Accounting

  • Most Topular Stories

  • Gross: Low interest rates are not the answer

    Financial Planning Digest
    3 Aug 2015 | 10:14 am
    The Federal Reserve's strategy of keeping interest rates near zero has encouraged companies to borrow money to buy back stock -More- 
  • Educating Your Clients About End-of-Life Care Costs

    AICPA Insights
    Guest Blogger
    3 Aug 2015 | 4:00 am
    No one wants to think about death, much less how much it will cost. But as the population ages and life expectancies rise, it is likely that your clients will need to think about and prepare for their later years, including the possibility of age-related illness. End-of-life care is a financially and emotionally complicated topic, but starting the conversation with your clients long before they might face age-related illnesses is an important first step. There is no one-size-fits-all approach to preparing for end-of-life care. Variables include a client’s net worth, investments and family…
  • 5 Principles for Working Less and Living More

    JonathanMilligan.com
    Jonathan Milligan
    22 Jun 2015 | 8:16 am
    How to Avoid the Entrepreneur's Trap Is there a danger in loving your work too much? It wasn’t unusual for Thomas Edison to work 20 continuous hours during a 24 hour period. Many times, his 4 hours of rest came in the form of a nap on a couch where he worked. There’s even one recorded time period in which Edison worked for 72 straight hours without rest. Therein lies the tension. When work feels like play, why choose to do something else with your time? [Tweet “When you don’t have anything more compelling to do, you’ll always choose your work.”] While…
  • The Hidden Danger That Just Might Destroy Your Dreams

    JonathanMilligan.com
    Jonathan Milligan
    8 Jun 2015 | 7:11 am
    Why Subtle Laziness Leads to Sudden Scarcity What if I told you there was a hidden danger that has the potential to destroy your dreams? It’s a subtle danger. It’s not the type of danger you anticipate when watching movies (which my son calls the “jump scare”). This danger is subtle like a slow, moving tide. It’s subtle like when you close your eyes on the lazy river at the water park only to open them to be surprised at how far you’ve travelled. You wake up one day and realize just how far off course you really are. What is this hidden danger? It’s…
  • How Our Fear Controls, Guides, and Directs Our Lives and What to Do About It

    JonathanMilligan.com
    Jonathan Milligan
    27 Jul 2015 | 8:10 am
    3 Simple Strategies to Living a Better Life Ninety-Five percent of the state of Idaho’s water supply comes from underground. The Big Lost River, Snake River and other rivers begin in the Rocky Mountains and collect in the Snake River Aquifer. It’s an amazing 400-mile underground water supply. You don’t see it on the surface, but it’s there. I was having a conversation with someone recently. They wanted to grow to the next level in their life but they felt stuck. The challenge was they couldn’t identify the issue. Have you been there? Maybe you wanted to grow to the next level in…
 
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    re: The Auditors

  • SEC News at MarketWatch

    Francine
    19 Jul 2015 | 3:45 pm
    Last week was a busy one.  The Dodd-Frank anniversary party season began and everyone wants to either celebrate or take an opportunity to bash it.  On July 21 Dodd-Frank will be five years old. If I hadn’t been through the same thing with Sarbanes-Oxley now twice, I’d be more excited.  But the partisan rancor on this law is even worse.  At least with Sarbanes-Oxley it was either regulatory or anti-regulatory rhetoric and there was no real party split amongst those who didn’t and still don’t know what internal controls over financial reporting are. From the Harvard…
  • Speaking Engagements/Conferences

    Francine
    12 Jul 2015 | 5:40 am
    I’m on the road visiting universities, attending select conferences and forums and speaking to groups of all kinds. If you would like me to visit your university and your accounting/audit program, please write soon to lock in fall and winter dates. Contact me at fmckenna@mckennapartners.com to schedule a presentation at your university, conference, firm or for a private briefing. Coming Up: July 15, 2015, Speaking with Broc Romanek, editor of the CorporateCounsel.net, to the Shareholder Services Association Annual Meeting on “Leveraging Social Media.” Mayflower Hotel,…
  • Looking Into SEC’s Equity Markets Structure Committee at MarketWatch

    Francine
    5 Jul 2015 | 8:58 am
    One of the really great things about my new role at MarketWatch is that I can do long as well as short, fast news as well as the kind that takes some time to digest, and everyone has to do something in-depth once and a while.  My first assignment, shortly after I arrived mid-May, was to look into the activities of the SEC’s new Equity Market Structure Advisory Committee. (Grow and change, stretch and bend…) My piece, spanning several online pages, is now out. It focuses on the Committee members and their priorities, as well as another initiative running in the background–the…
  • re: The Auditors is now at MarketWatch

    Francine
    31 May 2015 | 2:31 pm
    May 18, 2015 was my first day on the job as a reporter for MarketWatch in Washington, DC, the sister online publication to the Wall Street Journal and Barrons that focuses on retail investors. Yes, I have taken a full-time journalism job and I have moved. I found out about the job via Twitter. (Twitter has been berry berry good to me!) Steve Goldstein, the DC Bureau Chief of MarketWatch, and I have been following each other there for a while and have had some back and forth on the issues. He knows my work. I saw his tweet for the job— it was a perfect fit—and asked him if I could apply. …
  • Peter Thiel’s Pursuit Of Technological Progress; It’s Not About Democracy and It’s Definitely Not About Capitalism – Part 3

    Francine
    13 May 2015 | 4:32 am
    As a journalist, a reporter, I sometimes have to read things I would not otherwise. My luxury as a freelance journalist has been to write what I want, for whom I wish, when I want, and charge what the market will bear. But even I, in the interest of good reporting, have to sometimes go to a source document I know I will disagree with, know I will regret having to pay money for only to put on a shelf or in an archive afterward never to look at again except perhaps to seethe. Ben Horowitz, of venture capital firm Andreessen Horowitz, wrote a book, The Hard Thing About Hard Things and it’s…
 
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    Deloitte Global headlines

  • Global Defense Outlook 2015

    31 Jul 2015 | 6:38 am
    The global economy becoming less militarized, cyber-attacks on the rise in the world's richest economies and violence and terrorism becoming more concentrated to poor nations – these are a few of the key trends which are driving government mindsets. How will the world and various nation's respond to these shifting trends and what does the future look like for the defense industry? The world continues to evolve and with it the challenges faced by those planning and spending on its defense.
  • How To Keep “Purpose” From Becoming Just Another Corporate Buzzword

