"Nobody likes a back-seat driver, and nobody feels safe when the two people in the front seat are arguing about every element of a road trip. The same is true in a partnership. When management and the board disagree on direction, managing growth or any other key decision, the entire organization is at risk. Partners feel unsafe."
Read Article: www.accountingtoday.com/news/firm-profession/make-sure-your-partnership-operates-like-a-team-79097-1.html
For the past 21 years, I have immersed myself in the accounting profession, advising accounting firms and bookkeepers on how and why they must be more in sync with their clients. Much of this advice has centered on offering clients real-time numbers and real, actionable business advice.
With this track record and my gut as the foundation, the future landscape for bookkeepers and beyond seems almost predictable. Mix in some research and navel gazing, and I've settled on five predictions about accounting for small businesses. I believe this is what we can look forward to in the next five years.
Cloud Accounting Becomes Mainstream
Read Article: www.intuit.com.au/r/accountants/5-bold-small-business-accounting-predictions/
"Much of the discussion in the accounting industry today pivots around how global markets impact practice management and client service. But when asked about the top concerns among accounting firm leaders, BKR International, a global public accounting association, cited an overwhelming focus on the following three:
1. Security awareness. Financial advisory firms of all sizes are actively targeted by hackers in search of client data, according to a top cybersecurity threats report by BKR International last year, in tandem with the Identity Theft Council in California. Public accounting firms – at least in the United States – may be required in the future to comply with minimum federal data security standards"
Read Article: www.accountingweb.com/practice/practice-excellence/top-3-practice-management-concerns-for-cpa-firms-to-tackle
"The Internal Revenue Service unveiled a new procedure Wednesday to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account.
In Revenue Procedure 2016-47, the IRS details how eligible taxpayers can qualify for a waiver of the 60-day time limit and avoid possible taxes and penalties on early distributions, if they meet certain circumstances. The revenue procedure includes a sample self-certification letter that a taxpayer can use to notify an administrator or trustee of the retirement plan or IRA receiving the rollover that the taxpayer qualifies for the waiver."
Read Article: http://www.accountingtoday.com/news/tax-practice/irs-offers-new-procedure-for-those-who-miss-ira-rollover-deadline-79043-1.html
"Principles taught in management courses sound so good in theory, working under the assumption everyone is even-tempered, well-organized, and process-driven.
However, in real life, people act irrationally, prioritize poorly, or rely on MBO (management by outburst). You must get things done, regardless.
Challenge One: Costing Projects
The public thinks large companies throw cash around. In reality, they throw nickels like manhole covers. Winning business is tough in a highly competitive environment. Firms need to bid attractively to win the business while making the job worthwhile financially."
Read Article: www.accountingweb.com/practice/practice-excellence/7-business-challenges-facing-cpas