The work is piling up and you may be thinking, “There is NO
time for this social media stuff, right?!” Wrong. There are a few simple ways
to streamline the process and keep your social accounts active when busy season
really gets ramped up.
Copycat: Let social
do the work for you
Sure, it can take some time to scour the internet for useful
information, articles and links to share with your social networks. How about
letting your social networks do the
heavy lifting for you? Follow and
connect with your favorite thought leaders, associations and publications, and
then share what they are sharing. This allows you to be a curator, passing
along interesting and valuable information from the sources you trust. Check
out these AICPA
social properties and see if any of the content would be useful or
interesting for your network.
Continue reading "Social Media Time-Savers for Busy Season" »
In my almost 20 years in the banking
industry, I’ve come across dozens of owners and managers of small private
companies who cringe when it comes time to prepare financial statements. That’s
because for many of them, the process is complicated, time consuming and
costly. Moreover, a number of rules they are required to follow do not deliver
financial information relevant to their businesses. These small- and
medium-sized entities have been in need of a financial reporting option that is
tailored to their circumstances and produces financial statements and
information that their bankers can use and rely upon. Now, finally, that
financial reporting framework is being made a reality.
One of my most rewarding professional
experiences has been serving on the task force that is developing the new Financial Reporting Framework for Small- and Medium-Sized Entities. What’s a SME? No standard definition exists, but the acronym is self
explanatory – small and medium size entities, which happen to make up about 20
million for-profit companies in the United States.
Continue reading "New Reporting Framework Will Eliminate “Noise” for Bankers, Other Financial Statement Users" »
fine folks at U.S. News and World Report have recently released their Top 100 Jobs for 2013 report and
‘accountant’ came in as the third best business job and number 36 of all
know I’m preaching to the choir here, but with the profession’s modest 4.2% unemployment
rate, and a median salary of more than $62,000, there is a lot to like about a
career in accounting.
Rebecca Mahler, manager
of career research at the AICPA, stressed to U.S. News and
World Report how important it is for aspiring accountants to become certified.
"It's really the gold star on the resume," she said. "It's an
invaluable credential, and you get a 10 to 15 percent higher salary."
Continue reading "AICPA Scholarships Provide More than $350,000 to Top Accounting Students" »
When a CPA alerts an
individual or an organization to a problem, it’s usually wise to heed the
financial advice. CPAs figure out the meaning of numbers every day and are
accustomed to giving guidance on complex financial situations.
Once again, CPAs are
informing America that the federal budget numbers tell an alarming story. In an
online survey conducted by the AICPA in December, three-quarters of CPAs said immediate action is
needed to quell spiraling federal budget deficits. More than half identified
deficit reduction as the top economic priority for the United States, ahead of
creating jobs (23 percent), tax reform (18 percent) and ensuring the long-term
stability of Social Security and Medicare (5 percent).
Continue reading "CPAs Say Reducing Nation’s Deficits Is Job No. 1" »
After a nice holiday break relaxing with friends and family, it’s
now time to get back to the real world. Re-entry is always a drag, but coming
back this year to the crescendo of anxiety surrounding the fiscal cliff made it
that much more difficult.
I’ve spent the last two days meeting some of our AICPA course
instructors and asking them about their practices and their clients, and one
message came through loud and clear. Clients are concerned. And they’re turning
to their CPAs for guidance.
Continue reading "Name that Angst" »
The AICPA’s Forensic and Valuation Service Conference, held
Nov. 11 through 13, involved several sessions that were taught the “un-conference
way.” These sessions were unconventional in their approach and involved
peer-to-peer interactive learning. One un-conference session I attended was Tom
an ROI from Social Media via ROA (Return on Attention).” Tom is the CEO of
the Maryland Association of CPAs and is considered a top thought
leader in accounting.
From the moment we entered the room, we were thrown headfirst
into the world of social media, as Tom encouraged us to sign into the gosoapbox event. Tom kicked off the session
with a survey of attendees’ social media habits. In our group, 11% did not use social
media at all and 71% viewed social media as a time sink, a valid concern for
professionals who already have very demanding schedules.
