The One Personality Trait All CPAs Share

Patrick Lee medalsAs Asian American and Pacific Islander Heritage Month comes to a close, we share the story of one CPA, his remarkable achievements and the traits that were instilled in him growing up in a Chinese-American household. 

In my five years working closely with CPAs of diverse backgrounds, I am increasingly seeing one very consistent trait all CPAs seem to share, no matter what their background: drive. I know CPAs who have faced frustrating, even heartbreaking obstacles in pursuit of their credential. Even through the obstacles those same CPAs also strive for excellence in every aspect of their lives. 

That certainly seems to be the case with Patrick B. Lee, CPA. It’s not something he can shut off. Whether he’s teaching or running a marathon, he always seems to be devising new strategies to do things better and faster.

As someone whose instinct tells him to analyze and problem-solve, Lee, an assistant professor of accounting at Southwestern College in Winfield, Kansas, finds that drive creeping into all areas of his life.

Continue reading "The One Personality Trait All CPAs Share" »

4 Things Advisers Should Know about Technology Today

Voice recognition in a carAs practitioners, we have a responsibility to our clients and to ourselves to stay up to date on the latest tools and techniques of our trade. Most CPAs providing advice to individuals do an admirable job of staying current on tax and financial planning techniques, but not as well staying current on technology issues facing their firm. Here are some technology-related issues practitioners should be focusing on today.

The Pace of Change in Financial Technology (FinTech)

A revolution in financial technology has taken place over the last several years. If anything, the pace of change is accelerating, with implications for all financial service professionals. Until recently late adopters of technology were not penalized for being late to the game, because most of their local competitors were also late adopters. Technology has broken down regional barriers, so today you are not only competing against other local providers, but national and perhaps international providers as well. In addition, new players have entered the marketplace. FinTech startups from Silicon Valley and elsewhere are becoming a disruptive force, raising the technology bar and putting pressure on margins. The bottom line for readers is this: If you are not reviewing and upgrading your firm’s technology at least annually, you are falling behind. If there isn’t someone at the firm specifically responsible for this, the odds are that it won’t get done.

Continue reading "4 Things Advisers Should Know about Technology Today" »

Learning from Prince’s $250 Million Mistake

Prince 2Finally, almost a year and a month to the date of his death, a judge confirmed Prince’s six siblings to be his rightful heirs – after more than 45 people came forward claiming to be his wife, children, siblings or other relatives.

Last year, the legendary musician passed away, leaving behind not only a legacy of unparalleled music, but also a $250 million fortune – with no will or estate plan to be found. With the long-anticipated announcement that his siblings will inherit his fortune, we’re reminded again of the importance of planning ahead and hiring trusted experts to carry out your wishes.

Whether you have people clamoring after your money or not, it’s important to consider hiring an expert to sort through the, at times, very complicated process of estate planning. There are DIY websites and software packages that may seem attractive (and cheap!), but more often than not, you get what you pay for. More complicated life situations, such as children from a prior marriage, children with special needs, or capital gains from property appreciation, require the hands-on insight of an expert.

If you are a CPA or a lawyer, you might consider yourself the expert – but just as authors have other writers proofread their work, it’s important to have an unbiased third party look over your documents. Even U.S. Supreme Court Chief Justice Warren E. Burger, who died in 1995, should have relied on estate planning experts to prepare his estate plan – but instead he took it upon himself, and his family paid over $450,000 in taxes because of his errors.

To be better prepared than Prince and Chief Justice Burger, seek out the assistance of an attorney or a CPA to draft a will and do estate planning, respectively. An attorney will help you navigate a will, and a CPA is best positioned to help with more complicated estate planning.

Continue reading "Learning from Prince’s $250 Million Mistake" »

It’s Time to Speak the Same Language on Cybersecurity

Cybersecurity 3Recent massive ransomware attacks on organizations around the world demonstrate how disruptive—and in some cases destructive—cyberattacks can be. The “WannaCry” malware incident is just the latest alarm on the ever-urgent call for companies to immediately address and manage their cybersecurity risks. Every organization is susceptible to cyber assaults, making a clearly defined, flexible and robust risk management program essential to a business’s ongoing success.

Addressing an Increasing Market Need

With cyberattacks on the rise, organizations are not only reinforcing their ability to prevent attacks, but also taking steps to demonstrate that they are doing all they can to detect, respond to, mitigate and recover from attacks on a timely basis. Customers, investors, boards of directors and even government officials want to know more about what companies are doing to address cybersecurity.

Continue reading "It’s Time to Speak the Same Language on Cybersecurity" »

Tips for Stress-Free Summer Travel

TravelAt long last, the winter coats have been washed and relegated to the back of the closet (or they’ll sit on the laundry room floor until next October waiting to be washed—don’t worry, I don’t judge) and you’re thinking about your summer travel plans. Perhaps you’d like to spend a glorious week at the beach, or take a road trip to visit historical sites. Maybe a lake house is your thing, or you’re jetting half way around the world to stay in an overwater bungalow in the Maldives* before they sink. It doesn’t matter whether your vacation will be via the family SUV or a private jet, there will be some element of drudgery—finalizing itineraries, packing, renting cars, making reservations. And if you’re traveling with young kids, face it: you’re going on a trip, not a vacation. The good news is that there are ways to minimize your vacation stress from the planning stages through the duration of your trip, no matter your destination or the company you keep.

Continue reading "Tips for Stress-Free Summer Travel" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview