Articles

The following articles are provided as a service and do not necessarily reflect the opinions of the Kansas Society of Certified Public Accountants. The veracity of statements contained in these articles has not been verified and should be considered as opinon only.

TOP 5 WAYS A CPA CAN BE SUED
After 23 years of malpractice claims experience, CAMICO has developed a wealth of information about what causes disputes between CPAs and their clients, what leads to litigation, and how to avoid or minimize the damages from such conflicts. There are basic risk management steps that every firm can take to lower their exposures to risk, such as client and engagement screening, due diligence, documentation, due care, exercising skepticism, and being aware of the public standards for CPA services. Following are five pitfalls that are especially prone to litigation but are avoidable when risk management principles and techniques are applied effectively. Read full article.

WEB PORTALS
There are many traditional methods for transferring confidential data like email, online storage, mail, pickup, and an online service. But with the advent of increased bandwidth, more businesses are choosing to take their client’s confidential data online. Putting client’s data online comes with many challenges, and choosing the wrong solution can put your practice at risk. When considering options on the web, many hear words like web portals, horizontal portals, vortals, cloud computing, and SaaS. But with all these terms, it is increasingly difficult to navigate this sea of cryptic words and acronyms. It’s important to understand how they all affect your business. This article will help you learn about new web technologies that will affect your choices and what that means for your clients’ confidential data. Read full article.

BUSINESS SAVVY + ACCOUNTABILITY = MARKET SHARE
Today’s recession could actually be a catalyst for smart firms to build momentum AND market share. “The savviest managers realize that a period of great uncertainty, with financial and competitive landscapes changing almost overnight, can be the ideal time to make important strategic gains” (November 2002, McKinsey Quarterly, How to win in a financial crisis). Read full article.

AVOID ADDED LIABILITY IN STRATEGIC ALLIANCE AGREEMENTS
There can be a number of advantages and disadvantages to establishing a strategic alliance with another CPA firm or a provider of financial services and/or products. Some of the advantages include access to back-office custodial and support services, which in turn can help enhance the image, reputation and revenue of the firm. Read full article.

TRACKING REFERRALS IS MARKETING ROI
Marketing ROI is a common oxymoron in business. It ranks behind “Agree to Disagree”, but ahead of “Approximately Equal”. The problem with Marketing ROI stems from the uncertainty implied by marketing and the certainty implied with ROI, or Return on Investment. Read full article.

DON'T BE CAUGHT WITHOUT WORKFLOW IN YOUR PAPERLESS SOLUTION
Many believe that workflow and document management should be separated like oil and water, only hoping that one day they can coexist cohesively. Here are some details to consider when combining a workflow and document management system.Read full article.

THE STAFF DEVELOPMENT PROCESS
Generational discussions about staff productivity, culture and drive have been a hot button topic for a long time. Statements such as “These young people are lazy” or “Back in my day we knew what was expected” are found throughout discussions at conferences and meetings. Each discussion leading to the conclusion that every new generation has a poorer work ethic than the previous one will soon lead us down a road of destruction. Read full article.

LAPTOP SECURITY
By: Will Fleenor, CPA.CITP, PhD, K2 Enterprises
Laptop theft appears to be a cottage industry in the US. Consider these facts: according to Safeware Insurance Agency, more than 750,000 laptops are stolen every year. This translates into more than $1 billion in lost property and, according to the study, more than a $5 billion loss of proprietary information. According to the FBI, a whopping 97% to 98% of stolen computers never return to their rightful owner. Read full article.

NAVIGATING THE MAZE OF SOFTWARE LICENSING
By: Tommy G. Stephens, Jr., CPA.CITP, K2 Enterprises
Many people are surprised to learn that they generally do not “buy” software, but rather a license to use software according to the terms established by the software publisher. Publishers typically outline these terms in a legal document known as the End User License Agreement (EULA). EULAs can be lengthy, complex legal documents and, as such, many end users do not take the time to read and understand all of the terms of the EULAs for the software loaded on their computers. This all too often leads to using the software in ways not allowed by the EULA, a practice known as software piracy. Read full article.