Continue reading "Use Social Media, Don’t Let It Use You" »
It’s almost tax season once again. Can you think of a better
way to kick off 2013 than adopting a fresh approach to this ever important time
Here’s a thought: What if we all agree to tell a new story
this tax season? Instead of framing it as a time to work your fingers to the
bone, embrace the notion that tax season is your time to shine. Don’t you owe
it to yourself, your colleagues and your clients to let the world know that you
love tax time? After all, it’s what you have studied for and worked toward
throughout your career. Even better, it’s the time when the world looks to the CPA
profession for its tax smarts and number savvy, problem solving know-how.
Continue reading "Tax Season: Our Time to Shine" »
Most Americans greeted the
news that the “fiscal cliff” had been averted with a mix of relief that a worst
case scenario had been averted and frustration with the seemingly endless
process. What has been lost on some casual observers is that, as a result of
the deal, the U.S. deficit will actually increase an additional $4 trillion dollars in the next decade, according
to the Centralized Budget Office.
Earlier this week, the AICPA
released the results
of a survey* asking members questions regarding the economic
sustainability of the United States. The survey found that the vast majority
are calling on the federal government to demonstrate more fiscal responsibility.
In fact, seven in ten U.S. CPAs are concerned that both individuals and families will be severely affected
if policy makers are unable to reduce the federal debt.
Continue reading "CPAs to Federal Government: Reduce the Debt" »
Tax Ethics and Horses
your hand if you have that Circular 230 legend at the bottom of all your
emails. Great – now keep your hand up if
you know why. Not to worry – most of us
are in the same boat. So why the
question now? Here’s the story . . .
If you do
any kind of tax work, I hope you're familiar with the AICPA’s Statements
on Standards for Tax Services.
And if that work involves any kind of federal filing or representation,
you'll also need to be familiar with Treasury Department Circular No. 230.
230 isn’t new - its roots go back to the Civil War. The post-Civil War Congress
enacted legislation that gave citizens the authority to make claims with the
Treasury Department for the value of horses and other property lost during the
war. It soon became evident that more
claims had been submitted than horses lost.
On July 7, 1884, President Chester Arthur signed what became known as
the Horse Act, giving Treasury the authority to regulate the admission of
representatives of claimants before them and to take related disciplinary
action. Eventually, the Horse Act led to
the system we have today in which licensed CPAs are automatically admitted to
represent taxpayers to the IRS with full practice rights.
Continue reading "Crossing the Finish Line with Circular 230" »
of year, CPA firms are thinking and planning ahead for their busiest season.
That makes now a good time to consider whether your CPA firm will be operating
at peak efficiency. Is your CPA firm making the most of current relationships
and doing all it can to expand into new ones? While there are many metrics CPA firms
use to evaluate quantitative performance, here are 12 metrics than can provide
more qualitative feedback. These metrics can help CPA firms measure their reach
with clients and provide insight into how well processes already in place are
helping to identify opportunities with clients.
Continue reading "The Defining Dozen: 12 Metrics CPA Firms Should Track" »
Benevolence is a word my grandmother would have used. But I’m bringing benevolence back. Two years
ago, I joined an incredible group of trustees on the AICPA’s Benevolent Fund. This
experience has changed me. The Fund’s mission is to help our members. The
trustees’ immediate goal is to raise awareness that the Fund exists so members
know where to turn when unplanned financial emergencies occur.
The Benevolent Fund is a tangible expression of compassion.
It’s a refreshing departure from the normal gruff and impersonal business world.
The Fund has been quietly sprinkling generosity and kindness via financial
assistance to needy AICPA members for nearly 80 years. Eighty years of benevolence.
Continue reading "Benevolence Is Back" »
In my professional travels I meet individuals from all over
who know about the AICPA’s financial literacy programs and use our resources in
many creative ways. While some are CPAs,
the majority is not, and yet each is equally committed to improving the
financial well-being of their loved ones, friends and communities. If I had a dollar for every time someone sang
“Feeeeed the PIG!” to me after seeing our campaign promotional items on a
conference display table, I just might have enough money to pay off my student
loans. (I never get tired of this
Here are some of the many ways these free resources are being used:
Continue reading "Spreading Financial Well-Being" »