Archive for the ‘News’ Category
Wednesday, February 18th, 2015
How and when a CPA firm pays overtime is something that has been discussed and argued for years. It is not always easy deciding who is “exempt” and who is “non-exempt”.
I have found that most firms are very careful about these rules. I just wanted to give you a heads-up about some new overtime pay protections for low-salaried managers that are in the works.
Here’s the article on CNN Money – be sure you are in the know for your firm and for your clients.
Here’s another interesting fact. According to a Gallup poll from last fall. The average U.S. employee works 46.7 hours per week. So, don’t think it is just the accounting profession that has extended hours.
The best thing about public accounting hours is that, for many accountants, the extra hours occur in winter and when summer arrives it’s a 40-hour work week.
Hard work beats talent when talent doesn't work hard.
Tuesday, February 17th, 2015
Have you read Gail’s editorial column in the February issue of CPA Practice Advisor?
It is titled: The 30,000 Foot View of the Accounting Profession – It’s Time For A Landing.
She provides a list of challenges facing the CPA profession from a group of accountants. Here’s a few examples of the challenges:
- Technology is replacing or changing the role of entry-level people.
- Attracting talented graduates
- Adding advisory services
- Many client and staff relationships are virtual
- And, several more
The irony is that this entire list was compiled in the year 2000! Read her column. Do you see a major problem here?
The scary thing for me is the fact that I have been working with CPAs for over 30 years. I am still called upon to assist with some of the same issues I experienced that long ago.
All life is an experiment. The more experiments you make, the better.
Ralph Waldo Emerson
Monday, February 9th, 2015
I really enjoyed hearing about wellness programs inside CPA firms. It was all the rage a few years back. As with many programs inside accounting firms, I wonder if they are all thriving.
I have blogged about the topic of how important standing up is to the health of someone, like you, who sits in front of a computer most of the day. Here’s a couple of my posts on the topic:
Stand Up and Be Counted - June 20, 2014
Less Sit Down Time – More Stand Up Time - July 10, 2013 (with pictures)
Here’s more info and ideas about the benefits of standing:
- Five or more hours of sedentary sitting is the health equivalent of smoking a pack and a quarter of cigarettes.
- Studies have shown that our bodies can benefit from simply standing up, contracting muscles and moving. Stand up every 20 minutes (set the timer on your phone).
- New science shows very persuasively that standing up about every 20 minutes, even for only a minute or two, reduces your risks of developing diabetes and heart disease.
Read more about it here…..
If you stand up and be counted, from time to time you may get yourself knocked down. But remember this: A man flattened by an opponent can get up again. A man flattened by conformity stays down for good.
Thomas J. Watson, founder of IBM
Thursday, January 15th, 2015
I was not aware of this award, however, when I received the press release, it got my attention. I recognized several of my clients on the 2014 listing!
The National Academy of Public Accounting Professionals (NAPAP) is now accepting nominations for the 2015 “Top 10 Public Accounting Professionals” awards in each state. In addition, NAPAP is also accepting nominations for the newly established “Top 10 Public Accounting Professional Rising Stars” awards, which will recognize outstanding accountants with less than 15 years of experience.
Here’s a link to their website. You can see the 2014 award winners for your state on the site and also nominate someone for 2015. There is also a link to their selection criteria.
I love to see CPAs get recognition!
An ounce of practice is worth more than tons of preaching.
Tuesday, November 25th, 2014
Perhaps it has happened, but I don’t remember a sitting Pope commenting, in a very public manner, about the important role of accountants in society.
I urge you – CPAs in the corporate arena and CPAs in public practice – to always keep in mind the important role you truly DO play. Here’s a tidbit about what the Pope said in an address in Rome to participants of the World Congress of Accountants.
“So everyone—but especially those in a profession that deals with the proper functioning of the economic life of a country—is required to play a positive, constructive role in the course of their daily work, bearing in mind that behind every document, there is a story, there are faces.
“Those who work in various positions in the economy and finance are called on to make choices in favor of the social and economic wellness of humanity as a whole, giving everybody the opportunity to realize their own development.”
Young CPAs just getting a good start in your career – you should be very proud of the profession you have chosen. Please have the determination and pride to stay in the public accounting arena. You will be able to touch so many lives. I hope you always remember that while the hours are sometimes long and the continual learning is challenging, the rewards are great – both monetary and personal satisfaction and pride.
Experienced CPAs, not only should you keep doing what you are doing, you should also keep in mind how many lives – your clients and your employees – you are responsible for. I believe that you have survived in public accounting because you do strongly feel the commitment to helping people. Business people and individuals NEED your expertise.
Read about the Pope’s comments on the Journal of Accountancy site.
(photo via Wikipedia)
The future starts today, not tomorrow.
Pope John Paul II
Wednesday, November 19th, 2014
As you probably know, I am a founding member of The CPA Consultants’ Alliance (CPACA), a working group of thought leaders united in their efforts to further leadership within the CPA profession.
