Disclosures July/August 2011 by The Warren Group

Brought to you by the Virginia Society of CPAs

JULY/AUGUST 2011 I VOL. 24 NO. 4 I WWW.VSCPA.COM

THE CAREER ISSUE

12 16 28

Build a Niche Practice FASB Codification Transitioning to Industry

The Real Housewives of Accounting

INSIDE this issue

cover story >>

Millions of women are successfully taking a part-time career path. In 2009, 66 million women were employed in the United States, with 26 percent working on a part-time basis.

FEATURES

ARTICLES

NAVIGATING THE ACCOUNTING STANDARDS CODIFICATION 16

YOU ARE ALWAYS SELLING

The FASB Codification advances accounting standards more easily into the digital age and also prepares U.S. GAAP for convergence with International Financial Reporting Standards.

THE REAL HOUSEWIVES OF ACCOUNTING

Advice for female CPAs juggling career and family, from one woman who’s made it work.

SUCCESS BEYOND PUBLIC ACCOUNTING

Within the first five years of their public accounting careers, most new CPAs will transition into careers in government, nonprofits or private industry.

Our mission is to enhance the success of CPAs.

SECTIONS 10

The truth is, if your business is in accounting, you’re in sales.

BUILD YOUR NICHE PRACTICE

Three simple steps can help you find your accounting niche.

Backtalk

Line Items

Data Draft

ADVOCAcy

Board of Accountancy 9 VSCPA News

Member News

There’s a quicker way to jump from print to the web.

VSCPA Educational Foundation

Advertisers Index

Self-Assessment

Classifieds

I Am

GETTING THE MOST FROM QR CODES

Accounting Practice Sales inside back cover • Audimation Services Inc. p. 18 • Beth A. Berk, CPA p. 3 • Bridgewater College p. 25 • Keiter, Stephens & Shreaves, PC back cover • CPA Mutual p. 21 • PNC Bank inside front cover • Tax Solutions Alliance p. 14 • VSCPA Insurance Service Center p. 31 • Yount, Hyde & Barbour p. 27

disclosures is published bimonthly for members of the Virginia Society of CPAs.

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JULY/AUGUST 2011

Virginia SOciety of Cpas

4309 Cox Road Glen Allen, VA 23060 Ph. (800) 733-8272 Fx. (804) 273-1741 www.vscpa.com

disclosures Editorial Staff Jill Edmonds Managing Editor disclosures@vscpa.com Jenny Hansen Communications Director jhansen@vscpa.com Tina Lambert, CAE Vice President, Member & Public Relations tlambert@vscpa.com Editorial Task Force Joan D. Aaron, CPA William C. Barrett III, CPA/ABV Beth A. Berk, CPA James D. Cole, CPA Cheri G. David, CPA, CVA James P. Davis Jr., CPA William C. Foote, CPA/ABV, CVA Elizabeth M. Helle, CPA Heather L. Judson, CPA Clare K. Levison, CPA Gabriele Lingenfelter, CPA Haven S. Pope, CPA, MBA, CFE George D. Strudgeon, CPA Philip H. Umansky, CPA, Ph.D. Thomas Visotsky, CPA

Articles and advertising for future issues are due by 5 p.m. on the following dates: Aug. 15 Oct. 15 Dec. 15 Feb. 15, 2012 Apr. 15, 2012 June 15, 2012

Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers, members or editorial staff. The Warren Group Design / Production / Advertising www.thewarrengroup.com custompubs@thewarrengroup.com

A VSCPA Speakers Bureau volunteer says… Today’s presentation went exceptionally well. Many of the attendees were not aware of the VSCPA’s resources, particularly the articles and volunteer matching program. We had broad discussion about the services that each panel member offers and we had the opportunity to provide advice and counsel to several specific challenges that participants are addressing. The networking time afterwards was well attended. Overall a valuable investment of time and I appreciate the opportunity to participate! GARY LEVINE, CPA,

Non-Profit Connection, Richmond

VIA FACEBOOK >> Thank you so much VSCPA for your incredible donation of new socks, t-shirts, shampoo, soap, and other toiletries for people experiencing homelessness. It was great to be able to talk to you today. HOMEWARD,

Richmond nonprofit

VIA E-MAIL >> Being the victim of a number of poorly written emails, I appreciated your article (“Don’t Be an E-mail Dud”) in the May/ June 2011 issue of Disclosures. ART BROOKS, CPA

Westerman, Hattori, Daniels & Adrian, LLP, Washington, DC

Deadlines

Nov./Dec. 2011 Jan./Feb. 2012 Mar./Apr. 2012 May/June 2012 July/Aug. 2012 Sept./Oct. 2012

BACKTALK you said it

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FROM THE VSCPA LINKEDIN GROUP >> Two fantastic articles for exporters last month in RIA Checkpoint and WG&L Journal of Taxation. Let me know if you would like me to forward a copy and I'll make it happen. RYAN LOSI, CPA

Piascik & Associates, PC, Richmond

Get in touch

From the

Twittersphere >>

Remember, to save you’ve got to start somewhere. Check out this budget template from our friends @FinancialFit — @thriftitude

Did you know April is Financial Literacy Month?? @VSCPAnews will be on @8News at 9 to share the details. — @AmieMcLain

Good to know! RT @FinancialFit: Taxpayers Affected by Storms will Get Extension on State Taxes” — @_VAsaver

BLOG: www.cpacafe.com Twitter: @VSCPANews, @FinancialFit LinkedIn: http://tinyurl.com/VSCPALinkedInGroup Facebook: www.facebook.com/VSCPA

At the Virginia Society of CPAs, we love to hear from you. Whether it’s a quick e-mail to a staff member, chat on the phone, Disclosures letter to the editor, tweet, blog comment or something different altogether, let us know what you’re talking about, how you feel about different issues affecting CPAs and how we can help.

Attention CPAs: Whether A Decision Maker Looking To Upgrade Your Talent, Or A CPA Looking to Upgrade Yourself/Your Skills, Ask Yourself: Who really chose who in joining your company? Are you/your professional staff really at the right level where you should be/you need them to be? Are you/your staff in a position that truly suits your/their personality, values, and professional and personal needs?

Why leave your future to chance? If you’re seriously interested in making the “right” move for your next hire, I can help you. I am an actively licensed CPA in Maryland and Virginia with over 20 years of experience including public accounting (E&Y) and consulting (KPMG), financial accounting (American Cancer Society), internal audit (Moneyline Telerate), and recruiting (Acsys, formerly Don Richards). As a networker who truly enjoys helping others and sharing my career experiences to guide fellow professionals, here is how I can help you: Decision Makers:  Ask you questions, and most likely ask many more questions than other recruiters about your company, duties involved, skills required, corporate culture and more  Work with you on finding the “right” professional that is the “right fit”  Provide you with valuable information about the professionals I work with, the marketplace, what your competitors pay, and more Career Seekers:  Guide you on career paths available in public accounting and industry  Enable you to capitalize on your strengths  Coach you on how to put your best foot forward to find the “right fit”  Advise you when to stay in your current position if that is the right move If you’re interested in working with a recruiter who understands your background, skills, and is genuinely interested in helping you find the “right fit”, then I welcome meeting you!

BETH A. BERK, CPA Independent Recruiter

Phone: 301-767-0670 Email: BethABerk@msn.com

Specializing in CPA Firm, Accounting & Finance Positions in Metropolitan DC & Nearby Suburbs/Baltimore/Richmond/Tidewater Connecting You To Your Next Hire

Contingency & Retained Staffing Solutions

matching skills, experience & values with needs CPA Ambassador for the state of Maryland, sponsored by the AICPA Serving clients and professionals as an Independent Recruiter since March 2005

LINE items SIGH OF RELIEF >>

Expanded 1099 Requirements Repealed After months of uproar, Congress and President Obama finally addressed the onerous 1099 reporting requirements included in the Patient Protection and Affordable Care Act. The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, signed by Obama in April, repealed the requirement that all businesses needed to track payments for goods and services of $600 or more to any single vendor and then issue 1099s for each vendor. The VSCPA vocally opposed the requirement since its inception in early 2010, and joined state and national associations to urge its repeal. Check out the VSCPA’s advocacy on the issue on the “VSCPA Positions” page of the “Advocacy” section at www.vscpa.com. n

Add Alphabet Soup Graphic Here

NOW I KNOW MY ABCs >>

Online Tool Takes Confusion Out of Credential Game Ever been stumped by a three- or four-letter designation following a financial professional’s name? The licensing and credentialing options seem endless, and now there’s a site that easily reveals what all those credentials really mean. Designationcheck.com , run by American College in Bryn Mawr, Pa., includes full designation descriptions, educational and experience requirements, advice for consumers and more. With more than 300 available financial designations, it can get confusing. The site details the common designations, such as CPA and Certified Financial Planner (CFP), as well as many others. As an example, here are 10 designations listed on the site: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

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JULY/AUGUST 2011

AEP®: Accredited Estate Planner CAP®: Chartered Advisor in Philanthropy CASL®: Chartered Advisor for Senior Living CEBS: Certified Employee Benefits Specialist ChFC®: Chartered Financial Consultant CIMA®: Certified Investment Management Analyst CLF®: Chartered Leadership Fellow CLU®: Chartered Life Underwriter FSS: Financial Services Specialist REBC®: Registered Employee Benefits Consultant n

LINE items THERE’S MORE ONLINE! >>

Bonus Disclosures Features Visit the 2011 Disclosures archives at www.vscpa.com/disclosures to access these bonus online-only features for July/August!

SHOW YOUR CPA PRIDE >>

Volunteer for Day of Service Last year, more than 600 volunteers from across Virginia gave back to their communities on the CPA Day of Service. CPA Day of Service provides a flexible opportunity for firms and individuals to organize their own volunteer efforts. United together for a single day of service, the CPA profession can make a resounding impact in the community. CPA Day of Service 2011 is set for September 23. Visit www.vscpa. com/DayOfService for more information. n Photo (above): Watkins Meegan LLC, in Vienna, prepared materials for the ALS Association’s

October 2010 events that promoted awareness and fundraising for Lou Gehrig’s disease. Here’s why this firm participates in the Day of Service: “Giving back to the community is something we strive to do often and support at Watkins Meegan,” says Christine Williamson, CPA, member in charge of the firm’s Government Contracting Group. “It gives us a chance to bond as a firm and encourages people to get involved. What a great idea by the Society of CPAs in the state of Virginia.”

VSCPA Backs Sen. Walter Stosch

MAKE LINKEDIN WORK FOR YOU: Are you getting the most from your LinkedIn profile? Has it connected you with former colleagues, found you a job or brought you professional information? Better yet, has it helped you actually grow your business? Many accountants are successfully making contacts and gaining new clients by using this popular professional social networking site. Read this article for tips on how you can use LinkedIn to your advantage. By Julie Johnson, The Rainmaker Academy. HABITS OF A SUCCESSFUL MANAGING PARTNER: After a long accounting career, are you finally a managing partner at your firm? Or, are you hopeful that one day you will also be “top dog?” There are easy habits that successful managing partners develop. Read this article for things you can start today that will prepare you for your future, successful career. By Sandra Wiley, Boomer Consulting, Inc. n

At its April 2011 meeting, the VSCPA Board of Directors voted to endorse Sen. Walter Stosch, CPA, for reelection in the 12th District. Stosch is currently the only CPA in the Virginia General Assembly. Not only has he been a valuable resource to VSCPA members, but his career and qualifications make him a critical component of Virginia’s political process. Read more about Stosch in the May/June issue of Disclosures magazine. Don’t forget! Virginia primaries occur in August this year. Check out www.vscpa.com/Elections for voting information and resources. n

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DATA draft PROCRASTINATING? >>

Most CFOs admit they aren’t ready for IFRS International Financial Reporting Standards (IFRS) are weighing on the minds of CFOs, but CFOs aren’t preparing for them yet. According to the Duke University/CFO Magazine Global Business Outlook Survey, 34 percent of CFO respondents rank convergence to IFRS as the most crucial accounting issue facing their companies in 2011 (higher than all other issues, including fair value measurement, revenue recognition and accounting for income taxes). So are they frantically prepping their organizations for what’s to come? Hardly. A full 83 percent responded that they were either unprepared for IFRS or hadn’t even started preparing their companies for the switch.

