Insight Magazine - Spring 2020

ON BECOMING FUTURE READY

Breaking Through the Glass Ceiling

Recruiting in the New Roaring 20s

Building Blocks of Blockchain

Expanding ESG Emphasis

Upskilling Your EQ

Getting RPA Right

Spring

By Dorri C McWhorter, CPA , CGMA , CITP, MBA

The Building Blocks of Blockchain

Bridget McCrea

Wilder

34 Director ’s Cut

The Business Case for Expanding ESG Emphasis

By JoAnna Fu Simek,

Publisher/President & CEO Note: The COVID -19 pandemic continues to dominate our world, and we are all doing our part to stop the spread of the virus We understand that you, our members, have had your lives disrupted, and we hope that you are safe and healthy As we all look forward to a post-pandemic future, we hope that this issue of Insight will provide you with thoughtful information on a variety of important issues impacting the accounting and finance profession

Todd Shapiro

By

Kristie

P Paskvan, CPA

, MBA 36 Financially Speaking Building Women’s Wealth

By Mark J Gilbert, CPA/PFS,

38 Leadership Matters

MBA

The Case for Upskilling Your EQ By Jon Lokhorst, CPA , ACC

40 Ethics Engaged

Character: What CPAs Can Learn From Aristotle

By Elizabeth Pittelkow

Kittner,

CPA , CGMA , CITP, DTM

42 Practice Perspectives Are You Ready to Fire Your Worst Clients?

By Art Kuesel

44 Tax Decoded Illinois Tax Potpourri: Three Issues of Interest to Taxpayers

By Keith Staats,

JD

46 Inside Finance

Non- GAAP Measures: Seeking Clarity

By Nancy Miller, CPA

48 Firm Journey

How ‘OK , Boomer ’ Is Holding You Back

By Tim Jipping, CPA , CGMA

ILLINOIS CPA SOCIET Y 550 W Jackson Boulevard, Suite 900, Chicago, IL 60661

www icpas org

Publisher/President & CEO

Todd Shapiro

Editor Derrick Lilly

Assistant Editor

Hilary Collins

Creative Director

Gene Levitan

Copy Editors

Nancy Clarke | Mari Watts | Jennifer Schultz, CPA

Photography

Derrick Lilly | iStock

Circulation

John McQuillan

ICPAS OFFICERS

Chairperson

Dorri C McWhorter, CPA, CGMA, CITP | YWCA Metropolitan Chicago

Vice Chairperson

Thomas B Murtagh, CPA, JD | BKD CPAs & Advisors

Secretar y

Mary K Fuller, CPA | Shepard Schwartz & Harris LLP

Treasurer

Jonathan W Hauser, CPA | KPMG LLP

Immediate Past Chairperson

Geoffrey J Harlow, CPA | Wipfli LLP

ICPAS BOARD OF DIRECTORS

John C Bird, CPA | RSM US LLP

Brian J Blaha, CPA | Wipfli LLP

Jennifer L Cavanaugh, CPA | Grant Thornton LLP

Stephen R Ferrara, CPA | BDO USA LLP

Jennifer L Goettler, CPA, CFE | Heinold Banwart Ltd

Scott E Hurwitz, CPA | Deloitte LLP

Joshua D Lance, CPA, CGMA | Lance CPA Group

Enrique Lopez, CPA | Lopez and Company CPAs Ltd

Elizabeth Pittelkow Kittner, CPA, CGMA, CITP, DTM | International Legal Technology Association

Deborah K Rood, CPA | CNA Insurance

Seun Salami, CPA | Teachers Insurance and Annuity Association of America

Stella Marie Santos, CPA | Adelfia LLC

Brian B Stanko, Ph D , CPA | Loyola University

Mark W Wolfgram, CPA | Bel Brands USA Inc

BACK ISSUES + REPRINTS

Back issues may be available Articles may be reproduced with permission Please send requests to lillyd@icpas org

ADVERTISING

Want to reach 23,000+ accounting and finance professionals? Advertising in Insight and with the Illinois CPA Society gives you access to Illinois’ largest financial community Contact Mike Walker at mike@rwwcompany com

Insight is the magazine of the Illinois CPA Society Statements or articles of opinion appearing in Insight are not necessarily the views of the Illinois CPA Society The materials and information contained within Insight are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is Insight ’ s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet Insight ’ s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within Insight, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee delivery dates for Insight The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering Insight Insight (ISSN1053-8542) is published four times a year, in spring, summer, fall, and winter, by the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA, 312 993 0407

Copyright © 2020 No part of the contents may be reproduced by any means without the written consent of Insight Send requests to the address above Periodicals postage paid at Chicago, IL and at additional mailing offices POSTMASTER: Send address changes to: Insight, Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA

We’ve got

Take advantage of all the ways your ICPAS membership can help you to keep moving forward.

chair ’sview

A LETTER FROM YOUR BOARD CHAIR

DORRI C. MCWHORTER, CPA, CGMA, CITP, MBA CHIEF EXECUTIVE OFFICER, YWCA METROPOLITAN CHICAGO

CPAs Are the Superheroes of Business!

The way forward for CPAs all comes down to strategy.

Dear Santa,

Ho w are yo u? Yo u w ill never believe what I want for X-mas Ju st 3 simple thing s: 1) To make ever yo ne alive to day be ok. 2) To g ive m e a little so m ething, like a picture of yo u, to sho w peo ple yo u are real. (If yo u have a picture w ith yo u no w, please g ive m e o ne if possible.)

3) This is a big o ne! What I want is for yo u to ask my parents if I co u ld be their acco untant for 1 mo nth. It w ill not cost them a thing! ( Well maybe a few $100s! Ha-Ha). I ju st kno w I co u ld do it They can tr u st m e I ju st kno w I can do it! Please ask them for m e! If they say no, please ask them to g ive m e an explanatio n why or why not. I co u ld start Jan. 1st, 1985. Please have them see m e for more info Thank yo u, Santa Lo ve, yo ur fr ien d, Dor r i McGee

P S I left yo u a sucker! Wr ite back please

As I look at my 11-year-old writing style, I haven’t changed much! And maybe that’s what I want you to know about me I have wanted to be an accountant for what feels like my entire life Don’t believe me? I have photos of my childhood letter to Santa to prove it! My point in sharing this is that I want you to see that I care deeply about our profession So deeply that I literally wrote a non-fiction book report about accountants in middle school and watched the Academy Awards to see the PwC (Pricewaterhouse at the time) folks present the Oscar envelopes But in all seriousness, we play such an important role in society, from clearly supporting the business world to helping families make good financial decisions

I consider myself fortunate because my requests of Santa all those years ago have mostly been filled I am still waiting on that picture! Today, I am a leader in the nonprofit world, working to make sure “ everyone alive today” is okay And while I didn’t officially become my parents’ accountant, I rose to leadership levels at various accounting and management consulting firms and businesses of all sizes Now, I have been appointed to lead the Illinois CPA Society Board of Directors and it is truly a little girl’s dream come true!

What can I dream of next? More importantly, what can we dream of next? Our profession is at a crossroads Our challenge is making sure that we stay relevant and evolve with the speed of change that is

happening in business The roles that we play as CPAs are changing, but we are uniquely positioned to redefine what those roles are

As CPAs, we understand how businesses work We know what the growth drivers are We know where to push, pull, and play it safe We need to express this and share our insights We need to become strategic partners to our clients and companies and grow into new markets That, I believe, is how we move forward

And so, having been in just about everybody’s shoes throughout my career, I hope to actively develop meaningful content and education for all CPAs as we embark on moving us from being not only the most trusted business advisors but also the most strategic advisors Dare I say that CPAs are well positioned to be the “superheroes of business” as we continue to hone our craft to save the day and help companies and clients avoid pitfalls!

I admit that I’m still a little girl at heart and still love the idea of Santa and superheroes! I am excited to be on this journey with you as your chairperson, and I look forward to engaging with you throughout the year ahead, gaining your insights, sharing mine, and working together to show the world all that CPAs are!

today’sCPA

The Strategy? No More Excuses

The time to evolve as accounting and finance professionals is now.

Ensuring

the future relevance of CPAs is something that I think about virtually every day as president and CEO of the Illinois CPA Society I’ve said it before, but I’ll say it again: We are facing a pace and type of change unlike any we ’ ve experienced before in the CPA profession the rules of the game are literally being rewritten by technology Artificial intelligence and robotic process automation will forever change accounting, audit, finance, tax, and more The ways we provide services to companies and clients certainly won’t change overnight, but that doesn’t mean we don’t prepare for the dramatic changes coming ahead The greatest challenge I see facing the CPA profession now is just how, exactly, CPAs evolve to continue providing truly valued assurances and insights

For decades, CPAs and their associations like the AICPA, and even your Illinois CPA Society have cultivated the CPA brand as the “most trusted business advisor ” Trust is at the core of everything we do; it is something to be very proud of That said, trust is and always should have been just the beginning Why? Because “trust” literally means something different to each and every one of us I’ve asked countless CPAs what they think it means to be the “most trusted business advisor ” The answers are all over the board accurate, dependable, knowledgeable, trustworthy, etc While trust is critical to the credential, I contend value is what ensures companies and clients continue to rely on their partnerships with CPAs

To be truly valued as we race into the future, CPAs must make the shift from being the most trusted business advisors to being the most trusted and strategic business advisors Strategy is where there’s value Strategy cannot be replaced by technology And what I mean by becoming a strategic advisor is that you shift your focus to helping your clients and companies increase their profitability through increased revenues or decreased cost structures An audit, no matter how clean it is, doesn’t drive profitability A tax return or tax plan may help an individual’s wealth, or these could lower a company ’ s costs, but they don’t typically lower cost structures As CPAs, we have access to almost unlimited client and company data;

we need to use it We need to become providers of strategic advice and real profitability drivers

Now, I’ve heard many reasons why CPAs can’t be strategic advisors If you ’ re an auditor, you may say that it’s a violation of independence However, there’s no issue with supplying a client with a historical analysis of days sales outstanding, or DSOs, which can drive increased cash flow Every audit looks at obsolete inventory, but does it look at inventory turns which can change a company ’ s cost structure? I’ve heard people say that clients won’t pay for strategic advice Have we tried? Often, people say that they simply don’t have time to provide these types of information or insight Well, with the way the world is changing around us, we may have plenty of time in the future if we don’t become strategists

There’s an almost endless list of reasons, roadblocks, and excuses for not acting as a strategic advisor However, as our profession advances and typical compliance services diminish in value, I don’t think we have any choice but to change The Illinois CPA Society’s mission is to “enhance the value of the CPA profession ” To do that, we must ensure the CPA’s relevance for generations to come My commitment to you is that we will help lead the way, working diligently to change public perceptions, rebrand CPAs, and provide a road map to achieving the skills and knowledge for long-term success

Becoming the most trusted and strategic business advisor is an evolution that we are committed to Together, we can ensure both the relevance and value of our profession for years to come

INSIGHTS FROM TODD SHAPIRO, ICPAS PRESIDENT & CEO @Todd ICPAS

capitolreport

Spring Cleaning in the Statehouse

Inthe 30 years I have been involved with state government, including 12 years as executive assistant attorney general, I have never seen such a broad and bright light cast upon Illinois state government It seems Illinois’ unsavory political reputation is due for a thorough spring cleaning

The scrutiny within the statehouse is being driven by multiple structural and cultural changes underway within the Illinois General Assembly Aside from turnover shifting the broader composition of the General Assembly, particularly in the Senate chamber, a new leadership roster of senators in the upper chamber is set to make its mark External forces are also influencing cultural changes in Illinois politics, courtesy of federal law enforcement’s broad probe of state and local officials, which is casting an even bigger spotlight on legislative processes, political campaigns, and lobbyist activities These developments have led Illinois legislators to closely scrutinize internal processes and accompanying state laws, paving the way for vast and welcomed change

STRUCTURAL CHANGES

Earlier this year, former Senate President John Cullerton announced his retirement, vacating both the position and his seat as representative of the sixth Senate district The Senate Democratic majority selected Sen Don Harmon (D-39, Oak Park) as its new chamber leader The Senate president is an influential position, serving not only as the leader and presiding officer of the Senate chamber but also as one of four legislative leaders representing their respective chambers and caucuses on legislative issues and in negotiations with the governor, the Senate Republican leader, and the speaker of the House

Harmon has held various leadership positions during his 17 years in the Senate He is also a licensed attorney who resigned his partnership with a Chicago law firm upon being elected Senate president As the new Senate president, Harmon has already assembled a cadre of confidants to serve on his leadership team while keeping the existing Senate majority leader and assistant majority leader intact And while there was a rotation of committee chairs with the appointment of assistant majority leaders, CPAs should take note that Sen Christina Castro (D-22, Elgin) was appointed as chair of the Senate Revenue Committee, filling the vacancy left by Toi Hutchinson, who resigned to become the cannabis czar

With the spring legislative session well underway, legislators are attempting to clean up Illinois’ politics.

LEGISLATIVE INSIGHTS FROM MARTY GREEN, ESQ , ICPAS VP OF GOVERNMENT RELATIONS @GreenMarty

CULTURAL CHANGES

Widespread high-profile raids and search warrants executed by federal authorities have ensnarled several aldermen, lobbyists, and legislators, casting a bright light on Illinois’ ethical and legal shortcomings and driving the U S attorney for the Northern District of Illinois to announce charges against several notable Illinois politicians who are now awaiting trial These enforcement efforts have further illuminated issues with elected officials serving as registered lobbyists, lobbying other governmental entities and officials on behalf of commercial enterprises and their own business interests This practice previously resulted in a now former state representative being charged with attempting to bribe another legislator in exchange for a legislative vote In another case, a former state senator was charged with accepting bribes in exchange for exercising legislative muscle in favor of red-light cameras, gambling, road paving, and ComEd

What does this all mean? New leadership and changing General Assembly demographics, coupled with the cultural impact of past and pending high-profile charges, have resulted in the Illinois House and Senate closely scrutinizing its internal processes

Last fall, the General Assembly created the bipartisan Senate and House Joint Commission on Ethics and Lobbying Reform and tasked it with drafting a final report on Illinois ethics laws recommendations The current legislative inspector general (LIG) and two previous legislative inspectors general testified before the commission on changing the LIG law to provide more authority to the LIG and for more transparency in the LIG process

This spring, over 94 bills were filed in relation to elected officials and ethics, financial disclosures by elected officials and registered lobbyists, and revolving door prohibitions

The outcome so far? What was once legally and politically acceptable in days long ago is no longer How many people will be enmeshed in the ongoing federal investigation is yet to be seen Clearly, the U S attorney is redefining the legal norms of Illinois politics by the exposure of the investigation and the charges brought thus far U S attorneys are not typically reckless in public corruption cases, nor are they careless in filing specific charges Meaning, when charges are filed, there’s typically a conviction on one or more counts The criminal process will undoubtedly expose the practices of the past and will continue to change political norms and legislative practices of the present We will also see how far the General Assembly is willing to go in policing its own with the passage of meaningful ethics legislation

While fresh faces in the General Assembly could potentially mean that issues previously debated and voted upon may be resurrected, they also bring fresh perspectives to lingering problems Former Senate President Cullerton was always accessible and responsive to the CPA profession, and we are grateful for that, but Senate President Harmon brings a new perspective and a new brand of leadership to the negotiating table This structural change, coupled with the cultural changes that have yet to fully play out, is already changing Illinois’ political dynamic and ethical landscape As you ’ ve probably gathered, my takeaway is that change is good and we should welcome more if it means Illinois’ reputation for dirty politics finally gets cleaned up

Author’s Note: This column includes my personal observations of the evolution of the legislative environment and are not necessarily the views of the Illinois CPA Society

“All because of you, I am the first in my immediate family to attain a bachelor’s degree. You have lightened my financial burden and the stress of having to work full-time while in school. I feel very appreciative and proud to recognize that there are people out there that are unselfishly giving to help students like me achieve their dreams of becoming CPAs.”

Bryanna Morris

$110,000

Sikich LLP

$70,000

Dempsey J. Travis Foundation

$20,000 - $25,000

Illinois CPA Society

PricewaterhouseCoopers LLP

Patricia Rosenberg

$10,000 - $15,000

Crowe LLP

Hyatt Hotels Corporation

Joan Moore

Belverd Needles Jr. & Marian Powers

$2,500 - $5,000

Alverin M. Cornell Foundation

Follett Corporation

Kenneth & Jacqueline Hull

ICPAS O’Hare Chapter

ICPAS Women’s Committee

Dave & Darlene Landsittel

Gary Neubauer

Catherine Villinski

Wipfli Foundation Inc.

$1,000 - $2,499

AMD Family Fund

Maria Fides Balita

Howard Blumstein

Martrice Caldwell

Rose Cammarata

Jennifer Cavanaugh

CDK Global Inc.

