Category: News

The cost of cybercrime is increasing at an alarming rate. By 2021, the estimated damages from cybercrimes will be around $6 trillion. 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.

1.Always remember to patch

Timely patching is the key to an effective cybersecurity strategy. But what is a patch and what does it do? A patch is a piece of code that a vendor, such as Microsoft, sends to correct an operating system or software program problem.  

Over half of breaches occur because a “known” vulnerability was not patched. Think about that. Microsoft informed you of an issue, provided a fix and you didn’t act. We’re all guilty of it. But now you know. To ensure timely patching, audit your software programs. Once you have inventory oversight, create a consistent and repeatable process to update systems with new patches as they’re released. 

2. Be aware of phishing scams

Do you want to fight cybercrime? Teach your staff to avoid phishing scams — and that’s phish with a “p.” Phishing is when a fraudster uses deceptive emails and websites to steal personal data or information. It’s estimated that 90% of successful cyberattacks start with a phishing attack. Hackers make messages look like they came from colleagues and can include personal information pulled from out-of-office messages or social media.  

So how can you fight back? Education! Some tools such as Office365 allow you to “phish” your employees. If an employee clicks or taps on a link, make sure you incorporate learning so they know they’ve been phished and what to do next. This will help your staff identify suspect emails, potentially saving your organization from financial or reputational loss. 

3. Assess your cybersecurity risk

With cybersecurity, knowledge is half the battle. One of the best ways to strengthen your firm or organization’s cybersecurity program is to assess your cyber risk. Start by talking to your leadership. Find out what data they value the most. Next, determine the location of the data. Is it at a vendor or in your data center? On which server does it live? Is it backed up? Once you know this information, you can assess common attack vectors used to target such data.  

THEN, you can get to the DOING! Determine what controls exist, if those controls apply to the highest risk areas and what new controls you could institute.  

Another tip: See if you even need the data! Companies often maintain data they no longer need. Again, knowing is half the battle.  

4. Use multi-factor authentication. 

Did you know that there’s a readily available tech solution that could prevent almost 80% of breaches? It’s called multi-factor authentication, or MFA, and only half of organizations use it. MFA is a security system that requires multiple forms of verification to authenticate a user. Have you tried to log in to your bank account from a new device? When you have to enter a security code sent to your phone, that’s MFA. It creates a layered defense, so even if an attacker hacks through one barrier, you’re still protected. 

MFA is an easy and effective way to ward off potential cyberattacks. Talk to your IT professionals and executive leadership about why they should invest in MFA to protect their most important systems. 

Remember that a failure to perform simple safety measures such as the ones Joel provided is one of the biggest reasons organizations become cyberattack victims. With the four above tips, you’ll take a few small but crucial steps toward protecting your company or firm from extreme financial and reputational loss. Do you want more cybersecurity tips? Register for our “Cybersecurity in 2020: What you need to know” webcast on Nov. 8 at 10:30am ET and earn 1 free CPE credit while you supplement your cybersecurity knowledge.

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

     

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You 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.

Think twice about those noisy events.

The last time you networked, it probably was a loud event and you could hear screaming. When I used to go to these gatherings, I would stand against the wall and pray someone would come up and talk to me. I finally decided it was time to approach things on my own terms. I would start by reading the room to see where the energy was and who was open to conversation. Like people, groups also have body language. When two people are standing face to face, they’re not open to conversation. When they’re standing in a V shape, they are. By taking some time to get your bearings, you can assess the best ways to engage.

Do what’s best for you.

Although I was happy with my new approach to networking events, I knew I could be most productive focusing on new ways to connect. I recommend going to networking events selectively — because they are not always productive —  and putting more energy into other options. Before I talk about the many ways you can network, though, let’s define our terms.

Understand what a network is.

Is it a list of names in an address book or your LinkedIn connections or Facebook friends? At its core, a network is a connection with someone, the link between you. Links have two critical properties. First, there’s a degree of freshness. If you’re talking with the person, your connection is very fresh. But, over time, it will fade. Second, a link is about strength. There may be close college friends who you haven’t seen in years, but still connect with strongly.