    31 Jul 2015 | 6:35 am
    The good news is, it’s being talked about. Companies around the world are becoming more articulate about what drives them – beyond just profits. But, that’s also the bad news. The more businesses talk about purpose, the more it begins to sound like just another corporate buzzword – particularly if talk and actions don’t align.
  • Insurance disrupted

    31 Jul 2015 | 6:34 am
    The digital revolution is felt to be a threat by many in the insurance industry, especially following the increase of innovative new entrants and the rapid rise of comparison websites. Insurance disrupted focuses on nine applications of digital technology that could have the greatest potential to disrupt general insurance over the next ten years.
  • Improving disaster relief in the Pacific

    31 Jul 2015 | 6:33 am
    Deloitte New Zealand created a supply chain and logistics framework to enable Oxfam New Zealand to reach remote communities in the Pacific Islands more effectively
  • Job architecture

    31 Jul 2015 | 6:32 am
    Laying the building blocks for effective human capital management
 
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    NJCPA Exam Cram Blog

  • What A Feeling, I Can't Deny

    Jeremy Kaye
    4 Aug 2015 | 7:39 am
    Sitting, wide awake at my computer desk, it was 12:59 AM. I had time.gov open with the synchronized world clock, literally counting down the seconds until 1:00 AM would strike so I could log onto NASBA to check my scores...
  • REG on Saturday and Scores are Coming!

    Alexa DellCioppia
    3 Aug 2015 | 4:48 am
    So tomorrow scores are released! I take REG on Saturday and am not sure if I want to look at my FAR score before taking it. I know that if I failed the pressure will be on for REG, but...
  • You're gonna go FAR, kid

    Conor Higgins
    30 Jul 2015 | 10:03 am
    Took FAR on Tuesday and needless to say it was an experience. I breezed through the first testlet. The second testlet was significantly harder but I thought I did decent enough. I was making good time so I decided to...
  • Still Studying

    Alexa DellCioppia
    27 Jul 2015 | 3:58 am
    So continues another week of studying. This past week I attended all of Becker's live classes in Woodbridge. For those of you considering going to live classes, I would probably recommend it. The class forces you to pay attention, however...
  • Exam Day Tips

    Michelle M. Aurich
    26 Jul 2015 | 1:27 pm
    “Visualize this thing that you want, see it, feel it, believe in it. Make your mental blue print, and begin to build.”- Robert Collier Last week I took my first exam of this round. I felt very well prepared but...
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    AccountingCoach

  • What is a general ledger?

    AccountingCoach.com
    29 Jul 2015 | 8:55 am
    A general ledger is a grouping of perhaps hundreds of accounts that are used to sort and store information from a company’s business transactions. The general ledger is organized as follows: balance sheet accounts (assets, liabilities, equity), and income statement accounts (revenues, expenses, gains, losses) Under the double entry system of accounting and bookkeeping, every business transaction will have the amount of debits equal to the amount of credits. Hence, the general ledger is expected to have its debit amounts equal to its credit amounts. In a manual accounting or bookkeeping…
  • What are gross sales?

    AccountingCoach.com
    21 Jul 2015 | 7:28 am
    Gross sales are the amounts a company earned and recorded from the sales of its products (and perhaps its services). The amounts originate from the company’s sales invoices but the total will be adjusted to the accrual basis at the end of each accounting period. The gross sales amounts from the sales invoices are recorded in a general ledger account such as Sales. (Any sales returns, sales allowances, and sales discounts should be recorded in separate contra revenue accounts in order for management to see the magnitude of these items.) Gross sales is also defined as the sales revenues…
  • What are sales discounts?

    AccountingCoach.com
    20 Jul 2015 | 10:35 am
    Sales discounts (if offered by sellers) reduce the amounts owed to the sellers of products, when the buyers pay within the stated discount periods. To illustrate a sales discount let’s assume that a manufacturer sells $900 of products and its credit terms are 1/10, n/30. This means that the buyer can satisfy the $900 obligation if it pays $891 ($900 minus $9 of sales discount) within 10 days. The alternative is for the buyer to pay $900 within 30 days. If the buyer pays within 10 days, the seller will record a debit to Cash for $891, a debit to Sales Discounts for $9, and a credit to…
  • Why do we charge depreciation?

    AccountingCoach.com
    15 Jul 2015 | 9:23 am
    We charge depreciation because most of the long-lived assets used in a business have 1) a significant cost, and 2) they will be useful only for a limited number of years. The matching principle (a basic underlying accounting principle) requires that the actual cost of these assets be allocated to the accounting periods in which the company will benefit from their use. The depreciation reported on a U.S. corporation’s external financial statements is computed by spreading an asset’s cost (less any salvage value) over the asset’s service life or useful life. For example,…
  • What are turnover ratios?

    AccountingCoach.com
    14 Jul 2015 | 10:24 am
    In accounting, turnover ratios are the financial ratios in which an annual income statement amount is divided by the average balance of an asset (or group of assets) throughout the year. Turnover ratios include: accounts receivable turnover ratio inventory turnover ratio total assets turnover ratio fixed assets turnover ratio working capital turnover ratio Some of the turnover ratios are also categorized as liquidity ratios, operating ratios, activity ratios, efficiency ratios, and asset utilization ratios. The larger the turnover ratio, the better. For instance, a large amount of credit…
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    CPA Success

  • Sage helps transform CPAs one by one

    9 Jul 2015 | 7:35 am
    This past weekend we finished up the spring Sage Vision to Strategy Workshops with our session at the MACPA Beach Retreat in Ocean City, Maryland. We were joined by Ed Kless, Sage's Senior Director, Partner Development and Strategy (pictured kneeling in center). Ed is also one of our favorite thought leaders and author of a new book, The Soul of Enterprise, Dialogues on Business in the Knowledge Economy. The Vision to Strategy Workshop (sponsored by Sage) and Ed's session clearly made an impact on one of our members who is a CFO in a non-profit who took time to wite this to me, "Many, many…
  • Speaking in public? Make it memorable. Here's how.