WOMEN AT THE TOP >>

Women-led Virginia companies make prestigious list The following companies in Virginia and suburban Maryland made the fourth annual list of the “50 Fastest-Growing Women-Led Companies,” from the Women Presidents’ Organization:

There’s still time before IFRS are finalized, and companies must be completely ready. But IFRS is coming, and planning now will help with convergence later. n

by the numbers

Company

Location

Industry

Ampcus Inc.

Chantilly

Information technology

9.7

Office Remedies Inc.

Herndon

Research

7.2

The Bialek Corp.

Rockville, Md.

Interior design & construction

41.1

TMG Construction Corp.

Purcellville

Construction

33.4

Key & Associates PC

Silver Spring, Md.

Public accounting

4.8

in millions

That’s a lot of tax returns The 2010 Data Book from the Internal Revenue Service (IRS), released in the spring, details the IRS’s activities from October 1, 2009, through September 30, 2010:

Source: Grant Thornton LLP

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IRS DATA SAYS >>

The percentage of chief audit executives who do not believe in a repeal of the Sarbanes-Oxley Act.

2010 revenue

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JULY/AUGUST 2011

REVENUE COLLECTED: $2.3 trillion RETURNS PROCESSED: 230 million RETURNS FILED ELECTRONICALLY: More than 119 million TOTAL OF TAX REFUNDS: $358 billion

Customized, On-Site CPE: Trusted by More Than 4,000 CPAs Year After Year Each year, our In-House CPE & Training Program is trusted by more than 4,000 CPAs working at more than 100 firms and companies for quality, customized training solutions delivered on-site. Our experts work with you to develop a customized training plan that meets the specific needs of your firm or company, while offering the cost savings and convenience that only come with on-site instruction. Develop your customized training plan by contacting VSCPA Customized Education Specialist Anne Beattie at abeattie@vscpa.com or (804) 612-9402. Special discounts available for 100% Member Firms. Contact Anne for details.

Advocacy

Practice Mobility, Maybe?

VSCPA Gives Green Light to Blue Ribbon Panel At its April meeting, the VSCPA Board of Directors adopted a resolution supporting the recommendations of the Blue Ribbon Panel on Private Company Financial Reporting. In a report released in January 2010, the Blue Ribbon Panel recommended the creation of a separate board to determine private company accounting standards. The board, which would be overseen by the Financial Accounting Foundation (FAF), would focus on exceptions and modifications to U.S. Generally Accepted Accounting Principles (GAAP) rather than a separate set of GAAP for private companies. “There are urgent and growing systemic issues that need to be addressed in the current system of U.S. accounting standard setting,” according to the report. The new board, if created, would work closely with the Financial Accounting Standards Board (FASB) to create an efficient standard-setting process and would have final authority over exceptions and modifications. A comprehensive review would be conducted after three to five years to evaluate the board’s effectiveness. That plan is currently under review from constituents. In March, the FAF announced the formation of a working group to review the effectiveness of FASB's standard-setting efforts. The FAF and the American Institute of CPAs (AICPA) established the Blue Ribbon Panel in 2009 to provide recommendations on the future of standard setting for private companies. Its members comprise a cross-section of financial reporting constituencies. n

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Virginia was one of the first states to enact CPA practice mobility, allowing nonresident licensed CPAs from a substantially equivalent state automatic practice privileges in the Commonwealth. Years later, 47 states have uniform mobility provisions. Unfortunately, the DC Board of Accountancy has not followed suit, and the VSCPA continues to receive complaints that keeping up with multiple licenses, as mandated by the DC Board of Accountancy, is cumbersome and difficult. In a letter sent April 5, the VSCPA urged board members to pass a CPA mobility provision. The VSCPA highlighted the impact mobility hold-outs have on neighboring states, also saying “for the few remaining jurisdictions refusing to adopt mobility, the VSCPA may be obligated to pursue a quid pro quo standard for Virginia to recognize only jurisdictions that have passed practice mobility. n FINANCIAL LITERACY >>

Teacher Training Makes Cents The new one-credit high school graduation requirement in economics and personal finance, which the VSCPA has been lobbying for since 2004, will finally become reality beginning with students entering ninth grade this fall. So the work is done, right? It’s only just begun. The VSCPA is partnering with the Virginia Council on Economic Education to sponsor and help conduct trainings to assist educators across Virginia in preparing for this new requirement. Throughout the summer, VSCPA volunteers will train high school teachers to cover various aspects of the course, including taxpayer rights and responsibilities and much more. If you are interested in volunteering for the Speakers Bureau to assist the VSCPA in this effort, contact Community Relations Coordinator Tracey Zink at tzink@vscpa.com or (804) 612-9427. n

BOARD of accountancy CPE COVERED? >>

New Ed Requirement in Attest and Compilation Add Art

Don’t forget: The revised Virginia Board of Accountancy (VBOA) regulations, which went into effect September 16, 2010, detail a new education requirement for Virginia CPAs in attest and compilation services. Sec. 18VAC5-22-140 states that, beginning in 2011, “a person who releases or authorizes the release of reports on attest services or compilation services provided for persons or entities located in Virginia shall annually obtain a minimum of eight hours of continuing professional education related to attest services or compilation services.”

VBOA Gets Online Facelift In April, the Virginia Board of Accountancy (VBOA) launched a revised version of its website, www.boa.virginia.gov. According to the VBOA, the government agency that regulates the CPA in Virginia, this is just the first phase of a two-step project. Now that the VBOA has updated its look and feel and taken measures to improve navigation, it will move on to the second step: modifying the back end of the website to increase ease-of-use and functionality. The goal is to ensure CPA Exam candidates, licensees and firms can find the information they need about their professional license and requirements.

See the site Scan here with your smartphone to check out the new website, or visit www.boa.virginia.gov. (Learn more about this QR code on page 15.) n

Scan for resources Using your smartphone, scan the below QR codes for more information. An article on page 15 walks you through QR codes. Read an article on the changes.

Consult a comparison chart detailing the most significant changes.

Visit the CPE Catalog to find courses that will help you meet the requirement. n

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MARKET knowledge

You Are Always Selling BY Lisa Benson

IT’S ALL ABOUT THEM. Never

forget that for a potential client, it’s all about what you can do for them. Your credentials are great, but what’s the bottom line? Potential clients want to know what benefits they will receive from working with you. How can you help them improve their business? How can you make their financial operations more efficient? How can you decrease their expenses? That’s what they want to know.

DO YOUR HOMEWORK. When

The accounting field may appear at first to be almost the opposite of sales. After all, you’re not trying to get a hospital to buy the latest X-ray machine. But the truth is: If you’re in business, you’re in sales. That’s the only way you can sustain and grow your accounting practice. This reality can, of course, be very uncomfortable for accountants, but if you think of sales as persuasion, you’ll realize that you’ve been practicing sales techniques since childhood. Every time you try to convince someone to see the movie you want to see, for example, you’re selling or persuading. It’s also true that every time you talk to someone about your business, you are selling your service. It doesn’t mean that you have to be at all pushy or manipulative about it. In fact, the old image of the fast-talking, overbearing salesperson is just that … old. Most of the best techniques avoid that stereotypical salesperson persona entirely. As you are spending time with clients and

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prospects, here are some ways to sell your accounting services without feeling as though you’re working in a used car lot:

LISTEN TO POTENTIAL CLIENTS. One of the common

negative beliefs about salespeople is that they talk and talk without letting anyone else get a word in edgewise. The truth is that an excellent business developer knows how to listen. This is how you find out what your client needs so that you can specifically address how you can fill those needs.

SHOW THAT YOU UNDERSTAND THE PROBLEMS OF YOUR CLIENTS. If you listen to your client’s

needs, you have the opportunity to empathize with that client’s problems. This allows your potential client to develop trust in you quickly. For example, when a client describes an issue to you, tell a story about how you resolved a similar issue for another client. This is a way of communicating your experience without the old- fashioned sales pitch.

JULY/AUGUST 2011

you find a prospect whose business you want to attract, do some research to see if you can determine what that prospect needs. Of course, review the company’s website, but that’s just the tip of the iceberg. Search online for press releases, annual reports, articles about the company, articles by key executives and articles quoting key executives. When you meet with your prospect, he or she will be impressed with what you already know about the company. It demonstrates your interest in truly serving the needs of an organization.

DON’T MISS SALES OPPORTUNITIES. While you don’t want to push your business on everyone you meet in social situations, learn to watch for opportunities. Networking really is as important as everyone says it is. You never know when you might meet someone who needs your firm’s services. Never leave the house without business cards, and feel free to speak proudly about your firm when someone asks you, “What do you do?” Let’s say someone responds by saying, “I run an interior design firm.” If you’ve worked with an interior design firm before, mention it. If you genuinely find it to be an interesting

MARKET knowledge

Many businesses focus so much on getting new clients that they forget to cultivate the clients they already have. The truth is that it’s easier to maintain a client than to gain a new one. field, say so. If you know anything about specific accounting issues that might arise in that field, mention that as well.

KNOW YOUR STRONG POINTS. If you aren’t sure what

distinguishes your firm from your competition, it’s time to sit down and figure it out. Just being an accounting firm isn’t enough. You need to establish something that is special and unique about what you can offer clients.

REMEMBER THAT EVERYONE AT YOUR FIRM REPRESENTS YOU. The truth is

that everyone on your team is in sales, and all of them represent your firm’s brand when they’re out and about. Just as you should network for your business, so should all of your employees. This means that everyone needs to have a clear understanding of the strong points of your firm, and they should be trained in how to talk about your business.

PAY ATTENTION TO YOUR CURRENT CLIENTS. Many

businesses focus so much on getting new clients that they forget to cultivate the clients they already have. But the truth is that it’s easier to maintain a client than to gain a new one. Still, just because someone has hired your firm in the past doesn’t mean they’ll continue to do so unless they feel valued as a client. This means that you need to stay in touch with

your existing client base and constantly add value to your services. What can you do that will make your firm more attractive to your current clients, and how can you show them that they’re important to you?

BUILD LONG-TERM RELATIONSHIPS. When you pay

attention to your existing clients, you build long-term relationships. When you always deliver what you promise, you build long-term relationships. That’s how you sustain your business for many years. When your firm makes a mistake or is unable to meet a deadline, offer to make it up to the client. When you show your loyalty by going the extra mile and taking responsibility for errors, your clients will show their loyalty in return.

LEARN HOW TO “CLOSE” A SALE. You’ve probably heard about the art of “closing” a sale, and the idea may make you cringe. But there is no “fast talk” involved. “Closing” is simply about clarifying what will happen next. If you

feel that a prospect is very interested in your firm, you can simply say, “I’d love to arrange for our firm to take care of your accounting needs. Can we set up a meeting to discuss the details next week?” If you feel that your prospect is lukewarm, you can simply ask, “Can I call you next week to talk about it some more? I think we could really help your company decrease your tax burden.” If that still feels like too much for the circumstances, you might simply want to try to schedule a lunch where you will mix business talk with small talk. Again, it’s all about cultivating long-term relationships — whether with an existing client or prospective client. For many accountants, the idea of closing a sale or speaking with pride about their firm is simply uncomfortable. In order to network and build your business, however, it’s necessary to overcome your shyness. Learn about body language so that you can read the responses of others. This will help you to feel more confident as you try to step beyond your comfort zone. Then, think about how you like to be treated when someone is offering you their services, and you’ll act appropriately. Simply remember that you aren’t a salesperson per se, but you are always selling. n

LISA BENSON is a member of the management team of The Growth Partnership, Inc., in St. Louis, where she oversees the strategy and operations of the Lead Generation Services Division. Contact her at lbenson@ thegrowthpartnership.com or (877) 226-0496, or visit www.thegrowthpartnership.com.

