The Journal Entry - April 2016 by UACPA

April 2016,

Vol. II | The Strategic Planning Issue

Implementing a Strategic Plan The UACPA's new president, Hollie Andrus explains the UACPA's strategic plan

Building Customer Relationships Creating customer loyalty through strong relationships

the journal entry | April 2016

Mission,Vision,Values

ExecutiveBoard

Mission

president............................................. Hollie S. Andrus president-elect...........................Gavin E. Hutchinson vice president.........................................................TBD secretary...................................Sherie E. Charlesworth treasurer........................................... Jay Neiderhauser member-at-large......................................Owen Ashton member-at-large.....................................Brett C. Hugie immediate past president.................... Jonyce Bullock aicpa council...........................................Dan Griffiths pronet council...................................Joshua Turnbow ceo......................................................... Susan A. Speirs

The UACPA Leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service, to help them succeed in a competitive and changing world.

Vision At the UACPA, our vision is to be a world-class professional association essential to our members. We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; Integrity, Competency, and Objectivity.

Values Advocacy The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.

Leadership & Service The UACPA provides leadership and service within the profession, within the UACPA and within the community.

Professional Development The UACPA supports and encourages continuing education and leadership development.

UACPAStaff CEO........................................................ Susan A. Speirs Communications/marketing and Editor of The Journal Entry............... Amy Spencer CPE Manager......................................... April Deneault Financial Director..................................... Tom Horn Membership Development........... Braden Thompson The Journal Entry is published quarterly, by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 tel: 801-466-8022 toll-free in Utah: 1-800-676-2776 e-mail: mail@uacpa.org or log on to www.uacpa.org Cover photo by Kristan Jacobsen, kristanjacobsen.com

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. We â&#x20AC;&#x2039;â&#x20AC;&#x2039; provide member to member networking opportunities and networking opportunities with other professions. We value belonging to a distinguished organization and believe that we serve as the primary resource and point of contact for Utah CPAs.

UACPA Statement of Policy CPAs have common problems and interests. This magazine has been created to share information relating to the practice of accounting. The opinions, views and articles expressed in this magazine are not necessarily those of the Utah Association of Certified Public Accountants. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or

Diverse Population Outreach

positions contained herein. Because of the complexity of tax laws and

The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a second career, and other professions.

accounting transactions and the changing status of the law, as well as variations in practices and procedures among accountants, information in the magazine should not be used, acted or relied upon, as a substitute for independent accounting or legal research and advice.

the journal entry | April 2016

in this issue | April 2016

feature story

The Long-Term Plan for a Better Association

128 New Members............................................................................................4 Movers & Shakers......................................................................................5 Message from the CEO............................................................................. 7 Cover Story: Implementing the Strategic Plan......................................8 By the Numbers: UACPA Membership................................................ 14 How to Create More Loyal Customers ................................................ 15 Breaking Down Silos Within Your Organization................................ 17 Find Your UACPA Chapter.................................................................... 19 Women in Accounting: Tamy Dayley...................................................20 Legislative Update...................................................................................22 Thank You 2015 Donors.........................................................................24 Your Donations in Action......................................................................25 Photo Pages: Mid-Winter Leadership Council ...................................27 Utah Non-Profits and UACPA Team Up .............................................28 Meet the UACPA Staff.............................................................................29 Meet a Member: Lisa Heise.................................................................... 31 Meet the UACPA Board..........................................................................32

UACPA Membership By the Numbers

Breaking Down Silos Within Your Organization 17 Meet a Member: Lisa Heise

Board Bullets............................................................................................33 Education & Events.................................................................................32

Member Benefits and 100% Member Firms........................................36 the journal entry | April 2016

New Members

Write for The Journal Entry

NewMembers

Congratulations to the following individuals/CPAs who were approved for membership or affiliate status in the UACPA as of February 29, 2016. Fellows Greg Spjute WSRP, LLC Nathan S. Hudson AgReserves, Inc. Brad Nielsen Lon R. Freeman KPMG, LLP Michael S. Lee KPMG, LLP

Share your story and get your name in print by submitting an article to be published in The Journal Entry. The Journal Entry is published four times a year; January, April, July and October. Learn more about getting your story in print by writing Amy Spencer, as@uacpa.org

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David W. Erickson Eide Bailly, LLP Tammie Neeley Salt Lake Community College Katherine G. Battle KPMG, LLP Aaron C. Ashdown KPMG, LLP Beth C. Briggs KPMG, LLP Jacob C. DeMille KPMG, LLP Terry Walker

Matt Isom Standard Examiner Monica Sonnier Allegis Investment Services Cynthia Putman Student Members Dixie State University Ryan Stewart Brigham Young University Benjamin Everitt Westminster Aaron T. Murray Stephanie Burns Jeremy Kuyakana Vera (Neng) Shi Utah State University Andrew B. Kenney Southern Utah University Katie Berry Brady J. Jensen Weber State University Kimberly McVey Jared Stevens Clarke B. Wilkinson Jared B. Peterson

University of Utah Karla Carpenter Daniel Bailey Klint Kunz Sharon Zang Kristen Cornia Di Hu Yuto Kata Wenjia Wang Kasey Johnson Irina K. Anderson David R. Baker Nikki C. Christensen Azure Howe Blake Glove Aimee Barton Utah Valley University Todd Sanders William N. Perry Alexandra Price Benjamin H. Hatch Nikolous J. Lenhart Mahomed H. Patel Daniel Hoffman David Watts Tina S. Harada Jason Oliverson James Harvey

Movers&Shakers

David T. Yates has been named a partner at Davis & Bott CPAs L.C. Yates has been with the Brigham City firm for 10 years and has gained an expertise in tax and financial services. He continues to find satisfaction in helping businesses and individuals reach David T. Yates their financial goals. Davis & Bott CPAs, L.C. has served in Brigham City for more than 35 years. HintonBurdick CPAs & Advisors has promoted Michael Torgerson as a partner with the firm. Torgerson, manager of the firm's Richfield office, has worked in public accounting more than 12 years and specializes in taxation and business services, compilation Michael and review attest engagements and Torgerson tax resolution. Torgerson earned a Masters of Accounting from the University of Utah and earned his undergraduate degree in accounting from Brigham Young University. Haynie & Company CPAs has acquired HJ & Associates. Founded in 1960, Haynie & Company is one of the leading independent full-service accounting, auditing, tax, business advisory and consulting service firms in the intermountain area, with offices in Salt Lake City, Ogden, Denver and Loveland. HJ & Associates, LLC, a full-service tax and firm was established in 2000 and specializes in auditing micro cap public companies. The addition of HJ & Associates allows Haynie & Company to continue to offer a full array of accounting services and will increase its presence in the small public audit area. This acquisition will also allow the firm to continue to serve new and existing clients with greater resources and expertise. Haynie & Company is currently ranked at 249 in the Inside Public Accounting's Top 300 Accounting Firms for 2015 and is a member of Prime Global, an Association of Independent Accounting Firms.

Piercy Bowler Taylor & Kern (PBTK) has hired three new tax professionals at their Salt Lake City office. Georgia Bircumshaw, a Tax Principal at PBTK, has extensive experience with closely-held businesses and their owners, professional service entities, high-wealth individuals and trusts. She began her career at a national accounting firm and later worked for two large local firms. Lynne Wilhelmsen, who has also been hired as a Tax Principal, has a diverse background of working with clients including the Utah Jazz. She currently works with individuals and their closely-held S Corporations and limited liability companies, charities and private foundations, and gifts, estates and trusts. Melissa Robertson, a Tax Manager, graduated with her Master's in Accounting from the University of Utah in 2007. She has experience with closely-held and family business, tax-exempt organizations, construction, real estate, manufacturing, and estates and trusts. Mary Kay Griffin received a Silver Stevie for Lifetime Achievement in Business. The award recognizes the achievements of women executives, entrepreneurs and their organizations. Mary Kay was nominated by CBiz Women's Advantage (CWA) in recognition of her long and succcessful career serving the various accounting and financial needs of her clients, advocating for the educational advancement of the account profession, mentoring professional women and supporting the growth and success of business and organizations vital to the economic, professional and social health of SLC and across the U.S. The past president of the UACPA was honored at the Stevie reception in New York City on November 13, 2015. Utah Business recognized two UACPA members in their annual "40 under 40" event and special edition of their magazine. Reed W. Chase, an audit partner at Tanner LLC, is the president of the Mountain West Capital Network and serves on the advisory board of the Weber State University School of Accountancy. Eric Evans, Tax Director at PwC, is part of PwC's Rockies Market Advisory Council and has played an active role in recruiting the firm's next generation of talent.