    6 Jul 2015 | 4:00 am
    As you walk to the podium, your heart starts to beat faster. You have thought long and hard about what you want to say, and now it’s time to share your ideas to your audience. You look into the audience’s eyes, and your mind goes blank. You start sweating, you see that the presentation slide on the screen was just the draft version, and you realize your shoes don’t even match your outfit. You then look at the clock: It’s only 3:12 a.m., and you’ve only been dreaming of the presentation you’re going to give to your clients. I still remember the first time I…
  • Made for you and me

    4 Jul 2015 | 4:00 am
    "May the sun in its course visit no land more free,more happy, more lovely than this, our own country." -- Daniel Webster Indeed. Have a fantastic Independence Day, friends!
  • Profession's future shines at Student Leadership Academy

    2 Jul 2015 | 10:47 am
    Wow. Just wow. That pretty much sums up my feelings coming out of the our inaugural Student Leadership Academy. I had the privilege of spending two full days with 26 amazing accounting students from 12 colleges and universities across the region. On Thursday, June 25 we learned from Courtney Kirschbaum about the “Success Factor” — the mindset, techniques, and tools for exceptional levels of success. In recapping the session, the students pointed to the following learnings: The ability and confidence to face challenges.
 The power of our own minds.
 The process of…
  • SCOTUS gay marriage ruling: What it means for CPAs and their clients

    28 Jun 2015 | 6:00 am
    Unless you’ve been living under a rock, you know by now that the Supreme Court has ruled it’s unconstitutional for states to ban same-sex marriage. In effect, the ruling legalizes gay marriage in all 50 states. What you might not know is that the ruling has lots of implications for CPAs. A slew of services — from tax preparation to health care to financial planning to employee benefits — are being re-examined in the wake of the ruling. Thankfully, it didn’t take long for the financial advice to start flowing. Here is just a sampling of the guidance that has…
 
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    CPA Trendlines

  • Apple’s Secret Car Project Code-Named Titan

    CPA Trendlines
    4 Aug 2015 | 10:21 am
    By Rick Richardson Technology This Week Apple doesn't invent new industries. It revolutionizes and disrupts established ones. They started in 2001 with a new music player and added the iTunes store shortly after that and the music industry was never the same again. Six years later, it was the iPhone and the post-PC mobile era […] The post Apple’s Secret Car Project Code-Named Titan appeared first on CPA Trendlines.
  • NEW POLL: The Tech Habits of Highly Successful Accountants

    CPA Trendlines
    4 Aug 2015 | 7:26 am
    Join the survey. Get the results. Early results from the new 2015 CPA Trendlines Technology Trends Survey are already suggesting some tantalizing clues to today's pressing questions on: Competitive factors in growth, profitability, and salaries, Best practices in operations and productivity, and Technology traits of the most successful firms. Start the 7-minute survey now As our "Thank You" […] The post NEW POLL: The Tech Habits of Highly Successful Accountants appeared first on CPA Trendlines.
  • How Smart Accounting Firms Use Intranets to Get Smarter

    Roman H. Kepczyk
    4 Aug 2015 | 2:00 am
    Why you need a dashboard. By Roman H. Kepczyk Quantum of Paperless Files are usually indexed and accessed in designated directories so there is not much the firm can do about moving these files. MORE ON TECH SPENDING: Unified Messaging Boosts Security | Ready for a Revolution? Your Phone Is | Remote Access Boosts Productivity, […] The post How Smart Accounting Firms Use Intranets to Get Smarter appeared first on CPA Trendlines.
  • How to Make Staff a Team Again

    Ed Mendlowitz
    3 Aug 2015 | 2:00 am
    BONUS CHECKLIST: 5 steps you can take today. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: My staff seems to have “wandered” away from feeling this is a firm – that we are all in this together – to becoming a bunch of people who happen to work at the same address. Do you have […] The post How to Make Staff a Team Again appeared first on CPA Trendlines.
  • Two Daily Rituals: Focus and Measure

    Beth Bellor
    1 Aug 2015 | 2:00 am
    Bonus checklists: 6 sample questions and 10 sample metrics. By Sandi Smith Leyva The Accountant’s Accelerator There’s something special about the word ritual. It sounds sacred, like you wouldn’t dare break it. MORE ON SMALL-FIRM GROWTH STRATEGIES: 5 Cool Ways to Streamline Data Sharing | How to Calculate Your ‘Opportunity Number’ | 9 Ways Accountants Throw […] The post Two Daily Rituals: Focus and Measure appeared first on CPA Trendlines.
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    Big4.com Blog

  • How to follow-up without being a nuisance

    30 Jul 2015 | 8:00 pm
    This article looks at ways you can stay in touch with leads without seeming to always be on their doorstep. No one wants to come across as pushy or aggressive. Nothing is more off-putting than the stereotypical salesman, with his foot in the door, pressuring you to buy.  However, if you don’t follow up on leads, you are going to have a hard time developing a strong client portfolio. So, where is the fine line between business-like linking, and over-the-top pushiness? Why don’t they cal...Keep on reading: How to follow-up without being a nuisance
  • Dr. Cherry advises you to use your hands to move around the interview process

    29 Jul 2015 | 4:44 pm
    By Rob Starr, Big4.com Content Manager   “I think one of the most important things when you’re looking at any consulting firm or financial firm is that they are process driven. Many times people make the mistake of believing that an interview is about building rapport, which it is, but a skilled interviewer is also looking for a process.” This from Cherry A. Collier, PhD, MCC., an Organizational Psychologist, College Professor and Master Certified Coach who has worked with Fortune ...Keep on reading: Dr. Cherry advises you to use your hands to move around the interview process
  • SSP and Capgemini Team Up To Innovate Insurance Industry

    28 Jul 2015 | 4:55 pm
    By Rob Starr, Big4.com Content Manager SSP, a leading global provider of insurance technology, and Capgemini,  have entered into a services agreement that will enable general insurers to accelerate their digital ambition and replace legacy systems. Nigel Walsh, Vice President and Head of UK Insurance, Capgemini, walked us through some of the announcement's highlights.     What's the history of the relationship between Capgemini and SSP?   Capgemini started working with SSP over 12 mo...Keep on reading: SSP and Capgemini Team Up To Innovate Insurance Industry
  • Technology disruption drives record dealmaking in 2Q15

    28 Jul 2015 | 4:30 pm
    By Rob Starr, Big4.com Content Manager ...Keep on reading: Technology disruption drives record dealmaking in 2Q15
  • EY gets Capitol Hill experience for its legislative group in Washington, D.C.