IFRS FOR SMALL AND MEDIUM SIZED ENTITIES
By: John L. Daly, Executive Education
The July 2009 release of International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) is a major event in the adoption of international standards by U.S. companies. Since the AICPA?s May 2008 recognition of the International Accounting Standards Board (IASB) as a standard-setting body, IFRS for SMEs automatically becomes an acceptable basis for accounting in the United States. Prior to the release of IFRS for SMEs, professionals studying the U.S. adoption of IFRS generally concluded that public companies would lead the way in the U.S. adoption. However, since the SEC has made it clear other problems are more pressing right now, it is quite possible that private companies, not public ones, will lead the U.S. adoption of international standards. Read full article.

ENTERING THE VIRTUALIZATION ERA
By: Melinda Guillemette
Over the past few years, most accounting firms have invested in technology to improve workflow efficiencies - from integrated software suites to document management systems. Though a positive progression, many have yet to evolve to the next phase on the technology continuum: the Virtualization Era. Today's fast-paced, mandate-heavy atmosphere is pushing many firms to re-evaluate operations and look for ways to enhance efficiency and remain competitive. For many, going virtual is the answer. Read full article.

TESTING THE SaaS WATERS WITH AUDIT APPLICATIONS
By: Marty McCutchen, CPA.CITP
It's certainly no secret that CPAs tend to be "thoughtful" adopters of technology - waiting for others to test it out and report back the results. Though there is nothing wrong with taking a slower, cautious evaluation approach, at some point you simply have to take the plunge. And where well developed, cost-effective technology is concerned, CPAs that have jumped in the deep end of the pool are finding that the water is quite nice.
Such is the case with leading SaaS tools. Read full article.

PAYMENT PROCESSING TECHNOLOGIES SAVE TIME AND MONEY
By: Randy Johnston, K2 Enterprises
Businesses of all types still have areas in which they can become more efficient. The way a business makes and receives payments is certainly one of these areas. Payment processing technologies automate the receipt of payments into accounting software, saving the time and expense otherwise required to manually enter payment. Once you understand the convenience, you are likely to recommend this to your clients and other associates. Read full article.

FIRING ON ALL CYLINDERS: HOW TO ENERGIZE YOUR FIRM
By: Allan Ratafia, CPA, MS in Taxation
Forward-thinking firms provide plenty of tools and opportunities for professionals to find, create and sustain business relationships. These activities in themselves are useful. They can be tracked, measured, benchmarked and quantified. They are also often one-shot wonders. If I had a dollar for every time a partner has told me "Yeah, we did that once and it didn't bring us anything", I would be luxuriating on a beach in the South Pacific.
Perhaps we spend too much time looking at programs, policies, and procedures and not enough time looking at attitudes, perceptions, and behaviors that exist within our organizations. Read full article.

PDFs: MORE THAN YOU THOUGHT POSSIBLE
By: Tommy G. Stephens, Jr., CPA.CITP, K2 Enterprises
Since their introduction over two decade ago, PDF files have ascended to the forefront of document storage and archiving and now serve as the de facto standard in most of the document management systems used by accountants and finance professionals. The reasons for this are many, but are centered around the fact that PDF documents are hardware, software, and operating system independent – that is, a user can read and work with a PDF file regardless of the type of computer or operating system in use. What many do not understand is that PDF files also serve many purposes other than just a means of storing documents. From fill-in forms to a mechanism for document review and collaboration to a foundation for multimedia documents, the capabilities of PDF files are much greater than many think possible. In this article, we examine some of the lesser-known possibilities of working with PDF documents. Read full article.

WHY CPAs SHOULD ACQUIRE A SYSTEMATIC APPROACH TO SELLING: IMPROVING YOUR NEW CLIENT ACQUISITION PROCESS
By: Hugh Duffy, Build Your Firm
When firms adopt a systematic approach to marketing and selling, the results are far more effective than if using a fly-by-the-seat-of-your-pants-approach. The logic is simple: A systematic approach is far more predictable and consistent in delivering the results desired. Read full article.