Anything that nurtures the freshness or strength of your connections is networking. To make a deliberate investment in freshening, I use email and social media to maintain my contacts and meet with contacts in small groups when I can. Even liking someone’s LinkedIn post is a way of freshening. Strengthening is the constant exchange of favors and information. I share articles I think will help my contacts or let them know if I’m hiring. That’s because the point of networking is not to find out what someone else can offer you but to ask how you can help someone else be successful.

You can use networking for job searches.

I recommend following three rules:

1. If you’re looking for an opportunity, look for a person. I think applying through online job sites is a waste of time. Instead, if you see an opening, find out who you know at the company and connect with them.
2. The best job description is the one you write yourself. When you hear of an opening, consider how you would fill that role and focus on that in your cover letter or interview.
3. Seek first to add value. If you’re out of work, take a contract position, then learn about what the organization is missing and how your skills can fill the gap.

But it’s not just about job hunting.

Networking is important even if you have a job. Start by getting to know your peers at work and figuring out how you can help them, then branch out from there.

You can boost your networking skills and get a CPE credit with the MBAexpress online course “Networking — Building a Stronger Professional Network” and the intermediate-level video “Step Away From the Wall: Networking When You Are The New Guy (or Girl).”

If you get networking right, you will surround yourself with people who will also want to help you. Begin by engaging with others in a spirit of helpfulness and look for people who seek what you offer. I can’t tell you what type of networking will work best for you. But, for most people, it’s not a noisy bar. 

Heather Hollick is a teacher, coach, consultant and writer on a mission to make the world a better place to work. After teaching math and physics, high school and college students for seven years, she moved into the corporate world. There, she spent more than 25 years in a variety of industries and organizational cultures. She works with ambitious professionals in the areas of networking careers, high-performing teams and leadership development. Heather also is the author of Helpful: A Guide to Life, Careers and the Art of Networking. 

     

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It 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:

Only simple tasks stand between you and cybersafety.

Do you always remember to patch? Failing to patch and update systems is one of the top ways individuals and organizations make their data vulnerable to cyberattacks such as  ransomware. Forgetting who has access to the system and unknowingly maintaining inappropriate access for them is another common way organizations expose themselves. Check system access regularly and adjust accordingly. You can best protect your data by tailoring employees’ access to their clearance level and current relationship to the organization. What if, after doing all this, an attacker gets in? How can you be sure your data won’t be encrypted and lost? You can’t. But you can make sure to back up your data. Make sure you’re doing that off-site (on a remote server). Know where your valuable data is, back it up and isolate it. That way, if the local set of data is affected, your second set is out of reach and pristine.

Passwords aren’t always secure.

Be cyber smart. Passwords alone tend to be an ineffective cybersecurity measure because of the way they are created and used. Overall, longer and more complex passwords are the most secure because they’re more difficult to guess. Another reason they can be ineffective — about 77% of people reuse the same passwords for different accounts. If your Gmail account gets hacked and you used the same password for your Outlook account at work, congrats! You’ve made it that much easier for your boss to get hacked or scammed. Some tech companies, such as Microsoft, are moving toward the elimination of passwords and are planning to lean more on biometrics. Think iPhone: Your fingerprints and iris patterns, for example, are a lot harder to fake. Don’t kiss passwords goodbye just yet. They’ll still be around for a while but supplemented with more complicated data requirements.

Anti-virus software isn’t enough to protect you from an attack.

In general, anti-virus software is about 50% –80% effective. That’s because there are ways to get around any type of defense. Different security controls are designed to protect different types of devices. For this reason, it’s important that organizations practice “defense in depth.” This means placing multiple layers of security controls throughout an information technology system. So, yes, installing anti-virus software is a great first step; but never rely on a single control or security method. In addition to your anti-virus, you can turn on a firewall, which will establish a barrier between your trusted internal network and the untrusted external network. You can also look into leveraging multi-factor authentication — a layered line of defense that requires two or more types of credentials to gain access to a system or data.

Protecting your data from cyberattacks can be cheap.