    27 Jul 2015 | 4:07 pm
    By Rob Starr, Big4.com Content Manager   Amy Jensen Cunniffe’s new job as a Principal for EY’s legislative group in Washington, D.C. will take her out of her most recent endeavor as an independent consultant to focus on health care for the Big Four firm’s clients. She has a strong background in health policy as well as tax, labor, Social Security and general business issues. She also has an excellent balance of corporate work in her portfolio—having been Senior Vice President of ...Keep on reading: EY gets Capitol Hill experience for its legislative group in Washington, D.C.
 
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    One Accounting

  • Coming Soon – The Scottish Rate of Income Tax

    Chris Thomas
    29 Jul 2015 | 7:15 am
    From 6 April 2016, the income tax rates set by the UK government that apply to the ‘rest of the UK’ (rUK) will be reduced by 10p in the pound for Scottish taxpayers, and increased by the Scottish Rate of Income Tax (SRIT). The Scottish government will announce the SRIT by the end of November 2015. As yet, we have no indication if this will be higher, lower, or the same as the rUK rates. However, the tax bandings for the basic, higher and additional rates of tax will be the same for Scotland and the rUK for the 2016/17 tax year. What is a Scottish Taxpayer? A Scottish taxpayer is a person…
  • Bad News For Landlords!

    Chris Thomas
    20 Jul 2015 | 7:14 am
    Last weeks summer Budget brought some bad news for private landlords which could significantly increase their tax bills. We have read through the small print of the budget documents to learn more about the impact of the new rules. You can find out more about the changes, and pick up some tax tips to soften the blow by watching the 5 minute video here. One Accounting will always keep you up to date with the latest financial news and tax changes. Subscribe to our YouTube channel in order to be ahead of the Taxman.
  • Summer Budget July 2015 Summary

    Chris Thomas
    14 Jul 2015 | 6:37 am
    Chancellor George Osborne has delivered the first Budget by a wholly Conservative government in almost 20 years. The March 2015 Budget provided some clues as to possible new measures and of course, the Conservative election manifesto contained a wide range of commitments to be introduced during the course of the current parliament. The Chancellor said that this is a Budget for working families in a ‘one-nation society’. In ‘a big Budget for a country with big ambitions’, he focused on how the government will continue with its deficit-reduction plans, whilst giving the…
  • VAT on Pre-trading Expenses

    Chris Thomas
    6 Jul 2015 | 8:20 am
    When you register your business for VAT you can reclaim the VAT charge on goods you acquired within the previous four years, and on services provided to your business within the last six months. As long as the items were used for your business, and you still held the goods (as stock or business assets) at the date of the VAT registration, you can claim back the VAT on your first VAT return. However, the VAT man has recently changed his view on exactly how much VAT you can reclaim in this situation. He now says that any use of assets in your business in the period before you registered for VAT…
  • Staff Clothes

    Chris Thomas
    24 Jun 2015 | 1:34 am
    If you provide clothes for your staff to wear at work you need to be aware of the tax and VAT implications which may vary according to the items provided. Where the items provided constitute a uniform or protective clothing which is needed to perform the job, the cost is tax deductible for the business and the VAT can be reclaimed. There is no taxable benefit in kind for the employee. If the clothes are not considered to be a “uniform” and can’t qualify as protective clothing, the tax treatment depends on whether the employees are permitted to keep the items. Where ownership…
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    JonathanMilligan.com

  • How Our Fear Controls, Guides, and Directs Our Lives and What to Do About It

    Jonathan Milligan
    27 Jul 2015 | 8:10 am
    3 Simple Strategies to Living a Better Life Ninety-Five percent of the state of Idaho’s water supply comes from underground. The Big Lost River, Snake River and other rivers begin in the Rocky Mountains and collect in the Snake River Aquifer. It’s an amazing 400-mile underground water supply. You don’t see it on the surface, but it’s there. I was having a conversation with someone recently. They wanted to grow to the next level in their life but they felt stuck. The challenge was they couldn’t identify the issue. Have you been there? Maybe you wanted to grow to the next level in…
  • Your 90 Day Game Plan to Crushing Your Goals this Quarter

    Jonathan Milligan
    29 Jun 2015 | 8:32 am
    A Life-Changing, Business-Altering Goal Setting Plan Are you happy with your current level of productivity? If not, I want to deliver over to you a life-changing, business-altering plan you can begin using today. The one single factor that has contributed the most to my productivity is the 90-day goal setting process. If you are not accomplishing everything you’d hope to, it comes down to two reasons: lack of clarity and daily broken focus. Clarity for me comes through setting out in a very clear direction for the next 90 days. It’s hard for us to get clear on two and five year…
  • 5 Principles for Working Less and Living More

    Jonathan Milligan
    22 Jun 2015 | 8:16 am
    How to Avoid the Entrepreneur's Trap Is there a danger in loving your work too much? It wasn’t unusual for Thomas Edison to work 20 continuous hours during a 24 hour period. Many times, his 4 hours of rest came in the form of a nap on a couch where he worked. There’s even one recorded time period in which Edison worked for 72 straight hours without rest. Therein lies the tension. When work feels like play, why choose to do something else with your time? [Tweet “When you don’t have anything more compelling to do, you’ll always choose your work.”] While…
  • Why You Need Both Discipline and Freedom to Do Great Work

    Jonathan Milligan
    15 Jun 2015 | 5:00 am
    Those who keep their options open, commit to nothing If I told you discipline and freedom go together nicely, would you believe me? If not, get ready for a mindset shift today. The truth is if you want to do great work, you are going to need both discipline and freedom. In the bestselling book Business Secrets from the Bible, Rabbi Daniel Lapin talks about the two meanings of the word “engraved” when referring to the 10 Commandments. Permanent or restrictive – The first meaning is “engraved or marked in a stone.” It is permanent and no eraser can remove it.
  • The Hidden Danger That Just Might Destroy Your Dreams

    Jonathan Milligan
    8 Jun 2015 | 7:11 am
    Why Subtle Laziness Leads to Sudden Scarcity What if I told you there was a hidden danger that has the potential to destroy your dreams? It’s a subtle danger. It’s not the type of danger you anticipate when watching movies (which my son calls the “jump scare”). This danger is subtle like a slow, moving tide. It’s subtle like when you close your eyes on the lazy river at the water park only to open them to be surprised at how far you’ve travelled. You wake up one day and realize just how far off course you really are. What is this hidden danger? It’s…
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    A WordPress Site

  • Hello world!

    skylarknetworks
    20 Jul 2015 | 1:10 am
    Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!
 
