Blog Timeline – Page 23

News

What to pack on your after-tax season getaway

Post author By FFC
Post date April 15, 2019

What to pack on your after-tax season getaway

You did it.

After 11 weeks of nose-to-the-grind work, you’ve successfully put another filing season behind you.

Looking back, you undoubtedly see how this year’s season was like no other. A government shutdown, tax transcript changes, new rules — you navigated them all. You’re a champion for your clients, and you deserve some time to rest and recoup.

However, this respite is limited, and you’ll be back to the grind before you know it.

As time is of the essence, here’s a list of the best places to recharge your batteries. And for a little extra help, you’ll find a few packing suggestions to ensure you have what you need when you get there.

Adventure location: Chiang Mai, Thailand

What to pack: Yoga mat

After a stressful busy season, what you really need is a chance to unwind, and there’s no better place to do that than Thailand. Home to some of the most popular yoga retreats in the world, the city of Chiang Mai is a dream come true for yogis. If yoga isn’t your thing, you can relax in luxury at one of the city’s many spas.

Need to chill out but stay a little closer to home? Visit Minneapolis. Take advantage of one of the Minnesota Landscape Arboretum’s yoga classes or practice your poses in the city’s sculpture garden. Embrace your love of animals at Yoga Ananda where llamas happily serve as pose support.

Adventure location: Zermatt, Switzerland

What to pack: Wool socks

The weather may be getting warmer in much of the U.S., but that doesn’t mean skiing is off the table. Zermatt, Switzerland, offers some of the best spring skiing in the world. Visit the Theodul Glacier for more than 13 miles of slopes. The glacier crosses into Cervinia, Italy, so when you get hungry, be sure to slide over the border for a snack (no passport needed).

If you’re looking for a place closer to home and still have an experience that’s outside the box, look no further than Alaska’s Western Chugach Mountains. There you can go “heli-skiing.” This means advanced skiers are dropped from helicopters onto slopes unreachable by chairlifts.

Adventure location: Marrakech, Morocco

What to pack: An appetite

If you want to be a gastrotourist, then no other city in the world has as flavorful and aromatic foods as Marrakech, Morocco. Try traditional dishes like tagine and couscous at Ksar Es Saoussan and grab a refreshing mint tea (served hot) at Atay Cafe.

If you’re not feeling up to a 14+ hour flight time to get your dinner, check out the creole food haven of New Orleans. Nosh on traditional gumbo at Galatoire’s Restaurant and indulge your sweet tooth with beignets at the famous Cafe du Monde.

Bonus location: Another great foodie site is Las Vegas, but I recommend you wait and visit in June to also take advantage of the learning opportunities at the AICPA ENGAGE Conference.

Adventure location: Oberon, New South Wales, Australia

What to pack: Spade and shovel

Did you know there are places in the world where you can dig for your own gemstones? One such place is Australia, where the popular practice is called “fossicking.” Gold, sapphires and zircons — and occasionally diamonds — can all be uncovered near the town of Oberon.

You don’t have to go halfway around the world to mine your own gems. You can visit the Crater of Diamonds State Park in Murfreesboro, Ark. Last year, a woman visiting from Colorado found a 2.63-carat diamond, and in total, more than 250 diamonds have been found at the park. Full disclosure — I’ve been to the Crater of Diamonds. In addition to a spade and shovel, pack a change of clothes because you will get muddy. And no. I didn’t find a diamond.

Adventure location: Gansbaai, South Africa

What to pack: Shark cage

Admittedly, this trip isn’t for everyone. Get up close and personal with unique marine wildlife in Gansbaai, South Africa. The good news is it’s only a 20-minute boat trip to get to the dive location. The bad news is that once you get in the water, you’re likely to come face to face with a great white shark.

The best news is that you don’t have to travel far to go shark diving! Visit South Florida to dive with bull and tiger sharks. Several businesses in California offer multi-day excursions to meet great white sharks. If that wasn’t enough adventure for you, try swimming cage-free in Hawaii.

No matter how you plan to spend your post-season downtime, the break is well deserved. And we’ll be here to help you get back into the swing of things when you return.