Cameron Clark

CNA Foundation

Jan & Wayne Ebersberger

FOR PAVING THE WAY FOR TOMORROW’S CPAs

The CPA Endowment Fund of Illinois, the charitable partner of the Illinois CPA Society, graciously thanks our generous donors for their contributions and pledges throughout the past year.

These individuals and organizations help make a significant, life-changing impact on the lives of diverse and deserving future CPAs across the state.

HIGHLIGHTS:

$215K awarded 200 scholarships

1,135 donors

$500 - $999

John Bird

Therese Bobek

Rebekuh Eley

Lindy Ellis

Arthur Farber

Mark Glochowsky

Lee Gould

Geoffrey & Virginia Harlow

Sheldon Holzman

John E. & Jeanne T. Hughes Foundation

Scott Hurwitz & Kelly Austin

ICPAS Young Professional’s Group

Kenton Klaus

Joseph Kosinski

Dorri McWhorter

Sara Mikuta

Miller Cooper & Company Ltd.

Elizabeth Murphy

Beth Pagnotta

Floyd Perkins

Melody Ragan

Kimberly Rice

Jennifer Roan

Leilani Rodrigo

Michael Rodriguez

Deborah Rood

Seun Salami

Stella Marie Santos

J. Bradley Sargent

Todd Shapiro

Elizabeth Sloan

Duane Suits

Myra Swick

Richard & Nancy Thompson

Kimberley Waite

Jeffery Watson

Lawrence & Nancy Wojcik

Adriane Wong

Donna & Phillip Zarcone

Jennifer Cataldo Walters

Bill & Betsy Cook

Deloitte LLP

Gary Fish

Henry & Sandra Gentry

Mardel Graffy

Sharon Gregor

Lisa Hanlon

Edward Hannon

Lisa Hartkopf

Margaret Hickey

Joshua Lance

Miller Family Fund

Thomas Murtagh

Jason Parish

Gilda Priebe

John Rogers

Ronald Sonenthal

Meredith Vogel

$250 - $499

Anonymous (2)

Brent Baccus

Joseph Bigane III

Daniel Cadigan

Jennifer Carney

Harvey Coustan

Steve Ferrara

Anthony Fuller

Mary Fuller

Robert Giblichman

Lawrence Gill

Christina Golsch

Bill Graf

Gary & Carol Hart

Michael Hartley

Jonathan Hauser

Margreatha Hein

HMB Legal Counsel

Krista Kapsa

Wendy Kelly

Jeff Krol

Thomas Luken

Rita McConville

Elizabeth Pittelkow Kittner

Kenneth Posner

Roy Raemer

Walter Rein

Elizabeth Roghair

Kathy Scherer

Michael Singer

Claire Stevens

Andrea Urban

Lise Valentine

Mike & Kathy Wenzel

Richard Ziegler

$100 - $249

Anonymous (6)

Sheldon Abrams

Brian Amoroso

Michael Amoroso

Brian Blaha

Basil Booton

James Brennan

M. David Cain

Michelle Carrothers

Margaret Cartier

Nancy Cash

Jerry Catalano

Bridget Coleman

Arlene & David DeMotte

James Dolinar

Melody Driver

Amy Dybowski

Sarah Ference

Sharon Ferrin

James Forhan

Zachary Fortsch

Sharon Frydman

Fred Fugate

Kathy Garlow

Gary Genenbacher

Robert Gibson

Terry & Janet Godbold

Jennifer Goettler

Tricia Gorsky Kozlowski

Robert Grecco

GT Mechanical Inc.

Bernard Hicks

Russell Holmgren

Kathy Larson Horton

Deitra Jackson

JSG Financial Services Inc.

John Kaiser Jr.

David Kalet

Harry Kramer

Thomas Kuchta

Leynette Kuniej

Kathleen Lakowski

Margaret Lawlis

Larry Lonis

Steve & Donna Loraine

Glinda LoVerde

Diane Lystlund

Robert Maas

Michael Maffei

Laura Maniola

Carlton Marcyan

Randy Markowitz

Joseph McDonnell

Terry Michaels

David Murphy

Kenneth & Kathleen Naatz

Ijeoma Nwabara

William O’Malley

William O’Neill

Jenni Perko

Charles Phillips

Ernest Potter

James Quaid

Daniel Rahill

Joan Rockey

Michael Santay

Victoria Schmuker

Jennifer Schultz

Brian Severns

Richard Shapiro

Christine Smith

Laurence Sophian

Warren Stippich

Michael Tadla

Jerry Turner

James Vourvoulias

Nicholas Vourvoulias

Julie Vuotto

Erin Wharton

Jay Wilensky

Jessica Winston

Mark Wolfgram

Carl Woodward

Kevin Wydra

Doyoung Yong

Kenneth Yu

Julie Zielke

Anthony Zordan

UP TO $99

Anonymous (10)

AbaCountax CPA Group Ltd.

Judith Aburmishan

Craig Acheson

Sandra Adam

Cheryl Aduana

Keshav Agrawal

Gary Agrest

Robert Aguada

Naveed Ahmed

Rao Akella

Jude Alagna

Omar Alaskari

Jon Aldrich

Michael Aleckson

Peter Aleszczyk

Abdullah Alhinai

Carl Allegretti

Alonzo Allen

Angela Allen

Alan Allphin

Paul Alpern

Patricia Alvino

Amazon Smile Foundation

Robert Amend

Daniel Ammentorp

Nikolaos Analitis

Jane Anderson

Nancy Anderson

Susan Anderson

Steven Andes

Ewa Anikiej

Gus Antonopoulos

Timothy Antos

John Apuzzo

Susan Arndt

Steven Aronson

Idayatu Atoe

Richard Ave Maria

Owen Bailitz

David Balderson

Mariah Baltzell

Dana Bangert

Subir Banik

Michael Bansley

Wayne Barbier

Karl Barnes

Roy Barnes

Amarinder Bartkoske

Jens Bauml

Howard Bayer

Charles Baygood

Dennis Beard

Anne Beason

Lori Beeler

John Belcik

Bruce Bell

Kristen Bellendir

Bashir Bello

Robert Ben

Benchmark Aspen & Associates Ltd.

John Berg

Dana Berglind

David Bergman

Howard Bernstein

Kenneth Bertrand

Rona Bezman

James Biegel

Lawrence Bielawski

George Bilek

Lydia Bilyeu

Brian Bird

Jess Birtcher

Jonathan Blake

Carla Blanchard

David Blum

Christopher Boes

Sarah Ann Bohnsack

Tamara Bokur

John Boncuore

Harry Bond

Irma Bondi

Zachary Bondi

Linda Bonelli

Carol Borecky

David Bos

Gary Bowen

Mary Bowman

Bruce Breitweiser

Thomas Brescia

Kristy Britt

Margaret Broderick

Barbara Brown

Dorothy Brown

John Brown

Robert Brown

Terrence Brown

William Bruno

Thomas Brya

Joseph Bryk

James Bunegar

Teresa Burczak

Erin Burke

Donald Bushen

Nicholas Caccamo

Allen Callender

Marcello Camoletto

LeRoy Carlson

Michael Carney

Thomas Carroll

Patrick Carter

Joseph Cascio

Carole Cederstrom

Catherine Chan

Vilma Chan

Melissa Chankin

Harpreet Chawla

Sinde Chekete

Chiung-Yu Chen

Hui Chen

Honglam Cheng

Scott Cheshareck

Nicholas Chibucos

Chiu-Yeung Chow

Marc Chudy

David Ciasto

Michael Ciesemier

Colleen Clark

John Clark

Susan Clarke

Ayala Clinkman

D. Close

Phyllis Cochran

Katherine Coddington

Alan Cohen

Neil Cohen

Jay Colbert

Kevin Conarchy

Bret Conklin

Christopher Conneely

Margaret Conneely

Thomas Connolly

John Conway

Russell Cook

Sarah Cook

Joy Coombes

Brian Corcoran

Ronald Cornell

Alan Cornue

Trisha Correa

Louis Cosentine

Ann Cotter

Melissa Coverdale

Daniel Craig

Marcia Craig

Timothy Crandall

Kenneth Creech

Kevin Crumly

James Cunningham

Thomas Curatolo

Kevin Currid

Edwin Czopek

Mercie Dahlgren

Lin Dai

Jacques Daigle

Christopher D’Andrea

Donald Danner

Mary Dante

Catherine Daubek

Abbie Davidson

Dana Davidson

Grant Davidson

Martha Davidson

Melissa Davidson

Mary Davolt

William Dean

William Debes

Paul DeFiore

Deborah DeHaas

William Del Principe

Alan DeMar

Alicia Derrah

Catherine Derus

Michael Devereux

Pedro Diaz de Leon

James Dickey

Joseph Diehl

Maria Diokno

Toni Diprizio

Stephen Ditman

David Dobson

Narwin Doekhi

Kevin Doherty

Kelley Donlan

Melissa Donoso

Neil Dougherty

Joel Downie

James Doyle

Jadranka Dragisic

Andrew Dreyfuss

Jeremy Dubin

Richard Duffy

Jonathan Dunmore

Daniel Dwyer

John Dyer

William Eagan

Michelle Ebner

Susan Eby

Sheila Edelstein

Russell Effrig

Mary Ann Egizio

Lisa Eichinger

Rolf Eilhauer

Timothy Elafros

Michael Emmert

Eric Ephraim

Michael Ericksen

Robert Eschbach

Natasha Escobedo

Mark Everette

Noreen Fahey

Dan Farrell

Scott Farrell

Pavlo Fedorchuk

Michael Fehlen

Bradley Feitl

Bridget Fergus

Anthony Ferreri

John Fischer

Ralph Fishman

Shari Fitzgerald

Robert Fitzjarrald

Sara Flaherty

Thomas Flavin

Edmund Fleming

Saundra Fleming

Erin Florczak

Jere Fluno

Elizabeth Folk

Vincent Forgione

Linda Forman

Kevin Foster

Irwin Friedman

Joseph Fruchter

David Fuehne

Richard Fugiel

Yasuhiro Fukuzawa

Annette Fulcher

Vivian Funches

Michael Gacek

Vishal Gandhi

Peter Gariepy

Colby Garman

John Gaynor

Nancy Geary

Ronald Geib

Mary Geissler

Kurian George

Frank Gersich

Stanley Gertzman

Mary Gharrity

Tracey Gibbons

Stacy Gilbert

Roxanne Gilbertsen

Thurman Gills

Edward Gin

Timothy Glaude

Thomas Glavin

Margaret Glynn

Wayne Goble

Gene Goldberg

Matthew Golland

Jamie Golombek

Anna Gomez

Solskin Gomez-Krogh

Elva Gonzalez

John Goode

Craig Gordon

Michael Gordon

Jeremy Gottardo

Ryan Goulding

Sarumathi Govindasamy

James Grady

Andrew Graf

Wendy Grano

Leland Graul

Brad Greenberg

Jack Greenberg

Tom Greenway

Steven Grimes

“The magnitude of your support over the past few years is hard to believe, and I am overwhelmed with gratitude for such transformative opportunities. In addition to financial support, you have given me the gift of knowledge and motivation to become a CPA. I have come away with so many new skills and ambitions, and it is because of your generosity that I am equipped with the tools I need to succeed.”

Kevin Grisamore

Donald Grossman

Mary Grossman

Raymond Grothaus

Robert Grottke

Helen Guagliardo

Frank Gulik

Jeffrey Gullang

Cameron Gunderson

Oleg Gurevich

William Guska

Ronald Guthoff

Josef Hajek

Harold Hale

Ethel Hall-Langworthy

M. Hamilton

Edward Hanacek

Nazar Hanafi

Georgann Hanna

Laura Hardy

Julia Haried

Effie Harrell

Deborah Harris

Norris Harstad

Patrick Hart

Marvin Haselhorst

Dennis Hawkins

James Heid

Edward Helfers

Timothy Helle

John Hellner

Curtis Helwig

Melinda Henbest

Kristy Hendry

Michael Heneghan

Craig Henry

Susan Henry

Marianne Herff

Dalia Hernandez

John Heshelman

Norman Hester

Andrew Hettermann

Scott Hickam

James Hilgenbrink

James Hill

John Hillenbrand

Frank Hladik

Man Kit Ho

John Hoeksema

Mark Hoffman

Jana Holt

James Holt

Theodore Homewood

David Hooker

Joel Hopkins

John Hopkins

Michael Horst

Shawn Horwitz

David Hough

John Houren

Jonathan Howard

Robert Hriszko

Ding Huang

Joseph Hubbard

Ann Hughes

John Hughes

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The Building Blocks of Blockchain

Accounting and finance professionals must have a fundamental knowledge of this technology moving forward Here’s why

BY BRIDGET McCREA

There’sa lot of buzz in the business world about blockchain, cryptocurrencies, and fintech (financial technology) for the future Emerging technologies that go beyond what we use in our day-today lives can be difficult to envision and even harder to apply in practice So, here’s the bottom line: “At this point, CPAs and financial professionals should focus on the basics and simply getting to know these concepts,” says Girish Ramachandra, technology industry leader with Wipfli LLP in Chicago

BLOCKCHAIN BASICS

A blockchain is a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network,” according to IBM’s “Blockchain for Dummies ” The assets can be tangible (i e , a property, vehicle, cash, or land) or intangible (intellectual property, patents, copyrights, or branding) “Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved,” IBM states

At its simplest, a blockchain is a digital file where data is stored Through an open ledger, blockchains contain data that’s distributed across various computers This differs from traditional ledgers,

where information is stored in a single database and then in most cases processed by a central figure (e g , a person, organization, or government)

Because a blockchain involves multiple users, computers, and databases, it creates a multilayered transactional environment that’s theoretically more secure since the contents are immutable, accessible, and verified by user consensus

Within the blockchain ecosystem, the cryptocurrency Bitcoin is the most mainstream example of the technology in action Blockchain is the foundational technology that facilitates cryptocurrency transactions, which are reported and archived to shared public ledgers that verify each and every transaction

TAXING MATTERS

For many CPAs, their first foray into blockchain technology may be spurred by their clients’ tax returns Form 1040, Schedule 1, includes the question: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

While most cryptocurrencies have fallen from their peak valuations, trading and transactions involving them continue to increase and become more accessible and commonplace, meaning more taxpayers will be responding “ yes ” to that question

Andrew Gordon, CPA, lawyer and director of The Blockchain Institute, says accountants should, in the best interest of their clients, understand the rules on reporting such transactions

“Something as simple as a client using Bitcoin to buy a cup of coffee now has to be reported,” Gordon says

INDUSTRY INNOVATION

On the other end of the blockchain spectrum, large corporations are using it for supply chain innovation For example, Walmart began using blockchain to track organic food products from farm to fork Walmart’s U S division implemented the IBM Food Trust blockchain for tracking leafy greens following 2018’s romaine lettuce contamination problems and has since begun using it to track shrimp exports from Indian farmers in Andhra Pradesh to select Sam’s Club locations in the U S In June 2019, Walmart China announced a partnership with PwC, blockchain firm VeChain, and a local trade association and beef producer to create the Walmart China Blockchain Traceability Platform, which is focused on ensuring food supply chain safety

“Conceptually, blockchain works really well in these situations,” Ramachandra says Shoppers can use their mobile phones to scan produce on the shelves, track it back to the source and region, trace shipping, and even get product inspection reports

That said, Ramachandra acknowledges the project’s success comes from Walmart’s entire supply chain ecosystem agreeing to use that system “It will take time for smaller organizations to roll out such initiatives and for everyone to realize the benefits, what the efficiencies are, and what transformations they can make using blockchain,” Ramachandra says

BANKING ON BLOCKCHAIN

The opportunities to apply blockchain in finance and accounting are plentiful, but audit is one area especially ripe for a technology overhaul, says Kirk Phillips of The Bitcoin CPA™, a Certified Bitcoin Professional and AICPA instructor

“The audit process is going to become more technological in nature rather than teams of auditors doing manual tasks,” Phillips predicts, pointing to Armanino’s TrustExplorer product as proof of concept TrustExplorer provides the first-ever real-time audit report, an ACT-205 examination opinion on the reserves of TrustToken’s stablecoin TrueUSD, a cryptocurrency According to California-based accounting and business consulting firm Armanino, TrustExplorer offers transparency to stablecoin holders regarding circulating supply of tokens and escrowed assets backing those tokens In other words, the web application verifies that TrustToken’s U S dollar reserves are equal to or greater than the TrueUSD tokens issued

“Prior to this service, TrustToken would hire an auditor to do a traditional engagement, which happened once every 30 days,” Phillips explains “Now, the work is automated and occurs in ‘block time’ once every 15 seconds, which is the average time a block is added to the Ethereum blockchain ”

WHAT’S AHEAD?

