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9 posts from August 2018

Don’t risk it: Get familiar with investment strategy

Shutterstock_723294832There are many ways to invest your hard-earned money, but the goal is always the same: to grow your wealth. But a recent survey conducted by Harris Poll on behalf of the AICPA found that many Americans are embracing high-risk strategies that put their savings in jeopardy while doing minimal, if any, financial research upfront.

David Almonte, CPA, member of the AICPA’s National CPA Financial Literacy Commission, spoke to AICPA Insights about the survey results and what Americans should know about investing strategy.

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What college football can teach you about project management

GettyImages-517875398Football is the most popular sport in America, and according to a recent Gallup survey, more than half of us are college football fans.

It shouldn’t be a surprise that Americans love football. It brings us together as much as it tests our rivalries. We tailgate, paint our faces and crowd into stadiums and onto couches. Every season is different from the last, making us hold our breath to the very end.

If you’re a college football fan, you’re probably feeling twinges of anticipation — and nervousness — this week. It’s an exciting time, and you’re no doubt hoping your team comes out on top.

But football is more than just a game. If you look closely, it can teach you a thing or two about valuable business skills. You can find players deploying some of the most difficult-to-master project management tactics out on the gridiron.

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Get your groove back: 4 tips to ramp up for fall busy season

GettyImages-705001221Is there any season more relaxing than summer? The weather is warm. The days are long. Perhaps best of all, busy season is still a ways off. There’s no cause to worry about extensions or business returns or even tax reform, right?

Nope. Believe it or not, summer is winding down and the fall busy season is ramping up. Now is the time to shake off that beach brain and prepare for what’s ahead. You’ll thank yourself in October, not to mention in February and March. 

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The secret about change almost no one knows

Shutterstock_400923745If you search Amazon’s selection of books for “change,” you get over 50,000 entries. Some are about dealing with change. Others are about driving change, managing change or learning how to change. They are self-help books and management manifestos. And all of them trade on one undeniable and human fact: change stimulates and sometimes frightens us. We’re always looking for new ways to understand and handle it.

Somewhere between the promises of success if you learn how to change and the warnings of stagnation if you don’t is a relatively untraveled path. It’s a journey of self-exploration that can have an immense influence on how you see and respond to the world as it evolves. I walked many clients through that journey, which I called the A to C Disconnect.

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New HS course gives insights into real accounting careers

Shutterstock_141891325How well do you remember your first accounting course?

The American Institute of CPAs knows that a student’s first classroom experience with accounting goes a long way towards determining if they’re going to wind up entering the profession. That’s why it’s crucial for students to be exposed in high school to a course that goes beyond debits and credits into some of the higher order skills that CPAs need to thrive in today’s profession, such as critical thinking and problem solving.

The AICPA is working to create a formal process that will introduce talented high school students to the profession at an early age through the AICPA Accounting Program for Building the Profession (“AICPA APBP”) course and related qualifying examination. APBP is a program that trains high school educators to teach a higher-level accounting curriculum that is a combination of financial and managerial concepts. It’s comparable to what a college student would learn in an entry-level accounting course.

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7 ways to beat back-to-school stress

Shutterstock_1095921515It’s the hottest part of the summer, and my kids are out of control. They’d sleep ‘til noon and stay up ‘til after midnight if I let them. While attempting to wake the youngest for camp this week, I daydreamed about our efficient school year morning routine.

Just then, I couldn’t remember when my kids start school. I knew it was soon. Very soon. But the dates weren’t in my phone. Panic! Wait. Found it on the school website. We’ve got 19 days.

Most parents — and kids, too — feel at least a little pressed for time around the beginning of the school year. So, I did some research and made a checklist to get my family through these dog days of summer and into the back-to-school mindset.

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Confessions of a young tax practitioner

Young CPAsOlena Romanchuk, CPA, knows what it’s like to fall in love with tax at an early age. She was only fifteen the first time she pored over a stack of ledgers. After studying accounting in her home country of Ukraine, Olena came to the United States as an exchange student. She later attended Western Carolina University and fell for the tax profession all over again.

While Olena was developing her tax skills, Glenda Bowman was trying to figure out exactly what she wanted to do in college. As the first person to pursue a bachelor’s degree in her immediate family, just getting to college was a significant accomplishment. She said she was a typical college student who went straight into general business before she felt something click in her first accounting class that led her to embrace the profession and become a CPA.

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Why assess audit risk? So you don’t get lost in the woods

Risk 3Picture this: You’ve finally made it through busy season. You’ve booked a family trip to a remote cabin in the mountains to unplug and relax. Your out-of-office message has been turned on and you’ve planned plenty of outdoorsy activities for you and your family. You’ve written out a packing list and checked off every item: Clothes? Check. Hiking boots? Check. Bug spray? Check. Snacks and entertainment to ward off your kids’ boredom- and hunger-related complaints during the long car ride? Check.

The car’s all packed, everyone’s buckled in and your GPS is set up on the dashboard. Now that you’re ready to embark on a journey to the middle of nowhere, you reach for your GPS…

…and throw it out the window.

Probably not the best way to get where you need to go, right?

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Beyond robotics: How AI can help improve the audit process

Shutterstock_664115017The CPA profession has been hearing a lot about Robotic Process Automation (RPA), a software technology that can help auditors sift through structured data. But RPA can only do so much. Abigail Zhang, a PhD student in the Department of Accounting and Information Systems at Rutgers Business School, explains why auditors should also consider Intelligent Process Automation (IPA).

What is IPA?

Intelligent Process Automation (IPA) includes:

  • Robotic Process Automation (RPA)
  • Artificial Intelligence (AI)
  • Cognitive Computing (CC)
  • Other technologies

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