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TODAY'S CPA

Build Your Niche Practice With Preparation, Introspection and Opportunity BY Dr. John Karaffa, CPA/PFS, CFP ®

As accountants, it’s hard for us to say “no.” Bosses ask us to take on additional projects at work, friends ask for help with their taxes and nonprofits want our advice with their balance sheets. CPAs are perceived as experts in almost everything financial. Although taking on these extra tasks sometimes taxes our free time, doing them yields often overlooked rewards:

How a CPA combined his professional career and personal interests into a successful sports accounting niche practice.

Over time, we tend to develop strong business networks, we become skilled and able to help those around us and we become adept in areas of expertise we might not have considered our strengths. All of those things can help, if we decide to change career directions — something many do. It’s not unusual for seasoned accountants to ask, “Is this really what I want to do with my life?” If the answer is “yes,” then congratulations! The rest of Disclosures is filled with articles more relevant to you.

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TODAY'S CPA

But if you are looking to explore other possibilities, perhaps these three pages are worth your next five minutes. This article will walk through the three simple steps I took to build my practice (steps you can emulate): 1. Preparation 2. Introspection 3. Opportunity

MY TRANSITION I spent many years in high-level corporate finance roles — ones that would be the envy of many individuals. However, my career had run its course. I felt my talents were not being fully utilized in my work, and I did not take joy in what I was doing. Sensing my frustration with work, my wife asked me what I really wanted to do. I responded that I had always wanted to own my own business and teach at a university. With her support and encouragement (and some sacrifices from my family), I pursued my dream, and it is now being realized. I founded ProSport CPA PLLC, an accounting firm specializing in taxes, accounting and financial education services for professional athletes. I am also a college professor who teaches finance, international business and marketing.

business and personal finance. In addition, my graduate work focused on a topic important to my clientele — the financial decisions that professional athletes make during their playing careers.

THE PROCESS Turning my dream into reality required me to take the three steps I mentioned above: preparation, introspection and opportunity.

PREPARATION: FOR YOU TO SUCCEED IN A BUSINESS NICHE, YOU HAVE TO HAVE THE SKILLS AND KNOWLEDGE TO BE GOOD AT IT!

INTROSPECTION: SELECT A NICHE IN WHICH YOUR TRUE PASSIONS LIE.

My entire professional accounting career gave me a unique skill set that prepared me for forming my company: • I was a nine-year veteran of PricewaterhouseCoopers’ tax practice, with 20 years of tax-return preparation experience. • I served as the chief financial officer of the German subsidiary of a U.S. public company.

Sports are my passion. Tax, accounting and financial education are my preferred professional specialties. When I reflected on my strengths, I discovered that my selling points and my experiences all intersected at the niche of being a sports accountant. That is who I am and where my passion lies. Watching ESPN is doing research. Catching a game is working. I love my job!

OPPORTUNITY: YOU HAVE TO HAVE AN “IN” TO SUCCEED WITH A NICHE PRACTICE.

• I worked eight years at a retail insurance and financial services company, including a stint in the sports and entertainment division. • My educational endeavors were centered on accounting, international

In the business world of sports — as well as other specialty areas, I suspect — outsiders stick out like a sore thumb. You have to have an “in” to be taken seriously. The differentiator for me was that I had been a professional athlete and coach. 

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TODAY'S CPA

After being a three-year starter and captain for the Butler University Bulldog basketball team (the only school in Indiana to have played in consecutive Final Fours), I played pro ball overseas for 12 seasons and coached for two seasons. Later, when I began working stateside, I cultivated a network of contacts in colleges as well as professional sports, and through my role in a sports and entertainment division of an insurance company, I built relationships with many of the best financial advisors in the industry who have the opportunity to serve professional athletes. This experience and these credentials

gave me credibility — the “in” I needed to succeed in sports accounting. Putting it all together to build my niche came easily. I was able to combine my professional and personal experience into an accounting niche that was right for me. The combination of professional athlete plus CPA tax professional simply equaled my firm, ProSport CPA. My registered tagline is “The Tax Pro for the Pros®.”

THE POST-GAME Quitting a day job to pursue a dream isn’t the right thing for everyone to do.

Back taxes, interest and penalties due

Your client

Learn how smart negotiation can lighten the load.

ta solutions ALLIANCE 804.359.5221

Info@TaxSolutionsAlliance.com • www.TaxSolutionsAlliance.com

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I didn’t. I transitioned from corporate America to running my own firm by becoming a full-time professor (which was another of my dreams). Teaching enabled me to have a baseline from which to build up the business that I wanted — from scratch, my way and at my pace. Today, in just three busy seasons, I am blessed to have more than 75 professional athletes as clients, and I am on a path for having more than 100 next year — three years ahead of my plan! It is possible to find your true career, provided you put in the right amount of preparation, introspection and opportunity. Even if you are comfortable in your current position, jot down what you would do if you had to do something else. Having a “Plan B” gives peace of mind. And the exercise itself may force you to re-evaluate where you are, where you want to be, and how you would get there. Good luck and God bless! n

Dr. John KaraffA, CPA/ PFS, CFP® is the founder and president of ProSport CPA PLLC in Quinton. He has more than 20 years of tax, accounting and financial education experience, including nine years in public accounting. He was voted as one of Virginia’s Super CPAs in 2010. He was also featured in the July 2010 edition of the Journal of Accountancy. Contact him at jkaraffa@ prosportcpa.com.

Technology

A Scan Plan: Getting the Most from QR Codes What’s the simplest way to get from the page you’re currently reading to a website with additional information on this topic? It’s certainly not typing in a 27-character web address — at least not anymore. Now there’s any easier way to leap from print to the web. QR codes, or “quick response” codes, are a hot communication trend — a content strategy to get readers from point A to point B on the information highway. Literally, QR codes are two-dimensional barcodes pre-loaded with content, like a website address or phone number. Anyone who owns a smartphone or mobile device with a built-in camera (iPhone, Windows Mobile, Nokia, BlackBerry, Android and other appbased phones) can download a free QR code reader, launch the app, hover the phone’s camera over the code — and voila! The phone’s Internet browser is automatically pointed toward a precise URL, and the phone’s owner is seconds away from more information without ever typing “www” or firing up the laptop. Based on the VSCPA’s 2010 Communications Survey, about a quarter of VSCPA members use smartphones, and that number is on the rise. So look for QR codes throughout the VSCPA’s various print publications

for a more convenient way to get additional information.

Is QR for you? Maybe the jury is still out on whether you plan to use QR codes to find information, but how do your clients or potential customers feel about them? According to a study commissioned by MGH, a Maryland-based advertising and public relations firm, 32 percent of smartphone users surveyed this year said they’ve used a QR code before, and 70 percent said they planned to use a QR code again or for the first time. Could QR codes work for your firm or company? Here are some uses you should consider: • Drive potential customers to your website. Print QR codes on your marketing materials or promo items. • Print a QR code on your business card that is preloaded with all of your contact information or your full vCard. • Use QR codes to distribute special promotions to attract new clients. • Use QR codes administratively to organize or link paperwork to appropriate records. • Supply clients with a QR code that directs them to your online payment system. n

Give QR a TRY!

Scan this code with your smartphone QR code reader for more resources. Trouble scanning the codes? Check out more at www. vscpa.com/QR.

Did You Know?

Paperless airplanes As early as 2007, Continental Airlines started allowing passengers to board their flights using QR codes, sent directly to passengers’ PDAs.

Phone ForEcast

According to research from Gartner, U.S. smartphone sales are expected to grow from 67 million units in 2010 to 95 million units in 2011. By comparison, mobile PC shipments are forecasted to total 50.9 million in the United States in 2011, up from 45.6 million from 2010.

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ACCOUNTING

Order Among Chaos: Navigating the Accounting Standards Codification By Lauren Alexander, CPA, CFF

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ACCOUNTING

Nearly every CPA who practices, teaches or

guidance, and in some cases, even issuing conflicting guidance. Over the last 70 years, nearly 2,000 pronouncements have accumulated as U.S. GAAP has evolved into a hodgepodge of accounting guidance from a diverse set of standardsetting bodies, including:

researches accounting standards in accordance with U.S. Generally Accepted Accounting Principles (GAAP), especially preparers of financial statements, must now contend with a new organization of standards. The Accounting Standards Codification is the one main source of authoritative GAAP recognized by the U.S. Financial Accounting Standards Board (FASB) for non-governmental entities. It organizes accounting pronouncements into 90 topics that comprise the new U.S. GAAP hierarchy. Not only does the Codification advance accounting standards more easily into the digital age, it also prepares U.S. GAAP for convergence with International Financial Reporting Standards (IFRS). This article will explore why the Codification was necessary in the first place, and, now that it’s effective, how practicing CPAs can begin to navigate it.

Problems With the Old System To address recommendations of the Securities and Exchange Commission

(SEC), FASB undertook some ambitious initiatives in July 2003. These initiatives included efforts to improve “the quality of standards and the standard-setting process, including improving the conceptual framework, codifying existing accounting literature, transitioning to a single standard setting regime, and converging FASB and IASB standards.” 1 As a result, the Codification project was launched. Before pursuing the Codification, FASB conducted a survey of constituents that showed that the vast majority — more than 80 percent — of respondents agreed FASB should pursue Codification to “make the existing GAAP structure less confusing, more understandable, and more user-friendly in terms of information retrieval.” 2 Historically, accounting standards have been difficult to research in part because of the number of bodies issuing

• FASB Standards • Emerging Issues Task Force (EITF) Abstracts • Accounting Principles Board (APB) Opinions • Accounting Research Bulletins (ARB) • Accounting Interpretations (AI) • American Institute of Certified Public Accountants (AICPA) guidance For public filers, SEC rules, regulations, interpretive releases and staff guidance also apply. Because of this dispersed nature of the guidance, users often had concerns about whether they accessed all relevant standards and whether they applied the appropriate standards. In the old system, accounting guidance was organized by the standard-setting body that issued the guidance and then was grouped according to a hierarchy of five different levels of authority, which was known informally as the “House of GAAP,” as prescribed by Statement 

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ACCOUNTING

on Auditing Standards (SAS) 69. To determine the appropriate guidance to apply, an accountant first had to determine which pronouncements were relevant and then which were the most authoritative according to the hierarchy. Additionally, the SAS 69 GAAP hierarchy drew criticism from the SEC because it was directed at the auditor rather than the entity. 3 Outdated or superseded standards represented another complication to the old system. Changes to older accounting standards were often implemented with newer standards issued by different authoritative bodies. Therefore, it became essential to know which standards remained effective and which ones had been replaced or amended.

Objectives of the New System To address the problems and complications of the old system, the

Codification attempts to simplify accounting research by reducing the amount of time and effort required for accounting research and also, importantly, reducing the risk of non-compliance. There are also other reasons why FASB codified U.S. GAAP. It sought to create a clear division between authoritative and non-authoritative guidance. Another objective was to provide accurate information with real-time updates — to provide a means of updating the system immediately when accounting standard updates are released. Finally, the Codification should assist FASB with its own research and convergence efforts with IFRS and will become the authoritative reference source for eXtensible Business Reporting Language (XBRL). 4

Timeline FASB released the Codification on January 15, 2008, for a one-year

verification period. The authoritative version of the Codification was released on July 1, 2009, and has been effective for periods ending after September 15, 2009. Since this date, the Codification must be used by financial statement preparers, auditors and academics. 5

Content Importantly, the Codification does not change GAAP or create any new authoritative content. Instead, it presents all accounting and financial reporting literature in an integrated database. It contains all current, authoritative accounting standards for nongovernmental entities that have been issued by U.S. standard setters, such as: 6 • FASB Statements, Interpretations, Technical Bulletins, Staff Positions, Staff Implementation Guides and Statement No. 138 Examples • EITF Abstracts and Topic D • Derivative Implementation Group

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ACCOUNTING TABLE 1: FASB Codification Structure Leases

TOPIC

SECTIONS

Operating Leases

Overall

SUBTOPICS

SCOPE

LESSEES

Disclosure

LESSEES

SCOPE

LESSEES

CapITal Leases

Disclosure

SCOPE

LESSEES

Disclosure

LESSEES

SUBSECTION LESSORS

LESSORS

Issues • Accounting Principles Board Opinions • Accounting Research Bulletins • Accounting Interpretations • AICPA Accounting Statements of Position, Practice Bulletins, incremental accounting guidance from Audit and Accounting Guides The Codification does not include guidance for non-GAAP matters such as OCBOA (Other Comprehensive Basis of Accounting), cash basis, income tax basis, or Regulatory Accounting Principles. Nor does the Codification include governmental accounting standards. 7 Relevant portions of authoritative content issued by the SEC are included for reference in the Codification. However,

the Codification does not contain the entire population of SEC guidance. Thus, public filers must still ensure compliance with SEC rules by following the guidance published directly by the SEC.

