The Latest

Maximizing contributions to retirement savings plans is a priority with which few people would disagree. When money is needed for life's more immediate necessities or deemed necessities, however, retirement savings for that "distant future" may get squeezed out - at least temporarily.But even during those times when every dollar of salary may be called upon to satisfy an immediate need (or if salary itself is in short supply), tax-preferred retirement savings do not necessarily need to grind to a halt. Through gifts from one family member to another, or through moving regular savings into retirement savings, tax-preferred retirement savings opportunities need not be lost.

HERCULES RETAINS E&Y

One origin of "The Spirit of Accounting" was concern over the lack of ethics in financial reporting. Eleven-plus years later, the same concern is alive and, unfortunately, thriving.Despite collapses of corporations and an accounting firm, perp walks, and prison sentences, we still encounter situations that make us cringe. We feel that way when we see how far some managers go to produce pretty pictures in their statements, and that their auditors don't stop them.

SEC MULLS FINANCIAL REPORTING CHANGES

Tension can be a good thing - and not only for the pharmaceutical industry.Advisors who appropriately pull the right tension strings will be the ones who win the clients. The key is to recognize tension and either disarm it or increase it, as appropriate.

BABY BOOMERS FOCUSING ON GUARANTEED INCOME

The iLumen Financial Information Network hopes to enlighten those who work in the private sector.Created by iLumen Inc., a seven-year-old Atlanta-based financial information technology company, the network connects private companies, their peers and advisors in a secure online environment to information, resources and people, according to Robert H. Woosley, iLumen's chief executive.

SAGE DRILLS DOWN MASTER BUILDERSage Software has released Sage Master Builder V. 13, adding the ability to drill down multiple levels from reports. The feature is designed to give construction companies better visibility into their financial and operational details. The software also offers estimation, production, project management and analysis features. The latest version includes more than 1,000 pre-built reports from which users can drill down to see further details. The software is also compatible with Microsoft Windows Vista Business.

The preliminary results of the 2006 Boomer Survey are in, and the survey shows that firms broke the $100-an-hour barrier for the second time in the past five years (2002-2006). Most of you are wondering what that statement means. You probably thought you broke the $100-an-hour barrier years ago.But did you?

Many accounting firms are well-managed. In fact, some are over-managed and under-led.There are numerous conferences and courses devoted to managing an accounting practice. The American Institute of CPAs, several state societies, most regional associations and several consultants sponsor such programs. Much attention is paid to management and very little to leadership.