will need to complete a monthly ESL, otherwise it’s a quarterly task. However, where your total turnover is less than…
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  • 3 Powerful Reasons You Need to Be in a Mastermind Group

    Jonathan Milligan
    15 Sep 2014 | 11:15 am
    In 2010, on this very blog I created an 16-week online course for job seekers. It was my first real attempt at creating passive income beyond Google Adsense. While I had surveyed my audience to understand their needs, I still had many self-limiting doubts on how I was going to pull this off. Some of the thoughts I had were: You don’t have enough readers and subscribers to do this You lack the technical skills to do this well You are just wasting your time So, I delayed. For a few months I listened to those self-limiting thoughts. Finally, I had the courage to launch out and was blown…
  • How to Capitalize on Your Next Aha Moment

    Jonathan Milligan
    8 Sep 2014 | 9:30 am
    It often comes out of nowhere. It will surprise you. It’s one of those moments that require a smack to the forehead. It should have been obvious, yet it wasn’t. It shouldn’t be this simple, yet it is. It’s an aha moment. We call it a “Mastermind Moment.” These special moments come from community. The more you hangout with other passionate people, the more you’ll grow way beyond your imagination. The more you hangout with other passionate people, the more you'll grow way beyond your imagination.Click To Tweet - Powered By CoSchedule Dale…
  • Have You Ever Had a Mastermind Moment?

    Jonathan Milligan
    3 Sep 2014 | 3:00 am
    No one likes the feeling of being stuck, yet each of us have been there. You’re in a fog. A string of cloudy days one after another. Then, it happens. A thought, comment, or suggestion sparks an idea. The fog begins to lift and for the first time in awhile clarity comes to visit. I like to call these “mastermind moments.” I call them mastermind moments because they often take place on one of our mastermind calls. Every Thursday afternoon, I meet with seven other amazing people. We bring our “fog” and leave with “clarity.” Before I started a mastermind…
  • Declare a Fix Broken Bridges Day!

    Jonathan Milligan
    25 Aug 2014 | 5:00 am
    Are you a starter or a finisher? Are you a builder or a maintainer (not even sure if that is a word)? I love to start things. I love to run with new ideas because it seems more exciting than what I’m currently working on. However, over time you will become overwhelmed with the “pot holes” in your work. You need to declare a “fix the broken bridges day.” Broken bridges are anything in your work that need to be fixed, repaired, or finished. Fix your broken bridges! Broken bridges are anything in your work that need to be fixed, repaired,...Click To Tweet - Powered…
  • How to Create Guiding Principles to Design a Life and Work You Love

    Jonathan Milligan
    20 Aug 2014 | 7:45 am
    Back in early 2010, I quickly became overwhelmed. I was figuring out how to earn money blogging while still having a day job. I saw a new opportunity to make money so I went for it. The worse thing happened next. It was a huge success.  I was not prepared for how I was going to fulfill all the orders personally. I was going to have to hire people to help keep up. Only one problem – I didn’t build in enough profit margin to justify hiring someone else to help complete the work. This new business was being a ghost writer for other content marketers. I loved to learn and write so I…
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    Invoice Factoring Companies | Factoring Invoice | Accounts Receivable Factoring for

  • Sell Invoices for Cash

    Heather Burford
    17 Sep 2014 | 2:37 pm
    For those looking for an alternative way to fund business operations or expand your business, turning invoices to cash provides a way for companies to sell their open invoices in exchange for the use of immediate cash. The process is … Continue reading →
  • Receivables Factoring vs. Traditional Financing

    Heather Burford
    15 Sep 2014 | 12:13 pm
    Receivable factoring companies offer businesses an alternative to traditional commercial financing. Receivable factoring companies purchase open invoices at a low factoring rate, giving these businesses the opportunity to secure the funding they need to expand their businesses, purchase additional raw … Continue reading →
  • Purchase Order Factoring Companies

    Heather Burford
    10 Sep 2014 | 10:30 am
    Companies often fulfill orders with the use of purchase order financing. A purchase order represents a customer’s obligation to make good on an order they’ve made. This means that they represent a value to both the company that owns the … Continue reading →
  • The Benefits of Accounts Receivable Factoring

    Heather Burford
    9 Sep 2014 | 9:36 am
    When it comes to raising capital for your business, the fastest way to do so is by factoring invoices. Accounts receivable factoring refers to the process of selling open invoices for an advance equaling 70-90% of the value of factored … Continue reading →
  • Factoring to Raise Cash

