TAX & FINANCIAL PLANNING NEWS

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BNA RESTRUCTURES

BNA has named Carol A. Clark, formerly VP for resource management, as EVP and chief information officer as the company restructured.

Audrey Hipkins was named VP and chief product officer, overseeing the newly-created product research & development unit. The company also appointed six vice presidents of the parent company: Darren P. McKewen, VP and Group Publisher, Tax and Accounting. Richard Montella, VP and director, Strategic Resources; Christopher J. Marlin, VP and director, Human Resources; Margret S. Hullinger, VP and group publisher, BNA Books; and Robert Shew, VP and group publisher, HR and payroll/EHS.

Partner Insights

PAYCHEX VP RETIRES

Walter Turek, who has worked for Paychex for 27 years in sales and management, has retired from his position of SVP of sales and marketing.

Turek joined the company in 1981 and became VP of sales in 1989 and moved into his last position in 2002. Paychex also said it had hired Jennifer R. Vossler as VP and controller. She had held similar positions most recently at Bausch & Lomb.

SABRIX LAYS OFF STAFF

Sales and use tax vendor Sabrix had layoffs in April, following a 12 percent reduction in its workforce in December, although president Steve Adams said the latest round was more a reorganization of the sales force.

Adams combined the sales force for enterprise-level companies with one that served mid-market and SMB organizations. Adams said although jobs were lost, the company is hiring in other areas.

PAYCHOICE NAMES CIO

PayChoice, a payroll provider based in Moorestown, N.J., has named Phil McLaughlin as chief information officer.

McLaughlin was previously CIO at CheckFree Investment Services. In the new role, he will be responsible for IT, including application development and infrastructure. He also leads sales and operations for the company's software division.

TAX & ACCOUNTING MARGINS CUT

Acquisition of lower-margin businesses reduced the operating profit of the tax and accounting business of Thomson Reuters by 8 percent for the first quarter ended March 31 as revenue rose by 8 percent.

The purchase of Paisley Consulting and other businesses, helped reduce operating profit to $37 million for the quarter, down from $40 million in last year's corresponding period. Revenue for the most recently ended period was $239 million, up from $221 million a year earlier. Company net income rose to $228 million, up from $194 million. Revenue jumped to $3.1 billion from $1.8 billion reflecting last year's purchase of Reuters.

ECONOMY DAMPENS ADP

Automatic Data Processing saw a 3 percent decline in revenue from traditional payroll and payroll tax filing service for the first quarter ended March 31, although the company said that was offset by income from sources such as its Time and Labor Management Services.

But overall, ADP reported revenue of $2.37 billion, down 2 percent from $2.43 billion a year earlier, partly from foreign exchange rates and a decline on interest earned on client funds. However, the company's employer services division had revenue of $1.81 billion, up 1 percent, despite a drop of 2.4 percentage points in client retention and a 4.2 percent decrease in the number of clients' employees. Net income dropped to $402.5 million from $413.6 million.

MORNINGSTAR NET UP

Morningstar's net income rose by just over 8 percent for the first quarter ended March 31 as revenue fell by 6.9 percent as the company's investment consulting business suffered.

Changes in currency also countered a 5 percent growth in revenue from acquisitions. Meanwhile, the number of U.S. licenses for Morningstar Advisor Workstation grew to 194,857 on March 31, up from 178,619 a year ago. Growth in workstation revenue was slightly offset by a 12.2 percent decline in Principia licenses with some Principia users migrating to Advisor Workstation.

THOMSON GIVING AWAY ANALYSIS APP

Thomson Reuters will give away its Financial Analysis CS package, along with a subscription for RMA data.

The company believes that the application has great value to accountants, although it has had limited sales, noted Teresa Macintosh, VP of strategic marketing. Financial Analysis CS enables users to benchmark client data against competitors or by a region, among other comparisons.

(c) 2009 Accounting Technology and SourceMedia, Inc. All Rights Reserved.

http://www.webcpa.com/ http://www.sourcemedia.com/

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