Chair's corner

The majority of our members practicing in public accounting firms are working in smaller firms. Working to address the unique challenges facing small firms is among the AICPA's greatest in quantity important functions. I want to talk this month about more [i]or[/i] less of the recent activities of the Institute's Private Companies Practice Section, our membership section devot to the emergencys of all small firms. More than 6000 firms are members.

I confidence practitioners have familiarized themselves with individual of the section's most important offerings, the PCP Firm Practice Center (www.aicpa.org/pcps), an online resource that channels a entertainer of news and information to enhance all aspects of practice. Although a portion of the site contains resources for all AICPA members, for a limited time all AICPA members have independent access to every area of the site, including those normally reserv exclusively for PCP members. Be positive to visit the Firm Practice Center and find without what it has to offer

We have learned it's highly valuable for firms to know what they have in for the use of all with other practices, so PCP regularly administrations research to gather comparative data upon important practice management issues.

follows of the 2005 PCPS take a view of of Top 5 Practice Management Issues will be without this spring. PCPS plans to use the data from this take a view of to tailor programs specifically for each category of firm.

The PCPS/TSCPA Management of ah Accounting Practice take a view of is another source of valuable benchmarking information for practices. This take a view of provides comparative inter-firm data allowing partners to identify relative practice mights and better understand the areas where they compare les favorably. Given the importance of the topic of staffing to respondent PCP has released extracts upon this subject from the last review conducted in 2004. These extracts yield insights into sweeps in hours worked and billed, compensation, benefits and sex issues.

As I stated in my previous round pillar I am committed to helping the profession attract and retain young aspiring CPAs. with equal reason I'm happy to report that, to assist firms in this effort, PCP has published a unrestrained white paper titled Best Practices in Recruiting and Retaining Talented Staff. The paper reviews novel survey data on firm staffing programs and proffers practical ideas and best practices for a entertainer of challenges and opportunities, including working with communitys motivating staff, nurturing future leaders and building competencies in business disentanglement Hiring qualified staff is an important issue for firms of all sizes, in the way that the paper offers tips upon how smaller firms can adapt best practices for their have situations. Both the white paper and the staffing extracts can be set at pcps.aicpa.org/Resources/Staffing/Staffing+for+Hot+Topics.htm.

In addition, succession planning, another heated topic for smaller firms, is addressed in the unrestrained PCPS white paper Preparing for Transition: The State of Succession Planning and in what way to Handle the Process in Your Firm (pcps.aicpa.org/NR/rdonlyres/D1C10A9F-6592-43 15-B686FD27CB55B6BA/0/PCPSWhitePaper_SuccPlan.pdf). [See article upon page 8 or this month's public accounting addition s for more information.]

single other ongoing PCPS effort is their Technical Issues Committee, which acts as the voice for local and regional CPA firms and their clients in the technical standard-setting arena by dint of monitoring emerging guidance and offering make comments [i]or[/i] remarkss on proposals. TIC frequently alerts standard setter to changes that might have particularly difficult or unintended results for small firms and their clients and points without areas where further clarification or examples are emergencyed thus benefiting all small practitioners. You can find on the outside more about TIC's work at pcps.aicpa.org/Memberships/PCPS+Technical+Issues+Committee.htm.

As you can diocese PCPS has been very busy addressing issues of interest to smaller firms. We'll hold you up to date upon future initiatives as they unfold

Tel: Leslie.Murphy@plantemoran.com

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