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16 posts from March 2019

How to succeed in business according to female professionals

Shutterstock_488579674How do we encourage women to claim their seat at the table without having to wait for someone to pull it out? Being a woman in the workplace comes with its own set of possibilities and challenges. Yes, your perspective is unique and nuanced, but will it be supported if you’re the only woman in the room? So, how do we ensure female professionals are both heard and respected? In celebration of Women’s History Month, the Go Beyond Disruption podcast featured 13 avant-garde, innovative, and insightful women who provided the answers to these questions. Their answers covered tech and human intelligence topics, ranging from mindset adjustment all the way to cryptocurrencies and blockchain. Kim Drumgo, Director of Diversity and Inclusion for the Association of International Certified Professional Accountants, shared her thoughts on what it will take for women to succeed. If you missed any of it, this is me sharing my notes. Here are some tips from trailblazing female professionals about how to succeed in business:

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A tax practitioner’s friendly reminder on ID theft

ID Theft blog postYou knew this busy season would be a tough one. But just like every other season before it, you’ve rocked the challenge. With a little more than two weeks left to go, you’re well on your way to a hard-earned vacation.

At this point, what could go wrong? A lot if you’re not paying attention to the security of your clients’ information. 

I caught up with Minh Graham, CPA, of the AICPA Tax Practice & Ethics team, who shared her insights on the top five identity theft issues you should be considering as you head into the final stretch.

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Top considerations when building a business out of your home

Shutterstock_615508904Whether you’re an Etsy shop owner or a CPA seeing clients out of your home office, there are a variety of things that vary from owning a brick and mortar business. I recently spoke with Kelly Ward, CPA and co-owner of Robinson & Ward, P.C., on The Small Biz Brunch podcast, and she provided the following tips for entrepreneurs looking to build a business out of their home. 

Don’t wait to invest in a trusted adviser

Instead of waiting until you’re drowning in financial problems, Ward recommends seeking out an expert’s advice at the very beginning. For example, it’s a lot easier to prepare for certain tax implications before launching your business, rather than paying a huge tax bill come April. A CPA can help prepare entrepreneurs depending on their situation so there aren’t any surprises – because let’s be honest, there’s nothing worse than getting surprise in the mail from the IRS. 

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Believing in yourself: A CPA’s guide to self-trust

Shutterstock_1181443744The alarm clock beeps annoyingly at 6 a.m., and I lay frozen knowing that the decision I make today will determine how the next chapter of my life plays out. A few months ago, I realized I wasn’t happy with my role at work. Each day, I dreaded getting out of bed and looked forward to the weekend like I’ve been jailed all week. So today, I plan to decide once and for all if I’m going to quit my job and find something new.

But doubts and questions creep into my brain. What if I don’t like my new role? What if I’m not good at anything else? What if no one wants to hire me? I think, that’s it. I’m staying where I’m. It’s stable, and I will learn how to tough it out. I breathe a sigh of relief and contentedly maintain my status quo.

Does any of this sound familiar to you? Have you made choices that were based more on what you were trying to avoid than what you could gain? The reality is that most of us use a fear-based decision matrix to choose the option that will cause the least amount of disruption in our lives. It’s not that surprising when you consider how we’re raised — “Don’t touch that stove, or you’ll get burned.” We inherently associate decision-making endeavors with a need to avoid a negative outcome.

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Busy season due diligence comes down to what you don’t know

Shutterstock_753092236I’m a self-professed rule follower. Except for maybe driving five miles over the speed limit on the highway, I sweat to even think about bending the rules. Most CPAs I know feel the same way. We stick to our professional rulebook, focusing on doing our due diligence and complying with each regulation like it’s our personal law. However, it’s not always easy to be a rule follower when you’re in the thick of busy season.

In my opinion, due diligence is all about using common sense, but there are additional due diligence rules — some old and some new — that are important for CPAs to remember during busy season.