“There are many different future opportunities for blockchain in finance and accounting,” Gordon says He sees more and more companies accepting cryptocurrencies and making digital

payments because these transactions can be settled within minutes (versus days or weeks) and involve multiple verification checkpoints along the way, making them both secure and reliable He also envisions a time soon when tax returns are prepared using data from blockchains and the technology is used to update and reconcile financial statements as transactions take place

“Accounting is all about recording data, looking at the past data, reconciling the data, and reporting on it,” Ramachandra says “If you look at blockchain from that perspective, I would say blockchain is an accounting technology CPAs should focus on what blockchain is, how it works, and why it’s important Blockchain data is basically preaudited that’s a significant difference from traditional approaches ”

As the world continues to shift from physical to digital documents, dollars, data, and more, Phillips says the accounting and finance fields will be pulled right along with it Stablecoins like TrueUSD, for example, represent a new class of cryptocurrencies backed by a reserve asset and centered on offering price stability “Stablecoins are basically a digitized version of the U S dollar, and there’s a whole world emerging around this concept,” Phillips explains “This is just one of several catalysts that promise to bridge the old world and the new world of money ”

It’s not much different than what happened when innovations like the internet, email, and smartphones came on the scene “At first, there’s always some confusion,” Phillips says, “but eventually it just becomes something we all use It will be the same with blockchain ”

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The Bots Are Coming

Getting robotic process automation right should be CPA firms’ future focus.

BY LISA WILDER

Doesthe possibility of robots in the workforce send chills down your spine? Whether you fear a robot uprising, or you ’ re just scared a robot might take your job, robotic process automation (RPA) can be a daunting prospect But the reality is that embracing RPA is unlikely to result in a scene from “I, Robot ”

In your office, the tasks most likely to be automated are boring chores, like payments processing or account reconciliations things you’ll likely be thrilled to hand off to an artificial mind The bottom line on bots is that RPA offers the tantalizing possibility of saving money and time while allowing workers to focus on more challenging and strategic tasks that require human skill and nuanced decision-making

At the most basic level, RPA is what it sounds like: a way to automate routine and repetitive work using software bots So, it should come as no surprise this technology is gaining prominence and importance in the business world The global market for automation technologies like RPA is growing by 20 percent a year and is estimated to reach $5 billion by 2024, according to Deloitte’s 2019 report, “Automation with Intelligence ” What’s more, Gartner’s 2019

paper, “Predicts 2020,” estimates organizations will be able to lower operational costs by 30 percent by 2023 by combining automation techniques with redesigned operational and human processes

With its potential for increased efficiencies, what could RPA mean for you? Chris Denver, CPA, MBA, national assurance practice director at International Financial Group, says it’s worthwhile to begin with discussing “the elephant in the room ” what bots could mean for hiring and recruitment of future accounting talent

“Can a bot replace a public accounting firm partner who has to exercise a lot of judgment in determining whether he or she believes a client’s financials are free of material misstatement? No And the technology will never get to that point,” says Denver, whose firm consults on and designs tailored RPA solutions for a range of financial clients “But could it mean the next hiring class doesn’t have to be as large? Possibly ”

His point: Future accounting professionals should consider building RPA skills, and current CPA firm leaders shouldn’t wait for new graduates to tell them about RPA Here’s what decision-makers need to know now:

WHAT’S A BOT?

Maybe the better question is where’s a bot? You’ve probably already encountered bot software as a consumer or possibly when studying the customer-facing functions of various clients The travel industry, for instance, has become a major user of so-called chatbots, which essentially execute predetermined conversations with customers to make reservations or solve customer service problems

For accounting firms, a bot application can be as simple as directing a potential client to the right person to contact at the firm, or to perform data capture and reconciliation replacing human taskwork that might take staff hours or days to do What a bot isn’t is a solution for ambiguous tasks or functions requiring complicated judgments and decisions requiring weigh-in and review

WHAT CAN BOTS DO?

According to Jeff Aldridge, intelligent automation leader at EY, automation could help many organizations reach their long-term operational goals Leaders should approach RPA with a specific outcome they hope to achieve “What is your purpose in implementing automation? Is it efficiency and cutting costs or reducing head count?” Aldridge asks “Or could it free up an organization’s best people to do more value-added tasks?”

Generally speaking, bots can automate repetitive, static processes and functions that do not require human judgment With this in mind, large firms might consider an RPA approach among not just one but all departments burdened by repetitious tasks even the smallest firms can find value in automating at least some repeat tasks Why’s that?

Denver notes that as accounting firms and other professional service providers move toward more fixed-fee arrangements, strategic bot installations can cut costs in ways that allow them to focus on potentially more lucrative, high-value services

WHERE TO START?

Aldridge warns that even the simplest bots require customization based on the technology ecosystem they’re placed in “Each organization has unique processes and supporting systems that such bots need to access, ” he explains, which means your first step in the process should be designating “ a strong C-suite champion” who leads a discussion about the purpose and goals of automation overall before leaping into buying or building bots “It’s important to begin with a broader business case to justify the initial infrastructure investment and to see how such technology may be leveraged across the organization,” he adds

HOW MANY BOTS?

According to Aldridge, an average bot can accomplish up to three discrete automations intended to be run separately, which is why large organizations may run hundreds of bots “RPA works 24/7,” Aldridge explains, “but the one thing they can’t do is two things at once ”

Because of that, task scheduling is as critical as bot maintenance Denver adds that bot software can be very “fragile,” as the smallest change in the application’s ecosystem can slow or completely derail its functionality One example: If a bot pulls in information from a website that has recently been redesigned, even a seemingly small tweak like a form field name change could stop a bot cold Denver stresses that bot function needs to be constantly monitored not just for accuracy but for any change in their interaction with other

software Simply put, when tasks change, bots need to change “There needs to be a shelf life built into bots,” Denver cautions

HOW MUCH DO BOTS COST?

Since bots need to be designed for the software environment they’re living in, they require customization EY, which in recent years has applied RPA within its own infrastructure, offers a rough average estimate of what bot startup costs: A bot that performs up-to-three discrete functions requires a hardware investment (mostly servers) of around $20,000, a software investment of approximately $15,000, and development costs nearing $50,000 That said, Denver estimates some bots can be designed for considerably less or more based on purpose and needs While current technology and budgets often require a focus on simpler tasks, that will also change in the future The basic equation to justify the cost of investing in bots begins with accounting for staff time and compensation saved

WHERE TO LEARN?

Reading about artificial intelligence and RPA technologies and attending seminars helps, but it also pays to watch RPA development among peers and clients Sometimes the best learning is hands-on Aldridge points to Gartner statistics indicating 60 percent of companies with more than $1 billion in revenues have already started their RPA journey, adding that by 2022, it will be close to 85 percent

“One of my largest clients right now is a $20 billion manufacturer who is trying to be the most automated finance organization in the world by taking 50 percent of its current finance (human labor) hours out through automation,” Aldridge notes Meanwhile, EY has installed some 2,000 bots throughout its global operation, 700 of which are aimed at making internal operational tasks more efficient, including in finance and HR, making EY one of the largest users of RPA in the world, according to Aldridge

In other words, some of your own clients may be able to offer deep insight into bot technology

WHAT’S NEXT?

Gartner describes the current state of RPA as “toolboxes where customers are expected to build their own automation ” But rather than focusing on the construction, Gartner suggests that organizations spend more time thinking about goals because technology will change faster than long-term targets

In fact, Denver says that we ’ re not far away from a time when bots will become so sophisticated that they’ll be able to learn how to improve their performance and functionality That means the future leaders of the accounting industry don’t necessarily need to become computer engineers, but they’ll need to better understand technological evolution and how it can improve their performance

“One of the things that public accounting firms really ought to be looking for now are graduates with RPA skills at some level,” Denver suggests “A good cultural fit is most important in hiring, but it’s also going to be important to recruit professionals who have a greater comfort with technology and possibly some hands-on skills ” Further, Aldridge recommends recruiters focus on new graduates who arrive with business strategy and decision support skills that bots don’t yet possess and let bots do the rest

After all, who doesn’t want a new, quiet coworker who does all the boring drudge work? So, hand over your mind-numbing number crunching and paperwork and welcome the bots to work

ON BECOMING FUTURE READY

Upskilling is key for young accounting and finance professionals aiming to drive business success and future-proof their positions as the most trusted and strategic business advisors.

BY CLARE FITZGERALD

According to the 2019 “Closing the Skills Gap” report from Wiley Education Services and Future Workplace, 64 percent of HR leaders surveyed say there’s a skills gap in their company up 12 percent from their 2018 findings

Given today’s pace of change, companies have no choice but to invest heavily and quickly in developing their workforces for the future and the accounting and finance profession is no exception In just one example, PwC recently announced a $3 billion investment to upskill its global workforce of 275,000 employees over the next three to four years

As organizations large and small across industries strategize to prepare their talent for a tech takeover, young accounting and finance professionals must make concerted efforts to capitalize on every opportunity to develop competencies and mindsets that will make them coveted resources and future leaders in an evolving business world That means prioritizing upskilling in key businesscritical areas, according to the accounting and finance leaders interviewed for this feature, which they say will help young professionals stand out as high performers and evolve into the new faces of the profession

The Technology Connection

Advancing and constantly changing technology is one of the main drivers of skills gaps In Robert Half ’ s 2019 “Future of Work: Adapting to Technological Change” report, 47 percent of more than 1,200 U S managers surveyed said they expect the rise of technological advancements such as artificial intelligence and robotics in the workplace will require their team members to learn new skills

“Every company will need to be a tech company in the future,” predicts Brian Blaha, CPA, growth partner at Wipfli LLP and a director on the Illinois CPA Society’s board of directors “Professionals will need to be familiar with various technologies and understand how technology can enable us to be innovative in how we deliver services and connect with our customers ”

Fellow Illinois CPA Society board member Josh Lance, CPA, CGMA, managing director of Lance CPA Group, agrees that it will be important for accounting and finance professionals to combine technology proficiency with an understanding of how technology can improve the user experience “Whether it’s as simple as video calls or cloud computing, younger professionals need to not only learn how to use technology tools but also how those tools add value for their clients,” he says, pointing out that identifying and enhancing value requires professionals to expand their knowledge beyond the technology they use daily

“Sometimes you can be in a bubble if you ’ re just using the technology at your firm It’s important to know what technology challenges other businesses and your clients are facing,” Lance continues Getting out of the office, talking to other professionals, and attending conferences are a few ways to maintain your awareness of changing technology and how it will affect your interactions with clients

The Strategy of Soft Skills

As automation and other advancing technologies become more widespread, upskilling will extend beyond technology According to Robert Half ’ s study, half of U S employers expect to see increasing demand for soft skills, such as written and verbal communication, collaboration, emotional intelligence, leadership, and creativity According to Blaha, accounting and finance professionals who can combine technology and soft skills with

financial acumen and a business mindset will be in high demand as clients increasingly need CPAs who can help them grow and sustain their businesses

“The CPAs of tomorrow will need to go beyond financial statements and compliance work They’ll be attesting to all sorts of things, and they will be involved in decisions related to supply chain, cyber, business operations, and more all while maintaining the trustworthiness that CPAs are known for,” Blaha stresses “Client surveys tell us they are looking for proactive, forward-looking advisors who can get results ”

Helping clients make good business decisions and understanding what they want is key to client retention, Lance adds: “Clients want help and assistance for the real-time world ”

Expectations are growing on the corporate side, too Corporate finance teams are no longer pencil-pushing reporters of financial results, says Anna Gomez, CFO of the Chicago-based advertising agency Leo Burnett Group: “We play a role at the forefront of the agency We’re involved in operations, corporate strategy, and running the business ”

Succeeding in that expanded role requires finance professionals to have a strong base of technical knowledge to fulfill compliance needs and a collaborative spirit to work with other departments and build a reputation as a trusted and strategic partner “Young finance professionals often mistakenly see the role as churning through back-office work, but they need to learn how to work in a team environment,” Gomez says “It’s not just about individual output ”

Developing a strategic mindset and having a deep knowledge of the business are also crucial to success in tomorrow’s finance world “You need to own the numbers, but you also need to understand how the numbers and metrics drive day-to-day business decisions Understanding the analytics that you ’ re presenting gives you a voice in making those decisions,” Gomez explains

Habitually being part of business conversations and understanding how other departments work helps raise your profile in the organization Leo Burnett’s finance team is involved in rate setting, negotiations, and staffing, and collaborates with the creative and account teams Gomez says some departments used to wonder why finance was in certain meetings they don’t anymore “The organization doesn’t make any decisions without finance now, ” she says “They know the value we bring We earned that seat at the table by being available and demonstrating the importance of finance’s point of view ”

Going Beyond Accounting

Developing the ability to provide strategic analysis and insight often means breaking out of the stereotypical CPA mindset

“CPAs can get stuck in cyclical patterns and habits The best way to break out of that is to constantly ask why things are done certain ways, ” Lance says, adding that professionals at all levels can and should cultivate an inquisitive mindset “Asking if there is a better way to accomplish a goal can help you avoid the ‘this is how we always do it’ mentality ”

It’s also important to find and build relationships with people who share that curiosity and are open to new ways of doing things Lance encourages young professionals to find fresh ways to expand their networks, such as meeting people for coffee to talk about industry changes and hear different perspectives that you can apply to your own work “Finding and talking to people doing innovative things in the industry, inside or outside your organization,

can help you learn new things and open up greater opportunities for you, ” he says

Successful upskilling ultimately hinges on a commitment to continuous learning “Today’s professionals need to be lifelong learners and they need to invest in self-directed learning,” Blaha says With a wealth of low-cost, easy-access programs through the Illinois CPA Society, other professional organizations, and on the internet, CPAs have no excuse for not expanding their knowledge base

Blaha also encourages younger professionals to follow and build on their natural curiosities “Don’t wait around for someone to tap you on the shoulder or to stumble upon your passions,” he advises “Have the mindset that you can direct your career to things that you are passionate about If you have an interest area, then work on becoming known in that specialty Lean in and earn recognition internally and externally by writing thought leadership pieces and finding other people with common interests Those are the types of activities that get you noticed and can give you access to new opportunities ”

Lance agrees that whether you work in corporate or in public accounting, establishing yourself as a thought leader and change agent helps you stand apart from your peers “You need to take the initiative to investigate how you can be a leader in the industry,” he says, adding that speaking, writing articles, and serving in industry organizations are great ways to share and test your opinions “Putting yourself out there allows you to chart your own path and be part of making and leading change ”

Gomez adds that accounting and finance professionals sometimes need to make an extra effort to get out of their shells and learn the soft skills that will help them develop into tomorrow’s thought leaders “Finance professionals of the future won’t be those who like to just sit at a desk,” she cautions

Organizing Organizational Support

While professionals should own their continual development, employers do their workers and their organizations a disservice when they don’t step up to help To retain top talent and drive business success, employers need to create upskilling opportunities and support the professionals who are committed to continuous learning

In fact, Blaha says firms need to protect those high-performing future leaders from getting poached by other firms “The job market is so competitive, you need to show you are invested in their success, ” he says “Providing robust leadership reviews and additional coaching and educational opportunities can show new hires and existing staff that the organization is committed to helping them acquire new skill sets and navigate change ”

Helping employees learn about new technologies also is important Whether it’s through in-person seminars, online courses, knowledge transfer from consultants and subject matter experts to staff, reimbursement for professional certification costs, or working with a mentor, organizations must provide timely training to stay ahead of the curve

Simply sitting down to a conversation with staff also helps guide upskilling Gomez, for instance, talks to her staff individually about the future of the industry and the professional environment And one of the things she tells them? “The industry has changed so much You need to maintain the technical skills but also learn how to build relationships and develop confidence in your ability to make an impact Learning that early in your career sets you on a successful path ”

Revving Up Recruiting in the New Roaring 20s

Recruiting and retention has historically been a top issue for CPA firms. Here’s a new talent strategy for the next decade.

