Accounting

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  • He IS Risen Indeed!!! Happy Easter!!!

    Accounting News and Notes
    John Dillard
    18 Apr 2014 | 5:41 am
    Stop living in the world of the dead and start living in the world of Eternal Life I wonder what Jesus was thinking on Palm Sunday. What we often see as a celebration of His triumphant return to Jerusalem. He knew the truth. He was riding in to his destiny. An excruciating death. On a Cross where all He knew fled. While He bled. Where are You today in your walk? Are you seeking Christ? Or an Easy Way Out? Maybe this Easter it is Time. To Draw a Line in Concrete Rather than Sand!!! Today was the day he perished on a hill. So that we might all have the free gift of everlasting life. Choose…
  • Register now: Webcast series on the new PFP standards

    CPA Letter Daily
    18 Apr 2014 | 6:21 am
    The increased demand and projected growth of personal financial planning services have brought the accounting profession to a -More- 
  • IRS resources devoted to audits are at a 30-year low

    CPA Letter Daily
    18 Apr 2014 | 6:21 am
    Fewer Internal Revenue Service agents will be auditing returns this year than at any point since the 1980s, as a strained bud -More- 
  • "High-touch" ways to engage clients through technology

    Financial Planning Digest
    17 Apr 2014 | 10:13 am
    This article discusses how to use "high-touch" technology trends to interact with clients.  -More- 
  • Culture of Purpose: Building Business Confidence; Driving Growth

    Deloitte U.S. Top Stories
    6 Apr 2014 | 5:00 pm
    The 2014 Deloitte Core Beliefs & Culture survey found that focusing on purpose rather than profits builds business confidence and drives investment.
 
 
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    Accounting News and Notes

  • He IS Risen Indeed!!! Happy Easter!!!

    John Dillard
    18 Apr 2014 | 5:41 am
    Stop living in the world of the dead and start living in the world of Eternal Life I wonder what Jesus was thinking on Palm Sunday. What we often see as a celebration of His triumphant return to Jerusalem. He knew the truth. He was riding in to his destiny. An excruciating death. On a Cross where all He knew fled. While He bled. Where are You today in your walk? Are you seeking Christ? Or an Easy Way Out? Maybe this Easter it is Time. To Draw a Line in Concrete Rather than Sand!!! Today was the day he perished on a hill. So that we might all have the free gift of everlasting life. Choose…
  • Running a Business is an Art Based Upon the Science of Business

    John Dillard
    18 Apr 2014 | 5:38 am
    ALL honest business owners will tell you they struggle. What to do? What to do Next? How Hard to Work? What to Work On? What to Focus On? “For Running a Business is an Art Based Upon the Science of Business” – Duluth CPA, John Dillard Buying or Selling a Business? How to Determine Business Value Hi John, I’m seriously considering a change in my life.  With that I must decide if I am going to keep my business, sell it, or walk away.  I’ve been doing some reading on how to value a business for sale.  It’s overwhelming for me.  Having seen my tax forms over the…
  • 25 Christian Blogs You Should Be Reading

    John Dillard
    16 Apr 2014 | 7:17 am
    25 Christian Blogs You Should Be Reading
  • I resolve to know nothing…except Jesus Christ and Him crucified

    John Dillard
    16 Apr 2014 | 6:23 am
    Are You on a Faith Walk? Or a Faith Crawl? Are You on a Spiritual Journey? Or Do You Think You Have Already Arrived? Are Your Seeking to Grow in Christ? Are You Stuck and Can’t Seem to GROW More? Is it Time to Take a New LOOK  at Who You are in Christ? I have experienced over the past few months a sense of burnout as to my reading and studying the Bible, going to church and praying. Then I pray for a resolution to the burnout experience I am going through at this time. I think of James telling to gather Elders and the laying of hands for the rejuvenation of the Spirit within me. I think my…
  • Best Practices When Incorporating & Entity Selection

    John Dillard
    16 Apr 2014 | 6:03 am
    Duluth CPA Teaches Gwinnett Business Owners Best Practices When Incorporating Below is a sample letter that I might send to a new client to ensure that all tax issues are being correctly addressed. Leaving any loose ends is a recipe for disaster. Looking ahead and while addressing the details of today is a watchword for a Good CPA. Incorporating Your Business/Choosing a Business Entity Type This will confirm that I suggest you ASAP get with an Attorney and move the domicile of your corporation to where you are presently living and working. Left to our own devices, we are often prone to make…
 
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    CPA ZONE

  • Test your knowledge of corporate taxation with Phil Yaeger - REG Study Group at CPA Exam Club

    Brenda Mizgorski
    7 Apr 2014 | 2:04 pm
    Yaeger CPA Review has started up a new video series called "Test... Your...Knowledge". Say it with your game show voice Really it's no game, its all business...REG Question #2 cranks through a C Corp Schedule M-1 question. (7:04) http://www.youtube.com/watch?v=_I_R0zVQD9s and you can find REG Q1 here:http://www.cpanet.com/go/yaegercpa/sg/regknowledge001.asp Related articles Yaeger CPA Review Provides Discounts to CPA Exam Club Members Auditing Clarity Project with Gary B | Yaeger CPA Review Here are the Links to CPA Exam Club's Private Facebook Study Groups
  • Get the lowdown on the BEC exam with Cindy, she'll walk you through the 2014 updates.

    Brenda Mizgorski
    7 Apr 2014 | 1:43 pm
    BEC 2014 Update (11:46) Want to know about the 2014 BEC updates? Look no further! Join Cindy from Yaeger CPA Review for a brief update on whats new. Related articles Here are the Links to CPA Exam Club's Private Facebook Study Groups The Silent Killer Just Days Away: The BEC Exam
  • Why practicing "tons" of MCQs can help rewire your brain to pass the CPA Exam and the science behind practice makes perfect

    Brenda Mizgorski
    2 Mar 2014 | 9:18 am
    "Growing up, we all heard the expression “practice makes perfect” from our high school coach/music teacher. Then Malcolm Gladwell went on to popularize the research that expertise developed over “10,000 hours” of deliberate practice. But how does that really work?" Read more →  via: Lifehacker
  • Here are the links to CPA Exam Club's private Facebook Study Groups

    Brenda Mizgorski
    28 Feb 2014 | 9:59 pm
    Here are the links to CPA Exam Club's private Facebook Study Groups, please share to spread the word! FAR: https://www.facebook.com/groups/222192327942043/ AUD: https://www.facebook.com/groups/175395602655535/ REG: https://www.facebook.com/groups/435141556592338/ BEC: https://www.facebook.com/groups/465025403615599/ Related articles What is the Difference Between CPA, CFA, and CFP? Roger CPA Review Announcement Life as a CPA (14): Now what? Is CPA a Career Option? Yaeger CPA Review Provides Discounts to CPA Exam Club Members The CPA Exam Hack: Simple Tweaks to Conquer the Exam
  • Bonds: Intro to Bonds & Relationship Between Bond Prices & Interest Rates - FAR Study Group

    Brenda Mizgorski
    25 Feb 2014 | 3:12 pm
    Introduction to Bonds (8:41) Relationship Between Bond Prices and Interest Rates (13:15)
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    Mark Lee - all about accountants