While anti-viruses usually come with a cost, patching systems are free and simply require you to establish routine updates. Education is one of the most inexpensive ways to improve your organization’s cybersecurity measures. Learn to be cyberaware. If 90% of successful attacks start with a phishing scam and 80% of attacks could have been prevented by using multi-factor authentication (MFA), simply educating yourself and your staff on how to recognize a “phishy” link, or how to implement MFA, goes a long way. These lessons are a free, 45-second YouTube view away! But, to be frank, you just can’t put a price on cybersecurity. CPAs, you know how to do this: If we’re going to compare risks — the cost of a breach (which, by the way, is bound to happen sooner or later) far outweighs that of putting in place solid cybersecurity procedures. Check out these certificate programs that can get you on the right path.

Clients rely on CPAs to advise on the best security practices and vendors.

Accounting firms are largely expanding into cybersecurity assurance or advisory roles. More clients want their CPAs to assure them that their cybersecurity controls are designed to properly protect them from cyberthreats. Clients who may not be ready for an assurance service are seeking expertise and advice on security controls that the company relies on to process accurate financial statement audits. Since there’s a general IT security shortage, the associated skills are highly solicited. Small- and medium-sized firms building their practice can easily facilitate this. They can  partner with an experienced boutique security company and learn their techniques or hire experienced cybersecurity professionals as in-house staff. Overcash recommends starting with the former and graduating to the latter.

The evidence is overwhelming. Organizations cannot afford to ignore the risks associated with having subpar cybersecurity measures. As a CPA, you can lead in this critical area. To help, we’re bringing you the latest cybersecurity insights, tools and resources — all available at our Cybersecurity Resource Center.

 

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

     

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Does your company or client lease assets such as real estate, airplanes or manufacturing equipment? If so, then you may want to keep reading…

In 2016, the Financial Accounting Standards Board (FASB) issued a new financial accounting and reporting standard that requires companies that lease assets (lessees) under operating lease arrangements to recognize those arrangements on their balance sheets. 

You may be wondering “Why a change?” Given the prevalence of leasing in the marketplace, it’s important for users of financial statements to have a complete and understandable portrayal of a company’s commitments to leasing activities.

The standard is already effective for public companies and other organizations that file financial statements with the U.S. Securities and Exchange Commission. Private companies and nonprofits have an extra year to adopt the standard with the new effective date delayed to fiscal years beginning after Dec. 15, 2020.

Even though private companies and nonprofits have more time, doesn’t mean you should sit back and relax. Now isn’t the time to procrastinate. There’s an opportunity to learn from large public companies who have already implemented the standard.

CPAs need to gain a thorough understanding of the new requirements to ensure that they appropriately account for their company’s or client’s leasing arrangements. The new guidance includes extensive implementation guidance, illustrations and examples.

When implementing the standard, private company CPAs should consider the following:

1. Companies will be required to record a lease liability and a right-of-use asset for all operating leases. Finance leases (previously referred to as capital leases) will continue to be recognized by lessees on the balance sheet. The new guidance is not expected to have any significant impact on the income statement or cash flow statement. 
2. A lease exists when there is an identified asset and a company using that asset has the right to control the asset. A critical activity in implementing the standard is identifying all existing leasing arrangements. This includes analyzing all contracts, not just those that are papered as lease contracts. Leases exist in other contracts such as service contracts where the right to use an asset is “embedded” in the contract.  Short-term leases (less than twelve months) do not have to be recognized on the balance sheet. However, disclosure of short-term lease costs is required for all periods presented in the financial statements.
3. Similar to the new revenue guidance, a lessee must determine whether separate components of a contract exist (lease and nonlease). If so, the consideration in the contract must be allocated between the separate components. Lease components are accounted for within the leasing guidance while nonlease components are accounted for within other applicable GAAP. However, a shortcut for lessees exists where they can account for the entire arrangement in accordance with the leasing guidance in certain circumstances.
4. A key area for consideration when measuring lease assets and liabilities is the lease term, which includes the consideration of renewal options in certain circumstances. Companies must also determine the appropriate rate to discount the lease payments. Generally, a lessee will use its incremental borrowing rate, which is a collateralized rate. Private companies and not-for-profit organizations may use the risk-free rate as a shortcut.
5. Other important guidance to consider relates to how to account for modifications and impairment of lease assets. Companies must comply with new detailed disclosure requirements. Additionally, it’s imperative to understand the transition requirements to ensure that lease assets and liabilities get recognized upon a company’s adoption of the standard.

