http://www.rootworks.com/rss/newsXML.phpRootWorks Newshttp://www.rootworks.com/index.php?pageId=6&newsId=7http://www.rootworks.com/index.php?pageId=6&newsId=7Define. Communicate. Deliver.I am a simple sort of guy, so simple, straight-forward messages usually resonate very well with me. And when there crafted by high-class people who not only talk the talk, but also walk the walk --- then I am especially impressed. Darren Root is one of those people...Read the full posting on The Tech Gaphttp://www.rootworks.com/index.php?pageId=6&newsId=16http://www.rootworks.com/index.php?pageId=6&newsId=16Darren Root broke away from his father's firm because it was too old school for his taste.That was back in 1990, when computers were just making their way into the accounting scene.Now, the owner of Root & Associates is teaching some of the old dogs new technology tricks and hoping those firms will help each other succeed through a new consulting arm of his Indiana-based firm, RootWorks.RootWorks, launched in November 2008, will offer a series of Leadership Communities for firms throughout the country to gather twice a year in Indianapolis to participate in roundtable discussions around best practices, attend leadership and software training and receive updates about current technologies for a membership cost of $3,500.Root, a 48-year-old CPA and Certified Information Technology Professional, hopes firms will use what they learn to increase revenue and efficiencies and to help their staff achieve the Holy Grail of work-life balance.How did you become interested in technology?I'm not really a techie, but I like making things easier. I started going to various tech conferences and found out I understood things a little differently from my peers. I was in this mindset that we had to be able to duplicate a system or my firm would have to rely on me. I'd explore and play and figure out what works. I've worked in men's clothing and lamp stores, so I've been in the aesthetic world and making people happy. Combine that with technology, and you get a really nice package.Why did you start Root & Associates?I was part of a partnership with 22 employees and approximately $600,000 in revenue and I was working all the time. In 1991/92 I decided that was not best path. I took only clients I like working with that fit a business model we designed and will use technology we employ and implement processes we created for ourselves. For example, I'm a QuickBooks shop. There's nothing wrong with Peachtree, but I don't use it and I don't want to learn a new system. We want to use the Internet as much as possible, so we use hosted QuickBooks and SmartVault or Bill.com to gain access to all customers' invoices. We have 11 employees and almost three times the amount in revenue with about 1,000 clients and I have no direct client responsibility- that's allowed me to manage the firm and start RootWorks.What inspired you to start it?I was a keynote speaker at [Thomson's] partner summit to educate on best practices. People wanted a way to continue that process. I do a ton of firm consulting. My favorite thing to do is teach. But I was traveling a lot because it's a 1-on-1 model; I thought it would be more efficient if I could bring firms to me. We might end up with four to eight communities of firms up to 25, 30 people. But if it's a one-person firm with the right ideas, that would be fine.Read the full storyhttp://www.rootworks.com/index.php?pageId=6&newsId=14http://www.rootworks.com/index.php?pageId=6&newsId=14By Antoinette AlexanderThe key to a well functioning practice is having software systems that are integrated for an efficient workflow process, according to M. Darren Root, president of Root AssociatesAnd essential to that is having contact information that is up-to-date and easily accessible, along with efficient email communication and tasks and projects that are accurately stored in a calendar and having that data integrate with other software systems.Read the full article...http://www.rootworks.com/index.php?pageId=6&newsId=15http://www.rootworks.com/index.php?pageId=6&newsId=15Jan. 16, 2009 – The CPA Technology Advisor, an award-winning independent resource for practicing public accountants and tax professionals, announced today that M. Darren Root, CPA.CITP, CEO of RootWorks LLC and managing partner of Root & Associates LLC, has joined the publication as its executive editor.A practicing public accountant and technology consultant for more than 20 years, Root serves on the Board of the AICPA’s CITP Credentials Committee and is a former member of the Board of Directors for the Indiana CPA Society. He is a respected thought leader in the profession, speaking at dozens of professional organizations each year and frequently serves as a guest lecturer at Indiana University’s Kelley School of Business.