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    AICPA Insights

  • Educating Your Clients About End-of-Life Care Costs

    Guest Blogger
    3 Aug 2015 | 4:00 am
    No one wants to think about death, much less how much it will cost. But as the population ages and life expectancies rise, it is likely that your clients will need to think about and prepare for their later years, including the possibility of age-related illness. End-of-life care is a financially and emotionally complicated topic, but starting the conversation with your clients long before they might face age-related illnesses is an important first step. There is no one-size-fits-all approach to preparing for end-of-life care. Variables include a client’s net worth, investments and family…
  • Making the Next Tax Season a Better One

    Guest Blogger
    29 Jul 2015 | 4:00 am
    Reflections on Tax Season As we head into the second part of the 2015 filing season (with the 2016 season not far behind), some thoughts come to mind. Many practitioners felt as though recent tax law changes and related guidance was vague, late and not well supported. As a result, the 2015 filing season was more demanding than previous seasons, with uncertainty surrounding the final “repair regulations,” complex financial products and late receipt of client 1099s and brokerage statements. With a fixed tax deadline, we had less time to prepare and process returns and extension payments.
  • 5 Financial Tips for Newly-Employed Young People

    Lauren J. Sternberg
    28 Jul 2015 | 4:00 am
    Summer. A time for barbeques, trips to the beach, ice cream and, for many teenagers and young adults, their first jobs. What better time, then, to educate the newly employed about sound financial practices, before they’re tempted to spend all of their hard earned income having a good time? For many Americans, the pursuit of fun is more of a priority than saving money. Just turn on the radio and you’ll hear any number of songs about frivolous consumerism. In the case of one of this summer’s ubiquitous songs, Time of My Life, the rapper Pitbull (né Armando Christian Pérezcelebrates the…
  • 3 Answers to Common SSARS No. 21 Questions

    Guest Blogger
    27 Jul 2015 | 4:00 am
    The National Football League’s Denver Broncos will have a new head coach in the upcoming season, Gary Kubiak, a former quarterback and later assistant coach for Denver who most recently was offensive coordinator for the Baltimore Ravens. Kubiak brings a new offensive playbook featuring zone blocking schemes and play-action passing to his new team. Broncos quarterback Peyton Manning has been playing at an All-Pro level for the vast majority of his career. Now he will need to learn Kubiak’s system – and quickly. It’s a challenge for Manning, but he knows that his new coach’s system…
  • “Courteously” Connecting with IRS Service Needs

    Edward Karl, CPA
    24 Jul 2015 | 4:00 am
    Words have no power to impress the mind without the exquisite horror of their reality.                         —Edgar Allan Poe Courtesy disconnect. You may have heard about it. The telephone hold times during this past filing season were so long that the IRS hung up on callers when the hold time reached two hours. Callers were warned they were about to be dropped — hence the courtesy disconnect.  We heard from so many members about IRS service…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • How to Be Financially Ready to Start a Business

    OSYB Staff
    1 Aug 2015 | 10:00 pm
    Not only must business owners find startup funding, but they also need to save up enough capital to cover their living expenses before they can start drawing a salary. Here are five crucial steps to take to become financially ready to start a business.
  • Should You Drop a Low-Profit Product?

    OSYB Staff
    1 Aug 2015 | 10:00 pm
    If product revenues don’t cover direct costs, or don’t cover direct costs and a percentage of overhead, it may not make sense to keep selling that product. It doesn’t automatically mean that you should drop the product though. In fact, there are lots of valid reasons to sell an unprofitable product.
  • 4 Baby Items You Should Never Buy Used

    OSYB Staff
    1 Aug 2015 | 5:00 pm
    Since babies tend to grow out of their clothes and toys, it makes sense to avoid buying everything new at a retail store. However, there are baby things you should not buy used. Here are a few baby items that should always be bought new. Read more here. 
  • 4 Online Marketplaces to Sell Handicrafts That Aren’t Etsy

    OSYB Staff
    1 Aug 2015 | 5:00 pm
     Instead of books, music, and peanut butter, Etsy features sellers of handmade jewelry, paper goods, and clothing. However, its boost in popularity – even before the IPO — has caused many small-scale and new artisans to complain that the site is oversaturated with sellers. Read more here. 
  • Best Money Tips: Ways to Make Extra Money With Little Skill

    OSYB Staff
    1 Aug 2015 | 5:00 pm
    Welcome to Wise Bread’s Best Money Tips Roundup! Today we found some great articles on ways to make extra money with little skill, how to save at your favorite restaurant chain, and must-haves for staying healthy on the go. Also see the other essential reading articles listed here. 
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    Presti & Naegele

  • July 2015 Newsletter

    Salvatore Russo
    30 Jul 2015 | 12:13 pm
    Wayne Naegele’s review: Supreme Court upholds ACA Code Sec. 36B premium tax credit regs. Salvatore Russo answers the frequently asked question; Can I deduct the cost of sending my child to summer camp? The post July 2015 Newsletter appeared first on Presti & Naegele.
  • July 2015 tax compliance calendar

    Andrew Presti
    15 Jul 2015 | 12:28 pm
    July 2015 tax compliance calendar 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 July 2015. July 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 24–26. July 6 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 27–30. July 8 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July…
  • How Do I? Determine when the “at risk” rules apply to my business