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CEO's Message

Susan Speirs, CPA

pring has sprung and we’re off to a new year at the UACPA!

While many of you are getting through your own busy season closing out year ends, preparing for audits, conducting audits and preparing income taxes, the UACPA staff has been preparing for another robust year. Last year, president Jonyce Bullock lead the Strategic Planning Committee to outline the next five years of the UACPA. The UACPA Executive Board approved the strategic plan in the February board meeting and Hollie Andrus, our current president, will be leading the way as we implement the strategic plan. Many thanks to Jonyce and those who have helped in this endeavor. We now have a roadmap and are ready to "roll." Several members have let us know that they have heard our radio spots on KSL or seen our Facebook posts as we ran a 10-week tax tip advertising campaign. Concurrently with the KSL campaign, we ran a digital advertising campaign targeting C-Suite industries and businesses with regards to the importance of CPAs in the C-Suite level of industry. The goal was to highlight the importance of our profession as well as draw the public to our website to locate a CPA in their geographical area or find a CPA with expertise in a specific field. We’ve had many calls and e-mails into our office asking for CPAs with specific expertise or needing a CPA to prepare income taxes (yes, we were very firm with regards to the “big box” stores). We knew we would get some good responses from the public, but did not expect the amount of response we received which leads me to ask each one of you to please update your profiles. To update your profile: •

•

Select Manage Profile in the upper right-hand corner

•

Below Information & Settings –> Edit Bio. Update

all your information including areas of expertise, fields of interest and committees in which you would like to serve •

Select "Profile Home" in the upper left-hand corner to update your photo

•

Hover over the profile picture area and proceed to upload your photo

With an updated profile, those seeking a CPA who is a member of the UACPA, will be able to more easily find you and contact you for future services. We also need to make our members aware of a rule change that occurred in the February State Board of Accountancy meeting. Effective for CPE reporting year ending December 31, 2017, all CPAs will have to have one (1) hour Utah Laws and Rules and three (3) hours of ethics as part of the 80 hour requirement. A big thanks to our Ethics Committee and members for input as we worked with the State Board of Accountancy. We will be offering these classes beginning with this year’s CPE season. For any questions regarding the new requirement, please contact me at ss@uacpa.org or our office at (801) 466-8022. Thanks to you all for all your support! the journal entry | April 2016

the journal entry | April 2016

Let's Roll

These Two words provide a message that inspires us to do important things for the association

By Hollie Andrus, CPA

t was a cool, crisp, beautiful autumn day. I went to work a bit earlier than I normally do. In the office of the Utah State Auditor, fall is our busy time — our “tax season,” if you will — as we conduct the financial audits of the State and most of the State’s colleges and universities. As a staff auditor, I arrived at Weber State University and headed into the Miller Administration Building ready for another day of auditing. I had been with the office a few years and especially enjoyed working on the colleges and universities. My then co-worker, Rob Wood, greeted me and another coworker with news that a plane had hit one of the World Trade Center towers. Upon hearing him, I immediately pictured a little prop plane veering off course and accidentally hitting the tower. Rob explained that it was a commercial airliner. I scarcely comprehended what he was telling me. We all were in shock as the events of 9/11 unfolded. Many lives changed that day. Many stories emerged of firefighters, everyday people and heroes helping, rescuing, and fighting back. One such story has inspired me since that fateful day. That story, although simple and short, continues to influence me and will guide me as we continue to move the Utah Association of Certified Public Accountants forward. United Airlines Flight 93, a non-stop flight from Newark, New Jersey to San Francisco, California, took off a few minutes before the first plane struck the World Trade Center’s north tower. Forty minutes into the flight, the hijackers took control of the cockpit. Passengers and crew members became aware of the other hijacked flights’ fates and contacted family members. Some huddled in the back of the plane and voted to fight back. The flight never reached the hijakers intended target (which remains unknown), but crashed in an empty field in Shanksville, Pennsylvania. One of the last voices heard over an open line was Todd Beamer, an account manager for Oracle, saying “Are you ready? Let’s roll.” 1 “Let’s roll.” So much power in two little words. To me, they mean “onward and upward,” “be better,” “no going back,” “improve,” “don’t look back.” What do they mean to you? Do they inspire you? They inspire me. The UACPA Board is ready to roll.

the journal entry | April 2016

Feature Story

Marathons

Have you run a marathon? I have — once — and it just about killed me! Yet, for some strange reason, I feel like I need to run another marathon to do better than I did the first time. I enjoy running. I am not fast, but I can run. I especially enjoy half marathons. The funny thing I’ve learned about running, whether it's a 5k, half marathon or, eventually, another full marathon, is that you don’t decide to run a marathon today and then actually run the race tomorrow. It takes training to build up your endurance. It takes time to figure out your nutrition and how you are going to fuel your body for 26.2 miles. It takes preparation. In spring 2013, my neighbor challenged me to run a full marathon. I agreed with one stipulation: We had to run in San Francisco. I thought this would be my “easy out.” She found the Nike Women’s Marathon set for October 2013. We were miraculously selected in the lottery and our training began. I used my favorite running app to create my training plan. At the peak of training, I ran 8-9 miles one day and 16-17 miles the next. I was feeling pretty confident. How difficult can 26.2 miles really be?

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The day of the race came. In previous half marathons, I relied on sports gels, goos, oranges and water passed out on our route. It worked great for my half marathons. I decided I would make sure to hydrate and eat at every aid station during the full marathon. I would be fine. What could go wrong? A marathon is only two half marathons. Well, everything went wrong. But not at first. The first half of my marathon went well. We were cruising and reached the halfway point about two hours into the race. I was feeling FANTASTIC. We would be finishing this full marathon with time to spare. Then I crashed and burned. At mile 16, I started to struggle. At mile 18, my neighbor gave me some of her energy drink. At mile 21, I stopped at an aid station and was told to quit. A Tiffany necklace, which was the finisher's medal, was waiting for me at the finish line. Quitting was not an option. They gave me crackers and pretzels, and I rested a bit. Then we ran. Looking back, our pace was slower than we ever imagined. We were probably walking more than we ran, but we made it. The Tiffany necklace was mine. I did not run as well as I hoped, but I had finished.

Feature Story members of the organization. Currently, less than half of the CPAs in the state are UACPA members. We want to expand the Association’s membership to 60% of the State’s CPAs by fiscal year 2019. Four key strategies will help us reach this goal: Advocacy, Membership Growth, Engaged Membership, and Future of Learning. Advocacy We want to be recognized as the most trusted voice for Utah accounting professionals through our advocacy efforts. Our members are affected by both legislation and changes at the American Institute of Certified Public Accountants. As the most trusted voice of Utah accounting professionals, we can protect and advocate for our members and our profession. We can be your voice. In May 2015, I joined Susan Speirs, CEO of UACPA, along with several other board members in Washington, D.C. We met with AICPA officers to discuss the national state of the profession and with our state’s congressional leaders to discuss potential legislation related to multiple topics like mobile workforce and permanent tax relief in times of natural disasters. I walked away believing that the leaders with whom we met care deeply for the people of this state. What does running a marathon have to do with the UACPA? Everything. See, I did not prepare well for my marathon. Yes, I had trained, but I did not fully understand the impact running 26.2 miles would have on my body. I did not properly prepare and plan to reach my goals. The UACPA has worked hard to plan and prepare to be a better resource for you. Last year, Jonyce Bullock and the board diligently worked to formulate a strategic plan to help the association navigate the challenges and changes the UACPA, the profession, and you, its members, face. This strategic plan and the performance measures established by the board will guide and direct the Association as we move forward. Our planning and preparation are done. The brainstorming for strategic ideas, the narrowing of ideas to four key initiatives, the formulating of measures are over. It’s time to roll. Let’s roll. Are you ready? I am. And I am excited. Our goal, as an Association, is to become the most valuable and essential membership organization for the accounting profession in the state of Utah. Progress towards that goal will be measured by the number of Utah CPAs that are

The UACPA board, with the assistance of our lobbyists Craig Peterson and Ryan Peterson, along with various association committees works with state leaders when legislation is presented that may affect our members. As a board, we reviewed multiple bills in the recently concluded legislative session impacting you, always with the question, “How will this affect our members?” The ethics committee worked with the State of Utah’s Division of Occupational and Professional Licensing on changes to CPE requirements for ethics education, helping to protect our interests as members as well as the publics' interests. As a side note, we will each need to have three (3) hours of ethics and one (1) hour of Utah Laws and Rules CPE in a two-year reporting period effective February 2016. Read more about the new requirement in the letter from the CEO on page 7. The AICPA is currently reviewing the joint venture created in 2010 with the Chartered Institute of Management Accountants. This joint venture provided CPAs an opportunity to become Chartered Global Management Accountants. Proposed changes to the joint venture include the creation of a new, jointly governed organization with representatives from both the AICPA and CIMA overseeing the journal entry | April 2016

