Archive for the ‘Millennials’ Category

Tuesday, June 27th, 2017

Do What You Love

I am very lucky. I found a career that I simply love and it has evolved into a real purpose in life for me.

When I was younger, I knew many people who actually hated their job, yet they continued to work at the same place for many years. It always puzzled me. What a miserable way to spend your life!

I believe that the profession of public accounting would be an excellent choice for many young people just beginning their careers. Not every firm is alike, so I strongly warn young professionals, it may not be public accounting you dislike, it may just be the firm you are currently with.

If you are thinking about leaving your firm, please give another CPA firm a try before you leave public accounting altogether. My career growth has been a joy to me without a single boring minute. I have learned so much and, hopefully, have matured quite nicely. And, while I have been working in public accounting for decades, I still love it and enjoy the ways I can strive to help others succeed.

As Steve Jobs said:

You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” 

I love a recent post by Rebecca Tamsen of Self Development Secrets. It is titled, Do what you love. Find your purpose in life.

Here’s an excerpt:

When you don’t know what you’re passionate about and aren’t doing what you love, your life lacks a deeper meaning. There are several other reasons why you need to do what you love:

  1. You will know no stress
  2. Your productivity will increase
  3. You will remain motivated
  4. Your work will have a touch of passion
  5. You will push yourself to be more successful
  6. You will enjoy a gratifying life
  7. You will always be ready to face new challenges
  8. You will always be learning
  9. Procrastination won’t be your cup of tea
  10. You will be an efficient leader

I feel like all of these apply to me! Be sure to follow the link, above, and read about each of these points. Then find YOUR purpose and do what you LOVE.

  • Pleasure in the job puts perfection in the work.
  • Aristotle

Monday, June 26th, 2017

Start Networking Now

“If you’re trying to be successful, networking is the difference between mediocre and big.” – Jeffrey Gitomer

Sure, accounting firms are getting a lot of new business via social media. Many new clients now come directly from your website. I love to see CPAs using Twitter and Instagram. There are some great blogs out there authored by CPAs.

Here comes the but. But, personal networking is still an extremely important part of career-building for CPAs working in public accounting. If you are just beginning our CPA career – begin networking now. If you have many years of experience and really haven’t been expected to bring in business up to now – begin networking now. If you are a partner who rarely brings in business – begin networking now.

I am a fan of Jeffrey Gitomer and all his writings about sales and other things. He says, “Networking is life skills and social skills combined with sales skills. It is business leisure conducted before and after work – as proposed to business frantic, which is conducted from 9 to 5 (the exception being lunch)

Here’s Gitomer’s principles of networking:

  • to get known by those who count
  • to get more prospects
  • to make more contacts
  • to make more sales
  • to build relationships
  • to make a career advancement (or just get a job)
  • to build your reputation (and be seen and known as consistent)What do you need to be a successful networker?
  • A GREAT 30-second commercial that engages and asks questions that qualify the prospect, and gets to the next step in the sales cycle if there’s an interest.
  • Your willingness to dedicate the time it takes to do it and be excellent at it.
  • A plan of where and when.To maximize your networking effectiveness, you must follow one simple rule:
    Go where your customers and prospects go, or are likely to be.

Gitomer’s recent post gives you the 21.5 BEST places to network. Be sure to read it and begin networking!

  • Let us always meet each other with a smile, for the smile is the beginning of love.
  • Mother Teresa

Monday, June 12th, 2017

Accounting Firm Interns

fullsizeoutput_4028“If you pay peanuts, you get monkeys.” – Chinese Proverb

The larger firms, who can afford full time HR professionals, have programs dealing with interns fairly well developed. However, mid- to small firms, if they hire an intern, often treat them like an extra administrative person.