    Heather Burford
    2 Sep 2014 | 10:48 am
    When it comes to raising cash for business, one of the first things that most business owners think of is getting a loan. Getting a traditional loan requires you to complete a lengthy application, provide a lot of financial information, … Continue reading →
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    Intuit News Central

  • QuickBooks® Accounting September 2014 Newsletter

    Scott Cytron
    18 Sep 2014 | 8:28 am
    In Focus: QuickBooks 2015 New and Improved Features in QuickBooks Accountant Desktop 2015 With new features and significant improvements, QuickBooks Accountant Desktop 2015 is slick, streamlined and more efficient than ever. ProAdvisor Laura Madeira tells you all you need to know to get up and running right away, including a focus on the new Accountant Toolbox, Send Portable Company File and the Insights Dashboard. Laura Madeira Explains New Tools in QuickBooks Enterprise Solutions 2015 Check out the new advanced reporting tool in QuickBooks Enterprise Solutions 2015. ProAdvisor Marjorie…
  • The Front-End or the Case of the More-Productive Receptionist

    KEY Accounting Group
    18 Sep 2014 | 6:00 am
    I once visited my friend, Mike, a successful and progressive lawyer in Vancouver. I had been to his office several times and called him countless times. I noted with some disdain that the receptionist NEVER seemed to answer the phone, and when I arrived, she seemed to be on a permanent coffee break. So, one day, I asked Mike why he bothered to hire her. “Well,” he said, grinning, “I don’t have one. That’s why you keep missing her.” What? A large firm of lawyers with no receptionist? No secretary? “No,” he told me. “We did a study and found out that…
  • Hector’s Favorite Features of QuickBooks® Desktop 2015

    Hector Garcia
    16 Sep 2014 | 8:54 am
    In this new video, I focus on the new features found on QuickBooks for Windows, better known as “QuickBooks Desktop” which includes the following versions: QuickBooks Pro; QuickBooks Premier; QuickBooks Premier – Industry Editions: Retail, Wholesale & Manufacturing, Contractor, Professional Services, and Non-Profit editions; and Quickbooks Enterprise. The following are features that are available on all editions Pro, Premier, and Enterprise: Insights Dashboard Commented Reports Improved Billable Time and Expenses window with number of items flag Billable Activity now available…
  • Stressed? Overeating? Try These Healthy Snacks to Balance Mind and Body

    Danetha Doe
    16 Sep 2014 | 6:50 am
    With the seasons changing, business in full-swing and an eye toward the holidays, it can be hard to make sure you’re eating a balanced diet. With so much work on so many different projects, following up with clients and new-hires, and getting prepared for #QBConnect, who has time to cook a full meal? It’s hard enough to make sure you’ve got enough coffee in your system to keep your eyes open. While we should all strive to set aside at least 30 minutes a week to cook and prepare a well-balanced meal, it can be difficult and stressful to add another to-do to our already overwhelming list.
  • Defective/Missing Exemption Certificates Can Kill You in a Sales Tax Audit

    Michael Fleming
    16 Sep 2014 | 6:00 am
    Missing or defective exemption certificates are one of the leading causes of inflated sales tax audit assessments. And, this problem seems to be growing every year. The reasons are varied, ranging from a shifting paradigm in the way states approach certificates to a distancing of the certificate management function from the accounting people. There are all types of reasons in between. We will cover these reasons in more detail, along with some tips on how to improve your process and reduce audit exposure. But, let’s look at some basics first. What is an exemption certificate and when and…
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    AICPA Insights

  • Value Pricing Tax Services: Don’t Leave Money Behind

    Cari Weston, CPA
    19 Sep 2014 | 10:46 am
    Have you ever stopped and asked yourself why you would ever want to make a tax return engagement more efficient, if it really only means you will charge less over time?  Stay with me here while I explain how value pricing and efficiency can go hand-in-hand.  Below is a hypothetical chart of fees incurred to prepare a 1040 return, as well as the amounts actually invoiced.  I am going to explain how you are leaving money on the table. Year Hours Rate Fees Discount Invoice 1 10 $150 $1,500 (400) $1,100 2 8 150 1,200 (80) 1,120 3 6 150 900   900 Year one is largely spent…
  • Increased Demand Predicted for Forensic and Valuation Services