“Darren is a well-known figure in the accounting community, and his expertise in the profession will greatly strengthen our editorial focus,” said the magazine’s publisher, Rachael Monroe. “His unique combination of accounting, technology, leadership and consulting experience will enhance The CPA Technology Advisor’s ability to provide our readers with the information they need to be more productive and efficient in their professional practice.”Read the full story...http://www.rootworks.com/index.php?pageId=6&newsId=25http://www.rootworks.com/index.php?pageId=6&newsId=25Question: Why, in this age of ever-increasing personal taxes, do business owners prefer to set up a limited liability company? With an LLC, profits are taxed at individual tax rates. Wouldn't it be better to form a C corporation, where profits are taxed at the corporate rate? -- Don Sutherland, Naples, Fla.Answer: No. In almost all cases, the LLC provides a distinct tax advantage over the C corporation – and that's likely to remain the case, even if individual tax rates do go up.Here's why: When you set your company up as an LLC, profits from the business "pass through" to your personal income tax return, so you're taxed at individual rates, the highest of which is 35% for 2009. When you set your company up as a C corporation, the business is technically a separate entity that pays taxes on its profits at the corporate rate, which starts at 15% for the first $50,000 of income, but can run as high as 39% for 2009. Then you're taxed again – the infamous "double tax" trap – at your individual tax rate when you withdraw some of those profits as a dividend. For that reason, "there's rarely a tax benefit with a C corporation," says Michael T. Hanley, a managing partner with Merl & Hanley in Smithtown, N.Y.In recent years, the LLC has become the entity of choice for most start-ups, largely because it allows pass-through tax treatment while shielding members from personal liability. The management structure of an LLC is also more flexible than that of a corporation, so owners can divvy up operational duties and split income as they see fit, says Alan C. Ederer, an attorney with Westerman Ball Ederer Miller & Sharfstein in Mineola, N.Y. However, the C corporation is often the best choice for business owners seeking venture capital, as its shares are easily transferrable to investors, he says.More...http://www.rootworks.com/index.php?pageId=6&newsId=19http://www.rootworks.com/index.php?pageId=6&newsId=19NEW YORK and SAN JOSE, Calif. – April 7, 2009 –The American Institute of Certified Public Accountants (AICPA), its subsidiary CPA2Biz, and Intacct today announced a groundbreaking alliance to benefit millions of small businesses across America and improve the productivity of the CPA profession.The alliance will help CPA firms and small and mid-sized businesses adopt "cloud computing" to improve their financial performance, take better advantage of financial advice and make better and faster business decisions. Intacct and CPA2Biz will also co-develop a new version of Intacct's on-demand financial management and accounting applications specifically for CPA firms and their clients that includes unique content from the AICPA."In today's economic climate, small and mid-sized businesses need to actively manage their financial performance by becoming continuously aware of their financial position and collaborate with trusted CPA advisors to make the best possible business decisions," said Barry Melancon, president and CEO, AICPA. "Our vision for this new alliance is to improve productivity, increase transparency and reduce costs for both AICPA member firms and the millions of small and mid-sized businesses they serve.""We have seen a dramatic shift in the way CPA firms provide accounting services to small businesses, with technology being the primary driver," said Erik Asgeirsson, president and CEO, CPA2Biz. "We've believed for some time that cloud computing was an effective model for firms to better support and collaborate with clients, but it's taken many years for on-demand financial applications to mature. After an extensive, multi-year search for the right solution and partner we're excited to be working with Intacct, whose applications, people, policies and track record are outstanding.""We're honored and excited to join forces with the AICPA and CPA2Biz as their preferred provider of financial applications," said Mike Braun, president and CEO, Intacct. "When you combine awareness and education from the AICPA with a new offering co-developed by Intacct and CPA2Biz, we are poised to improve the productivity of the CPA profession and millions of small and mid-sized businesses by driving the adoption of cloud-based financial applications."Key Details of the New Alliance:    •    The AICPA, and its subsidiary CPA2Biz, have named Intacct as their preferred provider of financial applications. CPA2Biz has also been named the preferred distributor of Intacct to the CPA profession.    •    The AICPA and CPA2Biz will make their unique intellectual capital, such as financial best practices, business guidance, benchmarks and industry templates available from within Intacct's financial applications.    •    Intacct and CPA2Biz are co-developing a new and unique version of Intacct which will allow CPA firms to work together collaboratively with their clients. The new co-developed product will only be available through the CPA profession.    •    AICPA members will be eligible to receive discounts on all of Intacct's financial management and accounting applications.    •    The benefits of the new alliance will extend to all of the more than 350,000 AICPA members, whether practicing in one of 45,000 member CPA firms or working in industry, and to millions of small and mid-sized businesses across the country."We applaud the AICPA for providing leadership to our profession by taking this unprecedented step to promote the adoption of cloud computing to allow all firms to better serve their clients' needs," said Al Anderson, CPA and Managing Principal, LarsonAllen LLP. "As one of the largest accounting firms in America and an early adopter of Intacct, we've seen first-hand the benefits that this technology provides for our small business and non-profit clients, as well as for our firm. We're huge fans."For more information visit www.intacct.com or www.cpa2biz.com