Accounting Technology articles from October 2007

Accounting Technology archives from October 2007

Forms Follow Function?
October 1, 2007... As my daughter poured over her first W-4, she wailed, "I have no clue what this means." "Welcome to the adult world," I responded, as a person who long ago gave up on reading all the instructions and just put a "0" in the proper line. ...

A Taxing Issue.
October 1, 2007... This year, something different is happening in the world of tax preparation. Instead of talking about which forms or states are being added to their software packages, or about the ability to edit documents in Word, vendors are talking...

Street Talk: Reader Views.
October 1, 2007... What is the best idea you have gotten from a conference or trade show and how has it helped your business? While this did not come from a specific conference or vendor show, we have to give a lot of credit to Ed Kless and Sage Software for...

Practice Development News.
October 1, 2007... ADVISORY BOARD NAMED Sage Software has named 30 members to a newly formed Accountants' Advisory Board as part of the Sage Software Accountants' Network. The company said the move is aimed at better serving the CPA community. The...

Accounting News.
October 1, 2007... DELTEK PLANS IPO Deltek expects to pay off much of its $230 million in debt through an initial public offering. The Tysons Corner, Va.-based company, which specializes in project management software, incurred the debt when an...

Tax & Financial Planning News.
October 1, 2007... BENNETT QUITTING INTUIT Intuit CEO Steve Bennett, in an unexpected move, has announced his intention to leave his position in January, after more than seven years on the job. Bennett will be replaced by SVP Brad Smith. Bennett made his...

Tax Software 2007.
October 1, 2007... The face of professional tax preparation is changing and is likely to evolve significantly over the next five years as technology developments revolutionize some of the most basic processes in preparation and reviewing, outside of the already...

Thomson's Barcoding - A Lonely Pioneer.
October 1, 2007... When Thomson Tax & Accounting developed barcoding for W-2s last year, it offered to share the technology with the industry to encourage the spread of automated data entry for these common forms. So far, there have been no takers since the...

Tax Prep: Low Cost Competitors.
October 1, 2007... Although the tax preparation market has seen companies and products disappearing steadily over the last 15 years, a number of lower-cost products have become available, especially as the Web has offered a new entry into the market. Here...

Using XCM to Live More.(XCM Solutions )(Brief article)
October 1, 2007... For the staff at Kirkland Albrecht, the workflow applications produced by its sister firm, XCM Solutions became a lot more than just a software product. When a new managing partner took over, he announced last year, 'I don't want to work...

ATX 1040.
October 1, 2007... ATX/Kleinrock's acquisition by CCH last August tops the minds of many customers as well as the company itself. When the purchase took place, CCH President and CEO Kevin Robert explained that both companies have served different market...

CCH ProSystem fx Tax.
October 1, 2007... As more accountants move toward electronic filing, CCH is working to help them keep on top of what is happening with their returns. CCH is expanding the Online E-file Status System it introduced last year to give its ProSystem fx Tax...

Drake Software.
October 1, 2007... For the 2007 tax season, Drake Software is setting its sights on helping firms to properly train their tax preparers for the season, as well as streamline client workflow and data collection. "I do think staffing is a key issue," says James...

GoSystem Tax.
October 1, 2007... For the upcoming tax season, a major focus for Thomson Tax & Accounting's GoSystem Tax RS is enhancing client workflow and continuing to bolster its Web Services to help ensure its 75,000-plus users, or logins, comply with taxing authority...

Greatland Great Tax.
October 1, 2007... Greatland prides itself on its appeal to novice preparers. Most of its new customers are firms just entering the tax prep market because Great Tax is simple and affordable, according to Cathy Laviolette, senior product manager. Typical...

Intuit Lacerte.
October 1, 2007... Intuit had several things on its mind when it began work on its Lacerte tax preparation software for the 2007 tax year. But they really boil down to one thing. "We are focusing on productivity. It always has been what our customers tell us...

Intuit ProSeries.
October 1, 2007... Ease of use dominates Intuit's plans for the ProSeries software for tax year 2007 as it designs the package to meet the needs of the tax-only customers who are its primary users. Compared to the full-service firms which are the primary...

