14 posts categorized "Technology" Feed

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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5 Low- or No-Cost Ways for CPAs to Help Slam the Door on Cybercriminals

CybercrimeThe AICPA is participating in National Cybersecurity Awareness Month with a series of blog posts to help CPAs understand the role they can play in addressing cybersecurity issues. This is our first post in this series.

October is National Cybersecurity Awareness Month, but fighting cybercrime is a year-round battle. As experienced keepers of confidential information, CPAs are uniquely positioned to support cybersecurity initiatives for their firms, clients, or employers. But cybersecurity is costly, and budgets are always limited, especially in the public and not-for-profit sectors. Consider these five simple steps CPAs can take to help protect data without breaking the bank.

  1. Know email scams and warn others. People are increasingly the weak link in organizations’ cyber armor. You know not to give your checking account info to an unknown foreign government dignitary. But what if you get an email from your CEO instructing you to wire funds for a deal that you know is about to close? This scenario was all too real last year for a finance employee who was tricked into wiring $730,000 to a bank in China, according to an FBI report. Since the FBI started tracking business e-mail scams in late 2013, it has compiled statistics on more than 7,000 U.S. companies that were targeted. Total losses exceeded $740 million.

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Drones on the Horizon for CPA Firms in 2017

DroneNew federal regulations mean CPA firms will have easier access to an unexpected tool for audits and inspections: flying robots.

Unmanned aircraft systems, commonly referred to as drones, have a wide range of commercial applications, including law enforcement and rescue operations. CPA firms are finding ways to use drones to audit and inspect land, agriculture and facilities as a safer and more cost effective alternative to manual inspections.

For the past several years, commercial drone use has been mostly limited to larger firms because of a burdensome and costly Federal Aviation Administration (FAA) approval process. But on August 29, a new FAA rule took effect that broadly authorizes commercial drone operations in the United States, giving CPA firms of all sizes an easier path to incorporating drones into their operations. For example, the new rule allows the commercial operation of drones under 35 pounds, whereas previous regulations mandated that commercial drone operators had to apply for a special license from the FAA.

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The Internet of Things is Already Here. Are You Ready For It?


Internet of thingsBy 2020, my house will have a smart refrigerator that will alert me when I am out of eggs or cheese. It will 'talk’ to my phone and ping me a list of items that I still need to buy as I'm leaving work and headed to the grocery store. On a macro level, cities will collect data on pedestrian flows and use big data to optimize energy use and traffic patterns. These are just a few of the 50 billion smart devices that we'll have by 2020.

AICPA staff recently gathered over coffee and discussed ideas and insights on the Internet of Things (IoT), a term you may start to hear being used more frequently. It refers to everyday wireless objects that communicate with each other over the internet and send useful information to consumers and businesses.

Truth is, many of these smart devices are already everywhere– and they are not just for the tech-savvy. You may already benefit from this technology without realizing it, like when you receive your online shopping purchases ahead of schedule. Retailers and distributors are employing smarter freight management systems that improve the efficiency of the shipping process.

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How to Clean Your Data and Make it Look Slick


HouseEvery day we are inundated with articles, infographics and news reports that quote statistics that we are just supposed to accept at face value. Consider online real estate prices. If you search in your local area, you will find varying figures for median price, price per square foot and return on investment. The volume and variance in data leads to many questions: Who is supplying this information? What types of property does it include? What period does it cover?

As accountants, this unsubstantiated reporting should make us uncomfortable. We are a profession that prides ourselves on transparency and disclosure. When that isn’t forthcoming, our red flags should go up. How can we trust what we are reading when we know nothing about the source and quality of the underlying data? With all the advances in technology, accountants are uniquely positioned to be the champions who set higher standards for reporting. By giving the audience access to the data, we achieve the ultimate transparency. It’s not as hard or expensive as you may think.

I recently challenged myself to create a case study that analyzed real estate sales in my community—Panama City, Fla. Like many other resort areas, our beachfront county experienced wild fluctuations in property prices over the past decade. I was curious about property values, whether they were selling at a gain or loss and if the values used for tax purposes were fair.

