The Journal Entry - Winter 2022 by UACPA

VOL 1 · WINTER 2022

THE

JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

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WINTER 2022

UtahStateMBA.com

CONTENTS CEO's Message.................................................................................................... 4

WINTER 2022 Utah Association of Certified Public Accountants 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 801-466-8022 mail@uacpa.org www.uacpa.org Managing Editor Amy Spencer as@uacpa.org 2021 – 2022 UACPA Executive Board President: Stacy Weight, CPA President-Elect: Ray Langhaim, CPA Vice President: Dustin Wood, CPA Treasurer: Aubrey Bickmore-Neeley, CPA Secretary: Tad Tuttle, CPA Member-at-Large: Katrina Baird, CPA Member-at-Large: Chris Skousen, CPA Emerging Professionals: Eric Greene, CPA Immediate Past President: Jay Niederhauser, CPA AICPA Council: Paul Skeen, CPA CEO: Susan Speirs, CPA UACPA Staff CEO: Susan Speirs, CPA CPE Director: April Deneault Communications & Marketing Director: Amy Spencer Financial Director: Tom Horn, CPA

UACPA Statement of Policy The Journal Entry is published four times a year by the Utah Association of Certified Public Accountants (UACPA). The opinions, views and articles expressed in this magazine are those of the authors and not necessarily those of the UACPA. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or positions contained herein. Copyright © 2022 Utah Association of Certified Public Accountants

President’s Message........................................................................................... 5

Cover + Articles Feature: Anticipating the Changing Workforce ............................................ 6 Feature: Campus Ambassadors and Career Expectations ....................... 8 By the Numbers: Generation Z in the Workplace........................................11 Adapting to a Candidate-Driven Market .......................................................12 Promoting Success with Diversity, Equity and Inclusion .......................... 16 Leadership Academy: Applying What We Learned ....................................22 Leadership Academy: 2021 Attendees Share Their Experiences............ 24 Succession Planning: Sustainable Succession Management.................. 26

Membership New Members....................................................................................................28 Members in the News......................................................................................29 In Memoriam......................................................................................................29 Meet the Board..................................................................................................30 UACPA Staff Chat..............................................................................................31 Board Brief..........................................................................................................31 Comic: Generally Excepted..............................................................................32 Meet a Member: Matt Ferguson, CPA...........................................................33 100% Firms.........................................................................................................35

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CEO’S MESSAGE SUSAN SPEIRS, CPA

elcome to 2022, not to be confused with 2020, too! The last two years provided seemingly endless challenges that we’ve

turned into opportunities as we navigate the Great Resignation. Anthony Klotz, an associate professor of management at Texas A&M University, coined the term “The Great Resignation” to describe what is happening within the global workforce. Professor Klotz predicted that many would leave their jobs after the COVID pandemic and life returned to “normal.” The phenomenon began in April 2021 as the

In August 2021, we held our first Money Camp with Weber

COVID vaccine began to gain popularity. Employees grew weary of

State University. In 2022, we will work with more universities

excessively demanding bosses and tone-deaf organizations that

to create their own programs to introduce students to the

refused to pay well and took advantage of staff.

profession. DEI committee: During our strategic planning process,

•

We’re seeing the same thing in our accounting profession. There are

we learned that our members want to understand more

many reasons for the great accounting resignation. Many surveys

about diversity, equity and inclusivity and how they relate to

and research indicate that the main reason CPAs are leaving the

a better business model. Our DEI committee is moving at

workforce in droves is because younger people don’t see the value in

warp speed to understand our members’ needs. You have

the very skewed work life that comes with being a CPA. Tax season

received a survey from the committee that will help them as

has become more stressful than ever over the past few years with

they strategize your needs. We encourage you to take the

last-minute legislation. With the pandemic, accounting, in general,

survey.

has taken on a whole new monstrous workload as we navigate new

Student/educator conference: With changes coming to the

•

business models, governmental funding, reporting on funding and

CPA Exam, we’re committed to our campus ambassadors

a remote workforce. Our younger members ask themselves if the

and educators. Our goal is to help students prepare to sit for

challenges of the profession are worth 80-plus hour workweeks,

the exam at 120 hours and so that educators understand

salary shortfalls, and the inability to spend time with their families.

the new model to better prepare students.

To combat challenges, we continue to work on initiatives to grow our

Mentoring: In January 2022, we will be rolling out a

•

workforce and help us understand our own needs in the profession: •

mentorship program. Members at every level have expressed a need for a mentor. We encourage you to

Pipeline: We know we have a shrinking workforce that

volunteer to mentor. Mentorship is a proven practice where

will continue to decrease due to an aging population and

participants on both sides gain valuable insights and learn

decrease in college students. We continue to work with our

to develop strong relationships.

colleges and universities to create programs to encourage high school students to become accounting majors.

This will be a year of more learning and opportunities. Happy New Year! n

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PRESIDENT’S MESSAGE STACY WEIGHT, CPA

have had time to reflect over the past year, and I am humbled and honored that I had the incredible opportunity to serve as the president of the UACPA. And what a year it has been! It has been a year filled with many changes, continued uncertainty and fear about the future. A year filled with disappointment that we never got “back to normal;” and the pandemic rages on. But it has also been a year of growth and the opportunity to refocus my priorities. It has been a year that challenged the status quo of what “work” looks like. I have enjoyed getting to know many of the members as I visited the chapter meetings this year. It has been reassuring to me to see how similar we are — and how our challenges over this past year are, in many ways, the same. One of the most urgent issues facing many of you today is the struggle with an ever-shrinking talent pool. Like many of you, I too, have struggled this year to keep and retain incredible employees. It has caused me to reevaluate my expectations and how I work with those around me. I wonder what the future workforce will look like? How can I impact change? How can I create long-term sustainability in my organization? What part can I play in helping others see what an incredible career it is to be an accountant?

In an environment where we know the incoming workforce is shrinking, we all need to more carefully understand the reasons why our current staff are leaving. As we are right in the middle of the Great Resignation, it is important to do everything we can to help our staff feel valued. If they are anything like mine, they have been tasked with an increased workload that has grown exponentially over the past two years. It is important to watch for signs that your staff is burning out before they get to a breaking point. Consider alternative work arrangements that may meet productivity goals, but look different than the traditional work week. It will take a different mindset and seismic changes in the way we “work,” as the current state of work is not sustainable longterm. I hope, within this issue of The Journal Entry, you will find some helpful ideas to build and sustain your staff and find ways to help increase the accounintg pipeline. Please use this as a tool to create the ideal environment for you to grow and build your team! As we look forward to whatever 2022 will bring, there continues to be a sense of uncertainty. The world around us is rapidly changing and will continue to change for the foreseeable future. The way we work and interact will continue to evolve. The way we build and maintain relationships will look differently than it ever has before. Abraham Lincoln once said, “the most reliable way to predict the future is to create it.” I hope that as we embark on this new year, you will take the opportunity to create YOUR future. n

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FEATURE

THE SHIFT IN ACCOUNTING AND WORK CULTURE

THE CH ANGING EXPECTATIONS OF A NEW GENERATION OF PROFESSIONALS

BY AMY SPENCER, UACPA

he labor landscape has changed dramatically. While much of it can be attributed to the pandemic, we also know that 4.5 million Americans quit their jobs in November 2021 for higher paying jobs. A large part of that group is Millennials burned out by the “rise and grind” mindset they’ve experienced. Now we are seeing Generation Z — those born between 1997 and 2009 — coming in with different expectations. This new generation is predicted to make up 27% of the workforce by 2025. Many are familiar with the AICPA’s study that estimates 75% of CPAs will retire in the next 15 years. And with a 4% decrease (from 2016 to 2019) of the individuals sitting for the CPA Exam, there is great concern that there will not be enough CPAs to fill the demand for professionals. At the university level, professors echo the concern of those hiring CPAs. According to Lacee Wilkey, CPA, a lecturer and Beta Alpha Psi advisor at Utah State University, ”some students are concerned that, when pursuing a career in public accounting, they may end up working more hours and have a lower starting salary compared to other jobs currently available that don’t have the same difficult requirements like CPA licensure.”