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Your stress isn’t just affecting you; it’s hurting business

GettyImages-183219193Did you know that the effect of one mild-to-moderately stressful event can last hours in the body? What if you added to that by the barrage of demanding emails, last-minute deadlines, family obligations and a never-ending list of errands? As you can see here, when combined with other demands, that one stressor can last days, weeks, months and even years in your body.

The longer we hold this pressure inside us, the more we begin to feel its physical and mental effects. It starts with a small unease of the body, such as irritability, constipation, acne, low energy and low libido. When I speak with my fellow cohort of CPAs, I learn it gets much worse. Many colleagues around you are suffering from auto-immune disorders, infertility, diabetes, mild depression, anxiety and so much more that are compounded by stress. If you’re one of them, you’re not alone. Burnout is real and can spread like wildfire.

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The Future of Finance: How to thrive in the digital age

915179274-170667aOver the last year, I’ve hosted roundtables with hundreds of CFOs and finance leaders in cities around the world.  From Johannesburg to London to Boston, finance leaders all sang a similar tune when it came to their greatest pain point: they’re all looking to transform the finance function from a cost center to a value center. They’re keenly aware of the gap that exists between the “old world” of reporting and compliance and the “new world” of guidance and driving the business, and they want to narrow, if not entirely close, this gap.

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Straighten up: Ergonomic tips for spending hours at your desk

Shutterstock_1096655930 - CopyIf you’re sitting at your desk while reading this blog post, it could wind up being a real pain in your neck.

Is your desk setup uncomfortable? Do you have a twinge in your back, neck, wrists or fingers? These aches and pains could be related to the way you’re sitting or the positioning of your office furniture.

Since it’s busy season, you’re spending some quality time (likely 60+ hours a week) at your desk. Why not make sure your setup is ergonomically sound? You can do this without difficulty. The investment will be well worth it, not only for your health but also for your overall well-being.

The goal is to create an environment where your body is in a neutral position that doesn’t cause added tension — you have enough mental strain as it is right now. And in case you were wondering, flopping down on your sofa with a laptop doesn’t qualify as ‘ergonomic.’ But below are some tips that are.

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Let your humanity disrupt your technology use, not the other way around

Shutterstock_675630538Ping! Behold: the sound of the first morning email. Unfortunately, that undeniable sign of the work day starting is the exact kind of wakeup call you needed. I wouldn’t say rolling out of bed at 7AM is the easiest thing after a late-night session of mindless scrolling, but hey, you spent the entire previous day responding to emails and fixing that PowerPoint pitch for your client. You deserve a little tech-fueled R&R. “Alexa, play ‘Island in the Sun’”

Your life is complex, and technology has been there for you, simplifying it every step of the way, right? It helps you get up for work, it helps you do your work, it helps you socialize and plan. What’s not to love? So, you mosey on to the bathroom mirror, eyes still glued to the screen, stumbling with exhaustion, and there it is. There’s that embarrassing weekly notification: “You average 8h 46m of screen time a day!” (I don’t know if Android users get these, so if not, here’s a glimpse of the dark side).

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Flip or flop: Construction industry revenue recognition issues

GettyImages-133910674Many people enjoy watching DIY shows where homes in disrepair are transformed from shabby to chic in less than an hour. If only the real world worked the same as DIY TV. Firms would be able to get clients implementing revenue recognition during advertisement breaks for hardware stores and home decor

Sadly, that’s not the case. Now that we’re in 2019, the Financial Accounting Standards Board’s (FASB) new revenue standard is no longer an event on the distant horizon for nonpublic entities. It’s now front and center. The new revenue standard is applicable to all industries, however some are expected to be more significantly affected than others. One of these industries is construction.

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Financial tips for female entrepreneurs

Shutterstock_416503771As the host of The Small Biz Brunch podcast, I’ve interviewed some amazing entrepreneurs and CPAs who are changing the world. When I reflect on episodes I’ve recorded over the past six months, some of my favorite have been about women disrupting their industries and paving the way for future generations. And while it’s important to celebrate female entrepreneurs throughout the year, Women’s History Month provides a timely platform for important conversations. 

