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    1. Risky business of serving the rich and famous  

    BY Amy Waldron, CPA
    Money. Fame. It’s not just for the entertainers of the world. Accountants can be well-known and famous or, in some cases, infamous. You may have read about pop stars, actors, and professional athletes being “driven to bankruptcy” by their accountants and financial advisers. CPAs providing a menu of services to these high-profile individuals are at risk of being blamed for a decline in the celebrity’s net worth.Family office services provided to the rich and famous, as well as to privately wealthy families, may include traditional accounting services such as a full range of tax, accounting, financial planning,

    2. Effective performance management  

    BY Doug Blizzard
    For a manager, few things are more difficult than delivering honest performance feedback to an employee. And far too many managers don’t give feedback at all. Fortunately, there are ways to address performance review problems. Success lies in the execution of these simple ideas. Define the culture of your organization, i.e., the behaviors that lead to success.

    3. Considerations when working with an aging client base  

    BY Sarah Beckett Ference, CPA
    I provide bill-paying services to my elderly client, and I’m afraid she’s going to run out of money soon. My client’s mental capacities appear to be diminishing. I’m not sure he understands the engagement letter I’ve asked him to sign. My elderly client’s child has a gambling problem and always asks for money.

    4. Do's and don'ts of due diligence   CPEDirect

    BY Joel Sinkin and Terrence Putney, CPA
    This article marks the 12th and final installment in a yearlong look at issues affecting succession for CPA firms. The series started in July with an explanation of why mergers have become a dominant trend in accounting firm succession strategies. The series ends this month with a dive into what should be one of the last stages of an accounting firm merger or sale: the due-diligence period.

    5. Payroll, tax top choices for outsourcing in finance   WebExclusive

    BY Ken Tysiac
    Payroll and tax remain the most often outsourced functions for accounting and finance departments in the United States and Canada, according to a new survey.Outsourcing of payroll occurs at nearly half of U.S. and Canadian companies participating in the fifth annual benchmarking survey released jointly Tuesday by staffing services firm Robert Half and Financial Executives Research Foundation, the research affiliate of Financial Executives International.Forty-seven percent of U.S.

    6. Managing risk in a CPA firm merger or acquisition  

    BY Amy Waldron, CPA
    More and more CPA firms are up for grabs as Baby Boomers hang up their calculators for good. Merger-and-acquisition activity is high, and this trend is expected to persist. According to the 2012 biannual survey on succession planning conducted by the AICPA Private Companies Practice Section, almost half of multiowner firms had actively discussed mergers, acquisitions, and sales or planned to do so over the next 24 months.

    7. Bringing in more clients  

    BY Ivy Lynn Defino
    Networking and visibility are key to building any CPA firm. To establish their brand in the community, CPAs must find the business development approaches that best suit their individual style. The following steps will help them pave their own business development path: Overcome the urge to be the worker bee.

    8. Raising rainmakers  

    BY Lynne Waymon, André Alphonso and Pamela Bradley
    After years of intense technical training, many CPAs find it difficult to turn their attention to the new role of cultivating clients and attracting referrals. Firms can put strategies in place that teach up-and-coming talent how to look beyond a compliance mindset and uncover the strategic opportunities that lead to new business.

    9. The culture test  

    BY Joel Sinkin and Terrence Putney, CPA
    As shown throughout this series, there are many types of succession deals and strategies, each with its own advantages and challenges. In the case of a merger or acquisition facilitating succession, the No. 1 key—and threat—to success is easily identified but not so easily defined. The authors have asked hundreds of managing partners over the years what makes a merger successful.

    10. Accounting across borders  

    BY Yasmine El-Ramly, CPA/CITP
    More than 6 million U.S. citizens live in other countries. Those Americans, and expatriates who reside in the United States, require a variety of tax and related services. At the same time, no matter what size the organization, more and more businesses are looking across borders to expand their prospects.
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