CPA Success

RSS Feed Homepage

Articles: 1, 2

Second Life recruiting now a virtual reality
2007-06-23 18:57:00
People have been conducting business in the virtual world Second Life for some time. Now, they've begun hiring employees there, too. A recent Wall Street Journal article by Anjali Athavaley explains how Microsoft, Verizon, Hewlett-Packard and Sodexho Alliance, among others, took part in a recent virtual job fair to learn how to recruit new talent through Second Life . "The phenomenon of recruiting on Second Life began with smaller, more progressive companies that already used the site to market their products,"  Athavaley writes. "These companies occasionally recruited Second Life users who visited their buildings. Now, other employers are inviting prospective hires who have never used Second Life to show up in their virtual world and meet with their avatar recruiters." The process isn't without its problems. Topping the list is learning to how navigate your way through a virtual interview -- teaching your virtual self how to sit and finding appropriate ...
More About: Reality , Virtual Reality , Recruiting

You've graduated. Now what?
2007-06-23 00:56:00
Photo by chispita_666 Summer's here ... time for college graduates to take their last breaths of free air before joining the workforce. They've already received an earful of advice from their commencement speakers, but now it's time for America's CPAs to chime in. Rick Telberg recently surveyed CPAs from coast to coast in search of the perfect start-of-career advice, and he found a lot of it. Among the insightful nuggets: 86 percent of respondents say "the ability to relate to people and to get along with others" is the most important skill to bring to the workplace. From Peter Frank, of Dumfries, Va.: “Never take training for granted. Get the most out of it. Get your CPA early and go after your master's in tax or business. Treat your clients as you would want to be treated. Learn from your mistakes.” From Cheryl Solze of Colorado Springs: “You need to like working with people in order to be a good CPA. It's not all about numbers.” And from Matthew Pl...
More About: Adua

Texas jumps on mobility bandwagon
2007-06-21 19:28:00
Photo by Phineas H It just got a bit easier for CPAs to do their jobs, and more help may be on the way. According to the Texas Society of CPAs, Texas has passed legislation that allows CPAs with substantially equivalent qualifications to practice in Texas without notice or license.  The law is effective on Sept. 1, 2007. Texas is the seventh state to adopt such mobility legislation; it joins Ohio, Indiana, Missouri, Tennessee, Wisconsin and Virginia. (Out-of-state CPA firms that perform audits on Texas companies still must have a Texas license.) Mobi lity -- or a lack thereof -- has been a painful thorn in the profession's side for some time now, so this is great news to practitioners everywhere. In a recent Journal of Accountancy article, Scott Voynich, chair of the AICPA's Special Committee on Mobility , summarized the problem: "Smaller firms don't have the resources to be certain they are in compliance with every state's requirements," Voynich wrote. "Th...
More About: Wagon

Accounting standards: Convergence creeps closer
2007-06-20 17:13:00
We may be a step closer to seeing one global set of accounting standards. The SEC is seeking comment on a proposal that would allow foreign companies that trade on U.S. exchanges to file their financial statements using International Financial Reporting Standards , rather than U.S. generally accepted accounting principles (GAAP). The plan is "a significant next step in the road toward a single set of globally accepted accounting standards," said SEC Chair Christopher Cox. According to CFO.com's Sarah Johnson, Cox claims such a move "will cut filing costs for foreign companies and encourage more companies to raise capital in the United States." Meanwhile, WebCPA reports that "the SEC will, in the upcoming months, issue a concept release to float the idea of giving U.S. firms the choice of reconciling in the international rules. That may lead to regulators eventually giving U.S. filers a choice between GAAP and IFRS." What do you think? Is it time for financial reporting ...
More About: Accounting , Convergence , Closer , Converge

Attention, CPAs: This ethics proposal applies to YOU
2007-06-19 16:02:00
Photo by justinbaeder A new exposure draft from the Professional Ethics Executive Committee has potential implications for all CPAs. Read on ... The PEEC has proposed a new Interpretation 102-7, "Other Considerations: Meeting the Objectives of the Fundamental Principles." The interpretation is part of Rule 102, "Integrity and Objectivity," of the AICPA's Code of Professional Conduct. The PEEC has also proposed a new "Framework for Meeting the Objectives of the Fundamental Principles," which is related to Interpretation 102-7. "The proposed framework provides guidance to members when faced with making decisions on ethical matters that are not explicitly addressed by the Code of Professional Conduct," says the AICPA, "and (it) applies to all members — members in public practice as well as those not in public practice (including members in business and industry, government and education)." Read the exposure draft in its entirety, then make sure to submit your comments be...
More About: Proposal , Attention , Lies , Plies