Feature Story

UACPA - One Page Strategic Plan 1.0 FY2019 Strategic Objective

Strategic Intent Become the most valuable and essential membership organization for accounting professionals in the State of Utah

Expand total membership to 60% of CPAs licensed in the State of Utah

4 Key Strategies

Recognized as the most trusted voice for Utah accounting professionals through World Class Advocacy efforts

Engaged Membership

Membership Growth

Advocacy

Drive Membership Growth through outraeach to students and new professionals, accounting firms, and members in industry

Foster Member Engagement through high quality educational offerings and professional events and meaningful volunteer service opportunities

Future of Learning

Deliver timely, relevant High Impact Learning for our members to drive competency development and increase their value in the marketplace

Aligned Strategic Initiatives • Key Person Committee

• Key partnerships

• Campus Ambassadors

• Learning Management System

• PAC

• Conferences

• Firm & large employer visits

• Availability and access

• Financial Ready Utah

• Evaluate all committees

• ProNet

• Ethics

• Committee succession

• BAM

• Communication/Promotion

• Committee accountability

• Tiered membership

How Will We Measure Success? • # of member communications • Activity of key person cte • PAC contributions

• Membership and member retention by segment • 60% of Utah CPAs that are members

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• Net promoter score

• CPE ratings

• Conference ratings

• # of remote attendees • % of members participating in CPE offerings

Feature Story the functions of this new organization.

we are serving you.

As a board, we see a huge responsibility in helping you, our members, and our associates better understand the issues related to this potential change. We want to advocate for you and are willing to come to your organizations for brown bag lunch sessions to discuss this joint venture. We are here for you. Please contact Susan Speirs at ss@uacpa.org or myself at handrus@utah.gov for further information.

Future of Learning We want to deliver timely, relevant, high-impact learning for our members to drive competency development and increase their value in the marketplace. Our initiatives include developing a learning management system and making holistic learning opportunities available to all members.

Membership Growth & Engaged Membership High-quality educational offerings, professional events, and meaningful volunteer service opportunities will foster member involvement in the association. In order to accomplish this, we need YOU! We need all of you.

The conferences sponsored by the association are some of the best conferences I have attended. Many of them are held in the Salt Lake Valley, making it sometimes difficult for our members in more remote areas of the state to attend. One 2016 goal is to offer live web access to our conferences. We will start with the 2016 Winter Conference. Plan now to be able to attend the conference in December from wherever you may be. All you will need is Internet access.

I remember attending a banquet for the state’s newly licensed CPAs. Paul Skeen, then the UACPA President, explained why he volunteers with the association, and I echo his sentiment. Volunteering is his way (and mine) to give back to an incredibly rich, diverse profession that has given us so much: the great friends we know, the associates with whom we rub elbows, the inner fulfillment when we solve a complex problem, etc. So many volunteer opportunities exist, wherever you may live in the state. Be a campus ambassador and rub shoulders with accounting students — they have a great energy for the profession. Sponsor an association visit to your firm or company. Participate in the Business & Management Forums. Mentor accounting students. Teach basic finance skills and planning. The list goes on. There are many opportunities with varying degrees of time commitment — find something that fits with your time constraints. You will not regret it. Through outreach to students, new professionals, accounting firms and members in industry, we will grow our association. By growing key partnerships, providing the highest quality conferences, and establishing well-organized committees accountable to the Board — we can provide a valuable resource to all accounting professionals, whether they be members in accounting firms, in business, or in industry. How will we know we are engaging our members like never before? We will look to improved conference ratings, increased volunteerism, increasing in the number of members, and a “net promoter score” to identify how well

The Next Step

We have a long way to go in our marathon. We are hitting the ground running, knowing we have properly prepared for the exciting future that is accounting. The board has provided Susan and the great UACPA staff the strategic plan, the aligned initiatives, and our success indicators. Susan and her crew are creating a detailed operational plan to accomplish the initiatives for advocacy, for engaged membership and membership growth, and for the future of learning in the state. They will present their plan at the April 29, 2016 Board meeting. We will update you on our progress quarterly in The Journal Entry. It’s a great day to be a CPA, especially in Utah. I look forward to this next year and all the adventures and opportunities it will bring to us and to the association. Are you ready? I am. The UACPA is. Let’s roll. ■

Hollie Andrus, a financial audit director at the Office of the Utah State Auditor, graduated from Brigham Young University in 1997 with her bachelor's and MAcc degrees. She enjoys her work (auditing higher education is her favorite), loves her family, and dreams of traveling the world and having that picturesque, perfect garden--someday. the journal entry | April 2016

by the

Numbers

These numbers reflect the UACPA's membership numbers as of February 25, 2016.

uacpa profile

2,696 586

Number of members of the UACPA Number of females who are members of the UACPA

229 Number of student members

Number of UACPA Chapters in Utah

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Number of UACPA Members who are Retired

35 Number of UACPA committees, councils and task forces

How to Create More Loyal Customers

Evaluating how well you take ownership of your customers' experience By Jared Myres

uring my career as an auditor and commercial banker, customers or prospective customers sometimes appear to make engagement decisions purely on price. At these times, I have felt as though my services were a commodity, and I was left to wonder what I could have done differently to add more value or create more loyalty. The goal for all of us should be to provide such great value to customers that no one wants to trade us for a cheaper, newer, or unproven option. Most businesses spend considerable time and money on acquiring new customers. However, in most cases the best return on our time and money is to make sure we meet all the needs of our existing customers and make them want to keep coming back to us time and time again. Moreover, I would assert that developing loyal customer relationships will also make your career more rewarding and satisfying. Here are some suggestions that I have learned through the years that I think will benefit all of us as we seek to become more valuable and create more loyalty in our customer bases.

Customer Relationships vs. Customers

Although we all use the term “customer,” I hope we see the term more as a “customer relationship.” The term customer feels faceless and nameless at times, kind of like walking into a store at the mall and a clerk asking us a bunch of questions and showing us things we don’t want. Whereas with customer relationships, we know the people so well that we can anticipate their needs, provide ideas that are based on their needs, care about if they are happy with their purchase, watch out for things they might want in the future, and respond with respect and candor if something goes wrong. We do the following to develop a relationship with our customers: 1) Understand their business, 2) Anticipate needs, 3) Know the people and 4) Recommend solutions. I remember the first time I was put in a customerfacing role; I had goals to meet and highly superficial relationships with my customers. I tried really hard to get to know the businesses and anticipate needs, but I was lacking a personal relationship with the people. What I learned from that experience is that developing the journal entry | April 2016

How to Create More Loyal Customers a relationship with a customer takes time, especially for someone like me who is fairly reserved. I also learned that getting to know a customer is more about getting to know them as people rather than just their business. When we know the people as well as the business, we ultimately will recommend the best solutions, at the right time, and communicate in the right way, and our customers will know we are providing genuine and honest input and solutions.

Ownership of Our Customers' Experience

In my organization, “customer experience” has become a buzzword over the past several years and for good reason. Oftentimes, we think of how our experience feels with our customers rather than thinking of how the customer feels. When I think of fabulous customer experiences, I think of cruise lines, ski resorts, or high end department stores rather than financial services firms. Perhaps thinking about where we received a fabulous customer experience, regardless of the industry, and what made it so fabulous, can assist us as we work on making sure we are providing an excellent customer experience in our own professions. For example, I recently arrived at a hotel and I was warmly received, my questions were either immediately answered or if they needed follow-up, the person stayed involved until she knew my expectations were met. I also had a request that the hotel couldn’t meet, but they were upfront about the situation and were able to resolve the issue with another acceptable alternative. Some of the items mentioned above were purely meeting my expectations of a hotel, but in sum total it felt like an excellent customer experience and one that I wanted to go back to again. Here’s some questions you might ask yourself as you evaluate how well you take ownership of your customers’ experiences: When someone calls me, do I stay involved until the customer is satisfied? Do I follow up with customers and make sure their expectations were met? Do I set expectations appropriately? Do I meet deadlines or am I up front with customers when I can’t deliver on commitments? Do I immediately resolve issues that come up and keep my customers apprised of my progress?