The new CPA Exam, set to launch in 2024, will accommodate the changing demands of a global workforce, but, Wilkey says, “accounting can be a fairly rigorous subject to begin with, and changes to the CPA Exam have caused some students to feel additional trepidation about the exam.” Professors like Wilkey advocate for the profession, often encouraging their students to become a CPA, as it is a worthwhile investment. “The benefits of a CPA license aren’t limited to those pursuing a career in public accounting; it’s often required or expected for individuals in higher levels of management,” Wilkey says. “Obtaining professional licensure will open many doors of opportunity.” Wilkey assures students that “the exam can be grueling, but it’s very doable if one commits the time and effort to studying.” She encourages students to find an exam review program that will work for them along with setting a realistic schedule for studying and taking the exam. On the next page, you’ll meet some of the aspiring CPAs who serve as the UACPA’s campus ambassadors. They talk about their interest in accounting as a career and share their expectations for their careers.

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CAMPUS AMBASSADORS Every year the UACPA’s campus ambassadors lead their schools’ efforts to explore careers in tandem with the UACPA. These student members share what they expect as they forge a path in the accounting profession.

BRIGHAM YOUNG UNIVERSITY

DIXIE STATE UNIVERSITY

Markus Garnett

Karlee Brown

A Career in Accounting // I always knew that I wanted to go into business, and the accounting program at BYU is highly ranked. After taking a few introductory accounting classes, I knew that I wanted to pursue a career in accounting. Also, I come from a family of CPAs who definitely gave me some good insight into the life of public accounting. Goal for an Accounting Degree/CPA License // I am excited to start my career at PwC in Dallas, Texas, when I graduate from BYU. I plan on joining their private tax practice where I’ll work on compliance for corporations and partnerships. I also hope to get some experience in preparing tax provisions.

A Career in Accounting // I have always enjoyed numbers. I enjoy that there are many different options within accounting. This career is a perfect fit for me. Goal for an Accounting Degree/CPA License // I hope to start in public accounting, then see where my career takes me. Employer Expectations // Expectations that I have from my employer are to help me to continue to grow. Ideal Work Culture // An ideal workplace is to enjoy the place where I work. A place that feels like my second family.

Employer Expectations // As an incoming associate, I expect to get experience in many different areas of the tax group. I also expect opportunities for growth and periodic feedback in order to improve. When recruiting, I expect the employer to invest as much time in me as I invest in them. Ideal Work Culture // My ideal work culture is an environment where I can feel comfortable reaching out to anyone in the organization regardless of job position or status. I would love to work in an environment where everyone knows and trusts each other. I also enjoy team events that happen outside of the office where we can take a break and have fun.

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UTAH STATE UNIVERSITY

Devon Semadeni

Kendall Mortensen

A Career in Accounting // In 2019, I completed a bachelor of science degree in finance from BYU-Idaho. I became interested in a career in accounting after a couple of years of working for Fox Pest Control in Logan, Utah. I keep the books for many subsidiary LLCs, and once a month I get to meet with the leaders of each LLC and discuss financials. I quickly found that if I understood accounting more thoroughly, then I could build better financial statements and offer more effective insights to these owners. I talked to my employer about enrolling in the MAcc degree program at USU, and that led me here. In addition, I am determined to earn the CPA and CMA licensures.

A Career in Accounting // I became interested in the accounting field by going to the IMA club meetings and listening to professionals talk about the success that they have had in their careers. I have always loved numbers, and when I stumbled across my first accounting class, it just made sense, and I loved how it applies numbers and business.

Goal for an Accounting Degree/CPA License // I would love to serve in an accounting controller position for a midsized company here in Utah. I have seen how beneficial to all parts of the organization this position can be if properly executed. I want to help motivated individuals build profitable businesses that will benefit our communities and help owners and employees realize their American dream. Furthermore, I love this community and would love to raise my family here.

Employer Expectations // I expect that my employer respects who I am and that they also respect my work-life balance. I understand that with some accounting positions you can work a lot of hours and it can be hard to balance life and work. PwC has made it clear that they will respect my work-life balance, and they also have made it clear that my long-term progression in my career is important to them. I expect that my future employer invests in me as much as I invest in them.

Employer Expectations // Some expectations of an employer that are important to me include someone who promotes based on merit, is appropriately candid about quality work, genuinely cares for their employees and their situations, effectively communicates expectations, and brings cheerfulness into the office.

Ideal Work Culture // My Ideal work culture is anywhere I can feel comfortable and be myself. I want it to be structured to where I can get my work done and feel productive while also being able to have memorable times with my coworkers.

Goal for an Accounting Degree/CPA License // I hope to work for PwC as an auditor on completion of my CPA. I currently have an internship with PwC in their audit department and am excited to help existing companies with anything I can.

Ideal Work Culture // Here are a few characteristics I think are ideal for a healthy work culture: 1) A setting where employees can feel safe to be themselves and to prioritize their families’ welfare above their job; 2) Confidence in the abilities of their leaders and teammates; 3) Freedom to try new things and fail; 4) Oh, and a killer gift card and the day off on your birthday.

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UTAH VALLEY UNIVERSITY

WESTMINSTER COLLEGE

Valerie Halladay

Katie Jacox

A Career in Accounting // I always liked working with numbers, and I enjoy finances. I also like helping people, taxes are complicated and everyone has to deal with them. I wanted a job where I could help make that process easier. Goal for an Accounting Degree/CPA License // I am hoping to work for a local accounting firm in their tax department. Employer Expectations // I want to work for a small firm where I can get to know everyone. I want to work with a variety of clients. As a mom, I want a job that could be somewhat flexible with working in the office and working from home some days. Ideal Work Culture // My ideal work culture would be a place where it feels like a second family. During the busy season, you spend more time with coworkers than with family and friends, so I want a place where I get along with everyone. I also want a culture that is supportive as I learn and grow in my field.

A Career in Accounting // I became interested in the accounting industry because my mom is a CPA. Her specialty is corporate tax. I am interning at Ernst and Young this summer to get some work experience before heading back to school. I have been a part of the women’s volleyball team for the last four years. Goal for an Accounting Degree/CPA License // After my undergraduate degree is completed, I plan to get my master’s in accounting or taxation. Once I sit for the CPA Exam, I aim to work for a public accounting firm, which provides for a diverse experience and a challenging work environment to develop my skills and provide a good path for my career. These firms embody lots of positive work mindsets including resourcefulness, scope, and ambition, which I look for in a future employer. I am grateful for my education at Westminster and can’t wait to see where my future endeavors take me!

