INSIGHTS


Payroll Must Evolve to Better Suit Global Needs
As companies evolve to withstand today’s global economy, the face of payroll outsourcing is changing, according to a recent market analysis report entitled, “User Requirements from Payroll Services,” conducted by advisory firm NelsonHall.

HR payroll: what are today’s challenges?
Today’s challenges for payroll follow a common theme across all support functions. It is expected to be more cost-effective while delivering better quality – essentially, it needs to do more for less. An additional complication is that payroll must meet a number of legal requirements. Accuracy, compliance and risk management all come into play.

How to Become a Retail CPA
Rick Strombeck, Orlando CPA, says that first-time CPA firm clients are the least desirable. He'd rather have clients who have been to other CPAs first. "Better to have them get familiar with our profession, and have their expectations adjusted from our peers, so they can appreciate us more." Spot on.

How to Move from Trusted Servant to Trusted Advisor
There is a growing trend of accountants moving away from traditional compliance work to more advisory work. Client demand is there, but it is up to the accountants to capitalize on that. What should accountants' roles be today?

Art of Accounting: Employees Need to Speak Up
I started my third job one year and seven months after I graduated college. I was hired as a “junior” but felt I was more experienced since I was doing “higher level” work at my previous job. The first week at my new job, I was sitting at a long table in the staff room with two other junior accountants, footing 50-page, 10-column schedules and similar work.

Art of Accounting: The Making of a Consultant
While I was working full-time early in my accounting career, I was also picking up clients that I did on the side, also known as moonlighting. One of the clients was a franchised ice cream store. I used to go there one night every quarter to record his checkbook transactions into a regular set of accounting books.

How did Financial Reporting Contribute to the Financial Crisis?
The Financial Crisis that began midway through 2007 and continued through the end of 2008 resulted in the collapse of numerous commercial and investment banks, including several high profile institutions such as Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia. Our primary goal is to scrutinize the role that financial reporting relating to fair values, asset securitizations, derivatives and loan loss provisioning played in contributing to the Financial Crisis.

Accounting Firm Leaders and Staff See Ethics Differently
Leaders of accounting firms may view the ethical environment differently from their staff members, according to a new study. The study tests some potential reasons why firm leaders and non-leaders or professional staff may have varying perspectives on the firm’s ethical environment, and also found that even those in leadership positions may benefit from mentoring.

CPAs, Don't Be 'Just the Tax Guy/Gal'
Some accounting industry watchers warn business owners against relying on their CPAs for business advice, but many owners are apparently ignoring the advice. Most top US accounting firms report that common sources of firm revenue growth include niche services, such as business valuations, litigation support, strategic planning, and business advisory services.

IFRS Adoption and Accounting Quality: A Review
In 2002, the European Union (EU) Parliament passed a regulation that requires consolidated and simple accounts for all companies listed in the EU to use International Financial Reporting Standards (IFRS) for fiscal years starting after 1 January 2005. This change in accounting systems will have a large impact on the information environment for EU companies.

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