    Guest Blogger
    18 Sep 2014 | 11:26 am
    As part of its commitment to serving member needs, the AICPA Forensic and Valuation Services Section regularly surveys FVS professionals to get a sense of the state of the practice today and the trends these professionals will face in the short term. According to the recent 2014 AICPA Survey on International Trends in Forensic and Valuation Services, done in conjunction with CPA Canada, there is currently a healthy demand for forensic and valuation services, and very strong growth potential for the future. This is good news. The survey found that 76 percent of forensic and 54 percent of…
  • The Global Future of Financial Literacy

    Claudia Cieslak
    17 Sep 2014 | 4:00 am
    September is underway and that means it’s back to school for students. As teachers finalize their lesson plans, a growing number may be incorporating financial literacy education. In fact, many schools around the country have already begun integrating financial literacy into their curriculums. And it makes perfect sense. Helping young people understand financial issues is a matter of great importance. Younger generations are facing an increasingly complex financial field, compared to their parents, and they are more likely to shoulder more financial risks in adulthood, especially when it…
  • 19 Years Until Social Security Trust Fund Runs Out

    Theodore J. Sarenski, CPA/PFS
    15 Sep 2014 | 4:00 am
    (Photo credit: Wikipedia) The government is projecting that the Social Security Trust Fund could run out of cash by 2033. While 19 years might sound like a long time, many of us have clients in their 30s and 40s who want to know that they’ll receive all of the Social Security benefits due to them when they retire. Of course, CPAs and those of us who offer financial planning and estate services caution our clients not to depend solely on their Social Security checks to carry them through their later years. It’s alarming that the money may, indeed, run out—and even though this news is…
  • Reimagining Auditing in a Wired World

    Guest Blogger
    12 Sep 2014 | 4:00 am
    Have you ever wondered what a day in the life of an auditor will look like in the near future, and how it will be different from today’s practice? Here is a glimpse… You enter the audit room at 7:30 a.m. on Tuesday morning as the external audit partner of XYZ Enterprises, Inc. After settling in, you sign into AART, the audit firm’s Automated Audit, Reporting and Tracking system that was developed to leverage the widespread availability of information on a 24/7 basis. AART’s technology monitors XYZ Enterprises’ controls, transactions and account balances continuously.  As you…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Why Simplifying is the Best Way to Save on Kids Costs (Part I)

    OSYB Staff
    19 Sep 2014 | 10:01 pm
    We can get so caught up in the hustle and bustle of everyday life that we often forget to think of others. But a small gesture of kindness can not only make someone else’s entire day, but it can also make you feel good. Here are 109 ideas to get you started.
  • Bigger Profits, Less Hiring: Main Street’s Future

    OSYB Staff
    19 Sep 2014 | 10:01 pm
    Small business growth has rebounded from the recession, but they are hiring fewer workers. This is good and bad news for small businesses and employees. With small business being more cautious about hiring, it is leaving its mark in the hiring market. Profits have bounced back but hiring has not. Read more here. 
  • 109 Random Acts of Kindness You Can Start Doing Today

    OSYB Staff
    18 Sep 2014 | 10:00 pm
    We can get so caught up in the hustle and bustle of everyday life that we often forget to think of others. But a small gesture of kindness can not only make someone else’s entire day, but it can also make you feel good. Here are 109 ideas to get you started.
  • The World’s 4 Biggest Credit Card Scams

    OSYB Staff
    18 Sep 2014 | 10:00 pm
    You know that you need to keep your credit cards close and keep an even closer eye on your statements, lest you fall victim to credit card fraud. But how do credit card scams really happen? Here’s a look at some of the biggest card heists, and how they went down.
  • Best Money Tips: How to Make a Decision Between Competing Job Offers

    OSYB Staff
    17 Sep 2014 | 10:00 pm
    How to make a decision when you have competing job offers. These top 5 articles are perfect if you are faced with multiple job offers and are having a tough time knowing what will be best in the long run. Also other great money tips articles from Wise Bread’s list. 
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    Common Cents

  • Grow Your Business Like a Boss – Systematic Growth

    Joyce M. Washington, CPA
    19 Sep 2014 | 4:00 am
    Ever look at someone else that’s doing the same thing that you’re doing (business wise) and wonder to yourself how did they get to where they are and how is that you’re still where you are? No?  Just me?  Well then work with me a second and pretend that you’re just like me and you’ve wondered to yourself how you can get out of your own way and get growing in your business “like everybody else”… It’s no secret (or at least it shouldn’t be), that I take a systematic approach to just about everything in life and business.  There’s a method to all the madness and…
  • Don’t Get Caught Up – Tips To Killing Procrastination