UTAH VALLEY UNIVERSITY Brent Meyers A Career in Accounting // After working nearly 20 years in the financial services industry, I decided to pursue a master’s degree in accounting along with the CMA and CPA licenses. My plan is to bundle my business and leadership experience with my data analytics and accounting knowledge in pursuit of a successful business consulting career. Employer Expectations // I want to work for an employer who understands how critical their employees are to the company’s success and wants to share that success with them in meaningful, significant ways. I expect my employer to foster a culture of trust and accountability.

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These numbers reflect characteristics of Generation Z in the workplace from Zety.com’s 2021 study, “Generation Z vs. The Workplace.” More than 200 Gen Zers in the U.S. were surveyed.

BY THE

NUMBERS GENERATION Z IN THE WORKPLACE

95%

SAY THEY WANT A MEANINGFUL JOB THAT GOES BEYOND MERELY MAKING ENDS MEET

JOB PERKS/BENEFITS GEN Z EMPLOYEES VALUE MOST 59% FLEXIBLE SCHEDULE 53% REMOTE WORK 50% COMPETITIVE SALARY 37% ROBUST HEALTHCARE PLAN 29% RETIREMENT PLAN

67% 59% 62%

SAY A GOOD WORK-LIFE BALANCE IS IMPORTANT SAY THEY WANT PLENTIFUL CAREER DEVELOPMENT AND PROGRESSION OPPORTUNITIES

WANT TO COLLABORATE WITH TOP PERFORMERS ON KEY PROJECTS

71%

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WANT OPPORTUNITIES TO WORK WITH COACHES AND MENTORS

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RECRUITING

ADAPTING QUICKLY TO A CANDIDATEDRIVEN MARKET

BY CARLY HAZEN

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“W

hen you’re finished changing, you’re finished.” — Benjamin Franklin

In different ways and in varying degrees, we’ve all experienced the chaotic events that the pandemic has unleashed toward the labor market (and life in general), but even as the pandemic stormed through the U.S. in 2020, no urban area in the country expanded the size of its labor force more on a percentage basis than Utah’s capital, according to a recent analysis from The Wall Street Journal. Utah reported the lowest average unemployment rate, the highest share of people actively working or looking for jobs, and overall, the “hottest job market in the U.S.” State leaders have boldly claimed that Salt Lake City is now back to where it was pre-pandemic. These signs of strength and rapid recovery, while undoubtedly encouraging, have created a ripple effect of complex business issues surrounding talent acquisition. Leadership teams across every industry are facing unrelenting recruiting and hiring challenges, in what will now be the third year of an unprecedented labor market, characterized by record-level job openings, consistent turnover in critical roles, increased stress, and maybe the most notable — significantly changed candidate preferences, requirements, and expectations. Candidates are now firmly in the driver’s seat, and if businesses haven’t already adapted their recruiting process to reflect, early on, how much the candidate experience matters to their organization, and how greatly they value their employees post-hire, that desperately needed talent will happily find work elsewhere, in a growing sea of opportunities. In previous markets, most companies hired intermittently, which made it difficult to stay abreast of all the latest changes in the world of talent acquisition. Now, businesses of every size appear to be paying very close attention, as most companies have never done as much hiring as they are today — and they’ve never spent so much money doing it. Here are a few guidelines on how to remain competitive:

1) Increase Transparency Successfully recruiting new employees to any organization requires an important first step: a healthy dose of introspection. Organizations that focus on building a positive experience and company culture for their current employees will inevitably reflect upon their success by attracting new talent. A frequent refrain heard by recruiters everywhere is the need for increased transparency in the workplace. When a company makes an active effort to consistently share knowledge across the organization, it demonstrates that leadership values, trusts and respects employees at every level, which in turn, leads to more engaged, energized, and productive workers, who are infinitely more likely to aid in the efforts to recruit top talent through the best avenue possible — positive word of mouth. Ask for your employees’ feedback, value their opinions, and understand what drives them to stay. Then act on it.

2) Streamline the Interview Process In 2022, every step in your recruiting, interviewing, and hiring process should be focused on the candidate experience. This doesn’t mean you have to abandon the process of thoroughly evaluating a candidate and checking every box of “must haves” for an open requisition. It means that you need to conduct the evaluation with a more nuanced approach that manages to sell and promote both the company and the opportunity, while also gathering the necessary information. Candidates are assessing you too, and first impressions seriously matter. Equally important is the speed in which this process moves. Most companies still rely on democratic decision making when hiring, which data has long supported leads to better outcomes, but having too many decision makers involved requires too many steps. Candidates in demand won’t settle for excessive interviews, scheduling headaches, or waiting weeks for an offer.

3) Sticker Shock: Consider All Factors Employers do not have the advantage right now when negotiating pay and benefits with candidates, and the emphasis is squarely placed on the cost of the new hire. The struggle to afford higher salaries is one of the most painful outcomes of a candidate-driven market, to be sure, but the candidate requiring seemingly inflated levels of

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compensation, commensurate with their level of experience and years of proven capability, isn’t the real issue, or at least it’s not the full story. Consider the amount of revenue lost as a result of the unfilled position. Calculating the price of vacancy is a valuable exercise, and the impact it could have on morale is worth serious consideration, as current employees will inevitably have to shoulder the burden and help bridge the gap — which can be weeks, months or even years. This could result in increased levels of employee turnover, and when those rates are above average, your workforce becomes at least temporarily less efficient every time someone leaves. This has real and lasting consequences, so having a long-term, strategic vision when hiring might pull some of the focus (and anger) away from the surprisingly high starting point requested from that fairly recent college graduate.

4) Play To Your Strengths Salary and benefits have always come first for job seekers, but recruiters are watching the page turn on candidates prioritizing these items above all else. The pandemic has drastically shifted core values for employees across the globe — people have started to care more about how their life feels, as opposed to how it looks. There are now certain offerings from employers that are so desirable, employees are willing to trade a portion of their salary to get them, which is good news for small to mid-sized employers struggling to compete with larger corporations.

5) Forge a Partnership With a Reputable External Search Firm Partnering with the right recruiting firm can accelerate the hiring timeline, provide access to hidden, passive candidates, ensure a more efficient interviewing and onboarding process, and serve as a valuable source for market intelligence. Top performing companies recognize quickly when the need arises to tap into the capabilities of a leading search firm, and in today’s competitive landscape, the right recruiting partnership can mean the difference between success and failure. Experienced recruiters are in the trenches all day, every day, and can provide unique insights on how to locate candidates that are not only qualified, but also share in the company vision, mission and key cultural attributes. Hiring the right people, especially for critical roles, means building a solid foundation for the rest of the company to lie on. Learning to adapt quickly to a candidate-driven market is hard because change is hard. It’s messy, discouraging and oftentimes expensive, but businesses that are not only able to adapt to fluctuating circumstances in the market for top talent, but willing to consider a newer, faster, more authentic hiring framework, that can more adequately meet the evolving needs of the modern workforce, will be the companies attracting (and retaining) the best and brightest this competitive market has to offer. n Carly Hazen is the managing director

Chief among these offerings would be (1) personal flexibility (ranking particularly high among women), meaning remote or hybrid work options; (2) greater levels of inclusion with 62% of job seekers stating they would be more likely to apply for a job where a company is openly committed to improving diversity and inclusion in their workforce (according to survey from PwC on the future of recruiting); (3) the opportunity to learn new skills and receive quality mentorship from senior leaders; and (4) a healthy corporate culture where employees can thrive.

for PrincePerelson. She joined in 2003 and specializes in executive search, finance, accounting, operations, and legal recruitment disciplines. She received a BS from the University of Utah in communication/PR and marketing and an MBA from Utah State University .

