25 posts categorized "Go beyond+ disruption" Feed

How your peers are moving digital transformation forward

Shutterstock_1126321616Millions of smaller organizations have used digital transformation to reinvent the way they work during the pandemic. The accounting profession is no exception. Fully 97% of respondents to an informal poll of AICPA and CIMA members in late fall 2020 said COVID-19 accelerated digital transformation in their organizations, firms and small businesses.

That poll was part of a series to learn more about AICPA and CIMA members’ perceptions on how to keep digital transformation in process. The data, while not statistically representative of the whole member community, offers a quick snapshot of the concerns many organizations may need to address on their digital transformation journey.

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Why CPAs should care about RPA

Shutterstock_1287129859Big data. The Fourth Industrial Revolution. You’ve heard it before — automation will change how we work. While exciting, the prospect of mastering new technology — or even the lingo — can seem overwhelming at times. What does automation really mean, and how will it affect your career specifically?

Whether you’re new to the profession, own your own company or work within the finance function of a business, the Association of International Certified Professional Accountants is here to empower you with the knowledge you need to stay relevant. Our resources make it easy to learn about some of the hottest technology, like automation, data analytics and cybersecurity.

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3 ways to stay marketable during an economic downturn

Shutterstock_248781739These are tough economic times, with unemployment levels at a record high. It’s an unsettling situation, but there are steps you can take today to future-proof your career. On a recent Go Beyond Disruption podcast, Beth Berk, recruiter for the finance and accounting profession; and Clar Rosso, the Association’s EVP of Engagement, Learning and Innovation; shared three things you can do to stay marketable during an economic downturn.

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IRS crypto guidance every tax practitioner should know

Shutterstock_732138853The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue ruling, FAQs for reporting cryptocurrency ownership and Form 1040 that asks taxpayers about their financial interest in virtual currency.

Revenue ruling

On Oct. 9, the IRS released an authoritative revenue ruling that specifically addresses situations in which a taxpayer receives auto-generated cryptocurrency. According to the IRS, this type of situation – known as a hard fork and airdrop – always triggers a tax obligation. Thus, because forks and airdrops are often unprompted by the individual who owns cryptocurrency, a taxpayer could receive digital currency against their wishes and still must pay taxes on it.

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Use data analytics to drive your business

Shutterstock_148158431There’s a lot of buzz surrounding data analytics. But what does it actually mean in a company’s day-to-day business? According to the information technology research and advisory company Gartner, data analytics provides a data and insight-centric approach to solving a business problem. The entire organization can use the created insights to drive business decisions. It’s not just about developing a lot of reports, building models or moving data around, but instead it’s about solving business problems to make decisions faster and more effectively.

My company runs amusement parks, water parks and family entertainment centers across the country, with millions of visitors each year. We’re only about five years old and continue to acquire new parks. Some of the considerations we’ve used data analytics to address include:

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Make yourself irreplaceable to clients

Shutterstock_1043390353How can you become a “client whisperer,” who is an irreplaceable part of your clients’ financial lives? By figuring out how a client’s current finances can help become them accomplish their business goals over the short, medium and long term. In my own practice working with small companies, here are some of the lessons I’ve learned:

Be a boutique.

Become familiar with all parts of a client’s business, their products or services, their operations and their people. You’ll then be able to offer targeted training and solutions to help them be more productive and profitable. It’s a very rewarding relationship, and it also make you hard to replace.

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5 things you need to know about blockchain for insurance

Shutterstock_1034519539The original goal of the first Bitcoin blockchain was to improve the efficiency, transparency and speed with which institutions could conduct financial transactions and trade information. That objective is still front and center today, which is why blockchain is being embraced by the insurance industry.

Here are five key insights into the ongoing impact of blockchain:   

1. The importance of blockchain is clear. A public, private or consortium blockchain enables individuals to store and transmit information to each other in a manner that’s encrypted. It can be a great advantage in helping clients and customers make more informed choices. Today, the significant amounts of time that people spend reconciling and transferring data do not add value for their organizations or their customers, but with blockchain that manual reconciliation and transfer are no longer necessary.

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Cybersecurity best practices for the c-suite

GettyImages-980792054Turn on the news and you’ll see that no organization is too big or too small to be the victim of a cyberattack. It’s vitally important for an organization’s leaders to understand and manage cybersecurity efforts because you can never be totally safe from the risks.

