GASB establishes new approach for reporting leases

GASB established a single approach to accounting for and reporting leases by local and state governments in a new statement issued Wednesday. GASB Statement No. 87, Leases, is based on the principle that a lease finances the right to use an underlying asset. The standard offers guidance for nonfinancial assets, including vehicles, heavy equipment, and […]

The Perfect Succession Plan

There was a time not long ago when I considering retirement. As an entrepreneur, the question is always, “how can I step away from the business and be assured that my clients are taken care of and my legacy and cash flow are preserved?” For most practitioners, the first thought is to sell the practice […]

INNOVATE OR DIE: Why law and accounting firms struggle to innovate

For almost a decade, I worked with professional service firms developing sales, marketing and account management strategies that would help them grow. One thing I had a tough time wrapping my head around was why so few firms were open to innovation. Why is it that professional service firms, especially accounting and law firms, find […]

The working vacation; Having Your Cake and Eating it too.

Who doesn’t want to take multiple vacations every year. Better yet, visiting exotic locations around the world while still maintaining a high level of productivity, training staff or meeting with clients. Sounds too good to be true, right? Or maybe you’re thinking that you have to be super rich or have the last name “Trump”. […]

PractitionersÔÇÖ: This is a must read.

Being a sole proprietor or owner of an accounting firm can be very gratifying but quite challenging at times. It doesn’t really matter if you are a sole practitioner or have staff, the buck normally stops with you. We jokingly call it wearing a lot of hats….when all the decisions come from you and hardly […]

Confidentiality in the Cloud

As accounting professionals, we are keenly aware of maintaining the confidentiality of client records. Our clients trust us with their most sensitive and personal information whether it’s accounting records, banking information or tax ID numbers. Our worst nightmare is to have a security breach or otherwise compromise client information or worst yet have a fraud […]

Accountants seeking tips from an expert should read this

Our President Mr. John R. Wright, CPA had a unique experience while working at Ernst and Young in the 1980’s. He was not only an auditor, but also had the distinction of one of the firm’s few computer auditors. This was at a time, unlike today, when computer auditing was in it’s infancy. By the […]

3 Tips for Surviving the Rest of the Busy Season

We have less than a month until the end of the busy season, but there is still plenty of work to be done. Stay on task and get through the last few weeks with these quick tips to survive the rest of the busy season. 1. Make sure your start the day off right—EAT. All […]

Making the Move to Fixed Fee Billing

While much of the industry remains steadfast in billing by the hour, there is an emerging trend and need for firms to change their billing practices. Many are beginning to realize the benefits of using fixed fee billing. Here are some reasons why. Technology – If you have moved at least part of your firm to the cloud, you […]

Why Your Firm Should Switch to the Cloud

By now you have at least heard of cloud computing. This can come in the form of simply using an online accounting service, such as QuickBooks Online or moving your entire business to a virtual server. If you are still on the fence about whether you should move to the cloud, here are a few […]