Lastly, the FASB has a variety of implementation resources on its website, which includes a technical inquiry service where companies can submit questions to the FASB staff. Those resources can be located at www.fasb.org/leases. The AICPA leases webpage also features resources such as a learning and implementation plan and an online course. If you have any questions about implementing the standard, feel free to contact us.          

Susan M. Cosper, Financial Accounting Standards Board (FASB) board member. Sue joined the Financial Accounting Standards Board on May 1, 2019. In her Board role she also serves as the FASB liaison to the Private Company Council (PCC). She previously served as the FASB’s technical director and chair of the Emerging Issues Task Force (EITF). Prior to joining the FASB Sue served as a partner with PricewaterhouseCoopers LLP (PwC).

     

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If you’re a CPA who has considered a move to financial planning, there are a few strong reasons why you as a tax practitioner are already best positioned to offer Personal Financial Planning (PFP) services. A little over a year ago, I achieved a lifelong dream when I opened my financial planning practice after 28 years as a CPA. Setting off on your own can be daunting, but I knew I was ready, in part because of my extensive tax background. Here’s how I knew:

Tax expertise is the foundation of personal financial planning.

As a tax practitioner, you already have most of the technical knowledge you need to offer PFP services. You also have  a window into every aspect of your clients’ lives: the ups and downs of their careers or businesses, their savings, investment and retirement situations, and the impact of marriage and children. You already have all of that deep knowledge about their holistic situation, so you’re now taking that to the next level by looking holistically at their financial lives. As you consider making a change, check out this site, which offers free tools and resources to help you get started or take your practice to the next level.

Our professional standards inspire trust.

Whether they’ve been with me for decades or are new to my practice, my clients know that I provide objective and independent advice. Consumers want to work with advisers who are regulated and ethical. I can tell them that, as a CPA, I’m held to very high standards under the AICPA Code of Professional Conduct, Statements on Standards for Tax Services and the Statement on Standards in Personal Financial Planning Services. That’s a strong advantage in the marketplace over providers who aren’t CPAs. Plus, I know that I’m giving them the advice they need in the way they are wanting it.  

Tax considerations are always a good starting point.

Let me give you an example. A couple recently asked me about the pros and cons of paying off a mortgage on a home or second home. I looked at the tax implications first, followed by the investment issues and any other relevant financial considerations. Finally, I reviewed the decision from an emotional standpoint, since I know my clients well and I’m aware that any financial move has the potential to make their lives easier or more complicated. I consider all of the information I’ve been given, but the analytical skills I rely on to assess the tax situation serve as my critical foundation. 

You’ll be working with your best clients.

Some tax practitioners may worry that they don’t have enough time to shift to a new service area. I was successful by taking a methodical and measured approach and building on my existing practice. First, I identified high-quality tax clients who might be open to PFP. I met with them to discuss the services I could offer, emphasizing the benefits of helping clients manage their financial lives. Starting with that group, I built from there and ultimately launched my practice. I’ve developed stronger relationships with a smaller roster of great clients, and I’m having more fun and making more money.  And if it makes starting the conversation easier, you can work towards the PFS credential. It will give clients confidence in your expertise in financial planning services and allow you to stand out from other CPAs and financial planners.

You can really focus on the value.