Remember: There is more than one way to win top talent in a tight labor market!

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Help Your Clients Get the Credit They Deserve 61%

Business owners who said they were unaware of the Employee Retention Tax Credit (ERTC) in a recent Paychex survey. The ERTC could prove a key funding source and create savings that could be invested as your clients’ businesses work toward becoming fully operational. What your clients should know: • ERTC is a refundable credit that can be claimed on qualified wages paid to employees.

• Businesses that took a Paycheck Protection Program loan now can claim the ERTC, including retroactively.

• The tax credit has been extended and can be claimed through Dec. 31, 2021.

• Paychex clients who have claimed the ERTC have, on average, saved tens of thousands of dollars

Paychex offers the resources and tools to help you enhance your consultations with clients. payx.me/uacpa-ertc | payx.me/uacpa-spotify-podcast | payx.me/uacpa-apple-podcast

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DIVERSITY, EQUITY AND INCLUSION

BUILD AND PROMOTE SUCCESS FOR EVERYONE

BY THE WRITERS AT PAYCHEX, INC.

ring a group of people together, such as employees, and chances are high that members represent different backgrounds, genders, cultures, ages, and identities. Having this kind of diversity, a catch-all word that represents the differences that exist between individuals can be a tremendous asset to a business. That is, if that business also takes care to foster an inclusive environment. Inclusion is a sense of belonging and equal access to opportunities and resources. A diversity and inclusion program can help a business gain a wide array of valuable perspectives that can lead to innovation and happier, more productive employees. Diversity and inclusion programs can be applicable to all components of HR — professional development, promotions, hiring, training, and team building.

What Are Four Types of Diversity

DEI

UACPA DEI INITIATIVES

In 2021, the UACPA created a DEI committee. The purpose of the committee is to support every professional in their journey. •

STATEMENT The purpose of the UACPA’s diversity, equity and inclusion (DEI) initiative is to promote diversity, equity and inclusiveness in the workplace, among our membership and in the accounting profession as a whole, in order to foster, across all generations, an understanding and respect for all individuals regardless of color, race, gender, physical abilities, lifestyles, orientation, and religious beliefs.

•

UACPA SURVEY In December, a survey was sent to gather information from UACPA members about what kind of initiatives are happening within their workplaces. This will help in guiding the committee in the next steps.

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RESOURCES PAGE With so much information available, the DEI committee created a space at uacpa.org/DEI where resources will be provided to help professionals navigate the DEI

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INCREASED EDUCATION & TRAINING We have worked to increase the amount ot DEI courses that are available for CPE in our course catalog. These special courses will also be listed at uacpa.org/DEI.

•

LEADERSHIP COUNCIL + ASSIGNMENTS WITH KIMBERLY ELLISON-TAYLOR The UACPA Leadership Council has been given an assignment to read “Blindspot” and/or watch “Remember the Titans” and participate in discussion at the June meeting.

As an umbrella term for the varied traits, identities, and characteristics between individuals, diversity can feel like an overwhelming topic. How can HR promote diversity when the term feels unwieldy? Recognizing distinctions within diversity can help an employer identify ways to promote diversity and inclusion in the workplace. Diversity can be organized into four categories: internal, external, organizational, and worldview. Internal Diversity Internal diversity includes the characteristics that are inherent to an individual by birth and things they cannot change. The year they were born, nationality, ethnicity, genetics, and cultural identity are some of the many attributes that make up a person’s internal diversity. Internal diversity can impact how an individual integrates into a work environment, especially if that environment is unfamiliar to a person and creates unintentional obstacles to growth and feeling safe. External Diversity External diversity includes the other characteristics that define a person: things that are not defined by birth. These are aspects a person can change, although that may require tremendous effort and resources. Appearance, education, lifestyle, location, religious beliefs, and other attributes that are influenced by a person’s choices make up external diversity. In a work role, external diversity can be influenced by good role models and mentors, opportunities for professional development, and healthy interactions with co-workers.

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Organizational Diversity Also known as functional diversity, organizational diversity generally refers to the attributes, or subsets of defining factors, that identify employees within a business. These may include pay type (salaried, hourly, or contract), job function, management rank, leadership role, seniority, and union affiliation (if applicable). In a workplace, these types of characteristics can influence if an employee feels valued, respected, or has a path for growth and development. Worldview Diversity A person’s fundamental life philosophy or life perspective comprises their worldview. A person’s worldview can change over time as they are exposed to new life experiences. Distinctions between worldviews include political beliefs, moral compass, personality and outlook, and an understanding between facts and opinion. Internal, external, and organizational diversity characteristics can all influence a person’s worldview and how they present themselves at work each day.

Common Challenges With Workplace Diversity

For HR, diversity and inclusion programs should not be about meeting certain quotas for gender or ethnicities. It’s about establishing a culture and way of thinking and behaving among employees that breeds acceptance, respect, and a sense of teamwork among coworkers who may look, talk, and think differently from each other. Here is a diversity and inclusion checklist of common challenges that a business may need to address in its diversity and inclusion program.

•

Respect: For an agreeable and productive work environment, the platinum rule should prevail: Do unto others as they would want to be done to them. Demonstrating helpful, polite, and kind behaviors across individual differences is paramount to helping workers feel accepted by others, which can improve engagement and opportunities for everyone.

•

Conflict: In the absence of respect, hurtful and derogatory behaviors can create a negative work environment when conflicts arise, and even be dangerous for some employees. Proper conflict resolution training and attention to negative behaviors can reduce or even eliminate these risks.

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•

Gender Diversity: For years, disputes related to pay equity and opportunities for growth have existed between men and women workers. The wage gap still exists. The Pew Research Center reports that in 2020, women earned only 84% of what men earned based on an analysis of median hourly earnings. Employers also need to be aware that gender diversity is not binary and can include transgender, androgynous employees, or any gender identity that isn’t male or female.

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Preventing Prejudice, Harassment, and Discrimination: Your diversity and inclusion program should make it clear that any form of prejudice, discrimination, and harassment will not be tolerated. It is important to be clear that even seemingly lighthearted comments can be hurtful to others when these comments harbor a racial, sexual, or discriminatory undercurrent. Company policies and diversity training can and should encourage acceptance.

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Generation Gaps: Generational differences can trigger struggles with change, a sense of personal relevancy, and misunderstandings across a seemingly different set of values. This can disrupt a sense of unity within the workplace. Having perspectives from multiple generations can make a team stronger, but gaps may become an issue if not addressed.