This fall we welcomed two additional members. They are experienced and well-known advisors to the CPA profession and we are thrilled to have them join us.
Gary Adamson, CPA, is CEO of Adamson Advisory, a CPA practice management consulting firm specializing in succession strategies, practice growth, practice structure and management of cohesive partner teams. He is an experienced retreat and strategic planning facilitator, merger and acquisition negotiator and partner performance coach. Gary also brings more than 20 years of experience as a managing partner of a top 200 accounting firm.
Bonnie Buol Ruszczyk is president of bbr marketing. She has been a member of the creative and marketing services community for more than 20 years. Her firm provides marketing and strategy services for professional service firms – helping them reach their audiences and grow their firms. Bonnie offers a unique perspective to the CPACA based on a diverse background of having worked for a health and fitness startup, Turner Broadcasting and various software and financial services firms.
By building relations we create a source of love and personal pride and belonging that makes living in a chaotic world easier.
Friday, November 14th, 2014
My friend, Angie Grissom, President of The Rainmaker Companies, stressed some important insights in their recent newsletter.
Albert Einstein once said, “To raise new questions, new possibilities, to regard old problems from a new angle, requires creative imagination and marks real advance in science.”
The best leaders get comfortable with being uncomfortable. They know that what once worked for their business, may not always continue to work. We will see this when working with firm leaders that are nearing retirement. The way in which your firm grew over the last 30 years is probably not the way it will grow in the next 30 years. We need to have a culture that is open to this reality.
Angie and the team members at Rainmaker have certainly embraced change and creativity during 2014. Read more about about what they have done in here.
Anyone who has never made a mistake has never tried anything new.
Friday, September 26th, 2014
Yes, September brings the release of The Rosenberg Survey. It is a National MAP Survey of CPA Firm Statistics.
CPAs love statistics!
When you receive your copy, look on Page 11 for my comments (thanks so much to Mr. Rosenberg for including me!).
My advice, if you are part of the survey….. NEVER settle for average.
Order your survey here.
Say you were standing with one foot in the oven and one foot in an ice bucket. According to the percentage people, you should be perfectly comfortable.
Thursday, September 18th, 2014
I am a member of the CPA Consultants’ Alliance and our mission is to explore leadership issues facing the profession and develop and share solutions that benefit practitioners.
Along those lines, we are collecting information to determine how partners in firms view their firm’s ability to address the succession of their partners primarily as they approach retirement. Although there have been several surveys recently conducted in the profession about succession issues, we believe this one is unique. Using the data gathered from this survey, members of the CPA Consultants’ Alliance will provide participants and the profession as a whole insights into an issue with which many firms are struggling. Succession of retiring partners is something the vast majority of firms are facing in the next few years and many firms are unsure how they will navigate through this challenge successfully.
We welcome your participation and would appreciate your help in spreading the word about this survey through email and social media. We will provide you with a copy of the results in advance of the public release. To receive this release first, simply email firstname.lastname@example.org to let us know how you share the survey and we will send you an email with access to our findings.
The survey consists of 15 short, simple statements to which respondents will enter their level of agreement. The survey should take no more than 10 minutes to complete. The link below opens the survey. Please distribute this link to everyone in your firm, at all levels. The survey ends October 15th. The more data we collect, the more meaningful the results will be.
We will be releasing our findings in the form of an article that will include ideas and practical advice your firm can apply. All survey participants will receive a copy of this article as well as access to interviews we are doing with CPA firm leaders and emerging leaders.
Survey link: https://www.surveymonkey.com/s/CPACA
Thank you for being part of this survey and for passing it along to others in public accounting.
You are only young once, but you can stay immature indefinitely.
Monday, September 8th, 2014
Yes, I admit it. Every year I wonder….. will I make it again? Am I working hard enough, am I helping enough people, am I answering enough questions, am I working with enough firms, am I speaking often enough, is my writing (blogging) on target and relevant?
Again, for 2014 I am honored and delighted to be named to Accounting Today’s prestigious listing. I am so fortunate to be among the individuals on the list. I was first named to the list in 2005. That was a year before I started blogging, in 2006, times certainly have changed.
I owe so much to my colleagues in the CPA management world, to the members of the AICPA, AAA and so many state societies and CPA firm associations – they give me a forum, a voice and I am grateful. Of course, a special thanks to Dan Hood and the editors of Accounting Today.
My reports tell me that this blog and my tweets are my best tools for reaching all of you. I also get a lot of great feedback on my monthly newsletter. If you don’t get it, sign-up here.
My advice for today – to all of you….. You have potential that you probably are not completely aware of. Keep your passion burning and never give up. As a young lady, I never dreamed I would speak in front of hundreds of people, and be influential in such a highly-regarded profession as public accounting. Keep your dreams alive.
It is not the mountain we conquer but ourselves.
Sir Edmund Hillary