Happy Holidays to everyone.  This time of year brings different feelings to the accounting staff.  We are, of course, excited about the coming Holidays but, we also realize that year-end is coming at us fast and that means auditors. 

Our auditors will be here before Christmas and hopefully, finish before the 25th of December.  We are faced with many different things that we have to be concerned with this year and next.

Most of you don’t realize the changes that are happening in the Accounting World because of the Enron mess.  But, the various groups that control how accounting is applied in the United States have been very busy.  We have four different new standards that apply to us.  Without going into them (you most likely wouldn’t want to know anyway) we do have to be concerned about FAS 143, FAS 144, SAS 99, and FAS 150.  Sounds simple enough, but they mean big changes for us.  (FAS 150 has just been delayed for a period of time because of the uproar it caused in the private sector.)

I look at it as NEW YORK CITY CPA’s telling us what to do.  (That is not considered a compliment).  The accounting profession is trying to apply the same standards to us that a public company must comply with.  In my opinion, this is just plain stupid.  But, my opinion doesn’t count so we have to do what the profession tells us to do in order to receive a Certified Audit.  Why is that important?  Our Bankers, Bonding Company, the IDOT, and others require us to have an Audit.

Looking to the future, we see the use of  digital copies of paperwork instead of paper a must.  Some of us have looked at scanners, etc., in order to streamline our accounting paper flow.  It is easy to see where in a very few years we will destroy all paperwork that comes into our offices after we scan it.  This will save us much time and lower our costs.  It is an exciting technology that is getting very good, very fast.   I am sure you will be hearing about this technology as time goes by.  Time frame?  One to three years.

Our new software for the Accounting department is slowly showing us how we can improve our department.  It is only slow because of us.  It is a very good package and we just have to learn to use it better. 

Elsewhere in this edition, you can read about Patsy Peters, a new member of the accounting department.  If you see her about, welcome her to the “family”.