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Disabilities and Special Needs: Workers with disabilities are vastly underrepresented in the workforce. The U.S. Bureau of Labor Statistics reported that in 2020, only 18% of individuals with disabilities are employed, compared to 62% of those without one. Overlooking workers› needs such as special equipment or other accommodations may be seemingly innocent, but providing a fair work environment is both important and mandated by law. Check with your HR professional to make sure your business is compliant with local, state, and federal regulations on this matter.

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Leadership Representation: While training classes in diversity are necessary and helpful, leadership needs to adopt daily practices that model how diversity and inclusion is consistently upheld across every aspect of the business. And the leadership team should ask itself if it is representative of diverse backgrounds, beliefs, and values.

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What Are Some Benefits of Diversity and Inclusion Programs?

Starting a diversity and inclusion program can have big payoffs for the business and its employees. Diversity programs in the workplace can give employees varied perspectives, a greater sense of optimism, and better problem-solving skills as a result of working alongside colleagues with unique backgrounds and ways of thinking. This can translate into greater innovation and profitability for a business. Another dimension of a diversity and inclusion program is the potential benefits to the employee pipeline. Employers may enjoy a wider pool of talented applicants as job seekers want to work with an organization that supports them. Diversity programs can also help current employees feel more engaged, thus empowering their productivity and creativity. Additionally, a business can feel confident that when it comes to promotions and leadership development, no employee is being overlooked.

How To Develop a Strategic Diversity and Inclusion Plan

The benefits associated with a business culture of diversity and inclusion have the potential to positively impact many dimensions of your business. How can you turn a noble idea into actual practice? The following steps can help you build out an effective D&I program and develop a strategic diversity and inclusion plan.

Establish an Understanding of Best Practices for Talent Acquisition

Diversity begins with talent acquisition —finding candidates, screening applications, and asking questions in interviews. Does your company have a clear non-discrimination policy in place that encompasses all employment-related practices, including the recruiting and hiring process? Businesses need to invest time to establish standardized practices and develop a diversity recruitment plan template. It is important to create clear policies and audit existing processes for issues and provide ongoing training on any issues to attempt to mitigate potential problems. For diversity hiring best practices, your business may want to consider looking at previously overlooked sources for potential candidates such as scouting for talent at underserved schools, veterans’ organizations, or women’s networking clubs. In your diversity hiring checklist, no detail should be overlooked. If a job application states the business accepts all types of people, but

then the automated, online application form only lists “male” or “female” as gender choices, there may be a discrepancy between words and action, which can reflect poorly on a business and may present a compliance issue in some states such as California.

Compile Demographic Data

To best understand where diversity can be expanded within your organization, compile anonymized and aggregated internal demographic data such as age, gender(s), language(s), disabilities, ethnicities, military service, education levels, etc. This provides a snapshot of your company’s current employee composition in a way that respects employee privacy and complies with anti-discrimination laws. Employers may want to work with legal counsel and designate a specific, qualified individual to this effort along with clearly establishing how this information is used and shared. To avoid violating any antidiscrimination laws, employers must pay careful attention to how this information is gathered and disseminated. There are several mechanisms that can be used to capture this data. Some of the information may already be available within a business’s human resources software. Other data may be gathered using a voluntary, self-identification survey and openended questions. However, this should really only be used for obtaining information if there is specific reporting requirements under federal, state, or local law. Employees may be initially wary of such a survey, especially if there is a sense of mistrust in leadership and intentions. If this represents an additional hurdle in your business (one that should also be addressed), one solution is to turn to a trusted third-party source or use survey technology. It may also be helpful to survey current employees’ understanding of equality, diversity, and inclusion. It should go without saying that the survey mechanism itself should be accessible to all employees and not exclude those with a disability or language barrier.

Identify Any Outstanding Issues

In examining employee demographics, look at teams, departments, and divisions. Is your creative department lacking the experience of older workers? Maybe management is dominated by white males or a department is filled with college graduates but lacks field experience. Poll teams anonymously to determine any issues that may not be immediately visible to leadership or HR. It is crucial to create a safe space so your employees feel they can communicate issues that concern them with supervisors. Meaningful change comes

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from drawing attention to opportunities for improvement, and those who point out these areas need to feel comfortable and protected as they do so.

Address Any Policies or Internal Practices That Affect Diversity

How do you increase diversity in the workplace? Consider company culture, employee referrals, political preferences, and even the acknowledgment of certain holidays over others, all of which can influence diversity and the spirit of inclusivity within a business. For example, Juneteenth or LGBTQ Pride Month might be considered important by a significant number of staff members, yet aren’t acknowledged by your business. Consider giving employees a way to provide input on these sensitive topics both anonymously and in small discussion groups. Ask them directly for diversity and inclusion program ideas.

Create Business Objectives To Address These Issues

Ensure D&I initiatives and objectives have statistical and measurable goals to benchmark the success of your efforts. Some companies are incorporating their efforts of equality, diversity, and inclusion into their brand. They are accomplishing this by establishing specific business objectives to measure and benchmark progress. Benchmarks can include number of participants in employee resource groups, hours volunteered at local community organizations, number of candidate referrals from culturally diverse organizations, or number of leadership members who volunteer to serve as mentors.

Examples Set by Upper-Level Management

Employees don’t need approval from anyone to act respectfully and supportive toward colleagues. However, the examples set by upper-level management with respect to modeling behavior both in small tasks and in setting company policies and structures can significantly influence the success of diversity and inclusion efforts. Commitment to diversity and inclusion from leadership can influence employees and help them recognize opportunities to increase their education and awareness to D&I issues.

Implement Initiatives and Communicate Them to the Organization

By incorporating D&I into your business’s brand, you can establish a more visible level of responsibility and commitment and the associated education and awareness to practices that meet your D&I goals. Implementing initiatives that promote diversity in areas such as recruitment, hiring, and onboarding practices can change your business. Your branding materials play a role in communicating these efforts to current and potential employees and customers. If your brand materials feature stock images of people, do they reflect the diversity of your staff or clients? Are women, older workers, or disabled workers featured in these pictures? Do your branding and business practices reflect that your workplace includes people of diverse backgrounds and ethnicities? Introducing diversity into your branding can help potential recruits imagine themselves working for your company. Consider carrying this thread through all branding touchpoints from videos to online collateral and social media. Branding is also established by your company’s reputation and how employees speak about their experience working for your business. Make sure images accurately represent your company’s practices and efforts.

Measure Success and Adjust

Expect a dynamic, challenging, and rewarding experience as your company moves toward developing and refining its equity, diversity, and inclusion goals. Initiatives and practices should be continuously measured for success and adjusted to reflect the changing nature of employee needs. Anonymous surveys, measurement tools, employee turnover, hiring practices, and engagement in diversity initiatives such as community volunteering or employee resource groups are all things to consider. Using results from the initial surveys from when your diversity and inclusion program began as a snapshot, consider re-implementing a similar survey to measure overall progress.

How To Promote Diversity and Inclusion in the Workplace

Successful diversity and inclusion programs need ongoing promotion. The following suggestions can help you increase diversity and encourage inclusivity in your work environment.

