9 Facts That Can Make or Break Your Firm’s Future

Grow your practiceThe rules of engagement for business are changing. Today’s world is complex, evolving, extremely high-tech, and fast. Whether you’re a small, one-person shop or a partner at a large or global firm, you’re probably aware that your most valuable current (and potential) clients are unwittingly converting business as we knew it into business-on-the-fly. And they’re bringing new methods that can also prove beneficial to the CPA.

Our societal landscape is significantly different than it was just a decade ago. There are new faces, new modes of interacting, and technology has inarguably and almost completely taken over. Is there a way to sustain and strengthen your practice in this ever-evolving world? Absolutely. In fact, now is an incredibly opportune time for your firm, especially considering the statistics.

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3 Ways to Help Your Firm Showcase Its Value to Clients

Earlier this month, I spoke on Facebook Live with Heather O’Connor from the Association’s Communications team about opportunities firms and small practices have for showcasing their value as strategic advisers.

Many firms today are seeking quality clients who are compatible with the firm’s service offerings. That might sound like a pretty basic statement, but developing a roster of quality clients is anything but basic. Communicating your firm’s value to potential clients should be foremost in your thoughts. For many, the trick is finding a place to start.

But there is good news. Your firm has opportunities to use professional resources and materials provided by the AICPA and enhanced by the new Association of International Certified Professional Accountants. These tools will define and communicate your value, while also helping you attract high-quality clients you’ll retain well into the future.

The first is our #CPApowered campaign. Now in its third year, #CPApowered capitalizes on the strong partnership between the AICPA, firms and state CPA societies to simultaneously reach broader audiences with the objective of promoting CPAs as the trusted adviser to the small business community. Our national campaign includes paid spots on social media and cable television.  Firms can access these high-quality videos for use on their social media channels or websites free of charge.

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Surviving the Equifax Data Breach

HackedOdds are, you or someone you know were impacted by the Equifax data breach. The breach, which is estimated to have impacted 143 million Americans – nearly half the US population – is considered one of largest data breaches in history. Adding insult to financial injury, Equifax has put the onus on consumers to do their own research about whether or not they need to worry.

But don’t panic just yet—we’ve got steps you can take to help protect yourself. Let’s start with the basics:

What is Equifax? And why do they have my information?

Equifax is one of three major U.S. consumer credit agencies, and if you have ever purchased anything of note, like a car or a house, or rented an apartment, or have had any reason to request a credit report, these agencies have your information.

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Tips on Tackling Revenue Recognition Implementation

Shutterstock_112806709“It has been a massive undertaking.”

“There are seven major differences between the old and new guidance.”

“The standard changed the accounting answer for us in a few areas.”

Those are just a few observations from leaders at Oracle regarding their experience implementing the Financial Accounting Standards Board’s landmark accounting standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance supersedes the current guidance in Accounting Standards Update 605, Revenue Recognition. The standard’s initial effective date was deferred, but now it’s almost here. Organizations that haven’t done so already definitely need to take the necessary steps toward compliance ASAP, and firms should advise their clients, too.

To learn more about Oracle’s successful approach to revenue recognition implementation, AICPA Chairman Kimberly Ellison-Taylor, CPA, CGMA, Global Accounting Strategy Director for the Financial and Professional Services Industries for Oracle America, sat down with two colleagues to discuss the company’s experiences preparing to put the standard to work.    

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Why Pets Make the Best Coworkers

Peaches - Julia MorrissMy dog Peaches, a cuddly beagle mix, is the love of my life. As with most pet owners, I spend a lot of time with my dog and miss her when I’m not at home. The days that I telecommute are often the highlight of my week because I can relish her company all day. Having a dog at home is beneficial in many ways:  I stand up and walk around more often, get outside for fresh air a few times a day and feel less stressed because I can give Peaches regular snuggles.

One of the benefits of being a CPA sole practitioner, or working for a firm that utilizes virtual offices, is that you can often work from home, allowing you to be with your pets all day. Some CPA firms even allow employees to bring their dogs to the office.

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