The AICPA Tax Section will host their annual post-busy season webcast on May 9. Learn more about billing best practices, staffing and workflow management issues and key AICPA resources so you’re ready to tackle fall busy season and beyond.

Allison Carter Fanney, Communications Manager — Tax, Association of International Certified Professional Accountants

Settling disputes: A job for artificial intelligence

Post author By FFC
Post date April 10, 2019

Settling disputes: A job for artificial intelligence

If 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.

How does it work?

The more technological advances we experience, the more I question whether sci-fi is actually fiction or a prediction. AI mediation would call on an algorithm to implement a combination of the following systems to mediate and make judgement calls for you:

Rule-based reasoning, meaning, “If X is true, then Y is true,” or, “X is true; therefore, Y is true.”

Case-based reasoning, which is the process of solving new problems based on the solutions of similar past problems.

Machine learning, where the artificial intelligence system attempts to learn new knowledge on its own without having been programmed.

Neural networks, which are a set of algorithms loosely modeled after the human brain that are designed to recognize patterns.

Why should we trust that robots make better decisions than human professionals?

One major benefit of automation is to reduce the capacity for human error. AI is the automation of human intelligence, and realistically, humans overlook and miss facts all the time. In a perfect world, machines won’t.

One of the advantages humans have over robots is the ability to be emotionally intelligent. But is the workplace an area we want to consider emotions over logic? I guess it depends on your management style.

Does this mean we’ll be getting rid of traditional mediators (managers, judges, lawyers, human resources professionals, etc.)?

In short, no. One thing is for sure: even though these tools operate heavily on logic, we can’t just hand every decision over to the bots, because nuances are real.

For example, say your office allows you to have 10 days of paid time off. But your employee caught a monstrous illness that had them out for 14 days. They missed work for a good reason. But if it were left up to AI, they’d be in trouble. This is where the fairness of human intelligence comes into play and why human mediators will still be needed. Your judgment is still a valued asset in the workplace, but perhaps AI can be of assistance as you’re making those decisions.

So maybe we take the metaphorical gavels and whistles we thought we could throw away out of the trash and keep them handy. Maybe parents don’t get to retire as early as they would have liked because, after all, we still need their veto power over Alexa’s Kids Court judgments. Not to mention, in retrospect, those sibling squabbles can make for the great adult memories.

With that said, it’s good to know we’re approaching a time where someone will be able to tell my brother that physically lifting me out of the front seat when I clearly called ‘shotgun’ should have meant he had to share all his snacks with me for the week. Why? Because, Siri, Alexa, Dexter and all their bot friends said so.

Mballa Mendouga, Communications Manager, Corporation Social Responsibility & Campaigns, Association of International Certified Professional Accountants

Your tax practice could be on the edge of greatness. Push.

Post author By FFC
Post date April 8, 2019

Your tax practice could be on the edge of greatness. Push.

If there’s anything the past year has taught us about tax, it’s that getting too comfortable isn’t an option. Even though comprehensive tax reform doesn’t happen very often, it doesn’t take major revisions to the law to keep you on your toes. Fortunately, you can rely on items like the Tax Practitioner’s Marketing Toolkit to help you make sense of changes and engage your clients.

The past year has made for a busy season you’re probably relieved to see coming to a close. But before you break the snorkel and dive mask out of mothballs, or start browsing for the perfect vacation destination, take a good look back to assess your season while it’s fresh in your mind. How much of your work involved looking ahead for your clients? While helping them with tax planning for the coming year, how often did you run across their broader plans for the future? You might be surprised by how your answer can propel your firm to greatness.

When my father-in-law passed away, my mother-in-law moved in with my wife, daughter and me. Less than a year later she was diagnosed with stage 4 ovarian cancer. Just a few short years later, she too passed, leaving my wife as executor with a potentially nightmarish job ahead of her. But mom left us a secret weapon: her CPA.

By coordinating with a team that included a lawyer and an investment adviser, her CPA set things in motion, doing everything but literally handholding my wife through the emotional, confusing maelstrom that builds after the loss of a loved one. The estate was settled without incident, all business completed and bequeathals distributed. The job he did was so thorough that my wife retained his counsel for our retirement planning.