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Create a Safe Space

Employees should be able to trust the integrity of their colleagues so they can share unexpected and creative perspectives without fear of discrimination or harassment. This trust is built slowly across all dimensions of the work environment. Everything from feeling welcomed in the break room, having access to mentors, and acknowledging important cultural and religious holidays can help staff members feel that your business values its employees and is a safe space. Hold Yourself Accountable as a Business Accountability sends a message that your business takes responsibility for creating an environment that helps employees feel included. Reinforce this message by being vocal in your commitment to diversity and defending or taking appropriate action on behalf of employees who experience discrimination or behaviors from colleagues or customers that make them feel uncomfortable. Acknowledge Important Holidays As mentioned previously, the calendar is filled with months and holidays highlighting the accomplishments and celebrations of groups that have been traditionally silenced. Black History Month, Women’s History Month, National Hispanic Heritage Month, LGBTQ Pride Month, Juneteenth, and Kwanzaa are all opportunities to acknowledge and embrace different perspectives, cultures, and beliefs (as long as those beliefs are not discriminatory or harmful to others). Establish a Mentorship Program Diversity and inclusion are about putting systems in place, like a mentorship program, to support staff to achieve their full potential in their role within your organization. It is likely that these relationships can foster opportunities to inspire ideas to improve diversity and inclusion in the workplace. Do you have women leaders who can mentor other up-and-coming talent? Are there individuals who can help working parents navigate their professional lives for increased success? Who do your military veterans speak to within your organization who can understand their unique needs in transitioning their skill sets from service to civilian work life? Develop Internship and Talent Development Programs Whether you’re offering college students a summer internship

or placing recent hires in a talent development program, these programs can help workers see what it’s like to work at your company, explore different departments, and how they may be able to make important contributions in the future. Internship programs are also a way to establish rapport with community groups, which can increase your potential hiring pool. Establish Employee Resource Groups (ERGs) Employees who join together based on shared interests, characteristics, or life experiences can make up an ERG. They can be an excellent way to help staff members develop a greater level of understanding, respect, and compassion for colleagues who look, think, and experience the world differently. Giving staff resources, both in the form of time and money, to ERGs can demonstrate your company’s support of diversity. Consider giving ERGs a small budget for social gatherings, time to volunteer in the community, host company-wide events, develop presentations for company-wide meetings, or even select community non-profits as grant recipients. A key part of an ERG is shared interests. Part of the success and purpose of an ERG is to nurture awareness. For this to occur, an ERG in and of itself should champion diversity. While establishing ERGs, take care to ensure all employees understand and are encouraged to join any ERG, and that all ERG members should strive to practice inclusivity. Perhaps there are some men who want to understand how to advocate for women in the workplace or heterosexuals who want to learn more about the issues faced by the LGBTQ community, or non-Black individuals who want to join the conversation and understand how to respect and help their Black colleagues. By making continuous concerted efforts focused on diversity and inclusion, you may have a strategic advantage that can benefit your business and the community at large. Among the many benefits, companies with successful D&I practices generally also have a strong corporate culture that amplifies benefits to the business, its employees, and society. The path can be challenging, but ultimately, worth it both financially and socially. To help you develop initiatives and policies and implement them efficiently and effectively, employers should consult with legal counsel to ensure compliance in this space and consult with experts on HR, benefits, payroll, and human capital management. n

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LEADERSHIP ACADEMY

DISCOVERING GROWTH AT HOME

BY MACKEY SMITH

BY BARBARA M. SMITH, CPA, CIRA, CDBV, CFF

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e’ve all been there before — you have just arrived back at the office after an engaging workshop, filled with ideas of how you can transform yourself and your team. As you reflect on what you learned, you open your laptop and realize you have over 100 unopened emails and 10 new client requests that need addressing. You also realize that while you’ve been gone, your team is stuck on a task without your technical insight. Now you spend the next week playing catch up, promising to eventually review what you learned and apply those lessons to your work. We all know what comes next — business as usual. This is nobody’s fault. It’s simply the nature of our profession. This scenario highlights perhaps the two most important, yet simple, criteria for an effective workshop or retreat: 1. Attendees must learn something new about themselves or their teams 2. Attendees must leave with a plan of how they will apply what they have learned Keeping these criteria in mind, the UACPA hosted its annual Leadership Academy in November. The 20 attendees stand out as leaders and rising stars in their organizations, and it was truly an honor to befriend them and help facilitate the retreat. At the retreat, these leaders dove headfirst into a wide array of leadership principles: identifying and leveraging strengths to compensate for weaknesses, the sources of influencing human behavior and how to get someone to do something, and effective goal setting. They also engaged in a strategic discussion on the emerging trends and opportunities for improvement within the accounting profession, identifying one initiative that they can take back to their organization and implement. Each topic was discussed in practice, with participants breaking out into smaller groups to share how their respective teams could benefit from the topic at hand. It is our experience from the Leadership Academy that unless you allow people the safety of exploring their thoughts and ideas in smaller groups, then much like most meetings you attend, the extroverts can easily take over and dominate the conversation. As an extrovert myself, I know too well how easily this can happen.

intimate detail, his experience as a former rodeo star who was paralyzed and given a 2% chance of walking again. Sharing his journey to accomplish that 2% certainly created a shortage of dry eyes in the room. As enlightening as these conversations were, we were impressed by the attendees and their commitment to following the second criterion listed above. They formed specific goals and initiatives and brainstormed the likely hurdles that could prevent a successful implementation. They identified peers and mentors who they could solicit for buy-in upon returning to the office, and set aside time in their calendars to begin implementing next steps, helping stave off catch-up mode from taking over and nullifying what they learned. Based on the plans of action they set, we are excited to see the improvements made in the organizations represented at Leadership Academy. For this issue of The Journal Entry, the UACPA is diving into effectively engaging the talent pool. I would argue that offering your team members the opportunity to develop soft skills in addition to technical skills demonstrates that you genuinely care about their growth. And not just as an accountant, but as a person too. Jack Welch, former CEO of General Electric, once received this confession from a team member, “For 25 years you paid for my hands when you could have also had my heart and mind for free.”1 When we invest in the growth and development of our teams, we engage them in ways that lucrative bonuses or tasty break room snacks never can. We make them feel valued and appreciated, more than just another cog in the machine. With all the challenges we face in today’s labor market, I invite you to not undervalue the impact an investment like structured leadership development can make in your organization. n 1

http://character-education.info/money/books/Jack_Welch_Winning.htm.

Mackey Smith is the head of strategy consulting & planning at Tanner LLC and worked with the UACPA on its strategic planning committee. He graduated from Brigham Young University with a bachelor’s degree in strategic management, summa cum laude.

Perhaps the highlight of the retreat came in the form of a motivational speaker, Braxten Nielsen. Braxten shared, in

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HIGHLIGHTS FROM 2021 LEADERSHIP ACADEMY

Meet some of the 2021 Leadership Academy graduates, and hear the insights they gained from this year’s retreat.

CRAIG LEWIS, CPA

Senior Tax Associate,

CHELSEY GILLESPIE

Advisory Manager,

Haynie & Company

Accountant,

Squire and Company

AG Equipment, Inc. ”My most valuable takeaway from Leadership Academy was learning that the best way to help my team most is by putting them into positions where they will use their strengths. Give them feedback and help them improve even more. I learned that a good leader doesn’t have to be good at everything. Good leaders delegate and give their associates opportunities for growth.”

