CPA Trendlines RSS Feed
Thursday, November 1. 2007
How You Can Think Like a Visionary
Unlock the creative energies of people around you.
by Rick Telberg
Anyone who thinks CPAs don’t need to think outside the box probably isn’t a CPA. From audit firms to finance departments, you’re in a business. And any business, to remain a business, needs to grow and adapt.
Both growing and adapting demand creativity—new directions, new solutions, sometimes even solutions to problems so new that no one has even recognized them yet. Every finance or accounting organization, whether on the cusp of innovation or in the slough of the tried-and-true, can do something better.
And if you think your outfit can’t do anything better, then you definitely have some thinking to do. Not just thinking but creative thinking.
by Rick Telberg
Anyone who thinks CPAs don’t need to think outside the box probably isn’t a CPA. From audit firms to finance departments, you’re in a business. And any business, to remain a business, needs to grow and adapt.
Both growing and adapting demand creativity—new directions, new solutions, sometimes even solutions to problems so new that no one has even recognized them yet. Every finance or accounting organization, whether on the cusp of innovation or in the slough of the tried-and-true, can do something better.
And if you think your outfit can’t do anything better, then you definitely have some thinking to do. Not just thinking but creative thinking.
Continue reading "How You Can Think Like a Visionary"
Tuesday, October 30. 2007
Outsourcing: Is the Debate Over?
Is outsourcing a problem or an opportunity? Join the study. Get the answers.
by Rick Telberg
Outsourcing finance and accounting work, sometimes to providers in foreign countries, is producing revolutionary levels of cost savings and service improvements. But some parts of Corporate America have been slow to cash in.
While outsourcing is a primarily a Fortune 1000 type of issue, both the largest and smallest companies are losing major competitive advantages by failing to embrace offshoring F&A operations.
In fact, AMI-Partners, a market research outfit, is wondering if outsourcing is “losing steam” in the United States. AMI analysts figure that about 60 percent of medium-sized businesses, those companies with 100 to 999 employees, have opted in one way or another for business process outsourcing. That’s strong. But that’s also the same level of penetration as three years ago, without improvement since.
by Rick Telberg
Outsourcing finance and accounting work, sometimes to providers in foreign countries, is producing revolutionary levels of cost savings and service improvements. But some parts of Corporate America have been slow to cash in.
While outsourcing is a primarily a Fortune 1000 type of issue, both the largest and smallest companies are losing major competitive advantages by failing to embrace offshoring F&A operations.
In fact, AMI-Partners, a market research outfit, is wondering if outsourcing is “losing steam” in the United States. AMI analysts figure that about 60 percent of medium-sized businesses, those companies with 100 to 999 employees, have opted in one way or another for business process outsourcing. That’s strong. But that’s also the same level of penetration as three years ago, without improvement since.
Continue reading "Outsourcing: Is the Debate Over?"
Monday, October 29. 2007
Can Morale Drive Profit?
Many CPAs think so. How does YOUR office rate? Join the study; get the benchmarks.
by Rick Telberg
New workplace research provides some healthy food for thought for CPAs and finance professionals—particularly for managers of firms and accounting departments interested in their own profitability and in retaining superior employees.
The Gallup Organization reveals that companies with the highest proportions of “engaged" employees increase their earnings more than twice as fast as companies with low proportions of engaged employees.
Moreover, Gallup shows that companies in the top-quartile for employee engagement have 18 percent greater productivity levels and 12 percent higher profitability than the bottom quartile companies. That all translates to 2.6 times faster growth in earnings per share. But only about 29 percent of employees are actively engaged in their jobs, according to Gallup.
by Rick Telberg
New workplace research provides some healthy food for thought for CPAs and finance professionals—particularly for managers of firms and accounting departments interested in their own profitability and in retaining superior employees.
The Gallup Organization reveals that companies with the highest proportions of “engaged" employees increase their earnings more than twice as fast as companies with low proportions of engaged employees.
Moreover, Gallup shows that companies in the top-quartile for employee engagement have 18 percent greater productivity levels and 12 percent higher profitability than the bottom quartile companies. That all translates to 2.6 times faster growth in earnings per share. But only about 29 percent of employees are actively engaged in their jobs, according to Gallup.
Continue reading "Can Morale Drive Profit?"
Saturday, October 27. 2007
SNAPSHOTS: FICPA, Ft. Lauderdale, Sept. 2007
Scenes from an exhibition, er, exhibitor hall...
