Archive for the ‘Change’ Category
Friday, April 21st, 2017
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” – Peter Drucker
Not that many years ago, CPA firms in the U.S.A. didn’t need to know much about international affairs. In fact, most people in firms never even thought about international implications.
All that has changed. Even some very small firms now have international clients and U.S. clients operating internationally.
If you work for a large corporation, accepting international assignments is expected if you want to advance your career.
Reading an article on HBR – Will refusing an International Assignment Derail Your Career? – made me think about what CPA firms are doing to educate their workforce about the business aspects of international operations.
In many firms there are partners who are well versed in international business. But, how far down the ladder does this type of knowledge go?
My questions for millennial CPAs, will the lack of international business knowledge and experience derail your career?
If people like you, they'll listen to you, but if they trust you, they'll do business with you.
Wednesday, April 19th, 2017
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke
In case you missed it, I wanted give you a link to an article in the latest issue of Accounting Today – Rise of the robot. It’s pretty cool.
We have been talking about remote and virtual employees and how to deal with them for several years now. Things continually evolve and firms are learning how to manage the ever-changing world of employee engagement and retention.
One firm, Navolio & Tallman featured in the article, is now using a machine called the Beam mobile presence system as their mobile conference set-up for individuals working virtually.
Think of the episode of Big Bang where Sheldon wants to protect his body from the hazards of the world and begins using a virtual presence machine.
Check out the article and the pictures. It also proves that you don’t have to be a humongous firm to do some very creative things. N&T has 3 partners and 18 people.
The firm’s work-from-home culture is thriving. They have a compressed work week, after April 15. Employees work 9 hours a day Monday through Thursday, and work from home Friday with the day ending at noon. During tax season, staff members do work on Saturdays, but they can do that from home as well.
I believe the best message for retaining top talent is simple. Invest in technology.
It has become appallingly obvious that our technology has exceeded our humanity.
Tuesday, April 18th, 2017
“The mind should be allowed some relaxation, that it may return to its work all the better for the rest.” – Seneca
It’s here. Tax day 2017. After today it will be officially over for a while.
What will you do next? I’m sure many of you will take a few days off. Some will take more than a few days off. Then what?
I repeat my message every year around this time….. don’t wait on focusing more intensely on issues that need to be addressed at your firm.
I used to joke and say that most CPAs go into a coma-like trance for about three weeks basically doing nothing and then they take a week’s vacation claiming they must “recover” from tax season.
Go ahead, recover but you better make it quick. Times are changing, technology is changing, the workforce is changing, firms are changing and the profession is changing. Don’t wait until June or July to tackle firm initiatives. Make a list of high priority items and begin NO LATER than May 1.
If retaining top talent is an initiative for your firm, please don’t procrastinate on giving them feedback. Some firms put off the official feedback meetings until fall. Something else is always more important.
If you haven’t identified your firm’s most pressing initiatives, get your retreat scheduled quickly – have your retreat in July rather than November!
For tomorrow and maybe even the rest of this week, put all of this out of your mind. Then next week take action.
It is necessary to relax your muscles when you can. Relaxing your brain is fatal.
Thursday, April 13th, 2017
“Success is no accident It is hard work, perseverance, learning, studying, sacrifice and most of all, love os what you are doing or learning to do.” – Pele
I just received a press release about the new Exam.
National Association of State Boards of Accountancy (NASBA) and Prometric are pleased to announce the successful launch of an updated version of the Uniform CPA Examination.
The next generation Exam, which began testing on April 1, has added additional assessment of higher-order cognitive skills that test a candidate’s critical thinking, problem solving and analytical ability. The Exam also makes greater use of task-based simulations (TBSs) as a means of assessing these higher-order skills. Recent research confirms that CPAs are now performing tasks that rely upon these skills earlier in their careers.
Follow this link to read the press release and the most important changes to the CPA Exam.
That is the exploration that awaits you! Not mapping stars and studying nebula, but charting the unknown possibilities of existence.