Dad: The $10 billion man
2007-06-17 19:52:00
We love you, Dad ... and here's the receipt to prove it. Consumers will spend about $10 billion on Father's Day gifts this year, according to the National Retail Federation. That's an average of $98 per person -- nowhere near the nearly $140 each person spent on Mother's Day gifts this year, but still about $10 more than last year. The most popular gifts for Dad? According to the NRF, they are: a special dinner out (43 percent), apparel (37 percent), gift card (30 percent), electronics (18 percent), sporting goods or leisure items (14 percent), tools or appliances (14 percent), and home improvement items or garden tools (12 percent). A final note: We all know that more phone calls are made on Mother's Day than on any other Sunday of the year, but did you know that, historically, more collect calls are made on Father's Day than on any other day of the year? Talk is cheap after all ...
More About: Bill , Billion

Outsourcing is in: Here's how to do it right
2007-06-14 23:12:00
Photo by Kieran Lynam No matter what you think about outsourcing, you can't argue that it's here to stay. According to the International Association of Outsourcing Professionals, about $6 trillion in outsourced business is done worldwide each year. "And it’s not just an option for Fortune 500 companies," writes Rick Telberg. "It’s been estimated that outsourcing by small businesses in the United States will become a $25 billion market by 2009." Not outsourcing yet? Sit tight, says Telberg -- you soon will be. He offers tips on how to do outsourcing right. The secrets are to (a) determine where outsourcing fits with your strategy, (b) evaluate what can be outsourced, and (c) closely monitor your outsourced activities. Still, many businesses are concerned about legal and ethical issues surrounding outsourcing. This Journal of Accountancy article addresses many of those issues. And while we're at it, here are some more outsourcing-related resources that might be h...
More About: Sourcing , To Do

Attention, accountants: Get certified and earn more
2007-06-13 22:00:00
Photo by zacksphoto We've always known that it pays to be a CPA, but now we have proof. A new salary survey released by the Institute of Management Accountant s shows that certified accountants -- those holding the CPA, Certified Management Accountant (CMA) or Certified Financial Manager (CFM) certifications -- earn about 27 percent more than their non-certified peers. The average 2006 salary of certified accountants was $102,393, compared to $80,738 for those without certifications. The difference in total compensation – salary plus other incentives like bonuses and profit sharing – was even higher: $123,662 for certified accountants, compared to $94,191 for non-certified accountants. Download the survey in its entirety. "The positive effects of certification run both ways," said IMA board Chair William L. Brower Jr. "First, to the organization, which gains a highly qualified professional, and second, to the individual, whose investment in advanced training yield...
More About: Earn , Attention , Tent

Accounting enrollments continue to rise
2007-06-12 21:06:00
Towson is among those with higher enrollments.(Photo by Androfire) More good news like this and the CPA shortage could soon be history. Accounting enrollments at  Maryland’s four-year colleges and universities increased 12.3 percent in 2006, according to the Maryland Higher Education Commission. In its annual report, "Trends in Enrollment by Program: Maryland Higher Education Institutions," the MHEC reports that enrollments have now risen for five consecutive years. Among public universities, the University of Maryland University College reported the greatest increase, at 19.7 percent, followed by Salisbury University (15.9 percent) and Towson University (13.9 percent). Independent universities were led by Loyola College, which posted a 25.7 percent increase in accounting enrollments last year. Hang tight, employers: Looks like more CPAs are on the way. (Thanks, by the way, to the MACPA's Richard Rabicoff for alerting us about the report.)
More About: Rise , Counting , Conti

Relief granted for 'more-likely-than-not' effective date
2007-06-11 21:53:00
An important alert for tax practitioners: Last week, the AICPA urged the Treasury Department and the IRS to grant transitional relief for the "more-likely-than-not" provision that is included in the recently passed "Small Business and Work Opportunity Tax Act of 2007." The agencies apparently were listening. The IRS and the Treasury Department have released a notice that provides "guidance and transitional relief for the return preparer penalty provisions amended" by the tax law. According to the IRS, the transitional relief "will apply to all returns, amended returns and refund claims due on or before Dec. 31, 2007, including those returns, amended returns and refund claims filed pursuant to extensions to file due on or before Dec. 31, 2007; to 2007 estimated tax returns due on or before Jan. 15, 2008; and to 2007 employment and excise tax returns due on or before Jan. 31, 2008." Part of a larger Iraq war funding bill, the tax act includes a revision of section 6694 of ...
More About: Relief , Effective , Grant , Like