... at the Florida Institute of CPAs Accounting Show in Fort Lauderdale, September.
More photos at Flikr/Trendlines....
... at the Florida Institute of CPAs Accounting Show in Fort Lauderdale, September.
More photos at Flikr/Trendlines....
Monday, October 22. 2007
Hot Growth Fuels CPA Hiring Outlook
Accounting staff rosters surge with demand. How does your turnover rate compare? Join the survey; get the answers.
by Rick Telberg
Thanks to a surge in new-business formations, shifting financial laws and regulations and increased demand for assurance services, CPA firms and finance departments appear to be beefing up their staff rosters.
More than half of the CPAs in our soundings say their workplaces will be expanding staff levels over the next 12 months. The leading reason why: growth. Although some 55 percent expect growth, another 40 percent of respondents say their staffing levels are expected to remain the same, and only about 5 percent forecast a decrease in the number of employees.
by Rick Telberg
Thanks to a surge in new-business formations, shifting financial laws and regulations and increased demand for assurance services, CPA firms and finance departments appear to be beefing up their staff rosters.
More than half of the CPAs in our soundings say their workplaces will be expanding staff levels over the next 12 months. The leading reason why: growth. Although some 55 percent expect growth, another 40 percent of respondents say their staffing levels are expected to remain the same, and only about 5 percent forecast a decrease in the number of employees.
Continue reading "Hot Growth Fuels CPA Hiring Outlook"
Friday, October 19. 2007
Quote, Unquote: Loretta Doon
Doon
Loretta Doon, CPA and CalCPA's CEO. "More than 60 percent of new
licensees in California are women. Yet men still dominate the leadership
positions in accounting firms as well as corporate financial and
accounting departments."
Thursday, October 18. 2007
True Grit: The Essential Character Trait for CPAs
Do you have what it takes to succeed? CPAs share their secrets. Take the survey; join the discussion.
by Rick Telberg
It takes more than hard work and talent to succeed as a CPA in today’s world. It takes character.
Maybe “character” is an old fashioned word these days, but it seems to apply. CPAs hold a special place in the world. And with it, they bear a certain responsibility that should never be forgotten or ceded. To succeed as a CPA, you need it too.
“Never compromise your integrity,” advises Keith B. Campbell, a CPA and certified fraud examiner who runs a forensic accounting practice in Gulfport, Miss. “Be ready and willing to walk away from a client, an engagement, or even a job, rather than violate the core values you hold.”
Almost three in four CPAs identify integrity and good character as among the most important ingredients in a successful CPA career in our study on the employment landscape. It ranked second to people skills as the most often cited element of success and was identified by equal percentages of CPAs in public practice and those in other parts of the profession (business and industry, nonprofits, education and government).
“Knowing the right thing is most important, that entails ethics, not being opinionated and building relationships honestly,” says Gerald Gregor, senior staffer CPA in the government sector in Nutley, N.J.
George Gulisano, a senior executive with a small public practice firm in Coral Gables, Fla., emphasizes that “integrity is a cornerstone of the profession. In today's corruption-filled culture, CPAs must steer clear of conflicts of interest and help reverse the public's perception that CPAs as a profession are not capable of exercising independent oversight.”
A public practitioner, who also performs corporate controller work, says that accountants coming out of college must ask themselves, “What is your priority (purpose): money or ethical work product?”
Practitioners’ emphasis on integrity and ethics as career success factors jives with our previous report about a survey of certified fraud examiners. The survey found that 76 percent believe that financial fraud is more prevalent today than in 2002, before enactment of the Sarbanes-Oxley accounting reform law, and only 3 percent believe that fraud is less prevalent today.
In our studies, practitioners also note that integrity is closely intertwined with the number one factor in career success: people skills.
Sonia Lukow, who works at a small public practice in Farmington, N.M., advises starting accountants, “Be confident when speaking to clients, yet be completely accurate in the information provided. If you don't know the answer to a question, don't just give a guess. Research everything you don't understand. Establishing a reputation for integrity and accuracy will help create a solid client base.”
Integrity is also intertwined with being open to learning from others on the job. Joe Eckelkamp, managing partner of Eckelkamp & Associates in St. Louis, Mo., advises, “Try to learn something from every boss you have—whether it's what to do or what not to do—and be prepared for the inevitable showdown between ethics and job security that everyone faces sometime in their careers.”
