Archive for the ‘News’ Category

Monday, March 5th, 2018

2018 Top New Products For Accountants

“We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.” – Walt Disney

Just in case you missed it, Accounting today has published their 2018 list of new products for accountants.

Accountants do really use more tools (software, hardware, and other stuff) to serve their clients than almost anyone else. Have you counted the number of different software products used inside your firm lately? I bet your tech person can tell you. They just love managing all that.

Per Dan Hood:

This year’s trend is somewhat different, in that it focuses on a service area, rather than a technology or a type of tool. The last few years have seen an explosion in the number of tools available for auditors, and this year saw more than ever. This matches a growing expectation that this most-traditional of accounting services is on the verge of a revolution — a revolution driven, in no small part, by the new tools available to its practitioners.

Click here to view the list. I think you will find it informative and interesting. Stay curious and improve your practice!

I love today’s quote at the bottom of my blog page. I think it describes a lot of CPAs.

  • People are very open-minded about new things - as long as they're exactly like the old ones.
  • Charles Kettering

Friday, January 19th, 2018

Your Firm Budget For 2018

“Someone is sitting in the shade today because someone planted a tree a long time ago.” — Warren Buffett,

The AICPA Roundtable 2018 is happening this week in New York City. You can follow the comments on Twitter #AICPAroundtable2018.

Just one comment from yesterday that I think is important to you: 75% of accountants will increase technology spend in 2018

Did you significantly increase your tech budget for 2018?

  • A budget is telling your money where to go instead of wondering where it went.
  • Dave Ramsey

Friday, January 5th, 2018

Attention Bookkeepers!

“If you’re a bookkeeper, it’s time to embrace evolution.” – Mary Ellen Biery

I would guess that almost every CPA firm has provided bookkeeping services. It has become quite in vogue now. They are calling it CAS (Client Accounting Services). It is needed and it has become very lucrative due to technology.

In the “old days” – not that many years ago, we called it write-up and in some firms it was regarded as low-level, non-profitable work. All that has changed. In CPA firms you don’t even call them bookkeepers (or paraprofessionals) any longer (that title always amazed me…. not quite professional?). They are called Client Accounting Specialists or some other unique title.

Something that also needs to change is how bookkeepers might think of themselves. They are no longer just bookkeepers – they are business consultants. They really know what is going on inside the client’s business and can take action to help business owners.

Check out this important article via Accounting Today – The evolution and changing role of bookkeepers.  Share it with your Client Accounting Specialists.

  • There is only one corner of the universe you can be certain of improving, and that's your own self.
  • Aldous Huxley

Wednesday, December 20th, 2017

My December Newsletter

“If you tell the truth, you don’t have to remember anything.” – Mark Twain

My CPA firm management newsletter went out this week. It goes to thousands of you working in the CPA profession.

IMPORTANT – If you have merged and your email address has changed, please let me know. You can use my contact page or simply email me.

This month’s articles:

Keep Fighting That Procrastination Habit (The classic CPA procrastination cycle.)

Follow Through (I directed you to a Seth Godin post.)

My Christmas greeting to you!

These links will be active for only a few months.

  • I've got a theory that if you give 100% all of the time, somehow things will work out in the end.
  • Larry Bird

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