Monday, April 10th, 2017
“There was no respect for youth when I was young, and now that I am old, there is no respect for age — I missed it coming and going.” ~J.B. Priestly
I have been studying, speaking about and writing about Millennials and other generations in the workplace for years. I think it is time to move on and I have come to realize that putting people in generational boxes is a waste of time.
I recommend that you read this article by Ryan Holmes on the Inc. site titled: Move Over, Millennials: 5 Things You Need to Know About Generation C.
Holmes (he’s the founder and CEO of Hootsuite) notes that you don’t have to be a Millennial to live on your iPhone or embrace social media. The group that HR professionals should focus on is Generation C – the “Connected Consumer” – it is everyone who integrates technology into their daily routine, regardless of age. This group share certain qualities.
Here are the topics included in the article:
- What is Generation C? (Gen C stands for Connectivity.)
- What age groups make up Gen C? (It isn’t an age group at all.)
- How does Gen C interact with the world? (They live on digital media.)
- What’s the key to reaching Gen C? (Where they live – traditional media don’t cut it.)
- How big is Gen C? (The numbers are vast.)
I like the closing…..
Let’s give it a rest. For marketing, for hiring, for connecting: Age is increasingly arbitrary.
- The Millennial era is ending (and not a moment too soon).
- Long live Generation C.
Each contact with a human being is so rare, so precious, one should preserve it.
Thursday, April 6th, 2017
“Some people worry that artificial intelligence will make us feel inferior, but the, anybody in his right mind should have an inferiority complex every time he looks at a flower.” – Alan Kay
PLEASE, please read this great blog post by Seth Godin. Here’s the closing paragraph:
The question each of us has to ask is simple (but difficult): What can I become quite good at that’s really difficult for a computer to do one day soon? How can I become so resilient, so human and such a linchpin that shifts in technology won’t be able to catch up?
It was always important, but now it’s urgent.
So much of what accountants do can and will eventually be done by AI. Think about how it has already happened inside your firm. A simple exmple, we used to turn in an expense report – now an app does that for us – and so on.
In the world of blockchain, things will happen without your involvement. How will that play into the future of your firm? You must keep current and keep ahead of the curve. The things that happen might change how you do things but it doesn’t have to make you obsolete – there will be new and different opportunities for progressive firms.
It's going to be interesting to see how society deals with artificial intelligence, but it will definitely be cool.
Tuesday, April 4th, 2017
“The aim of argument, or of discussion, should not be victory, but progress.” – Joseph Joubert
Rarely do I miss a day posting on this blog. However, yesterday was one of those days and I apologize – BUT I had a great reason. I was attending (virtually) the annual New Horizon Group of consultants to the CPA profession meeting. The meeting was held at the AICPA offices in NYC, hosted by Mark Koziel. The co-chairs of this years meeting were Carl George and Jennifer Wilson.
Other members (who I am so honored to be affiliated with) are: Roman Kepczyk, Allan Koltin, Gale Crosley, Angie Grissom, Jim Bourke, Chris Frederiksen, Rob Nixon, Darren Root and Marc Rosenberg.
An important discussion topic was Blockchain and how it will affect the future of auditing. Honestly, it sounds like it will affect the future of many things.
My point today is for you, as a CPA practitioner or non-CPA in a firm leadership position, to take the time to learn about blockchain. I must admit, I didn’t have a clear understanding of it until yesterday.
Below, I am furnishing you a link to a great article (via Accounting Today) that will help you learn more about blockchain. It is critical for you to educate yourself and your team – it is a huge change and it is coming about quickly – you can’t wait and think it is something to worry about 10 years from now.
Blockchain is defined as an open, distributed ledger, blockchain technology records and verifies transactions without any trusted central authority. Read more…..
Frequently the more trifling the subject, the more animated and protracted the discussion.