  • 9 things to avoid doing on social media

    bookmarklee
    15 Apr 2014 | 12:46 am
    Too many people play at social networking and don’t really ‘get it’. Then they assert that ‘social networking’ doesn’t work – although the fault is not so much with the medium as with the way they used it. There are many posts on this blog that can help social media novices – and also more experienced users. This time though I have summarised nine things you would be well advised to avoid doing on social media – if you want to have a chance of using it successfully for business purposes. Don’t make it all about you. Self promoting is…
  • How to win at the Networking card games

    bookmarklee
    10 Apr 2014 | 1:14 am
    Popular business card games include the perennial classics: ‘How many can I give out in one night?’ And ‘How many can I collect?’ But what do you really win if you play these games? I’d suggest you are not so much a winner, more of a loser. Sorry to be harsh but if that’s how you play you are missing the point of Networking and so you are wasting your time. Just as if you wanted to play poker but spend your time visiting Bridge clubs. Actually, playing cards can provide a number of useful metaphors that can help us to remember what to do if we want our…
  • My Linkedin ‘Pom-Pon’ stick

    bookmarklee
    3 Apr 2014 | 11:10 am
    I’m a big fan of Linkedin as it can be a very effective online business networking tool. I always wince when I hear it being spoken of as a social networking site in the same breath as facebook, twitter and pinterest. It’s quite distinct and, in my experience, is generally used in a very different way from the more ‘social’ sites. My enthusiasm for Linkedin together with my long time love of magic has led me to coin a new acronym for my connections on Linkedin. People On My Perpetually Online Network (‘Pom-Pon’). Henceforth the magic PomPom stick I’m…
  • Lessons for accountants from…. Coffee enthusiasts

    bookmarklee
    25 Mar 2014 | 3:44 am
    During a trip to Cape Town I chanced upon the Espressolab in The Old Biscuit Mill at Woodstock. This is a fantastic little place where a range of bespoke coffees are also being roasted in a laboratory style environment. When we arrived the owner asked us what sort of coffee we liked. I admitted I was happy with Nescafé instant. He was visibly shocked and, I fear, a tad insulted that such a novice had entered his domain. I realised I’d been a tad foolish – allbeit honest. He asked what we’d like today and I said I’d chosen to try one of the half dozen specially…
  • The worst thing to do when you get a bland Linkedin connection request

    bookmarklee
    18 Mar 2014 | 2:02 am
    If you are on Linkedin you will get connection requests from people you don’t know. And you will also get plenty of bland connection requests from people you’re not sure whether or not you know. It’s very tempting to treat such connection requests in the same way as other unsolicited messages. But that would be a mistake. Linkedin prompts users to connect with people they know and with people they would like to know. I think the worst thing you can do when you get a bland Linkedin connection request is to judge anyone badly for sending this. Many users just don’t yet…
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    NJSCPA Exam Cram Blog

  • Spring has sprung

    Sophie de Koning-Teasdale
    13 Apr 2014 | 8:37 pm
    The one downfall of this gorgeous Spring weather is that I can't go outside and enjoy it as much as I would like. With my REG exam coming up in just over a month, I know I have to do...
  • The fun never ends

    Taka Tanahashi
    11 Apr 2014 | 6:38 pm
    Hi all! It's been a while and it's been a busy season, I hope that you've all been managing through work and school well the past few months! For today's post, I want to reiterate something that's been mentioned before....
  • Don't ever give up hope...

    Janice Amatucci
    10 Apr 2014 | 5:58 am
    According to the National Association of the State Boards of Accountancy, only about 1 in 5 people who take the Uniform CPA Examination pass all four parts on the first try. Remember, passing this exam is ultimately a launch pad...
  • Taking it easy

    Sophie de Koning-Teasdale
    6 Apr 2014 | 7:06 pm
    It has definitely been a busy week since I last posted! I took my AUD exam on Tuesday, but actually have to wait a whole month (until May 2nd) to get my score back! I didn't have too much time...
  • Filling in the gaps

    Sophie de Koning-Teasdale
    30 Mar 2014 | 8:17 pm
    With just a couple days left until my AUD exam on April 1st, I am definitely feeling the pressure! But I am less nervous than I was with my first exam as I now know what to expect with the...
 
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    AccountingCoach

  • What is an overdraft?

    AccountingCoach.com
    11 Apr 2014 | 5:29 am
    An overdraft usually refers to a checking account where the amount of checks presented to the bank for payment exceeds the amount on deposit. When this occurs we say that the checking account customer has overdrawn its account. The overdraft means that the bank’s records indicate a negative checking account balance. A checking account overdraft will likely result in bank fees for either 1) returning the checks to the endorser or payee so that the account balance will not remain negative, or 2) not returning the checks and allowing the checking account balance to remain negative. If…
  • Why is income received in advance a liability?

    AccountingCoach.com
    9 Apr 2014 | 4:43 pm
    Under the accrual method of accounting, income that is received in advance is a liability because the company that received the money has not yet earned it and it has an obligation (a liability) to deliver the related goods or services in the future. Accountants may say that the income should be deferred to a balance sheet account until it is earned. Once the money is earned it will be moved from the balance sheet account to a revenue or income account. In terms of debits and credits, the company receiving the money in advance will debit the asset account Cash and will credit a liability…
  • What is a noncurrent asset?

    AccountingCoach.com
    8 Apr 2014 | 7:59 am
    A noncurrent asset is an asset that is not likely to turn to unrestricted cash within one year of the balance sheet date. (This assumes that the company has an operating cycle of less than one year.) A noncurrent asset is also referred to as a long-term asset. Noncurrent assets are reported under the following balance sheet headings: Investments (long-term) Property, plant and equipment Intangible assets Other assets Examples of noncurrent assets include the cash surrender value of life insurance, a bond sinking fund, certain investments in other corporations, land, buildings, construction in…
  • Should a cash discount be recorded as a reduction to an expense?

    AccountingCoach.com
    27 Mar 2014 | 7:00 am
    Yes, a cash discount should be a reduction to an expense. After all, accountants define cost as the cash amount (or cash equivalent amount) at the time of the transaction. To illustrate, let’s assume that your company receives marketing consulting services and is billed $10,000 with terms of 1/10, net 30. If the bill is paid within 10 days, the cost is $9,900 ($10,000 minus the 1% discount of $100). This means that Cash should be credited for $9,900 and that the account Marketing Consulting Expenses should be debited $9,900. The cost of the marketing services was the cash price of…
  • What is the materials usage variance?

    AccountingCoach.com
    26 Mar 2014 | 7:00 am
    The materials usage variance, which is also referred to as the materials quantity variance, is associated with a standard costing system. The materials usage variance results when a company uses more or less than the standard quantity of materials (input) that should have been used for the products actually manufactured (the good output). The materials usage variance is unfavorable when the actual quantity of materials used exceeded the standard quantity of materials. The materials usage variance is favorable when the actual quantity of materials used was less than the standard quantity. In…
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    CPA Success

  • Want people to be nice? Be nice first.

    18 Apr 2014 | 4:00 am
    It was raining in New York. LaGuardia was mobbed, and one look at the “big board” told the story: Nearly every departing flight was delayed, and not just by a few minutes. We’re talking two-, maybe three-hour delays, the kind that make people really, really grumpy. Except almost no one was grumpy. They were sharing tables and chairs at the terminal’s lone, overcrowded bar. Air-travel veterans were plugging in multi-outlet chargers and making new friends of the strangers who stopped by to charge their iPhones. In line to board their flights, folks were joking about how…
  • Our DNA doesn’t want us to change. Time for some genetic engineering.

    14 Apr 2014 | 8:52 am
    We’ve spent a lot of time over the years asking how to battle change and complexity. Turns out we’ve had the answer all along. All we have to do is be ourselves. In his terrific new book You Are Now Less Dumb, David McRaney says humans are genetically hardwired “to be optimistic in the face of futility.” It keeps us from giving up when we encounter hardships. When the chips are down, McRaney says we are programmed to see the silver lining. It’s all thanks to “positive illusions” — unrealistically favorable opinions that…
  • Senate OKs data transparency legislation

    10 Apr 2014 | 2:56 pm
    Our dream of transparent federal spending data and government accountability is a step closer to reality. The U.S. Senate has unanimously passed the Digital Accountability and Transparency Act, or DATA Act. Nearly three years in the making, the legislation would standardize the ways in which federal spending information is reported and call for the creation of a searchable online database that would let all Americans see how the government is spending their money. The bill next moves to the House for final approval there. Passage by the House could come soon after the Congressional recess…
  • Happy birthday, Maryland CPAs!