Structure All content in the Codification is structured by topic. Each topic is grouped into one of five main areas: 1. General Principles 2. Presentation 3. Financial Statement Accounts o Assets o Liabilities o Equity o Revenue o Expenses

4. Broad Transactions 5. Industries With regard to Broad Transactions and Industries, FASB placed content first in the Industries topic if it related solely to a single industry. If content related to multiple industries, it was placed into the appropriate Broad Transactions topic. To understand how a topic is organized, it is helpful to review an example. “Leases” is a topic. Table 1, above, shows how the Codification organizes guidance under Leases. As depicted in the table, the categories beneath each topic are used to further delineate guidance into useful areas. Subtopics are subsets of Topics and are categorized by type; each Topic contains an Overall Subtopic and some contain 

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ACCOUNTING

While the Codification has been in effect since the fall of 2009, and CPAs have most likely made changes to references in financial statements and footnotes, they will still need to adjust references to reflect the Codification in working papers, internal accounting manuals, internal control documentation, accounting textbooks and other documents. additional Subtopics with guidance not included in the Overall Subtopic. 8 Beneath each Subtopic, Sections group content by its nature, i.e. recognition, measurement, and disclosure. 2 The same Section codes are used for each Subtopic, i.e. every Section 00 is the Status Section, and every Section 20 is the Glossary Section. Subsections may be used to further segregate Sections. The Codification’s substantive content is found at the paragraph level. All other levels are simply used to organize the paragraph-level content.

Implications for Researching and Referencing The Codification is available on FASB’s website (www.fasb.org), along with the Notice to Constituents, containing general information about how to use the online system, and an online tutorial. The Codification can also be accessed online in the same manner as the old

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accounting guidance, such as through subscription services like Thompson Reuters RIA Checkpoint. To facilitate users’ acclimation to the new system, the Codification contains a Cross Reference Report whereby users can identify where previous standards are located in the Codification. 10 Since the Codification has been effective for periods ending after September 15, 2009, CPAs have most likely already addressed the most important and obvious change that it necessitates: changes to references in financial statements and footnotes.11 But it will also be necessary for CPAs to adjust references to reflect the Codification in working papers, internal accounting manuals, internal control documentation, accounting textbooks and other documents. Whereas it was common to reference the old guidance by its assigned numbers, such as FASB No. 5, FASB is now encouraging preparers to use plain English in their references to the

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Codification in financial statement footnotes. For example, to cite to the circumstances where a loss contingency exists, one would refer to “the Loss Contingencies Subtopic of the FASB Accounting Standards Codification.”

Going Forward After identifying the problems with accessing, researching and referencing accounting guidance under the old system, it’s understandable why FASB codified the literature into one main source of authoritative GAAP. Now that the Codification is in place, over time the accounting profession can assess whether it achieves its core objectives of reducing the time and effort required for accounting research, mitigating the risk of non-compliance, providing accurate real-time updates to standards and assisting the FASB with its convergence efforts. Until then, CPAs must learn to navigate the new topical structure and access and reference the same content in a substantially different way. n

References 1. FAS 162, Paragraph A.3 2. FASB Accounting Standards Codification Approaches Constituent Verification Phase, News Release, October 19, 2007 3. FAS 162, Paragraph A.4 4. FASB Accounting Standards

ACCOUNTING

Codification, Notice to Constituents (v 4.0) About the Codification, page 5. 5. AICPA Presentation, The FASB Codification: What You Need to Know, © 2009. 6. FASB Accounting Standards Codification, Notice to Constituents (v 4.0) About the Codification, page 7. 7. FASB Accounting Standards Codification, Notice to Constituents (v 4.0) About the Codification, page 11. 8. FASB Accounting Standards

Codification, Notice to Constituents (v 4.0) About the Codification, page 13. 9. FASB Accounting Standards Codification, Notice to Constituents (v 4.0) About the Codification, page 14. 10. FASB Accounting Standards Codification, Notice to Constituents (v 4.0) About the Codification, page 9. 11. FASB Accounting Standards Codification, Notice to Constituents (v 4.0) About the Codification, page 21.

Lauren Alexander, CPA, CFF is a senior manager with Veris Consulting, Inc., a provider of specialized forensic accounting and litigation consulting services headquartered in Reston. Contact her at lalexander@verisconsulting.com.

Nicole Debien, CPA, a consultant with Veris Consulting, Inc., also contributed to this article. Contact her at ndebien@verisconsulting.com.

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CAREER development

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Career development

The Real Housewives of Accounting Advice for female CPAs juggling career and family, from one woman who’s made it work. By Clare Levison, CPA

We don’t throw tables at each other, use language that would make a sailor blush or get loads of plastic surgery in attempts to resemble our teenage daughters. You won’t find us trying to one up each other at a charity gala, crashing a party at the White House or drinking tequila ‘til we drop. We like to have fun, but not quite that much fun. No, we “Real Housewives of Accounting” are a fine mix of soccer moms and PTA presidents combined with a healthy helping of business smarts and financial skills — think Carol Brady meets Suze Orman. We’re the stay-at-home mom and financial guru all rolled into one and we’re out to prove that maybe, just maybe, you really can have it all.

Making the Break I was about seven months pregnant with my second daughter when the thought of putting her in daycare for 40 hours a week at the ripe old age of six weeks

began keeping me up at night. A piece of me had known for a while that I was ready to make the break, but as my due date grew closer, I knew what I had to do. I told my boss that I wanted to work part-time for six months, which was basically unheard of in the company at the time. After consulting with his boss, the human resources manager and perhaps Congress, he agreed. But six months went by with lightning speed, and I grew to love the part-time gig. For me, the extra time I was getting to spend at home was priceless. I approached my boss again and told him that I wanted to continue in the part-time position 

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CAREER development

indefinitely. After consulting with his boss, the human resources manager and the Senate, he agreed. The baby is 7 years old now, and I’m still living the dream. Well, sort of. Although my boss ended up agreeing to let me work part-time, the idea was met with a high degree of skepticism on the part of pretty much everyone involved. The truth is that he was really the only one who was even willing to give it a chance — and if he hadn’t gone to bat for me, I don’t think it would have ever happened.

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What does this say to anyone thinking about doing the same thing I did? You must be prepared. You must be more prepared than a Boy Scout on a camping trip, more prepared than a bear for the winter, more prepared than Britney Spears was on her wedding night.

Making Your Case for a Part-time Work Schedule Here’s what I learned when asking for the schedule that best suited my needs.

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If you want to have any chance of successfully negotiating a part-time work schedule with your employer, ensure you’re a major asset to the company. Your boss will be much more likely to work with your scheduling needs if he or she can’t imagine life without you. Although you may find that your home life is on your mind more and more these days, this is the very time that you absolutely want to be on your “A” game at work. Be a team player, the one your boss can always count on to get the job done quickly and correctly. If you’ve made yourself valuable, chances are they’ll want to keep you.

Career development

Working a part-time schedule means doing nearly the same amount of work in less time. It’s true, and if you’re not prepared for that reality, you may want to reconsider making a change. One of the best cases you can make for a parttime schedule is assuring your boss that you’ll be able to do about 75 percent of the work of a full-time employee in about 50 percent of the time. Any good accountant can see that that’s a good deal, but you can’t just make a statement like that if your employer hasn’t seen anything in your work habits that would make them believe it would be the case. In other words, make sure you have established a track record of excellent time management skills. Don’t be afraid to ask for what you want. You will be far more credible to your supervisor if you’ve already created a part-time plan that you think

will work. Don’t go into the discussion with a bunch of hypotheticals. Know how many hours per week you want to work, when those hours will be and from where you want to work, whether in your home or the office. Depending on how flexible your boss is, these things might vary from week to week, but you should still have a good plan to start from. Know the financials. How do you expect to be paid for your part-time schedule? Are you going to receive a set salary or are you going to be paid on an hourly basis? I recommend getting paid by the hour. That way, if a project requires more of your time in a particular week, you will be compensated for it. You also need to have a plan for benefits. Will you still need company benefits, or can your spouse provide the appropriate

insurance coverage for you? What about vacation and holiday pay? Be sure to prepare a list of all financial topics.

“I Never Promised You a Rose Garden” Sounds perfect, doesn’t it? Work fewer hours, get paid a nice wage and still have lots of time to spend with your family. And in many ways it is ideal. But parttime work is not without its sacrifices. There are some crucial things you need to consider if you’re thinking about cutting back at work. Remember that fast track you used to be on? A part-time schedule can often be your one-way ticket off that railway. Those big, high-visibility projects will likely go to the full-time employees, and you’re likely to take on more of 

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CAREER development

a supporting, rather than managing, role. In addition, you may find that the assignments you receive aren’t as challenging as the ones you were given before. Part-timers often find themselves doing a lot of the “grunt” work. Oh, and by the way, don’t expect the raises to be as large or as frequent, either.

seems to happen.

In addition, you may find that your coworkers are resentful of your part-time work schedule. They watch you arrive late and leave early, and a piece of them may be wishing they had the ability to do so as well. The best advice I can give on this point is to be sure you’re pulling your weight. Work really hard during the time you are there, and plan ahead. Let people know what your hours will be and be sure you’ve planned your workload to accommodate all of your deadlines. In the end, if your co-workers can rely on you to get the job done, you’ll be able to win them over.

The Part-Time Payoff

Now that you’ve cut a few links off the old career life ball and chain, you’re ready to dive right into the world of the stayat-home mom, right? Well, be prepared. Perhaps the biggest curse of the parttime lifestyle is the feeling that you don’t truly fit into any group, because you’re not technically a corporate climber and you’re not technically a stay-at-home mom. Beware: Your volunteering efforts and play groups are going to continually be interrupted by work commitments. And although it seems as if you should have time now to get all of the laundry and cleaning done, it just never quite

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So why try to do both? Why try to “have it all?” Why not just pick one lifestyle or the other and go with it? Working a part-time schedule has its cons, but it certainly has its pros as well.

When I decided to cut back to part-time, I did it because I wanted to be able to spend more time with my children. In truth, I probably would have been quite content being a stay-at-home mom, but there were several reasons I decided not to leave the workforce entirely. I wanted the satisfaction that comes along with doing a job I enjoyed. I enjoy accounting. I worked hard to obtain my CPA license and I feel a sense of accomplishment when I go to work each day. I like interacting with adults in a professional setting and being a member of professional societies and networks. All of these things have become a part of who I am. I wanted to keep my skills current. Accounting, like lots of other professions, is an ever-changing environment. Accounting standards change, tax laws change, technology changes and business in general is continually evolving. I wanted to stay abreast of those changes and keep myself relevant. I also wanted to keep at least one foot in the door.

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I wanted an income of my own. My husband and I have joint accounts; basically, his money is my money and vice versa. But I wanted to be able to continue to contribute financially to our family. I like money and I like making money. I always have. Maybe that’s why I became an accountant. I wanted a Plan B. If, heaven forbid, something should ever happen and I needed to be able to support myself all on my own, I wanted to be able to do it. I never wanted to feel like I was completely dependent on someone else. I knew that if I ever needed to, I could easily transition from part-time back into a full-time position with my company. I also knew I would be much more marketable to other companies if I was currently in the workforce. I wanted to teach all of the things I just mentioned above to my children. I wanted them to see me working hard, at home and at work. I wanted them to see me getting up in the morning to meet my obligations and putting myself out there in my career field. I firmly believe that having your own career and earning your own money provides you with a strong sense of independence and personal satisfaction. I wanted to pass this belief on to my children.