Communicate Effectively

Stephen Covey has said, “Most people do not listen with the intent to understand; they listen with the intent to 16

the journal entry | April 2016

reply.” Perhaps our replies should primarily be clarification questions rather than responses. If we’ve listened and tried to understand with appropriate follow-up questions, and still have unanswered questions, hopefully we’ve come prepared with questions that are well thought out and assist us in developing our relationship with our customers and owning their customer experience. We’ll probably make mistakes along the way. Communicating our shortcomings or admitting mistakes goes further towards solving a problem than finding a scapegoat. I’ve learned that if I appropriately communicate these shortcomings, my customers’ memories are more centered on how I am trying my best to provide solutions rather than a mistake or problem that occurred during the process.

Customer Loyalty Challenge

Writing an article about creating customer loyalty isn’t something I had planned when I started to learn more about improving my customers’ loyalty, but the process of writing my thoughts and making my own plan has provided me so much help as I try to make improvement in this area. You might feel you are opening yourself up to a standard that is hard to keep when you write down lofty plans or aspirations in this area. However, I would encourage everyone to write down a plan for increasing customer loyalty and to not be afraid to share your plan and your ideas with others. Use some of the above suggestions or come up with your own plan after thinking about some companies or relationships you’ve developed a high degree of loyalty towards. Then use those ideas to apply to your customers. You might fall short, but you’ll be making improvements towards retaining valuable relationships that are built on more than price alone. You’ll also likely feel more fulfilled with your work as you are meeting customer needs and helping customers achieve their goals. ■

Jared Myres, is a Vice President and Relationship Manager for Wells Fargo Commercial Banking. He has a bachelor's degree from BYU and a Master of Accountancy from the University of Southern California. Myres has worked as an auditor for PriceWaterhouseCoopers in L.A. Reach him at jared.myres@wellsfargo.com

Breaking Down Silos Within Your Organization Increasing collaboration provides benefits to your organization By Samantha White, CGMA Magazine

he tendency to create silos is a natural human one. People are surrounded by so much information, and so many people and processes, that they look for structures and classifications that can help them cope with the chaos and make life more efficient, says Gillian Tett, anthropologist, journalist and author of The Silo Effect. Yet, however natural this propensity might be, it often inhibits communication, innovation, and in some cases, the ability of businesses to remain relevant. The structural patterns created to suit one particular context can become outdated when the world outside moves on. Alternatively, the structures become so rigid that colleagues in the same organization not only fail to share information and join the dots between their varying experiences or perspectives to gain insight, but also end up competing with each other, Tett explained during a recent lecture in London. One of the many companies that fell victim to siloed

thinking in the past is Sony, she said. The company’s Walkman was a hugely successful product in the analogue era, and its name came to define an entire consumer product category. The reason the company’s success didn’t translate into the digital era, said Tett, is that the company was organized into separate departments — one for software and computing, one for hardware, and one for music — all of which were in competition with each other. The structure was rigid. Rather than collaborate, each department insisted on producing its own gadget, even though the world outside Sony was converging very fast. The competing products cannibalized each other, and the company could not maintain its dominance of the portable music player market in the digital era.

Information-Sharing Initiatives

When organizations break out of those structures, valuable insights can be gained and outcomes achieved. Tett describes a project in New York’s City Hall to more accurately predict fire risk. The city government had

the journal entry | April 2016

Breaking Down Silos Within Your Organization traditionally been fragmented into separate departments with little information sharing or collaboration, but by bringing together data held in various pockets, such as pest control visits and incidences of mortgage default, researchers created a much more effective basis for predicting where fires were most likely to occur. A similar approach was taken to detect the restaurants most likely to illegally dump yellow grease rather than pay a waste disposal company to remove it. Information about kitchen fires and cases of tax evasion were among the types of data brought together from different departments to identify likely offenders. The enforcement agency then linked up with another department involved in environmental waste recycling. Together they approached the restaurants and informed them of the fines applicable for dumping the grease, as well as how to avoid the problem and generate income by selling it to biodiesel companies — a successful outcome all around.

Creating Multi-Layered Networks

Many companies implement management techniques to rotate staff and prevent employees from different areas from fragmenting and becoming tribal. For example, Facebook recruits, no matter how senior, are forced to go on a common six-week training course, Tett said. Theoretically, the objective is to teach participants to code, but in practice the company is looking to create a common bonding experience for that cohort. Maintaining these relationships means employees have an additional layer of social connections on top of their onedimensional team affiliation. Knowing people in other departments creates collision points where colleagues can swap information and ideas.

Silo-Busting Ideas are Generated in the 'Slack'

The first step for any organization looking to overcome structural silos is to stop and think about how it classifies the world, Tett said. “The second step is to realise that we live in an era which worships efficiency and that we are under constant pressure to streamline and to specialize,” she said. “The problem is that when that happens, you cut out slack.” It’s often that slack that allows people to stop and recognize the silos they are trapped in and to try to 18

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imagine alternatives. It’s where the silo-busting ideas are generated. Initiatives to create layers of social connections require time and resources. But the long-term benefit is ultimately worth the investment. “If you want to be a good leader today, you need to have the courage to defend the slack,” Tett said.

Part of silo busting is colliding with people who have ideas and view points very different from your own. Tett said that Social Media can provide a way for people to break out of "Intellectual and social ghettos."

Breaking Down Social Silos via Twitter Social silos are also barriers to knowledge sharing and innovation. They form when members of a department or profession only speak to people just like them, who all studied the same discipline at the same institution, use a specific kind of terminology, and look at the world through the same lens. However, the most innovative teams have diversity not just of gender, ethnicity, and age, but also of skillset and perspective.

Part of silo busting is colliding with people who have ideas and viewpoints very different from your own. Tett said that social media can provide a way for people to break out of “intellectual and social ghettos”. Many Twitter users have created a bespoke, comfortable tunnel of information that reinforces their world-view, where about two-thirds of the accounts followed belong to people from the same social or intellectual tribe, creating a sort of social silo, Tett said. She challenged the audience at the lecture to swap these likeminded people in their Twitter feed for people with a radically different worldview for two weeks. “Try to see the world through their eyes and see what kind of information you receive with that perspective,” she said. ■ Samantha White is a CGMA Magazine senior editor. She can be reached at swhite@aicpa.org

Find Your UACPA Chapter A

s a member of the Utah Association of CPAs, one of your many benefits includes networking with other members through eight geographically aligned chapters. Enhance your career through regular meetings that provide CPE, leadership opportunities and connecting with likeminded professionals in your area. Watch your email for chapter notifications or visit www.uacpa.org to view upcoming chapter events. Cache Valley Chapter - Logan - Hyrum - Smithfield Color Country Chapter - St. George - Ivans Cedar Breaks Chapter - Cedar City - Parowan Downtown Chapter - Salt Lake City - Sandy - Taylorsville - Draper - Bountiful - Tooele Mountain Chapter - Park City - Heber - Kamas

Northern Chapter - Ogden - Clinton - Brigham City Southern Chapter - Provo - Orem - Lehi - Moab

Uintah Basin Chapter - Vernal - Duchesne - Roosevelt

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Closing the Gaap — Women in Accounting

Tamy Dayley, CPA Interview By Debbie Davis, CPA

have gotten to know Tamy over the past three years as we have worked on the State and Local Government Conference Committee for the UACPA. Tamy is dedicated and diligent and this is a great opportunity to get to know her better.

Tell us about yourself and your background. I have a great job as the Director of Compliance and Internal Auditing with the Governor’s Office of Economic Development; I have been there for 8 years. It has given me new challenges and a perspective of what people can do. I have become acquainted with all sorts of companies from a candy shop in Torrey, Utah, to high tech aerospace manufacturers, leading software developers, data security experts, the companies that make flash drives, toilet paper and cookies. My career started as a student with the BYU Internal Audit Department and from there I joined a CPA firm in rural Idaho. I became restless and found a job in Salt Lake City at First Security Bank, NA — now Wells

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Fargo. My 25 year banking career started with gluing fixed assets tags on anything purchased for more than $100, and yes, that was before there was a computer on every desk. I begged the Cost Accounting Department to use their PCs so I could put the fixed assets on a Lotus 123 spreadsheet — this way I could have immediate feedback instead of waiting two days for the mainframe batch processing. I still had to do the batch processing, but when I uploaded to the main frame everything was perfectly balanced. From there I managed the payroll for 26,000 employees and numerous entities in 15 states. I finished my banking career as the Wholesale Banking Intermountain Region Finance Manager, tracking the performance metrics for the customer and team members alike.

What would you be doing if you were not a CPA? That is a tough one. I have a nephew who has a geological degree; I get jealous of all the time he spends outdoors for his job.