BY KRISTINE BLENKHORN RODRIGUEZ

As accounting firms of all sizes take aim at strategic growth in a fresh decade, many are facing a historical challenge finding the right team

“This is the tightest labor market we ’ ve seen in years, ” says Ann Guerra, vice president and metro market manager for Robert Half Finance & Accounting in Chicago “Unemployment is the lowest it has been in 50 years, which is great, but it’s making it much harder to find talent in the marketplace It’s a candidate’s market ”

In a new Robert Half Finance & Accounting survey of CFOs, 93 percent said it’s challenging to find skilled candidates for professional-level positions As a result, respondents said their search could take a month or more to fill staff-level accounting or finance positions and five weeks to hire for management-level roles

Another survey from the firm found nearly six in 10 job seekers (59 percent) have received two or more offers simultaneously when applying for jobs

The takeaway: Many firms are having to get creative to gain a competitive advantage in signing the best and the brightest From expanding the candidates you ’ re considering, to fine-tuning culture, to harnessing the latest tech, here are some ways to build your dream team in a tight labor market

Untapped Talent

Janel O’Connor, chief human resources officer for professional services firm Sikich, has watched the hiring sea change “I entered this profession when you posted an ad in the newspaper, candidates flowed in, and you picked one, ” she explains “We’re so far from that now ”

Firms are increasingly looking at groups they might have traditionally overlooked years ago “In a market like this, you don’t want to beat your head against a brick wall Look for groups that are talented but have not traditionally been as sought after,” encourages Tiffany Dougherty, founder of Ardent Services, who has built her career on recruiting from the military; women ’ s, LGBT, and minority groups; and more

Military Might

“Who wouldn’t want a candidate from a culture where the motto is ‘Be all you can be?’” Dougherty asks “The level of urgency and attention to detail required in the military is a great fit for accounting and finance No one gets through the military by being just okay or skating by, so you ’ re getting a candidate used to giving 100-plus percent ”

Erik Casarez is proof of that mentality A former Green Beret, he and wife Rebecca own ProAdvisor CPA, a Silicon Valley-based accounting firm “A lot of the things I learned in my military career didn’t translate to me becoming a financial analyst at Goldman Sachs But what I lacked there I made up for in leadership skills and life experience, which go far beyond what your average job candidate brings to the table,” Casarez says, adding that his military experience taught him to solve problems using out-of-the-box thinking, which ultimately translated to him and his wife creating an accounting firm that is not dependent on tax season or hourly

billing Both decisions, he says, were made to benefit the firm and its employees, but he wouldn’t have had the courage to forego the traditional model and approach without his military training

Parental Prowess

“Returnships” are on the rise in many firms as leaders recognize the value of workers who have taken time off to care for families or pursue other interests Becky Egan and her husband started their accounting firm in 2005 Having two young children, they’re more than familiar with juggling the demands of home and work, and see the skills used at home as useful at work also

“It started when we had a man come to work for us who had been home raising a child,” Egan says “He was actually a client He was a fantastic employee and it made us realize this was an untapped talent pool for us I mean, who gets the work done better than a working parent? Then we hired another CPA who had been home with her family for a few years It has worked out really well for us ”

While their returning working parents are success stories, Egan cautions that the environment has to be right: “Some large firms are just not flexible enough to make this work Most workers don’t want to jump from being home to corporate hierarchy But here, it works My babies used to come to work with me We’re familyfriendly, and we are happy to employ people who are just trying to make it all work ”

Some organizations might also find fresh talent in hiring candidates who aren’t looking for the traditional 40-hour workweek

“We see variable labor in our future model for sure, ” O’Connor says “The retiree who wants to work part-time Or, a stay-at-home parent who only wants to work certain times of the year–even someone who just wants a client or two All of it works for us, as long as they are qualified candidates with a great work ethic ”

Transitioning Talent

It’s all too easy to hold an unconscious bias against unemployed or transitioning workers, but they’re another group of talent that shouldn’t go overlooked in this market While the reasons workers

depart from their existing career path vary, many people in transition have the potential to fill important roles at the right organization

Jami Phillips, employment consultant at New Directions Career Center, helps place women in transition with companies looking for dedicated workers “We provide holistic programming and career counseling to women who need a leg up, ” Phillips says “Maybe a worker was downsized or stayed home with her kids for a decade Maybe she wants to switch careers later in life Some of our candidates are coming out of prison or have fought addictions We place women with a GED to a Ph D , and everything in between ”

New Directions holds job boot camps, where they walk women through self-exploration and identification of skills and interests, as well as practical skills like resume writing and interview prep

“I’d say we place 10-to-15 percent of our candidates in financial roles, from accounting departments to banks,” Phillips says She admits some firms initially battle skepticism but are glad they took the chance on a candidate when they look back “I have one firm that calls me regularly with their openings, telling me they need another ‘Sarah ’ We placed her years ago, and she has moved up within the company Another woman is graduating in May with a dual degree and already has a job in a large insurance company She got that dual degree, by the way, in just three years while being a single mom of two These women are motivated They want someone to take a chance on them ”

Culture Counts

Firm culture used to be considered a soft issue Not anymore The ability to both attract and retain talent millennials, especially hinges directly on a firm’s commitment to culture According to Glassdoor, culture is a top factor for job seekers today In fact, the company ’ s Mission & Culture 2019 survey shows that American millennials are more likely to value work culture over salary (65 percent)

When candidates are choosing between two excellent jobs, culture is often the deal-breaker Collaboration, diversity, integrity, respect, performance recognition, and coaching rank among the most important culture components across industries and

professions, according to findings from Glassdoor and MIT Sloan Management Review

“More than ever, people are really looking for companies that give back to their communities,” Guerra explains “It goes beyond donating to charities at the holidays It’s working together at a local food bank It’s offering internships to disadvantaged communities People want to feel connected to your mission, and that connection builds rapport within the office ”

That doesn’t mean you can skimp on the other basic elements of a welcoming office culture “You still need to stock the refrigerator, offer work-from-home benefits especially in Chicago where commutes can be 60 minutes or more relax the dress code, etc , ” Guerra says “But getting people to connect to your mission and purpose that’s where you can find the true fit ”

Tapping Technology

As filling key roles becomes more challenging, many organizations are looking to technology to help them hire the best and brightest

O’Connor says Sikich’s hiring leaders are using data analytics to think strategically and identify blind spots For instance, analytics on candidates help the firm see how diverse and inclusive the hiring pool is, which skills are available, and what they may have to provide training on

However, it’s not just about using technology internally Firms can benefit from using technology to market themselves and recruit externally For instance, UK accounting firm My Accountancy Place turned to social media when they needed to recruit a new controller Using a video featuring two of their current controllers, they let their employees do the talking, detailing their positive working experience at the company and giving potential candidates a view into the corporate culture they’d be walking into

“Social media is a must,” Dougherty says “Instagram is the new thing for the next generation of employees I have clients that insist on using LinkedIn because it’s more ‘corporate’ but that’s not where young candidates are at One good Instagram story will get you eyeballs from young talent in a way few other social outlets will ”

Technology is also benefitting retention efforts during a time when Robert Half says 43 percent of professionals plan to look for a new job in the next 12 months O’Connor says Sikich uses technology regularly to take employees’ engagement pulse: “We can break it out by direct manager and key practice area, so we can really pinpoint where people are feeling good and where we have work to do to improve Sometimes that makes for difficult conversations with leaders Sometimes we find someone who is technically excellent but maybe shouldn’t be leading a team But it brings the transparency that fosters trust in our people They know we ’ re on it and we care about their employee experience ”

While there’s no quick fix for the talent troubles the profession has historically faced when candidates have as many choices as they do today, exploring new tools, expanding your potential candidate pool, and building a healthy company culture can rev up your recruiting and retention results in this millennia’s roaring 20s

BREAKING THROUGH THE GLASS CEILING

How women in accounting and finance can break barriers and become rising powers in the profession.

BY CAROLYN KMET

In the 1950s, women accounted for less than a third of the American workforce Today, the Bureau of Labor Statistics says that figure is close to 50 percent Thankfully, today’s workforce is much more diverse, but it was a long time coming and there’s still a lot of ground to cover to move more women into the leadership ranks

Within today’s financial services sector, women make up 61 percent of accountants and auditors, 53 percent of financial managers, and 37 percent of financial analysts Unfortunately, that level of participation doesn’t extend further According to a report issued in 2019 by Deloitte, the proportion of women in leadership roles within financial services firms is a mere 22 percent and is projected to reach just 31 percent by 2030 While those numbers arguably represent significant progress, it’s still a long shot from parity

From a lack of role models, to the unconscious biases of business leaders, there are a variety of reasons why women have struggled to climb the corporate ladder It’s time for that to change For any woman who hopes to one day sit in the C-suite, here are some of the challenges you will face and how you can build your executive presence despite them

Illinois CPA Society member Julia Haried is a consultant with Deloitte Consulting LLP She also happens to be a Forbes 30 Under 30 honoree thanks in part to her co-founding MakerGirl, an organization focused on encouraging young girls to pursue STEM fields Her inspiration? Her mother

“When my mother attended high school in suburban Chicago in the 1970s, she was the only female student in her General Woods, General Metals, and Architectural Drawing classes,” Haried recalls “She had to have the desire and the will to ask to be included ”

Inclusion aside, once Haried’s mother successfully completed her courses, she had nowhere to apply her new skills Architecture was not a welcoming profession for women at the time In fact, many professions then were “off limits” to women

“There was the stereotype that women weren’t interested in STEM or related fields There was the notion that women weren’t good at math,” says Dorri McWhorter, CPA, MBA, CEO of YWCA Metropolitan Chicago and chairperson of the Illinois CPA Society Board of Directors “Those types of stereotypes, unfortunately, influenced the professions that women went into ”

T o d ay ’ s C h a l l e n g e s

While the number of women in the financial services sector has steadily grown, there’s still a bias, unconscious or not, making it difficult for women to reach leadership positions “The field of public accounting, for example, has typically had challenges retaining women We see fewer women get to the highest levels of leadership or at least not in the same numbers as we see our male colleagues ascend,” says

F Castle, CPA, managing partner of RSM US LLP and the firm’s Washington Metro market leader and government contracting national industry practice leader

This hurts not just women but the organizations that employ them Castle, who also leads RSM’s women ’ s initiative, which is part of the firm’s culture, diversity, and inclusion program, believes the lack of diversity is a business risk “There is a tremendous amount of research that proves pretty unequivocally that the more diversity of perspective gained by having more women in leadership, as well as by having a more diverse population in leadership, the better your organization will be, the more profitable you’ll be, and the more innovative you’ll be,” Castle stresses

Additionally, the lack of women in the C-suite tends to be a self-reinforcing cycle when the only leaders employees see are men, they’re likely to subconsciously associate leadership with men “In STEM fields, like many other male-dominated fields, you see fewer women in leadership due to unconscious bias and systematic barriers,” says Sheila Murphy, president and CEO of Focus Forward Consulting

Consider the concept of sponsorship, a relationship where someone, typically in a senior position, actively champions an individual’s capabilities and skill sets, and promotes them for opportunities “Most people tend to sponsor people who look like themselves,” Murphy says Fewer women in leadership roles translates to less mentoring, less diversity, and therefore fewer sponsorship opportunities for other women

Worse even: There are still negative assumptions that shade the rise of women into leadership roles

“Many women who have been wildly successful are also the ones who might be labeled as cold or cutthroat at first glance,” says Cathy Miron, president and CEO of eSilo “The reality is that no matter your gender, success requires a certain amount of grit and fortitude to survive the climb to the very top of your field, but I feel women are more harshly judged than men ”

Denise Broady is COO at WorkForce Software, a Fortune 500 company Even at this level, she experiences gender stereotyping “Unconscious bias happens more often than people can imagine in the business world During one of my international trips, I was eating dinner with a group of male colleagues, and one of the top executives asked me what I did with my children when I traveled,” Broady recounts “Instead of giving into the stereotype, I responded with, ‘What do you do with your kids?’”

As uncomfortable as it may be, it’s critical to acknowledge and address these situations head-on and to continue advocating for equity in the workforce

“We need to train people on how unconscious bias impacts assignments, feedback, performance reviews, and mentoring,” Murphy says But there is hope for change More women in the workforce are speaking up, and many companies are actively working to ensure organizational diversity Additionally, a shift in

Dara

the corporate culture, away from the work-is-life mentality, is helping to tip the scale

“Historically, the financial services profession demanded time commitments Moving up the corporate ladder meant working long hours, period,” Castle recollects “As our profession moves toward a more flexible work environment, women are better able to achieve a worklife integration where they can have a fulfilling personal life while pursuing their professional goals and passions ”

T o m o r r o w ’ s P r o m i s e

As corporate culture changes and more women find powerful voices and advocate for themselves, a larger systemic shift follows Many organizations and schools are now actively targeting girls at a young age to introduce them to STEM programming and other maledominated career paths

“There is a concerted push by technology companies, industry groups, and educators to encourage women to pursue technology careers and to rise into the leadership ranks,” says Dorota Shortell, CEO of Simplexity, a product development engineering firm “My daughter has had the opportunity to learn about coding and engineering as early as grade school, whereas I didn’t do that until I was in college ”

At the YWCA, McWhorter re-launched TechGYRLS, a youth empowerment program designed to raise girls’ interest and confidence in the critical areas of science, technology, engineering, arts, and mathematics “The focus is on eight-year-olds because, statistically, that’s when girls lose interest in mathematics,” McWhorter explains “By exposing them earlier to these fields, they understand that they don’t have to feel excluded from these areas and professions ”

Across all generations, McWhorter says it’s important for women to stand for what is important “We have to unabashedly talk about what we stand for, what we believe in Women can be accountants Women can be innovators,” McWhorter emphasizes “I want young women to know that who they are matters, and that their experience and perspectives are just as valid and important as anyone else’s ”

T h e C l i m b A h e a d

Though there’s growing societal awareness of the barriers women face in the workplace, earning a seat at the table is still an enormous challenge Shortell says young women who want to gain executive presence should actively engage coworkers, build valuable connections, and be willing to speak up about leadership goals “Look for opportunities to demonstrate and practice your leadership skills, whether that’s through outside professional organizations or serving on committees inside your company, ” Shortell recommends She adds that emotional intelligence is one of the main factors in distinguishing good and bad leaders, so she encourages young women to improve their people skills, learn from mentors, and to pursue professional development throughout their careers

From personal experience, Broady recommends taking risks at the start of your career to build your skill set early on After all, the worst that can happen is a minor setback, she reasons “Take the risks and have an open mind to learn as much as possible early in your career so that you can step into more impactful roles later in your career, ” she says “At the start of my career, I always thought that promotions and titles were an indication of career progress, but there were a few lateral moves, even in my 30s, that really paid off I had a solid background in consulting, business development, and marketing, but adding a couple of years in a lateral move to run operations enabled me to step smoothly into COO roles in my 40s ”

Castle adds that young women who know who they are who have defined goals, values, and experiences are destined to advance the most “When you know who you are, when you know what you stand for, when you know what your purpose is, when you are committed to your core values, you exude confidence that is perceived as executive presence, ” Castle says Expanding on that thought, Miron stresses that it’s important for women to cultivate a personal and professional brand that displays confidence and competence, while also showing that they’re approachable, nurturing, and friendly “Don’t be intimidated if you are the only woman in the room be proud Be someone who thrives on the challenge of proving you can do something that others think you can’t,” Miron encourages

To accomplish this, Miron advises pulling together a support network of women mentors at work, in your family, and among your friends “The journey to the top can feel lonely at times, but having a personal board of advisors and a network of women who have faced the same struggles will help you rise and overcome whatever challenges you face,” Miron says

Despite the barriers to climbing the corporate ladder, Broady reminds aspiring women leaders not to get so focused on reaching the next rung that they don’t enjoy the journey: “Meet new people, create great friendships, inspire youth, learn from your colleagues, and make a positive impact ”

That is how change happens That is how barriers are broken That is how you unleash the power of you

Discover the Power of You

Join our keynote speaker Dara F Castle, CPA, and other powerful women in accounting and finance for a candid conversation on enhancing gender diversity, cultivating your personal brand, and tapping into your self-confidence to break down traditional boundaries and unleash the power of you

Women’s Leadership Forum

October 23, 2020 | Radisson Blu Chicago

NEW CPAs CONGRATULATIONS!