Beyond compliance work, I now help clients implement plans that will help them lower their tax bites and take steps that are important to them. I use an annual, renewable fixed-fee model that lets clients select from a menu of pricing choices. They get access to me and a clear scope of services. They can immediately see the value and recognize that they’re paying a fair price. I use two critical touchpoints during the year to review the value I have offered my clients—first, when I give them their tax returns, and second during yearend review meetings. At these times, I review what we’ve accomplished together, including tax and other savings and growth (e.g., tax-based investment strategies, estate planning suggestions, etc.). Approaching an engagement this way makes it easier to keep current clients engaged, helps clients communicate my value when making referrals, and makes it easier to convert my remaining tax-only clients to tax and planning clients.

Why didn’t I do this a long time ago?

That’s what I ask myself when I think about my PFP practice. From a base of tax services, you can add so much value for your clients by offering financial planning. I recommend joining the Personal Financial Planning Section to gain access to the tools and resources and ongoing support you need to take yourself and your practice to a future-proof model.

Begin today by taking proactive steps to discuss financial planning opportunities with your clients. You’ll be amazed at how far you can go!

Carolyn Larsen-Weiber, CPA. Before taking a leap of faith to start CLW Financial Planning LLC in 2018, Carolyn worked as a tax staff member with Ernst & Young and later as a tax manager with KPMG’s PFP group and two other large CPA firms.

     

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Do you hear the big sigh of relief? It’s Oct. 18, just three days after we filed the last big group of extended returns for individuals and businesses.

When I started working for a local public accounting firm over 40 years ago, taxpayers had a two-month automatic extension to June 15 for individual returns. We could request an additional two-month extension to Aug. 15. At that point, we could request an additional two-month extension to Oct. 15 if there was a good reason. Can you imagine all that paperwork? With those interim deadlines, we encouraged clients to pull their information together during the summer, and returns were finalized earlier. Although there were always stragglers, today’s compressed workload for Sept. 15 and Oct. 15 was less intense for practitioners.

Flip the calendar to 2019 with a six-month extension period, add the additional time to comply with the complexities of the Tax Cuts and Jobs Act (TCJA) and we have two heavy workload compression periods.

Did you struggle with any or all of these complex issues on the 2018 returns? 

• Determining if a business is a specified service trade or business (SSTB)
• Reporting information needed on Schedules K-1 for qualified business income (QBI)
• Determining if a small business taxpayer is exempt from the Sec. 163(j) business interest expense limitations
• Wait, do we need to consider aggregation that may make them ineligible for small business taxpayer treatment?
• Are there any international reporting requirements?
• OK, finally, on to the state return: Does the taxpayer’s state conform to the Federal Internal Revenue Code?
• What about nonresident states in which the taxpayer’s business has filing requirements?
• And let’s not get started with Wayfair issues.

I’m in favor of simplicity, and I think we can all agree that the tax law is anything but simple.

When the TCJA became law, tax simplification was a major topic. Pre-TCJA, about 70% of taxpayers claimed the standard deduction. Due to the increase of the standard deduction, along with other changes to itemized deductions, fewer than 10% of individuals are expected to itemize. Tax returns have become seemingly simpler for a large group of taxpayers.

Returns have become more complex for other taxpayers.

• Taxpayers who are subject to the QBI deduction phaseout — these include taxpayers with income from SSTBs and taxpayers with insufficient W-2 wages expense or unadjusted basis immediately after acquisition (UBIA)
• Businesses subject to Sec. 163(j) business interest expense limitation
• Businesses and not-for-profits with employees who provide qualified transportation and parking fringe benefits

And we haven’t even touched on international or state complexities.

On top of rushing to meet deadlines and handling the complexity of tax laws, we make mistakes when overloaded with work. Just as a construction worker must always wear their safety harness, we must follow preparation and review standards.

As we look back on a dynamic tax season this year, remember that we have resources to help plan better for next year. Check out the AICPA’s Tax Resource Library for help in compliance, planning, practice management, as well as ethics and IRS practice and procedures. Look at what is available to help you serve your practice and clients better in the years to come.

Chris Hesse, Chair of the AICPA’s Tax Executive Committee. He’s a tax principal in the National Tax Office of CliftonLarsonAllen. Chris has more than 40 years of experience with regional and national CPA firms and more than 30 years of speaking and training experience before tax professionals on a variety of update topics. He has also testified at numerous legislative committees on tax policy matters and has been instrumental in federal and state tax law changes.