David Lingler, a senior executive with the Cassady & Schiller firm in Cincinnati, Ohio, points out the upside of working with high integrity: "...no one can take that from you, only you can lose it.”
Or, as John Wayne says in Stagecoach, "Well, there are some things a man just can't run away from."
YOUR TURN: Do you have what it takes to succeed? CPAs share their secrets. Take the survey; join the discussion.
[Copyright © 2007 Bay Street Group LLC. All Rights Reserved. Used by Permission. First published by the AICPA.]
by Rick Telberg
It takes more than hard work and talent to succeed as a CPA in today’s world. It takes character.
Maybe “character” is an old fashioned word these days, but it seems to apply. CPAs hold a special place in the world. And with it, they bear a certain responsibility that should never be forgotten or ceded. To succeed as a CPA, you need it too.
“Never compromise your integrity,” advises Keith B. Campbell, a CPA and certified fraud examiner who runs a forensic accounting practice in Gulfport, Miss. “Be ready and willing to walk away from a client, an engagement, or even a job, rather than violate the core values you hold.”
Almost three in four CPAs identify integrity and good character as among the most important ingredients in a successful CPA career in our study on the employment landscape. It ranked second to people skills as the most often cited element of success and was identified by equal percentages of CPAs in public practice and those in other parts of the profession (business and industry, nonprofits, education and government).
“Knowing the right thing is most important, that entails ethics, not being opinionated and building relationships honestly,” says Gerald Gregor, senior staffer CPA in the government sector in Nutley, N.J.
George Gulisano, a senior executive with a small public practice firm in Coral Gables, Fla., emphasizes that “integrity is a cornerstone of the profession. In today's corruption-filled culture, CPAs must steer clear of conflicts of interest and help reverse the public's perception that CPAs as a profession are not capable of exercising independent oversight.”
A public practitioner, who also performs corporate controller work, says that accountants coming out of college must ask themselves, “What is your priority (purpose): money or ethical work product?”
Practitioners’ emphasis on integrity and ethics as career success factors jives with our previous report about a survey of certified fraud examiners. The survey found that 76 percent believe that financial fraud is more prevalent today than in 2002, before enactment of the Sarbanes-Oxley accounting reform law, and only 3 percent believe that fraud is less prevalent today.
In our studies, practitioners also note that integrity is closely intertwined with the number one factor in career success: people skills.
Sonia Lukow, who works at a small public practice in Farmington, N.M., advises starting accountants, “Be confident when speaking to clients, yet be completely accurate in the information provided. If you don't know the answer to a question, don't just give a guess. Research everything you don't understand. Establishing a reputation for integrity and accuracy will help create a solid client base.”
Integrity is also intertwined with being open to learning from others on the job. Joe Eckelkamp, managing partner of Eckelkamp & Associates in St. Louis, Mo., advises, “Try to learn something from every boss you have—whether it's what to do or what not to do—and be prepared for the inevitable showdown between ethics and job security that everyone faces sometime in their careers.”
David Lingler, a senior executive with the Cassady & Schiller firm in Cincinnati, Ohio, points out the upside of working with high integrity: "...no one can take that from you, only you can lose it.”
Or, as John Wayne says in Stagecoach, "Well, there are some things a man just can't run away from."
YOUR TURN: Do you have what it takes to succeed? CPAs share their secrets. Take the survey; join the discussion.
[Copyright © 2007 Bay Street Group LLC. All Rights Reserved. Used by Permission. First published by the AICPA.]
Wednesday, October 10. 2007
Fensin hands reins to Schneider at Blackman Kallick
Art Bowman reports...
At Blackman Kallick in Chicago, Steven Schneider, 58, has been elected to succeed Daniel Fensin as MP, effective Jan. 1, 2008. They are serving as co-MPs through 2007. Fensin, MP for the past 17 years, will remain a partner until his retirement in Dec. 2008. In addition to his role as MP, Schneider will continue to serve as engagement partner for many of the firm's clients. "(Steve's) going to be outstanding," Fensin says. "He has a six-year window (before mandatory retirement), and I think the partners chose him for stability over a time of immense change. He's probably the last of our leadership group before the next generation." BK has about 250 staff including 34 partners, and $50 million revenue as the largest Chicago-based local firm. Subscribe to Bowman FirstAlert...
