mis-using excel spreadsheets could be dangerous

auditing spreadsheets has become a major issue, says randy johnston at k2 enterprises.

robert w. scott reports in the latest accounting technology:

through mid-february, johnston had performed seven consulting engagements and he noted that “auditing spreadsheets has come out everywhere i’ve been.”

what audit teams are telling the cfos and ceos about the changes is that they must take control of the process.

“when you tell them their final financials are prepared in excel and are not tied back to their accounting system,” he says, “they start to realize they are the ones that could be in jail.”the fact that excel can create problems in generating and distributing financial information has long been known. but it took the new generation of regulation to put some urgency in doing something about overuse of excel.

read more →

why marketing matters even more today [video]

growth-minded cpas and firms can’t afford to retrench in times like these.

an overflow crowd of cpas and marketing executives gathered in new york for the aicpa accounting firm marketing forum, produced in cooperation with members of the association of accounting marketing.

here are exclusive video interviews with some of the participants: read more →

top seven issues facing corporate cpas

source: cpasuccess.com
source: cpasuccess.com

rising health care costs, workforce development, regulation and standards overload top the list of the most pressing issues facing cpas in business and industry, according to the maryland association of cpas.

and, what they need:

  1. targeted communications… in addition to financial reporting.
  2. networking.
  3. cpe on recession and b&i topics.
  4. legislative and  regulatory advocacy.
  5. career development and job search.

law firm managing partners report record low confidence in economy

managing partners reported record low confidence in the economy’s overall health and business conditions for the legal profession in a survey released wednesday by citi private bank.

according to 2008 fourth-quarter findings, partners’ confidence in the economy plunged to a record low of 38 on an index that ranges from zero to 200, when just last year confidence was at 69. despite dismal projections in general, managing partners were more optimistic about their own firms’ financial prospects.

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comment:

this seems to be the tone almost everywhere these days. people are just not spending money on anything they don’t want or need at the moment.

does anyone else find it strange that obama is not appointing cpas to key positions within his administration? i mean really; his big push to help main street and i don’t see any appointees from main street. all i see are fellow politicians, economists, educators, and people who have never had to make a payroll.

silly me

gary jones, 27 minutes ago

via plaxo

five tech-savvy marketing ideas for 2009

competitive cpa firms are increasingly turning to new strategies and technologies to attract and retain clients.

by rick telberg

five of the hottest new marketing strategies are illustrated in the current issue of marketrends, the newsletter of the association for accounting marketing:

1. e-mail newsletters
2. social networks
3. podcasting
4. webinars and web meetings
5. youtube videos

read more →

going, going… gone paperless!

kepczyck

the question today isn’t: “when are you going paperless?” now it’s: “why haven’t you already?”

the new study by roman kepczyck (pictured) for the association for accounting administration shows that vast majorities of cpa firms have already gone paperless. the aaa 2009 benchmarking paperless office best practices survey updates a similar survey from two years ago. (via ioma.)

2009 highlights:

tax

● 86% are scanning client-supplied information for storage of tax return supporting documents, up from 75% in 2007.
● 57% have a policy to deliver electronic tax information to clients in secure password-protected or encrypted methods, including a portal or ftp site. this is up from 45% that had such a policy two years ago. read more →

accountants lead professions in client satisfaction

52% of accounting firm clients say they’re “very satisfied.”

that’s markedly better than lawyers, consultants or the rest of the professional services industries studied by wellesley hills group, a management consulting, marketing, and lead generation firm. buy the study at their raintoday website here.

what reg 7216 means for cpa firm marketing

be careful! it’s complicated.

for instance: if you plan to use a mail house or third‐party distributor to send print or e‐mail newsletters, you may need to get the client’s consent first.

the association for accounting marketing and pdi global sort it out in a new white paper.

get the free download: what you need to know about regulations under irc section 7216 and how they affect your marketing efforts. (pdf, 5 pages).

bob scott: random thoughts…

… and must-reading.

bob scott’s day job is working as editor of accounting technology. but every two weeks he puts out consulting insights, a must-read newsletter for and about technology vendors and resellers. it’s snarky and gossipy. it’s also essential reading for everyone with a need-to-know.(subscribe here.)

in the latest issue, for instance, he leads with taylor macdonald’s exit from deltek. (hint: bob wasn’t surprised. but then, if you’re reading bob reglarly, you wouldn’t be surprised either.)

still, my favorite part is the bottom of the newsletter where bob delivers his best leno-letterman-carson one-liners. like this:

random thoughts: philanthropy is taking new directions. i got an offer from a credit card company. for every dollar of purchases i make, the company will contribute 10 cents to general motors. …. when people ask what retirement plan i have, i tell them it’s the mcdonald’s plan. “mcdonald’s?” “yes, do you want fries with that?” … i’m considering launching a new web-based service, “mylayoff.” clients get personalized portals with information about unemployment services, food stamps and panhandling and discussions on the merits of adding the unemployment office to your linkedin network. there’s also a new “best firms to formerly work for” award in preparation. … when i told my daughter the way she’s going, she’ll attend the local community college. “you make it sound like there’s something wrong with the college,” she replied. “oh, we’re not objecting to you attending that college. we’re objecting to the possibility you might continue living at home.”

aicpa releases reg 7216 sample forms

the aicpa tax section is today providing several examples of consent forms which have been developed by cpa members for their discussions or consultations with individual clients.

get the free download: four sample consent forms (word document, 8 pages)

according to the aicpa:

irs regulations on the unauthorized disclosure of tax return information went into effect on january 1. absent a specific exception, treas. reg. section 301.7216 generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent. under section 7216, a tax return preparer is subject to a criminal penalty for “knowingly or recklessly” disclosing or using tax return information. each violation of section 7216 could result in a fine of up to $1,000 or one year imprisonment, or both.

aicpa members who are engaged in tax return preparation and tax planning services need to become familiar with treas. reg. section 301.7216 and revenue procedure 2008-35, the authoritative guidance with respect to a preparer’s disclosure or use of tax return information.

more at the aicpa: new section 7216 regulations become effective

related: new irs reg 7216 worries, confuses cpas. but help is on the way.