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Over the past several years, I have been working with firms to develop performance-driven compensation plans. Basically these are plans that pay a base salary to partners and staff at, or perhaps even above, market value. Performance or incentive pay is then provided when the individual and/or the firm exceeds their goals.
May 4 -
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The general consensus in the industry is that accounting software is accounting software. While there are different bells and whistles, the underlying processes are the same whether the entity is a professional practice or a retail store. Sure, there are plenty of vertical packages available to more comfortably accommodate specific kinds of businesses, but for the most part, you can use pretty much any full-featured accounting system and make it work.
May 4 -
Do your clients have life insurance or annuity policies? If so, they - and you - may be in trouble.
May 4 -
Many years ago, the bookkeeper in a small manufacturing firm accidentally dropped one of the company's two adding machines when moving it from one desk to another. The equipment was so severely damaged as to be unusable. With trepidation, the employee approached the controller's office, knocked timidly, and entered when beckoned. Upon confessing the accident, the bookkeeper was asked, "Which one was it? The newer one or the older one?" When the answer was, "The older one," the controller's face showed a glimmer of a smile as he said, "There, there. You don't need to be so glum. That machine was fully depreciated, so your little mishap has cost the company nothing. Now get back to work."
May 4 -
Business must act quickly, but cautiously, in assessing whether to take advantage of the temporary relaxation of cancellation-of-debt-income (CODI) rules and applicable high-yield discount obligation (AHYDO) restrictions that are now operative, thanks to the 2009 Recovery Act.
May 4 -
Norwalk, Conn. - Governments have always found it difficult to properly report fund balances when the uses of various fund amounts were restricted in a number of ways. A dollar that couldn't be spent did not combine well with a dollar that could only be spent for a specific purpose, or a general fund dollar that could be spent without constraint.
May 4 -
The Financial Accounting Standards Board issued a summary of the board's actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands:
May 4 -
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