“The most valuable experience from Leadership Academy for me was the opportunity to network with other like-minded accounting professionals. Receiving my Master of Accountancy less than one year ago, I have limited experience in accounting. Participating in the Leadership Academy allowed me to meet other accountants, learn from their experiences, and connect on both a personal and professional level. As a CPA Exam candidate, I received invaluable advice on preparing for the exam and licensure.”

NATE NUGENT, CPA TREVOR LUND, CPA

“Being able to self-reflect on and going through that experience with other people allowed me to more closely network and get to know them. It helped me to think more methodically and systematically when it comes to solving problems. I can be more proactive and intentional with trying to make change. It also helped me see how I may come across to my team members and making sure I know their strengths and how they work best.”

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VP of Finance, Pelion Venture Partners “The most valuable takeaway

for me was shifting myw mindset to focus and build on my strengths and not focus on my weaknesses. Same idea in building a team, don’t just accumulate talent but build a team that is well rounded.”

ANDY SPEIRS, CPA Tax Manager, BKD ”I often feel like a ship without a rudder, tossed to and fro from one major life event and busy season to the next. At Leadership Academy, I loved learning about my personal inherent talents and how I can better mold my work and career around my natural abilities. I learned frameworks for initiating change, overcoming barriers, and executing objectives; whether these be as big as increasing the quality of life in the public accounting industry or as small as helping my kids learn to eat their broccoli. I may not yet have a rudder, but I know how to build one for the type of vessel and waters I sail.”

KACEELYN POUTTU, CPA

Tax Manager, Eide Bailly

“The most valuable takeaway was getting the opportunity to hear from other CPAs about their unique experiences, perspectives, and goals. I enjoyed seeing and watching fellow leaders interact and work together while each bringing a unique set of leadership qualities. The first full day we got to know one another and everyone’s strengths and it was interesting to watch those strengths come out throughout the rest of the training. It has been a tough year for CPAs and being vulnerable and open with this group gave me hope that our profession is headed in the right

MATT GARDNER, CPA Tax Manager, Assure The UACPA Leadership Conference was a terrific experience! I enjoyed our lively discussions about strengths-based leadership and insights to action. My main takeaway was the relationships that I was able to develop, and the insights that others shared with the group.

DANA PRIOR, CPA Senior Accountant, Haynie & Company “My most valuable takeaway from the conference was learning various tools to help lead others to successfully complete a shared goal.”

ANDREW POLLOCK, CPA Partner, Integrated CPAs “I’m not alone in trying to lead the profession in a way that will have the greatest benefit in the future.”

Registration Is Open for the 2022 Leadership Academy Learn more at www.uacpa.org/leadershipacademy

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ADVOCACY

WHAT TO EXPECT WITH THE 2022 LEGISLATIVE SESSION BY CRAIG AND RYAN PETERSON

ollowing a unique and difficult year in 2021, we look forward to another upcoming legislative session beginning January 18. The COVID-19 pandemic had a significant impact on the 2021 legislative session, and forced everyone to adapt to a new normal up on Capitol Hill. Most of the session was done remotely, with very strict rules around meeting participation at the Capitol. Luckily Utah, unlike many other states, allowed for full participation in committee meetings through Zoom which allowed the session to progress as normally as possible.

the original language and ultimately the legislature was able to select a map proposed by the commission or they could pass their own. Ultimately, the legislature chose their own map and Governor Cox signed off on the map in November despite many cries of gerrymandering over the “cracking” of Salt Lake County. Cracking is a term used to define the breaking up of a certain area to deprive it of political power. There are some looking at a possible legal challenge in Utah, similar to what has happened in Texas and North Carolina.

The pandemic continued to be a significant topic moving into the interim. While the legislature continued to work on relevant issues and study items that were identified during the 2021 session, a significant portion of the time was taken up by legislative response to the ways that COVID was impacting state government. There was also a close eye being kept on the federal government and decisions being made on U.S. Capitol Hill and the White House.

As we move towards the next legislative session, there have already been a few interesting developments. In October, Rep. Francis Gibson, the Majority Leader in the House of Representatives resigned his seat. That caused a little bit of a shakeup in House Leadership. Rep. Mike Schultz moved into the Majority Leader position, and Rep Jeff Moss was elected as the new Majority Whip. Speaker Brad Wilson and Rep. Val Peterson will stay in their current positions as House Speaker and Assistant Majority Whip respectively. Rep Robert Spendlove was appointed to fill the Assistant Appropriations Chair position that was left vacant when Rep. Moss was elected to his new position. Also, in the House, Rep. Paul Ray from Clearfield resigned his position in the legislature after serving 20 years. He will now lead legislative affairs for the Utah Department of Health and Human Services.

Moving into fall, the legislature began negotiating how to administer the nearly $1.4 billion coming into the state through the American Rescue Plan Act of 2021. In the past, we have seen the Revenue and Taxation Interim Committee work on a number of important issues that the UACPA is able to weigh in on but, this year, the committee didn’t take on as many items as in previous years. One major issue that the legislature did take on during the interim was redistricting. There was quite a bit of controversy regarding the proposed maps, as there always is in a primarily single party state. In 2018, the Utah Independent Redistricting Commission was created through the passage of Prop 4. In 2020, the legislature passed a compromise bill to adjust

As always, we will be monitoring the legislative session closely for any issues that may have an impact on you as professionals or on your clients. There are already a few items that we are keeping a close eye on. First, there is an effort being mounted to cut the individual and corporate

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income tax rate to 4.50%. Those who are in favor of this plan see that the state is poised to receive significant new ongoing and one-time revenue. The proponents of this plan suggest that the state could meet all obligations and still cut taxes in FY2023. Those on the other side of the issue feel that the state has so many unmet needs and that a tax cut would provide such a small benefit to those receiving it, that the state would be better off using the additional funds to help people in need. Secondly, there are a few proposals that are once again addressing professional licensure. We have yet to see a final proposal, but UACPA intends to play a significant role in ensuring that professional licensure is protected in the state of Utah. We intend to work with other professionals as a coalition to educate legislators on the importance of robust professional licensing rules and regulations. There will be other issues that arise during the session and we will work closely with UACPA leadership to protect CPAs throughout the State of Utah. We hope that we are able to be on Capitol Hill and, at this time, have not heard of any additional restrictions based on increasing COVID cases or variants.

2021 Year in Review

It is an honor for us to represent the CPAs in the State of Utah. We hope that all of you had an enjoyable holiday season and that you and your families are happy and healthy. n

Craig Peterson, senior partner of Peterson Consulting Group, has been involved in legislative processes for almost 40 years as a State Representative, State Senator, and Republican Senate Majority Leader. During the past 20 years, he has been a lobbyist, successfully representing a broad spectrum of clients.

Ryan Peterson is the managing partner of Peterson Consulting Group. He has been a contract lobbyist in the state of Utah for 12 years. 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.

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MEMBERSHIP

NEW MEMBERS

Congratulations to the following individuals who were approved for membership in the UACPA as of Nov. 30, 2021. Andrew Anderson Nav Technologies Inc.