    10 Apr 2014 | 2:12 am
    "From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens." - Alexis de Tocqueville - Democracy in America  It was the beginning of a new century and Maryland was a key player in the transformation of the U.S. economy from one based on agriculture to the new industrial age. The steel, tanning, clothing, and tobacco industries were being established as new technologies like steam engines, electricity, railroads, and telegraphs enabled new levels of scale and efficiency. While our history…
  • No 'House of Cards,' but CPAs are fine

    8 Apr 2014 | 5:09 am
    Last night marked the end of the 90-day session of the Maryland General Assembly. In an otherwise quiet close of the session, the only drama was the proposed film tax credit legislation designed to attract the film industry in Maryland. It was also known as the "House of Cards" bill after the wildly popular Netflix series (yes, I am a fan). In fact, one tweet at the close of the session summed it up well: "Anyone else thinking 'House of Cards' special session? Think of the headlines!" That bill was one of the only major pieces of legislation that did not pass last night. But CPAs…
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    TSCPA Governmental Affairs

  • Who is Mike Collier?

    Bob Owen
    17 Apr 2014 | 11:44 am
    We've promised to pay close attention to the State Comptroller's race pitting Republican State Sen. Glenn Hegar against newcomer Democrat Mike Collier.  As reported before, Collier is a CPA,  a former partner in an international accounting firm and former CFO of an oil and gas business.  Who is this CPA whose first venture into politicis is to run for the State Comptroller's office?  Collier spent an hour being interviewed by Evan Grant in the Texas Tribune TribLive presentation.  This interview, which included some questions from the…
  • Sales Taxes on Accounting Services?

    Bob Owen
    11 Apr 2014 | 1:44 pm
    We've had several recent articles on the blog (just scroll down) about Sen. Glenn Hegar's idea to replace property taxes with sales taxes.  While it still may be a fantasy exercise, an article in the Fort Worth Star-Telegram caught my attention.  The article is weighing the pros and cons of the proposal.  The cons include a very high sales tax rate.  Article author Mike Norman says: "That [sales tax rate] might be brought down some by applying the tax to some goods and services that are not covered now. Taxes on legal services and even real estate…
  • It ain't goin' to happen!

    Bob Owen
    10 Apr 2014 | 7:31 am
    About the only continuing news in the state comptroller's race is the manufactured controversy over Republican nominee Sen. Glenn Hegar's comment before a Tea Party group that he would favor replacing the property tax with a sales tax.  I say manufactured controversy because Democratic nominee Mike Collier, CPA, has successfully generated numerous press articles, almost all critical Hegar's suggestion, by harping on an issue that any thinking Texas knows will not happen. The complications of replacing propert tax with a sales tax are so many and so frought with political…
  • Collier's first campaign ad continues to attack Hegar's property tax for sales tax idea

    Bob Owen
    2 Apr 2014 | 12:48 pm
    We mentioned last week that Democratic State Comptroller candidate Mike Collier, CPA has gained a little press notice by claiming his Republican opponent, Sen. Glenn Hegar, was proposing a 25% sales tax.  While that might be an overstatement, the press has continued to write about it.  Hegar has expressed the idea of swapping property taxes for sales taxes, although his campaign is quick to point out that won't be happening any time soon.  Collier must think it's still good campaign fodder because he uses the same line in his first campaign TV ad.  Read about…
  • Comptroller's race draws a little press attention

    Bob Owen
    28 Mar 2014 | 3:12 pm
    It's a long time until the November general election and normally you wouldn't be hearing much about the State Comptroller's race so early in the game.  But the press picked up on one candidates claim that the other candidate favors a 25% sales tax.  Is that true? Well, sorta. The Republican candidate, Sen. Glenn Hegar, did say he favored eliminating the property tax and replacing it with a consumption tax in a speech in February.  He's been known to make the suggestion before.  In fact, I believe it's one of the Republican Party…
 
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    Big4.com Blog

  • The Founding Partner of Sound Advice Consulting Services Gives A Career Development Primer For The Technology and Business Consulting Track

    18 Apr 2014 | 11:04 am
    By Rob Starr, Big4.com Jason M. Hill has his finger on the pulse of where the jobs are when it comes to auditing in general and the Big4 firms specifically. As the founding partner of Sound Advice Consulting Services, he’s been instrumental in completing several hundred consulting and direct hire searches for the firm’s clients. His credentials include Certified Sr. IT PM and he uses those skills with the work he does for the Project Management Institute (PMI) www.pmi.org & Inter...Keep on reading: The Founding Partner of Sound Advice Consulting Services Gives A Career Development…
  • Where will your next partners come from?

    18 Apr 2014 | 8:15 am
    Alan Radding, Big4.com guest blogger Your own book is the best way to build a consulting practice; ask me about ghostwriting your book The traditional way consulting firms find partners is by cultivating them inside the organization [caption id="attachment_37857" align="alignright" width="150"] Alan Radding[/caption] and bringing them up through the ranks. A long proven approach, for sure, but it no longer works. Here are three reasons why: First, the digital world has opened the door...Keep on reading: Where will your next partners come from?
  • Top Ten Articles And Tools For Advancing And Improving Your Organization

    17 Apr 2014 | 6:54 am
    By Michael VanBruaene, Big4.com Guest Blogger Below are the ten articles and tools on my website that have been viewed the most in the past 12 months. Take a look.  They may be useful for your work. 1. Useful Performance Measures & Metrics - How To Measure Efficiency & Effectiveness. http://www.advancingyourorganization.com/?p=1071. 2. Getting A Good Start As A New Manager - Your First 90 Days. http://www.advancingyourorganization.com/?p=1518 3. Guidelines For Man...Keep on reading: Top Ten Articles And Tools For Advancing And Improving Your Organization
  • PwC US’s 2014 Employee Financial Wellness Survey shows gap in financial health between generations is growing

    16 Apr 2014 | 10:09 pm
    Kent Allison, Partner and National Practice Leader of PwC’s Employee Financial Education practice, fills us in as Millennials struggle with debt and Baby Boomers gorw  more confident. By Rob Starr, Big4.com Content Manager 1.  What does this study say about the overall distribution of wealth among the generations? Given the impact the rise in the real estate and stock markets had in year-over-year results, the [caption id="attachment_38578" align="alignright" width="200"] Kent E. A...Keep on reading: PwC US’s 2014 Employee Financial Wellness Survey shows gap in financial health between…
  • PwC Philadelphia Gets Some Brotherly Love From Philly.com

    15 Apr 2014 | 10:32 pm
    By Rob Starr, Content Manager, Big4.com In a city that prides itself on grit and determination, it’s no wonder the Philadelphia office of PwC US was pleased to announce it was selected as one of Philly.com’s Top Workplaces in 2014 for the fifth year running. It’s a merit well deserved when you look at the list of activities, programs and initiatives that brought the distinction to the company where Ed Lovelidge is Managing Partner of PwC’s Philadelphia Metro Market. He spread the net ...Keep on reading: PwC Philadelphia Gets Some Brotherly Love From Philly.com
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    Success Starts Here

  • The McGladrey Baltimore office: Experience the Excitement!

