About a decade ago, in the heyday of firm consolidation, giants such as American Express gobbled up several firms a month - and all of them weren't large; many were small, local firms just ripe for the picking. Although the consolidators were usually mum about their payouts, the formula then, in terms of valuing a firm, was about 1.5 times annual billings plus 10 percent, according to professional journals and research at that time. More recently, the economy has made the market tougher for consolidators and valuations have dropped as a result. Read more...

No matter the size of the firm, there are going to be some tough decisions to make along the way - and one of the most difficult is firing a client. We no longer live in a environment in which the only repercussions might be the initial awkward conversation when the firing occurs. Today, we have positive and negative social media. In our always-on world where a negative blog or Twitter posting can go viral in a matter of moments, accounting professionals will want to ensure they do not suffer potential negative consequences. Read more...

While Facebook, MySpace and Twitter build friendships and followers, LinkedIn focuses on business communications and relationships. Through "LinkedIn Answers," relationships are made with peers in a professional forum. While spending time providing answers to various questions might seem like a time-waster, it is anything but that. LinkedIn Answers builds your credibility and may even lead to more business for your company.

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