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12 posts from January 2015

The Open Workforce Presents New Challenges (and Opportunities) for Finance Professionals

Open workforce mini infographic2Almost overnight, organizations have found themselves managing an entirely new paradigm: the open workforce. Driven by globalization, technological advances and a constantly fluctuating market, businesses must now look for expertise from new sources to work with their in-house teams. This new talent includes a complex mix of local and international freelancers, contractors, consultants and businesses partners.

New CGMA research shows that in more than a quarter of all organizations globally, at least 50 percent of talent is external. While the open workforce trend started in the US and Canada, it is expected to become the norm for more than a third of organizations worldwide within the next five years.

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Disaster Planning and Recovery Advice from CPAs

Blizzard prepWith a historic blizzard bearing down on the Northeast, many people have considered their physical well-being. They’ve stocked up on milk, bread and blankets to weather the worst.

But what about their fiscal well-being?

Events like this one also require financial preparedness – having cash on hand in case the power goes out and insurance information handy in case snow-laden trees come crashing down.

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Top 10 Tax Resources for the 2015 Tax Season

10 tax tipsA mother tries to get her son out of bed in the morning to go to school, and says, "Come on, lazy head, get up. You're going to be late.” But he remained in bed, burrowing deeper under the covers. Finally, she pulled him out, and he said, "Mommy, I can't go to school. The kids throw sticks and stones at me, and they call me names." "But you have to go anyway," she said.  "Why?" he asked. "First of all," she said, "you're 50 years old. And, second, you're the principal."

Your clients hopefully don’t throw sticks at you, but you are the CPA and like the principal, you need to show up, right?  So fight the urge to burrow - listed below are some popular tools from the AICPA to help you.

(By the way, credit for that joke goes to former NBC president Michael Gartner, who included it in an excellent speech on the 10 Rules for Life at my college commencement. Good luck prying that date out of me.)

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Where Is Your Firm on the Journey Toward Greater Diversity and Inclusion?

MLKOn the third Monday in January each year, AICPA and Americans across the country recognize the life and legacy of Martin Luther King, Jr. Between 1955 and 1968, his strong leadership helped transform race relations in America, and his powerful voice gave the nation courage to continue working toward racial equality. He led millions in this movement, which resulted in historic reforms that benefit all of us—and he continues to inspire the ongoing work of diversity and inclusion happening today.

The accounting profession has been developing effective diversity and inclusion approaches for many years; early on these efforts focused mostly on gender diversity. Today’s initiatives comprise a much wider range of differences and similarities—not only in gender, but in ethnicity, age, generation, religion and sexual orientation.  

Making strong efforts to be more inclusive in the accounting profession is critical, not only because it is the right thing to do, but because trends show that the increased demand for CPAs and accounting professionals will eventually outpace the supply. Some of reasons for this trend are:

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The CFO Has to Be a Jack-of-All-Trades — and Master of Them, Too

CGMA- jack of all trades2How should up-and-coming CFOs regard their role in the corporate hierarchy? They might do well to think of themselves as “the voice of reason.”

There were many comments about the shifting role of the CFO at the recent World Congress of Accountants 2014. But to me, none rang truer than the quote above, expressed by Carol Calandra, CFO, Global Markets, EY Global.

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In the News: Students from UNLV Earn First Place in AICPA Accounting Competition

UNLV9_t653The American Institute of CPAs recently announced that students from the University of Nevada, Las Vegas have earned first place in the 2014 AICPA Accounting Competition.

AccountingWeb reports that the UNLV team’s top finish in the competition earned a $5,000 award for their school. Students from North Carolina State University placed second, taking home $3,000 for their university. The third-place team from the University of Southern Indiana earned $2,000 for their school.

In addition, each of the three finalist teams received a $10,000 award to be split among the team members. All of the awards are funded by the AICPA Foundation.

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Give Thanks, and Give Back

Hands raisedNo matter how many times you may have reminded yourself, it’s a fair guess that you most likely did not completely eliminate the urge to splurge during the recent holiday season. Even though your family may have said no gifts are necessary, it can be hard to swallow the idea of showing up empty handed—my immediate family says year after year that “our presence is our present,” and yet we all show up with armloads of gifts, every year. The last thing we want is to cause our loved ones financial distress at our expense, so how do we fight the urge to splurge in the year ahead?

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5 Key Social Media Trends for CPAs in 2015

Social mediaThis year’s social media trends forecasts are buzzing over innovations such as the integration of ecommerce with Facebook and Twitter, wearable technology and sophisticated analytics that report return on investment. While it will be interesting to see the development in these areas, there are additional trends that can significantly impact your firm’s success on social media. Here are five trends to consider as you go about implementing your firm’s social media strategy for 2015.

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Accountants Play Critical Role in Establishing Global Transparency

Transparent globeI’ve always thought the world would be a better place if only there were more professional accountants working throughout organizations. Each and every day, we bring transparency and accountability to businesses and governments around the globe. We promote financial integrity, expose wrongdoing, and lift the veil of uncertainty to shine light on the truth. When you think about it, we are much like the Swiss-Army knife for modern business—equipped to bring solutions in countless ways.

Tax work? We do that. Financial statements? We do those too. Interpreting human capital and supply chain implications of the latest regulatory standards? Your CPA has you covered.

If CPAs are like the Swiss-Army knife, then transparency is the Master Key that unlocks good business practices; transparency holds decision-makers accountable, leads to better management decisions, and provides the reliable, actionable information on which investors and the free market rely.

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4 Tips for Turning Tax Season Lemons into Lemonade

Tax- lemonsRaise your hand if every article on the upcoming tax season has left you reconsidering your choice of profession? The messages are everywhere and are not painting a rosy picture of what tax practitioners can expect. Well, I promise not to drudge up ACA, repair regulations, foreign accounts or countless other changes - enough has been said on those. Instead, I have a few ideas that you can try the next time you spot a tax season lemon.

Whether your firm is big or small, gone completely high-tech or still doing everything manually, there are always opportunities for improving efficiency, exploring new service lines, reinforcing your value to clients and raising your fees. This lemonade recipe has four ingredients, and simply requires a notebook, a plan and a commitment to try something new.

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CPA Exam Q1/Q2 2015 Score Release Timetables

The Q1/Q2 2015 score release timetable is now available. Score release timelines are updated biannually on AICPA Insights and on the CPA Exam website. For more information about score release and the scoring process, please visit the Psychometrics and Scoring page.

The National Association of State Boards of Accountancy releases the scores to candidates and state boards of accountancy based upon the target score release dates listed in the tables below.

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What Could a Next-Generation Peer Review Program Look Like?

The computer scientist and tech pioneer Alan Kay once said: “The best way to predict the future is to invent it.” That’s been the mantra in Silicon Valley for 40 years. Inventing the future is the opportunity the CPA profession has today with the release of the concept paper Evolving the CPA Profession’s Peer Review Program for the Future: A provocative vision of what practice monitoring could become.

Two years ago, based on input from the AICPA’s governing Council, a task force sanctioned by the Board of Directors began exploring ways to raise the Peer Review Program’s current practice monitoring efforts to even higher levels of relevance, strength and effectiveness.

Developed with research and input from various stakeholders, the concept paper offers a glimpse into practice monitoring with a futuristic view. The paper asks us all to imagine the possibilities of what practice monitoring might look like in the next 5 to 10 years and beyond.

This video provides a quick overview.

 

 

 

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