    Courtney
    9 Apr 2014 | 7:34 am
    By Marty BrunkOffice Managing Partner - Baltimore Visualize This: Situated in the robust Harbor East area of Baltimore with picturesque views of the waterfront. Surrounded by talented individuals striving to exceed client expectations. Working with many of the premier companies and their C-Level Executives. Serving the needs of the community with active involvement in charitable organizations and community efforts. You have just entered the McGladrey Baltimore Zone.Conference Room in BaltimoreOur people enjoy a diverse work experience and are constantly challenged by the complexities of…
  • The Final Stretch

    Courtney
    4 Apr 2014 | 11:58 am
    By Matt MatulaTax InternChicago, ILInterning at McGladrey has been quite the experience to say the least. I have made so many good friends and I learned more than I could possibly imagine in such a short time span. I feel as though I have become an integral part of a very close knit community of co-workers in my MWD department. Even though I still have so much more to learn, I definitely have noticed that I have become more helpful to the team rather than being the one who always needs help. However, this is to be expected after spending several weeks working 12 hours a day. Although 12 hours…
  • Hard Work, Done Well, Feels Great

    Courtney
    3 Apr 2014 | 2:42 pm
    By Joshua BensonAssurance InternPhoenix, AZAs my assurance internship comes to an end, I am reminded of my old swim coach’s saying: “hard work, done well, feels great.” Those words have never meant as much to me as they do now. The last three months have flown by, and I can’t imagine feeling any better about the work that I have put in, the people I have been able to meet and work with, or the company that I have been privileged to work for and represent. My internship experience has only solidified my choice to pursue a career in assurance, and I am very eager to take the skills and…
  • Memorable Experience

    Courtney
    3 Apr 2014 | 2:39 pm
    By Morgan Quesinberry Assurance Intern Orlando, FLThroughout my internship I have learned more than I ever could have imagined. I have learned about the people that make up McGladrey and the amazing opportunities McGladrey gives their interns. The perk of interning during busy season is you get to see everything! After my audit internship, there is no workpaper I can’t tackle. Within the internship I was able to work on several different types of clients and industries. With each client, you learn the ins and outs of the company. It was very interesting to see how different industries are…
  • Did that really just happen?

    Courtney
    3 Apr 2014 | 2:36 pm
    By Precious DannugAssurance InternChicago, ILAll of this learning, all of this hard work, all of this knowledge, all of this food —in a matter of 11 weeks?! My mind has been blown in the best way possible. McGladrey has provided me with an internship experience beyond my expectations and I wouldn’t go back to change a second of it. Saying that I learned a lot is an understatement. Sometimes you just have to dive into the water head first. To me, busy season was a huge body of water that was the complete unknown. But, with McGladrey, I nervously dove in head first, and came out being…
 
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    Jr Deputy Accountant

  • Dear Congressional Critters, Thanks But I Don't Need You to Tell My Boss to Pay Me What I Am Worth

    Jr Deputy Accountant
    10 Apr 2014 | 7:27 pm
    Didya hear?Senate Republicans on Wednesday blocked legislation meant to close the pay gap between men and women, framing an election-year fight between the parties over whose policies are friendlier to women.The bill was an attempt by Democrats to press what they see as their electoral advantage among women in the coming midterm elections, but they fell short of the 60 votes they needed to prevent a filibuster and advance the legislation.“For reasons known only to them, Senate Republicans don’t seem to be interested in closing wage gaps for working women,” Senator Harry Reid of Nevada,…
  • How Delta Airlines Almost Got Me Fired (and Blew Social Media Engagement in the Process)

    Jr Deputy Accountant
    27 Mar 2014 | 9:15 pm
    Alright, that headline is a little incendiary (shock that JDA would do such a thing, I know) but hey, let's pretend like I'm not irreplaceable and therefore almost unfireable for the sake of the following story I'm about to tell.As most of you know, I am Managing Editor of the #1 website among 18 - 34 year old accounting professionals in the US. What you don't know (unless you religiously stalk me on Twitter) is that I had to make a trip to Boston this week to meet up with my team and our UK handlers. Though most of us work remotely 99% of the time, meeting up as a team is really valuable,…
  • Let Us Discuss Glasshole "Hate Crime" Victim Sarah Slocum, Because She Wants Us To

    Jr Deputy Accountant
    19 Mar 2014 | 9:15 pm
    Hi, guys. Sorry I've been MIA, if you didn't get the news, I was promoted to Managing Editor of Going Concern late last year and that's a pretty time-intensive gig keeping accountants full up on news. Trust, I haven't forgotten the JDA faithful.I have been following the story of douchetacular Sarah Slocum "tech writer" since the moment she was "assaulted" in a San Francisco bar wearing her Google Glass and have to say, she was asking for it. As a former San Franciscan, I have to ask who the fuck walks into Molotovs drunk off her ass with a computer on her face expecting nothing less than what…
  • The Creepiest, Most Stalkery Government Agency You Never Heard Of

    Jr Deputy Accountant
    23 Jan 2014 | 11:02 pm
    The NGA was cool before you ever heard of them.ABOUT NGA For those who may not know us well, NGA is both a Combat Support Agency AND a national intelligence agency. We have statutory responsibilities to support policymakers, warfighters, first responders, homeland security, and the greater Intelligence Community (IC). The very nature of what we do – geospatial intelligence – GEOINT – makes us a critical partner for everyone we serve. GEOINT not only tells you what is happening anywhere on earth, but we strive to reveal why it matters and what is likely to happen next. NGA has a…
  • How VerizonFiOS Hit Twitter To Solve My Most First World Problem

    Jr Deputy Accountant
    14 Nov 2013 | 7:35 pm
    My actual DVR, don't judge meI was talking social media in North Carolina earlier today with other PR/media/social media hacks like myself (don't ask why I was there, I need to see the east coast I guess) and came home to find I had both Verizon FiOS remotes downstairs. This is distressing because one belongs to my badass 2003 Sharp Aquos 20" flat screen in my bedroom, it's an old workhorse I picked up cheap on San Francisco Craigslist before I moved out east. And it still works, while withstanding my army of cats. That says something.Anyway. NC was cool, this happened and it was great.BUT,…
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    One Accounting

  • Salary and Dividend Strategy 2014

    Chris Thomas
    18 Apr 2014 | 6:49 am
    As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way. Any further funds you need can be extracted as a dividend if the company is making a profit. If you are a director of your company and you don’t have a contract that sets out terms of employment with the company, you don’t have to pay yourself the national minimum wage. So how much should you pay yourself? For 2014/15 if you were born after 5 April 1948 you have a tax free personal allowance of…
  • Salaried Members of LLPs

    Chris Thomas
    9 Apr 2014 | 7:47 am
    Do you operate your business as an LLP? If you do, you need to be aware of the change in tax treatment of certain LLP members from 6 April 2014. Members who meet all of these conditions will be taxed as employees: A. works for the LLP as an LLP member and at least 80% of the amounts paid to him for that work are disguised salary; B. does not have significant influence over the affairs of the whole of the LLP; and C. is not required to contribute funds to the LLP (a capital contribution), or if he does contribute funds that contribution is less than 25% of his disguised salary for the…
  • Budget March 2014

    Chris Thomas
    21 Mar 2014 | 7:30 am
    This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional sin taxes on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new “sins” appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A…
  • 2014 Budget Summary and 10 Ways To Reduce Your Income Tax Liability

    Chris Thomas
    20 Mar 2014 | 3:04 am
    THURSDAY 20/03 at 10.30AM Join our Director Chris Thomas for a very special and FREE 30 minute webinar this Thursday at 10.30 am. Chris will offer his analysis of the 2014 Budget speech which Chancellor George Osborne is making on Wednesday. The end of the 2013/14 tax year is less than 3 weeks away so Chris will also be highlighting 10 areas where you may be able to reduce your Income Tax liability. To attend the webinar please follow this link below 5 minutes before it starts. https://global.gotomeeting.com/join/804686005 Please feel free to invite as many colleagues as you would like by…
  • Business Journeys – Can you claim tax relief on your travel expenses?

    Chris Thomas
    11 Mar 2014 | 4:56 am
    A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of “what is a business journey?” The test case concerned a doctor who was both employed by the NHS and self-employed as a private consultant. The Upper Tax Tribunal decided that the doctor’s self-employed work started when he arrived at his private clinic, so the travel between his home and the clinic was not a business journey. This was in spite of the fact the doctor had an office at his home where he prepared his treatment plans. So what does this mean for you…
 
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    JonathanMilligan.com

  • How to Stop Multitasking Once and For All

    Jonathan Milligan
    16 Apr 2014 | 5:00 am
    One of my favorite arcade games as a kid was “whack-a-mole.” Remember that game? You had a club in your hand and the object was for you to stare at 9 holes at the same time, while trying to hit a mole as it randomly popped up. Did I just describe your work day? I know mine has certainly felt like that at times. For a long time, experts claimed that those who are great at multitasking are the most productive employees. Not true. I want to share with you how to stop multitasking. Steve Uzzell said it best: “Multitasking is merely the opportunity to screw up more than one thing at a…
  • 036: 7 Reasons to Push Past Fear and Try Something New

    Jonathan Milligan
    11 Apr 2014 | 7:45 am
    When I was just 22 years of age, I was thrust into a speaking engagement with over 600 church pastors in attendance. What made this challenge even more scary is each had a grading sheet in hand. Talk about pressure. My college degree was in Church Ministries and one of the required classes was Homiletics, which is the art of speaking or delivering messages to an audience. I was selected as one of the top 3 in my class, which received the opportunity to be judged by over 600 pastors during the college graduation week festivities. Some reward, right? I still remember some of the thoughts that…
  • Anyone Can Be in Business – 3 Reasons You Should Start One Today!

