Archive for the ‘News’ Category

Wednesday, December 6th, 2017

What’s Ahead For 2018

“Mystery creates wonder and wonder is the basis of man’s desire to understand.” – Neil Armstrong

As the new year approaches, Accounting Today asked a panel of industry thought leaders and experts to paint a picture of what accountants can expect from the next 12 months in terms of important trends, big surprises and key initiatives to undertake.  

Thanks to Dan Hood and Accounting Today for including me in this group of thought leaders!

The question: What trends should accountants keep an eye out for in 2018? 

Read the entire article here with my comments and great insights from: Jim Boomer, Angie Grissom, Steve Mankowski, Erik Asgeirsson, Gary Bolinger, and Joel Sinkin.

  • There's always something in the game you wish you would have done different. That's why players improve, because they learn from what they did before. They might have been guessing before, but now they know.
  • Gordie Howe

Tuesday, December 5th, 2017

Gender Study

“We realize the importance of our voices only when we are silenced.” – Malala Yousafzai

The AICPA Women’s Initiatives Executive Committee recently released the results of their 2nd annual CPA Firm Gender Study.

women-cpa-firms-gender-survey-768x493There has been little change. Women still make up less than one-quarter of partners in public accounting firms.

As usual, the smaller the firm, the more female partners.

Here’s some info from the Executive Summary but I urge you to review the entire report and share it among your partner group.

  • Partnership on average remains overwhelmingly male, with women representing only 22% of partners in CPA firms.
  • A growing percentage of women are serving as directors or non-equity partners.
  • Only 47% of firms have a formal succession planning process and only 2% include a formal gender component in their plans.
  • Flexible work hours are the most popular program, followed by reduced hours and telecommuting.

Women are key to succession for male partners. Make sure your firm is working on, or already has, a plan to help women (and men) to become future owners of your firm.

Here’s a link to the members of the AICPA Women’s Initiatives Executive Committee members. Maybe someone from your firm should volunteer for the committee.

  • Instead of looking at the past, I put myself ahead twenty years and try to look at what I need to do now in order to get there then.
  • Diana Ross

Thursday, November 30th, 2017

A Short Trip To The Near Future

“Making predictions is very hard, especially about the future.” – Yogi Berra

There is a great article in the Ohio Society’s magazine, Voice, about blockchain. It is titled, The blockchain transformation of accounting and auditing by Jack Shaw (and reprinted with permission from The Missouri Society of CPAs).  Please, please read it. Share it with your entire team.

Jack Shaw is the executive director of the American Blockchain Council. He leads Blockchain Executive Seminars for CPA firms and their clients. Jshaw@AmericanBlockchainCouncil.org

Here is an excerpt, just to stress how important it is for you to educate yourself sooner, rather than later.

If you think we’ve seen a lot of changes in our world in the 10 years since the first smartphones were introduced, you ain’t seen nothin’ yet! Driven by a host of emerging technologies, most importantly blockchain, we’ll see more change in the next 10 years than there’s been in the past 50.

To keep up, you’re going to have to change. You’ll have to change your mindset. You’ll have to change your organizational culture. You’ll have to change your business processes. You’ll have to change your business models. You’ll have to change your business ecosystems. That’s a lot of change!

  • Only I can change my life. No one can do it for me.
  • Carol Burnett

Wednesday, November 15th, 2017

Xcentric

“All you need is the plan, the road map, and the courage to press on to your destination.” – Earl Nightingale

I’m sure by now you have heard the news – Right Networks has acquired Xcentric. You can read all about it here via Accounting Today.

Xcentric has been a prominent player in helping CPA firms with cloud solutions. I know that many of you have visited with them at CPA management conferences year after year and have enjoyed presentations by Roy Keely and Roman Kepczyk of Xcentric.

Many of you are also clients of Right Networks. Last week, I enjoyed a conversation with Michael Ferrigno, Content Marketing and Channel Enablement Manager with Right Networks.

Today, I thought I would share some information from Michael – The Top 5 Reasons Right Networks Customers Cloud-Enable Their QuickBooks Desktop.

The Right Networks and Xcentric combination should be an interesting marriage.