At Blackman Kallick in Chicago, Steven Schneider, 58, has been elected to succeed Daniel Fensin as MP, effective Jan. 1, 2008. They are serving as co-MPs through 2007. Fensin, MP for the past 17 years, will remain a partner until his retirement in Dec. 2008. In addition to his role as MP, Schneider will continue to serve as engagement partner for many of the firm's clients. "(Steve's) going to be outstanding," Fensin says. "He has a six-year window (before mandatory retirement), and I think the partners chose him for stability over a time of immense change. He's probably the last of our leadership group before the next generation." BK has about 250 staff including 34 partners, and $50 million revenue as the largest Chicago-based local firm. Subscribe to Bowman FirstAlert...
Monday, October 8. 2007
Are You Ready for CPA 2.0?
Can the “profession” reinvent itself as an “industry?” And is that a good thing? Join the discussion.
by Rick Telberg
Why are you smiling? To hear CPAs talking today, you’d know the landscape is mined with staff shortages, regulatory overload, economic twists and technology turns. Those are indeed tough problems. But most CPAs see the problems as manageable. A few others even see the problems as opportunities. In fact, CPAs who are “confident” about “the future of the profession” outnumber those who are “concerned” by almost four to one, according to some new trend lines. Add your opinion to the survey, and I’ll send you the results.
by Rick Telberg
Why are you smiling? To hear CPAs talking today, you’d know the landscape is mined with staff shortages, regulatory overload, economic twists and technology turns. Those are indeed tough problems. But most CPAs see the problems as manageable. A few others even see the problems as opportunities. In fact, CPAs who are “confident” about “the future of the profession” outnumber those who are “concerned” by almost four to one, according to some new trend lines. Add your opinion to the survey, and I’ll send you the results.
Continue reading "Are You Ready for CPA 2.0?"
Wednesday, October 3. 2007
Way Cool: Bob Jensen's Bookmarks
Bob Jensen, former Trinity University accounting professor and now retired in New Hampshire, has been blogging since before it was called blogging.
Here are a few of his favorite bookmarks...
World Clock --- http://www.peterussell.com/Odds/WorldClock.php
Facts about the earth in real time --- http://www.worldometers.info/
Interesting Online Clock and Calendar --- http://home.tiscali.nl/annejan/swf/timeline.swf
Time by Time Zones --- http://timeticker.com/
Projected Population Growth (it's out of control) --- http://geography.about.com/od/obtainpopulationdata/a/worldpopulation.htm
Also see http://users.rcn.com/jkimball.ma.ultranet/BiologyPages/P/Populations.html
Projected U.S. Population Growth --- http://www.carryingcapacity.org/projections75.html
Real time meter of the U.S. cost of the war in Iraq --- http://www.costofwar.com/
Enter your zip code to get Census Bureau comparisons --- http://zipskinny.com/
More at http://www.trinity.edu/rjensen/
Here are a few of his favorite bookmarks...
World Clock --- http://www.peterussell.com/Odds/WorldClock.php
Facts about the earth in real time --- http://www.worldometers.info/
Interesting Online Clock and Calendar --- http://home.tiscali.nl/annejan/swf/timeline.swf
Time by Time Zones --- http://timeticker.com/
Projected Population Growth (it's out of control) --- http://geography.about.com/od/obtainpopulationdata/a/worldpopulation.htm
Also see http://users.rcn.com/jkimball.ma.ultranet/BiologyPages/P/Populations.html
Projected U.S. Population Growth --- http://www.carryingcapacity.org/projections75.html
Real time meter of the U.S. cost of the war in Iraq --- http://www.costofwar.com/
Enter your zip code to get Census Bureau comparisons --- http://zipskinny.com/
More at http://www.trinity.edu/rjensen/
Monday, October 1. 2007
The 3 Essential Elements for Client Trust
Clients tell investment advisors what it takes to gain their confidence. CPAs sound off on financial planning services. Join the discussion.
by Rick Telberg
If you’re a personal financial planner, you know how it feels. You put on your best navy blue suit. You shine your shoes to the luminosity of black diamonds. You comb your hair like a kid on his way to Sunday school. You walk into your new clients’ living room, and you see it in their eyes: How is this guy going to steal my money?
This phenomenon is revealed in a study from State Street Global Advisors and Knowledge@Wharton, which asks clients to name the most important characteristics of their investment advisors.