Closing the GAAP

What led you to a career as a CPA? I always had a perspicuity for numbers. The accounting courses came easy to me and I thought it would be a great part-time job. However, I have come to discover that the CPA credentials open other doors as well.

What do you enjoy doing outside of work? I am involved in the community as a Woods Cross City council member. This has given me opportunities to give back. Most recently I attended the Davis County Citizens Police Academy which gave insight to the challenges that law enforcement face each day.

What advice do you live by? A few years back there was a favorite song by Bobby McFerrin “Don’t Worry, Be Happy.” That phrase and “Keep it Simple.”

Do you have a favorite accounting joke? It is not just accounting jokes; I have nephews who are 11and 9-years-old who have a taste for Laffy Taffy. Every salutation is a new joke or “knock knock.”

What advantages do you have as a professional woman in the accounting profession? As I look at the strengths I have, it is important to talk about it; “it” being the process, the details or an issue and not trigger people putting their guard up or becoming defensive.

What advice would you have for male professionals as they interact/work with female professionals?

What advice would you have for other women professionals?

Take time to build the professional relationship. Take time to communicate. If we don’t get it right the first time, it will just take more time to fix it later.

Keep learning. There is so much information and data at our finger tips it can be overwhelming. Find what is important to you and your career and drink deeply of that information.

Do you have a mentor? How have mentors helped you in your career?

What path did your career take in order for you to hold the position you are in today? I believe that gaining the CPA credential early in my career helped open doors for me and directed my career to where it is today, having worked with auditing, taxes, payroll, and performance metrics. A healthy curiosity into technology certainly helps also, to quickly gain credability into each new career step.

I believe mentors are important. I was once given the advice to "eat lunch with someone outside the office at least once a week." A mentor is more than that, someone to bounce ideas and issues off that is not invested in the office. ■ Debbie Davis, CPA, is the Internal Audit Director for the Utah State Board of Education. She graduated from the MAcc program at Brigham Young University in 2001 and serves on the UACPA State and Local Government Conference Committee. Debbie may be reached at debbie.davis@schools. utah.gov.

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2016 Legislative Session By Craig Peterson and Ryan Peterson

s is typically the case, the 2016 Utah legislative session did not disappoint those who enjoy the drama of the political theater. This year saw major battles play out in the House and the Senate including major budget disagreements between the two bodies, differing ideas regarding how to develop the property at the point of the mountain and strong opinions about the role of non-compete agreements in employment contracts. We also saw a number of influential, outside groups weigh in with other special interests on issues from hate crimes to alcohol policy and, of course, the major issue of medicinal marijuana. While perhaps a bit less controversial, there were several pieces of legislation that had an impact on the CPA industry. Here are a few of the issues we worked on this session on behalf of the UACPA.

HB251 - Post Employment Restrictions Amendments

This bill sought to eliminate an employerâ&#x20AC;&#x2122;s ability to have a non-compete clause in their employment contracts. The issue apparently came up because a young man working at a sandwich shop was not allowed to work in another fast food setting for a few years. The Salt Lake Area Chamber of Commerce weighed in opposition and the influential hightech company DOMO supported the bill. Lots of drama right to the end of the session. The controversy pitted business leaders and lobbyists from nearly every industry. The bill had the full support of Speaker of the House, Greg Hughes, and therefore all of the interested parties sought to amend the bill in order to avoid upsetting the Speaker of the House by opposing the bill outright. The bill ultimately passed, but not until it was so significantly amended as to be fairly innocuous.

HB467 - Occupational Licensing Amendments

This bill was another attempt to eliminate the time 22

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requirements for professional licensure. As it was last year, the work done early in the session kept this bill tied up for a significant amount of time and it was ultimately not even voted on during the committee meeting. For two years now, the legislature has shown that time requirements for licensure are an important part of the process in the state of Utah.

HB36 - Insurance Revisions

There were initially some concerns over some of the language in this bill and the potential of hurting small practitioners with regards to auditor rotation requirements. We were able to set up a meeting with Todd Kiser, the State Insurance Commissioner, seeking to understand more about the bill and the proposed changes. We understood that the language was NAIC model language that is required as part of the NAIC standards for state accreditation and that it is only for Risk Retention Groups under Chapter 15. After gaining a better understanding of the language and the purpose of the legislation, the UACPA felt like the bill could advance as written. It passed both bodies and has been sent to the Governor for his signature.

HB432 - Governmental Nonprofit Entity Compliance

State Auditor, John Dougall expressed concern over the fact that some private companies, established by governmental entities, were using their private status to avoid transparency in what would otherwise be auditable actions of a governmental entity. Representative Kim Coleman sponsored the bill, but with the help of UACPA, the Auditor and Representative Coleman agreed instead to study the issue further over the summer in order to further understand the problem. A major source of concern came from the water community especially those involved in mutual water companies both large and small as well as

2016 Legislative Session the larger special services districts. We will be watching and providing UACPA input as this issue is further discussed.

SB136 - Division of Occupational and Professional Licensing Amendments

As with many bills in the legislature, the devil is in the details. A quick summary of the bill, as it relates to CPAs, involves reciprocity and the reinstatement of a license once it has lapsed. We will be working with DOPL during the interim to better-access the impact other sections may have on the practice.

HB39 - Pass-through Entity Return Filing Date

This was a simple clean-up bill that modified the date that a pass-through entity could file a tax return. This was simply done so that Utah would be compliant with the federal dates. We truly are honored to represent you on Capitol Hill and look forward to strategizing with you over the coming year so that we can continue to protect the interests of CPAs in the State of Utah. â&#x2013;

Craig Peterson has been involved in legislative processes for more than 30 years as a State Representative, State Senator and Republican Senate Majority Leader. During the past 18 years, he has been a lobbyist, successfully representing a broad spectrum of clients. Peterson and his son Ryan have become a strong political voice for their clients. Ryan Peterson is the president of RCP Strategic, a contract lobbying firm based in Salt Lake City. He received a degree in economics from the University of Utah with a focus on statistics and econometrics. He is an avid golfer and resides in Salt Lake City.

20% 30% 50% 80% Selling On OFF! OFF! OFF! OFF! Your Own? For Sale by Owner = Discount to Buyers. Accounting Practice Sales is the largest facilitator in North America for selling accounting and tax practices. Our access to the greatest number of potential buyers provides you the best opportunity of matching not only with the right buyer but also obtaining the optimum price and terms. Contact us today so we can sell your practice for what it is worth. Ryan Pannell Toll Free: 800.397.0249 www.AccountingPracticeSales.com ryan@accountingpracticesales.com

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2015 - 2016 Donations T

he following is a list of contributors to the Utah CPA Foundation and Utah CPA PAC for the fiscal year ending March 31, 2016. We want to recognize all of the contributors and thank them for the generous support they have provided.

Utah CPA Foundation

Utah CPA PAC

The Utah CPA Foundation, which supports financial literacy programs to educate the public, raised $3,760.

The Utah CPA Foundation, which helps advocacy efforts and gives CPAs a voice on the Hill, raised $2,215.

$5 - $49

$100 - $500

Richard Dewey Michael Robinson Ronald Cutler Harold Dolato Norman Mellor Joseph Larsen Melanie Livingston Robert Bowen Duane Karren

August Glissmeyer Kenneth Cutler Larry Hendricks Lynn Wood Melissa Fjelstrom Robert Cole Susan Speirs Theodore Rokich Weslee Klein F. Lynn DeBry Gregory Kemp Lynne Wilhelmson Donald Mantyla Jay Niederhauser Joshua Savage Ray Westergard Milton Thackeray

$50 - $99 Paul Mendenhall Tadd Hafen Ted Hill Darrel Roberts DeMeade Austin Gert Foerster Jerry Selbo Matthew Regen Michael Michelsen Richard Greene Steven Carver Tim Larsen W. Brent Maxfield Roger Richins Wendy Martin

$5 - $49 Michael Robinson Richard Dewey Joseph Larsen

$50 - $99 Troy Lewis Clark Wilkinson Gert Foerster Jerry Selbo Matthew Regen Steven Carver Brent Hall

$100 - $500 Lynn Wood Weslee Klein F. Lynn DeBry Chesley Erickson Donald Mantyla Jay Neiderhauser Joshua Savage Susan Speirs Ray Westergard Bryce Buchanan

To make a donation to the Utah CPA Foundation or the Utah CPA PAC, visit www.uacpa.org/donate or add a contribution to your membership dues this spring. 24

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Your Donations in Action CPAs help improve the financial health of those trying to get back on their feet