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Answers to 5 Common Cloud Questions for Not-for-Profits


CloudWith cybersecurity in recent news headlines, more clients are coming to us for advice on accounting software solutions. Cloud systems, especially, have increased in popularity among businesses in the private sector and not-for-profits alike. Organizations with decentralized operations, or with many remote workers that need access to information, can benefit the most from using a cloud system.

Here are the most common questions we encounter in our practices.

Q: What (and where) is the cloud?

A: When we talk about the cloud, it just refers to a system or application that is hosted somewhere outside of your office—usually accessed over the Internet. The term “cloud” comes from the shape used to represent the Internet on network diagrams. 

Some people may also be familiar with the term Software as a Service (SaaS).  The “as a Service” (aaS) suffix also refers to the cloud. There are several flavors of this: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and more keep coming up as additional services are delivered via the cloud.

Another term also often associated with the cloud is “hosted solutions.” This can be software, servers, or even desktop services. Unlike the “as a Service” model, which would be considered “pure” cloud and accessible directly from the Internet in a web browser, hosted solutions usually require a VPN network connection or specially configured client software to access.  However, for most intents and purposes, we can consider hosted solutions as part of the “cloud.”

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Update on Taxes and Terrorism: Why Clients’ Data Could Become Vulnerable

Data breachSince this article was initially published in December 2015, the FBI has attempted to compel Apple, Inc. to defeat its own encryption for the purposes of accessing the information on the iPhone of Syed Rizwan Farook, perpetrator of the mass shootings in San Bernardino in December of last year. Apple has thus far refused to obey a federal court order to provide access to the phone, based in part on a first-amendment argument that code-writing constitutes free speech. A federal court in California will hear arguments on March 22, but promises from both the Justice Department and Apple, Inc. to appeal any decision against their respective cases mean the dispute is unlikely to conclude at that time. The case is certain to have far-reaching implications for the nature of digital security both here in the United States and abroad.

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10 Apps to Help You Automate and Streamline Your Life This Busy Season


App image2Busy season is fast approaching. As you prepare this year, consider downloading some time-saving apps that will help automate your life, and as a result, give you back valuable time. Technology has the power to make day-to-day tasks a little bit easier, so why not take advantage of all the following apps have to offer.

  1. Amazon’s Subscribe & Save: Never worry about running out of paper towels, vitamins, shampoo or other household essentials again. Parents—same goes for items like diapers and baby food. With Amazon’s Subscribe & Save service, you can select how often you’d like these products delivered, and Amazon will schedule shipments automatically. Best of all, subscribers receive a discount of up to 15% and receive free shipping on these purchases.
  2. Automatic Online Bill-Pay Services: Eliminate the stress of paying bills. We all know that time is precious, especially when you are working 60-hour, six-day weeks. Because of this, you may want to consider taking advantage of automatic online bill-pay services. Many banks, cable, phone, internet and electricity providers offer this service. By signing up, you ensure that you never miss a payment deadline. An easy choice for peace of mind.

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5 Tips for Developing a Successful Enterprise Risk Management Program

ErmImagine being able to use real time data and analytical tools to help identify and track potential risks that could impact your organization. At IBM, analytics is the next big frontier of risk management, as technology sophistication, coupled with an abundance of data, continues to provide insight into actions.

Effective enterprise risk management programs continually capture, evaluate, analyze and respond to risks arising from changing internal operations such as systems failure or turnover; shifting external markets resulting from political turmoil, a recession or natural disasters; or changing regulations. Risk management requires an organization to align its assets, people, activities and goals, thereby leading to good organizational governance.

IBM has been weaving solid risk management practices into the fabric of our business for nearly a decade. Our program focuses on creating business value and competitive advantage through enhanced risk identification. We embed risk management into the day-to-day operations of our business units and instill a culture that promotes accountability and provides processes and mechanisms for reporting risks.

Is your organization looking to enhance its enterprise risk management program? Following is some advice to help you get started. 