A

Michael Abadir

Robert J Abraham

Jared R Abramowitz

Christopher P Abruzzo

Mohamed M Abu-Shaaban

Elise Ackermann

Philip Acquah

Conner Adams

Edessa Adde

Nicholas Adduce

Steven G Adler

Andrew S Advani

James A Aglikin

Jennifer P Agrawal

Amaar Ahmed

Syed Y Ahmed

Ogochukwu I Akpan

Hugo Alaniz

Michelle C Alano

Malik R Alansari

David M Alberts

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Feda Alhammouri

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Antonio Alva

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Carter Amundsen

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Tyler M Angers

Robert M Angiulo

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Peter F Arriz

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Ashton Atkins

Chun Ching Au

Kyle A Ause

Nicholas Aylmer B

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Michelle Bahou

Abedalfattah Bahri

Sudip Baidya

Amit K Bajla

John W Balas

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Banila

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Vjosa Banushi

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Constance Barkoulies

Andrew Barnes

David A Barnes

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Elizabeth A Barrett

Joseph E Batis

Matthew B Bauerbach

Daniel P Bauers

Eric A Baumbach

Henry M Bayego

Ryan Beachler

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Daniel P Bensen

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Denis Berry

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Elzbieta E Biedziuk

Scott K Bieniasz

Joseph G Bigenwald

Peter J Biondi

Jess Birtcher

Natalee Black

Tyler L Black

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Michael Blaszczyk

Jamie E Blechschmidt

Matthew D Bloom

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Jonathan R

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Michael J

Bogdanowicz

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Calla J Born

Danuta Borowska

Charles E Boucher

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Logan Buchheit

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Jessica Burns

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Joseph Busky

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Chen Chen

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Qing Chen

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Keaton Christiansen

Megan Chu

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Barbara Cienkosz

Lenny Ciowira

Kevin T Cira

Tess E Clampitt

Michael A Clark

Patrick J Clarke

Elizabeth B Claussen

Mary Grace A Cleary

Alex J Clement

Courtney L Clement

Mark F Clements

James D Cleveland

Timothy Cobert

Brett T Coffman

Kristina Colbert

Vincent F Coletti

Erin M Collins

John M Collins

Ashley Colvin

Dane R Colvin

Artemis Comet

Justin Congreve

John D Conlon

Daniel Conn

Claire T Conneely

John M Conness

Mary K Connolly

Alejandro Contreras

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Patrick D Cooney

Julia Corr

Matthew Corso

Paul D Costello

Chase H Costin

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Edward N Coyle

Jonathan R Crain

Connor S Creasey

Alison Crow

Karen R Crowder

Jennie Cruz

Brooke Crystal

Anthony Cuddi

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Kevin J Curnow

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Brooke A Cusumano

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Nicholas Dachota

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Kelly R Daniels

Katlyn Dannewitz

David Daugherty

Bailey R Davis

Matthew P Davis

Niki Dayton

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Matthew E Dean

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Patrick Desmond

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Lawrence E DiStasi

James Doan

Julija Dobrasinovic

Alexandra Dobrescu

Robert J Doherty

Thomas Doherty

Clinton A Donaldson

Whitney Donley

Steven J Donnewald

Michelle DormanSefton

Jennifer D Doss

John J Dowjotas

Anne M Doyle

Derek D Dragoo

Christopher R Drobny

Jaunita DSouza

Emily Ducey

Hannah E

Dudenhoeffer

John M Duffy

Courtney M Dzierwa E

Brian Eairheart

Weston P Easley

Paul Eckel

John C Eckhart

Nathaniel J Edison

Christina D Edlen

Morgan J Edwards

Sean Edwards

Anne M Egan

Carrie L Eggleston

Keighley Ehmsen

Jason F Eick

Madisan P

Eisenmenger

Elizabeth A Endy

Adanna C Ene

Trevor J Enger

Connor Enright

Jessica I Enriquez Rodriguez

Ashley M Epping

Mara R Erickson

Megan M Erickson

Alexander A EricksonSuzuki

Cally Johnson Escudero

Daniel T Estergard

Katelyn J Ettensohn

Brian J Eulie

Lauren Evans

Amy P Even

Jacob Evins

Diane Ewen F

Karina M Fabian

Nicholas M Fabianski

Kaitlin E Fallos

Meiye Fang

Muhammad Danish Farooqui

Callie Fasching

Jake Faucett

David R Faust

Kirsten N Feggestad

Emma N Feikens

Jared Feldman

Jared S Feldman

Colton J Feldmann

Rachael A Felton

Alexis C Fidone

Jane G Fielder

Patrick D Fine

Elizabeth S Fischer

Dexter J Fish

Brendan P Fitzgerald

David Fitzgerald

Bridget D Flaherty

Katherine M Flaherty

Lexi J Floming

Maribel Flores

Patrick Flynn

Samantha L Fogarty

Quinn E Foley

Daniel Fong

John V Foot

Elise Foresman

Ryan M Forrest

Genevieve A Foster

Daniel K Fredrickson

Tyler G Frizzo

Anna M Fuchs

Robert J Fuesel

Sarah J Funke

Ereka L Funkhouser

G

Ryan Gaffney

Adam D Galante

Natalie Galbreath

Barbara E Galinska

Mary Clare M Gallagher

Nina Galoustian

Laura M Gama

Taylor N Gamble

Gautam Ganeshan

Katie Gao

Lansheng Gao

Xinyi Gao

John L Garama

Salvador Garcia

Megan M Gardner

John H Garetto

Kevin R Gargasz

Edgar W Garner

Alliyah E Gary

Willie Gates

Christopher J Gatziolis

Madeline A Gaugler

Jacqueline E Gauthier

Paige P Gauthier

Allison Gaynor

Monika L Gebavi

Alex C Gebke

Jessica M Gee

Justin Geisler

Jared Gelb

Michael T Gemkow

Brady C Gent

Stephanie R Gentry

Nathan T Gerdes

Robert L Gerstein

Jonathan L Geske

Richard A Gevis

Jordan D Gibb

Jeremy M Giblin

Delaney Gilbert

Geoffrey M Gilbert

Michael P Gilboy

Aaron Gillingham

Kevin M Giltz

Olga Gitman

Kyrell J Gladney

Joshua R Gleason

Michael T Glomski

Elani L Godar

Colin M Goebel

Justin M Goetz

Colin S Gogoel

Fawna L Goldi-Wasson

Joshua Goldschmidt

Michelle C Golojuch

Anis Golshan

Eric D Gomach

Karl N Gonzales

Leticia Gonzalez

Gregory P Goodrich

Megan E Gordon

Tyler D Graf

David S Graham

Margaret E Graham

Ryan J Grant

Collin D Graves

Kelly E Gray

Nathan Green

Joshua E Greenberg

Tyler D Greenman

Justin J Gregory

Brian R Greiner

Michael Grenda

Elizabeth M Grile

Alina Gritsina

Dylan Grove

Brock Grueter

Yaoqing Gu

Celeste B Guajardo

Anna M Gualandri

Kyle Gudeman

Kacy C Guebert H

Todd M Haberer

Danielle M Haboush

Maria M Hada

Ritta Haddad

Armin Hajdarovic

Caroline E Hall

Joseph M Hamilton

Emily Han

Shuyan Han

Kathryn M Hanfland

Daniel H Hanley

Megan L Hanlon

Anthony J Hannes

Jessica K Hanno

Sarah L Hansen

George H Haramaras

Alexander M Hardie

William J Harmon

Michael H Harms

Austin Harrell

Stefan J Harris

Daniel A Hart

Kathryn O Hartman

Laura B Harville

Atif S Hasan

Shehryar Hasan

Matthew R Haselroth

Danielle E Haseman

Julie E Hauser

Jack Hawes

Tyler B Hawkins

Kevin P Hayes

Kristine M Hayes

Xiaoshuang He

Ziwei He

Patrick P Healy

Sarah Heaney

Dayna J Heaton

LaMichelle A Hecht

Mary R Hellerman

Rachel K Hellwarth

Madisen T Helwig

Daniel Hendrickson

Michael Hennessey

Alexander Herbold

Alexander F Hernandez

Daisy Hernandez

William Hernandez

Megan Herr

Christopher D Herrman

Erin W Herschelman

Cormac J Hesselbach

Shin Higuchi

Abraham Hill

Hannah Hingtgen

Cassidy D Hirsch

Megan E Hlava

Easton Hochstein

Jackson A Hodonicky

Michael D Hoekstra

Cullen R Hoene

Mark M Hoffman

Benjamin S Holke

Jacoby Holtz

Trent J Hootman

Grace A Horman

Alice Y Hou

ShaoYu Hou

Ryan T Howe

Abigail M Hoyt

Svetla S Hristova

Shiyu Huang

Kyle Hucker

Koert J Huddle

Katherine Hudson

Daniel P Hunt

Thaddeus J Hunt

John C Hunter

Ume-kulsum Hussain

I

Christopher K Ibrahim

Nicklaus M Ingoglia

Krista A Isaacs

Kamran Isayev

Alexandra K Isdell

Andrew Izzo

Peyton Kellner

Allison J Kelso

Jack W Kendall

Tyler R Kennebeck

Peter A Kepner

Hannah M Kern

Nicolas P Kester

Jahangir Khandwala

Rafael Kibrit

Dawid S Kielbania

Kevin T Kielma

Kaila M Kienzler

Nathalie A Kiesewetter

Hyung Sun Kim

Jisoo Kim

Joseph J Kim

JunOh Kim

Kiman Kim

Min Jae Kim

Sally H Kim

Yunhui Kim

Shelby M Kimber

Nicholas T Kinnaman

Christine M Kintner

Zachary Kirby

Cole S Kirsh

Andrew Kitay

Christopher Kizaric

Thomas Klatt

Meghan K Klemm

J

Tomasz Jablonski

Caroline Jackson

Kane K Jacob

Michael Jacobs

Jerron E Janecek

Eleanor M Jarlsjo

Alex B Jenkins

Quinn Jennings

Julia L Jeray

Yi Jia

Adrian Jimenez

Yuan Jin

Anthony G Jobbe

Alexandrea Johnson

Bradley R Johnson

Kyle S Johnson

Mark Johnson

Michael T Johnson

Terez R Jones

Valerie Jose

Thomas Joseph

Pooja Joshi

Carly J Juetten

David Jungerwirth

John A Junk

K

Grace E Kadel

Aakash Kamdar

Darshan R Kamdar

Andrew Kaminski

Jennifer Kane

Peter J Kania

Trishi Karan

David Karwowski

Matthew R Kase

Kelsey D Kauffman

Matthew T Kaufman

Eva A Kluczewski

Christian G Knight

Alexandra N Knipfer

Jae Hyun Ko

Connor P Kobida

Christina L Koch

Blake W Kocher

Joe Kody

Abigail Koepke

Neil W Kolweier

Sachi Komoda

Alex Kormos

Joseph W Kornblith

Megan Kornesczuk

Mary Koss

Julia C Koukol

Natalie Koza

Daniel Kozlak

Viktoriya Kozlovska

Grzegorz Kras

Betty J Krasnik

Aaron J Kraus

Edward W Kreienberg

Jacob R Kreul

Anna M Kross

Sara E

Kruempelstaedter

Bradley A Kruse

Susan Kuang

Taylor L Kuhns

Mathin B Kukkala

Mandar Kulkarni

Calvin J Kunkel

Kyle Kunstman

Quentin Kuntzman

Shane Kunz

Jia Shiuan Kuo

Kamil Kupiec

Sarah R Kurth

Daniel J Kuruvilla

Dhirendra S Kushwah

Kayla Y Kwak

Mary M Kwietniewski L

Manish Lakkamsani

Anisa T Laliwala

Connor S Lane

Brianne L Lang

Bryan M Lang

Matthew J Langdon

Sandy T Lange

Nicholas R Lankford

Alison M Lantos

Jack Q Larocca

Montoya Lashley

Lisa A Lavelle

Benjamin R Lavin

Luke Lavin

Steven D Lawson

Samuel C Lazaron

Ciara M Leahy

Dong H Lee

James Lee

Jin Lee

Laura Lehane

Francis C Lehner

Shawn O Lemme

Benjamin Lerman

Bryan Lesht

Mitchell Levin

Beatrice Levit

Erica Levy

Erika L Lewis

Jeremy R Lewis

Hanjing Li

Jiasheng Li

Ke Li

Tianjiao Li

Yangyi Li

Yiyan Li

Zhenni Li

Zhi Li

Calvin Liang

Jingfeng Liang

Yi Liang

Judith S Liberty

Samuel Lichtcsien

Jennifer Limbert

Alice Lin

Cuihua Lin

Kenneth Lin

Kenneth Lin

Yi Lin

Yi-Chieh Lin

Zhi Mian Lin

Braxton Lind

Aaron P Lindauer

Nicolette M Lindberg

Josephine M Lindgren

Kevin P Lindsay

Erin C Line

Benjamin Liou

Andrew T Lipka

Casey S Littell

ShirWan L Little

Joshua S Litvak

Chunchun Liu

Jiayu Liu

Ling Liu

Shijiao Liu

Susan Liu

Yuchu Lo

David W Lobeck

Brian J Loeding

Dawn Loeffler

Tyler T Lohrmann

Anna Lomeyko

Natalie J Lopez

Stephen R Lopez

Ronald N Lorenzini

Jeffrey S Lovell

Rogelio Loya

Ying-Ying Lu

Diane S Lubitov

Erasto Lucero

Abigail M Lukas

Matthew J Lukas

Sara M Lund

Katherine L Lundquist

Thomas A Lunik

Paige G Luster

Bethany Lynch

M

Xumin Ma

Yumeng Ma

Stephanie A Maas

Deania M Macak

Alexis S Macko

Brian D MacMurchy

Carina N Madoni

Austin Maggard

Anthony C Maggitt

Bridget M Maguire

Saayande R Makere

Katarzyna Malanowska

Gabriel A Malavolti

Tasneem Malik

Brandon M Mallder

Matthew Maloney

Katarzyna Malz

Gilbert G Mammen

Rachel M Maniola

Maxwell G Mans

Amanda L Mansour

Ashish Mansukhani

Yin Mao

Amanda L Mapes

Gail C Mar

Joseph I Maranan

Jennifer L Marin

Patricia Mark

Tiffany M Martel

John Martello

Catherine E Martin

Emily A Martin

Jose A Martinez

Juan M Martinez Balino

Sam M Marzo

Adam C Mass

Thomas Massman

Jennifer E Mathew

William Matos

James D Mattes

Carl Mauter-Hollenbeck

Travis J Maxwell

The Illinois CPA Society congratulates the following individuals who earned their CPA certificate in 2019.

Mitchell Stafiej

Katherine C Stankey

Alexander Stansell

Piotr Staron

Dorinda Stayton

Lunden M Steele

Spencer J Steele

Benjamin C Stefani

Benjamin M Stell

Justin R Stemler

Lindsay Stenger

Jonathan A Stevens

Cody J Stewart

Emily A Stille

Alexander G Stoff

Lindsay Stoffregen

Kailyn A Stogsdill

Kyle J Stookey

Eric M Straka

Robert Strauss

Adam W Strayer

Denilae K Strok

Steven N Strong

Stephanie J Stroot

Elisabeth Sudholt

Pietro C Suero

Brian M Suhre

Altynai Sulaimanova

Sana Suleman

Ariana J Sulzberger

Irfan K Suriya

Brendan M Surmeier

Kyle Swanson

Steven Swanson

Charles G Sweeney

Jason Sweetwood

Jordan Szczepanski

T

Aly Taha

Jonny Talavera

Yoko Tamai

Grace C Tamayo

Xijuan Tan

Minnie X Tang

CERTIFICATE RECIPIENTS 2019

Melissa Tannous

Ping-Tse Tao

Albert Wu Tarczon

Keith J Tasca

Hannah M Taylor

Lucas M Taylor

Margaret Taylor

Zachary Taylor

Karen Tellez

Teddy D Templeton

Dilshad F Tharwani

Mark C Thatcher

Pierre-Louis M Thebault

Morgan K Thimjon

Ashley Thomas

Boney Thomas

Frederick J Thomas

Julie H Thomas

Mary E Thorsen

Christina Thottichira

David M Tiberi

Spencer W Tiedge

Steffen Timmer

Michael S Timmerberg

Juan C Tino

Mayra L Tirado

Katherine J Tornquist

Hao Tran

Vi Tran

Daniel Trembacki Aikaterina

Triantafyllopoulos

Loni R Trimble

Hong Bich Trinh

Neil L Troeger

Shawna L Trunnell

Konstantinos Tsinas

Alyssa Tso

Devin L Tuch

Amy N Tuning

Bradley S Turska

Paulina M Tylka

Shannon K Ulrich

Will Unseth

Kathryn A Urchell

Daniel J Ureel

Andrew Urh

Brandon Utes

Enkhbilguun Uyanga

V

Jared M Valdez

Kyle Van Kalker

Tanner D Van Maanen

Leighann M

Van Wormer

Jill A Vandolah

Joseph J VanEekeren

Adam Vargas

Octavio Vargas

William M Vaughan

Evan Vedder

Evelyn Vela-Nunez

Paulline Velasco

Srividhya

Venkataraman

Chloe VerHoef

Mary C Vicenzi

Daniel Vincenti

Anne E Viola

Gabriel C Virdaru

Mark S Virtel

Ryan E Vitello

Geraldine H Vo

Thanh T Vo

Laura J Volkman

Miranda Vollmer

Katherine A Von Ahnen

James R Vos

Jordan J Vosicky

Tristan M Voss

Tabin Vrba

Asean Vue

Nicolette M Wagner

Paige Wagner

Cody Wahl

Anna Walker

Benjamin J Walker

Juliet Wallace

Ting L Waller

Bridget F Walsh

Mariah A Walsh

Nicole Walsh

William Walsh

Xin Wan

Xueji Wan

Chun-I Wang

Feier Wang

Hexiang Wang

Patrick D Wang

Shiyang Wang

Sihan Wang

Tiange Wang

Xiaoqian Wang

Xueqi Wang

Yuanhao Wang

Yue Wang

Yue Wang

Margaret Wanner

Kristi Ward

Katlyn E Wartner

Sineekarn

Watcharawikran

Justin Webb

Mei Wei

Wenli Wei

Caroline Weimer

Clayton A Welker

Travis Wellen

Kyle A Weller

Victoria Wellman

Erica J Weng

Stephen J Wessel

Ashley M Wessels

Benjamin S West

Ekaterina M West

Jasmine L White

Justin R White

Katelyn A White

Zachary A White

Melissa Wieringa

Kevin M Wierzba

Michael R Wilder

Lisa Wilken

Ebonee S Williams

Mark C Williams

Richard A Williams

Robert C Williams

Kelsey M Williamson

Brooke E Wilt

Maren N Wiltshire

Christian S Witek

Chun Nam Wo

Emily Woidat

Adam R Wojciechowski

Elizabeth A Wolfe

Laura A Wolff

Devin A Wolter

Jenny Wong

Michelle Wong

Derrian Wood

Andrew Woodruff

Marcia C Woodside

Scott A Woodward

Rachel N Woolever

Lynn X Wu

Yu-Hsuan Wu X

Dongyi Xia

Chuanyun Xu

Xiaotong Xu Y

Bingkun Yan

Benhua Yang

Hao Yang

Lisha Yang

Luoqin Yang

Ming Yang

Sunghyuk Yang

ILLINOIS CPA SOCIET Y 20 1 9 EXCEL AWARD RECIPIENTS

Ni Yao

Kaitlyn R Yarka

Hannah M Yattoni

Thomas A Yemc

Do Eui Yeon

Jillian Yin

Ryan K Yoshimoto

Ewa Young

Jinrun Yu

Joseph Yun Z

Jasmin Zahirovic

Syed Abid Zaidi

Amanda M Zangara

Celia Zarate Espino

Khrystyna Zatkhey

Yvette Zavala

Ryan ZeinalpoorMovahed

Pastor T Zepeda

Paula M Zerante

Haojun Zhang

Jiacong Zhang

Karen Q Zhang

Na Zhang

Rui Zhang

Xuexue Zhang

Zihan Zhang

Huimin Zhao

Wei Zhao

Yanyu Zhao

Qilong Zheng

Junyi Zhou

Qiao Zhou

Xiaoxiao Zhu

Yitong Zhu

Kevin T Ziegenhorn

Brooke C Zielinski

Jeffrey A Zimmerman

Sabina Zlotina

Monika Zmudzki

Yuanpeng Zong

Cody R Zurliene

Alexander J Zust

The Excel Award is granted to Illinois CPAs who achieved a tot al average score of 90 or more, completed all four par ts of the exam within two consecutive testing windows, and were in the top f ive percent of the scores of those who completed all the requirements in 20 19 in Illinois.