My story is just one scenario, one in which a CPA partnered with other professionals to act as the single point of contact for all his client’s financial needs. Believe me, we couldn’t stop singing his praises. Increasingly, clients are expecting this kind of service. And if they don’t get it from their CPA, they might find it somewhere else. That’s good news, because it means CPA tax practitioners are in a perfect position to propel their firms to greatness by securing their clients’ financial futures and securing their loyalty for years to come. So how can you benefit? You have multiple options.

Team up for success

If you work alone or have a small firm, hiring professionals to handle many of the financial planning tasks your clients require might not be realistic. While as a CPA you are already qualified to do most of these tasks, there is the very real element of not having enough hours in the day.

Partnering is the strategy my wife’s CPA used. He had a network of professionals ready to handle each of the things we had to deal with, and he coordinated all of it. He consulted with the lawyer and the investment adviser to make certain our needs were addressed. He saved us dozens, if not hundreds of phone calls and in-person meetings, and made a very stressful time so much easier.

Enhance your own expertise

It is likely you already provide some level of financial planning services to your clients, in the form of tax, retirement and estate planning. Is that service one you discuss with them actively? Are you asking questions about their plans for the future and what they need to make them happen? Most importantly, are you calling yourself a “CPA Financial Planner?” If not, you should. Because the simplest thing you can do to enhance your own expertise is to communicate about it. You can find resources to help you do this and more by visiting our Planning and Tax Advisory Services webpage.

If you want to demonstrate even greater ability and deepen your commitment to your clients’ needs, you can choose among the personal financial planning certificates to develop one or more areas. The program awards digital badges you can use to showcase your expertise across the web, social media and your email. You can even choose to pursue all of the certificates, which will help qualify you for your ultimate option:

Pursue the PFS credential

By adding the PFS credential, you’re telling your clients that in addition to having mastered the rigors of the CPA, you hold the only planning credential that requires its holders to be subject to the rigorous ethical and quality standards of a CPA. It’s a claim no other financial planning professional can make, and it qualifies you to personally handle the myriad complex financial planning tasks that your clients so often find confounding.

With tax season nearly behind you, it’s the perfect time to do some planning for yourself and your business. Ensure you’ll retain your current clients by expanding your services and making certain they know about it. Attract new clients with the promise of simplifying their finances and planning needs. Take your practice into the stratosphere and embrace greatness. It’s just a matter of making up your mind to do it.

Adam Junkroski, Lead Manager – Communications, Tax & PFP, Association of International Certified Professional Accountants

CPAs play a leading role in financial literacy

Post author By FFC
Post date April 3, 2019

CPAs play a leading role in financial literacy

Earlier this year, U.S. consumer debt reached $4 trillion for the first time ever– with one trillion of that figure consisting of credit card debt alone, also a record high. Debt isn’t inherently bad if you have a plan to pay it off without incurring interest charges. But paying down loans competes with other financial priorities, like saving for retirement and creating an emergency fund. So, it’s no wonder that 40 percent of all Americans can’t cover a $400 financial emergency without borrowing money or selling something. Unfortunately, living paycheck-to-paycheck while struggling to pay off debt and grow their savings account is the reality for many Americans.

Financial lessons are easy to forget

The Great Recession saw millions of Americans lose their homes and their retirement savings. It also created a generation of Americans who are likely to be worse off financially than their parents. One of the very few silver linings from the Great Recession was that it caused people to rethink their spending habits. However, as the economy has continued to pick up steam over the past few years, it seems these lessons are fading. A recent AICPA survey found that the percent of Americans following a monthly budget has declined from 58 percent in 2015 to 39 percent in 2018. And with that stat in mind, it’s not surprising that the percent of Americans putting less money on their credit card now compared to before the recession has decreased from 50 percent in 2015 all the way down to 30 percent last year. What if the only thing people needed to stay on track with their finances was consistent motivation?

A grassroots effort of the nation’s CPAs

The AICPA and our volunteer members across the country have been at the forefront of the movement to empower Americans to make better financial decisions. Through our flagship corporate social responsibility effort, 360 Degrees of Financial Literacy, we provide free tools and resources to help Americans improve their money management skills. One of the things that sets our program apart from others in the space is that all our materials are purely a public service on behalf of the nation’s CPAs. That means there is no product placement and no advertisements – just solid financial information, vetted by CPAs.

What can you do to get involved?

April is Financial Literacy Month. That means now (or when tax season ends) is the perfect time for all CPAs to look for opportunities to educate Americans. Below are three simple steps you can take to help your clients and their families better their financial lives.

Encourage your clients to talk to their children early and often about money. To help facilitate these conversations, the 360 website features the Money Minutes series – short videos of CPAs explaining financial issues such as budgeting, saving and students loans. These short interactive videos are a good introduction to the topics and feature quizzes at the end to ensure that the information is being absorbed.

For clients who have children graduating this Spring and looking for their first job, the AICPA recently published a free report with advice from CPAs about how employee benefits are a serious consideration when evaluating a job offer. In fact, the Bureau of Labor Statistics found that more than 30 percent of total compensation is paid out in the form of benefits. Understanding and taking full advantage of employee benefits can help lay a solid foundation for a strong financial future.

Follow the AICPA’s 360 Degrees of Financial Literacy program on Facebook for news articles featuring CPAs, financial tips and money motivation. Plus, you can share any of the content from the 360 website on your personal or professional social media accounts to help encourage your followers to think about their own finances. We’ve found that the more often that people are thinking about their financial decisions, the more likely they are to choose wisely.

James Schiavone Sr. Manager – Public Relations, Association of International Certified Professional Accountants

CPAs are playing a leading role in financial literacy

Post author By FFC
Post date April 3, 2019

CPAs are playing a leading role in financial literacy

Financial lessons are easy to forget

A grassroots effort of the nation’s CPAs

What can you do to get involved?

Encourage your clients to talk to their children early and often about money. To help facilitate these conversations, the 360 website features the Money Minutes series – short videos of CPAs explaining financial issues such as budgeting, saving and students loans. These short interactive videos are a good introduction to the topics and feature quizzes at the end to ensure that the information is being absorbed.

For clients who have children graduating this Spring and looking for their first job, the AICPA recently published a free report with advice from CPAs about how employee benefits are a serious consideration when evaluating a job offer. In fact, the Bureau of Labor Statistics found that more than 30 percent of total compensation is paid out in the form of benefits. Understanding and taking full advantage of employee benefits can help lay a solid foundation for a strong financial future.

Follow the AICPA’s 360 Degrees of Financial Literacy program on Facebook for news articles featuring CPAs, financial tips and money motivation. Plus, you can share any of the content from the 360 website on your personal or professional social media accounts to help encourage your followers to think about their own finances. We’ve found that the more often that people are thinking about their financial decisions, the more likely they are to choose wisely.

James Schiavone Sr. Manager – Public Relations, Association of International Certified Professional Accountants

The worst busy season advice tax CPAs ever received

Post author By FFC
Post date April 1, 2019

The worst busy season advice tax CPAs ever received

We can all use a little good advice from time to time. Whether it’s from a manager, a parent or a friend, the right guidance at the right time goes a long way.

Unfortunately, we also end up receiving unsolicited bad advice. During busy season, it’s the last thing tax practitioners need to hear, especially when it references how they should be handling their work and long hours.

You’ve probably received some second-rate advice yourself. As you think back on that, here are a few real-life pieces of bad busy season advice anonymous CPAs reported to us.

Fuel like a champ.

“Some tax pros would say ‘Just drink more coffee.’ I think many of us got addicted to the rush/crash of coffee, but that’s so unhealthy. People need to take care of themselves even when working a lot.”

You are what you eat.

“This isn’t advice, per se. Good advice would be to watch what you eat. Many of my co-workers would talk about the ‘tax season 15’ like it was the freshman 15. If you didn’t watch out, it happened.”

Pre-busy season encouragement?

“During our pre-season meeting, our senior manager started the conversation about hours by saying we’d be pulling 80 to 90-hour weeks every week. She then suggested we accept it and do what it takes to get the job done. So much for a pep talk!”

Vacation time?

“After April 15 passed, higher-ups would advise we enjoy ‘a few weeks’ of regular hours before extension season ramped up. This wasn’t exactly motivating.”

In-office hours can keep you in the dark.

“During busy season, you often go to work before dawn then go home when it’s dark. Good advice would be to get outside during the day. If you wanted some bad advice, it would be never to leave your office.”

Dress to impress.

“One of my partners had a couch in his office that he regularly used for sleeping when he was pulling all-nighters during busy season. He kept fresh shirts and ties on the back of his door. That way, he could be ‘fresh’ and ‘ready’ every morning. He said it worked for him.”

Hopefully, these real-life experiences gave you a laugh. But, putting jokes aside, here’s some good advice on how to keep yourself moving in the right direction over the next two weeks:

Get plenty of rest. When you’re arriving at the office early, leaving late and feeling stressed the whole time, getting a good night’s sleep can be tough. Here are five tips for the best sleep of your life.

Eat well. The only thing as essential as sleep is food, but just grabbing any available junk food can cause nutritional deficits (and that “tax season 15” mentioned earlier). Learn how to satisfy your junk food cravings without sacrificing your waistline.

Take regular breaks. Even if you’re pressed for time, taking a break can be helpful to your overall Here are nine timeout dos and don’ts to keep in mind.

We all know that regular exercise benefits our bodies and our minds and reduces the risk of some diseases. During busy season, finding the time to hit the gym is a struggle at best. To make it easier, read these tips on exercises you can do at your desk.

Do something fun. It can be easy to put laughter on the back burner while you focus on your job. Lighten things up with thisbusy season fun calendar that schedules out activities for the whole firm. (By the way, Pizza Friday is coming up soon!)

Keep up. Tax is always changing. Staying on top of all the moving pieces is tricky during a complex busy season like this one. Use these tax season resourcesto stay on track during these last few weeks. Get helpful reminders on what’s due next with the AICPA tax return due dates page, and for those clients who need a little more time, hand over a bundle of extension FAQs.

Good or bad, you’re sure to get a lot of advice this busy season. At the end of the day — or the end of the season, rather — it’s up to you what to follow. However, maybe you can take just one last piece before you go?

Keep being amazing!

Allison Carter Fanney, Communications Manager — Tax, Association of International Certified Professional Accountants

How to succeed in business according to female professionals

Post author By FFC
Post date March 29, 2019

How to succeed in business according to female professionals

How 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:

Be authentic and set clear boundaries.

If you want people to know who you are, you’ve got to show them. Conforming, hiding, and assimilating will only dilute your own personality and do nothing to support your brand. In fact, using those tactics will make it difficult for people to remember you at all. Having the courage to be yourself is one of the first steps to becoming a successful professional and leader. Leaders are also expected to have clear expectations. One of the ways to let people know what you expect is to tell them what you won’t accept. You may think setting clear personal boundaries would offset people, but it just makes it easier for both parties to navigate the professional relationship and maintain mutual respect.

Build diverse teams.

Diversity is a catalyst for learning, growth, and innovation. In today’s professional world, don’t count on making it very far if you don’t prioritize all three.

Be willing to unplug from technology.

Technology has made our lives simpler in more ways than one. What can’t you do from your phone now a days? Although the convenience it provides can save us time, there’s a lot to be said about the time it robs from us in other important areas. So, protect your wellbeing. Try putting the phone down. Talk to your family, go for a walk, or get some sleep! Learn the balance between using your gadgets and abusing them. Be mindful and you’ll be more productive.

Contribute to building a positive work environment.

Stress is to workplace culture what icebergs are to ships. Fortunately, as a leader you have all the power to steer the ship. In most cases you, the captain, can see the iceberg well in advance: are your employees starting to look disengaged? Stressed? Take the time to single out all the factors that could be causing stress – even if that’s YOU – and nip it in the bud.

Take Risks.

To succeed in business you have to be willing to consider taking some calculated risks that can lead to rewards. Get excited about the opportunities that come from being a little daring and making the right sacrifices. Believe in yourself! Have you heard the saying that closed mouths don’t get fed? Well, I know there are all sorts of pollution, bugs, and germs in the air but what a bad excuse to miss out on all the pizza you could be eating? Live on the wild side!

Never Stop Learning

Don’t let graduation put an end to your education. The world is constantly changing and your lone chance at staying at the top of the food chain is by learning – forever. Having an adaptive mindset and picking up new competencies is the only antidote to robot process apocalyp – err automation. Robotic process automation.

So, there you have it. Internalize all these tips and you’re ready to start raking in the accomplishments. No need for an invitation. You belong here. Pull out your own chair and claim your rightful seat at the table of success.

Mballa Mendouga, Communications – Manager, Corporation Social Responsibility & Campaigns, Association of International Certified Professional Accountants

Top considerations when building a business out of your home

Post author By FFC
Post date March 25, 2019

Top considerations when building a business out of your home

Whether 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.

Be realistic

There are a lot of people who launch a business without asking themselves key questions. Some of these questions include: “Do people need this product or service?” “How is this different from anything else in the market?” “Is this a hobby or something I can really make a career out of?”

It’s hard to be realistic when you’re passionate about something, but think about the hard-earned money that’s being invested in this business. You have to consider whether or not it will be sustainable, or you risk losing it all.

It’s also important to consider whether running the business out of your home will actually save money, if that’s what you’re trying to do. An example of this would be if a lot of tools are needed to create products, or if you want employees to work out of your home – the little things (like electricity and water costs) can really add up. A CPA can help you figure out the best location for your business and if you’ll actually save money.

And of course, you have to mentally prepare yourself. Having a business out of your home means it can be hard to separate work from your personal life, and it’s easy to find yourself working at the dinner table at 7 p.m. while everyone else is eating. Creating a dedicated workspace can provide the mental separation you need to be productive while maintaining an area where you can still unwind.

To listen to the rest of my conversation with Ward, visit cpapowered.org.

Samantha Delgado, Manager – Communications, PR & Corporate Responsibility, Association of International Certified Professional Accountants

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

Post author By FFC
Post date March 22, 2019

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

The 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.

How can we shift our mindset to an opportunity-based decision matrix? One where we consider the possibilities of success when determining which option to choose, instead of trying to avoid a negative response or outcome.

The answer might surprise you. We need to develop self-trust. Some of you just cringed reading that, and a few of you probably thought “Whoa. What does this have to do with my potential?” But stick with me for a bit longer, and I promise this will make sense.

It all starts with self-trust, which may not be what you think it is. Most of us believe that self-trust has something to do with confidence or self-esteem, but it’s so much more than those things. Brene Brown shared ground-breaking research around the topic of trust. In her book, “Rising Strong,” Brown defines trust as having key elements that are reflected in the acronym B.R.A.V.I.N.G. — Boundaries, reliability, accountability, vault, integrity, non-judgment and generosity.

By segmenting the idea of trust in these elements, we can begin to understand how trust can be broken and what needs to happen to repair it. Cultivating self-trust begins by being honest about how you’re doing with each of these elements:

Boundaries: Have you set limits for yourself then consistently ignored them?

Reliability: Did you commit to doing something to support yourself then were unable to follow through?

Accountability: Have you failed to make amends for mistakes you’ve made or not taken ownership of your behavior?

Vault: Did you share something you wish you would have kept to yourself?

Integrity: Have you chosen comfort over courage when it really mattered?

Non-judgment: Did you pass judgment on yourself for the way you felt or for acknowledging what you need?

Generosity: Have you thought the worst of your own intentions or words?

When we think about the way we treat ourselves in terms of Brown’s B.R.A.V.I.N.G. model, we can identify areas where we may no longer trust ourselves. And when we lose that self-trust, fear reigns supreme in our decision making. We begin to make choices that help us run away from something we fear instead of running toward an opportunity. The good news is: self-trust can be rebuilt!

By identifying the elements where our self-trust has been broken, we can intentionally work to repair those elements of belief.

A few of my own decisions resulted from fear and were driven by my lack of self-trust. Specifically, I was constantly passing judgment on myself for everything — from being pregnant and single at 18 to not passing the CPA exam on the first try. This judgment clouded most of my decision making. I was unendingly focused on how to be what I thought others wanted or needed me to be instead of what I wanted to be.

Not all my decisions were bad decisions, and I’m beyond grateful for the way my life has turned out so far. However, I know I missed incredible opportunities because I was afraid of the outcome. My lack of self-trust cost me some really cool adventures!

So now that we know why we make fear-based decisions and that those choices cause us to miss out on adventures or opportunities, what do we do about this?