The Bottom Line “Real Housewives” are often an excellent untapped resource. Many companies

Career development

are hesitant to stray from their businessas-usual work schedule policies, but employing a Real Housewife has lots of advantages. We’re there because we want to be. We Real Housewives are there not just because we want the money, although we certainly wouldn’t do it for free. Many of us could live comfortably on our spouse’s income but find it personally fulfilling to work, and that makes for a motivated employee with good morale. We’re loyal. If you provide us with flexibility, we’ll repay you with results. We also know a good thing when we’ve got it, and we’re not likely to seek out other employment because we recognize we might not be able to easily find that flexibility somewhere else.

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We’re less expensive. Fewer hours worked means fewer dollars paid, and in a tough economy, that can really help companies get their budgets in line. Part-timers can also provide companies a savings on benefits. The statistics show that millions of women are successfully taking a parttime career path. According to the United States Department of Labor, in 2009, 66 million women were employed in the United States. Seventy-four percent of employed women worked at full-time jobs, while 26 percent worked on a part-time basis.

more Real Housewives — not the kind who spend all day at hair salon or host shopping parties on a regular basis, but the kind who are smart, hard-working, effective employees. And ladies, you may not be able to be all things to all people, but with the right balance between home and work life, you can come pretty darn close. n

Clare Levison, CPA is an analyst at Alliant Techsystems in Radford. She is a member of the VSCPA Board of Directors and VSCPA Editorial Task Force. Contact her at clare.levison@atk.com.

Part-time employment can be a winwin situation for the employee and the employer if both parties go into the situation with open minds and realistic expectations. The workplace needs

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CAREER development

Success Beyond Public Accounting The transition of a new generation of CPAs into private industry is a win-win proposition. By William F. Oâ&#x20AC;&#x2122;Brien, CpA, MBA Executive Education, Inc.

According to the Bureau of Labor Statistics, the number of new jobs among accountants and auditors will increase by more than 275,000 in the next eight years. A majority of these accountants will be newly minted CPAs entering public practice. Within the first five years of their hire, most of these professionals will transition into careers in government, non-profit organizations or private industry. Below are 10 ways to have a successful transition out of public accounting, as well as several hints for the hiring managers of transitioning CPAs. These suggestions result from interviews conducted with both seasoned financial professionals and CPAs who have successfully made the transition.

1. DEMONSTRATE CURIOSITY WITH A PURPOSE Curiosity is a virtue. This is particularly true when your insatiable desire to discover new things focuses on what is truly important to your business. Newly hired CPAs must take the time to determine what issues are most important. They should then gather as much relevant

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Career development information as possible about those issues. I call this “knowing the territory.” Let curiosity help you to find your passion in your new position. Never stop asking questions — questions about your company, your responsibilities and your career.

2. CREATE AND STEWARD A MENTORSHIP Knowing the territory also includes the process of finding a mentor. Mentors are valuable resources, particularly mentors who understand the company’s systems and processes. Mentors can guide you around the rocks of a rapidly moving corporate environment. Soak up their advice like a sponge and do not forget to continue asking relevant questions. Listen to their advice, based upon years of experience. Heed their warnings. Follow their directives. Steward the relationship as if it were your most valuable asset. It just might be! The benefits of a mentorship are equally beneficial to the mentor as well as the mentee. Mentors can gain valuable insight into what really motivates new employees, and then craft assignments for transitioning CPAs that take advantage of those passions. Such assignments provide a customized and meaningful work experience for the transitioning CPA. Remember, this generation of new CPAs is motivated by the issues they care about most.

3. FAILURE IS GOOD As fictional “Wall Street” character Gordon

Gekko stated, “Greed is good.” I suggest a different phrase: “Failure is better.” The transitioning CPA needs to be secure in the belief that it is acceptable to fail — once. Experiment and learn from the resulting successes and failures. Take pride in stepping outside of your comfort zone. Do not be afraid to volunteer for challenging assignments. I reflect on my own career experiences where I missed opportunities to move radically outside my financial comfort zone — one time into corporate law and another time into marketing. I regret passing on both of these unique challenges. Consider how you build muscle strength. As the muscle tears down through weight lifting, it rehabilitates with a stronger capacity. Organizations can strengthen themselves in the same way.

professionals are not aware of their composition deficiencies. Test your own writing skill by turning on all of the spelling, grammar and style features of MS Word and analyzing something you wrote. For good business writing, you should seek to have few passive sentences (under 10 percent), a reading ease score of at least 40 and a grade level of no more than 12. Practice improving your writing by eliminating all of the highlights MS Word puts underneath your material. No matter how effective your work, if you cannot clearly articulate your ideas, you are not being fully effective. Consider the words of former Chrysler CEO Lee Iacocca: “You can have brilliant ideas, but if you can’t get them across, you’re ideas won’t get you anywhere.”

5. BE VISIBLE 4. MASTER COMMUNICATION This suggestion is a no-brainer. Remember, however, communication includes the art of listening. Stephen Covey admonishes us to use our senses in proportion — two ears and one mouth. His advice is excellent. Another aspect of communication excellence is the ability to articulate your ideas in a clear and concise manner. Think CliffsNotes rather than “War and Peace.” We are the USA Today generation. Shorter attention spans require focused communication. It is common knowledge that many transitioning accountants have poor writing skills. Many of these young

Recall the old saying, “Out of sight, out of mind?” If you telecommute, take this adage to heart. Although you might operate out of a home office, take advantage of all opportunities you have to remain visible to your co-workers and bosses. Frequently join them for lunch and brainstorming sessions. Participate in group training exercises. All of these activities keep you in sight of senior management and other operating executives. In addition, do not forget the importance of extra-curricular activities such as sports teams, community service and other company-sponsored social events. A consistent exhortation from my interviews with senior managers was, “Be all in.” In other words, sometimes just 

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CAREER development doing your job is not enough to ensure success with your career.

6. FIVE O’CLOCK IS NOT THE END OF THE DAY Similar to standard operating procedures in the public accounting profession, the

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workday in private industry does not necessarily end at 5 p.m. The absence of a supervising senior accountant or engagement manager, however, places the burden of work commitment squarely on the shoulders of the transitioning CPA. Be prepared to see projects through to completion on a recurring basis. As you might expect, this sometimes requires extra time in the office. Other times, you will invest the extra hours at home. This investment of time is well spent. As a transitioning CPA, you have months, if not years, of information to absorb. A “standard” workday usually does not provide sufficient time to accomplish this task. Experienced managers need to understand that today’s generation of workers does not believe in working overtime for the sake of working overtime. They are committed to the success of tasks in which they see purpose and value. Make sure that you reinforce those attributes with the newly hired CPAs. Believe me: Today’s young CPAs want to add value to all that they do. Make it easy for them to have a passion for commitment to excellence and for the completion of their tasks.

7. OWNERSHIP Andrew Grove, the retired chairman and CEO of Intel Corporation, urges employees to take control of their own careers. If you do not receive feedback, find it. If you do not have opportunities for job rotation, look for them.

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Consider using “two-circle analysis” as a performance review vehicle. In two-circle analysis, the employee lists in prioritized order the major activities for which they consider themselves responsible. The employee then asks their boss to prepare a prioritized list of the same activities from the boss’ perspective. The parties ultimately meet to discuss the consistencies or inconsistencies of the two lists. Often this discussion can prompt a more complete dialog over performance and career progression. Take ownership and be proactive with respect to the development of your career. This tool is one way to do just that. Above all, commit yourself to a comprehensive continuing education program. Do not look for the easy way out to maintain your continuing professional education requirements. Forty hours of CPE each year may be barely enough to maintain your skill level. You signed up to become a professional. That includes a commitment to keeping yourself current and up-to-date. Similarly, the more relevant business books you seek out and read, the broader your knowledge base will be. This could lead to an acceleration of your career advancement. Remember, your career is “Job No. 1.”

8. SHARE YOUR SKILLS Recall my earlier discussion about mentoring. Sociologists indicate that Generation Y is one of the most, if not the most, sharing generations in terms of giving back to society. Do not be afraid to carry this attribute into the office. Share your incredible knowledge of technology with your co-workers,

Career development particularly the Baby Boomers. Turn mentoring into a two-way street. Take the flow of experience from the senior managers and return to them the gift of current networking technology.

9. IT’S ONLY A JOB Do not forget to take time to laugh. It will extend your life and reduce the stress that comes with ordinary life. In the 1960s, a famous Los Angeles Dodgers outfielder misjudged a fly ball in the World Series. It cost the Dodgers the game. Later, when asked about the error, the ballplayer said, “It ain’t my life and it ain’t my wife. It’s only a ballgame.” Don’t let the job define you. You define how the job affects you and those around you. You will make mistakes. Recall my previous discussion about failure. Learn from your missteps and recover from them. Hiring managers can leverage this perspective. Find ways to celebrate! Celebrate both accomplishments and personal milestones. One of the most memorable events I can recall during my years at Intel Corporation was the company’s CEO attending my youngest child’s baby shower.

transitioning CPAs and their hiring managers as well. Take the time to make friends and allies within the company. They will accelerate the success of your transition to private industry and promote your future career both inside and outside the organization. People enjoy working with co-workers they respect.

FINAL THOUGHTS Change is never easy. Learning to adapt to new environments and embracing new perspectives is equally challenging. Ten simple steps of anything rarely solve the complex issues we face in business and life. It is my desire, however,

that these steps will encourage you, the transitioning CPA, and you, the experienced manager, to adapt to and embrace the changes and challenges you face with a mutual commitment to excellence. The success you achieve will surely be your own. n

William F. O’Brien, CPA, MBA, a Santa Clara University faculty member, is an internationally recognized author and lecturer in the areas of corporate financial management and international accounting. He is an Executive Education, Inc., discussion leader.

We know benefits full-service consultant for health, dental and other employee benefits.

10. INTERACT WITH DIGNITY AND RESPECT The final component of the winning formula should probably be the first. Treat everyone with dignity and respect. Contrary to popular belief, nice guys do not finish last. This tenet applies equally to the

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VSCPA news

Leaders’ Summit: Mission Accomplished! The theme of the 2011 VSCPA Leaders’ Summit was “Mission: Possible.” And the event’s proceedings bore out that theme, which underscored the importance of an organization staying true to its core mission and goals. Held May 19–20, 2011, at the Richmond Hilton Hotel & Spa in Short Pump, VSCPA volunteers and leaders from across the state gathered to discuss top trends affecting the CPA profession, best practices and how to ensure the VSCPA reaches its goals. The VSCPA held its 102nd annual meeting on Friday, May 20. At the meeting, the Society installed the 2011– 2012 VSCPA and Educational Foundation Board of Directors and recognized its award winners. n

2011–2012 VSCPA Board of Directors members are, standing from left to right: Barbara Smith, CPA; Colette Wilson, CPA; Nishon Evans, CPA; James Shepherd, CPA; Marc Filer, CPA; Stephanie Peters, CAE; Roy Peters, CPA; Mark VanDeveer, CPA; Tom Rosengarth, CPA; James Phillips, CPA; Clare Levison, CPA; and Gary Romer, CPA. Seated, left to right: Damon DeSue, CPA, and John Montoro, CPA. (Not pictured: Maria Bridges, CPA; Carl Hoecker, CPA; and Jamie Wohlert, CPA.)