Here are some tips and ideas regarding interns:

  • Treat them like full time hires.
  • Give them structured orientation (like a new hire).
  • Provide a job description – expose them to both tax and A&A.
  • Keep in mind that they don’t know the CPA lingo – teach them.
  • Give them real work – it has always been amazing to me how quickly interns can get up to speed on individual tax returns and even smaller business tax returns.
  • They love going in the field. Expose them to visits to the clients’ sites, in person.
  • Praise their efforts and keep in mind they are beginners – what they learn in college doesn’t relate to what they will do inside your firm.
  • Don’t give them administrative work – no shredding, no mindless data entry.
  • Provide them with business cards and take their picture when presenting the cards to them (after all, it is usually their FIRST business card). Send the picture to them and suggest they share it with their parents.
  • Challenge them to give away their business cards and keep track of the efforts. This makes them aware, right from the beginning, that marketing is important. At my firm, we had a give your card away game – you need at least two interns for this game. They give them to whoever…. grandma, mom, dad, dentist, college friends – how many can they give away in five days. They must keep good records. The winner gets a gift card.
  • Teach them to put their business card in restaurant fish bowls when they go to lunch – and place them in the bowl so the firm name shows!
  • I hire people brighter than me and I get out of their way.
  • Lee Iacocca

Wednesday, May 31st, 2017

Why Top Performers Leave Your Firm

“Culture is to recruiting as product is to marketing.” – HubSpot’s Culture Code

Thanks to Lisa Benson for making me aware of an article on LinkedIn – Why Millennials Keep Dumping You: An Open Letter to Management.

It addresses the issue of millennials leaving jobs but I think that it applies to every top performer in CPA firms, no matter what their generation.

Public accounting needs millennials, they are going to be the majority of the workforce in just a few short years. It’s time to take keeping them more seriously.

Here’s a summary of the article. It is a message for management about what is really behind a top performer’s resignation letter:

You tolerate low-performance. – CPA leaders you are SO guilty of this. It is very demotivating to a high-achiever to see Lazy Lily tolerated. You have heard this from me before – a bad apple can spoil the whole barrel.

ROI is not enough for me. – I want to do the best possible job for our client. I even spend weekends thinking about solutions. Then on Monday I hear about billable hours and realization. I want you to talk to me about how WE make a difference in the success of the firm clients.

Culture is more than free Panera. – Don’t confuse culture with collateral. I appreciate and enjoy the free food, etc. but more importantly I want to be surrounded by people who are on fire for what we’re doing.

It’s ok to get personal. – Treat me like a number and I’ll return the favor. I will think of my job/career as a way to make a rent payment. I am desperate for you to show me that work we do here matters but I am NOT doing it to help you get a new Mercedes.

Creating a culture where people are inspired and excited is much more than focusing your energies on the bottom line.

PLEASE follow the link above and read the entire article. It is worth your time. Thanks to the author Lisa Earle McLeod.

  • We have a culture where we are incredibly self critical, we don't get comfortable with our success.
  • Mark Parker, CEO, Nike

Monday, May 8th, 2017

Delay and Millennials – Not A Good Combination

“Life is like a 10-speed bicycle. Most of us have gears we never use.” – Charles M. Schulz

Think about it. Millennials have always had technology at their finger tips. The oldest Millennials are 37 years old this year. They are not kids and many are your employees and your clients.

As consumers, they do not expect delays. They are used to having access almost immediately to any kind of information via their mobile device. When making purchases, they are used to having their information (profile) “out there” so they don’t even have to spend time entering specific billing and shipping information. It is not just Millennials, we are all now used to speed when shopping on line.

The younger generation is also used to obtaining answers by looking at FAQ pages rather than calling a customer service rep. According to a Desk.com study, 80% of Millennials find calling customer service highly inconvenient.

Consider how this information relates to your accounting firm.

Your Clients:

Much of your current and most of your future client base expect information quicker. They do not want to wait until you can return their phone call – 4 hours later.

How user friendly and interactive is your website? Do you have a FAQ page to help people learn about and understand CPA services?

Your Employees:

Do your employees have to wait on performance feedback? I often hear about firms that have delayed the feedback scheduled for June until November or December!

Do your employees have to wait, maybe a week or more, on review notes that guide them as they work on client engagements?

Do your employees have to wait days to talk to a partner (the partner is out of the office, on the phone, in meetings, etc.)?

Do your employees have to wait YEARS to be promoted? Telling a new college grad that it might take 10 years to become a partner could be quite a shock.

As a partner group, do you table a decision until the next partner meeting… then the next partner meeting… and then the next partner meeting?

Beginning now, explore ways to speed things up at your firm…. or, you will find your firm lagging behind in many areas.