Thursday, March 23rd, 2017
“If you have some respect for people as they are, you can be more effective in helping them to become better than they are.” – John W. Gardner
Yes, difficult people are all around us – friends, relatives and the people at work. We need to especially be equipped to deal with those difficult work people!
The Nitpickers: Critical, judgmental and perpetual complainers. (You don’t know any of these do you??)
The Megaphones: We answer the phone or we walk down the hall and these people talk non-stop for 20 minutes.
The Voiceless: These people have zero confidence or assertiveness. They’re full of whine, but rarely express an opinion.
The Bubble Busters: They have to be right – all the time. They love controlling and micromanaging.
The Volcanoes: The ones who are ready to fly off the handle at the slightest provocation. They explode and leave a trail of damage.
What do you do? Remain neutral. Without compromising, protect your space and maintain your emotions.
Don’t take things personally. You can’t control their behavior but you can control your reaction to it.
I like the description – “cool, calm and collected.” – – That’s you!
The two most powerful warriors are patience and time.
Wednesday, March 22nd, 2017
“The elastic heart of youth cannot be compressed into one constrained shape long at a time.” – Mark Twain
Just an observation today about things that are actually happening at growing mid-size CPA firms.
On the “I am not surprised” side of things:
- A firm has had a long time policy of partner retirement age at 65. Recently, the 63 and 64 year-old partners changed that policy to 70 years of age.
On the “I’m so glad to see this” side of things:
- A mid-size, very successful firm has a new managing partner, he is 28 years old.
- Another local firm has a new managing partner who is 36 years old.
Both of these individuals fall into the millennial category.
We are no longer talking about what will happen WHEN the millennials are in control. It is more like, NOW the millennials are in control. Yes, change is happening and the change train is moving very quickly down the track.
Be sure your firm is preparing and ready for change.
To get back my youth I would do anything in the world, except take exercise, get up early, or be respectable.
Tuesday, March 7th, 2017
“Too many people overvalue what they are not and undervalue what they are.” – Malcolm S. Forbes
A very interesting topic was explored in an article via Accounting Today last week by Bill Tsotsos – – Do accountants have low self-esteem?
In his opening, he describes what I have observed, first-hand, in dealing with probably thousands of CPAs over the last 30 years.
Many male CPAs, to me, have split personalities. Or, maybe to describe it better, they have a public persona and a private persona.
Outside the firm, they project (and I think many of them force themselves to do it) a fun-loving, knowledgeable, highly intelligent professional. They have all the answers and love to help clients. They love being around people.
Inside the firm, they display many of the characteristics listed in the article:
- Poor communication skills and poor social skills;
- Don’t make/sustain eye contact with others;
- Don’t engage with others;
- Don’t take risks (risk-averse);
- Unable to discern who and when to trust;
- Fear and anxiety of making a mistake, being rejected, looking foolish or inadequate;
- Self-focused: Only viewing and thinking of what goes on around them on the basis of their own wants and needs; and,
- Rigidity: Motivated by fear of doing something wrong and receiving negative feedback. Those with LSE seem to narrow their choices to be safe from erring.
Demonstrating these characteristics does not mean they do not care about their clients, their team members or the quality of services they provide.
I like to describe it as they are not truly aware of their worth, the value they bring to the marketplace. This always comes out when it is time to bill – – they dread billing the client for the dollars revealed in WIP and usually bill them less. They can’t imagine what value pricing would be like!
I once talked with a CPA partner, very well-known and respected in his business community. He built his image up over many years and yet he disclosed that he dreaded networking and when a client came in to talk one-on-one, his stomach hurt before the meeting because he was dreading it.
I have not observed as much of this “split” in female CPAs. They need more of the outside persona.
My message: YOU are worth it! You have spent thousands and thousands of dollars getting your education and keeping current on financial and tax topics. What’s in your head is VERY valuable to others – don’t under rate yourself.
You provide your clients with peace of mind. What a great mission – enjoy it.
You yourself, as much as anybody in the entire universe, deserve your love and affection.