Imagine having the capability to run the same types of tests that auditors use during their routine check-ups and apply it to every transaction a company makes on a daily basis.

SAGE SOFTWARE TOPS $1B MARK

Practice management software is evolving from simple time and billing tools into a far broader database system. It now often includes workflow, scheduling, components of a customer/client relationship management program, and integration with popular calendaring programs such as Microsoft Outlook. What is driving this evolution, and is it important to your firm?

Universal Business Computing Co. said it has added an electronic bridge to allow data to be uploaded from its general ledger software into Drake Tax Software.

Thomson Tax & Accounting has upgraded its zCalc fiduciary practice system, adding an advanced estate tax calculator program for determining federal and state estate taxes.

Williams, Pitts, & Beard, PLLC is a well respected and distinguished CPA firm providing a myriad of financial, accounting and litigation services, ranging from corporate and personal tax planning and preparation, to cash flow, budgeting analysis and estate planning.

Poor bill payment practices by the Federal Bureau of Investigation resulted in some of the bureau's wiretaps being turned off by the phone company because of late payments.

Intuit officials disclosed their 2008 accountant strategy, saying they would target both full-service firms and tax-driven firms this year.

Amazon.com has come up with an unusual way to sell its tax prep packages this season, featuring characters from NBC's TV series "The Office" as examples of the kinds of taxpayers who might try out different packages.

Lots of businesses are using entry-level accounting software bought at retail, and find that these packages do the job nicely. At some point, however, it's likely that your clients' businesses will grow to the point where these store-bought solutions no longer do the trick.There are lots of reasons why this can happen. One of the more frequent reasons is that there are more staff in the business who need simultaneous access to the accounting application. Most of the entry-level systems available today are limited to only a few simultaneous users, which presents a problem if you have a client who needs to provide access to 10, 20 or even more users.

INTUIT DEBUTS ONLINE PAYROLLQuickBooks parent Intuit has introduced a Web-based payroll system for small businesses. Intuit Online Payroll guides employers through the steps of setting up the system, paying employees and taxes, and filing tax forms. The system includes automatic calculations, to-do lists and e-mail reminders when tasks are due. The system currently does not integrate with Intuit's QuickBooks. Paychecks and pay stubs can be printed right away or issued through a free, built-in direct deposit service. The system provides printable tax forms for federal filings, as well as many state filings, including Forms 940, 941, W-2 and W-3.

Few firms are willing to do what it takes to attract the best and brightest talent. How many CPA partners have a son or daughter in public accounting? If you can't make the profession attractive to your own children, how can you sell it to their peers?Today's workforce is not as complex as some may think. In fact, most employees are merely looking for the basics: challenging assignments, opportunities to grow as professionals, authentic work/life balance and economic rewards.

Tax Compliance Inc. has released version 4.0 of its Property Tax Management System with new features for processing tax bills, creating customized reports, linking to external files, and handling airline property.

Intuit said its Lacerte and ProSeries professional tax prep products would flag any returns that cannot be filed until mid-February because of the delayed patch for the alternative minimum tax.

There was a nice Christmas email that was sent out by Tectura’s CEO Terry Petrzelka this week. What there has not been is the filing of an S-1 for the large reseller's initial public offering. At one point, it seemed likely to occur in 2007. There was an SEC filing by the Redwood City, Calif.-based Microsoft reseller in December. But it was for the REGDEX form, which is filed when a privately held company sells stock to investors, such as venture capitalists. (No dollar amounts are filed with such forms.)

Web-based accounting software vendor NetSuite went public on the New York Stock Exchange at $26 per share after raising its target price.

Sage Software has unveiled Peachtree Payment Solutions, a new service to assist small companies managing their businesses with Peachtree by Sage Accounting.

One of the names in my wife’s family tree, Orlinger, is a mystery, not to the family historian (me), but to those trying to transcribe it from barely legible writing. One effort came up with the name transcribed as Aslinger.

As more firms go paperless, their engagement documents are increasingly residing in a virtual world.

A shortage of quality people, commoditization and increased regulation result in what Harvard economist Joseph Schumpeter referred to as a depleted industry in need of transformation.These are scary times for accounting firms that don't have a plan and path. For those that do, however, the future is exceptionally bright. Overcoming the obvious obstacles to growth should be a top priority for all firms. Ignoring them and hoping things will return to the way they were is unrealistic - and only exacerbates the problems.