The deadline is only a month away. Practical Accountant, through its Practice Innovation Awards, annually recognizes accounting firms that are taking the lead in developing new or improved services, and promoting efficiency in the practice of public accounting. Specifically, the award goes to those firms that have brought in new business or cut costs by instituting a process, launching an initiative, or changing a procedure. Changes should be measurable by an associated increase in revenue or cost savings.

Here are some of the winners from last year:

  • A Missoula, Mont. firm that created a mandatory six-step accounts receivable program,
  • A Woodbury, N.Y., firm that developed a “university” within the firm to centralize, organize, and internalize staff training,
  • A Chicago-based regional firm that launched an alliance for smaller accounting firms, and
  • A Cincinnati firm that publishes annual benchmarking survey reports in three key practice areas.

Firms are invited to submit a brief, but detailed, description of the innovation that they believe fits the stated criteria, with resulting benefits identified. The 2004 award winners will be announced and profiled in our September issue. Previous winners can participate as long as the submission is on a basis different from their previous award-winning innovation. Judging is by Practical Accountant’s editorial staff.I should receive your firm’s entry, with the contact person’s name, no later than July 2, 2004, by mail or e-mail. Regular mail should be addressed to Howard Wolosky, Practical Accountant, Thomson Media, One State Street Plaza, 27th Floor, New York, N.Y. 10004. My e-mail address is

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