Archive for the ‘News’ Category

Monday, June 17th, 2019

Many Firms Are Adding An Extra Holiday – July 5th

“Holidays – any holiday – are such a great opportunity to focus on bringing the family together.” – Lidia Bastianich

Many firms do actually close their office on Fridays during the summer months. I was curious about how many additional firms were going to close this year on Friday, July 5th and treat their team to a four-day weekend.

I surveyed firms of all sizes all across the country. Replies came from Ohio, Vermont, Georgia, Connecticut, Oregon, Maryland, North Carolina, Illinois, California, Minnesota, New Jersey, New York, Texas, Missouri, Tennessee, Virginia, and North Dakota.

The majority of firms are closing. Several are assuming most people will take a PTO day. To me, this means someone must be in the office for calls and visitors. Some have very creative ways of handling “bonus” days and a few are very generous (allowing 2 extra days off or more).
60% of those responding are closing, 30% are not and 10% are closing but it will be charged to PTO. One firm closes for the entire week because “it is our slowest week of the year.” Another firm allows one floating holiday for each summer month (June, July, August) and assumes most people will use July 5th as their floater. And, one larger firm has unlimited PTO and assumes most people will request July 5 but the office will be open. A western firm notes that they always close the day after July 4th no matter what day it falls because most of their team will be out late watching fireworks and celebrating.
I hope this information will be helpful to you in planning for the future. This year December 23rd is a Monday (and most firms now have Christmas Eve and Christmas Day as holidays). You have time to decide how you will handle that quiet business day. Being generous is never a bad thing.
  • Liberty is the breath of life to nations.
  • George Bernard Shaw

Wednesday, June 12th, 2019

New Internet Domain for CPAs

Here’s a recent press release from the AICPA.

AICPA to Oversee New Internet Domain for CPAs

.CPA Will Enhance Trust and Branding of Profession in the Digital World

LAS VEGAS (June 10, 2019) –The American Institute of CPAs is in the process of being awarded the .cpa domain and is currently in a contract execution phase with the Internet’s global governing body, the Internet Corporation for Assigned Names and Numbers (ICANN). The AICPA’s role in administering .cpa will provide a defined global domain for CPAs worldwide to connect with their clients with increased trust, security, and verification.

The Internet, like most things, is evolving. ICANN is charged with developing important future drivers for connection in the digital world. As part of this mission, it has expanded the top-level domain structure to aid navigation on the Internet and support trusted and value-based entities and communities. To supplement traditional top-level domains such as .com, .edu and .org, ICANN has approved more than 1,200 specialized domain extensions – including Amazon’s .aws, Google’s launch of .app, as well as those for other well-known businesses, governments, and institutions, such as .vanguard, .barclays, .kpmg, .mlb, and .nyc.

“By overseeing the .cpa domain in collaboration with other global CPA organizations, the AICPA can help promote CPAs’ visibility and protect their professional standing online,” said Barry Melancon, CPA, CGMA, the president and CEO of the AICPA. “We also want the public to have confidence that someone using a .cpa domain address for email or a website is affiliated with the CPA profession.”

The new domain extension will be available to CPAs and their firms and will signal a clear connection to the profession. For example, Firm Name, LLC, could have a website address of www.firmname.cpa. Jane Smith, an employee at that firm, could have an email address ofjsmith@firmname.cpa.

“Today, there’s a lack of authentication and growing mistrust of online information,” said Erik Asgeirsson, president and CEO of CPA.com, the AICPA’s technology subsidiary. “This is why many leading companies and communities, such as Amazon, KPMG, and the banking industry are moving to restricted top-level domains. We’re looking forward to bringing this important new capability to the profession.”

More details on registering a domain name will be available later this year. For additional information and the opportunity to sign up for notifications, please visit https://domains.cpa.com

  • By overseeing the .cpa domain in collaboration with other global CPA organizations, the AICPA can help promote CPAs’ visibility and protect their professional standing online.
  • Barry Melancon

Monday, May 20th, 2019

Reminder – A Message About the Rosenberg Survey

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Participate now so you can receive our benchmarking report which contains nearly 200-pages of data, benchmarks, key statistics, and commentary from leading consultants!
Did you know?
The Elite Firms from our 2018 survey (firms with income per partner > $500,000) had the following metrics:
  • Net fees per person – $211,000
  • Net fees per equity partner – $2,250,000
Why is The Rosenberg Survey Valuable?
  • Customized comparison of like-sized firms in similar markets for participating firms.
  • Accurate and valid results reviewed by three CPAs.
  • Reliable year to year comparison with a return rate of 82% from previous year’s participants.
  • A robust pool of over 350 participants makes our data relevant to firms of all sizes.
  • Clear cut data displayed by firm size for comparison.
Click the link below today to take part!
 
The deadline to participate is Monday, July 15th. (Thank you for those firms that have participated thus far.)

 

  • Great firms continually reinvent themselves.
  • Marc Rosenberg

Friday, May 17th, 2019

Millennials’ Desired Workplace Benefits

From a recent AICPA survey:

  • Nearly two-thirds of young adult job seekers have student loan debt, with an average of $33,332.
  • Millennials with loan debt value more help with repayment over all other employee benefits.
  • AICPA Employee Benefits Report offers guidance on understanding and utilizing benefits.