2011–2012 VSCPA Board of Directors

Congrats, Life Members

The VSCPA installed the following 2011–2012 Board of Directors at the 2011 Annual Business Meeting on May 20 at the Richmond Hilton Hotel & Spa:

The VSCPA honored its newest life members at the Leaders’ Summit on May 20. The following have been VSCPA members for 40 consecutive years:

Chair: Damon L. DeSue, CPA Chair-Elect: John B. Montoro, CPA Vice Chairs: Tom E. Rosengarth, CPA James M. Shepherd, CPA Colette Y. Wilson, CPA Directors: Maria T. Bridges, CPA Nishon R. Evans, CPA Marc E. Filer, CPA Carl W. Hoecker, CPA Clare K. Levison, CPA James L. Phillips, CPA Gary E. Romer, CPA Barbara L. Smith, CPA Mark A. VanDeveer, CPA Jamie C. Wohlert, CPA

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Charles W. Albertson Jr., CPA Dallas D. Brunk, CPA James E. Burgess, CPA Robert K. Butler, CPA Patrick S. Callahan, CPA Richard W. Crutchley, CPA Frank C. Deal, CPA David M. Deitz, CPA Fred A. Drunagel, CPA Jerry W. Firebaugh, CPA Arlen S. Gregory, CPA Michael R. Hansen, CPA

Frederic A. Heim Jr., CPA Charles M. Hicks, CPA Douglas A. Hollowell, CPA Philip J. Howell, CPA Lowell J. Johnson Jr., CPA Norbert R. Kopecko Jr., CPA Jerry L. Little, CPA Stephen M. Markman Kenneth L. Prickitt, CPA Kenneth M. Sabanosh, CPA L. Samuel Saunders, CPA James E. Smith, CPA William E. Spencer Jr., CPA Larry D. Spring, CPA Alfred H. Wells Jr., CPA David R. Wright, CPA Charles S. Yates, CPA See photo on page 35.

VSCPA news

Society Stars: VSCPA Award Winners

Outstanding Member of the Year General Partner, Yount, Hyde & Barbour, PC

Care Resource and Referral Network, Safe Harbor, Inc. and the Rotary Club of Hanover. And she’s had stints on the boards of the Instructive Visiting Nurse Association, the Ellen Shaw de Paredes Breast Cancer Foundation and the Hanover Safe Place.

Elsie Rose doesn’t have to go far to get praise from a CPA peer. She doesn’t even have to leave the house — she needs only to speak with her husband, Lyall Shank, CPA.

“I tend to gravitate toward family organizations, especially women and children,” Rose said. “I think, too, when you go to some of these board meetings and are presenting your audit results, you meet a lot of wonderful members of the community.”

That readily available praise didn’t diminish the thrill when Rose was named the VSCPA’s Outstanding Member of the Year, nor did it lessen the impact of the respect of her CPA colleagues.

Rose’s efforts earned her a Super CPA nod in the government and nonprofit practice areas from Virginia Business magazine. She served as chair of the VSCPA Board of Directors in 1999–2000, chair of the VSCPA Educational Foundation and has also served on the American Institute of CPAs (AICPA) Council.

Elsie Rose, CPA

“One reason it’s so special is that it’s your peers,” she Elsie Rose, CPA, was named said. “It’s other CPAs that Outstanding Member of the Year. are thinking of you in such a high, lofty way. It’s a very special award to have your peers want you to be recognized.” After graduating from Virginia Commonwealth University, Rose began her career with A.M. Pullen in 1980 and also worked at Deloitte before founding Rose, Creasy & Company in 1992. That firm merged with Yount, Hyde & Barbour in 2005, and Rose has been there the entire way, developing interests and connections that would shape her life in and out of the office. Rose’s particular area of expertise is in nonprofits and closely held businesses. Her dealings with board members and those in need led to what she describes as “a tugging of my heart” and an interest that has endured throughout her career. Rose’s resume is dotted with references to her community and charity work. She’s served as president of the Virginia Child

Rose and Shank have one daughter, Whitney, and enjoy their rural lifestyle in Beaverdam. During her rare downtime, Rose enjoys collecting beach glass, listening to folk music at Ashland Coffee & Tea and spending time with her family, which also includes two dogs and six cats. 

>> Chapter Circle of Excellence Awards The VSCPA Chapter Circle of Excellence program encourages local VSCPA chapters to achieve a certain standard of excellence by striving for 21 different benchmarks in activities that support VSCPA goals and member satisfaction. Chapters strive to meet objectives in membership, meeting attendance, community service and more. Congratulations to the 2010– 2011 Chapter Circle of Excellence winners: Gold: Northern, Tidewater Silver: Thomas Jefferson, Richmond Bronze: Roanoke

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VSCPA news

From left to right, the Top 5 Under 35 winners are: Marc Filer, CPA; Holly Ratwani, CPA; Jamie Wohlert, CPA; and April Gunn, CPA. (Not pictured: Natalie Lentz, CPA.)

Top 5 Under 35 From audit analysis to forensic investigation to accounting education, the future of the CPA profession is in good hands with this group of young stars.

Marc Filer, CPA Senior Staff Accountant, PricewaterhouseCoopers Marc Filer traveled extensively during his college years at Ohio University, seeing the sights of Europe while getting his education. Little did he know that he wouldn’t be putting his suitcase away after graduation. Filer got into forensic accounting, the field he now knows like the back of his hand, almost by accident. He completed a three-week internship in the Cleveland office of PricewaterhouseCoopers after graduating from Ohio before taking a full-time audit offer from the firm. “They didn’t really have room for me,” Filer said in describing the start to his accounting career.

That lack of room didn’t last long, as Filer accepted a transfer back to forensic services at the request of a partner without even having to go through an interview. He’s since moved to the firm’s McLean office and handles investigations of international businesses under the Foreign Corrupt Practices Act (FCPA). Filer’s expertise has helped him continue to criss-cross the world and even add some new stamps to his passport. He has worked on projects in India, Ireland, Italy, Russia, the Czech Republic and the United Kingdom and counts Mumbai, India, as the most interesting place he’s worked. When Filer isn’t working (or abroad), he spends time with his wife, Carla. He’s now also making time for his role as a new member of the VSCPA Board of Directors.

April Gunn, CPA Director, Virginia Auditor of Public Accounts When she first started working toward a career in accounting,

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VSCPA news

From left to right, the following new VSCPA life members attended the Leaders’ Summit: James Smith, CPA; Jerry Firebaugh, CPA; Douglas Hollowell, CPA, Alfred Wells, CPA

April Gunn had no idea what she would accomplish. She entered the public sector with the Virginia Auditor of Public Accounts office because she enjoyed the interview and got a job offer quickly.

Charlie (5). She lives outside Petersburg and attends West End Baptist Church, where she is active in stewardship and community service and plays in the handbell choir. She enjoys running and completed two half marathons in 2010.

Eight years later, Gunn’s fingerprints are all over multiple processes in her office. In 2006, she was promoted to director of data analysis, putting her in charge of Commonwealth Data Point, Virginia’s public database of financial information. But that was just the start.

Natalie Lentz, CPA

In the summer of 2009, Gunn was tasked with overhauling the District Court audit process. Her efforts now save audit staff more than 5,000 hours per year. She credits her lack of preconceived notions with the success of the revamp. “One of my staff and I literally sat down and walked through what they did, how we could make it better and how we could save time,” she said. “We were both fresh to the entire judicial side of things. While it’s nice to have people who have done things forever, we could take a completely new look.” Gunn has two children with husband Jason: Joshua (7) and

Staff Accountant, U.S. Securities and Exchange Commission Two of the biggest financial news stories of the past few years have been the Troubled Asset Relief Program (TARP) and investment fraud. Natalie Lentz has been at the forefront of both. Lentz is currently an accountant with the Securities and Exchange Commission’s (SEC) Division of Enforcement. She specializes in the investigation of financial fraud and analysis of financial data. Before that, she worked at the Office of the Special Inspector General for TARP (SIGTARP), which supervised audits and investigations of the management of assets under TARP. The common thread in those jobs? Protecting the taxpayer. That’s where Lentz gets her greatest professional satisfaction. 

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VSCPA news “When I was at SIGTARP, it was the audits we were doing, bringing transparency to the forefront,” she said. “Now, at the SEC, I’m catching those folks that want to steal from investors.”

When she’s not teaching, Ratwani enjoys traveling, reading, landscaping and gardening. She and her husband, Zubin, are expecting their first child in December.

Lentz worked at Deloitte for several years before joining the government. When she’s not working, she enjoys spending time with her family, friends and dogs. She played ice hockey until graduate school and hasn’t found the time to pick it back up, but still enjoys rooting on her beloved Pittsburgh Penguins.

Jamie Wohlert, CPA

“I wouldn’t have guessed that I’d be where I am now,” Lentz said. “I was the first in my family to go to college, and I went to a small school. I feel like I didn’t really have too many mentors to lead me. No one was asking, ‘Do you want to take your CPA Exam? Do you not?’ I’m surprised that I found my way here.”

Holly Ratwani, CPA Associate Professor of Business Administration, Bridgewater College Holly Ratwani had no reason to make a career switch. She was happy in her public accounting career in Roanoke and in her life. But she shook things up anyway.

Jamie Wohlert’s path to the CPA designation started in her first year at the University of Virginia, when she decided to pursue a business degree. While taking the courses required for admission to the university’s prestigious McIntire School of Commerce, she found a natural fit in accounting. “I just enjoyed the course work,” Wohlert said. “It resonated with me. I understood it. It was a pretty good fit.” Wohlert finished out her time at McIntire, earning a VSCPA undergraduate scholarship along the way, and after a brief stint at Deloitte is now a managing consultant at Navigant Consulting in Washington, DC. She began her term on the VSCPA Board of Directors in May, at the same event where she was recognized as a Top 5 Under 35 honoree.

Ratwani, seeking a move closer to home and a way to give back, took a job teaching accounting at her alma mater, Bridgewater College. She received tenure in December 2008 and continues to be thrilled with her career choice.

Wohlert says she enjoys accounting because it keeps her intellectually stimulated. Away from the office, she spends time with her husband, Brian. When asked about advice to other young CPAs, her advice was right in line with her academic background.

Ratwani now teaches two semesters of federal taxation courses each year. Bridgewater only offered one semester when she arrived — focusing on individual income tax — but Ratwani developed a second semester teaching corporate partnership and estates and trusts.

“Try to continually educate yourself beyond the requirement of achieving your CPE minimums,” she said. “I would recommend doing that by subscribing to various accounting newsletters and magazines and reading them to try to keep up with the trends. There are so many things that are constantly evolving.” n

“I knew that taxation was an interest to me,” she said. “Of all the accounting courses that I took, taxation was an area that I enjoyed immensely. To be able to take that a step further and teach both semesters of federal tax accounting in the classroom has been an incredibly rewarding experience.” Ratwani’s passion for accounting and tax is obvious, and she tries to project that in the classroom to keep her students interested. “I think I’m pretty lively in the classroom,” she said. “I’m not one to have a monotone. I walk around and try to get the students enthusiastic about it. I mix it up a bit — it’s not all a lecture.

Consultant, Navigant Consulting, Inc.

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LEADERS’ SUMMIT ONLINE EXTRA >>

Watch VSCPA Chair Damon DeSue, CPA, give his induction speech at the VSCPA Annual Meeting in May: www.vscpa.com/Content/about_vscpa/leadership/chair. aspx.

VSCPA news

Meet your 2011–2012 Chair: Damon DeSue, CPA Damon DeSue, CPA, has spent much of his adult life looking for home after moving from coast to coast as a child with a Navy father. He’s found a personal home in Virginia and a professional match at Dollar Tree Stores, Inc., where he serves as income tax director. “I wanted to give my kids something I didn’t have,” DeSue said. “I wanted them to be in one place and be able to establish those relationships with people.” Through his professional moves, DeSue has maintained his membership in state CPA societies, particularly the VSCPA. Now he hopes to put his stamp on the Society as the 2011–2012 chair of the VSCPA Board of Directors.

Industry connections Today, nearly half of VSCPA members work in business, industry, government and education; DeSue is no exception. While he spent the formative years of his professional career in public accounting, he hopes to use his position and rise within the VSCPA to attract even more members from business and industry. “Hopefully, we can establish a more direct tie-in to the value of the membership — not only how it applies to public practice, but to our members in business and industry,” he said.

Appeals Task Force, in 2004, and kept coming back for more work.