 

  • The power of imagination makes us infinite.
  • John Muir

Tuesday, November 14th, 2017

Programs to Advance Women to Leadership Roles in CPA Firms Seen as Bolstering Talent Acquisition, Survey Finds

“Women who seek to be equal with men lack ambition.” – Marilyn Monroe

Here’s a recent press release from the AICPA. Since “women in accounting” are very important to me, I wanted to be sure to share this with my readers. I have bolded some points that were important to me.

CHICAGO (Nov. 9, 2017) – U.S. CPA firms that use advancement programs for promoting women to leadership positions overwhelmingly view them as effective tools in recruiting and retaining talent, according to new research by the American Institute of CPAs (AICPA).

Mentorship is by far the most popular advancement program, with 45 percent of firms using it, the 2017 CPA Firm Gender Survey found. Sponsorship, in which influential firm leaders take a more formal role in guiding promising employees to career opportunities, professional development and promotions, is used by 12 percent of firms.

“There are two important takeaways here: 1) firms that use these programs have seen a beneficial impact on attracting and retaining talent,” said Melissa K. Hooley, CPA, CGMA, chair of the AICPA Women’s Initiatives Executive Committee. “And 2) firms that are taking active steps to promote women and minorities likely will have a competitive advantage when it comes to securing talent.”

Advancement Program

Percentage of Firms Using It

Of That Group, Those Who Say It Has an Impact on Attracting or Retaining Talent

Mentoring

45%

87%

Sponsorship

12%

97%

Gender Initiative

11%

85%

Minority Initiative

2%

90%

Combined Diversity & Inclusion

6%

90%

Women comprise nearly half of all accounting graduates entering the profession, but remain underrepresented at the partnership level and other leadership positions. The survey shows little change in this area from studies done in years past, which have typically found less than one-quarter of the partnership ranks made up of women. As was the case two years ago – the last time the CPA Firm Gender Survey was conducted – the percentage of women partners was found to be highest at smaller firms.

Firm Size

Percentage of Women Partners

Two to 10 CPAs

42% (43%*)

11 to 20 CPAs

30% (39%)

21 to 99 CPAs

26% (27%)

100+ CPAs

21% (20%)

*Results in parentheses from 2015 CPA Firm Gender Survey

Among other findings of the survey:

  • An analysis of job titles found that women maintained parity or better with men in CPA firms through the senior manager level, after which the ratio declines
  • The larger the firm, the greater the gender gap in equity ownership
  • Only 47 percent of firms have a succession plan and only two percent have a formal gender component in those plans
  • Some 89 percent of firms say they have instituted some form of modified work arrangements, with flextime and reduced hours being the most prevalent

Survey methodology:  The CPA Firm Gender Survey was conducted online by MKTG Incorporated for the AICPA’s Women’s Initiatives Executive Committee from Aug. 3 to Sept. 11, 2017. Some 492 qualified respondents, drawn from CPA firms of varying sizes and regions within the United States, participated.

For more information about gender initiatives and other resources, visit aicpa.org/womenlead.

  • Because I am a woman, I must make unusual efforts to succeed. If I fail, no one will say, “She doesn’t have what it takes.” They will say, “Women don’t have what it takes”
  • Clare Boothe Luce

Thursday, October 19th, 2017

When Women Win, CPA Firms Win

sageworks-squarelogo“Intelligent people can always come up with intelligent reasons…. to do nothing.” – Scott Simon

Save the date – Thursday, November 2, 2017 – 12:00-1:00pm.

Join me and your peers for a special webinar sponsored by SageWorks, titled: Women In Accounting: Thriving Now and Into The Future.

This is not a webinar just for women. Times have changed. Flexibility and work/life balance is a societal and generational issue. Families need flexibility.

Men in the CPA profession have a huge role in attracting and retaining talented female accountants. Yes, there is a lot for females to know and understand. The same goes for males. After all, in addition to female employees, many of your firm’s new clients are, and will be, female business owners.

Times have changed. Women in accounting, prepare yourself for the future!

Learn more here and get registered.

  • Companies used to be able to function with autocratic bosses. We don't live in that world anymore.
  • Rosabeth Moss Kanter

Friday, October 13th, 2017

Resource For What You Need To Know About Tax Reform

“I am still learning.” – Michelangelo

Here’s an opportunity for CPAs to learn more……

What You Need to Know About Tax Reform

AICPA’s Oct. 18 Webcast Will Cover Proposals, Politics and Prospects for Passage

Washington (Oct. 12, 2017) – The American Institute of CPAs (AICPA) is offering a tax reform webcast on Wednesday, Oct. 18 from 1 p.m. to 2 p.m. EDT.