     

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If 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.

In an episode of the Go beyond disruption podcast, Elaine McVey explained how data can help companies optimize how they’re carrying out their business. For example, it can provide a deep understanding of a customer’s journey through the sales pipeline. Once you measure what clients want in their purchasing quest, a clearer picture of what’s working – and what’s not – will come into view.

You’ll communicate with customers or investors more effectively.

Once you learn what your customers want, you can give it to them. Data can also help quantify and predict the impact of the work your company is doing so you can communicate it to customers or investors. Probably one of the most well-known examples is how Netflix uses data to drive success. Users’ data profiles enable the company to understand what plots work with different audiences – which creates new business models and opportunities.

Silos will start to break down.

Finance and business leaders will have to work cohesively with people on the data side. During her interview, McVey said that people on the data side shouldn’t be intimidated by their lack of understanding of finance, and people on the finance side shouldn’t worry about not understanding all the technical parts of what a data science team does. It will be important to learn how to ask the right questions, discuss pain points, and come up with solutions together.

Ready to take a deeper dive into data analytics? The AICPA offers a Data Analysis Fundamentals Certificate which provides you with knowledge on the different job roles involved in analytics practice and the most commonly encountered technologies in today’s data ecosystem.

Samantha Delgado – Lead Manager, Integrated Communications, Association of International Certified Professional Accountants

     

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The busy season is on the horizon, and many practitioners are preparing their firms to meet the demands. But are you getting yourself mentally ready for the fast-paced days ahead? In honor of National Train Your Brain Day on Oct. 13, let’s look at some mental tune-up steps to take before the season begins.

Challenge yourself.

Sharpen your mind with quizzes and brain teasers. You can test your knowledge at many websites. For example, the site for the TV game show “Jeopardy!” challenges you with 12 clues every day that weren’t used on the show. In addition, many daily trivia apps focus on general knowledge or specific areas, such as sports or movies.

Some firms leave games and jigsaw and crossword puzzles in common areas to let team members focus their energies in an enjoyable way.

Take some time with a book.

A quarter of an hour may seem like a lot on some days. But it can make a difference if you spend it on the First 15 Reading Program. The program calls for beginning each day reading for 15 minutes to help expand your mind and center yourself. Learn more and access related resources here.

Learn something new.

Admittedly, the busy season isn’t the best time to learn to play the piano or perfect your backhand. But that doesn’t mean you can’t take time to stimulate and expand your mind.

A simple online search will uncover many sites that offer learning opportunities in small bites, including TED Talks and our human intelligence series. Learning can help you take in information and fend off distracting bouts of boredom faster.

Get in the groove (but not in a rut).

Minimizing stress is easier said than done. But it’s well worth the effort since stress “seems to interfere with cognition, attention and memory,” according to a Harvard Medical School article. To counteract the problem, the author suggests getting good sleep, as well as establishing routines and making lists of tasks to help you feel you have more control.

At the same time, departing from your routine sometimes can be a good thing, as when you try a new route to work or otherwise shake up your usual habits.

Have fun!

The PCPS Busy Season Fun Calendar offers ideas to help keep firm members upbeat and motivated. It focuses on group activities, including potluck lunches, baby-picture guessing games and March Madness events.

If your firm isn’t already getting the gang together regularly during busy-season months, consider pointing out that socializing can also help lower stress and pump up mental energy.

Get physical.

Even a small amount of exercise can help refresh you mentally. If you’re stuck at a desk, taking a moment to stretch your neck, shoulders and back every time you sit down can recharge your batteries and cut down on minor aches and pains that can break your concentration

Keeping your brain in shape is worthwhile, and these practical steps are easy to follow. If you start getting in the habit of training your brain now, it will be second nature by the time the busy season begins.

Kari Hipsak, CPA, CGMA, Senior Manager – Firm Services, Association of International Certified Professional Accountants

     

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 “Gratitude is not only the greatest of the virtues, but the parent of all of the others.” — Cicero

If someone bumps into you and knocks your full cup of coffee onto your shirt, who’s to blame for the mess? You are. Why? Because you had coffee in your cup.