The VSCPA has plenty to offer members working outside of public accounting, and DeSue wants to educate those CPAs on the value of membership. “Primarily, it’s the professional development opportunities,” he said. “When you’re in public accounting, you have chances to work on communication and public speaking skills. That only happens at a certain pace when you’re in industry. When you take it back, you’re really enhanced to contribute to your employer.” Adding more members with a background like his own, DeSue says, can help the VSCPA ensure that it serves the needs of all CPAs in Virginia in the years to come.

“Some of it is a function of the work I was doing. I was specializing in state and local tax at the time,” DeSue said. “Issues in Virginia that were impacting local taxpayers were near and dear to my heart. It was a connection to my work that kept me involved.” Committee memberships dot DeSue’s VSCPA history: Young Professionals Task Force, Speakers Bureau, Tax Advisory Committee, CPA PAC Board of Trustees, Virginia Department of Taxation Task Force, State Apportionment and Legislative and Regulatory Task Force, among others, before his term as the Board’s chair-elect last year. His heavy involvement in VSCPA activities made him a perfect choice to take the reins. “It just sort of was a natural progression from being involved with the task forces to learning more and more about what the organization was about,” he said.

Where it all began DeSue had been a member of the Illinois CPA Society after moving to Chicago with his job at KPMG. He set his sights on a move back to Virginia and landed a job at Cherry, Bekaert & Holland, LLP, before moving to Dollar Tree in 2006. He joined the VSCPA in late 2001 and didn’t waste much time getting involved. He joined his first committee, the Tax

Groomed for the role DeSue pegs the beginning of his interest in the accounting profession at 12 years old, following a school event. From that point, every school decision he made came with an eye on his future career. “I was living in California at the time and we had a career day,” he said. 

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VSCPA news “A person brought some articles about what it was to be an accountant and the demographics of it and who was following that career path. I’d always liked math, so I just carried on with that.” DeSue moved with his family from Virginia to California as his father, Anthony, went to different bases. He attended East Carolina University for his bachelor’s degree before getting his master’s from the University of Georgia. He stayed in Georgia to work for ZF Industries, an automotive manufacturer. He moved to Atlanta, then Chicago, after taking a job at KPMG, then found

his ticket back to Virginia with Cherry, Bekaert & Holland.

Family first DeSue may have returned to Virginia to give his family a stable home, but there’s about to be a big change. His daughter, Candice (18), will head to college in the fall, leaving just two children at home with Damon and his wife, Laura. He will remain involved in coaching his two younger children — Tyler (11) and Alexis (6) — on various sports teams. “I like dealing with the youth and volunteering and helping from a

community standpoint, helping them and giving them an alternative to doing the wrong thing,” he said. Of course, he’ll do some coaching and leading with the Board as well. And part of coaching — albeit one that begins at a higher level than DeSue’s youth teams — is recruiting to fill holes and improve the strength of an organization. DeSue will try to do just that, using his experience in industry to attract members with similar backgrounds. “Long term, we’re going to need that type of support in order for the Society to make sure we’re doing the right thing for the membership as a whole,” he said. n

Congratulations to the following members! Promotions >>

Firm News >>

Witt Mares, PLC, has promoted MARTHA BAILEY, CPA, to senior accountant in its Richmond office and MARY DOLAN to senior accountant in its Fairfax office.

WILLIAM BROWN, CPA, and JAMES HOLLAND, CPA, have formed a CPA partnership, HOLLAND AND BROWN,

Updegrove, Combs & McDaniel, PLC, has promoted LISA CHICCEHITTO, CPA, and INNA FOX, CPA, to supervisor.

UPDEGROVE, COMBS & MCDANIEL, PLC, celebrates its 35th anniversary in

July.

ALIAKSANDR HRYB, CPA, has been

VSCPA Staff News >>

promoted to supervisor at Witt Mares, PLC, in Norfolk.

Two VSCPA employees have earned promotions in the CPE department: LARITA BOZE to senior manager of education and JANIE MEDLEY to education coordinator.

Dixon Hughes Goodman, LLP, has named CATHY LILES, CPA, a partner in its Danville office.

RICHARD LEWIS, CPA, has been elected

Two employees celebrate their sixth anniversary with the VSCPA: Member Relations Director BRENDA FOGG on July 11 and Senior Manager, Education LARITA BOZE on July 18.

to the board of directors at VHQC, a nonprofit health quality consulting company.

Two employees are celebrating their third anniversary with the VSCPA: Member Relations Specialist COURTNEY NEAL

APPOINTMENTS & AWARDS >>

offering tax and accounting services in Richmond.

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on July 6 and Director of Finance BETH BICKFORD, CPA, on July 14. Member Relations Coordinator ROCIO GIBBS marks 13 years with the VSCPA on August 13. Development & Academic Relations Director MOLLY WASH celebrates her seventh anniversary with the VSCPA on July 26. Technical Services Coordinator DARSHAE DABNEY marks four years with the VSCPA on July 9. n

WE WANT TO HEAR ABOUT IT! >>

E-mail disclosures@vscpa.com if you have exciting news to share. The VSCPA prints news of members’ awards, appointments and promotions as well as new hire and job change announcements. Firm news, as well as mergers and acquisitions, is also welcome.

VSCPA news

VSCPA 100% Member Firms VSCPA 100% Member Firms show their commitment to their employees, the profession and the association. A 100% Member Firm is simply a Virginia CPA firm or company that has all of its CPAs enrolled as members in the VSCPA. Interested in being listed as a 100% Member Firm? Contact VSCPA Member Relations Director Brenda Fogg at bfogg@vscpa.com or (804) 612-9409. Thank you for your commitment, 100% Member Firms! Anderson & Reed, LLP Barnes, Brock, Cornwell & Heilman PLC Beck & Company, CPAs, PC Bennett, Atkinson & Associates, PC BlackHeath Company, PLC Bowling, Franklin, & Co., LLP Boyce, Spady & Moore PLC Britt & Peak, PC, CPAs Burgess & Co., PC, CPAs Cameron, Moberly & Hamrick, PC Charles S. Pearson, Jr., CPA Charles W. Snader, P. C. Cole & Associates CPAs, LLC Coley, Eubank & Company, PC Corbin & Company, PC Craver, Green and Company, P.L.C. Creedle, Jones and Alga, PC CST Group, CPAs, PC Dalal & Company David L Zimmer CPA PC Didawick & Company, PC Dominion Benefits Donald W. Coleman, CPA, Inc., PC Douglas L. Thompson, CPA PLLC Duvall Wheeler, LLP Elmore, Hupp & Company, PLC Forrest & Markos Frank Edward Sheffer & Company Fritz & Company, PC GL Roberson CPA, PLLC Garland & Garland, CPAs, PC Garris and Company, PC Gregg & Bailey, PC Gregory & Associates, PLLC Hantzmon Wiebel Harris, Harvey, Neal & Co., LLP Henry R. Hortenstine III, CPA, PC Homes, Lowry, Horn & Johnson, Ltd. John M. Watkins, CPA Honeycutt & McGuire CPAs Jones & Radman, PC Jones, Madden & Council, PLC

Keiter, Stephens, Hurst, Gary & Shreaves, PC Kositzka, Wicks and Company Kuehl Shepherd Kozlowski & Associates, Inc. L. P. Martin & Company, PC Lane & Associates, PC Larry D Greene CPA PC Lent & Hawthorne, PC M. Lee Winder & Associates, PC Martin, Beachy & Arehart, PLLC McPhillips Roberts & Deans PLC Michael B. Cooke, CPA, PC Michael R. Anliker, CPA, PC Miller Foley Group Mitchell, Wiggins & Company, LLP Moss & Riggs, PLLC Murray, Jonson, White & Associates, Ltd., PC PBGH R.T. McCalpin & Associates Renner & Company, CPAs, PC Roger L. Handy, PC Rubin, Koehmstedt & Nadler, PLC Russell, Evans & Thompson, PLLC Rutherford & Johnson, PC Sells, Hogg & Jones, CPAs, PC Spencer, Hager & Mosdell, PC Stephen Merritt CPA, PC Steve Guy & Associates, PC Strickland & Jones, PC Sullivan, Andrews & Taylor PC Swart, Lalande & Associates, PC Terry L. Jones, CPA, LLC The Burdette Smith Group, PC Thomas E. Fraley, CPA Thompson, Greenspon & Co., PC Tongelidis Consulting, LLC Updegrove, Combs, McDaniel & Wilson, PLC Valderas & Fishel, PC Walker Consulting Group Wall, Einhorn & Chernitzer Wells, Coleman & Company, LLP

The above list was compiled May 1, 2011. Check www.vscpa.com/100percent for a complete, up-to-date list. n

The VSCPA mourns the loss of: MARVIN D. BOUNDY, CPA, of Irvington.

He was a principal at Kositzka, Wicks & Company and a graduate of The College of William & Mary and the University of Virginia. He also served as treasurer for Historic Christ Church and the Lancaster Community Library. MARCIA “MARSH” L. COLE of Richmond.

Cole graduated from Madison College (now James Madison University) and worked for Clifton Gunderson, LLP. She volunteered for the VSCPA Scholarship Committee, among other organizations, and served in the U.S. Army National Guard. WILLIAM “WILL” SOZA, CPA, of McLean.

A VSCPA life member, he graduated from the University of Texas and served in the U.S. Army. He founded Soza & Company, Ltd., in Fairfax and the John Marshall Bank in Northern Virginia. Soza received the Hispanic Businessman of the Year award from the United States Hispanic Chamber of Commerce in 1998 and was named the Virginia Hispanic Man of the Year in 2004. He served in several civic, religious, community and state organizations and was a governor-appointed member of the George Mason University Board of Visitors at the time of his death. n

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VSCPA educational foundation

Meet the Board of Directors The VSCPA Educational Foundation Board of Directors for the 2011–2012 membership year is: Chair: Sean R. O’Connell, CPA Chair-elect: Bradley P. Nicklin, CPA Vice chairs: Howard C. Seal, CPA Monique T. Valentine, CPA 2011–2012 VSCPA Educational Foundation Board of Directors members are, standing from left to right: Ed Kearney, CPA; Vugar T. Shahtakhtinskiy, CPA; Andrew Martin, CPA; Sara Coelho, CPA; Sarah Nutter; Howard Seal, CPA; Randolph Shapiro, CPA; Monique Valentine, CPA; Frederick White, CPA; Gerald Hagen Jr., CPA; and Kenneth Huffman, CPA. Seated, left to right: Sean O’Connell, CPA, and Stephanie Peters, CAE. (Not pictured: Bradley Nicklin, CPA; Richard Beason, CPA; Thomas Crutchfield, CPA; Martin Einhorn, CPA; and Douglas Ziegenfuss, CPA.)

Secretary-treasurer: Stephanie Peters, CAE

Kearney & Company Supports Accounting Students Capping off a great fiscal year, the VSCPA Educational Foundation got a big boost when Alexandria CPA firm Kearney & Company pledged $50,000 to establish a new accounting scholarship. The Kearney & Company Scholarship will be awarded annually to two rising seniors majoring in accounting at certain Virginia colleges and universities. The winners will demonstrate academic excellence, financial need and involvement in extracurricular activities. Recipients of the $2,500 scholarship must attend The College of William & Mary, George Mason University, James Madison University, Old Dominion University or Virginia Tech. “Kearney & Company enjoys serving as a corporate citizen of Virginia,” said Ed Kearney, CPA, CEO and president of Kearney & Company. “As a Virginia employer we are always looking for opportunities to support and contribute to our neighbors, Virginia state colleges and universities. We continue to recruit and hire successful students from these Virginia institutions who are future leaders in the accounting industry and within Kearney & Company.”

Directors: Richard J. Beason, CPA Sara L. Coelho, CPA Thomas M. Crutchfield, CPA Martin A. Einhorn, CPA Gerald L. Hagen Jr., CPA Kenneth W. Huffman, CPA Ed F. Kearney, CPA Andrew T. Martin, CPA Sarah E. Nutter Vugar T. Shahtakhtinskiy, CPA Randolph Shapiro, CPA Frederick L. White, CPA Douglas E. Ziegenfuss Sr., CPA

Virginia CPAs Earn AICPA Accounting Doctoral Scholarships Three Virginia CPAs are among the winners of the 2011 American Institute of CPAs (AICPA) Accounting Doctoral Scholarships. The VSCPA is a partner in this program, which helps interested students pay for their doctorate in accounting. Winners receive a stipend of $30,000 per year for a maximum of four years. Virginia’s winners are:

Ashley Austin of Richmond University of Georgia

The Foundation will award the first Kearney & Company scholarships in 2012.