The audio webcast features Edward Karl, CPA, CGMA, AICPA vice president of taxation, and Melissa Labant, J.D., CPA/PFS, CGMA, AICPA director of tax policy and advocacy.

Entitled Tax Reform: What CPAs Need to Know, the webcast is intended to brief participants about the latest tax reform developments and prospects for passage.

One CPE credit is available for the webcast.  It is $59 for AICPA members and $69 for non-members.  Group registration is also available.  Those interested may register at http://tinyurl.com/y9q9nd8n

  • Education is not the filling of a pot but the lighting of a fire.
  • W. B. Yeats

Thursday, October 5th, 2017

Managing Partner Elite

“Successful people begin where failures leave off. Never settle for ‘just getting the job done.’ Excel!” – Tom Hopkins

This year’s managing partner elite has been announced by Accounting Today. Congratulations to all.

Here’s the list:

  1. Wayne Berson – BDO
  2. Jeff Bickel – Tanner
  3. Dawn Brolin – Powerful Accounting
  4. Kevin Keane – PKF O’Connor Davies
  5. Ted Mason – LaPorte CPAs
  6. Alton Miyashiro – N&K
  7. Ken Richey – Richey, May & Co.
  8. Ted Rose – Rose Financial Services
  9. Jane Scaccetti – Drucker & Scaccetti
  10. Carmel Wood – Huselton, Morgan & Maultsby

Read all about them via Accounting Today.

  • Success seems to be largely a matter of hanging on after others have let go.
  • William Feather

Friday, September 22nd, 2017

AICPA Campaign Promotes CPA Firms’ Key Role in Advising Small Business

“The true mystery of the world is the visible, not the invisible.” – Oscar Wilde

I received the following press release about the latest #CPAPowered updated. Check it out and learn about new tools to help you promote your firm.

Latest #CPAPowered Update Designed to Raise Firms’ Visibility on Social Media and National TV

NEW YORK (Sept. 18, 2017) – The American Institute of CPAs today launched the latest update of its national #CPApowered campaign, an initiative designed to showcase the strengths of CPA firms as trusted tax and business advisors to consumers and small businesses.

This year’s campaign features two 30-second videos with the tagline, “Don’t Worry, I’m a CPA,” both of which allude to practitioners’ expertise in business development, tax planning, risk management, cybersecurity and more. The videos are part of a national cable television and social media buy this fall. Firms can promote themselves through paid opportunities on YouTube, Facebook and local television, as well as use the two videos and other materials for free on their website and social media channels.

“Small businesses are the backbone of the U.S. economy, and no one is better suited to provide trusted, informed business advice to this sector than CPAs,” said Mark Koziel, CPA, CGMA, executive vice president of firm services for the Association of International Certified Professional Accountants. “With the #CPApowered campaign, we’re reminding small business owners that ‘hey, we’ve got your back.’”

Since its launch in 2014, #CPApowered has reached more than three million people through innovative digital media and content strategies. Besides the two videos in this year’s campaign – “It’s a Jungle Out There” and “Small Businesses Take a Beating” – the AICPA has created a CPA marketing toolkit for small business with promotional materials that firms can personalize with their brand. More than 130 firms and several state CPA societies have signed up to participate in the campaign this year.

Information on the videos, suggested social media postings and co-branding options for materials can be found at www.aicpa.org/cpapowered. Videos and content for small business owners on such topics as acquiring financing, succession planning, and family office considerations can be found at cpapowered.org.

  • Bad decisions made with good intentions are still bad decisions.
  • Jim Collins

Thursday, September 14th, 2017

Accounting Today Features the CPACA

“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela

The CPA Consultants’ Alliance has launched a new series of videos aimed at addressing the key issues facing the accounting profession. I am honored to have participated in this series.

The videos focus on the four key priorities identified by the group as major trends in the next five years:

  • Technology trends;
  • The changing landscape of M&A;
  • The rise of flexible workplaces and remote teams; and,
  • The growth of consulting as a profitable practice offering.

The videos are available on the CPACA website homepage and on its YouTube page.

The segment that I participated in is about flexible workplaces and remote teams – watch it here.

  • It is the mark of an educated mind to be able to entertain a thought without accepting it.
  • Aristotle