    Jonathan Milligan
    9 Apr 2014 | 4:00 am
    When I was a Senior in high school, I spent an entire school day at my Grandfather’s hardware store in Indiana. It was “career shadow day” and I wanted to see what it was like to run a business. Since I was young, I had always been fascinated with what it was like to run a business. That day my Grandfather taught me many lessons. I remember learning for the first time about hard costs, profit margin, and managing inventory. “You must have a minimum of 33% profit margin if you ever hope to be successful in business,” my Grandfather replied. In many ways, I really…
  • 035: Chapter 2: From Bad to Worse – How to Overcome Your Downward Spiral

    Jonathan Milligan
    2 Apr 2014 | 1:00 am
    Mack rushed off the elevator of the 19th floor toward his cubicle. He arrived without anyone noticing that he was a few minutes late (or so he had hoped). He noticed that his voicemail light was bright red on his phone. Nothing unusual or so it seemed. He punched in his code and it was his boss asking him to stop by his office. Mack hung up the phone wondering what Ray, his boss, could possibly want. He recalled the day that Ray hired him over 5 years ago. It was a great day. Start from the beginning of this story by clicking here. Would you rather listen to Chapter 2? Click play below……
  • 3 Powerful Questions That Will Boost Your Performance This Week

    Jonathan Milligan
    31 Mar 2014 | 7:00 am
    Every Sunday night, I like to take a few moments and plan out my week. This helps me to establish my priorities and make sure the important things remain the important things. While it is not a super-structured checklist, it usually involves a combination of the following items. A week view of my calendar and appointments A closer look at my top 5 projects and when I plan to work on them An overview of my editorial calendar for creating my blog posts and podcasts A quick view of my unfinished tasks and which one need to be labelled “this week” so they get done. While it may sound…
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    Invoice Factoring Companies | Factoring Invoice | Accounts Receivable Factoring for

  • How AR Factoring Works

    Heather Burford
    18 Apr 2014 | 9:32 am
    Even profitable businesses sometimes run short of cash. When that happens, and you need to raise funds to pay the bills quickly, factoring your accounts receivable may be a viable option. How factoring works Factoring AR involves selling your accounts … Continue reading →
  • Collect A/R Faster by Factoring Receivables

    Heather Burford
    15 Apr 2014 | 10:09 am
    Factoring receivables is a great way to make use of a financial resource sooner rather than later. By working with a funding company, it is possible to obtain a lump sum of cash shortly after delivering a product or completing … Continue reading →
  • Finance Your A/R by Factoring

    Heather Burford
    9 Apr 2014 | 3:10 pm
    There are several ways to get accounts receivable financing, with one of the most popular being factoring. Factoring may be a good form of financing for businesses that have a lot of accounts receivable, but are unable to get a … Continue reading →
  • Use Factoring to Reduce Business Risk

    Heather Burford
    7 Apr 2014 | 4:42 pm
    Factoring is one of the understated ways that businesses can get the money that they need to survive or grow without having to go through the bureaucracy of the traditional banking/lending system. Ever since the housing and banking crisis of … Continue reading →
  • Factoring Accounts Receivable

    Heather Burford
    4 Apr 2014 | 1:22 pm
    Factoring accounts receivable is an ideal way for business owners to get the liquid capital they need to expand their company. When you provide customers with terms up to 90 days to pay outstanding invoices, it can create a cash … Continue reading →
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    Intuit News Central

  • A Thank You to Tax Professionals From Lacerte® and ProSeries®

    Scott Cytron
    18 Apr 2014 | 6:25 am
    As we all begin preparations for the upcoming tax year, please take a moment to watch this short video for an exclusive preview of enhancements we’re making to help you save time and stay productive for your clients in 2014. Most of all, I’d like to thank you for continuing to trust your practice to Lacerte and ProSeries.  —CeCe Morken, SVP/General Manager of the Intuit Professional Tax Group. Share and Enjoy:
  • Day 14: Are You in Charge of Grandma’s Tax Return?

    Eileen Reppenhagen
    18 Apr 2014 | 6:00 am
    In June 2012, Grandma moved to a residential care facility where there are levels of care. She can claim up to $2,000 moving costs for a move for impairment in mobility as a medical expense. At first, Grandma didn’t need 24/7 nursing care. She had attendant care if she needed help with mobility and dressing herself. There were recreation and social events/outings. Grandma used Telefile to file her own return last April. In July 2013, Grandma fell and broke her hip – or she broke her hip and fell – the doctor isn’t sure. Grandma moved up a floor to 24/7 nursing care. You’ve been…
  • APPify the Processes: Grow Your Practice, Now!

    Michelle Long
    17 Apr 2014 | 8:55 am
    You made it! Taxes were filed (or extended) and another busy season is over. Now, we need to embrace ‘training season’ to keep up with the rapid changes affecting the accounting industry. Data entry is being substantially reduced or eliminated and replaced with data management and analysis. Small businesses are searching for cloud-based applications to help streamline and automate their processes. As accounting professionals, these changes are an opportunity for us to provide value added services to clients and grow our practice. Increasing numbers of small businesses are moving to the…
  • New QuickBooks Online® Seminar Ideal for Connecticut QuickBooks ProAdvisors and Consultants

    MB Raimondi
    17 Apr 2014 | 8:18 am
    If you want to learn more QuickBooks Online, then we’ve got the event for you! All QuickBooks ProAdvisors, consultants and their clients  in and around southern Connecticut should plan to attend a new seminar, “Choosing & Using QuickBooks Online,” on Thursday, May 22 from 11:30 am – 2 pm at the Trumbull Public Library. Presenters include ProAdvisor Caren Schwartz and myself, who will discuss what version is appropriate for your business and your clients, the key features in QuickBooks Online, and tips and tricks you can take and begin using right now. The meeting…
  • Day 13: Rental Trailer Classification Angst

    Eileen Reppenhagen
    17 Apr 2014 | 6:00 am
    This past weekend I received an email from another accountant asking if I knew what capital cost allowance (CCA) class a trailer would fit into. There are several places to look: 1) Search directly through the Income Tax Regulations, Schedule II, which provides details of what exactly should be placed in Classes 1 through 52; and 2) The Canada Revenue Agency (CRA) provides somewhat limited information of what’s included in some common “Classes of depreciable property.” This is similar to how CRA described medical expenses in the “General Guide;” until 2006, the Guide said you could…
 
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    AICPA Insights

  • In the News: It’s Never too Early to Think About Taxes

    James Schiavone
    18 Apr 2014 | 4:33 am
    The deadline to file your 2013 taxes – or file for an extension – passed earlier this week. What’s the significance of that? It’s time to think about planning for the 2014 filing season. As many CPAs will tell you – taxes are something to consider year round. And one of the best ways to ensure that you are best positioned to pay no more than you owe is by being meticulously organized throughout the year. Enterpreneur.com recently posted an article suggesting some technology tools that will keep you organized in advance of next tax season – and no, a shoebox to hold all your…
  • Tax Planning is a Critical Factor in Financial Planning

    Guest Blogger
    16 Apr 2014 | 4:00 am
    Congratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax. While reviewing those 1040s, you are able to envision potential tax impacts of financial decisions and begin considering…
  • 5 Tips for a Culture of Inclusivity

