PCPS update.

Critical Information for CPA Firms

PCPS is here to help you succeed. How? We step back and look at resources and regulations and think how they will affect our member CPA firms. We bring you up-to-date tools and information that shape your practice today and will improve your business

What can you do now to get ahead of the game? Here are the best resources, sites, information, and events available for CPA firms today. Take advantage of them. Tell us what you need. We're here to help.

* Give your firm an edge with the PCPS/TSCPA National MAP Survey!

Is your firm on target to grow in 2004 and beyond? Do you have a plan for growth but lack concrete, achievable goals?

The PCPS/TSCPA National MAP Survey can help! The National MAP Survey results provide you with detailed benchmarking information regarding salaries, billable hours, service offerings, and expenses. This critical information, compiled from thousands of firms across the U.S., offers you a blueprint for success.

PCPS members who participate in the survey receive a free interactive results report that allows you to compare data tailored to your firm size, specialty, and region. This year, the report will also include detailed commentary on CPA firm best practices and big picture take-aways from the survey results. There has never been a better time to participate in the survey! There is no cost to take the survey and all survey results are available free to PCPS members. Nonmembers can join for $35 per CPA in the firm (up to a maximum of $700) to take advantage of this member benefit. Alternatively, nonmembers can purchase data reports for $300 with a $100 discount to respondents and an additional $100 discount for AICPA members. For more information, visit www.pcps.org and click on the survey logo on the left side of the screen.

Look for your e-mail invitation, and access the survey by clicking on the link provided.

* Do the new Department of Labor (DOL) overtime requirements have an impact on your firm or your clients?

The U.S. DOL has issued regulations regarding federal overtime pay requirements under the Fair Labor Standards Act (FLSA). The "Fair Pay Overtime Initiative" becomes effective on August 23, 2004. Under the new FairPay rules, workers earning less than $23,660 per year--or $455 per week--are guaranteed overtime protection.

PCPS and the AICPA are examining the regulations for their impact on local and regional CPA firms and small business clients. Look for additional guidance on www.pcps.org later this summer.

In the meantime, you can learn more about the FairPay Overtime Initiative by going to the DOL Website at www.dol.gov and clicking on "FairPay Overtime Rules" in the right column. An online video seminar is available in the lower left corner that is enhanced with a synchronized transcript and slide presentation.

* PCPS and MAP Committees merge to offer firms tools for success

The Management of an Accounting Practice (MAP) Committee recently merged with the PCPS Executive Committee to form a strong, unified group committed to helping practicing CPAs and their firms succeed. The two committees were merged to eliminate redundancy and to combine the resources and influence of talented volunteer groups for the maximum benefit of the profession's 40,000 local and regional CPA firms. The strengthened team is currently addressing CPA firms' most pressing issues, in particular succession planning and staffing.

The newly merged committee is under the direction of Jim Metzler, the AICPA's Vice President for Small Firm Interests, and his staff in Firm Practice Management. To learn more about the committee's activities, visit www.pcps.org.

* PCPS Webcast--"New engagement opportunities for local/regional firms"--will be available on CD-Rom this fall

The PCPS/AICPA June 23 Webcast on new engagement opportunities for local and regional firms that have been created as a result of the limitations of Sarbanes-Oxley on larger firms will be available on CD-Rom this fall. The Webcast identifies how your firm can translate existing strengths into new business prospects. Some of the highlights of the discussion include:

* New opportunities for every size firm--not just Section 404 compliance work

* Clear guidance on how to identify potential clients for this work

* Multiple marketing strategies to "get your foot in the door"

* Next steps for getting started now

Learn first hand from practitioners and consultants including PCPS Chair, Rich Caturano, and AICPA Vice President of Small Firm Interests, Jim Metzler. These speakers know the benefits local and regional firms offer--high-quality work, a commitment to service, reasonable rates--and can help you turn them into a competitive advantage in the post-Sarbanes-Oxley business world.

The Webcast archive on CD-Rom can be ordered now through www.cpa2biz.com for $69. It will be shipped as soon as it is available. PCPS member firms receive an additional 20-percent discount using the coupon code posted at www.pcps.org. This Webcast is an indispensable tool for firms looking to expand their scope of services and take advantage of the opportunities created by the evolving regulatory environment.