Here are four cybersecurity best practices every organization should follow:

1. Keep your system up to date.

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Four crucial tips to protect your organization’s data

Shutterstock_378127909The cost of cybercrime is increasing at an alarming rate. By 2021, the estimated damages from cybercrimes will be around $6 trillion, according to Cybersecurity Ventures. What can your firm or organization do to ward off evil cyberthieves? Joel White, CPA, CGMA, and Senior Director of Internal Audit, Risk & Compliance at the Association, offers four simple tips to help your firm or organization beef up its cybersecurity defenses. Here’s a quick recap.

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Is the spookiest item on your calendar a networking party?

Shutterstock_589482413You hear unfamiliar voices in the distance as you walk down a strange corridor to an uncertain fate. Are you entering a haunted house? No, it’s just a networking event!

Halloween is today, but for many people, there are spookier things than ghosts and goblins. If your pulse races when you think about networking, there are several ways to more successfully make important connections.

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ICYMI: Five things you need to know about cybersecurity

3It's startling that a cyberattack happens every 39 seconds (source: University of Maryland) and one out of every three businesses will experience a cybersecurity breach within the next two years. The average cost of that breach in the U.S.? $8.19M! As protectors of valuable financial and personal data, CPA firms are prime targets for cyberattacks. Considering the major financial risk that organizations face by failing to set up sound cybersecurity measures, we chatted with two of the Association’s experts on the topic. Joel White, CPA, CGMA, Director of Internal Audit, Risk & Compliance and Jay Overcash, Director of IT Security Strategy, answered your top cybersecurity questions.

Here’s what we learned:

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The 5 flames that motivate your people

Shutterstock_791792272What motivates your people? And how can you key into their motivators to drive strong performance?

Abraham Maslow, a psychologist who developed a pyramid-shaped hierarchy of needs, was a pioneer in the study of motivation. His pyramid begins with basic needs, such as food and shelter, followed by social needs, creative needs and, ultimately, self-actualization. Daniel Pink, author of Drive: The Surprising Truth About What Motivates Us, takes that idea one step further. Writing on how businesses can match people’s motivations, he argues that as humans we are driven by three key motivators:

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3 ways data can evolve your business

Shutterstock_218740615If you’re not on the data science wagon yet, you should probably consider jumping on in the near future. With 2020 right around the corner, data will continue to remain at the forefront of decision-making – and we’re bound to witness ever more ways it can evolve the marketplace.  

Still convincing yourself that data can help a business thrive? Here are three benefits that might make you think it can.

It can improve efficiency.

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16 free learning opportunities to take advantage of this summer

Shutterstock_633002651It’s summertime. The days are getting longer, the temperature is warming up and your most hectic time of year — workwise — is behind you. Congratulations! Now you can relax, at least a little. Summer is also the perfect time to hone your skills in preparation for fall busy season. We’ve assembled a handful of our favorite free resources to help you brush up on your skills and add a few new ones to your toolbox.

Find your niche

Search for that new service offering you’re passionate about. Once you find it, study up and absorb all there is to know about it. Home in and focus so you can really master it and add it to your suite of services. Here are some ideas to get started:

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How to navigate the digital age

Shutterstock_761152348We know that disruption is upon us. Not later, not soon, but right this instant. We’re already in the digital age and the profession is changing fast and challenging our minds to keep up. However, we still need a bit of help with some aspects of disruption. For example, what skills and mindsets will help us navigate the digital age? We spoke with Jim Bourke, CPA, CITP, CFF, CGMA, and Managing Director of Advisory Services for US-based WithumSmith+Brown, who travels internationally to address these questions among others. He also advises on how to stay ahead of the curve and strategically grow your business during the fourth industrial revolution that is transforming the finance and accounting professions. Here’s what he had to say:

Q: We hear a lot about digital transformation and digital readiness. What has changed in the last couple of years?

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A solid password today keeps the hackers away

Shutterstock_400892836With identify theft becoming one of the world’s fastest growing crimes, days like World Password Day are crucial to raising awareness of online threats. I sat down with Jay Overcash, Director of IT Security Strategy, to talk about how people can protect themselves from hackers.

Why is a day like World Password Day so important?

As more and more of our lives move into the digital realm, we rely on authentication to protect our valuable online data and assets.  Usernames and passwords remain the predominant method for securing online data.  World Password Day is important as it draws attention to the need to adequately protect online data with a strong password.

