Is Your Organization Prepared for a Disaster?

Disaster preparednessTen years have passed since Hurricane Katrina caused $135 billion in damages along the Gulf coast. Unfortunately, businesses in New Orleans learned the hard way about the importance of disaster preparedness. Like many charities, the Greater New Orleans Foundation could not stop working. It simply was not an option, as the Foundation’s leadership was called upon to help with disaster relief.

Below are a number of steps you can take to prepare your organization for a disaster:

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Back to School: Budgeting 101

College student moneyFor CPAs, budgeting is as easy as debits on the left, credits on the right. It is simply the way it is. But not everyone is a talented budgeter. A recent AICPA survey revealed that college students aren’t as monetarily savvy as they think they are.

Just how much do college students need to brush up on their budgeting skills? While 57 percent of students surveyed rated themselves as having excellent or good personal financial management skills, nearly half reported having less than $100 in their bank account at some point in the last year, 38 percent said they had borrowed money from friends or family in the last year, and 11 percent had missed a bill payment. It is clear that college students’ perceptions of their financial skills and reality are not aligned.

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3 Ways Gen Xers Are the Key to Leading Millennials

Sheryl sandbergOdds are that if you manage a business unit or a large team of employees, you’re part of the group of 74.9 million Baby Boomers. This year, for the first time in your life, your generation will no longer be the largest demographic group in the United States.

Millennials now number 75.3 million, according to the Census Bureau, and due to immigration are projected to increase to 81.1 million by 2036. Although demographers differ on the birth range of Millennials (also known as Generation Y), most fall between 1981 and 2000, which means that the oldest are 34 and the majority are in their 20s.

Millennials have a profoundly different approach to the way they find, use and share information—both socially and at work. They don’t read newspapers, watch TV news shows or use the yellow pages. They read—a lot—but it’s not likely to be on printed paper. They’re great networkers, but the majority of their conversations take place electronically rather than face-to-face or by phone. Many find the constraints of working regular office hours—from the office—burdensome and old fashioned. But that doesn’t mean they’re unwilling to work long hours.

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5 Ways to Create a Sense of Belonging through Sponsorship

Men sponsorshipThis blog post is the second part of a two-part series on intentional sponsorship, or dedicated efforts at a firm to ensure that everyone with leadership potential has access to a sponsor.

At HORNE, we launched a formal sponsorship program at our 525-person firm because we recognized first and foremost from a business case perspective, for us to be relevant in the future, we must develop a diverse leadership team.  Collaboration, connecting and creativity require diverse leadership and we cannot win with less than half the leadership talent.  Failure to develop a diverse leadership team will limit our ability to grow, to attract great talent or to have a sustainable succession plan. We also estimated our tangible cost of our turnover at $3 million a year which includes recruiting, onboarding and training.  We excluded the additional costs of lost knowledge and lost client relationships. 

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Cyber Liability Insurance for CPA Firms

CoveredWe see the mega data breaches on the news, and wonder if our personal information has been stolen.  If some of the world’s largest companies cannot protect personal data with their large budgets, what can a small firm do? One step is to purchase cyber liability insurance. This is a relatively new product offered by a few insurers, and often under a different name and with varying levels of coverage. Being a relatively new product, there’s a lot of catching up to do – so let’s start with the basics for partners to think about.

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