5 things I wish I knew when selecting an ERP system

ERPAccounting professionals in the not-for-profit sector wear many hats. We often have the blessing and curse of selecting and implementing enterprise resource planning (ERP) systems. If you have undertaken this herculean effort before, you’ll probably never forget the education you gained throughout the experience. If you haven’t had the opportunity yet, there are some things you should consider to help your not-for-profit or your not-for-profit clients avoid mistakes. Here are five key lessons I learned when selecting an ERP system for my organization.

  1. You get what you ask for. It’s important to be specific about what you want to do and how you want to do it so you can find out if vendors can accommodate your needs. If the business requirements you specify are too generic, you may be surprised to discover significant gaps in the system’s capabilities too late in the game. For example, saying you need the ability to make electronic payments may be too generic. Instead, indicate that you need the ability to automate batches of electronic payments via EFT and wire. In this example, the added clarity ensures the system can not only make electronic payments but also process them via EFT, and that payments may be initiated through automatic batches rather than manually, one by one.

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Reflecting MLK’s work in the fabric of the profession

MLKToday is the federal holiday when we commemorate Dr. Martin Luther King Jr.’s life and extraordinary work.

Just shy of fifty years since his assassination, we have undoubtedly made progress. However, we still face an unsettling reality where disrespectful language, aggressive rhetoric and harassing behavior continues in some corners of our society.

To advance successfully together, we must face these facts with courage and uphold Dr. King’s legacy to support respect and inclusion. Of the voices carrying his mantle, Dr. King would be proudest to know that ordinary people are increasingly empowered to echo his original messages of equality and justice. In 2017, we heard from a diverse chorus of voices in entertainment, sports, business and politics as well as our neighbors and friends.

The AICPA is committed to inclusion in the accounting profession as well as within our organization. We rely on each individual (member and employee) and their unique views of the world to make the profession stronger and better prepared for the future. We also rely on respect and equality to bolster us against any negative pressure we face as citizens in our communities.  

We thank the members of the our National Commission on Diversity and Inclusion for their dedication and leadership in guiding the profession through our journey of inclusion. And we salute the many accountants and students across the world who are advocates of inclusion.

May you take this day an opportunity to not only celebrate the legacy of Dr. King, but to begin to create legacies of your own so that in 50 years you too are celebrating standing up for change.

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Today’s most binge-worthy TV, brought to you by inclusion

BlackishHopefully you were able to slow down long enough over the holidays to catch up on some of today’s most popular shows. If you’re like me, you want to see interesting shows representing a wide spectrum of perspectives and experiences. With the growth of cable networks and streaming services, you can find shows featuring a range of ethnicities, races, sexuality, and abilities, making for much more engaging and enlightening content.

But inclusion in entertainment didn’t happen overnight. Digital entertainment companies like Amazon, Netflix, Hulu and HBO (just to name a few) have been challenging the network television status quo for nearly a decade by assembling writers, producers and actors from various backgrounds to create fresh content. The networks are answering and keeping themselves relevant with their own solid offerings. Today’s improved TV proves that business’ most innovative offerings are spurred on by inclusion as well as competition.

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3 things more important than tax reform in 2018

Your phone’s already ringing. Clients want to know how the new tax law will impact them. This is understandable, but don’t Small firm prioritiesworry if you aren’t ready to answer their questions just yet It’s a big law and the IRS has yet to provide even the most basic guidance. For most businesses, taxes aren’t the first thing to look at in 2018—in fact, taxes probably shouldn’t be your clients’ second or even third priority. During your client meetings consider tackling these other issues that haven’t made the 6 o’clock news.

  1. Everybody needs to fully reevaluate their accounting.

To start with, after two years of delays, US GAAP is undergoing its biggest changes in decades with implementation of FASB’s new revenue recognition and lease accounting standards. Aside from the high-profile changes for software providers, virtually every business in America that reports under US GAAP will see significant changes to their accounting for revenue recognition. Most of these businesses have leases to look at too.

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Selling your practice? Don’t forget to cover your tail

Tail insuranceDon’t let this be you: You sell your practice and all is going well. You are enjoying retired life— when all of the sudden you get a call from your practice’s new owner. A previous client is suing you and you aren’t covered. Yes, this sounds like a nightmare, but luckily it doesn’t have to be your reality. Before selling your firm, protect yourself by considering the following.  

  1. Be Aware of the Danger

When you sell or merge your practice, the potential liability claims don’t go away. Instead, they could move forward into the new firm, ready to erupt when you least expect it. Even if you simply shut down your firm, the possible claims don’t disappear. They can follow you into retirement.

  1. Understand the Limitations

The professional liability insurance you buy is typically issued on a “claims-made and reported” basis. In other words, it is good for claims that are made only while the policy is active. For example, let’s say you sell your practice to Sue’s firm as of January 1, 2018. Early in 2019, an old client makes a claim against services you performed in 2017. The claim may not be covered under Sue’s current professional liability policy, and your policy expired when you sold the firm. You and Sue may be now potentially faced with a claim that is not covered by insurance.

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