3 posts categorized "Lindsay Patterson" Feed

5 Technologies Transforming CPA Practices

Shutterstock_150531497One message keeps coming up at the AICPA ENGAGE Conference: technology is changing the profession, and CPAs have countless opportunities to incorporate it into their practice. Across conference sessions, conversations keep coming back to the ways practitioners can benefit from deploying to the cloud, embracing social media, providing cybersecurity-related services, using mobile devices and understanding big data. Here’s how: 

1) The Cloud 

In a recent Facebook Live session, conference presenter Jim Bourke discussed the many ways the cloud can improve a CPA’s practice. It allows staff from around the country to work together to serve clients. It houses data without the burden of purchasing dedicated servers and the infrastructure and personnel to maintain them. It gives CPAs access to client information anytime and anywhere. And it keeps that information secure. “Data is more secure on the cloud than it is sitting in your own office,” Bourke said. 

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That Time I Told Mark Cuban He Was Wrong About the CPA Profession

Mark cuban 1Last Wednesday afternoon, I read that Mark Cuban said he would not want to be a CPA right now because advances in technology mean it isn’t a profession for the future.

Wednesday night, I sacrificed sleep so I could write a lengthy blog post explaining how Mr. Cuban clearly didn’t consider the many ways the accounting profession is getting ahead of change and anticipating the future needs of the marketplace.

And by Thursday afternoon, I was explaining my argument to him in person.

How?

I was editing the first draft of my blog post on Thursday when a colleague walked into my office to announce that, according to rumor, Mr. Cuban was in the lobby of our office building at that very moment. Could life be so serendipitous that I could get a photo with the subject of my blog post? Naturally, I had to investigate.

The lobby of our office building was quite empty that day, so I immediately saw that the rumors were true. Sitting right there in front of me was the individual that had caused my writing fury. He was engaged in a conversation, but made eye contact with me and smiled kindly. I took that as my opportunity to introduce myself.

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CPAs with Clients in the Marijuana Industry Need to Consider Risks

MarijuanaOn Nov. 8, voters in nine states will consider ballot initiatives to legalize marijuana – a move that could create new businesses that will need CPA services. However, conflicting federal and state laws mean that CPAs have to carefully consider the risks of providing services to these businesses. The AICPA spoke with Stan Sterna, vice president for Aon Insurance Services, the national administrator of the AICPA Professional Liability Insurance Program, and Mike Komoll, assistant vice president of professional service claims for CNA, the underwriter of the AICPA Program, to discuss key considerations for CPAs providing services to the expanding marijuana industry.

Which states are considering legalizing marijuana in November, and why might CPAs be interested?

Sterna: Five states – Arizona, California, Maine, Massachusetts and Nevada – will vote whether or not to legalize recreational marijuana, while four states – Arkansas, Florida, Montana and North Dakota – will consider legalizing medicinal marijuana. In the 26 states and jurisdictions where marijuana is already sold legally, businesses in this industry have increasingly sought out accounting and tax services. CPAs in any states that pass marijuana initiatives next week will likely start seeing similar requests, which makes sense when you consider the size of the industry.

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