ICPAS GOLD MEDAL RECIPIENT

Nicholas R. Lankford

Univer sity of Kansas

Deloitte Tax LLP

ICPAS SILVER MEDAL RECIPIENT

Matthew Brian Bauerbach

Univer sity of Michigan

Ernst & Young LLP

Michaela J. Reinagel

Univer sity of Missouri - Columbia KPMG US LLP

ICPAS GOLD MEDAL RECIPIENT

Sydney Camille Samson

Univer sity of Michigan

Ernst & Young LLP

ICPAS BRONZE MEDAL RECIPIENT

Ryan Matthew Rosenbaum

Indiana Univer sity - Bloomington KPMG US LLP

EXCEL AWARD RECIPIENTS

Emily C. Simpson

Univer sity of Kansas Ernst & Young LLP

Scarlett Anne Smith

Indiana Univer sity - Bloomington

Ernst & Young LLP

Kristie P. Paskvan, CPA, MBA

Board Director, First Women’s Bank and SmithBucklin

Leadership Fellow, National Association of Corporate Directors

The Business Case for Expanding ESG Emphasis

Why U S corporate leaders must champion for change now

Europe generally leads the way when it comes to environmental, social, and governance (ESG) matters For example, the push for more female corporate directors began in 2008 with Norway passing legislation obliging public companies to reserve 40 percent of director seats for women In the years since, more than a dozen countries, including Belgium, France, Germany, India, Italy, Netherlands, and Spain, followed suit, passing similar quota mandates and guidelines In the U S , however, only California, Illinois, and New Jersey have taken meaningful action and a federal mandate on such inclusion remains elusive

Still, this diversity and inclusion development has not gone unnoticed in the financial world Not surprisingly, analysts, bankers, consultants, investors, and finance publications around the globe have attempted to evaluate and quantify the impact female directors have on shareholder value And while the results indicate a positive trend, the most strategic organizations and corporate leaders have already moved beyond focusing solely on shareholder value If your company hasn’t revised its key performance indicators to include various ESG aspects, including not only elements around board diversity but also climate change and employee benefit programs, I contend it’s already behind

Consider the following: The World Economic Forum in Davos has always been a hub for innovative ideas around corporate purpose and actions, and 2020’s meeting was no different The entire event loosely focused on “stakeholder capitalism,” asking investors to stand shoulder to shoulder with customers, communities, employees, directors, creditors, unions, suppliers, and governments by expanding their focus from shareholder profits to ESG matters and a system that benefits all stakeholders Last fall, Business Roundtable, a Washington, D C -based nonprofit association whose members are CEOs of major U S companies, redefined corporate purpose as “to promote an economy that serves all Americans ” BlackRock Chairman and CEO Larry Fink’s annual letter to CEOs this year spoke earnestly about climate change and the expected effect on the global economy Fink also warned that his firm, which has some $7 trillion in assets under management, would avoid investments in companies that have a high sustainability-related risk going forward

With this shift in focus away from just profits toward a larger combination of ESG values, all stakeholders, but especially institutional investors, are looking for data on public and private companies Public companies are increasingly being rated on ESG initiatives by proxy advisors like Institutional Shareholder Services (ISS) and Glass Lewis In turn, institutional investors and research analysts use this data for investment evaluation If your public company isn’t reporting on all of its ESG efforts, it likely isn’t ranking as high as companies

that are exceeding expectations by demanding their supply chain partners invest in environmental and conservation efforts; establish flexible work and wealth-building programs for employees; and upgrade diversity, inclusion, and executive compensation practices The bottom line is that collaboration across the stakeholder chain is necessary to create maximum impact and corporate leaders should be evaluating all kinds of options And while ESG policies are expected in the public company space, private companies should anticipate the same critical evaluation of their policies and practices

Consider these ESG questions reviewed by proxy companies:

ENVIRONMENTAL

• Does the company have an enterprise-level environmental policy?

• How is the company influencing actions by vendors and partners all along the supply chain?

• Has the company disclosed a climate change policy that specifically addresses risks, counterparty exposures and related business strategy, and financial planning?

• Does the company disclose water usage or water recycling program metrics?

SOCIAL

• Does the company disclose its human rights policy?

• Does the company have labor rights policies, including formal grievance channels? Does this include all operations, suppliers, vendors, and partners?

• Does the company publicly disclose data on workforce equality connected with gender, race, ethnicity, nationality, religion, LGBTQ, or other potentially protected classes?

• Does the company state a commitment to a fair and living wage for all employees?

GOVERNANCE

• Is the board chair an executive director or a non-executive director?

• Is executive compensation tied to ESG factors?

• What proportion of the board has a lengthy tenure? What proportion is diverse?

• Are shareholders informed of each board member’s attendance to board or committee meetings below 75 percent?

• What is the size of the CEO’s pay as a multiple of the median pay for peers?

These are just a few of the hundreds of questions requiring greater disclosure Annual report sections on ESG are expanding as additional topics are added each year Some key takeaways are that stakeholders want to see real action where climate change is involved, all the way through the supply chain They are expecting companies to hold their vendors and partners accountable for the policies each has in place and if the policies aren’t environmentally friendly, stakeholders expect a change to be made As large companies expand their policies and disclosures Microsoft recently announced a plan to be carbon negative by 2030 anticipate stakeholders’ expectations for all companies to rise with the tide This is true in the social and governance verticals as well Other examples of companies that have adopted expanded ESG policies include Delta, which instituted a new profit-sharing plan which reportedly gives each employee an additional two

months of compensation, and UBS Asset Management, which added an evaluation of sustainability and environmental concerns for all of its actively managed portfolios

As awareness and interest in ESG has increased, so have concerns about “greenwashing,” where a company conveys a false impression of its environmental friendliness, have grown Think of Volkswagen’s clean diesel scandal, or Nestle’s claim that its cocoa beans were sustainably sourced Organizations who hope to reap the benefits of the appearance of being ESG conscious while cutting corners behind the scenes should beware

But signs that ESG emphasis is not a trend are on the rise In Chicago, the city treasurer’s office announced that financial firms looking to manage a portion of the city’s $8 5 billion portfolio must “demonstrate commitment to diversity hiring and social responsibility under a newly launched scorecard system ” Further, organizations like the Thirty Percent Coalition and 2020 Women on Boards now exist to help diversify and expand the board director pool for women, a governance expectation that can no longer be ignored

For those of you at public companies, I suggest you assess all the materials that ISS and other proxy firms are reviewing You likely aren’t telling your organization’s whole story The momentum shift toward an ever-expanding ESG emphasis is creating an opportunity for companies that can be proactive and innovative in incorporating and evaluating ESG aspects in their business practices By making decisions based on the good of all, rather than just the good of shareholders, corporate leaders can create opportunities for everyone to benefit along the continuum of doing good and that brings more value to the entire organization

Mark J Gilbert, CPA/PFS, MBA President, Reason Financial Advisors mgilbert@reasonfinancial com | ICPAS member since 1982

Building Women’s Wealth

To attract and retain women clients, CPAs and financial advisors must account for the unique differences between the way women and men save and invest.

Money It makes our worlds turn In the corporate world, financial decisions are typically made quite rationally using tools like discounted cash flow analysis and net present value There is or at least should be less of an emotional component to strategic decision-making because the primary goal is clear: maximize profitability or shareholder wealth In the personal finance world, however, separating emotion and rationality isn’t quite as easy

The creation and spending of personal wealth often carries with it the weight of our childhood memories and parental influences, lifestyle choices, educational level, family status, relationships, societal norms, and probably thousands of other influencers if we query further As strategic advisors, we need to be aware of these dynamics and account for them when providing clients with recommendations to improve their financial positions particularly when it comes to the growing segment of women investors

Their increasing wealth, and therefore need for personal finance and tax advice, presents a unique and important business development opportunity Countless studies highlight the differences in financial decision-making between men and women And while there are certainly exceptions to most rules, we cannot ignore the individuality of each client when advising them In fact, we become better advisors when we ’ re aware and acknowledge the specific needs of each of our clients and tailor our recommendations to them So, with that said, here are some generalizations worth observing if you want to better serve women clients

WOMEN LIVE LONGER

In January, the Centers for Disease Control and the National Center for Health Statistics reported that U S life expectancy increased in 2018 for the first time in four years The new statistics peg a woman ’ s average life expectancy at 81 2 years and a man ’ s at 76 2 years Anecdotally, I find these statistics unsurprising I would guess most of us know more widowed women than widowed men both in our personal and professional lives Heck, a visit to a retirement community dining hall would likely confirm this After reviewing my own client base, I realized that 60 percent of my ongoing comprehensive client relationships are either women-only or women-driven

The practical takeaway is that the advice we provide women clients should generally skew toward a longer life expectancy In my practice, I typically plan for a woman ’ s retirement through age 95 and a man ’ s through age 90 A recommendation I make in light of this is to defer pension benefit elections to the latest commencement start date and Social Security to age 70, which should aid in providing a woman or surviving wife with the largest monthly benefit

WOMEN ARE MORE RISK-AVERSE

Since at least 1996, multiple studies of men and women investors have concluded that women, on average, invest more conservatively than men The findings make it simple to state that women are more risk-averse, but the reality is more nuanced than that One study (Barber and Odean, 2001) attributed the result to men being more confident in their

decision-making abilities Another report (Badunenko, Barasinska, and Schafer, 2010) found that women are more conservative because they have fewer financial resources at their disposal Yet another study (Blake, Cannon, and Wright, 2019) showed that people with less financial knowledge and education reported higher risk aversion than those with such education This report also found that people with full-time jobs tend to be less risk-averse than retirees or those with part-time jobs My point in citing these studies is to make it clear that it is too simplistic and arguably outdated to assume that a woman is a more conservative investor simply because of her gender The advice provided to women clients must be based on insight that goes beyond simple investment risk tolerance models

WOMEN ARE OFTEN CAREGIVERS

Whether it be a natural instinct, a family tradition, or a social norm, women often take on caregiver roles and make their primary responsibility to care for children and/or elderly family members

That of course can mean time out of the workforce, which equates to time not earning a salary, pension, 401(k) match, or other disposable savings and investment funds

A 2019 Aon study concluded that about 70 percent of women face a 35 percent shortfall in needed retirement savings if they retire at age 67, due in part to women spending years out of the workforce while caring for others We can educate our clients on these findings, query the possibilities of them fulfilling similar responsibilities and, when appropriate, encourage greater savings and investments or possibly delaying retirement to narrow a looming savings gap

WOMEN ARE BETTER INVESTORS THAN MEN

The results speak for themselves A 2017 survey of more than 8 million Fidelity clients found that women achieved higher portfolio investment returns than men Fidelity suggested the following reasons for this:

• Women save more of their annual pay than men (about a 0 4 percent larger savings rate)

• Women earn higher annual returns than men (about 0 4 percent more each year)

• Women invest with a longer time horizon than men

• Women focus less on short-term investment performance and more on achieving long-term goals

• Women invest more in target-date and other age-based investment vehicles than men, thus improving portfolio diversification

• Women are 35 percent less likely to trade in their investment accounts than men, which reduces trading costs (although this advantage may be lost as brokers increasingly adopt commissionfree trading)

These results could easily lead us to believe that women generally are doing all the right things to provide for their future security But we can’t assume this is the case for all women or even all men As financial and tax advisors, we have an ongoing obligation to educate our clients about basic financial concepts and encourage them to make sound financial decisions Further, we must consciously consider the mindsets our clients have about their wealth based on not only their gender but also their life experiences In particular, we owe it to our women clients to ensure they understand the additional financial pitfalls they may face and assist them to successfully avoid them Providing this thoughtful and executable advice is how we move toward being not only trusted but clients’ most valued advisors

Jon Lokhorst, CPA, ACC Executive Leadership Coach,

com

The Case for Upskilling Your EQ

Upskilling is on a rapid ascent in Google search trends and even as a hashtag on social media platforms The concept is now gaining traction in the accounting industry, with PwC announcing a commitment to spend $3 billion on upskilling its 275,000 employees over four years That followed Accenture’s announcement that it would spend $1 billion annually on upskilling, and Amazon’s reveal of its Upskilling 2025 Pledge

Although the literal dictionary meaning of upskilling includes any worker training, the term typically refers to the development of technology skills required by digital transformation in the marketplace And for good reason the number of jobs disrupted by bots, artificial intelligence, and other technologies is destined to climb

Beware, though: the drive to develop technology skills may inadvertently leave crucial people skills or soft skills behind, which could be devastating for CPAs who lean heavily toward the technical side to begin with but need solid soft skills to thrive and advance in their careers To that end, I contend that emotional intelligence (EQ) is an essential people skill to develop while you ’ re upskilling on the technology side

Daniel Goleman, whose 1995 book, “Emotional Intelligence,” introduced the concept into the corporate world, asserts that EQ’s contribution to leadership success is more than double the impact of IQ and technical skills EQ is perhaps best illustrated by an example of a leader who demonstrates a lack of it Consider the following interaction between a supervisor and an employee in a fast-growing organization:

Supervisor: I’m checking on the status of the ABC project. As you know, the final report is due in two weeks. It’s a critical project, and I need to know that you’re on track to get it done. It seems like we’re running behind.

Employee: I understand the deadline, and I’m working on getting the report done on time. My daughter had a severe medical situation pop up earlier this week. We spent one night in the hospital and haven’t gotten much sleep since then We’re trading off staying home with her while she gets better I’m still working on the project It’s just taking a bit longer than usual

Supervisor: That’s good to know. When did you say you’ll have the report ready?

In the haste for results, the supervisor overlooked the emotional wear-and-tear of the employee’s family situation and its potential impact on completing the project A single

Career risks exist for accounting and finance professionals who forget to develop emotional intelligence alongside technology skills.