By Ash Noah, CPA, FCMA, CGMA and VP By Michael Michelsen, CPA of CGMA External Relations, AICPA

he Utah CPA Foundation was established in January 1999. According to the Articles of Incorporation, it was founded: 1. To encourage the advancement and dissemination of knowledge relating to accounting and business matters, 2. To support, encourage and sponsor formal and informal gatherings of certified public accountants and persons interested in joining the profession, 3. To provide scholarships, research grants and other financial assistance to teachers and students interested in pursuing accounting and business education. When I joined the Board of the Foundation in 2012, the focus of the Foundation was Financial Literacy and the ProNet Council for young members. The Foundation supported these efforts by providing limited funding for materials for financial literacy classes taught by UACPA members and the ProNet Campus Ambassadors and

other ProNet activities. The previous Board chair of the Foundation was one of the drivers behind establishing the Annual Inauguration Gala that celebrates newly licensed CPAs. We also awarded an annual cash gift and trophy to an outstanding high school accounting teacher. The Foundation Board did not find the support from the profession that was thought to exist when the Foundation was created. The Foundation struggled to raise money to help pay for the Gala, which was subsidized by the UACPA. While some firms sponsored the Gala, other firms wondered why they were asked to help pay for an event that benefited the employees of other firms. Interest from the education community in a small cash award did not generate the volume of applications we needed to justify continuation of award. Each firm planned and provided its own career training or mentoring for young CPAs, so participation in ProNet events was low. During the Boardâ&#x20AC;&#x2122;s most recent strategic planning meeting, it became clear that the Foundation cannot currently the journal entry | April 2016

Your Donations in Action continue to split its efforts among three different goals. Because the UACPA has an active Financial Literacy Task Force, it was determined to focus the current efforts of the Foundation in support of the Financial Literacy Program. The Financial Literacy Task Force is currently involved in providing financial literacy classes at the Utah State Prison. These classes are provided to inmates as a required part of their preparation to be released. It is hoped that by providing life skills related to budgeting and personal money management, that the rate of recidivism will be reduced. UACPA members volunteering their time as teachers in this program are providing an important service to our community. The Task Force also teaches financial literacy classes at the Veteran’s Administration. These classes are intended to help veterans who are trying to become self-sufficient or who would like to improve their circumstances by improving their personal financial skills. The Financial Literacy Task Force would like to increase the number of classes taught and populations served. If you can, please consider volunteering some of your time to serve the communities we live in as a financial literacy volunteer. The Task Force is currently looking for six more volunteers to serve as instructors in the current programs at the prison and Veteran’s Administration. If you are interested in volunteering, please contact Patsy Halladay, the Task Force Chair, at (801) 656-1602. The Foundation supports the Financial Literacy classes by providing funding for the classroom materials for the participants. As part of our continuing fundraising efforts, in November, UACPA staff mailed solicitations to the membership requesting donations on behalf of the Foundation. The Foundation’s stated fundraising goal was $20,000. To date, just over $4,100 has been contributed as a result of the solicitation letter, which is short of the goal. As an Association, we must do better to support one of our most significant outreach projects. If each of the Association’s 2,800 members were to donate $5, the Foundation would raise $14,000. A donation of $10 covers the materials for one inmate or veteran to participate in the six session course, including a calculator. At classes held out of the prison, a piggy bank is also provided to class participants.

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The solicitation letter in November was an experiment to see whether members would be more likely to donate based on a separate request. Prior requests for donations were included on dues invoices and the UACPA staff and Foundation Board were concerned that dues invoices end up in the hands of firm administrators, which doesn’t allow members the opportunity to determine whether to donate to the Foundation. In order for the Foundation to provide the funding necessary for the growth of financial literacy classes, we need the donations of UACPA members and their employers. As a Board of the Foundation, we will continue to look for additional sources of donations; however, we call on members of the UACPA, both individuals and firms, to help support the organization that was established for our profession to give back to our communities. Teaching life skills such as financial literacy is one way the UACPA, our association, is doing that. There are many ways to make your tax-deductible donation to the Foundation. Please donate with your dues invoices this year, respond to additional solicitation requests you may receive, participate in the annual UACPA golf tournament, or call the UACPA to donate to the Foundation. Contributions may also be made at UACPA.org (hover over “About” on the home page, and select “Donations”). We are grateful to all those who have donated in the past and for to those who donated more recently. Please continue to donate. If you haven’t donated to the Foundation, please donate now in support of the financial literacy program. ■

Michael Michelsen, CPA, is an audit partner with Eide Bailly, LLP, where he serves nonprofit, government, and health care clients. He holds Bachelor of Science and Masters of Accountancy degrees from Brigham Young University. Michael currently serves as the Board Chair of the Utah CPA Foundation.

Photos, Leadership Council

The January Leadership Council was held January 15 at the Little America Hotel. Joanne Fiore, JD, Vice President of Professional Media, Pathways and Inclusion from AICPA joined us to discuss the CGMA initiative.

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UNA UACPA Meet & Mingle Recap of the January 21 event at Holy Cross Ministries By Ash Noah, CPA, FCMA, CGMA and VP of CGMA External Relations, AICPA

By Shalaun Howell, CPA

he UACPA’s Nonprofit Committee focuses on supporting CPAs and others who work in nonprofit accounting in Utah. In January, the committee partnered with the Utah Nonprofits Association to host an “Executive Director — CPA Meet and Mingle,” by bringing executive directors together with CPAs who may be interested in serving on a nonprofit board. When a nonprofit organization has a solid, financially savvy board, their impact on our community can be more dramatic and lasting. Rather than doing things the “same as last year” or constantly putting out fires, they make leaps and bounds in accomplishing their missions. We asked some local nonprofit executive directors and CPAs about their experience working in this partnership. Shellie Barrus, Executive Director for Habitat for Humanity of Summit and Wasatch Counties said, "Habitat for Humanity of Summit and Wasatch Counties has been so fortunate to have more than one accounting professional on our board in the last few years. Having this expertise has made the process for completing our annual audit and 28

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the communication with the external auditor much easier, especially when we have been fortunate enough to have a board member with audit experience. An accountant or CPA has really made a difference for us by helping the rest of the board members and staff feel more secure about our financial status. I have noticed that the whole board seems more at ease about asking questions and learning more about how our financial processes work. This in turn makes our board members feel more confident about talking to potential donors and constituents about what we do. " The partnership isn’t one-sided, either. Serving on a nonprofit board can help CPAs develop personally and professionally. Joanna Johnston, A UACPA member who has served on many nonprofit boards over the years, said "Being a member of a nonprofit board has allowed me to see the operations and value of a nonprofit organization beyond the numbers. The programs and benefits to the Continued on Page 29 >>

Meet the UACPA Staff

Q: What will your role be in implementing the strategic plan? April Deneault CPE Manager

Amy Spencer Marketing & Communications Manager

I will work on creating a foundation that allows us to successfully webcast the Utah Ethics Course and the UACPA Winter Conference. Also, this year, we will move towards a paperless classroom and will have digital materials available for our courses.

Marketing and communication will expand beyond the general membership. I will be working on relationships with CPAs in Utah who are not members as well as partnerships with other organizations who have similar goals to the UACPA.

Braden Thompson Membership Development Coordinator I will mainly be responsible for putting the rubber to the road for the membership growth segment. However, I will also work closely with the whole office on creating valuable membership engagement initiatives..

>>Continued From Page 28

people in the community don’t have a dollar value. It is emotional, not computational. Being a board member has brought fulfillment I would not have gotten any other way. Interaction and being a part of something bigger than yourself is extremely rewarding." We encourage UACPA members to give back to the community and consider serving on a nonprofit board. The UACPA frequently receives calls from nonprofits looking for members who are available and willing to serve on their boards. According to Susan Speirs, “the reasons are many; not for profit boards like the expertise a CPA brings not only in the financial arena but the governance arena as well. They know that having a CPA on board enhances and progresses the mission of their organization. Many of our non-profit organizations cannot afford to hire a CPA but understand

Tom Horn Financial Director With more than 30 years of experience as a CPA, I can be an outside-the-box sounding board for new ideas on the strategic plan. Also, I look at my role in the strategic plan as one of helping estimate the costs of implementing the various aspects of the plan.

the importance and value a CPA brings to the table. A CPA will make sure that the organization is being run as per the mission, finances are handled in an ethical and strategic manner and that rules and regulations on the Federal and State levels are being followed as well as making sure that all filings are submitted in a timely and accurate fashion.” ■ Shalaun T. Howell, CPA is a manager specializing in nonprofit organizations at Shaw & Co., P.C. She holds a Bachlor of Science and Master of Professional Accountancy from the University of Utah and serves on the UACPA Nonprofit Committee. She received the AICPA's Women to Watch: Emerging Leader Award. Reach her at shalaun@shaw-cpa.com

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RENEW YOUR MEMBERSHIP MEMBER BENEFITS Save Money on Products and Services

ADVOCACY The UACPA serves as a voice to the profession

LEADERSHIP DEVELOPMENT Find opportunities to grow and serve the community

NETWORKING Connect with other professionals

EDUCATION Members can take UACPA classes at a discount

NEWS & TRENDS Stay current on topics important to you

It's easy to renew online! Sign into your account using your email address and password. Select "Manage Profile" and you will see an invoice at the top to renew and enjoy another great year of membership with the UACPA

MEet a uacpa member

Five Minutes with Lisa Heise Lisa checks the weather with grandgirl Madalyn. As expected, Cloudy With a Chance of Meatballs!