This story from Thich Nhat Hanh shows that while it may be easy to blame external circumstances for our experiences, it is what we hold in ourselves that we spill out into the world. We all face circumstances that make it easy to hold negative emotions in our cups.

Our unique personal experiences impact our relationship to the world. We all have pasts and private ordeals that affect how we exist every day. Despite our experiences, several studies show the benefits of an attitude of gratitude. These exist in our personal and professional lives. Here’s a look at just a few:

Boost good spirits by acknowledging the good in life.

Studies show that incorporating a gratitude practice into your life increases positive outlook and leads to happiness. Gratitude helps people enjoy the good times and build strong relationships.

Upgrade your health perception.

Not only does gratitude increase happiness, but research suggests it may also better your health. Some studies found that those who expressed gratitude experienced fewer health problems. Additionally, people who are grateful report feeling healthier — a worthwhile benefit to note.

Get better sleep and be your best you.

It’s difficult to function when sleep-deprived, yet anxieties about, well, everything, keep the wheels turning at night and can cause sleep disruptions. Studies show that when we slow our minds down and reflect on what we are grateful for instead of what we’re worried about, we may sleep more and better. This better prepares us to tackle what life throws at us the next day.  

Increase your team’s productivity.

Being grateful doesn’t only benefit us in our personal lives. There are benefits in the workplace, too. Recognizing the contributions of others pays off. A Harvard study found that managers who consistently show employees their gratitude have a staff that’s 50% more productive than the control group. Showing gratitude can be as simple as saying “thank you” for extra efforts or “congratulations” for a job well done. Looking for ideas? Check out this guide providing ideas of ways to support your staff CPA exam candidates throughout their journey.

Gratitude: A personal perspective

Truthfully, my brother’s living with autism, the unexpected passing of my dad and two recent diagnoses have tested my ability to remain grateful at times. These experiences are jarring and painful. But they don’t make up everything I am.

I allow myself the moments I need to grieve but also understand that I have much to be grateful for – even if sometimes it just feels like it’s that large cup of coffee in the morning. It’s the gratitude for even the small things I want those in my personal and professional life to see not just spilling but pouring out of my cup.

Kari Hipsak, CPA, CGMA, Senior Manager – Firm Services, Association of International Certified Professional Accountants

     

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In today’s ever-evolving job market, there are plenty of new opportunities to work for yourself. Whether it’s freelancing, entrepreneurship or gigs — the list goes on. Actually, seven in 10 the young adult job-seekers the AICPA recently surveyed claim that being their own boss is more valuable than the job security of working for someone else. If you’re thinking of branching out on your own, you’re not alone. 

Not sure if you’re ready to take the plunge? Consider these three perks of working for yourself.

You’ll have more flexibility.

It’s as simple as this: if you’re the boss, then you make your own schedule. Would you rather work from your couch than an office? You get to decide. Want to work all night and sleep all day? That’s up to you. It’s your hustle that determines the success of your business, so figure out what works best for you.

You can create your own team.

Building a team from the ground up is a lot of work — but knowing they’re there to help you reach your entrepreneurial goals will provide peace of mind. While building your team, it’s important to recruit quality people who can help you execute day-to-day tasks. It’s also vital to find strategic advisers who can ensure a successful path for your business. For example, CPAs can provide insight that includes strategic planning, compliance reporting and financial management. That kind of expertise is invaluable.

You can follow your passion.

There’s nothing like waking up every morning and knowing that everything on your to-do list is an investment in you. If you’re thinking about taking the leap into entrepreneurship, or know someone who is, here’s a checklist to make sure you have everything in order.

To learn more about the value of working for yourself, tune in to this episode of The Small Biz Brunch podcast to hear Mackey McNeill, CPA/PFS, the President/CEO of Mackey Advisors, discuss her own entrepreneurial journey.

Samantha Delgado, Lead Manager – Integrated Communications, Association of International Certified Professional Accountants

     

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