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Technology and International Opportunities Key to Future, Say AICPA Members

One of my greatest joys is talking to members and sharing with them how the profession is evolving. Whether at state CPA societies, conferences or other events, members and I often engage in dialogue about trends and the profession’s path to maintain relevance in an ever-changing marketplace.  

Over the last few months, as part of my presentation, I’ve asked firm leaders, state CPA societies and members of our governing Council a series of poll questions, intended to gauge what members are seeing and experiencing in the marketplace. Are CPAs and the profession’s stakeholders affected by the convergence of macro trends? Do they capitalize on opportunities enabled by technology? What are they doing to attract and retain a talented and diverse workforce? Is their business crossing borders more than ever before?

The answer in each case was a resounding ‘yes.’ Below is a summary of some of the questions and analysis of what the results mean for our profession.

“By 2020, where do you think the profession needs to be on the technology adoption curve?” and… “Where are you on the curve?”

The technology adoption curve was made popular in the 1990s by Dr. Geoffrey Moore and was later referenced again in a whitepaper called “Accounting Services: Harness the Power of the Cloud,” which was based on research conducted by Dr. Moore. Barry polls

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5 Tips to Increase Profitability by Leveraging Technology

TechnologyDoes your practice make the best use of some of the relatively straightforward technology solutions available? I have to admit, my firm did not always take advantage of steps that could have improved our relationships with clients, opened up service opportunities and, ultimately, enhanced our profitability. Here’s what we did to change our approach and improve our results:     

Improve efficiency by utilizing targeted solutions. Firms have many targeted technology solutions to choose from -- everything from online bill management services and workflow automation to cloud-based accounting and financial management software, payroll and more. My firm started by looking at CPA.com’s partner solutions. The products we selected allowed our firm to provide better and faster service. And best of all, it saved our firm and our clients’ money. We use an automated bill payment system which allows us to manage our accounting services clients’ payables effectively and efficiently. Additionally, after seeing how a cloud-based financial management and accounting system could improve productivity, reduce costs and speed growth at our firm, we decided to offer this valuable service to clients in various industries. By doing so, we have expanded our service offerings and tapped into a new revenue stream. 

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Cyber Liability Insurance for CPA Firms

CoveredWe see the mega data breaches on the news, and wonder if our personal information has been stolen.  If some of the world’s largest companies cannot protect personal data with their large budgets, what can a small firm do? One step is to purchase cyber liability insurance. This is a relatively new product offered by a few insurers, and often under a different name and with varying levels of coverage. Being a relatively new product, there’s a lot of catching up to do – so let’s start with the basics for partners to think about.

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5 Ways CPAs Can Add Value in the Event of a Cybersecurity Attack

Mission impossibleIt’s been 19 years since the first Mission Impossible movie sprang from 60s television and graced the silver screen. This summer, the fifth installment of the Impossible franchise premiered. When we first met Ethan Hunt, it was 1996 and the BMW Z3 made its debut as Agent Hunt’s stylish ride. Despite all the high-tech gadgetry depicted in the film, in real life, the Y2K debacle was the biggest IT security crisis businesses faced. Fast forward nearly two decades; driverless cars are a reality, and a car hacking crisis has put drivers of 1.4 million cars at risk.

Back when Mission Impossible first thrilled us with espionage and national security fantasies, cybersecurity was merely an IT concern. “It’s now a C-suite problem,” former secretary of the U.S. Department of Homeland Security, Tom Ridge, said recently at the AICPA CFO Conference in Denver.

Given the frequency of cybersecurity attacks today, it is important for CPAs to understand their role in this arena. CPAs are well equipped to strengthen the process and evaluate cybersecurity risks. Below are a few examples of where CPAs can add value: 

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Are You Prepared for a Cybersecurity Attack?

Cybersecurity 1Is your firm or organization prepared to respond to a cybersecurity attack? What about your clients? A cybersecurity breach could occur at any time. No organization is too small to come under attack, so it is best to be prepared. When a breach occurs, companies without a plan may waste valuable time trying to organize a core team and put a strategy in place. Below are steps that you should consider as you develop a cybersecurity response plan.

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