Lisa Heise, CPA is the CFO/COO of Make-a-Wish Utah. She moved to Utah in 2012 after living in Elko, Nevada for 20 years. Originally from Oklahoma, Lisa received a BBA in Accounting from The University of Oklahoma in 1978. Lisa and her husband have also lived in China for a few years. She has found success in balancing home and work life through sequencing in her career.

accounting and business concepts understandable.

What led you to become a CPA? Junior Achievement. I was treasurer for our company. That’s where I got that first wave of satisfaction at everything being in balance. (You know you get it, too!)

What do you do outside of work? Savor the moment — whatever it is! Our home tends to revolve around our 3-and-a-half-year old grandgirl. That part of our life will be over before we know it as our daughter graduates later this year and they move forward in their lives. As we transition into empty nesters, we will continue to enjoy listening to good music (LOUD), watching our favorite sports, and savoring the great adults that our three kids have become.

What have been your proudest moments as a CPA? People often tell me that I don’t seem like an accountant. That always makes my day! Although I’ve received some accolades through my career, I take a great deal of satisfaction from my ability to make

What would surprise people to know about you? In the rare moments when I have the house to myself, classic rock & roll is playing. LOUD! What bands do you like? Eagles, Steely Dan, Earth Wind & Fire would all be on the short list!

What is your favorite sport? College football and basketball are among my favorites. My college team is the Oklahoma Sooners (While Arno's team is the Oklahoma State Cowboys. Always interesting on Bedlam Series days!) All three of the kids played soccer, and we follow RSL to avoid total withdrawal from the sport. What are some of your goals as a professional? As a professional, it is always my hope that I can make work easier for others and add value to decision-making and governance. I am a great advocate for those who choose to step out of the workforce temporarily, or who prefer part-time or other flexible work arrangements. It is gratifying to see public accounting and other industries increasingly looking at innovative ways to tap into great talent. What advice do you live by? It takes a village! We are greater than the sum of our parts. Every task — every talent is integral to success! ■ the journal entry | April 2016

Meet the Executive Board

Q: What ideas do you think will help with the UACPA's strategic planning? Hollie Andrus, CPA President

Jonyce Bullock, CPA Immediate Past President

I am most excited for the future of learning. With ever-changing technology, I can attend an AICPA conference in Washington, D.C. without leaving my desk!! We have many members outside the Wasatch front who may not be able to come to a conference. With our strategic plan, we will provide valuable CPE by bringing conferences to them.

I’d like to see the UACPA invest access to an online learning platform. This will help keep us connected throughout the state, and make lifetime learning more accessible and relevant.

Josh Turnbow, CPA ProNet

Dan Griffiths, CPA AICPA Council Representative

It is important that we see assignments in action. As the membership participates in making the strategic plan happen through meaningful assignments, they will feel the excitement for the long-term vision of the UACPA.

At this point, what will help most with the UACPA’s strategic planning is follow through and execution. We have received wonderful input from our members and staff. Now, it’s time to go to work! I’m excited to see what we can accomplish together over the coming years.

Susan Speirs, CPA CEO As Hollie put it, “Let’s roll”! We’ve received a lot of input from our members, the strategic planning committee. Our staff has the insight, ability and fortitude to move the association forward as never seen before.

Gavin Hutchinson, CPA President-Elect 32

Sherie Charlesworth, CPA Jay Niederhauser, CPA Secretary Treasurer

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Owen Ashton, CPA Member at Large

Brett Hugie, CPA Member at Large

Board Bullets

News from the UACPA Board Here is a glance at what has been happening at the Utah Association of CPAs:

• Assignment was given to the Nominations Committee to nominate for future AICPA Council Representative positions as they rotate every three years. • Review of rule passed at State Board of Accountancy meeting. CPAs will now have to have 1 hour Utah Laws and Rules and 3 hours ethics as part of the 80 hour CPE requirement now in place. This rule took effect February 11, 2016. The UACPA will prepare the Utah Laws and Rules course which will be free of charge to members by September 2016. • Concerns with regards to SSARS 21 were also presented to the State Board of Accountancy as there are many CPAs who think they no longer have a peer review requirement under the new language. We will seek direction from the AICPA and work with the State Board of Accountancy.

Save the Date

Mark your calendar for UACPA conferences and events in 2016. May 13 State & Local Government Conference Little America Hotel Aug. 17 Golf Tournament Bountiful Ridge Golf Course

• UACPA vacant board position – Dan Griffiths has been nominated to serve on the AICPA board of directors. This action necessitates the need to fill the vice president slot as Dan was going to serve in that capacity. While we will miss Dan at the state level, we are proud to have him serve on the AICPA board.

Sept. 16 CPAs in Business & Management Conference South Towne Expo Center

• Legislative update was given with regards to several bills:

September Inauguration and Awards Banquet

— SB136 makes technical correction with regards to CPAs that are not licensed in the State of Utah to practice. — HB36 required NAIC language for those auditing RRGs (risk retention groups). Susan Speirs and Craig Peterson, our lobbyist, met with Commissioner Kaiser and Jake Garn to receive clarification of language. — SB76 which could require non-governmental entities to provide workers compensation for volunteers. — Marijuana bills were also discussed in light of Federal regulations and the conflict they could potentially inflict on CPAs providing services for entities that use marijuana such as hospitals etc. We are also working with the State Board of Accountancy and the AICPA on these issues.

Nov. 1-3 ProNet Leadership Academy November Tax Symposium November Business Valuation Conference Dec. 8-9 Winter Conference Salt Palace Convention Center Dec. 15-16 Technology Conference South Towne Expo Center

• Approval of budget for FYE March 31, 2017.

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CPECourseSchedule

CREDIT HOURS COURSE TITLE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

JUNE 6/20/16

Excel Tips, Tricks and Techniques for Accountants

TBD

K2 Enterprises

$285

$340

6/21/16

Quickbooks for Accountants

TBD

K2 Enterprises

$285

$340

Leases: Mastering the New FASB Requirements

Marty Van Wagoner

AICPA

$285

$340

9/8/16

Construction Contractors Advanced Issues

Thomas Sheets

AICPA

$285

$340

9/9/16

Annual Update for Preparation, Compilation and Review Engagements

Thomas Sheets

AICPA

$285

$340

9/12/16

Not-For-Profit Accounting and Auditing Update

Brian Yacker

AICPA

$285

$340

9/13/16

Form 990: Exploring the Form's Complex Schedules

9/19/16

Capitalized Costs and Depreciation: Key Issues and Answers

Dennis Riley

AICPA

$170

$195

9/19/16

Reviewing Individual Tax Returns: What Are You Missing?