Will you be able to afford tuition in 2020?
2007-06-10 18:11:00
This week's Money Management tips focus on saving for college. In a nutshell, the message is this: If you have young children and haven't started thinking about paying for college, you'd better start. Let's use my daughter as an example. She's about to turn 5, which puts her on track to enter college in 2020. According to The College Board, the total cost of a four-year public university education in 2020 will be $160,341. If she chooses (God help us) a private university, the projected four-year bill will be $345,593. Which brings us to this week's tips: "Paying for a child’s college education when you've failed to save enough" offers advice on how to take advantage of various loans, grants, scholarships and payment plans -- and how not to pay for college. " "The pros and cons of 529 college savings plans" examines the good and bad points of these increasingly popular savings vehicles. You'll find more advice from CPAs about how to save for c...
More About: Tuition

CPAs care (for Casey Cares Foundation)
2007-06-08 13:25:00
On June 7, the MACPA's New/Young Professionals Network (NYPN) held its annual charity event at Tom Mitchell's Golf Complex in Reisterstown and raised almost $5,000 for the Casey Care s Foundation , which helps critically ill children and their families in Maryland. Almost 60 young CPAs came out to play the "monster in the pines" course, donating their time and money to this important cause. You could feel the sense of urgency and pride in these young CPAs as they rallied to get a such a strong turnout. The event took on even more significance as the charity's headquarters in Arbutus burned down just a few days earlier. There was a genuine spirit of concern and urgency as these young professionals rallied their friends to help them. Every year, our NYPN group has selected a charity to help with its volunteer efforts. The group has identified volunteerism and helping the community as an ongoing and regular part of its strategic plan. These young professionals definitely h...
More About: Dati , Ares

Gadgets: Don't leave home without them
2007-06-07 04:34:00
Photo by Glutnix Cell phones, PDAs, laptops, digital recorders, iPods. They're all supposed to make a road warrior's life less stressful and more enjoyable, right? And they will ... as soon as you decide which of each device to buy. What we need is a tech Sherpa to guide us through this labyrinth of gadgetry. Meet Bob Jennings. The Jennings Seminars president has written a Journal of Accountancy article that offers tips on how to arm yourself with powerful yet affordable high-tech tools that will  help you get the job done on the road ... and won't weigh you down in the airport. He offers suggestions for choosing a computer, printer, scanner, Internet access, fax service, remote-access software and car-travel equipment. When you're done reading, you'll want one of each. I did, anyway. What's the one gadget you can't live without on the road?
More About: Gadgets , Home , Leave

The hunt for the elusive satisfied client
2007-06-05 06:38:00
Photo by -bast- How do you make -- and keep -- your clients satisfied? Tough question, especially for professionals like CPAs. While searching for an answer, it might be useful to ask, "What might cause a client to become dissatisfied?" Daniel Laufer, a CPA and an associate professor of marketing at Yeshiva University in New York City, takes a closer look in this article. In it, he boils down the main reasons for client dissatisfaction to this: Performance does not meet expectations. The article is an insightful look at what happens when expectations aren't met and how CPAs can remedy the situation. But what, exactly, are those expectations? Rick Telberg is on a quest to find the answer. He recently asked more than 2,000 finance and accounting professionals this question: What do clients want?  "The responses," writes Telberg, "indicate a general, if not unanimous, consensus: Client s want service. Lots of it. Now. And it better be good. ... and che...
More About: Hunt

Integrity: The most highly valued leadership quality
2007-06-04 22:22:00
What trait above all others should a business leader have? Is it experience? Technical expertise? Effective communication? At least one group of professionals says, "None of the above." Nearly one-third of CFOs polled for a new survey say integrity is a successful leader's most important quality. That's not terribly surprising, given the emphasis that's been placed on ethics and integrity in the wake of Enron, WorldCom, et. al. Still, it's an important reminder of the significant role integrity plays in corporate America today. “History has shown the importance of integrity in all aspects of business, from managing assets to managing people,” said Paul McDonald, executive director of Robert Half Management Resources. “Corporate scandals of the recent past have underscored the need for sound corporate governance practices and transparency in financial reporting.” What trait do you value most in your leaders?
More About: Leadership , Integrity , Value , Quality , Ship