Take a self-trust inventory. Using the B.R.A.V.I.N.G. acronym, find out ways in which you may feel like you have broken your trust with yourself.

Set intentional goals to re-build the trust elements you identify as being strained or broken.

When the next decision comes your way, permit yourself to see the opportunities each choice brings. Stay away from “the worst thing that can happen” mentality. Instead, think about the best thing that could happen.

Believing in yourself and making opportunity-based decisions, instead of fear-based ones, will lead to uncovering your limitless potential. Trust me!

For more on letting go of fear and learning to trust yourself, tune in to Lindsay Stevenson’s interview on the Go Beyond Disruption podcast.

Lindsay Stevenson CPA, CGMA, Vice President – Finance, 1st Financial Bank USA.

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

Post author By FFC
Post date March 20, 2019

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

Did 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.

Most of us think of our minor health issues as unrelated to stress, or that the many health problems in the body are unrelated to one another, but given this information, what do you think? Could it be possible that stress is affecting you more than you realize?

Stress and business

When I ask CPAs to rank their average stress levels on a scale of 1-10 (10 being high), I always see the same results. Unfortunately, I’ve never come across a CPA that rated themselves below a 4. More likely than not, I’m around professionals that usually range from 6.5 to 9.

If we can begin to ease the pressure within ourselves, we’ll set an example for those around us. You’ll notice an improvement in your happiness because you’ll actually feel better. With time, anxiety, irritability and even some major health concerns can ease. Maybe you can rid yourself of stress’s grip all together!

If you invite this opportunity for positive change, you’ll notice that the improvements won’t only change you. You have the power to benefit your team efficiency, client relationships and revenue goals. Imagine how nice it’d be to know that reducing your stress could improve your team’s year-end bonuses.

If this all feels like an exaggeration, read on. According to the Framingham Heart Study, happiness does not spread among people in a ‘one-to-one’ manner but infuses up to three degrees of separation. Everything we do or say tends to ripple through our network, having an impact on our co-workers (one degree), our clients (two degrees), and our industry (three degrees). It’s an incredible thing to know that because you’re happier, you’re changing the framework of the entire CPA profession.

Ways to overcome the pressure

Stress is energy that can be transformed to create positive change if we harness it properly. Below are a few tips to help manage stress in your everyday life:

Put yourself first. We all have personal, professional, family and social obligations, but if you’re not taking care of you, others will inevitably have to. As they say before the airplane takes-off, “please put your oxygen mask on first before assisting others.”

Start a dialogue with your organization. Connect with your engagement teams, Human Resource directors, diversity and inclusion group leads and other supportive workplace mentors who can grow your vision of making the workplace a more positive Although not a requirement for improvement, they often have budgets that can help create greater impact.

Embrace a healthy lifestyle. Everything that we’re experiencing affects our perception of what’s going on. By caring for our bodies in the best way we know how we’re setting ourselves up for success. Even the worst events can feel less “heavy” if we can depend on a steady, healthy routine.

Communicate consciously. If you’re overwhelmed, be mindful of the reactionary emails and messaging that you’re passing to others. Most importantly, if you’re already in full “burnt-out” mode, let someone know immediately. Internalizing your stress is only going to exacerbate what you’re experiencing physically, mentally and emotionally.

Seek empowerment. Consider working with someone who can help bring out the best in you. Family and friends are amazing but can be biased based on their personal beliefs. Connect with a life coach, a mentor, community group or another support system that can help you stay accountable to your best self.

While working in a fast-paced, complex environment, it’s normal to experience stress. The goal here isn’t to eradicate these feelings. It’s to manage them and to support one another through their stressful times. As most of us experience these days, busy seasons feel longer, and our free time is diminished. It’s critical that we create boundaries and find a compromise to allow our colleagues to thrive in their personal endeavors as well. You’d be surprised how much more effective your team can be when everyone has a positive, stress-reducing mindset.

Lauren Baptiste is a transformational wellness expert, co-creating and collaborating with organizations and individuals impacted by stress and burnout. She is the Creative Founder and CEO of Acheloa Wellness, based in New York, NY. Learn more about her, her business and those she’s impacted by visiting AcheloaWellness.com. Lauren is also a CPA.