    Joseph Romano
    15 Jul 2015 | 12:28 pm
    How Do I? Determine when the “at risk” rules apply to my business Taxpayers that invest in a trade or business or an activity for the production of income can only deduct losses from the activity or business if the taxpayer is at risk for the investment. A taxpayer is at risk for the amount of cash and the basis of property contributed to the activity. Taxpayers are also at risk for amounts borrowed if the taxpayer is personally liable to pay the liability, or if the taxpayer has pledged property as security for the loan (other than property already used in the business). At-risk…
  • Treasury, IRS get moving on ABLE account rules

    Joseph Romano
    15 Jul 2015 | 12:28 pm
    Treasury, IRS get moving on ABLE account rules Late in 2014, Congress passed and President Obama signed into the law the Achieving a Better Life Experience (ABLE) Act. The new law, which enjoyed strong bipartisan support, authorizes the creation of tax-favored accounts for qualified individuals challenged by disabilities. Congress instructed Treasury and the IRS to quickly issue guidance and the agency did so in June. The new guidance covers how to establish ABLE accounts, funding for these accounts, qualified distributions, and various reporting requirements. ABLE accounts ABLE accounts are…
  • Supreme Court’s same-sex marriage decision affects federal, state taxation

    Joseph Romano
    15 Jul 2015 | 12:27 pm
    Supreme Court’s same-sex marriage decision affects federal, state taxation The Supreme Court’s decision in Obergefell v. Hodges (2015-1 ustc ¶50,357) on June 26, 2015 continues what was set in motion in 2013: the expansion of tax benefits to same-sex married couples. In Obergefell, the Court ruled 5 to 4 that the Fourteenth Amendment requires a state to license a marriage between two people of the same sex. The Court further held that states must recognize a marriage between two people of the same sex when a marriage was lawfully licensed and performed out of state. Background In 2013,…
 
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    It's Taxing - Bond Beebe

  • NEW APPLICABLE FEDERAL RATES RELEASED FOR AUGUST BY IRS

    3 Aug 2015 | 11:51 am
    Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (AFRs), are regularly published as revenue rulings. The AFRs for August 2015 are as follows: Annual Semi-Annual Quarterly Monthly Short-Term: 1-3 years 0.48% 0.48% 0.48% 0.48% Mid-Term: >3 & up to 9 years 1.77% 1.76% 1.76% 1.75% Long-Term: >9 years 2.74% 2.72% 2.71% 2.70%
  • IRS Proposes Regulations that Would Allow Individuals with §83(b) Elections to e-File Tax Returns

    30 Jul 2015 | 4:00 am
    BACKGROUND: Section 83 of the Internal Revenue Code states that you do not have to recognize income from owning equity in a company until that stock vests. Section 83(b) refers to a special election you can make with the IRS to let them know that, despite the fact you have not yet vested your stock, you still want to recognize the income associated with ownership immediately. If you file the 83(b) election before your stock has appreciated from it’s strike price there will be no income and therefore no tax owed. You have 30 days from the date of exercise to
  • Avoid the Christmas Rush: Mid-Year Tax Planning

    29 Jul 2015 | 5:51 am
    Summertime is commonly a time to relax and take a break from the pressure of everyday life. However, a little planning now while things are otherwise slow can go a long way towards simplifying your life at the end of the year when tax and financial planning are frequently undertaken. Mid-year tax planning can give you more time to map out and execute a smart plan that can save you time and money later. It can also be a good time to discuss your situation and get planning advice from your tax or investment professional while they have more time available.  Here
  • Don't Forget About PCORI Fees due July 31, 2015

    16 Jul 2015 | 10:52 am
    As part of the Affordable Care Act, the IRS was charged with collecting a fee from health insurers and plan sponsors of self-insured plans each year, for seven years, to help fund the Patient-Centered Outcomes Research Institute (PCORI). These so-called “PCORI Fees” are a set fee based on the average number of lives covered by the plan during the year. The fee started at $1 but increases with inflation, and is currently at $2.08 per average number of lives covered for years ended after September 30, 2014 and before October 1, 2015.
  • Maryland Tax Amnesty Program Update

    1 Jul 2015 | 10:22 am
    The Maryland General Assembly has released more details about the Maryland Tax Amnesty Program. This program waives all civil penalties and one half of the interest for delinquent taxpayers who apply and are approved. We shared some information about the Tax Amnesty Program in April. To read more about the program and how it may affect you, visit taxes.maryland.com. 
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    Energized Accounting

  • 2015 Review of QuickBooks Online | CPA Practice…

    Bill Kennedy
    14 Jul 2015 | 9:02 am
    2015 Review of @QuickBooks Online by CPA Practice Advisor #Accounting 2015 Review of QuickBooks Online | CPA Practice… QuickBooks Online is a good fit for those looking for a solid financial product that is one step above basic micro-business accounting solutions, yet not filled with a lot of unnecessary features. QuickBooks Online is also easily scaled up to the more…Read More accountantvip The post 2015 Review of QuickBooks Online | CPA Practice… appeared first on Energized Accounting.
  • Building Client Loyalty in the “Age of Disruption”

    Bill Kennedy
    14 Jul 2015 | 9:01 am
    Building Client Loyalty in the “Age of Disruption” Even #accounting gets disrupted! Building Client Loyalty in the “Age of Disruption” For years now, we’ve been talking about how our profession is poised on the brink of massive changes, driven primarily by the explosive growth of digital technology. We have successfully … [Read More…] accountantvip The post Building Client Loyalty in the “Age of Disruption” appeared first on Energized Accounting.
  • Cloud Accounting: Helping To Save The…

    Bill Kennedy
    12 Jul 2015 | 9:12 am
    Cloud #Accounting: Save The Environment One File At A Time #Paperless #Office Cloud Accounting: Helping To Save The… Every journey begins with one step. While trying to eliminate your carbon footprint is a lofty if not impossible goal there are small things every individual can do to improve the world we live in and leave a sustainable planet for our children.Environmental benefits of cloud computing While cloud computing may not seem all that eco-friendly at first glance, a closer look reveals a number of benefits. A six-month study conducted by Lawrence Berkeley National Laboratory…
  • Dan Wernikoff on the Uniqueness of Small…