The most important characteristic wasn’t low cost, which was an issue to just 12 percent of respondents. Nor was it investment performance, which was important to only 10 percent of respondents. It wasn’t “understanding family needs and goals,” which touched just 20 percent.
by Rick Telberg
If you’re a personal financial planner, you know how it feels. You put on your best navy blue suit. You shine your shoes to the luminosity of black diamonds. You comb your hair like a kid on his way to Sunday school. You walk into your new clients’ living room, and you see it in their eyes: How is this guy going to steal my money?
This phenomenon is revealed in a study from State Street Global Advisors and Knowledge@Wharton, which asks clients to name the most important characteristics of their investment advisors.
The most important characteristic wasn’t low cost, which was an issue to just 12 percent of respondents. Nor was it investment performance, which was important to only 10 percent of respondents. It wasn’t “understanding family needs and goals,” which touched just 20 percent.
Continue reading "The 3 Essential Elements for Client Trust"
Wednesday, August 22. 2007
PHOTO ALBUM: Illinois CPA Show
Could all these smiling faces be wrong? Nope!
The Illinois CPA Society drew huge crowds again this year for the annual Business and Technology Show at the Rosemont convention center near Chicago. From the looks of it, a good time was had by all.
See more pictures from the show at flickr...
The Illinois CPA Society drew huge crowds again this year for the annual Business and Technology Show at the Rosemont convention center near Chicago. From the looks of it, a good time was had by all.
See more pictures from the show at flickr...
Monday, August 20. 2007
9 Big Ideas for Turbulent Times
Practice consultants brace firms for looming trends.
CPAs sound off: What’s the big idea? Join the survey; get the results.
by Rick Telberg
At Large
Over the past few years, we’ve seen a torrent of change in the accounting profession. First there’s consolidation. The number of big firms has dwindled while the size of each firm has increased. Simultaneously, the number of small firms has increased, and they’ve done reasonably well under a lot of pressure. Meanwhile, regional firms have been scarfing up the smaller clients that have trickled down from the big firms as Sarbanes-Oxley tightens up the time supply.
But guess what? You ain’t seen nothin’ yet. The changes are going to keep coming at us. If you’re smart, you’ll ride this tidal wave of change.
CPAs sound off: What’s the big idea? Join the survey; get the results.
by Rick Telberg
At Large
Over the past few years, we’ve seen a torrent of change in the accounting profession. First there’s consolidation. The number of big firms has dwindled while the size of each firm has increased. Simultaneously, the number of small firms has increased, and they’ve done reasonably well under a lot of pressure. Meanwhile, regional firms have been scarfing up the smaller clients that have trickled down from the big firms as Sarbanes-Oxley tightens up the time supply.
But guess what? You ain’t seen nothin’ yet. The changes are going to keep coming at us. If you’re smart, you’ll ride this tidal wave of change.
Continue reading "9 Big Ideas for Turbulent Times"
Monday, August 13. 2007
Home-Based Accounting Practices Thrive
Low overhead, easy entry may spur trend.
How many CPAs work at home? Join the survey; get the answers.
by Rick Telberg
At Large
Your mother was right: Accounting is a career you can always fall back on.
In fact, data from a U.S. Small Business Administration (SBA) report show that tax preparation, accounting and bookkeeping services are among the most popular home-based businesses in the nation.
The report “The Impact of Location on Net Income: A Comparison of Homebased and Non-Homebased Businesses” culled sole proprietorships’ Schedule C tax returns for the 2002 tax year to compare home-based and office-based sole proprietorships. The data show that accounting services are among the top 30 employment areas in terms of numbers of home-based businesses and sole proprietorships.
How many CPAs work at home? Join the survey; get the answers.
by Rick Telberg
At Large
Your mother was right: Accounting is a career you can always fall back on.
In fact, data from a U.S. Small Business Administration (SBA) report show that tax preparation, accounting and bookkeeping services are among the most popular home-based businesses in the nation.
The report “The Impact of Location on Net Income: A Comparison of Homebased and Non-Homebased Businesses” culled sole proprietorships’ Schedule C tax returns for the 2002 tax year to compare home-based and office-based sole proprietorships. The data show that accounting services are among the top 30 employment areas in terms of numbers of home-based businesses and sole proprietorships.
Continue reading "Home-Based Accounting Practices Thrive"