When asked to choose the top three benefits that would most help them achieve their financial goals, young adult job seekers top two choices focused on the traditional benefits of health insurance and paid time off. Interestingly, student loan forgiveness was the third most cited option.

Young Adult Job Seekers

Benefit

Chosen in Top 3 by:

 Health Insurance

54%

 Paid Time Off

45%

 Student Loan Forgiveness

41%

 Working Remotely

38%

 401(k) Retirement Fund Match

36%

 Tuition Reimbursement

25%

 Pension

15%

 Paid Parental Leave

13%

The full results of the survey conducted by MAVY Poll on behalf of the AICPA, along with further analysis, are available in a free Employee Benefits Report on the AICPA’s 360 Degrees of Financial Literacy website.

  • All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work.
  • Calvin Coolidge

Wednesday, May 15th, 2019

Be Sure To Take Part in the AICPA PCPS Top Issues Survey

“He who has no opinion of his own, but depends upon the opinion of others, is a slave.” – Friedrich Gottlieb Klopstock

There are just a few days left to weigh in on the top issues facing your firm!

Take 10 minutes for the AICPA PCPS Top Issues Survey and help set the direction for the resources they develop.

Survey closes 5.17.19 http://bit.ly/302prW6 

  • It is not truth, but opinion that can travel the world without a passport.
  • Walter Raleigh

Wednesday, March 27th, 2019

March Madness for CPAs

“No great mind has ever existed without a touch of madness.” – Aristotle

It is that time of year again. The annual period of time when CPAs have successfully put the March 15th due date behind them and are working madly toward the April 15th deadline. It’s CPA March Madness!

Hopefully, you are finding time to watch the basketball March Madness. Take a breather and read the history of the basketball event: March Madness: Keeping Society Sane Since 1908. 

  • You're only given a little spark of madness. You mustn't lose it.
  • Robin Williams

Friday, February 15th, 2019

New State Electronic Filing Requirement

“You have to learn the rules of the game, and then you have to play better than anyone else.” – Albert Einstein

One of my clients recently talked to me about the 10 business day rule for state electronic filing. I was unaware.

Since then, I have talked to several more of my clients and most of them were not aware of this new “rule.” The new requirement has been implemented for every software company and is intended to reduce the error rate of returns filed without the latest update(s).

Via CCH: The requirement mandates that “users/customers of this product who attempt to e-file 10 or more business days after a production release will be required to download and apply the product update.”

Read more about it here via CCH and also here via Accounting Today.

  • There are no rules here - we're trying to accomplish something.
  • Thomas Edison

Thursday, February 7th, 2019

Mergers 2019

“A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” – Colin Powell

My firm did its first acquisition/merger in 1993. It was a fast way to grow and to enter a new market. It worked for us and the firm did several more over the years. The firm also acquired non-traditional firms such as an employee benefits firm and a TPA company when it was very unusual to do so.

Things have certainly evolved in the CPA firm M&A market since 1993. During our first merger, all we could think about was not losing clients of the acquired firm. We did not lose clients but we lost employees. We learned from that experience and for the next acquisition around 1996 and going forward, we focused on retaining talented people. It had become more important to retain people than clients.

Daniel Hood of Accounting Today recently interviewed several CPA consultants who focus on M&A. There are major changes ahead for M&A. Valuations of firms are declining. It is becoming a buyer’s market. Acquirers are more selective and do not necessarily want more compliance clients. The cost of technology, going forward, is also an issue, especially for smaller firms.

Be sure to read the interesting article. I know many of you are experiencing a succession dilemma.

  • The difference between the impossible and the possible lies in a man's determination.
  • Tommy Lasorda

Tuesday, February 5th, 2019

CES Top Techs

“Everyone thinks of changing the world, but no one thinks of changing himself.” – Tolstoy

Every year, my good friend Roman Kepczyk does his review of the Top Techs and Innovations from the Consumer Electronics Show (CES) in Las Vegas.

He focuses on what the various new technologies mean to those of you working in a CPA firm.

Read his article here.

  • The real danger is not that computers will begin to think like men, but that men will begin to think like computers.
  • Sydney Harris

Tuesday, January 22nd, 2019

State of the Firm (SOTF)

“Share your knowledge. It’s a way to achieve immortality. – Dalai Lama

When I was working inside a successful, growing firm, we did a state of the firm event every year. We brought everyone together from our three offices for a full morning of information and fun. It was a great time for people from different offices to see and talk to each other face-to-face. Our team seemed to enjoy hearing about the progress of the firm and news about what might happen in the future. It was held in the Spring, usually in May. We had just over 100 people.

This morning I read an article about Withum’s annual SOTF event where they bring together over 1,000 people! They hold theirs in January. Read all about it here.

Is it worth it? Absolutely.

It is my observation that people working in an accounting firm want to be included. They want to know what’s going on and how the firm is doing. It is a great recruiting and retention tool. Your people read about these events at other firms and probably wonder why their firm isn’t doing it.

  • An investment in knowledge always pays the best interest.
  • Benjamin Franklin