    Arleen Thomas, CPA, CGMA
    15 Apr 2014 | 11:19 am
    When it comes to success, we often see and hear more well-intentioned plans and how-tos than we could ever use. Websites, blogs, consultants, colleagues and for many of us, our friends and family, all have opinions on what can help businesses stay on course. But what if one of today’s best resources for success is right inside our own companies and it just isn’t being developed as strongly as it needs to be? I found some great insights into that issue recently when I attended Tomorrow’s Company’s launch of their report, Tomorrow’s Global Leaders: How to Build a Culture that Ensures…
  • Volunteer This Financial Capability Month

    Guest Blogger
    11 Apr 2014 | 4:00 am
    April is National Financial Capability Month, an annual event designed to help Americans improve their understanding of finances. As a CPA, you can significantly increase its value and impact, and help ensure the month is more than just a reminder to consumers to save and spend wisely. When you get involved, you can: Help Americans build their financial understanding and capabilities Strengthen and advance the CPA profession Give young CPAs an opportunity to develop leadership skills Volunteer and build your network at the same time Help Americans Get on a Better Track The timing couldn’t…
  • Confessions of a Tax Season Junkie

    Cari Weston, CPA
    10 Apr 2014 | 4:00 am
    As I shot up in bed last night in a cold sweat, I realized that a nightmare must have interrupted my peaceful night’s sleep. Waking up during tax season in a panic was pretty common during my over 20 years in public accounting, but why now? As a recent convert from tax practice, this spring is the first one since the early ‘90s that I am not preparing tax returns. After some reflection, I discovered my dream was, in fact, about tax returns: phones ringing, emails and all of the anxiety-causing triggers for CPAs during tax season. Having sold my practice after last tax season, the only tax…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • How Influential Are Online Reviews?

    OSYB Staff
    19 Apr 2014 | 10:00 pm
    Do online reviews really have an impact on your business? According to research surveys 90% of respondents said their choices were influenced by positive reviews and 86% said they were influenced by negative reviews. Those numbers are extremely telling. You need to keep track of your online reviews regularly. Read more here. 
  • 5 Tax Tips for Deducting Travel Expenses

    OSYB Staff
    19 Apr 2014 | 10:00 pm
    Tips for deducting travel expenses. Business travel can be very profitable and exciting, but also very expensive. Knowing what you can and cannot deduct will help you make wise choices in your spending. You have to keep expenses basic and necessary first and foremost. Read this article for great tips. 
  • Avoid These Common Business Mistakes and Watch Your Profits Soar Part 4 of 4

    OSYB Staff
    18 Apr 2014 | 10:00 pm
    Make your profits soar by avoiding these common business mistakes and keeping track of your numbers. Business is a numbers game, it is all about people and money. You sell to prospective customers, you create networks of people and you keep employee morale high. Money is about making a profit. Read more here. 
  • 5 Things You Can Do Today to Become More Productive

    OSYB Staff
    18 Apr 2014 | 10:00 pm
    How can you be more productive today? Do you want more control of your business and your life? Start by analyzing what works and what doesn’t and then create a strategy that will be more productive. Create a new thought process that will lead to new actions and new outcomes. Read more here. 
  • End of Windows XP Support Means Added Opportunity for Hackers

    OSYB Staff
    17 Apr 2014 | 10:00 pm
    Microsoft has finally washed it hands of WindowsXP, as of April 8th they will no longer offer support for this operating system. What does this mean if you still run XP? That you no longer will have security updates to keep your system and information safe. Predictions of attacks are rampant. Read more here. 
 
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    Presti & Naegele

  • April 2014 Tax Compliance Calendar

    Wayne Naegele
    4 Apr 2014 | 8:10 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2014. April 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll date March 26–28. April 4 Employers. Semi-weekly depositors must deposit employment taxes for payroll date March 29–April 1. April 9 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 2–4. April 10…
  • March 2014, Newsletter

    Alicia Fleri
    26 Mar 2014 | 6:41 am
    Steve Grgas explains ‘Treasury Set to Develop New Retirement Savings Vehicle’ Joe Romano discusses tax incentives in his FundingGates article ‘Tax Incentives are The Key to Managing Liabilities in 2014′ The post March 2014, Newsletter appeared first on Presti & Naegele.
  • FundingGates: Tax Incentives are The Key to Managing Liabilities in 2014

    Joseph Romano
    26 Mar 2014 | 6:11 am
    Looking for good news about your future income taxes? As a business owner, you probably won’t find a whole lot at first glance. 2013 and 2014 have brought new taxes, tax rate increases, and the reduction or elimination of some valuable incentives for small businesses. But don’t lose heart. While it is certainly possible that your taxes might go up, it’s also possible that you’ve previously overlooked some valuable incentives that could offset or even outweigh the coming tax hikes. Recent changes in the tax law make knowledge of opportunities and effective tax planning essential for…
  • Treasury set to develop new retirement savings vehicle: myRAs

    Steve Grgas
    26 Mar 2014 | 6:09 am
    In his January 2014 State of the Union address, President Obama instructed the Treasury Department to develop a new savings vehicle called “myRA.” The new savings arrangements share many similarities with Roth IRAs but also have some unique features. At press time, the Treasury Department is expected to roll out myRAs before year-end 2014. Certain details on how they will operate continue to unfold. Saving for retirement In his address, President Obama cautioned that Social Security, by itself, is often not enough to meet the financial needs of retirement. Many Americans…
  • FAQ: Does tax return identity theft spike at the start of the filing season?

    Andrew Presti
    26 Mar 2014 | 6:06 am
    Yes. Identity theft is a growing problem and the start of the return filing season is one of the peak times for identity thieves filing fraudulent returns. Criminals file false returns early to get refunds and unsuspecting taxpayers are unaware their identities have been stolen until they file their returns. Individuals who believe they have been victims of identity theft should immediately alert their tax professional and the IRS. The IRS has a number of programs in place to assist victims of identity theft. Identity theft Identity theft has been the number one consumer complaint to the…
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    It's Taxing - Bond Beebe

  • Estate Tax Exemption Likely to Increase in Maryland

    25 Mar 2014 | 6:13 am
    Late last week, the Maryland Senate passed a measure that will gradually raise Maryland’s $1 million estate tax exemption to match the much-higher federal exemption. The measure has already passed the House. If signed into law by Governor O’Malley, in 2015 the exemption will be $1.5 million and in 2016, it will be raised to $2 million. The increase will continue to rise to $3 million in 2017 and $4 million in 2018 before matching the federal exemption in 2019. The federal exemption is currently at $5.34 million for 2014, and indexed to inflation each year.
  • Changing Menu: Cafeteria Plan Elections Available for Same-Sex Couples

    17 Mar 2014 | 5:43 am
    A few months ago, the IRS released changes to the flexible spending accounts (FSAs) under cafeteria plans targeting the “Use-it-or-Lose-it” provision. We highlighted these changes and shortly thereafter, the IRS issued further guidance on FSAs for same-sex married couples, in light of the Windsor decision. In brief, same-sex married couples are now eligible for certain employee benefits under §125 of the Internal Revenue Code, particularly for cafeteria plans. This eligibility begins with the plan year that includes the effective date of the Windsor case (June 26, 2013). There are three…
  • Senate Report Reveals 'Gaping Holes' In US Effort to Curb Offshore Tax Evasion

    10 Mar 2014 | 7:12 am
    We’ve invited Davis Burroughs of JD Katz, a Bethesda-based law firm, to share some tax law insights with our readers.  This post reviews the latest developments in offshore reporting requirements in advance of FATCA’s implementation later this year.  For more information on JD Katz, visit www.jdkatz.com.  If you are interested in guest-posting for It's Taxing, contact us.A new report (PDF) from the Senate Permanent Subcommittee on Investigations (SPSI) ripped into several ongoing endeavors by the Securities and Exchange Commission (SEC), Department of Justice (DOJ), and…
  • 6 Strategies for Your 2013 Tax Filing

