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11 posts from May 2015

Strategic Business Skills Are Not Just for the CFO Anymore


TalentA new era of business is dawning as organizations look for finance staff—from the C-suite to entry-level—with a broader mix of competencies that include the application of financial disciplines in the management of the business. Employers are looking for finance professionals with management accounting skills, business skills and the potential to be strategic business partners.

CFOs have plenty to worry about these days—but the one issue that continues to arise is talent. “It’s all about people,” said Nick Araco, CEO of the CFO Alliance in a recent CGMA Magazine article. “Most of the dialogue we’re having is going back to talent, regardless of whether we’re talking about strategy, or capital structures, or regulatory environments, the people side pops into every conversation.” The fact is, there is a shortage of finance professionals with business-partnering skills.

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Make it or Break it with IT Policies and Procedures

SecurityOpen the newspaper, and you’ll find no shortage of stories about sensitive corporate information getting into the wrong hands. How can you ensure this doesn’t happen to your organization? Solid IT policies and procedures. They are critical components of an organization’s umbrella IT strategic plan and are designed to prevent serious operational problems. In general, security policy and procedures include assessing your organization’s assets and holdings, evaluating them against threats or risks for exposure and having the right tools and techniques in place to manage those threats and risks.

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Got GIF? Financial Literacy in 140 Characters or Less

Feed the pigLast month marked my fourth Financial Literacy Month at the AICPA. It’s amazing how much the landscape and messaging has changed in just a few years. While our outreach and exposure for the program has grown, our actual messages to individuals have become shorter. We have moved from lengthy articles on our websites, to a few sentences on Facebook and now to singular images on Tumblr. In a world where younger audiences are looking increasingly to online sources for financial advice, how do we accurately communicate financial literacy lessons with just one animated photo and a few words?

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How to Help Clients Understand Retirement Housing Options

Retirement housingMany retirees see their home as a symbol of comfort and independence that they want to keep as long as possible. However, far too often, reality turns out differently. Most conventional homes present accessibility problems that impair the comfort and independence of elderly people, requiring expensive modifications or an unplanned move to an assisted living facility caused by a health crisis.

Whether you’re advising clients ten years into their retirement or helping middle-aged clients plan for their golden years, you’re doing them a disservice if you don’t bring up the sometimes uncomfortable discussion of retirement housing and end-of-life care.

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3 Things Not-for-Profits Need to Understand about their Finances

Father and Son pictureThere are roughly 1.5 million nonprofit organizations in the United States. Many of them are grassroots organizations run by well-meaning volunteers who are committed to the group’s mission, but who may not have knowledge of the numerous complicated rules governing not-for-profits. I learned of these complexities when I joined the board of an all-volunteer sports league in my community. I'm sure many practitioners can relate: because I am a CPA, of course, I was elected treasurer. In this role I gained a deeper understanding of not-for-profit finances. As a result, I've learned three things not-for-profits need to understand about their finances in order to run a more effective organization.

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Leveraging Technology to Keep Your Firm in Motion

Firm in motionWe all know that staying current and embracing the latest trends in business are key to running a successful CPA firm. Years ago, accountants relied on columnar pads and general ledger books, while working from 8-5 in the office. Today at most firms, those tools and practices are replaced by accounting and cloud computing software, with flexible schedules and virtual offices. CPAs continue to implement new tools and strategies to optimize the changing professional environment to best meet client and staff needs. Interested in learning more, I sat down with two trailblazers to hear firsthand about their experiences.

Alan Long, CPA, CITP, CGMA, is the managing member of Baldwin CPAs, based in Richmond, Ky. Alan explained that his firm has been an early adopter of technology.  For example, the firm has been paperless since 2002, in the cloud since 2004 and has supported a multiple monitor environment for nearly a decade. Baldwin CPAs uses electronic signatures for all engagement letters and consent forms, saving the firm both time and money. Additionally, all professional staff are given iPads, allowing them to be accessible while offsite.

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Nanny Tax 101: Managing Employer Obligations at Home

Nanny TaxesOne of the most important decisions working parents will make is deciding who will get the honor of taking care of their little one during the day. My husband and I decided to hire a nanny to watch our sweet little boy, Henry. We liked the idea of Henry getting excellent one-on-one care from an experienced caregiver, and daycare can present challenges for us in terms of picking up and dropping off our son each day – we may be parents, but our career demands still exist. Hiring a nanny worked well for our situation, but there are certainly administrative and tax responsibilities to consider when making this decision:

Nannies are household employees

Though most families want to consider their nanny an “independent contractor” to avoid costly payroll taxes and the associated administrative duties, nannies are household employees. The instructions for Form 1040, Schedule H are pretty clear on this matter.

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Who’s on Your (Fictional) Client Wish List?

Good WifeReady for some peace and sunshine in your life? In a recent blog, we speculated about TV characters who would make truly awful clients (Walter White, members of the Walking Dead, you get the picture). Now we are focusing on fictional clients who could really take the stress out of life. Which one of these would be your dream client? 

Here are our top picks:

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In the News: CPAs Provide Gift Tax Guidance and Cyber-Security Tips

Shutterstock_124401508CPAs serve as trusted advisers and provide their clients with expert guidance on a variety of topics. It’s no surprise that they are frequently cited by the media for their expertise in areas such as tax, financial planning and even cyber security best practices. I’ve summarized a few recent examples of CPAs helping people make informed decisions about their financial lives.

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Responding to Change: Update on the Next Generation CPA Exam

Cpa examThe AICPA is committed to ongoing evaluation and improvement of the CPA Examination. Thoughtful enhancements help maintain the relevance of the exam for the current practice realities for newly licensed CPAs. Last year, the AICPA launched a practice analysis, a comprehensive research project to inform the development of the next version of the CPA Exam. 

An important part of the practice analysis was an Invitation to Comment called Maintaining the Relevance of the Uniform CPA Examination. The ITC was designed to address the changing landscape of the CPA profession and asked a wide range of stakeholders to weigh in on possible changes to the next version of the Exam. In September 2014, the ITC was issued to members, boards of accountancy, firms, academia, standards setters and regulators, and business and industry.

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5 Forward-thinking Client Solutions for CPAs

Forward thinkingAs with any service-oriented profession, it is considered a best practice for accountants to stay in touch with clients and provide solutions to their most pressing problems. CPAs can do this in a number of forward-thinking ways, even when their assistance doesn’t necessarily fall within the realm of services the firm provides.

For example, last summer, my firm, Gelman, Rosenberg & Freedman staged a learning and networking event in partnership with the president of a not-for-profit industry group that was driving significant change within not-for-profit business operations. The area of change did not have anything to do with the audit or accounting services our professionals provide to hundreds of nonprofits annually. Rather, the purpose was to help not-for-profits face an emerging industry issue--one for which we had the right connections to allow for an informative and helpful session.

Not surprisingly, more than twice the usual number of clients and friends attended the event, including several from prominent not-for-profits we had never met before. Our audit and accounting events always bring a respectable number of participants, but this event delivered more because our approach meant caring less about whether the topic was a fit for our firm and more about whether it simply provided helpful information about a pressing industry need.

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