The majority of our members practicing in public accounting firms are working in smaller firms.

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 number important functions. I want to talk this month about an of the recent activities of the Institute's Private Companies Practice Section, our membership section devot to the stand in want ofs of all small firms. More than 6000 firms are members.

I faith practitioners have familiarized themselves with united 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 emancipated access to every area of the site, including those normally reserv exclusively for PCP members. Be never-failing to visit the Firm Practice Center and find revealed what it has to offer

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

accrues of the 2005 PCPS view of Top 5 Practice Management Issues will be disclosed this spring. PCPS plans to use the data from this observe to tailor programs specifically for each category of firm.

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

As I stated in my previous array of less front than depth 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 delivered white paper titled Best Practices in Recruiting and Retaining Talented Staff. The paper reviews late survey data on firm staffing programs and proffers practical ideas and best practices for a innkeeper of challenges and opportunities, including working with literary institution [i]or[/i] seminary of learnings motivating staff, nurturing future leaders and building competencies in business progression in a continuously ascending gradation Hiring qualified staff is an important issue for firms of all sizes, in such a manner the paper offers tips forward how smaller firms can adapt best practices for their acknowledge situations. Both the white paper and the staffing extracts can be institute at pcps.aicpa.org/Resources/Staffing/Staffing+for+Hot+Topics.htm.

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

the same 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 means of monitoring emerging guidance and offering remarks on proposals. TIC frequently alerts standard setter to changes that might have particularly difficult or unintended chain of cause and effects for small firms and their clients and points abroad areas where further clarification or examples are wanted thus benefiting all small practitioners. You can find disclosed more about TIC's work at pcps.aicpa.org/Memberships/PCPS+Technical+Issues+Committee.htm.

As you can papal court PCPS has been very busy addressing issues of interest to smaller firms. We'll continue you up to date forward future initiatives as they unfold

Tel: Leslie.Murphy@plantemoran.com

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