Dennis Riley

AICPA

$170

$195

9/20/16

Taxation for Individuals Living Abroad

Dennis Riley

AICPA

$285

$340

9/21/16

Audits of 401(k) Plans

Bruce Shepard

AICPA

$285

$340

9/22/16

GASB Statement No. 68 - In-Depth Government Pension Accounting & Auditing Seminar

Bruce Shepard

AICPA

$285

$340

9/23/16

Frequent Frauds Found in Governments and Not-For-Profits

Bruce Shepard

AICPA

$285

$340

9/26/16

Technology for CPAs - Don't Get Left Behind

TBD

K2 Enterprises

$285

$340

9/27/16

Excel Tables & Data Models - Efficiently Managing Analyzing & Reporting Your Data

TBD

K2 Enterprises

$285

$340

9/28/16

Revenue and Cash Receipts: Common Frauds and Internal Controls

Marty Van Wagoner

AICPA

$170

$195

9/28/16

Purchasing, Inventory and Cash Disbursements: Common Frauds and Internal Controls

Marty Van Wagoner

AICPA

$170

$195

9/29/16

Employment Law Update: Key Risks and Recent Trends

William Murphy

AICPA

$285

$340

9/30/16

Payroll Taxes and 1099 Issues: Everything You Need to Know

William Murphy

Surgent McCoy

$285

$340

10/7/16

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

Marty Van Wagoner

AICPA

$170

$195

10/7/16

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

Marty Van Wagoner

AICPA

$170

$195

10/11-12/16

Annual Accounting and Auditing Workshop

Marty Van Wagoner

AICPA

$460

$550

10/24/15

Real World Fraud in Today's Small- to Medium-Sized Entities

Lynn Fountain

AICPA

$285

$340

10/25/16

Internal Control Best Practices for Small and Medium-Sized Entities

Lynn Fountain

AICPA

$285

$340

10/27/16

Annual Tax Update: Indiviudals and Sole Proprietors

Michael Blackburn

AICPA

$285

$340

10/28/16

Health Care Reform Act: Critical Tax and Insurance Ramifications

Michael Blackburn

AICPA

$170

$195

10/28/16

Social Security and Medicare: Maximizing Retirement Benefits

Michael Blackburn

AICPA

$170

$195

August 8/26/16

September

AICPA

October

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course $60 for 16 hour courses. (Excludes 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses and AICPA16 for 16 hour courses.

the journal entry | April 2016

Education & Events FIELD OF STUDY

CREDIT HOURS COURSE TITLE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

November 11/2/16

Annual Update for Accountants and Auditors

Marty Van Wagoner

AICPA

$200

$340

11/7/16

Applying the Uniform Guidance for Federal Awards in Your Single Audits

James Woy

AICPA

$285

$340

11/8/16

Yellow Book: Government Auditing Standards

James Woy

AICPA

$285

$340

11/9-10/16

Excel Boot Camp

TBD

K2 Enterprises

$460

$550

11/11/16

Advanced Excel

TBD

K2 Enterprises

$285

$340

11/14/16

Financial Statement Analysis: Basis for Management Advice

Ron Rael

AICPA

$285

$340

11/15/16

Annual Update for Controllers

Ron Rael

AICPA

$285

$340

11/16/16

Toolkit of Best Practices for Today's Controller and Financial Manager

Ron Rael

AICPA

$285

$340

11/21/16

Slashing Taxes for Your Small Business Clients: Corporations, Partnerships and LLCs

Michael Blackburn

AICPA

$285

$340

11/28/16

Form 1041: Income Taxation of Estates and Trusts

Michael Blackburn

AICPA

$285

$340

11/29/16

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

12/1/16

Applying the Risk Assesment Standards to Enhance Audit

Robert Minniti

AICPA

$170

$195

12/1/16

Fraud: Recent Findings, Red Flags and Corruption Schemes

Robert Minniti

AICPA

$170

$195

December

12/2/16

Identity Theft: Preventing, Detecting and Investigating

Robert Minniti

AICPA

$285

$340

12/12/16

Corporate Tax Workshop: Get Ready for Busy Season

Bruce Nelson

AICPA

$285

$340

12/13/16

Multistate Income Tax

Bruce Nelson

AICPA

$285

$340

We're going paperless We're Going Paperless

l e digita With th to a shif ting m o o r PA class the UAC , t a m r ss fo ent. paperle movem e h t g ill be is joinin es, we w s s la c 6 class For 201 rials to e t a m l digita ooks sending rinted b p d n a es le at attende availab will be al fee. a nomin

the journal entry | April 2016

Member Benefits

The UACPA Honors 100% Membership

AGILITY

Congratulations to the firms and businesses curerently participating in the UACPA's 100% membership program. This demonstrates their commitment to the profession, to the Association's high ethical standards and a commitment to life-long learning.

The UACPA's Affinity Partners help you get the most out of your membership Agility offers UACPA members and their clients a 10% discount on any of their ReadySuite solutions. Contact Trevor Mickelson, your Industry Specialist, at 720-4904531, or Trevor.Mickelson@agilityrecovery.com.

CCH

UACPA members receive a discount on the U.S. Master Tax Guide and more. Visit cchgroup.com and use code Y3819

World Benefit Solutions

UACPA members receive discounts on group medical insurance, dental, life and disability, vision and individual insurance policies. For more information, contact Andrew Stott, astott@worldbenefitsolutions.com or 801-759-0421.

Hertz

UACPA members and affiliates are entitled to receive a variety of benefits from Hertz auto rentals. Take advantage of your member discount by calling 800-654-3131 and mention CDP #2079602.

JoS. A Bank Men's Clothing

The retailer offers UACPA members and affiliates 20% off all regularly priced merchandise.

ADP

ADP offers free payroll and free 401k services to referring UACPA Members and its affiliates. Please contact Kenny McKenna at 801-956-7850 or kenny.mckenna@adp.com for more information.

Camico

The Mutual Insurance Company offers UACPA members a variety of benefits. To learn more, call 800-652-1772 or email inquiry@camico.com.

Office Depot

UACPA members can save up to 40% on office products, printing, technology and furniture. Visit uacpa.org to learn more. 36

the journal entry | April 2016

PUBLIC PRACTICE • Allred Jackson • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Hansen Bradshaw Malmrose & Erickson • Hawkins Cloward & Simister • HJ & Associates • Jones Simkins • Mantyla McReynolds • Pinnacle Accountancy Group • Pinnock, Robbins, Posey & Richins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner, LLC INDUSTRY • LDS Church Auditing Department • Workers Compensation Fund Is your firm eligible to be a part of the 100% membership program? Learn more by talking to Braden Thompson, bthompson@uacpa.org or call 801.466.8022

State & Local Government Conference May 13, 2016

t Time: 8 a.m. -4 p.m. Location: Little America Hotel, 500 S. Main Street, Salt Lake City CPE: Eight (8) hours Fees: $248 for members before April 29 $275 for members after April 29 $335 for nonmembers

Individuals selected to join the 2016 Leadership Academy will meet several times throughout the year before and after the retreat. Tuesday through Thursday, Nov. 1 - 3 Two and a half days are dedicated to leadership training, mentoring and networking with the Leadership Academy in Deer Valley. A half day is also spent working with Junior Achievement. CPE Credits: 24 Where: Silver Baron Lodge, Deer Valley, Utah $112 Room Rate for Academy Participants (Use code UACPA when making reservations); Suites available for an additional cost. Fee: $1150 (Includes Opening night reception, meals, and 24 hours of CPE Credit) Eligibility: New CPAs with a minimum of 3 years of professional experience who are UACPA Members Attendees: 20 professionals will be selected from the pool of applicants. Nominations can be submitted by employers, professors, state society representatives, or mentors. Individuals are encouraged to apply on their own.

Application & Nomination Deadline is July 20, 2016!

Find the application online at www.uacpa.org/leadershipacademy

2016

l e a d e r s h i p a c a d e my

Details for the 2016 Leadership Academy

ContactList

ConnectWithUs

Accounting Issues

When UACPA members have questions about accounting issues, help is available from the UACPA Accounting Issues Committee. Each month, a member of the committee is assigned to answer accounting questions and help you interpret the rules as they apply to your particular situation. The following members may be contacted during the months listed. april

May

Ted Rokich 801-263-3090 trokich@fdic.gov

Larry Deppe 801-626-7838 ldeppe1@weber.edu

www.facebook.com/Utahassociationofcpas

June Mark Anderson 801-532-2200 manderson@eidebailly.com

www.twitter.com/uacpa

CPE Approval â&#x20AC;&#x201D; Does This Qualify?

When UACPA members have questions regarding CPE Approval and whether or not something may or may not qualify, they can turn to the UACPA CPE Approval Committee for answers. Each month, committee members are assigned to answer member questions related to CPE approval. Below are the membersâ&#x20AC;&#x2122; who may be contacted with your questions. April - June Steve Avis 801-532-2200 savis@eidebailly.com

Tax Issues

Scott L. Robinson 801-990-5918 srobinson@tannerco.com

The Tax Issues Committee focuses on legislative and regulatory issues and does not answer technical questions. For assistance with a technical matter, please refer to the UACPA referral tool at uacpa.org. Direct questions related to legislative or regulatory issues to taxissues@uacpa.org

Classified Ads To place your classified advertisement and reach Utah CPAs, contact the UACPA at mail@uapca.org, THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email ryan@accountingpracticesales.com. Interested in Buying a Practice? See local and nationwide listings at www.AccountingPracticeSales.com and register

for free email updates. Or call us at 800-397-0249.

the journal entry | April 2016

Utah Association of CPAs 136 S. Main Street, Suite 510 Salt Lake City, UT 84101

Nonprofit Org. U.S. Postage

PAID Salt Lake City, UT Permit No. 1996

the journal entry | April 2016