3 lessons “It’s a Wonderful Life” can teach you about revenue recognition

Shutterstock_236107438What happens when a small business fails to comply with important regulations? In the classic movie It’s a Wonderful Life, a local building and loan association is in danger of failing its bank audit because of a major—but innocent—mistake by one of its officers. Are your clients in the same kind of danger as Bailey Building & Loan?

They could certainly face unnecessary disruptions if they underestimate the impact of the significant new Financial Accounting Standards Board (FASB) revenue recognition standard and aren’t ready to tackle implementation as the rules become effective. (FASB Topic 606 is effective for nonpublic entities for annual reporting periods beginning after December 31, 2018.) Here are three lessons the movie can teach practitioners and clients before it’s too late.

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It’s beginning to look a lot like tax busy season

Shutterstock_743819602Washington, D.C., got its first taste of winter just two days after the AICPA National Tax Conference this year. In some parts of the capital, it was just a dusting of snow. For those just north of the city, it was a blanket. While CPAs bundled up, drank hot cocoa and anticipated the wonder the season always seems to bring, they were reminded of the cold months ahead where the days are shorter, but the workdays are much, much longer.

The first sign of winter is also the first sign of busy season. It’ll be here before you know it, and with tax reform implementation in full swing, you’re going to need more than a wool coat and an ice scraper to get you warmed up and out on the road in the morning.

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A recipe for success: Experiences to keep your clients coming back

Shutterstock_507199120You’re staying at a hotel in a city you’ve never visited before. After you check in and unpack your bags, you realize you’ve forgotten your pajamas and it’s too late to shop. You walk down to the lobby and mention your predicament to the front desk clerk. Sympathetically, she offers a solution. She tells you to have a seat and serves you a cup of hot tea and a perfectly warm and melty chocolate chip cookie. After just a few minutes, another staff member approaches you with a package of blue cotton pajamas. She explains they’re offered to you complementary for your stay.

Increasingly, consumers are valuing their overall customer experience much more than any tangible product or service they may receive. It’s what keeps them satisfied and coming back for more. You, too, have an opportunity to create exceptional and memorable experiences for your clients. What are you doing to keep them coming back for more? Here are three things to consider as you strive to go above and beyond for your clients:

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40 trends that the Auditing Standards Board has outlived

Shutterstock_1023868339Everyone gets pretty nostalgic on their fortieth birthday. But what if you are the Auditing Standards Board? How would you celebrate? We decided to take a light-hearted look at the trends that have come and gone over the last four decades. Join us for this ride back in time.

 Communications. In 1978, auditors didn’t have smartphones to communicate with clients. They used CB radios. Before long, the shorter car phone antenna became the status symbol of choice. Away from the car? Just page me (on my beeper). Motorola introduced a game changer in 1990: the bag phone. Soon, tech savvy CPAs were carrying a bag phone in one hand and a PalmPilot phone in the other. Fortunately, someone saw one of these CPAs in an airport and invented the Blackberry.

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Americans want employers to show them the benefits

Shutterstock_648969952Today, the perfect job is about more than the money. Americans want employers to show them the benefits. New original research conducted by The Harris Poll for the American Institute of CPAs (AICPA) found that Americans value having a job with benefits more than one with a higher salary. Neal Stern, CPA and member of the AICPA’s National CPA Financial Literacy Commission, spoke to AICPA Insights about the survey results and shared what you should keep in mind with respect to your own workplace benefits.

According to the survey, Americans are four times as likely to choose a job with benefits over an identical job that offered 30 percent more salary but no benefits. What’s your reaction to this?

Neal Stern: I find it encouraging that so many Americans recognize the value workplace benefits bring to an overall financial plan. Some benefits, like health insurance, protect you from exposure to tremendous expenses that could seriously derail your financial wellness. These benefits often come at a lower cost than what it would take to buy the coverage on your own. This is largely because of employer subsidies and possibly more favorable pricing through a group, which leaves you more breathing room in your monthly budget. Looking beyond the financial benefit of a broad benefits package, it’s hard to over-estimate the value of peace of mind you get from being free of the worry of catastrophic expenses from an accident or illness.

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