  • The speed of the leader is the speed of the gang.
  • Mary Kay Ash

Wednesday, April 26th, 2017

Be Active In Spring Recruiting

“Human resources isn’t a thing we do. It’s the thing that runs our business.” – Steve Wynn

Many years ago, CPA firms didn’t begin their recruiting efforts on the college campus until September. We waited for the students to get back to campus and begin classes and then interviewed in late September into October.

Now, you must recruit, on the college campus, continually. You are competing with the large national firms. They are visible on the college campus every week!

Right now, be sure you are contacting the students on your prospect list before they leave campus for the summer. Stay in front of them.

Now that your interns have returned to campus, be sure you communicate with them before they leave for the summer. Hopefully, you have offered some of them part-time work throughout the summer months.

Be planning for the next campus job fair. Will your firm stand-out from the pack?

Here’s a unique idea from one of my favorite clients. Invite the students to play some putt-putt as they participate in the job fair.

Fluence Golf

  • I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.
  • Lawrence Bossidy

Monday, April 24th, 2017

Maybe a Sabbatical Program Would Make Your Firm Unique

“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.

In the accounting profession, we have been talking about sabbaticals for years. Few firms offer this benefit.

Some firms established a sabbatical program for partners, urging them to take six weeks away from the office with NO CONTACT. The mission being to prove to the partner that they could get along just fine without them and client service would not suffer. These types of programs were a half-hearted attempt at succession planning. Honestly, I haven’t heard of many firms offering sabbaticals in any form. It seems CPAs love to work!

Rather than focusing on partners, why not establish a sabbatical program for your team members. Maybe it would differentiate you from your competitors and help retain top talent.

Kabbage_logo_wo_tag_vertKabbage®, the pioneering financial services technology, and data platform, out of Atlanta is offering a unique benefit to its employees. Perhaps, you can learn from them.

Kabbage is now offering a sabbatical option for team members who have been with the company for 5+ years. And it’s quite the package – a 6-week sabbatical that is fully paid plus the company gives a $6k stipend to encourage its employees to do something memorable ( a trip of a lifetime?)

Check out their career webpage. They offer:

Dynamic Environment
Daily catered lunches, ice cream freezer & snacks
Dog-friendly office
Cold/brewed coffee & beer on tap
Onsite fitness & meditation classes
Adjustable sit/stand desks

Competitive Benefits
Unlimited PTO
Equity in the company
Full coverage of individual health benefits
Six-week sabbatical program
Free parking
Annual bonus

Learning & Development
Shadowing program
More than 20 onsite courses
Interactive career development
Leadership development
Mentoring program

All of this makes me ask the big question. How does your firm’s career webpage stack up?

  • Happiness is not something you postpone for the future; it is something you design for the present.
  • Jim Rohn

Thursday, April 20th, 2017

Success in the CPA Profession

You majored in accounting. You enjoyed all of your accounting courses.

You researched all the best CPA firms and interviewed with many – large, mid-size and small. Some were near home and some were in bigger, more vibrant cities.

You received offers from a few and made your decision.

Now it is time to live in the real world – not home, not high school and not college. It is the world of work.

You are in the world of building a career as a professional and easing into adulthood. It’s about learning what it means to be a professional along with all kinds of accounting, audit and tax topics. It’s learning about the business world and what to do to make a small (or large) business successful. It is about understanding people, getting along with them, eventually influencing them and enjoying working with them. It’s about earning the respect and trust of your clients and peers.

Maybe this quote from Vince Lombardi about football will help you.

“Football is like life – it requires perseverance, self-denial, hard work, sacrifice, dedication and respect for authority.”

  • If you believe in yourself and have dedication and pride - and never quit, you'll be a winner. The price of victory is high but so are the rewards.
  • Paul Bryant

Thursday, April 13th, 2017

The Next Generation of the CPA Exam

“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.

AICPA_ThisWayToCPA_logo_WEB-1jl846vNational 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.
  • Leonard Nimoy

Monday, April 10th, 2017

Quit Worrying About Millennials – Focus On Generation C

“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.

holmesI 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:

  1. What is Generation C?  (Gen C stands for Connectivity.)
  2. What age groups make up Gen C? (It isn’t an age group at all.)
  3. How does Gen C interact with the world? (They live on digital media.)
  4. What’s the key to reaching Gen C? (Where they live – traditional media don’t cut it.)
  5. 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.
  • Anais Nin