John Lauck of Radiant Virginia Tech

Visit www.vscpa.com/Content/59924.aspx for a message from Kearney on why his firm supports accounting scholarships. n

Kelly Wentland of Farmville University of North Carolina n

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VSCPA educational foundation “CPAs MAKE HEADS TURN” >>

O’Connell embarks on second year at Foundation’s helm Sean O’Connell, CPA, considers himself lucky to have come up in his career at the right time. O’Connell, halfway through a two-year term as the chair of the VSCPA Educational Foundation, has seen his career straddle two eras in accounting and is grateful for his time on an adding machine as well as his computer experience. “Since the invention of electricity until when I started in the practice, there were very few changes,” he said. “Then, in 1997, the PC hit the desk. I had that wonderful advantage of practicing the way that our ancestors in accounting practiced for a couple of years in that critical time when you’re entering the profession. I wish everyone could have that opportunity.” O’Connell grew up in Maryland as one of six children. All six would graduate from college, an experience their parents, Tom and Gwen, didn’t have. But they impressed the importance of an education upon all of their children. “The ability to complete a college degree, in my personal experience, was quite a separation from those that were unable to do so,” O’Connell said. “There’s quite a separation as far as the ability to embark on a career and be successful. … My parents were successful in that they were able to pave the way for six children to get their educations, and they made that a priority. That is something that they pride themselves on as a success in their lives.” O’Connell graduated from Bridgewater College in 1985 and has remained involved in higher education even as his career as a tax partner with PBGH has taken off. He has served as an adjunct professor of accounting at the University of Mary Washington and taught classes at Germanna Community College. Through it all, O’Connell made an effort to stay involved with the accounting community, helping form the VSCPA’s Battlefield Chapter and serving as its president. After a short hiatus when his workload was changing after making partner at PBGH, he got back involved as a member of the Educational Foundation Board of Directors. His work there

has helped ensure that future CPAs have the same opportunities he did. “They’re outstanding and focused on what they’re going to do,” he said. “They’re appreciative of the Foundation and what it’s given them. They’re the future of the profession. Going into public accounting and getting one’s CPA is not just getting a credential to excel at a job — it’s entering the profession. The Educational Foundation has been able to welcome and encourage people to do that, recognize them and help them to connect and tap into the resources the rest of us have available to us.” And no matter how much the technology changes, O’Connell still feels that connection to his work and to the future of the CPA profession. “What we grasp and what we hold on to is the similarities of what we’re ultimately doing — the service we’re ultimately providing, the examination process, whether it’s with pencil and paper or a computer,” he said. “You still have heads turning when someone says they’re a CPA. In a circle of business people, when the CPA enters the room, that continues to be important and trusted and respected.” n

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VSCPA self-assessment Complete this 12-question test and submit to the VSCPA for 1 CPE credit. A 75 percent or better pass rate is necessary to receive credit. After your exam is graded, you will receive either a certificate of completion via e-mail for your records or an e-mail notification that the 75 percent grade was not met. Submission deadline: August 31, 2011. Exams received after this date will not be graded and your money returned. Cost: $15 for VSCPA members / $30 for nonmembers. Please note that this exam will not be live online until July 1, 2011. Submission Instructions You may submit this selfassessment and make the exam payment online at www.vscpa.com/ July2011DisclosuresExam. You may also circle your answer to each question and mail this paper exam to: CPE Team Virginia Society of CPAs 4309 Cox Road Glen Allen, VA 23060 Fax submissions are acceptable to (804) 273-1741. Name _________________________ Address _______________________ _______________________________ E-mail Address _ _________________ Date __________________________ Method of Payment

• Check (payable to the VSCPA) • Credit card Credit Card Number _______________________________ Expiration Date ________________

1. Currently, how many sources of authoritative U.S. Generally Accepted Accounting Principles (GAAP) exist? a. Three

b. One c. Two d. Four

2. The Financial Accounting Standards Board (FASB) Codification was made effective for periods ending after:

a. December 31, 2007 b. October 15, 2008 c. September 15, 2009 d. January 1, 2010 3. Which of the following types of guidance is not included in the FASB Codification?

a. APB Opinions b. FASB Statements c. FASB Staff Positions d. Regulatory Accounting Principles

4. At which organizational level is the FASB Codification’s substantive content found?

a. Topic b. Subtopic c. Section d. Paragraph 5. According to the U.S. Department of Labor, 66 million women were employed in the U.S. in 2009. Which percentage were employed part-time?

a. 6 percent b. 16 percent c. 26 percent d. 36 percent 6. If you wanted to work parttime, you’d be far more credible to your employer if you’ve already created a part-time ____.

a. Hypothetical b. Fast-track c. Raise d. Plan

Signature _____________________ Date

_________________________

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7. If you were working part-time, how could you win over coworkers who are resentful of your part-time schedule?

a. Be a great stay-at-home parent. b. Show them they can rely on you to get the job done. c. Become a corporate climber. d. Volunteer more. 8. What is one advantage of employing a “Real Housewife?”

a. They are loyal. b. They are more expensive. c. They’re there even though they don’t want to be. d. They like to host shopping parties. 9. Most new accountants and auditors will transition into careers in government, nonprofits or private industry within how many years of their hire in public practice?

a. Six b. Five c. Two d. Seven 10. Which is not a key to successfully transitioning to a career in industry?

a. Listen to a mentor’s advice. b. See projects through to completion. c. Ignore accomplishments and milestones. d. Clearly articulate your ideas. 11. Which is not a component of “two-circle analysis?”

a. Employee prioritizes responsibilities. b. Supervisor priorities responsibilities. c. Budgets are completed for all projects. d. Employee and supervisor have a dialog about performance and career progression. 12. Studies indicate which generation gives back most to society?

a. Baby Boomers b. Generation X c. Generation Y d. Millennials

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Sale/Merger Opportunity Well established and diversified small Northern VA CPA firm seeks sale/merger opportunities. Practice clientele includes reviews, compilations, write-up services and three nonprofit audits. The firm has a significant individual income tax practice as well as a variety of business tax returns. The firm enjoys a long-standing on-site and unqualified or pass peer review history. The firm is that of a sole practitioner seeking retirement or semiretirement over the next two years. Growth and referral opportunities are excellent. Reply in confidence to VSCPA CC #74, 4309 Cox Road, Glen Allen, VA 23060 or vscpa@vscpa.com.

Looking for a CPA Practice or established accounts to purchase. If you are thinking about retiring from public accounting and would like to find a respectful and driven CPA who can take over for you; look no further contact me today. Reply in confidence to VSCPA CC #82, 4309 Cox Road, Glen Allen, VA 23060 or vscpa@vscpa.com.

Springfield, Virginia Retiring CPA seeks to associate with CPA that has office space to sublease for two or three years. The best candidate would be an individual that is looking to add $125,000 to $150,000 to their Tax Practice upon my retirement. Respond by letter to Joseph Brunelle, CPA, at 9063 Giltinan Court Springfield, Virginia 22153 or email to jbrunelle@verizon.net.

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I AM the vscpa

<< LAUREN ALEXANDER, CPA

As a young professional CPA, Alexander sees the benefits to mentoring new CPAs and volunteering for professional organizations..

CPA SLEUTH >>

Two minutes with Lauren Alexander, CPA

Lauren Alexander, CPA, CFF, specializes in forensic accounting and litigation consulting services for Veris Consulting, Inc., a boutique firm in the Washington, DC, area. She provides forensic assistance in accounting, auditing and financial reporting to investigate and analyze claims and assertions in commercial disputes, regulatory investigations and allegations of professional misconduct, including auditor malpractice.

PEOPLE DON’T KNOW THIS, BUT…

I AM PASSIONATE ABOUT… My work.

MY ADVICE TO ASPIRING CPAs IS…

I enjoy working in dispute resolution because I get to apply and interpret accounting principles and think strategically about the best way to present arguments on behalf of clients.

To get involved in the profession! I’m currently serving on one of the AICPA Examinations committees, which sets the content for the CPA Exam. It’s been a wonderful learning and networking experience. And it keeps up on the

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I like classic rock. IF I WEREN’T A CPA, I WOULD BE…

Working in the fashion industry. That’s an easy one. I WISH CPAS KNEW… The importance

of developing writing skills. Technical proficiency is difficult to demonstrate if you can’t communicate effectively about such complex topics.

JULY/AUGUST 2011

current news in the accounting industry. WHEN I TOOK THE CPA EXAM…It was

the first year of the electronic Exam. I NEVER LEAVE HOME WITHOUT…

Making a mental to-do list for the day. It helps me set objectives to stay organized and manage stress. I AM A CPA BECAUSE… Early in my

career, I thought I wanted to practice law. But I realized that serving as a consulting expert in accounting matters combined my interest in law with my accounting and finance background. I have the best of both — I have the opportunity to focus on some of the most interesting and contentious parts of cases involving accounting issues. n

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virginia Practice — Featured Listing Middle Peninsula, $915,000 Well established CPA practice with excellent cash flow to owner. The practice has talented, long-term staff and great clients in a variety of businesses. The minimum 1040 fee is $350, with an average 1040 fee of approximately $700. No audit work. This is an exceptionally good opportunity! BRANNON POE, CPA | 1.888.246.0974 | POE@KNOLOGY.NET

dc Metro Practices Montgomery County CPA Firm – $582,060 Highly profitable CPA practice provides a mix of 43% tax, 49% accounting and 8% other services to individual and small business clients. The prime location and established reputation of this practice make this a solid opportunity for many types of buyers. Silver Spring CPA Firm – $282,298 Established CPA practice has experienced tremendous growth in the past 4 years. The owner has implemented a highly profitable service model, and the practice is showing over 50% in owner’s discretionary cash flow! Vienna Accounting Firm – $39,951 This Vienna, Virginia based practice provides back office support services for Accounting, Bookkeeping, CRM and Technology Management to Emerging Businesses, Small Businesses, Non Profits, NGO’s and Political Action Committees. This would be a solid acquisition opportunity for an existing practice that wants to start or expand a small business consulting service line. Don’t wait on this unique listing. DEREK LEROUX | 1.866.850.6565 | DEREK@ACCOUNTINGPRACTICESALES.COM

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W W W. a c c o u n t i n g p R a c t i c e s a l e s . c o m

Virginia Society of CPAs Virginia Society of 4309 Cox Road Glen Allen, VA 23060 Certified Public

Accountants Address service requested

Collaborate with the Experts For Projects Requiring Specialized Expertise or Independence

Financial Investigations

Valuation

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• Financial Reporting • Tax - Estate, Gift, Income • Transactions - Mergers and Acquisitions, Fairness Opinions • Stock Based Compensation • Buy/Sell Agreements • ESOPs • Divorce

Employee Embezzlement Management Fraud Investment Scams Vendor/Customer Fraud Computer Forensics

Litigation • • • • • • • • •

Shareholder/Partner Disputes Breach of Contract Business Interruption Divorce Intellectual Property Infringement Post-Acquisition Disputes Securities Tortious Interference Wrongful Termination

Harold G. Martin, Jr., CPA/ABV/CFF, ASA, CFE Principal-in-Charge of Business Valuation, Forensic and Litigation Services

804.273.6240 HMARTIN@KSHGS.COM

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25 years of experience and specializes on full-time basis Significant experience in working collaboratively with local, regional and Big Four firms Supported by team of full-time specialists Expert witness in federal and state courts and court-appointed neutral Adjunct faculty for William and Mary Mason Graduate School of Business Instructor for AICPA National Business Valuation School and ABV Exam Review Course Co-author of Financial Valuation, 3rd ed. Contributing author to Cost of Capital, 4th ed., Workbook and Technical Supplement