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Why some healthcare companies are betting big on blockchain

Shutterstock_1094018936Quick -- what’s the first thing you think of when you hear the word blockchain? If you said bitcoin or some other type of cryptocurrency, you’re not alone.  Most people associate blockchain with cryptocurrencies, trading, and remittance platforms. But blockchain technology, which serves as a digital ledger for information, is making a name for itself in several other industries. Retail, politics, and finance worlds alike are enthusiastic about the potential of blockchain. And now the healthcare industry is starting to lay some roots. Although it may not be fully ready to implement the technology yet, here are a few ways that healthcare payer and providers plan to use blockchain and thus reasons accountants should be at the forefront of groundbreaking solutions to saving billions in healthcare.”

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Settling disputes: A job for artificial intelligence

Shutterstock_1104230930If you have siblings, you’ll remember the need for a third party to referee the most important of childhood disputes. Whether you were calling ‘shotgun’, fighting over the television remote or reluctantly sharing the last chocolate chip cookie, an adult often had to step in. Consider this one of the oldest versions of conflict-resolution training.

I know we’ve been telling you that most human skills are future-proofed and safe from automation, but there are some exceptions. Soon parents, caretakers, camp counselors, managers and judges alike may be able to retire their gavels and hand over decision-making duties to artificial intelligence bots. That’s right. In recent years, new tools supported by artificial intelligence are being used to mediate select legal, insurance and even personal matters. Innovations like Kids Court (an Alexa skill) and Smartsettle ONE are already doing the work. In time, similar tools may be adopted to mediate workplace squabbles. I don’t know about you, but that leaves me with some questions.

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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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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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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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Don't look away! Blockchain isn't so bad..

Shutterstock_1044058180I have a confession to make. Even though I get into just about anything techie, every time I see the word “blockchain,” my eyes and brain tend to glaze over. I suspect many others have the same reaction. 

Yet, we really can’t ignore it. According to Microsoft, blockchain will change the way people think about exchanging value and assets, enforcing contracts and sharing data. It’s expected to grow in importance and transform business operations – on the scale of email and websites. That means CPAs and their clients are going to feel its effects. Wanting to avoid being a “blockhead,” I dove in to see what blockchain is all about. Fortunately, Jim Barnes, a self-described blockchain evangelist, agreed to walk me through it.

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5 tips to help small business clients prevent cyberfraud

Shutterstock_1017233524Imagine you’re at work on a typical Monday morning. Suddenly, an email from the CEO hits your inbox. It’s marked ‘urgent,’ so you open it right away. She needs you to wire $15,000 to one of your regular vendors ASAP. You make the wire transfer, and head to the break room to refill your coffee. There’s just one problem – that email wasn’t really from your CEO. And that bank account where you sent the funds? That’s not your vendor’s account. You just sent thousands of dollars to a cyber criminal. Uh oh.

It’s a scheme called executive impersonation, a type of business email compromise (BEC) scheme mentioned in an SEC alert issued last month. Unlike a typical scam email, which may have poor grammar or overly suspicious requests, BEC scams are convincing because the criminals spend time figuring out the corporate culture and common phrases and terms used by employees. CPAs should take note, because scammers could try to perpetrate a similar fraud against their small business clients.

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The secret to less copying and pasting – Robotic Process Automation

GettyImages-459689741Remember the last time you copied information from one system and put it into another? Wasn’t that three hours of Ctrl+C and Ctrl+V fun? It wasn’t? Sounds like you might want to look at robotic process automation (RPA) then.

The name is long and slightly intimidating, but the actual use of RPA isn’t. Despite the name, the technology is accessible and easily integrated into your existing platforms. It increases efficiency and reduces mistakes. This means you can be more productive and can spend more time using your higher-value skills like data analysis.

So how can you get started using RPA?

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Are you the analytical type? A cool, new path is emerging.

 

Shutterstock_606046391As a CPA or CGMA, you excel at getting into the weeds. Whether it’s a reporting discrepancy or buried tax provision, you will find it. More importantly, you know how to arrange those weeds to form a bouquet that helps your client.

Now, with software spouting numbers on everything from revenue and sales to “likes” and clicks, a new business opportunity is opening up, one that lets you use that great analytical mind to serve clients who desperately need help with getting a grip on all that data.

“CPAs are ideally positioned to be able to step in and do that type of work.” said Dan Griffiths, CPA, Strategy and Leadership partner at Tanner LLC. Griffiths ought to know. In addition to Tanner’s tax and audit practices, the firm has stretched its accounting arms to carry a range of specialty consulting services such as strategic planning, cybersecurity and, now, data analytics.

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