    Joyce M. Washington, CPA
    5 Sep 2014 | 4:00 am
    I admit it… I am working on my addiction to procrastination.  Some days, I just want to sit and read a book…especially on a nice breezy, summer day.  Or on a nice snowy, winter day… next to the fire. But that’s not always feasible.  To be successful, we simply have to get stuff done… and that won’t happen if we take too many days off to read books.  :) So how does one get past the humdrums and over the procrastination hump and into the land of getting stuff done?  Here are a few tips… Recognize Your Procrastination First admit to having a procrastination problem, then…
  • 15 Tasks Your Virtual Accounting and Bookkeeping Team Can Do To Save You Time AND Money

    Joyce M. Washington, CPA
    22 Aug 2014 | 4:00 am
    I’m an accountant so I’m all about being frugal, saving time and money WITHOUT cutting corners when it comes to quality. A lot of times when we are making an effort to simplify our lives and build our team… we can’t seem to think of the things that our team member can do.  This can be especially hard when we are so used to doing everything ourselves. This is an issue that I’m working on myself.  How to stop being an entrepreneurial Superwoman.  I think it’s time to retire my cape… and maybe it’s about that time for you too so, here are a few tasks that you can have your…
  • 3 Things You Need To Know When Selecting A Virtual Accountant

    Joyce M. Washington, CPA
    8 Aug 2014 | 4:00 am
    Hiring someone to help you in your business is a big step. Having that person work virtually, is another layer of “caution” or “concern” for most…and an extra layer of “worry”. But it doesn’t have to be. Here are a few things to consider when hiring virtual assistance, more specifically, when hiring a virtual accountant. Bookkeeping Versus Accounting Before we get to the three things… just a little note of differentiation. There is a difference between bookkeeping and accounting.  One is basic recordkeeping and data-entry (bookkeeping).  The other is more analysis and…
  • Numbers To Grow On: The KPIs Every Business Owner Needs To Know

    Joyce M. Washington, CPA
    25 Jul 2014 | 6:00 am
    What are the warning signs in your business? What are the growth indicators? The numbers that show you’re doing well and your business is healthy? Do you know what to look for? There are a tons of key performing indicators, or KPIs, that you could follow but just like vanity metrics in social media and website traffic, etc… there are a few core KPIs that you want to monitor that really give you the insight that you’re looking for. Because at the end of the day, the number that means the most is the bottom line – are you making money in your business or not? Period. Numbers To Grow…
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    Presti & Naegele

  • August 2014 Newsletter

    26 Aug 2014 | 2:01 am
    Joe Romano discusses professional employer organization. The post August 2014 Newsletter appeared first on Presti & Naegele.
  • Appeals courts split on tax credits for ACA Marketplaces

    Steve Grgas
    19 Aug 2014 | 8:40 am
    Employers may be able to claim a tax credit for a portion of their expenses for providing child care to their employees. Code Sec. 45F allows a employer-provided child care credit, which is a part of the general business credit. Businesses calculate the credit using Form 8882, Credit for Employer-Provided Childcare Facilities and Service, and enter any credit amount on Form 3800, General Business Credit, which must be attached to an employer’s tax return. Amount of the credit The amount of the credit is the sum of 25 percent of an employer’s “qualified childcare facility…
  • FAQ: Why use a partnership instead of an S corporation?

    Andrew Presti
    19 Aug 2014 | 8:38 am
    Taxpayers that plan to operate a business have a variety of choices. A single individual can operate as a C corporation, an S corporation, a limited liability company (LLC), or a sole proprietorship. Two or more individuals can form a partnership, a corporation (C or S), or an LLC. Nontax considerations State law and nontax considerations are an important consideration in choosing the form of the business and may play a decisive role. A general partner of a partnership has unlimited liability for the debts of the business. This can be modified by using a limited partnership (LP), which must…
  • Is a Professional Employer Organization Right for Your Company?