    7 Mar 2014 | 5:14 am
    For many people, there is nothing as dreadful as dealing with income taxes each year. When you first sit down with all the forms and receipts, you may feel overwhelmed; our goal is to simplify the process while keeping you in compliance with the tax codes so you can preserve, grow & protect your assets. A lot has changed for 2013 – there are a number of new taxes and tax increases. If you are just sitting down to review your forms and filing your taxes has you scratching your head this year, here
  • 2014 Expired Tax Provisions

    3 Mar 2014 | 9:57 am
    As of December 31, 2013, a number of tax provisions affecting both individuals and businesses expired. Currently, it is unclear whether Congress will retroactively extend any of the provisions, but the possibility remains. A few of the notable expired provisions are outlined below:
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    Bond Beebe

  • Bond Beebe Launches New Website for Forensic Accounting Practice

    Natalie Burchfiel
    27 Mar 2014 | 7:25 am
    Industry Professionals Are Invited to Contribute Articles, Resources BETHESDA, Maryland (March 27, 2014) – Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce the launch of a new website for the Firm’s Forensic Accounting Practice, www.bbforensic.com. With posts on relevant fraud prevention, investigation, and litigation issues, as well as Frequently Asked Questions and articles, this site aims to provide insights to help businesses and tax-exempt organizations prevent fraud and safeguard financial…
  • 3 Strategies for Preventing Procurement Fraud

    Michael D. Rockefeller
    13 Mar 2014 | 1:37 pm
    As recently profiled on our Financial Statements blog, research by Pricewaterhouse Coopers notes that a staggering number – 30% – of US organizations report incidences of procurement fraud. The research defines procurement fraud as “illegal conduct by which the offender gains an advantage, avoids an obligation, or causes damage to his organization.” The recent trial of former New Orleans Mayor Ray Nagin is an excellent example of procurement fraud, as Nagin accepted bribes in exchange for awarding contracts. Procurement fraud can be difficult to detect, as it comes in many…
  • Fighting Fraud with a Health Claims Audit

    Linh T. Crider
    5 Mar 2014 | 7:17 am
    Health claims audits are essential tools for preventing and detecting fraud in health & welfare plans. Additionally, these audits can help to uncover inefficiencies and find opportunities to streamline operations. Ineffective or inaccurate claims processing can lead to significant losses and, with the sheer volume of plan claims, fraud can often go on undetected for quite some time. Our forensic accounting team is frequently called on to perform health claims audits and investigations for health & welfare plans. Our Employee Benefit Plan blog recently provided insights into how we…
  • Common Misconceptions about Fraud in the Family Business

    Jacqueline Thompson
    28 Jan 2014 | 7:27 am
    No family-owned business likes to think that their trusted employees would steal from the business –certainly not their family members. Unfortunately, family businesses aren’t exempt from fraud, and assuming that your company is safe from embezzlement, malfeasance, or any other fraudulent act can put your business at grave risk. In my years of accounting work, here are the most common misconceptions I’ve encountered regarding family business fraud: Fraud Doesn’t Happen in Family Businesses. Any business is vulnerable to fraud. Trust cannot be your internal control. Your company…
  • Risk Management: Operational Controls for Your Business

    Mark A. Buckberg
    16 Jan 2014 | 7:18 am
    There are various definitions for what constitutes operational controls, but it really comes down to one common theme: the power of management over daily activities. In your business, operational controls regulate the day-to-day activities via the formulation of policies and execution of procedures. To put it in plain English, it is what you do and how you do it. The Basics of Operational Controls As management, you know best the ultimate goals for your business and you are responsible for setting a course to accomplish them. This includes not only developing the corporate policies and…
 
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    Investment and Small Business Accountants

  • Examples of performance management models

    chinweike
    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 […]
  • Why accountants become successful entrepreneur?

    chinweike
    20 Mar 2014 | 2:27 am
    Nowadays, more accountants and those with accounting background are finding solace in entrepreneurship than it used to be. Come to think of it, who do you think is better equipped with the required training to make a good accountant? The vocabulary ‘accountpreneur’ has suddenly found its way into many English dictionary because of the increased […]
  • Advantages and disadvantages of cloud accounting to a small business

    chinweike
    13 Mar 2014 | 4:51 am
    This article is written to highlight the advantages and disadvantages of cloud accounting because the time is now ripe for us to stop pretending that we cannot see the emerging accounting trend where cloud computing is constantly changing the way accountants and business owners process and exchange accounting information. Take it or leave, cloud accounting […]
  • Accountants Job Description for Small Businesses

    chinweike
    8 Mar 2014 | 2:18 pm
    The accountant job description for a small business is somewhat that of a generalist and demands more from an accountant than the job description of an accountant of a large company. Many factors including the fact that small businesses do not have fat budget is a major reason why the job description for small business […]
  • Dangers of Fraudulent Accounting Practices- why accountants should be ethical

    chinweike
    8 Mar 2014 | 1:14 am
    I bet you must have heard about fraudulent accounting practices and accounting fraud more times than you can imagine but do you actually appreciate the dangers of doctoring your book of accounts. This means that no meaningful economic activity will ever take place if all that consumers of accounting information can lay their hands are […]
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    Energized Accounting

  • Microsoft Dynamics GP vs NAV vs AX

    Bill Kennedy
    19 Apr 2014 | 2:58 pm
    Microsoft has three flavours of its Dynamics Accounting Enterprise Resource Planning (ERP) software:  GP – Great Plains, NAV – Navision and AX – Axapta.  A question that comes up regularly is which version of Dynamics to implement.   It’s a difficult question to answer in general, but here are some differences: AX is the premier product, meant to compete with the international ERP systems, like SAP and Peoplesoft.  It is significantly more extensive and expensive than the other two. GP and NAV compete head to head and were compared in this post.  They are aimed…
  • Director Level Finance Position – Entry Level Software

    Bill Kennedy
    29 Mar 2014 | 11:47 am
    Source: http://tinyurl.com/AbacusHand Here’s the job: The Director, Finance and Administration plays both a strategic role in the overall management of the company’s finances ; managing the accounting operations and developing the infrastructure, analysis and processes from finance to office management; including IT to support business decisions needed to drive business growth across the Company. This role ensures that the organization develops and maintains the proper financial policies, procedures, controls and compliance. Here’s the accounting system:  Simply Accounting As…
  • How Do You FEEL About Your System?

    Bill Kennedy
    29 Mar 2014 | 9:35 am
    “Angry Teenager” by David Castillo Dominici – http://www.freedigitalphotos.net/images/Younger_Women_g57-Angry_Teenager_p67283.html “I hate this system!” I had been just making conversation (in an accounting kind of way). The person behind the counter was entering my order and I happened to recognize the system she was using. Well, I got an earful about how long it took her to enter orders, the problems that came up if she forgot anything or did the steps in the wrong order. She had been using the system for three years and she had gotten used to it but still…
  • Should We Claw Back Government Pensions?

    Bill Kennedy
    7 Feb 2014 | 6:48 am
    In a recent article in the Toronto Globe and Mail newspaper, CD Howe President Bill Robson makes the case for reining in the cost of government pension costs.  Here is the article. Bill makes some excellent points. I would only add that there is an accounting side to this issue: pension costs are extraordinarily sensitive to changes in interest rates. A decrease in rates not only reduces the current investment income of the pension fund, but it also magnifies the plan liabilities that stretch indefinitely into the future. We have seen this recently in defined benefit plans (including many…
  • Do you want to make an accountant cry?

    Bill Kennedy
    26 Jan 2014 | 5:57 pm
    The production of the movie Toy Story was almost halted by one little command.  Here’s the story: If there ever was a reason to test that the backups are working, this was it!  So, if you really want to see an accountant cry, just wait until the accounts are reconciled and the financial statements done and tell them that the system died, including the back up. The post Do you want to make an accountant cry? appeared first on Energized Accounting.
 
