February 2009 Of Interest

INSIDE Public Accounting Extras

New Managing Partner’s Checklist:   Patrick McKenna offers this New Managing Partner Checklist as an add-on to the February 2009 IPA article on transitioning to Managing Partner. (Patrick McKenna)

Partner Asset/Debit Sheet:   This IPA Extra was offered by Sam Allred as a way to gauge partner performance in the critical areas of financial management, client service, business development, staff development, and leadership. (Sam Allred)


One in Five Companies Have No Plans to Offer Training for Accountants in Next Two Years:   A recent Accountemps survey suggests that nearly one in five chief financial officers don’t expect to offer training for their financial teams in the next two years. Companies that do have plans in place are most likely to focus on developing their staff members’ information technology and accounting and finance expertise. (Accountemps)

Nearly Two-Thirds of Executives Anticipate Uptick in Accounting Fraud, Resulting From Down Market:   A Deloitte survey shows that as economic conditions soften around the globe, fraud risks for businesses appear to be on the rise. A slowing economy may increase pressure on companies to meet — and often exceed — short-term performance goals. It is this mindset in slower economic times that can contribute to increased fraudulent activity. (Deloitte)

The Seven Keys to Success in CPA Firm Management:   Bay Street Group LLC and Capstone Marketing, two leading marketing and market research firms to the CPA profession, have joined forces to conduct a ground-breaking and comprehensive investigation into the critical success factors for today’s accounting firm. (Bay Street Group and Capstone Marketing)

CCH Releases Findings of 2008 Accounting Trends Survey:   CCH conducted a nationwide survey of accounting firms to take a closer look at the issues firms face today and the trends that will influence the profession over the next three years. The results provide professionals with a practical, inside view of what firms of all sizes see as opportunities and challenges and what they are doing now to prepare for tomorrow. (CCH)

Survey Finds Upcoming Corporate Tax Season To Be More Complex, More Negatively Affected By Washington:   Accoording to an Ajilon Finance/Institute of Management Accountants survey, 51% of accountants say they believe President Obama will have a ‘negative’ impact on corporate tax policy, while 58% say tax season will be more complex than last year. (Ajilon Finance/Institute of Management Accountants)

New Report Highlights Opportunities for SOX Optimization:   Significant opportunities still exist for optimization of Sarbanes Oxley (SOX) Section 404 programs and reductions in compliance cost, according to a new report released by BMR Advisors and Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI). (BMR Advisors and Financial Executives Research Foundation)


Emerging Technologies:   CPA Technology Advisor contributing author Richard Oppenheim provides details on six new emerging technologies that all firms need to be aware of: virtualization, tax document automation, streamlined sales tax, mobile access, cloud comupting, and portals. (CPA Technology Advisor)

Convert Your Voicemails to Email or Text and Save Time:   Here is a quick tip found on a blog for a new service that will convert your voice mail into text or an email so you can capture all information accurately and have a digital record of the call. (RF Resources)


Recruiting for Small Firms:   The war for talent continues, and it’s up to each small firm to create opportunities to find talented employees who will appreciate a small firm environment and prosper in it. The AICPA’s Private Companies Practice Section (PCPS) provides tips on recruiting best practices for small firms. (Journal of Accountancy)

Broker-Dealer Auditors Need to Register with PCAOB:   The Public Company Accounting Oversight Board said the financial statements of non-public broker-dealers now need to be certified by PCAOB-registered auditing firms. (WebCPA)

What You Need to Know About Regulations Under IRC Section 7216 and How They Affect Your Marketing Efforts:   Effective Jan. 1, 2009, rules on the disclosure and use of confidential tax return information by tax return preparers for tax-return-only clients are greatly tightened. (Association for Accounting Marketing)

The Great ‘09 Revenue Resolution: 10 Marketing Tips To Help You Transition From Cost Cutting To Rainmaking This Year:   If you’re a business owner, you’re likely already lamenting a new year filled with nail biting and money woes. But authors Michael Masterson and MaryEllen Tribby want you to stop worrying and start working on a multichannel marketing strategy that will have you generating revenue rather than cutting expenses in the upcoming year. (Authors of “Changing the Channel: 12 Easy Ways to Make Millions for Your Business”)