    Joseph Romano
    19 Aug 2014 | 8:32 am
    What you need to know when considering a PEO If you’ve read much about Professional Employer Organizations (PEOs), you’ve probably heard them described as everything from the best to the worst decision a business could make. So where does the truth lie? Are PEOs valuable tools for small businesses, or are they a bundle of services that you don’t really need? In most cases, the answer doesn’t lie with the PEO, but within your own organization. Understanding your own needs, both present and future, will allow you to determine whether a PEO may be a valuable solution for your company.
  • August 2014 Tax Compliance Calendar

    Wayne Naegele
    4 Aug 2014 | 8:41 am
    As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2014. August 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 26-29. August 6 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 30-August 1. August 8 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates August 2-5. August 10…
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    It's Taxing - Bond Beebe

  • Tax Principal Brian Wynne Discusses How Your Tax Filing Status Affects What You'll Pay

    12 Sep 2014 | 6:36 am
    Bond Beebe Principal, Brian Wynne, was recently quoted in a Business Insider article about common life changes and how they affect your tax bill.  Click Here for the full article.
  • Inherited IRA's Not Protected from Bankruptcy

    25 Aug 2014 | 6:53 am
    It is now official that inherited IRAs are not considered “retirement funds” within the meaning of federal bankruptcy law and therefore are not exempt from a bankruptcy estate. This ruling was handed down by the Supreme Court in the case of Clark, et ux v. Rameker on June 12, 2014. Typically, retirement funds (IRAs and Roth IRAs) are exempt from a bankruptcy estate and therefore shielded from creditors in bankruptcy. This was done to help debtors to provide for their retirement, even after bankruptcy. However, the Supreme Court ruled that inherited IRAs do not qualify as retirement funds.
  • Retirement Planning: Roth vs. Traditional 401(k) Plans

    23 Jun 2014 | 8:04 am
    This post was written with the assistance of Ashleigh Zeller from the Firm's Benefit Plan sector.  With many employers now offering a Roth 401(k) component with their retirement benefits, you may be wondering which option works best for your retirement planning purposes. Like most questions involving tax planning matters, the answer is rarely straightforward. In this post, we’ll look at the differences between Roth and traditional 401(k) plans, as well as Roth IRA and Roth 401(k) plans, and cover some of the tax consequences you
  • Hiring your Children in your Business – It’s Not So Taxing

    18 Jun 2014 | 7:30 am
    If you own a business, employing your child can be a great opportunity to teach valuable lessons about earning, saving and hard work. It is also an excellent tax-savings strategy for you and your child. However, before you bring your college kid on your payroll for the summer, there are a number of regulations and savings strategies to keep in mind.
  • Maryland State & County Tax Credit Ruling - Wynne v. Comptroller Update

    10 Jun 2014 | 8:29 am
    The U.S. Supreme Court has agreed to hear the case of Md. Comptroller of Treasury v. Wynne, (U.S., No. 13-485, cert. granted, 5/27/14) on whether a taxpayer’s resident municipality can tax all of a resident's income or if it must provide a credit for taxes that person paid to other states. This case specifically addresses Maryland’s denial of credits against the MD county income tax; full details are available in our previous post on this case.
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    Investment and Small Business Accountants

  • Cost Accounting in the New Era

    19 Sep 2014 | 12:16 pm
    Cost accounting in the new era has completely moved away from the simple act of identifying direct costs, indirect costs and overhead, then using the traditional cost allocation method to allocate the costs. I remember the good old days when cost accounting was all about collecting prime costs and overhead costs, apply some simple arithmetic […]
  • What is Strategic Management Accounting? Meaning and Characteristics

    13 Sep 2014 | 3:24 am
    Strategic management accounting and control is a relatively new paradigm in the field of management accounting. This new perspective of management accounting and control system was made popular as a result of the criticism levelled on the traditional management accounting by both academia and professionals in the late 1980s and early 1990s. The intense competition […]
  • How to Write Effective Business Requirements as an Accountant

    9 Sep 2014 | 12:52 pm
    Nowadays, accountants are called upon by businesses to play significant role in system migration and other major business turnaround programmes.  Business requirements are those deliverables that a project must convey if value is to be added, without it, measuring the success or failure of a project will be difficult. Organizations constantly challenge finance professionals to […]
  • 15 Funny Things Accountants Won’t Tell Their Clients

    26 Apr 2014 | 12:07 pm
    The general presumption is that accountants are demigods living in a fairy-tale world where everything they touch turns into gold. If you are amongst those people thinking this way, you will be surprised to find out about some of the things accountants do behind the scene that they don’t want their clients to be aware […]
  • Examples of performance management models