Orrtax Intellitax.
October 1, 2007... For Orrtax Software, the focus for the upcoming tax season is pretty straightforward: To have the product out and on time and to enhance efficiency for the tax preparer. "We are focusing on efficiency and operations for the tax preparer,"...

Petz CrossLink.
October 1, 2007... Training may be important for seasonal staff at accounting firms. But it's even more important for the store-front processors who need to train a large number of people in a short period of time. That's the view of Petz Enterprise as it...

TaxSimple.
October 1, 2007... E-file is the magic word for TaxSimple. The Randolph, N.J.-based company aims for 80 percent of its clients to e-file returns this season. TaxSimple doesn't intend to wave a magic wand in hopes of reaching that goal, which is roughly double...

TaxWise.
October 1, 2007... TaxWise wants to be the go-to software for retail tax preparation firms. The company actually has two main consumer groups: retail firms with numerous offices that primarily offer individual tax prep services and refund products, and small...

TaxWorks.(TaxWorks Inc. being renamed RedGear Technologies)
October 1, 2007... The question on users' minds was probably less about what TaxWorks would do with its 2007 tax software than what the new owners would do with the company. Consumer tax prep giant H&R Block purchased the operations in February with the...

UltraTax CS.
October 1, 2007... Teresa Mackintosh, CPA, vice president of strategic marketing for Thomson Tax & Accounting, Professional Software & Services, said the staffing shortage not only continues to impact the industry but is actually "hitting a crisis point." ...

Slicing and Dicing Data: Analysis tools turn data into knowledge.
October 1, 2007... Financial analysis software is a tough field because it scales from the basic analysis of accounting data in the general ledger up to powerful enterprise machines capable of slicing and dicing data from across the Internet and the far reaches...

CompuPay Partners for Payroll.(Company overview)
October 1, 2007... Processing payroll isn't every accountant's dream. Many are forced into it because their clients need it and they don't want to send them elsewhere. That's where CompuPay comes in and takes over through its CPA Select Program. CompuPay...

Advertisers' Index 10/07.
October 1, 2007... Ad Appears Advertiser on page ADP Small Business Services 5 CCH Tax Group C4 Ceredian 3 Drake Software 1 GoTax System RS 13...

Serenic's CEO Knows Navision.
October 1, 2007... Randy Keith knows Navision. The 25-year software industry veteran served as president of Navision Software, which Microsoft acquired in 2001. Now he has returned as CEO of Serenic, Microsoft's 2007 Industry Solutions Vendor of the Year,...

Editor's Note - Opening Thoughts: First Ranking of AUM.
October 1, 2007... This past January, Jack Lynch, our director of advertising sales, and I were at a trade show and watching what has become a growing phenomenon: copies of CPA Wealth Provider were flying off the racks and tables at this show and subsequent...

Building Wealth: NAPFA Urging 401(k) Transparency: Recommends more disclosure.
October 1, 2007... The National Association of Personal Financial Advisors (NAPFA) has sent a strongly worded letter to the U.S. Department of Labor that spells out seven specific ERISA additions and modifications that it feels the Employee Benefits Security...

Building Wealth: Annuities via IRA Rollover.
October 1, 2007... Wachovia Retirement Services has added Income Solutions, an immediate annuity program that allows plan participants to make the most of their 401(k) nest egg in retirement. Although not designed as an annuity option within a company-sponsored...

Building Wealth: Vest Tops $5 Billion in Advisory Accounts: Raises $1.4 billion in new assets.
October 1, 2007... H.D. Vest Financial Services now has more than $5 billion as assets under management just in advisory accounts, bringing total assets under management to some $25 billion of which fee-based solutions make up 20 percent. The company offers an...

Building Wealth: ETFs Pass $7 Billion in Assets: Just over a year after launch.
October 1, 2007... ProFunds Group says that its ProShares family of exchange traded funds passed the $7 billion mark. The company notes it offered the first and only ETFs designed to provide short or magnified exposure to well-known market indexes. ProShares...

Building Wealth: Anti-Money Laundering Program: Credit unions offer free Webcast.
October 1, 2007... Wolters Kluwer Financial Services and NAFCU Services Corporation have announced the availability of a free Webcast to assist credit unions in creating an effective anti-money laundering program and understanding the requirements of the Bank...