    Bill Kennedy
    9 Jul 2015 | 12:01 pm
    Dan Wernikoff: Small Businesses are Unique | THE METHOD BLOG @MethodCRM @QuickbooksCA Dan Wernikoff on the Uniqueness of Small… Dan Wernikoff, Intuit’s GM of the Small Business Group, speaks to the changing face of the QuickBooks customer base. Every small business is unique and with integrated and extensible software like QuickBooks and Method, they can have a solution that’s just right for them. accountantvip The post Dan Wernikoff on the Uniqueness of Small… appeared first on Energized Accounting.
  • How to ‘Get Connected’ with @QuickBooksUK

    Bill Kennedy
    9 Jul 2015 | 5:40 am
    QB gives M+M’s a run for their money! Oh, they talk to #accountants too. How to ‘Get Connected’ with @QuickBooksUK At QuickBooks, we spend a significant amount of time listening to accountants to find out what drives them, what frustrates them, and what could make their lives so much easier. Most accountants are constantly seeking insight and the latest advice that could affect their profession and allow them to prepare their practice for future success, […] The post How to ‘Get Connected’ with QuickBooks appeared first on UK Small Business Centre | QuickBooks .
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    Financial Memos

  • Measuring Management Performance: ROTA

    Andrew Carter
    13 Jul 2015 | 3:27 am
    This tutorial carries on from our article last week looking at two key measures of management performance and in particular Return on Equity (ROE). The connection between ROE and Return on Total Assets (ROTA) is the foundation upon which ROTA provides for ROE. In effect ROTA provides the means that shareholders drive value from their investment. Through the efficient and economic utilization of the assets under its control, management therefore drive value for owners and their equity. In substance without proper and consistent returns being generated from assets there is little chance that…
  • Return on Investment: measures of performance

    Andrew Carter
    6 Jul 2015 | 7:47 am
    In the analysis of the return a particular investment is generating there are two measures that provide complementary and yet different appraisals. In a two part series we will look at how these measures provide some of the most important analysis of capital deployed and the efficiency of fund utilization. Return on Total Assets (ROTA) and Return on Equity (ROE) Back in November 2014 we provided an overview of ROE and also provided an online calculator to help you with the calculation. In this new post we expand on this material and in particular introduce the measure of ROTA (to be covered…
  • Net Profit Margin Ratio Including Analysis and a Calculator

    Andrew Carter
    23 Jun 2015 | 5:41 am
    Net Profit Margin is one of the most widely used ratios by investors and analysts. It is used in order to understand the ability that a company has to translate the revenue generated into profits that can be distributed to the investors after all expenses incurred during the year. Net Profit Margin Formula The formula for the net profit margin is: Net Profit Margin = (Net Profit/Revenue) x 100 As an example, if Company Z has $200,000 net profit and $2,000,000, then the net profit margin will be 10%. A more detailed analysis of the above example is as follows: Let’s assume that Company Z has…
  • Return on Assets Ratio (ROA) – Including an online calculator

    Andrew Carter
    22 Jun 2015 | 5:40 am
    The Return on Assets Ratio (ROA) shows how well a company uses its’ assets in order to generate profits. ROA is one of the  profitability ratios that are used to understand and assess whether the resources that a company has at its’ disposal are used in an efficient way. Return on Assets Ratio Formula Return on Assets is calculated by dividing the net profit for the year to the total assets that a company has. The Return on Assets Ratio (ROA) is expressed as a percentage. The net profit is a figure found in the profit and loss account (income statement) while the total assets is recorded…
  • Debtor Days Ratio- Formula, Analysis and Calculator

    Andrew Carter
    21 Jun 2015 | 5:23 am
    Debtor Days Ratio shows how quickly a company turn the credit sales made into cash. It’s therefore reasonable that the smaller the debtor days ratio, the quicker a company is able to collect cash from its’ clients. Debtor Days Formula There is more than one formula that you can use to calculate the debtor days. To be more specific, the first version of the debtor days calculates the debtor days ratio by dividing the trade debtor (not the whole debtor balance, just the trade debtors) with the credit sales and multiplying the result with 365 (number of days in a year). Debtor Days= (Trade…
 
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    The Accountancy Partnership

  • Striking a balance between business and leisure during school holidays

    kbilby
    4 Aug 2015 | 1:09 am
    So the school summer holidays are now in full swing and for your little ankle-biters that means staying up late, trips to the cinema and no homework but for business-owning parents it means compromise on time and profit. New research has shown that this year’s school summer holiday will likely cost the country more than £650m due to sacrificed hours, so we’re here to help you find the right balance. Insurance firm, Direct Line for Business found that 60% of the 844,000 UK home business that have dependent children will cut their working hours dramatically this summer in order to spend…
  • Late Payments: the Bane of the Small Business

    kbilby
    3 Aug 2015 | 1:11 am
    One of the Government’s pre-election promises to small businesses was measures to tackle late payments. But according to new figures from Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Direct Credit in the UK, SMEs are spending more than ever on chasing late payments. Late Payments Cost Nearly £1000 per Month The research by Bacs revealed that SMEs are spending a collective £10.8 billion a year attempting to recover overdue payments, up from £8.2 billion in July 2014. This means that each business is spending, on average, around £955 a month on late payment…
  • HMRC’s Hit List: Payment Providers and Business Intermediaries

    kbilby
    31 Jul 2015 | 1:24 am
    Last week, HMRC released two consultation documents that made it clear it’s serious about cracking down on tax evasion and improving compliance – and revealed its next two targets. While one focuses on big businesses that fail to work with the HMRC in ‘an open and collaborative manner,’ the other will introduce measures affecting ‘noncompliant SMEs and sole traders that are not declaring their full income or are trading in the hidden economy.’ So let’s take a closer look. The Hidden Economy HMRC’s ‘hidden economy’ refers to ‘businesses who fail to register for tax, and…
  • The battle between online and offline business

    kbilby
    30 Jul 2015 | 1:38 am
    Ecommerce, mcommerce and online business is undeniably a pretty huge deal but we reckon there is still an extremely viable place for physical shopping in the marketplace. The battle between online and offline business is something that seems to be splitting the crowd so we wanted to investigate the pros and cons of each.  There was a time when nipping down to the local supermarket was the only way you could stock your cupboards for the week ahead. However, the wonder that is modern technology has enabled customers to order their items from the comfort of their very own homes and watch…
  • High insecurity levels among the UK’s young workers