I recently chatted with Lindsay Stevenson, CPA, CGMA, founder of Origin Evolution and Rachel McGirt, co-founder of Healthy Girls Save the World, a program for middle school girls that promotes “healthy bodies, healthy minds and healthy relationships.” We discussed financial challenges specific to female entrepreneurs (for example, how to get funding), and ways to overcome them. Here are the top two tips Stevenson and McGirt provided. 

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4 ways to take charge and own your career

Shutterstock_1121928752For many professionals, it’s a challenge to maintain work and life balance, but one trailblazing CPA was able to break the mold. By creating opportunities for herself, she opened new paths for other professionals, especially women, to follow.

When Katy Hollister, CPA, chief strategy officer for Deloitte’s Global Tax and Legal practice, approached what might have been an immovable barrier at work, she was able to change the course of her career —and key policies of her organization, too.

It’s a story from many years ago with a timeless lesson. In 1990, Hollister was a manager at Deloitte Tax, LLP for about six years and was pregnant with her first child. She was concerned about balancing parenthood and her existing responsibilities. At that time, the firm, like much of the profession and the business world, had no women’s initiatives or formal programs for working mothers. When Hollister asked her office’s managing partner about a part-time schedule once her child was born, he pointed out that the firm didn’t have part-time options. “I said, ‘How about if we try it?’”

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Preparing for the future: 4 female thought leaders share insight

Shutterstock_1294838686Disruption is no longer a theory. It’s not an imaginary future with a “TBA” label waiting to be updated. You’ve seen the bots with your own eyes, so you know this isn’t a tall tale by a weirdo neighbor sitting on their front porch with antennas attached to an aluminum hat. The decreased need for traditional skills like memorizing and number-crunching, complemented by thinning attention spans indicate a radical change in work style. We are in the thick of the age of disruption. The Go Beyond Disruption podcast, your personal cheat code to beating the bots, celebrates Women’s History Month by chatting with female guest experts in technology and human intelligence.

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New AICPA survey reveals clients’ top retirement fears

Shutterstock_583696213A variety of factors and special situations make each individual’s retirement preparations unique. And because of that, there is no one-size-fits-all retirement plan to maximize enjoyment during your golden years. However, when it comes to retirement planning fears, people have more in common than they might think. The AICPA’s recent Personal Financial Planning Trends Survey explored what factors are impacting clients’ retirement planning peace of mind. When compared to benchmark responses from 2016, we’re able to see how some things have changed while others have held steady.

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Are you overlooking emotional intelligence in your career?

Shutterstock_542556157You’re in the office and see a colleague approaching. You likely say hi and ask how they’re doing. Your colleague will likely answer with some rendition of good, great or for those who prefer grammatical accuracy, ‘doing well.’ Are they actually great, or did your colleague just lie to you? Many people respond without giving much thought to the question. They may say they’re doing great as they struggle to hold in sadness, frustration or anger. What happens when you read between the lines using your emotional intelligence (EI)? Communication becomes more personal and meaningful when the parties exhibit EI. Being able to transcend normal interactions using EI is becoming increasingly important as technology advances to complete mundane tasks. Machines may be taking parts of our jobs but using our human attributes to be a team player, is more important than ever before.

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Talking to clients about extensions — a tax season must-read

Shutterstock_1201562083Welcome to the midpoint of busy season. It’s been a long road, and you’ve got quite a ways left to go. Luckily, the finish line is in sight.

Or is it? Unfortunately, not everyone’s tax returns will be filed by April 15 as planned.

Many of your clients are still making sense of the new tax laws and pending guidance stemming from tax reform. They’ve weathered a prolonged government shutdown. They’re confused and not sure they can get everything done on time.  

You’re feeling it, too. On top of these complications, you’re dealing with an increased workload during an already compressed busy season. Sometimes there’s not much you can do except prep your clients for plan B.

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