Wednesday, November 30th, 2011
This is troubling stuff to read, but also not very surprising. Apparently there are some accountants that just don’t want to do the work to be in their profession. If you’re going to get into this field then at least go through all the schooling. If you don’t it WILL catch up to you. Give this article a quick read and you’ll see why:
New Jersey officials say they have uncovered a disturbing trend this year: A record number of accountants — usually considered among the most honest and trusted professionals — have been lying about their education.
Worse yet, they’ve been lying about a class on ethics.
A recent audit of New Jersey’s licensed bean counters from 2006 to 2008 found that 4 percent of them — about 780 of 20,000 — falsely reported they returned to school for the course, which the state requires them to take every three years.
What’s more, many of those caught by the review were also lying about having taken other continuing education classes, required to keep accountants sharp in areas ranging from getting taxpayers the largest refunds to keeping tabs on millions of dollars in public money.
“At a time when we’re seeing increasing financial fraud and the deterioration of trust in the public finance industry, the fact that such a large group of accountants would be so seemingly cavalier about the importance of these courses is troubling,” said Thomas Calcagni, head of the Division of Consumer Affairs, which oversees licensed professionals.
The offenders, who were fined from $500 to $8,000 for the violations, included local tax preparers and school accountants to a state official and members of large accounting firms, according to documents obtained by The Star-Ledger through the state open records law.
NEVER GOT AROUND TO IT
Many of the accountants said in interviews they intended to complete the requirements when they sent in their renewal forms, but never got around to it. They also said they misunderstood some of the rules, which are explained in the very law and ethics course they failed to take.
See the Original Story here
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Wednesday, November 16th, 2011
Here’s a good question/answer session I was reading through. It doesn’t really cover anything in particular but it does talk about what’s comming down the pipe in 2012. You can read this in a few minutes and I think you’ll feel enlightened:
Are you seeing more bankruptcies and foreclosures despite the official end of the Great Recession?
I have not seen as many bankruptcies or foreclosures in the latter part of 2010 as compared to 2009 and early 2010. However, many clients are experiencing more difficulty than ever in collecting receivables and loans. We are also seeing a number of businesses sell out due to a negative long-term outlook of the owners or merge with larger entities to stay competitive. It does not appear that we are out of the woods yet by any stretch.
What advice do you have for business owners who trying to stay afloat?
Obviously keeping a close eye on costs is imperative. Cash flow now is more important than ever. If you provide credit to customers, staying on top of receivables is a must. Talk to your banker and/or accountant if you are carrying substantial debt and see if there is some way to refinance to lower interest costs; or, at the very least, spread your payments over a longer period of time.
If you pay for health insurance, take a fresh look at your plan and see what other options may be available.
And of course, let your accountant know whats going on in your business. Too often, clients will not let us know about something important until the end of the year or worse, when tax filings are due. The result is often lost opportunities to save or at least defer taxes. Keeping lines of communication open is very important.
What should employers do to prepare for whats ahead in 2012?
Stay on top of whats happening. There are a number of tax provisions set to expire at the end of 2011 and 2012. Be sure to take advantage of them if you can as there is no guarantee they will be extended. These include such things as the limits on the 179 deductions (allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year), bonus depreciation, tax rates on qualified dividends and long term capital gains and lower Social Security withholding on employees just to name a few.
See the Original Story here
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Thursday, November 3rd, 2011
The job market is still tight, but for the bean counters of the world we’re a little bit luckier. The hiring rate for accountants is higher than many other industries out there. Companies will always need to bring in financial gurus to keep the books balanced and stay within budget. So if you’re looking to jump ship or looking to get on board with a new company, here are some tips to get you started.
- Create a personal business card. You need to be able to hand out a business card with your personal email address and phone number. Business card printing is cheap and it’s an easy thing to do to help you stand out from the crowd. You never know when you’ll run into a contact or potential hiring manager and having your business card ready will help open doors for you.
- Attend networking events in the accounting and financial industry. Meetup groups are in just about every area and in every niche. You should be able to find a group nearby where you can go and exchange ideas with like minded accountants.
- Fine tune your resume. Your resume may be up to date in terms of your job placements, but have you ever gone through it from the perspective of a recruiter? Human resources professionals and hiring managers will look for key terms and phrases that show them what you can bring to the table to specifically help their company. You will want to tweak your resume for each company you send it to. Ideally your experience will align with their needs.
Now what are you waiting for? Don’t let someone else beat you to the punch. It’s time to put these steps into practice to ensure you land the job that is best for you.
Posted in Accountant Firms | 1 Comment »