Lokhorst Consulting jon@lokhorstconsulting

interaction like this diminishes employee engagement, and a pattern of such behavior drives up the risk of turnover I wish this were a hypothetical example, but it wasn’t This situation was shared by a participant after one of my leadership presentations

DEFINING EQ

The Institute for Health and Human Potential defines EQ as “the ability to recognize, understand, and manage our own emotions and to recognize, understand, and influence the emotions of others ” EQ requires an appreciation for the impact of our emotions on other people, the impact of their emotions on us, and the ability to navigate interactions with others effectively

In his best-selling book, “Emotional Intelligence 2 0,” Dr Travis Bradberry describes EQ as having four dimensions, which can be summarized as follows:

• Self-awareness is the ability to recognize your own emotions and how they affect your response to the situation at hand It includes being able to understand the impact of your emotions on those around you

• Self-management is the ability to leverage the awareness of your emotions to respond to situations in positive and productive ways It includes an understanding of how circumstances or actions trigger your emotional responses

• Social awareness is the ability to recognize the emotions of others and how these emotions influence their responses to situations Empathy is a crucial component of social awareness

• Relationship management is the ability to use your awareness of the emotions of others to manage your interactions with them It’s essential to building healthy relationships

DEVELOPING EQ

While IQ is relatively static across a person ’ s lifetime, EQ can be developed and improved continuously if you make a conscious, focused effort to do so

Your first step to increasing your EQ should be assessing your current EQ There are several valid EQ appraisal tools on the market, the majority of which are offered online with immediate results Bradberry’s book includes access to an online assessment that generates an in-depth report with scores for each of the four EQ dimensions, along with lessons and strategies to improve in each area One unique feature of this tool is the ability to complete the assessment a second time within six months to gauge your progress

One of my leadership coaching clients, a healthcare CFO, used the Bradberry assessment masterfully to improve his EQ Dissatisfied with his initial scores, he created a plan to address his EQ gaps, which resulted in new behavior patterns and a substantial improvement in all four EQ dimensions during his six-month reassessment

UNDERSTANDING YOU

Gaining a better understanding of what triggers unproductive emotional responses in you is one of the most critical factors in improving your EQ These triggers can come in a variety of forms: certain people, places, words, or circumstances that get under your skin They’re hot buttons that trigger a response that doesn’t represent your best self and diminishes your leadership ability

Let’s say you hate being caught off guard or unprepared When asked a question or for an opinion, you want time to think through your answer or to research before formulating your response

But one of your clients or colleagues is notorious for regularly putting you on the spot in meetings with questions that demand immediate responses

This scenario is loaded with triggers and stressors Knowing that your buttons are likely to be pushed, you could visualize the situation ahead of time Based on your past experiences, anticipate the types of questions that may arise and prepare accordingly You could also prepare comments in advance that could keep you from feeling caught flat-footed and buy some time for you to respond

What’s important about learning your triggers is that it allows you to better anticipate when your EQ is likely to be tested When the trigger arrives, practice the power of pause and recognize this is an opportunity to shine as your best self Rather than a hasty reaction, choose a thoughtful response that enables you to contribute value to the person or situation When you can do this, you ’ re not only on your way to developing your EQ, you ’ re on your way to becoming a better leader

Character: What CPAs Can Learn From Aristotle

Knowing who you are is how you become a better you, a better leader, and a better CPA

Character is important The components of character have been studied for centuries and are the focus of several philosophers’ and researchers’ work Character drives your consistent application of values in both familiar and foreign situations, and it is recognizing your strengths and shortcomings Character is defined as “the mental and moral qualities distinctive to an individual,” which makes character a critical part of who you are and how successful you can become

One of the most referenced descriptions of character comes from Aristotle, who saw positive character virtues existing on a spectrum between two extremes: deficiency and excess In other words, our strengths can become weaknesses when taken too far or when ignored Aristotle’s virtues and vices, as described in “Nicomachean Ethics”:

Elizabeth Pittelkow Kittner

ethicscpa@gmail com | ICPAS member since 2005

Virtue

Courage

Temperance

Liberality (generosity)

Magnificence (self-value)

Magnanimity

Proper ambition

Patience

Truthfulness

Wittiness

Friendliness

Modesty

Excess Deficiency

Rashness

Licentiousness (self-indulgence)

Cowardice

Insensibility

Prodigality Illiberality (meanness)

Tastelessness

Vanity

Empty ambition (greed)

Irascibility

Boastfulness

Buffoonery

Pettiness

Pusillanimity

Unambitious (apathy)

Lack of spirit

Understatement

Boorishness

Obsequiousness (flattery) Cantankerousness

Shyness

Shamelessness

Righteous indignation Envy Spitefulness

Interestingly, research first published in 2014 by Amy Y Ou and her colleagues from NUS Business School, National University of Singapore, concluded that virtuous behaviors lead to more success in business They found humility and modesty in a CEO are virtues that lead to stronger organizational performance, perhaps because virtuous behavior facilitates positive relationships with the people around you

Are you static on who you are, or are you consistently looking for ways to improve yourself ? Character drives how we act, how we are perceived and, ultimately, how successful we and our organizations can become in the long term

MAKING VIRTUE A HABIT

If you want to become a better you, a better leader, and a better CPA, you can work toward making your virtues habitual as Aristotle recommended

CPA, CGMA, CITP, DTM

Head of Finance, International Legal Technology Association

1. Do your best (even with the little things). For example, be on time to meetings People may not notice your timeliness, but they will notice your untimeliness Showing up on time is respectful of others’ time and demonstrates self-discipline How do you feel about the person who constantly shows up to meetings late? You may wonder what else that person is not doing well And be cautious of shortcuts “It takes too much time to do the right thing,” or, “No one is going to be hurt if I modify the results,” are common justifications for speeding through tasks today We live in a society that values efficiency and quickness to results However, these types of justifications jeopardize our work and reputation and can become a slippery slope to other vices

2 Be purposeful In finance and accounting, we have a basic responsibility to accurately report numbers and to help nonfinancial minds analyze the data for decision-making Spend your time on the items that matter most and make a difference in what you are doing For example, improve a process, te colleague a new skill, or provide information you have to c or colleagues that will help to make their jobs or lives e Remember to practice humility in your role and share the for your successes

3 Demonstrate courage Practicing empathy and sho courage can help you work through crucial conversations e rather than later In business, courage often looks like spe up when it is difficult Courage is respectfully challenging and helping work toward the greater good and better deci Courage is also letting others challenge your ideas, means you need to create an environment that welcomes communication Maya Angelou said, “Courage is the important of all the virtues, because without courage you practice any other virtue consistently You can practice any erratically, but nothing consistently without courage ”

4. Be accountable. Take responsibility for your work and ow to mistakes instead of sharing or passing blame T behaviors will garner trust from your colleagues and clie strong work ethic is also motivating and inspires others more, too Other ways to express accountability might in doing more than the minimum in your commitments or me deadlines early

5 Choose kindness When you are feeling a negative emotio frustration, anger, or annoyance, it can be tempting to tak your feelings on the people causing the negative emotion other people around you This behavior perpetuate negativity When we choose kindness and gratitude, w change the environment around us, and we can encourage virtuous behaviors in others In a work setting, publicly recognize people for their good contributions, and explain to them and to others why their work matters In any setting, if a stranger is unkind to you, be kind in return Give them the generous assumption that they may be experiencing a tough circumstance you do not see

WORDS OF WISDOM

Character-building starts in youth and evolves continuously We are works in progress I encourage you to find people who inspire you and pursue them as formal and informal mentors Use them to counterbalance your interactions with negative people, learn how you are perceived, and cultivate your character

Continuing to increase your self-awareness, values, and integrity, and testing them through new experiences is how you learn who you truly are, where you need to grow, and how virtuous you can be

Art Kuesel President, Kuesel Consulting art@kueselconsulting com

Are You Ready to Fire Your Worst Clients?

As a growth consultant, it’s not often that you will hear me talk about walking away from business, but if you are serving too many C-, D-, and even F-grade clients at the expense of your A- and B-grade clients, that’s when the warning bell rings If your time is consumed with smaller, fee-sensitive, low realization work, that means that your larger, non-feesensitive, high realization clients aren’t getting the attention they deserve While it may still seem counterintuitive to shed clients when you ’ re trying to grow your business, there are times when firing clients actually facilitates faster and greater growth

When I speak to partners about best practices in firing clients, I commonly hear comments like, “We aren’t afraid of firing clients,” or, “We fire bad clients all the time ” However, a light probe of these statements generally reveals that these were extreme cases where clients acted unethically or treated staff poorly Though that’s certainly a good reason to fire a client, it’s not the concept we are exploring today Having a comprehensive client evaluation program is about much more than getting rid of a few bad apples

Why is this so important today? First, it’s incredibly difficult to find and keep great staff in today’s job market When you build a strong team, you want them working on top-tier clients, period Next, your firm is not the same as it was five years ago Your larger clients have gotten bigger, while others have largely stayed the same At some point, you will have upskilled your talent and firm to service those larger accounts, leaving the smaller accounts that haven’t kept up their growth to drag down your profitability and growth Third, compression of the tax season is a common reason why some firms finally shed smaller and one-off clients Serving a high volume of low-value clients is simply not the way a modern CPA firm can survive Finally, profitability at our firms has been in a vise the last several years; technology, personnel, and overhead expenses are growing faster than revenue in many cases You simply cannot afford to serve highly price-sensitive clients that generate huge write-offs while hoping to grow your bottom line

So, what does a comprehensive client grading program look like? It’s a simple matrix that allows you to assess the quality of your client relationships You will want to consider the following aspects for each of your client relationships:

1. Fees: Does the client meet the minimum fee threshold set by your firm? If you don’t have a minimum fee, perhaps you have been increasing your starting fee over the years and some clients have never caught up

Sometimes the best growth tactic is pruning the clients that are holding you back

2. Realization & Payment History: Are you making a minimum of 80 percent realization on the client? The average realization rate for firms hovers around 85-90 percent Do they pay on time or are they often beyond (or way beyond) your terms?

3 Number of Services Utilized: Is this a tax return-only client or audit-only client, or do they also buy other services like tax planning, business valuation, consulting, etc ? Statistics show that clients who buy only one service have much lower long-term retention rates than clients who buy multiple services

4. Growth Trends: Is this client growing, maturing, or declining? The economic phase of the client can give clues to their future profitability and retention

5. Referral Power: Does this client serve as a conduit to other connections and clients? Are they making introductions and referrals for you? A client that helps you make connections and makes referrals for you is extremely valuable

6. Ease of Working Relationship: Does the client treat your staff well and avoid pushing ethical boundaries? Are they pleasant to work with? If not, your staff will not like interacting with these clients and over time you may lose valuable employees

You will note that the first three criteria for evaluation are largely objective, while the last three criteria are more subjective That means no matter how scientific you want to be, you will never fully remove emotion and subjectivity from your client evaluation process But, overall, this type of evaluation will give you a good idea as to which clients should be fired

A good target to consider is 10 percent forced attrition per year, meaning cull the bottom 10 percent of your client base annually Realistically, though, you can expect a strong argument from your partners against firing low-grade clients, as some of these clients are bound to be friends, relatives, and long-term relationships that escape the rationale of this kind of an exercise

When you consider all the reasons why firing clients makes sense, you may be nodding yes more than you are nodding no Just remember that every dollar of revenue is not created equally, and the dollars earned from serving low-grade clients at the expense of your high-grade clients may well not be worth it

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Illinois Tax Potpourri: Three Issues of Interest to Taxpayers

From tax incentives to audit instructions, Illinois taxpayers and CPAs have a lot to watch as legislators and courts tackle more tax issues

With all that has been happening in Illinois tax, it’s impossible to settle on a single topic for this quarterly column So, let’s decode three issues of interest to auditors, business owners, CPAs, and taxpayers alike

THE RELEASE OF IDOR’S AUDIT MANUAL

In late December, the Circuit Court of Sangamon County ruled in Tax Analysts v Illinois Department of Revenue, No 2018MR001018, that the Illinois Department of Revenue’s (IDOR) audit manual is not exempt from disclosure under the Freedom of Information Act

The audit manual is, as you’d expect, a multi-volume compilation of instructions to auditors

Unlike in many other states, IDOR has resisted releasing the audit manual to the public, arguing that it is exempt from disclosure under the Freedom of Information Act Among other things, IDOR contends the audit manual contains confidential information that, if disclosed, would provide taxpayers with a road map to tax evasion

In my roles on IDOR’s legal staff, I had access to the audit manual and reviewed many of its proposed revisions It is my estimation that during my nearly 10 years with IDOR, more than 95 percent of the material contained in the audit manual did not contain confidential information As I recall, the audit manual consisted of a detailed outline of the various tax acts administered by IDOR, the rules under the various acts, the case law construing those acts, and IDOR’s positions on issues with implementing and enforcing those acts There were instructions to auditors about “tolerances” and cost/benefit analysis instructions for when an issue should be pressed in an audit Those instructions could and should be edited out of a public version of the audit manual Absent those instructions, I see no credible basis for failing to publish the rest of the audit manual

I suspect we’ll see more on this topic and, ultimately, the public publication of the audit manual at some point

THE HOSPITAL CHARITABLE PROPERTY TAX EXEMPTION

The Circuit Court of Champaign County recently issued a 145-page decision and opinion in The Carle Foundation v Illinois Department of Revenue et al , No 2008-L-202, ruling that the foundation is entitled to charitable property tax exemptions for four parcels for the 2005-2011 tax years

This decision is the latest chapter in litigation concerning the parcels, which had been granted charitable exemptions for many years until being denied in 2004 That exemption denial was upheld by the local board of review and IDOR’s exemption division

The litigation began in the Circuit Court of Cook County in 2007 and simultaneously in IDOR’s administrative hearing division The case was transferred to Champaign County in 2008 after one of the defendants filed a motion for a change of venue The case was filed directly in the circuit court under Section 23-25(e) of the Property Tax Code as a cause of action “to establish a tax exemption for a specific assessment year for property determined to have been exempt on comparable grounds for a prior or subsequent year ”

The local taxing bodies attempted to dismiss the case on various grounds, including that it was improper to go directly to court to challenge the exemption denial The circuit court judge allowed an appeal to the appellate court on that issue prior to hearing the substance of the case The foundation prevailed in the appeals court and the case was returned to the circuit court in The Carle Foundation v Illinois Department of Revenue, 396 Ill App 3d 329 (2009)

While the legal jousting was occurring, Public Act 97-688 was enacted, effective June 14, 2012, establishing a new charitable hospital property tax exemption under Section 15-86 of the Property Tax Code This resulted in yet another interlocutory appeal to the appellate court over whether the new exemption applied to the tax years at issue prior to the effective date of the new law The appellate court ruled in The Carle Foundation v Cunningham Township, 2017 IL 120427, that the new law did apply to the tax years at issue However, the appellate court also ruled that Section 15-86 was facially unconstitutional

Both sides appealed to the Illinois Supreme Court In 2017, the Illinois Supreme Court vacated the appellate court’s ruling that Section 15-86 was facially unconstitutional and sent the case back to the circuit court where the case remained on hold while the Illinois Supreme Court considered the constitutionality of Section 15-86 in another case In the 2018 case of Oswald v Hamer, the Illinois Supreme Court upheld the constitutionality of the hospital property tax exemption

Finally, after 12 years, the case went to trial on Jan 2, 2019 After 20 days of trial and many witnesses, the court eventually ruled in favor of The Carle Foundation on Feb 5, 2020 and ordered a refund of over $6 million

The length for the decision and opinion is highly unusual for a case in circuit court and, at this point, I don’t know whether the case will be appealed again

THE PROPOSAL TO STOP TAX INCENTIVES

The House Revenue Committee held a subject matter hearing in February on HB 4138, or the Phase Out Corporate Giveaways Compact This ill-advised legislation would authorize Illinois to enter into a multistate compact with any state and the District of Columbia, in which each member state of the compact agrees not to offer or provide any company-specific tax incentive or grant to any entity located in any other member state as an inducement to relocate to the offering member state

The testimony in favor of the proposal was made during an hour of mind-numbing academic theorizing by representatives of Americans for Prosperity and the Mercatus Institute Their contention is that all tax incentives are bad, and the adoption of the compact will start states down the road to eliminating all tax incentives

In full disclosure, if you couldn’t tell from my tone, I testified in opposition to HB 4138 I pointed out that among its other flaws, the legislation would authorize a private right of action by any “taxpayer

resident” who wishes to challenge the granting of a companyspecific tax incentive I noted the Illinois False Claims Act’s track record demonstrates problems endemic in granting a private right of action that authorizes third parties to go to court to seek a determination involving taxes of someone else At best, the language of the legislation would result in the attorney general wasting resources by going to court to respond to specious claims

At worst, the attorney general, acting on behalf of the party bringing the case in court, would end up adverse to IDOR and/or the Illinois Department of Commerce and Economic Opportunity, and the courts could begin second guessing incentive awards

Ultimately, the compact would outlaw state-level tax incentives By outlawing only state-level incentives and not local incentives, the legislation would give an unfair advantage to affluent portions of the state that could afford to offer incentives to businesses

Finally, even though the compact would be an agreement between member states, the restrictions would have broader implications

Take for example a situation where a company proposes to relocate its headquarters, manufacturing facility, or data center Five states, including Illinois, would like the company to relocate to their state Illinois and one of the other states are members of this compact In that situation, because of the restrictions of the compact, Illinois would be precluded from offering any incentives to attract the company to Illinois, but all of the other states, with the exception of the other compact member state, would be free to offer incentives Thus, the non-compact states would have a competitive advantage

In short, there’s a lot to decode when it comes to tax in Illinois

Director

Non-GAAP Measures: Seeking Clarity

IASB moves to increase the relevance of non-GAAP measures like EBITA and EBITDA in financial reporting

Earnings before income taxes and amortization (EBITA) and earnings before income taxes, depreciation, and amortization (EBITDA) and related non-GAAP measures are in the news again Berkshire Hathaway’s Charlie Munger recently made headlines by calling them “BS” earnings According to an annual summation by PwC, non-GAAP earnings were second only to revenue recognition in the number of U S Securities and Exchange Commission (SEC) comment letters The SEC has acknowledged that “non-GAAP financial measures can be useful disclosure metrics intended to provide insight into company performance and prospects” and “in certain cases, they more accurately describe the financial picture than the comparable GAAP measures ”

However, on multiple occasions, the SEC has also expressed concern that non-GAAP measures can be misleading to investors and has gone so far as to publish a Q&A specifying the measures that may be misleading if presented inconsistently from period to period Despite the concerns, non-GAAP measures are more popular than ever The use of non-GAAP measures in the S&P 500 increased from 59 percent to 96 percent of SEC filers between 1996 and 2017, while the number of metrics per filing increased from an average of 2 35 to 7 45 in the same period, according to Audit Analytics Clearly there is demand for non-GAAP measures but are non-GAAP metrics more useful than GAAP?