    1 Apr 2014 | 2:29 am
    This article is written to provide an answer to a question posed by one of the readers of this blog. He asked me to give example of performance management models and how managers use them to make managerial decisions. In common parlance, performance management models are those management accounting tools used by management accountants to […]
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    Accounting Articles & Advice

  • Common mistakes of a new business owner

    Karl Bilby
    19 Sep 2014 | 6:14 am
    Although there are many reasons why people set up a business and there are lots of benefits, it is a sobering fact that a large percentage of new companies will fail within their first year. There are some mistakes that are made by most business owners, and avoiding them will provide a higher chance of success. Not planning Planning must start before the company is formed, when you decide what type of firm you want to set up, the business structure, and research to determine whether your product or service has a demand. Failure to plan at any of these stages could result in failure during the…
  • A guide to company car tax

    Karl Bilby
    19 Sep 2014 | 1:20 am
    If you are a director of a firm or an employee and receive a company car that is available for your private use, rather than for business, you will pay a tax charge. If fuel is provided either free or at a subsidised rate, you will pay a tax charge, but the amount is generally deducted from your tax code. How is the amount calculated? There are three determining factors when calculating the amount of car benefit – the type of fuel used, the CO2 emissions, and the list price and cost of accessories. Broadly speaking, if the car has low CO2 emissions and is a cheaper and cleaner vehicle, the…
  • Claiming expenses when you work from home

    Karl Bilby
    18 Sep 2014 | 3:14 am
    While it is a complicated process, especially if you aren’t familiar with the regulations of HM Revenue & Customs (HMRC), when you are self employed as a sole trader you can actually make a claim for expenses while working from home. There are two methods that may be used to calculate your expenses, and this can depend on the type of business you have and the number of hours you work from home each month. Simplified expenses Introduced by HMRC and coming into force back in April 2013, the simplified expenses method aims to streamline the process of making a claim. However, you…
  • An overview of Corporation Tax

    Karl Bilby
    16 Sep 2014 | 1:35 am
    The income and capital gains of companies and organisations that are unincorporated is subject to Corporation Tax. The rate is fixed for each financial or fiscal year, which starts on the 1st April and ends 31st March. All UK-based companies will be charged Corporation Tax on all profits, while overseas companies that trade here will only pay it on income that arises in this country. Rates The rate of Corporation Tax paid by a company or organisation is determined by its taxable profits. The lower rate applies to those companies and organisations that have profits below a specified amount,…
  • Four reasons why your small business needs an accountant

    Karl Bilby
    15 Sep 2014 | 1:54 am
    When you make the decision to start a small business, you will probably have a host of questions. You will also be trying to keep expenses as low as possible, and outsourcing to an accountant may seem like an extra cost. However, an accountant that specialises in small businesses will be able to answer all your questions, providing advice that could make the difference between success and failure in your first year. 1 – Starting your company Four reasons to have an accountant An accountant will help you to decide which business structure will be most beneficial for you. The types of…
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    Advice for Tax Preparers

  • Interviews to Help Tax Preparers

    Bill Meador, CPA, JD
    4 Sep 2014 | 1:48 pm
    As part of my blog Advice for Tax Preparers, I will be adding interviews other tax professionals on their advice, tips, and tricks to make your life as a tax preparer easier and more successful. My intent is to get a wide range of interviews from tax professionals in terms of their experience and part of the country so that you can get an understanding of which issues are common in public accounting firm tax departments versus which issues depend on your situation or part of the country. [click to keep reading...]
  • Learn Why New Accounting Staff Eat Time & How to Fix The Problem

    Bill Meador, CPA, JD
    12 Aug 2014 | 12:17 pm
      Accountants by the nature of our profession want to follow rules. Therefore, we like it when we have guidelines such as an employee handbook that tell us how to respond in an accounting firm to a particular situation. However, new accountants soon find out that the firm grapevine provides unwritten rules to be followed as well. One example is in the area of the billable hours (the time each person charges to the job for preparing and reviewing the tax return or audit) that a staff should put on his timesheet. If the staff person talks to people in the firm they will get one or more of…
  • Why Should You Take a CPA Exam Review Course?