    Stephanie Whalley
    28 Jul 2015 | 5:53 am
    No matter which generation you belong in, you’ll likely have found yourself caught up in numerous comical situations when travelling public transport as a youth. One we’ve all experienced is the big gummy grin you receive when giving up your seat for an elderly person on the bus and it was always nice knowing you had done your good deed for the day. However, things often turned sourer when you were queuing in torrential rain to board the bus and forced to give up your front place position to a string of OAPs and new mothers, purely based on your age. You were a victim of your own…
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    The Cheap Accountants

  • KPMG joins forces with MarketInvoice as interest in alternative finance grows

    admin
    4 Aug 2015 | 2:35 am
    Over the next couple of years, the business finance landscape in Britain is set to be overturned by a revolutionary phenomenon that has been growing and growing over recent months and thriving off the country’s many small businesses. This mysterious entity is what is known as alternative finance and it is transforming the lending process at a rate of knots. Research carried out by modern lender ‘with traditional values’, Amicus strongly suggests that there will be an increased appetite for crowdfunding and finance from outlets such as property, invoice and assets. This subsequently…
  • The ups and downs of the new IFRS9 regulations due in January 2018

    admin
    31 Jul 2015 | 6:11 am
    Experts have been suggesting that, in hindsight, had banks had access to the appropriate knowledge and facilities, we could have potentially prevented the crippling financial crisis of 2007/8. These notions have come to surface in the run up to the activation of new regulations that are being put in place in attempts to help banks better deal with current and potential debts. The new set of accountancy rules known as IFRS9 have been issued by the International Accounting Standards Board and will be implemented and fully compliant by January 2018. The measures will transform the treatment of…
  • Government creates a brand new role to help tackle late payment issues

    admin
    30 Jul 2015 | 1:28 am
    Late payments have been a massive issue for small businesses around the world for a while now but the problem just doesn’t seem to be lessening and many blame this on a lack of appropriate action. The government estimates that small and medium-sized enterprises are owned around £26bn in unsettled bills and the chasing of these debts is costing them even more. It has been announced this week that the government will introduce a UK small business commissioner to help fight this growing issue, following the success of a similar role in Australia. The Federation of Small Businesses (FSB) ran a…
  • HMRC targets app sector in new measures to tackle hidden economy

    admin
    24 Jul 2015 | 5:36 am
    The hidden economy has long been an issue that HMRC have entered into battle with and new progressions have been announced this week. Revenue & Customs is expected to turn its sights onto the digital app sector, where they believe tax evasion is particularly rife. The new measures have been outlined in its Tackling the Hidden Economy: extension of data-gathering powers consultation document. The document outlines new proposals that have put in place in a bid to strengthen the ongoing war against undeclared earnings and this time third-party trade facilitators are being targeted. HMRC has…
  • Gender pay gap becomes a canyon in the accountancy sector

    admin
    20 Jul 2015 | 6:24 am
    The gender pay gap has been a growing issue across most industries for a number of decades despite the activation of an Equal Pay Act which came into force in 1970. Various loopholes that have been taken advantage of along the way have prevented the legislation from having the revolutionary impact on balancing men and women’s wages that was intended. Females are still being paid around 10% less than men, on average and this issue is particularly rife within the accountancy sector. Its a mans world for chartered accountants According to new statistics released earlier this year, ICAEW…
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    Jetpack Workflow » Blog

  • How to Implement Strategic Growth & Marketing for Your Accounting Practice: The Sarah Johnson Dobek Interview

    Jetpack Workflow
    4 Aug 2015 | 5:27 am
    This week we’re excited to release our interview with Sarah Johnson Dobek on How to Implement Strategic Growth & Marketing for Your CPA Firm or Accounting Practice.” In this interview, we cover How to implement strategic growth and marketing plans How to define a service or industry niche Exciting marketing channels and how to take... Read more » The post How to Implement Strategic Growth & Marketing for Your Accounting Practice: The Sarah Johnson Dobek Interview appeared first on Jetpack Workflow.
  • The Mindset of a Successful Owner & Partner: The Sandi Leyva Interview

    Jetpack Workflow
    23 Jul 2015 | 5:23 am
    This week we’re excited to have Sandi Levya, President of Accountant’s Accelerator* on today’s show! (please note this post includes affiliate links) In this interview, we cover:   The 7 Surprisingly Simple Strategies to Seven Figure Freedom   How critical “mindset shifts” can help you engage more with your team     and clients   Powerful... Read more » The post The Mindset of a Successful Owner & Partner: The Sandi Leyva Interview appeared first on Jetpack Workflow.
  • How to Profit First: The Mike Michalowicz Interview

    Jetpack Workflow
    7 Jul 2015 | 4:36 am
    In this week’s interview, we talk with Mike Michalowicz, author of Profit First (as well as the Pumpkin Plan and Toilet Paper Entrepreneur). Mike’s latest book “Profit First” has been exploding in the market, and we couldn’t wait to get him on the Growing Your Firm podcast! In this interview, we cover: How GAAP Accounting has... Read more » The post How to Profit First: The Mike Michalowicz Interview appeared first on Jetpack Workflow.
  • How to Predictably Win New Clients Every Month

    Jetpack Workflow
    1 Jul 2015 | 8:47 am
    Excited to grow your firm or practice but always feel like you’re falling short of your metrics? In this post, I want to go over how to set up a client acquisition pipeline so that you can better forecast your growth. Step 1: Defining the metrics A very common question I ask firms is “How... Read more » The post How to Predictably Win New Clients Every Month appeared first on Jetpack Workflow.
  • How to build operational efficiency and practice workflow: The Jeff Borcshowa Interview

    Jetpack Workflow
    23 Jun 2015 | 5:43 am
    This week we’re excited to release our latest interview with Jeff Borschowa, thought leader and innovator behind DreamPractice. In this interview, we cover: A quick way to pick up and track competitive intelligence among your competitors How to build out operational efficiency and practice workflow without burning out or becoming overwhelmed The system for both... Read more » The post How to build operational efficiency and practice workflow: The Jeff Borcshowa Interview appeared first on Jetpack Workflow.
 
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