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    Accountancy Articles for Contractors, Sole Traders and Small Business

  • Reasons to outsource bookkeeping

    Karl Bilby
    17 Apr 2014 | 1:57 am
    Basic bookkeeping skills are essential for a small business when it comes to keeping accurate records and maintaining financial security. Unless you are in business as a bookkeeper or accountant, it may be advisable to outsource to a professional. Outsourcing has a number of benefits for all companies, and bookkeeping is just one aspect of running a company that is often outsourced. Focus on your company If you aren’t an experienced bookkeeper, you may find balancing the books a complex task. Time spent on record keeping and accounting for all income and expenditure will take you away from…
  • An overview of compliance checks

    Karl Bilby
    11 Apr 2014 | 2:57 am
    HMRC is responsible for ensuring that businesses and individuals pay the right amount of tax in a timely manner. Compliance checks are carried out to make sure that the correct tax is paid, and to spot any potential errors. There are many reasons to conduct inquiries, including the completion of tax returns and to discourage evasion. A compliance check may be initiated by a specific action, perhaps a tax return that appears to have been completed incorrectly or a claim for VAT that appears to be excessive. A compliance check is the simplest way to find out whether there is a problem or not.
  • An overview of appeals and tribunals

    Karl Bilby
    10 Apr 2014 | 3:14 am
    If a decision is made by HMRC and you disagree with it, you can appeal against it in most cases. Very often, a dispute about a decision is settled between you, HMRC and your agent, if you have one. You can also ask for a review of the decision to be carried out by an independent officer, providing reasons for your disagreement. If you fail to reach an agreement with HMRC, you can appeal to a tribunal. Submitting an appeal Once a decision has been issued by HMRC, the letter will contain details of how to request an independent review or how to appeal to a tribunal. You will also be told how…
  • Dealing with a visit from VAT officers

    Karl Bilby
    9 Apr 2014 | 2:48 am
    If you are registered for VAT, you have responsibilities to ensure that VAT is correctly accounted for and paid to HMRC in a timely manner. Officers have a duty to make sure that all businesses that are registered for it pay the correct amount on time, and that up to date records are maintained. VAT officers will make visits to business premises, lasting from a few hours to a longer period of several days. Your responsibility as a VAT registered business Every company that is registered for VAT must account for it in the correct manner and retain various documents, which includes invoices and…
  • How to appeal against a VAT decision

    Karl Bilby
    8 Apr 2014 | 2:38 am
    There will be occasions when you disagree with assessments and other decisions made by HMRC. If you don’t agree with a particular decision, you can write to the officer who made the decision and ask for it to be reviewed. You also have the opportunity to appeal to a tribunal. If a decision has been made against your VAT, the process will be slightly different to that of direct taxes. However, if you have received a notice from HMRC requesting further documentation or information, you must follow the process for appealing against direct taxes. A decision may include being asked to complete…
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    Advice for Tax Preparers

  • The Definition of a Secret in a Public Accounting Firm Tax Department

    Bill Meador, CPA, JD
    2 Apr 2014 | 3:28 pm
    I could not find who originally said it. But the following quote is one that I heard from a management consultant friend of mine on a regular basis. He said the definition of a secret is “merely information that is passed one person at a time”. His point was that any information you give or action you take in front of anyone at the firm is at risk of being communicated to another person in the firm. It does not matter if the information is personal or professional or if the information was given accidentally or on purpose. Therefore, you should keep to yourself anything that you do not…
  • Tax Preparers: Learn about Four Professions that Create Problem Clients for CPA firms.

    Bill Meador, CPA, JD
    2 Apr 2014 | 10:29 am
    Tax accountants might work with numbers, but we are in a people business. You will run into good and bad clients in all professions. But the following professions tend to cause CPA firms more grief on average than others. If you are assigned a client in one of these area then look at the prior year files to see if the client tends to cause a problem for the firm. [click to keep reading...]
  • Accounting Majors: The Three Tax Books Used by CPA Firms Every Day that Colleges Do Not Give You

    Bill Meador, CPA, JD
    2 Apr 2014 | 10:04 am
    College tax textbooks do provide good information. But they are rarely used in a public accounting firm's tax department. The reason is that these books are usually designed to discuss basic tax theory rather than to discuss the day-to-day items that you will run into in a typical public accounting tax practice. Therefore, a tax textbook has the luxury of spending several chapters discussing tax reorganizations even if you might not see one for the first several years of your career (if at all). But in the real world, you want practical tax information that is easily accessed. You want to…
  • Tax Preparers: A Free Program to Stop Losing Important Notes

    Bill Meador, CPA, JD
    2 Apr 2014 | 12:50 am
    How many times have you written down a quick note or phone number from your boss or client and then you can’t find it? The answer is too many. It can drive you crazy. Most tax preparers have used paper Post-it Notes to leave a reminder for family, friends or even ourselves. But we know that Post-it notes can be a problem in a public accounting firm. By design they are very flimsy and easy to lose. The phone number that was given to you by your boss or client is now buried below a stack of files that you put on top it. Yes, you might find the number eventually. But you want to call that…
  • Learning How to Get the IRS to Waive a Nonprofit Late Filing Penalty

    Bill Meador, CPA, JD
    1 Apr 2014 | 11:15 pm
    It’s going to happen. At some point, you or your boss is going to get the following sob story from a client. Dear My Favorite CPA (when its starts this way you know you are in trouble - heh), I know that you only prepare my individual and business tax returns. But I really need your help. I am on the board of directors of a charity that just got an IRS notice which says we owe them $30,000!!! We did not discover until recently that the prior controller did not file last year’s Form 990 tax return and the IRS wants $100 per day in penalties. The letter also says if the amount is not paid…
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    The Cheap Accountants

  • How outsourcing can help your small business

    admin
    17 Apr 2014 | 2:06 am
    Owning a small business often involves dealing with every aspect of the company, even those areas which you have little knowledge of, like payroll. There are many tasks to be dealt with on a regular basis that require specialist knowledge in order to comply with legislation, most of which changes frequently. The administration of a company is time-consuming and can prevent you spending time finding new clients and building the business. Reasons to outsource Outsourcing to a professional can free up your time to deal with other aspects of the company. Running a start-up is time-consuming, as…
  • A good time to start a small business

    admin
    16 Apr 2014 | 6:58 am
    Already into April and all signs are still pointing to economic recovery. We heard news of an upturn at the start of the year, but quite rightly people didn’t leap at the optimism that was being reported by certain media channels. Although a slow recovery, it has sustained since the start of the year which normally means it’s the real deal and we are coming out of the dip. It’s an ideal time to start a small business; when money is starting to become available and sometimes there maybe less competition around. Jumping on board now, starting your business and growing your…
  • Time to go freelance?

    admin
    15 Apr 2014 | 3:14 am
    There are many reasons why people choose to head out into the freelance world. A lot of people make the decision to freelance their skills because it offers more flexibility and freedom around working hours which can often suit a busy family life. Having the option of choosing your working hours can really be an attractive option. Some people find that their skills are in demand and it can be more beneficial in terms of what they can earn to offer their skills to companies direct rather than a permanent organisation. Whatever the reason is to go freelance it can be a daunting decision.  If…
  • How will an accountant help my business?

    admin
    15 Apr 2014 | 2:28 am
    If you’re starting up your small business it can be an exciting time, also it can be a journey into the unknown. Even if you have planned your business strategy and know what direction you want your business to go in, there will be unexpected challenges ahead. If you’re offering services to the public, a vast majority of your time will be focused on building good customer relationships to create a loyal following to your business. If you’re a local business this has to be high on your priority list. The start of any business also brings growth, this can only be achieved by…
  • Why register for HMRC’s tax registration service?

    admin
    15 Apr 2014 | 1:29 am
    Registering for the online tax registration services of HMRC makes many routine tasks much easier and faster than in previous years. Rather than complete manual forms and have to rely on the postal service, you can deal with HMRC online. Once you have an online account with HMRC, you can deal with various services securely and at your convenience. Ease of use Signing up for the online services with HMRC will provide increased flexibility. You will no longer be ruled by postal delays or lost mail, as you can deal with HMRC in real time using its services. Information will be provided instantly…
 
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