Earnings before income taxes (EBIT) is often viewed as a proxy for operating income EBITA includes depreciation expense while EBITDA excludes it on the argument that the “D” reflects financing and accounting decisions related to capital expenditures needed to grow or maintain the business and should be excluded

A recently published academic paper by Doron Nissim at Columbia University updates the relationship between EBIT, EBITA, and EBITDA Professor Nissim points out that the average amount of amortization as a percentage of EBITDA has more than tripled since 2003 due to changes in the accounting for business combinations Internally generated intangible assets are generally expensed while acquired assets are initially accounted for at fair value and then subsequently at amortized cost, making comparisons between companies with different growth strategies problematic EBITDA remains controversial as adjustments are subjective

How well do these measures explain stock prices? According to the study’s results, throughout the sample period (March 1989 – February 2019), EBITDA performed better

than EBITA, which in turn performed better than EBIT in explaining stock prices However, EBITA’s dominance over EBIT has been increasing over time, consistent with the increase in the significance of amortization

What about predicting future returns? Here the picture is less clear EBIT, EBITA, and EBITDA performed well in predicting future returns during the 1990s and 2000s but not more recently This could be an indicator that any potential for “beating the market” using these measures has been arbitraged away

Of course, many firms use adjusted EBITDA As noted, there are no standards for giving guidance on what could be considered an adjustment since the measurement is non-GAAP Common exclusions include stock option expense and restructuring costs, but acquisition costs and various non-cash costs, such as impairments, may be excluded depending on management’s judgment This remains controversial Jim Leisenring, CPA, a former FASB vice chair and member of the IASB (and a frequent speaker at ICPAS events), has been known to describe such adjustments as “earnings before undesirable debits and, less frequently, undesirable credits ”

So, is it time for a new measure? The FASB and the IASB tried to reformulate the income statement during the heyday of convergence fever between 2008-2011 Now, the IASB is trying again A new exposure draft, “General Presentation and Disclosures,” which prescribes the presentation of certain key subtotals in the income statement and increases “transparency and discipline around the calculation and presentation of those subtotals,” is out for comment

The IASB makes it clear in the invitation to comment that they do not intend to eliminate the use of non-GAAP or non-IFRS metrics Rather, the goal is to introduce guidelines The IASB notes that, in practice, both preparers and investors use subtotals to better explain and understand business performance Subtotals, such as operating profit and EBITDA, are very commonly used but are defined in very different ways across companies The IASB staff reviewed 60 companies in different countries and industry sectors in coming to this point of view For example, it found about 70 percent of companies used the operating profit subtotal, but more than nine different calculations were used to reach the subtotal Some companies included investment income while others didn’t; some excluded various items they considered non-operating or non-recurring, others didn’t The consequence? An increasing use of “self-defined” subtotals, or non-GAAP measures, due to the lack of a standard definition The IASB is therefore proposing that nonIFRS measures, or “management performance measures, ” be addressed by bringing the measures into a single note in the audited financial statements This wouldn’t restrict the use of these performance measures, but it would require more transparency and a reconciliation to the most directly comparable total or subtotal specified by IFRS

The exposure draft is available at www IFRS org and the comment period runs until June 30, 2020 Will you be seeking clarity or submitting a comment on the IASB’s proposal?

Author’s note: This article features contributions from John Hepp, Ph D , clinical assistant professor of accountancy in the University of Illinois’ Geis School of Business

Tim Jipping, CPA, CGMA Owner, Journey Advisors & CPAs

How ‘OK, Boomer’ Is Holding You Back

Recently, I was meeting with a prospective new client to discuss her tax situation Throughout the meeting I could feel her glare as she sized me up Finally, near the end of our conversation she asked the question she’d been holding back for 30 minutes: “Just how long have you been doing this sort of work?” It was a polite way of asking, “Exactly how old are you, my dear?”

Frankly, this wasn’t the first time I got this question In fact, I’d say for everyone I work with above the age of 50, experience (ahem, age) is a large concern Sometimes it takes all my self-control to avoid snapping back with a snide remark like, “I’ve been doing this a lot longer than you think!” Lately, however, I’ve been assuring prospective and new clients they’re in good hands with my nearly six months of accounting experience!

All kidding aside, even at 35 years of age (in case you were wondering), I still feel a little like Rodney Dangerfield in these situations I have to refrain from rattling off my resume in a desperate attempt to prove I’m worthy of respect This need to justify my age and experience has certainly diminished over time (with age and experience, I should note), but it still lingers I know this is a struggle shared by many ambitious young accounting and finance professionals especially among those of us launching our own firms: How can I earn respect from my clients or colleagues and position myself as an expert despite my age?

DEFINING OUR TERMS

The first step is understanding what we really mean when we ask for respect and want to be seen as an expert According to Dictionary com, these words have the following definitions:

Respect: Esteem for or a sense of the worth or excellence of a person

Expert: A person who has special skill or knowledge in some particular field

For many young professionals, including myself, it’s not that we expect others to respect us and acknowledge us as experts instantly The issue is the assumption that our lack of crow ’ s feet means we ’ re not capable of doing our jobs I certainly don’t want clients to assume I’m a novice until my hair starts to gray

Let’s face it, though, it’s still going to happen sometimes While we can’t change others’ assumptions, we can take steps to overcome them without resorting to the “OK, Boomer” retort There are two obvious, yet critical, elements to earning respect and being perceived as an expert: Be respectable, and actually be an expert

Young accounting and finance professionals can overcome bias, project professional expertise and, ultimately, earn respect if they lose the ‘OK, Boomer’ mindset.

BE RESPECTABLE

First, stop worrying about whether or not someone is withholding respect because of your age If someone doles out respect on that basis, there’s little you can say or do that will alter their philosophy However, you can still be a person worthy of respect What does a respectable person look like?

• They acknowledge their inexperience: There will never be a time in your life when you ’ re not inexperienced at something, so get used to it and own it Embrace your level of experience rather than trying to hide it

• They want to learn: There’s nothing more respectable than a growth mindset, a strong will, and an exhibited curious mind

• They don’t just repay people in kind: Don’t require respect as payment before offering it In other words, treat people with respect even when they’re not offering respect themselves Do otherwise and you’ll be perceived as being just as miserly as they are

BE AN EXPERT

I’ve written about the importance of mastering skills in this column before I’d argue that expertise is actually the journey toward mastery, not the destination itself You don’t wake up one day having learned that one final piece of knowledge that suddenly makes you an expert Rather, it’s the mindset and process of continuous improvement that positions you to be a respected leader in your field Being an expert does not mean you know everything there is about a topic If we refer to the definition above, an expert is simply someone with a specialized knowledge or skill You, as a CPA, already have specialized knowledge and skills now start your journey toward mastery Consistent deployment of desire, intention, and action is how to move forward and be seen as an expert in your field I believe this is key to acquiring anything, including others’ respect

BE AUTHENTIC

In the end, you can’t control what other people think of you So, who cares what they think? You can’t force them to give you respect or treat you as an expert You can only control your mindset and actions If you stop focusing on what other people think of you and focus on your own performance and attitude, I can assure you that you’ll win respect long before your crow ’ s feet come in

JoAnna Fu Simek, CPA, MST, is a partner at BKD

CPAs & Advisors in Chicago She is an active ICPAS member, serving on the Diversity Advisory Council Committee, State and Local Tax Committee, and Tax Executive Committee

Three Lessons for Leaping Into Leadership

Here are the lessons I learned along my path to making partner at age 35.

BY JOANNA FU SIMEK , CPA , MST

My first job out of college was in tax consulting, serving clients across the country I was always on the road, traveling wherever I was needed, watching my airline and hotel points rack up At first, it was fun I got to visit friends and see new places But after a few years, I got tired of the road warrior life and decided to make a change

I shifted from consulting into public accounting Yes, that is the opposite move most CPAs make I knew this change would be difficult Even though I knew how to work with clients, solve problems, and manage projects, I lacked the technical background demanded in public accounting When I started preparing tax returns, I honestly had no idea what I was doing most of the time What I did know was hard work would pay off I leaned into my new career and the challenges it brought, accepting that I didn’t know exactly where the path might go The path led me a young, minority, female CPA to becoming a partner at BKD CPAs & Advisors Here’s what I think led to my success:

A PASSION FOR LEARNING

Learning is more than technical knowledge In accounting, knowing your craft is par for the course Learning about what makes an organization tick, what motivates others, how to build new skills, how to develop people, what’s important to clients these are just some examples of non-technical areas which become increasingly important when you move up in an organization Every time you get a promotion, you need to learn new skills that increase your value to colleagues and clients What got you to where you are will not be enough to get you to where you want to go

THE WILLINGNESS TO SPEAK UP

Over time, the willingness to speak up, ask questions, and offer new ideas will get you noticed For me, it meant being asked to join or lead a task force or a special committee This opportunity gave me a chance to meet people outside my daily interactions and to hear perspectives I may not have considered This kind of experience can give you unique visibility and access to leaders that you may not normally have Who knows, this might be how you meet your next mentor, sponsor, or career advocate! That said, knowing when to speak up is important Being a rather opinionated person, I found myself sometimes on the receiving end of a reprimand for interrupting too much when I should have been listening There is a time and place for speaking up, and there are times to listen and learn

A FOCUS ON YOURSELF

Comparing yourself to others is natural, but it can be the thief of joy Worrying about someone else getting a (perceived) better project, enjoying better work perks, or moving up faster than you can make you bitter or resentful Choose your attitude every day Channel your energy into making sure your strengths are indisputable instead of being distracted by others

One last comment from someone who’s often the only female, only non-white, and youngest person in a meeting: Don’t use a crutch the world owes you nothing What I mean by this is that I never wanted to draw attention to the fact that I was female, Asian, or the youngest person in the room I felt my seat at the table had been earned by being good at my job, not just given to me to fill a quota I once asked one of my mentors if he thought my age worked against me He told me that once I opened my mouth, people would realize I knew what I was talking about Have confidence in yourself, and when you earn a spot at the table, know that you deserve it

Anna Kooi, CPA

Partner and National Financial Services Practice Lead at Wipfli LLP

Interviewed by Derrick Lilly

With more than 20 years of public accounting experience that has seen her relocate multiple times throughout the Midwest and birth children in four states it’s no wonder that Illinois CPA Society member Anna Kooi, CPA, now has “national” in her formal title The Wipfli LLP partner, and now national financial services practice lead, will oversee more than 300 associates serving more than 1,000 organizations nationally The promotion is a home run for this veteran CPA, softball player, and coach who plans to bring her passion for leading and inspiring teams to the forefront as she tries to knock it out of the park in her new role

How do your personal passions play into your professional life?

While building a successful career, I found balance by marrying my love for coaching and mentoring with my love for softball I played softball and have now coached my daughters’ travel softball teams for the last 12 years Leading and inspiring teams to achieve their highest potential (professionally and personally) is a passion of mine

Your promotion puts you in charge of a huge team

How will you make an impact on it?

When I started my career in the public accounting profession, there were very few female leaders as role models I recognized early on in my career I wasn’t one of the guys and I didn’t need to pretend to be one My best bet was to just be myself and be authentic I’ve tried to carry that through the rest of my career as well

Part of being an authentic leader is talking about the real challenges the profession faces What are those?

In a world that is already amid a major change due to technological advancement, the business of accounting is evolving to meet the demands of a new, fast-paced culture Our clients expect us to stay two steps ahead of them and know where their industries are headed, how they can implement automation, deal with the war on talent, and identify opportunities to improve operational performance

The pace of change in our profession is both exciting and stressful Guiding our professionals through the change and getting them to think differently, embrace the technological changes, and stay ahead of the business risks within their respective industries is both a large ask and imperative But we are an ambitious, adaptable, and goal-oriented group As a firm, we are training our next generation on having a consultative mindset

What is one of the big initiatives you’re working on to prepare for the future as technology takes over more finance functions?

Wipfli is proud to be one of around 40 CPA firms that have collectively committed approximately $50 million to the AICPA-led Dynamic Audit Solution (DAS) initiative We’ve invested financial and human resources to developing this technologyenabled audit approach, putting us on the ground floor of the future It is likely that audit teams of the future will not only be staffed by CPAs or CPA-eligible candidates who have the common accounting and auditing skill sets of today With technology, our audits will be conducted differently perhaps by a team of those with GAAP/GAAS skill sets, technology-based skill sets, and data analytics expertise

Is there anything about the CPA profession you personally hope to influence given your growing reach?

A passion of mine is to make a positive impact on our profession by ensuring we are building inclusive and diverse teams and cultures, including supporting more women leaders Studies have shown that diverse teams and organizations are more successful

What insight do you have for peers seeking similar success as you?

Run to fires, not away

S tay Smart

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Conferences

May 5 Government Conference (Simulcast Only)

May 12 Employee Benefits Conference (Simulcast Only)

May 19 Estate, Gift & Trust Conference (Simulcast Only)

June 3 Advanced NFP Accounting and Uniform Guidance Conference (In-person & Simulcast)

June 4 Taxation on Real Estate Conference (In-person & Simulcast)

Courses

April 21 Critical Issues That CPAs in Industry Will Need to Face This Year (Simulcast Only)

April 21 Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques (Simulcast Only)

May 7 Peer Review Forum

May 15

Succession Planning for the Small Business Owner: Finding the Exit Ramp (Simulcast Only)

May 15 Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities (Simulcast Only)

May 18 Required Minimum Distributions: Compliance and Planning (Simulcast Only)

May 18 Time Management & Personal Effectiveness Skills

May 18 Advanced Trust Issues: A Roadmap for Success in An Increasingly Complex Area (Simulcast Only)

May 28 Gift Tax Return Bootcamp on Steroids (This is Not “Basic Training” | In-person & Simulcast)

June 1 International Taxation (In-person & Simulcast)

June 2 Leases: Mastering the New FASB Requirement (In-person & Simulcast)

June 8 Audits of 401K Plans (In-person & Simulcast)

June 10 Core Communication Skills: Best Practice Interpersonal and Assertive Communication Skills

June 11 Form 990: Mastering Its Unique Characteristics (In-person & Simulcast)

June 15 Enterprise Risk Management Concepts and Strategy for Small and Medium-Sized Companies (Simulcast Only)

June 15 Situational Adaptability - Being Mindful: Adapting the Approach to Match the Shifting Demands of Different Situations

June 16 Critical Issues Facing Accounting Professionals in 2020 (In-person & Simulcast)

June 17 Business Valuation – A Practical Approach (In-person & Simulcast)

For a full listing of all upcoming education programs visit www.icpas.org/education

Special Events

July 9

Women's Mentoring Circles Open House

Aug. TBD YP Leadership Conference: Future Ready

Aug. 25-26 ICPAS SUMMIT20

Oct. 23

Women’s Leadership Forum: The Power of You

June 18 Project Management for Finance Professionals (Simulcast Only)

June 23 Details of the Tax Cuts and Jobs Act (Simulcast Only)

June 23 MS Excel: Database Analysis & Pivot Tables Made Easy

June 24 Annual Update: Top Governmental and NFP Accounting and Auditing Issues Facing CPAs (Carbondale)

June 24 Disclosure - The Key to Financial Statements (Simulcast Only)

June 25 Accounting and Reporting for Not-for-Profit Organizations (Carbondale)

June 29 Developing the Digital Mindset (Simulcast Only)

June 29 Essential Leadership Skills for Front Line Managers and Supervisors

June 29 Financial Forecasting: Planning for Success (Simulcast Only)

June 30 Risk, Cost, and Cash Management for Controllers and Financial Managers (Simulcast Only)

July 8 Multistate Tax Update (In-person & Simulcast)

July 9 Annual Tax Planning Guide for S Corporations, Partnerships, & LLCs (Naperville)

July 13 Construction Contractors: Accounting, Auditing and Tax (Simulcast Only)

July 13 Coaching and Counseling Skills: Having the Difficult & Crucial Conversations

July 14-15 Staff Training - Basic

July 14 Navigating Divorce - Tax and Litigation Issues (Simulcast Only)

July 16 Governmental and Not-for-Profit Annual Update (In-person & Simulcast)

July 16 Effective Presentation Skills: Delivering Presentations With Power, Persuasion and Impact

July 20

Leading and Managing Through Change

July 21 Ethics and Professional Conduct: Updates and Practical Applications (In-person & Simulcast)