    Bill Meador, CPA, JD
    29 Jul 2014 | 11:22 am
    I recently published an article with several tips to help people pass the CPA exam. (See 4 Tips from a 20 Year CPA to Pass the CPA Exam). One of the tips I mentioned in the article was that they should take a review course for at least auditing, but I believe they should take one for all of the courses. Most of the responses I received on that point were positive, but I had one person ask me why anyone should bother taking a review course. They noted that they had bought a couple of review books and some test questions and done just fine on the CPA exam. I figured that there might be others…
  • How to Get an Accounting Job Using LinkedIn

    Bill Meador, CPA, JD
    22 Jul 2014 | 4:52 pm
      This is the big one isn't it? Most of us get plenty of articles in our inbox and social media from sources such as Accounting Today, CPA Trendlines, Going Concern, AccountingWeb, Journal of Accountancy, etc., on the latest updates in the profession. But we are really only looking for a few things. How do I get my first accounting job? How do I make my current job easier? What do I need to do to get promoted? Can I quit and get a better job or move to a better CPA firm?  [click to keep reading...]
  • Learn How CPA Firms Will Increase Their Net Income on 1040 Tax Returns Without Raising Fees or Reducing Expenses.

    Bill Meador, CPA, JD
    15 Jun 2014 | 11:02 pm
    One of the constant problems for CPA firms with individual clients is getting all of their information in time to prepare, review and file their return before the October 15th deadline no matter how many times they are asked for their information. I once worked at a firm that had an individual client that was the last tax return the firm filed by the October 15th deadline three years in a row. When clients delay providing their personal tax information until after August 1st, the extra time and expense spent on the tax return can turn a profitable job into a loss for the firm. At a minimum,…
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  • What does Scottish independence mean for small businesses?

    18 Sep 2014 | 3:15 am
    Voting for independence takes place tomorrow but there is uncertainty surrounding the impacts on small businesses. Several of the big businesses including BP, Standard Life, and John Lewis have expressed their favour of the ‘No’ vote. However, it is still unclear what a ‘Yes’ vote would exactly mean for Scottish businesses. A recent poll by the Federation of Small Businesses (FSB) found that two-thirds of businesses believe independence would impact on the day-to-day activities. A survey on the forthcoming referendum also saw around 1 in 5 saying the vote had already played a part…
  • Confidence among small businesses continues to improve

    15 Sep 2014 | 5:14 am
    According to a survey by the Federation of Small Businesses (FSB) confidence among small companies continues to improve. This is despite a number of concerning risks hanging over the economy, including the looming prospect of Scottish independence and the on-going Ukraine-Russia crisis. Its regular quarterly survey showed three-fifths of firms expect to grow in the next 12 months. All sectors reported they had a positive outlook for the seventh quarter in a row. Although the South East was most positive overall, North East England reported the most improved attitude. Small firms also report…
  • Ofcom to improve broadband connections for the UK’s small and medium-sized enterprises (SMEs)

    11 Sep 2014 | 6:18 am
    The industry watchdog said business consumers are a “critical part of the UK communications sector” and it wants to ensure they can take advantage of competition and innovation in the market wherever possible. Ofcom added that it is also seeking to provide regulatory protection where necessary for such companies. It stated that “Large businesses are typically able to secure good outcomes by virtue of their scale and a highly competitive market to supply services to them” One of the key aims for the communications regulator is to promote the widespread availability of super-fast…
  • UK accounting watchdog fines audit and advisory firm Mazars £2m over pension fund advice

    8 Sep 2014 | 5:26 am
    The UK accountancy watchdog has fined Mazars for falling short of regulatory standards while advising a pension fund in 2007, in its largest ever settlement. The fine relates to advice provided to the First Quench Pension Fund trustees in 2007 regarding the transfer of assets and liabilities to a new plan sponsor. First Quench Retail Limited was a wholly-owned subsidiary of UK wine shop chain Threshers, and went into administration in 2009. The Financial Reporting Council said on Tuesday that it has agreed a settlement with Mazars and Richard Karmel, a partner of the firm who still works…
  • Calls on Local Enterprise Partnerships (LEPs) to place small businesses at heart of economic growth

    4 Sep 2014 | 5:15 am
    A report published today by the Federation of Small Businesses (FSB) and the Centre for Local Economic Strategies (CLES) calls on LEPS to place small businesses at the heart of their plans for local economic growth. The report stresses that small business can’t be ignored as the economic recovery continues. According to the FSB, Local Enterprise Partnerships are the right vehicle to deliver local economic growth across England but stresses that the voice of small businesses needs to be better represented within LEPs. Small and medium sized businesses have been responsible to four in five…
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