Building Wealth: Teaching Kids Critical Skills: Young people desperately need financial literacy instruction.(Brief article)
October 1, 2007... The Financial Planning Association and Junior Achievement Worldwide have a joint effort to advance educational programs to help improve the financial literacy of America's youth. As part of the partnership, the FPA will provide volunteers from...

Building Wealth: Guide for Investors.(T. Rowe Price Group Inc.)(Brief article)
October 1, 2007... T. Rowe Price is offering a free 24-page guidebook, Smart Financial Living: A Guide to Getting Started, to help new and less experienced investors set out on the path toward reaching their financial goals. The guidebook can be ordered by...

Building Wealth: Health: Does Have An Influence on Older People's Work.
October 1, 2007... 20% of men say so 25% of women say so In between the ages of 55-64 (c) 2007 Accounting Technology and SourceMedia, Inc. All Rights Reserved. http://www.webcpa.com http://www.sourcemedia.com

Building Wealth: Boomers Focusing on Guaranteed Income: Considered top financial goal.
October 1, 2007... New research sponsored by AIG SunAmerica and conducted by Harris Interactive reveals that securing a significant source of retirement income guaranteed for life is a top financial goal for virtually all Baby Boomers. Those polled consistently...

On the Book Shelves.
October 1, 2007... Who Gets Your Money? How to avoid critical mistakes Estate Planning Made Easy walks people step-by-step through the process and explains clearly what the laws mean. Authors David Phillips and Bill Wolfkiel show specifically why it is...

Investment Planning: Serving the Great Wealth Transfer.
October 1, 2007... The CPA Wealth Provider April 2007 cover story, "The Great Wealth Transfer," gave reasons why CPAs should consider the coming intergenerational wealth transfer as a tremendous growth opportunity and why CPA services will be in greater demand....

Charitable Giving: Become a CPA Super Hero: A new, patent-pending CRT management method called the CRT Split Advantage.
October 1, 2007... Ever dream of being a super hero? When a CPA can help his or her clients dramatically increase cash flow, pay less in taxes, and leave more to their heirs, a super hero is what he or she becomes. Throw in an opportunity to help clients...

Top AUM CPA/Financial Planning Firms: Wealth Magnets: First Ranking of CPAs by AUM.(Company rankings)
October 1, 2007... Did you ever wonder what CPA firms with financial planning practices had in assets under management, also known as AUM? Is it in the million or billion-dollar range? You needn't wonder any more. Here now is CPA Wealth Provider's first-ever...

Cover Story: Reaping the Benefits of Equity Harvesting: Help Your Clients Maximize Wealth With Maximum Security.
October 1, 2007... The concept of Equity Harvesting is white-hot right now in the insurance and mortgage community. While there are sales books in the marketplace that make it sound like it's a can't-miss approach, caution needs to be taken so you can advise your...

Investment Planning: Capitalization Of Income.
October 1, 2007... Part I: Real Estate Capitalization of income is generally defined as the conversion of cash flow into one lump-sum capital value. The capitalization rate chosen must be derived from a clearly defined level of income and value and then...

Financial Planning: Aristotle and Fiduciaries: Fiduciary Duty Has Been Eroded.
October 1, 2007... I want to explore the roots of the words "fiduciary" and "prudence." I will use Aristotle, Aquinas, and a few others to help in the cause, and discuss transparency and tennis along the way. I hope you will play along. I believe a prudent,...

Financial Planning: Spotlight on...Greenspring Wealth Management.
October 1, 2007... After graduating from Penn State, J. Patrick Collins, Jr. spent a number of years not as an NFL linebacker out of Joe Paterno's stable, but rather as a financial advisor with Merrill Lynch. Even then, he says he pretty much knew early on that...

Closing Thoughts - My Two Cents: Teaching Children How to Manage Wealth.
October 1, 2007... At the turn of the 20th century, John D. Rockefeller was the richest man in America. But rather than generations of pampered ne'er-do-well progeny, he left a legacy of children and grandchildren who were governors, a senator, a U.S. vice...