Santosh Timilsina MES Mining

Utah State University Preston Warby

Rebecca Burton

Preston Ward

Reginald Campos

Micah Whiting

Jeff Fielding

Sherrie Wilkinson Haynie & Company

Utah Valley University Madison Bingham Landen Black Jeremy Blackett Ammon Crowfoot Donavyn Dennis Joseph Draper Samantha Dunford Brad DuVal Teodoro Euan Kylee Gill Danielle Gutierrez Gordon Gygi Max Lane Rebecca Larsson Jacob Madrigal Preston Maxfield Xiaojie McDonald Garvin Mendez Connor Mickle Shirley Paredes Skyler Petersen Samantha Rosbach Alex Rowley Ricardo Rubio Meili Willey Miley Wilson

David Garner Ernst & Young LLP Corinne Gustafson Larson & Company, PC William Hinsdale Hannah Hlavaty Tanner LLC Max Lane Craig Lewis Haynie & Company Jennifer McAllister Blaine Moon Roger Rancourt Bennett Rasmussen McKenna Sanders William Shubert Taylor Smith Zagg Inc

Sam Zacharias Central Utah Water Conservancy

STUDENT MEMBERS Brigham Young University Katie Adams Mark Albrechtsen Lauryn Kelepolo Ryan Morley Leonil Mark Mosquera Donovon Spencer Connor Taylor Tsz Pui Wong Southern Utah University Adam Freitas University of Utah Joshua Ambrose Aaron Ibarra Salgado Adrian Rodriguez

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Weber State University McKenna Ball Sheyla Bano Andrea Castaneda Matthew Cooley Ryan Cooley Emily Fowles Dolly Gorham Haley Hill Chad Mangum Western Governors University Kassandra Alicea Rivera Ella Cobb Melissa Colley Ashley Cookson Joshua Doub Sara Emig Tim Fatout Kainoa Fernandez Amber Gordon Rebecca Green Lauren Hand Hannah Luce Thomas Matos Princeton Oben Mark Olsen Shavon Pennie Katherine Purcell Erica Sandwall Jordan Santos Bianca Scott

MEMBERSHIP

MEMBERS IN THE NEWS

Do you or your firm have news to share? Send the details to Amy Spencer, as@uacpa.org.

Nathan Peterson, CPA, has been promoted to a partner in Tanner’s tax services practice. He specializes in serving companies with passthrough entities, mergers and acquisitions, and high-networth individuals. Nathan joined Tanner in 2012 and has been in public accounting for more than 15 years. He received his bacherlor’s and master’s degrees in accounting from Brigham Young University. He serves on the board of the Salt Lake Estate Planning council. Forbes has published their list of America’s Best Tax and Accounting Firms of 2022 and three Utah firms have made the list. Congratulations Haynie & Company, Tanner LLC and Squire for being recognized among 4,400 firms. The list is a result of Forbes partnership with market research company Statista to bring together the most recommended firms for tax and accounting services in the U.S. based on surveys of tax and accounting professionals and their clients.

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IN MEMORIAM Ron Mano 8/13/1935 – 8/3/2021 Member since 1962 Annemarie Bosley 2/2/1953 – 11/19/2021 Member since 2016 Greg M. Fisher 1/15/1981 – 12/10/2021 Member since 2008 James Shore 10/12/1947 – 1/2/2022

Tell us about your new job, firm updates and highlights. We would love to share your accomplishments. Send to Amy Spencer, as@uacpa.org

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BOARD QUESTION

WHAT INTERVIEW QUESTION GIVES YOU GOOD INSIGHT INTO A JOB CANDIDATE? Stacy Weight, CPA

Ray Langhaim, CPA

“ ‘How do you prioritize when you have tight deadlines and multiple accounting projects to finish?’ This helps me to understand how they prioritize under stressful situations — which seem never ending in accounting.”

“I like to ask questions about their leadership and how they develop people. Have they fired someone and tell me about that experience. ‘What makes a good leader great?’ ”

Dustin Wood, CPA

Katrina Baird, CPA

“My favorite interview question to ask is, ‘If you could choose one superhero power, what would it be, and why?’ This catches them off guard, and makes them think, which allows me to see their critical thinking and reasoning process at work. It’s a tough question to prepare for in advance.”

“ ‘If you could change one thing about your current role and/or company, what would it be and why?’ I think that how they answer this shows me a great deal about their personality and if they will be a good culture fit.”

Eric Greene, CPA

Paul Skeen, CPA

“I like to tell candidates about a couple of times that I was a failure, and then ask interviewees to tell me about a time they felt like a miserable failure — it helps me understand if they can take ownership of mistakes and learn from them. Beware the person that says they never screw up!”

“ ‘Tell me about the time in your life you felt most successful.’ This can give a great deal of insight into what motivates a candidate and what they truly value.”

Not pictured: Chris Skousen, Tad Tuttle, Aubrey Bickmore-Neeley and Jay Niederhauser

Watch your UACPA email for updates on the 2022

Legislative Session

The General Session Is January 18 – March 4, 2022

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STAFF CHAT

IF YOU COULD SWAP JOBS WITH SOMEONE FOR A WEEK, WHAT WOULD YOU DO? Amy Spencer

Susan Speirs, CPA

“When I was little, I dreamed of creating things, especially costumes and theater backdrops. I still love the idea of working on a movie set, so I would swap my week with someone behind the scenes. And I’m not picky - I would do hair and makeup, location management or craft services.”

“I would love to swap jobs with a costume designer for theatrical productions. I’ve always been fascinated with the design and engineering of costumery, especially for productions where there is need to be able to hook up mechanical devices to the character so that they can move eloquently without looking gaudy.”

April Deneault

Tom Horn, CPA

“I would swap jobs with Jeff Bezos and spend the week working, traveling and managing investments. And I’d get to go to space! I’d be able to send my daughter to the best college and be set for life!

“I would like to swap jobs with the next astronaut headed to the space station. I think I would appreciate this planet more and not worry about the little things in life.”

BOARD BRIEF •

Names submitted by the Nominations Committee for executive board positions were approved.

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Discussion was held for individuals to be submitted to the CPA Foundation to be added to their board.

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Update on the current lease negotiations to renew the current lease were reviewed.

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An AICPA Council update was given by Paul Skeen covering topics in tax, PCAOB, private equity companies acquiring accounting firms and CIMA.

A LOOK AT THE LATEST TOPICS AND ACTIONS THAT HAVE TAKEN PLACE WITH THE UACPA BOARD •

Discussion was held on the DEI committee initiatives and additional insights the board has as they move forward with their own strategic plan.

•

Discussion was held on pipeline challenges; salary challenges, utilizing high school programs to interest students in accounting. Discussion included organizations losing good people to other companies and redesigning accounting courses. These issues will be addressed in Leadership Council to be held on Jan. 14, 2022.

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GET INVOLVED

As a UACPA member, you can have the opportunity to give back and influence the profession through volunteer positions. Your contributions will help maximize the power and performance of CPAs in Utah. Committees typically meet three to four times per year. Find a committee to serve on for the 2022 – 2023 year by visiting uacpa.org/committees. Once you have viewed the committee page, select “Join the Committee.”

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MEET A MEMBER MATT FERGUSON, CPA What would surprise people to know about you? When I was a kid, my friend invited me to play in a large vat of soup in his parent’s restaurant. He said, “We could either do that or go bowling.” To this day, nobody believes me when I tell them I had a chance to play in the soup or bowl. What is your favorite book? I’ve only written one so far: “The Jox/

att Ferguson is the “Generally Excepted” comic creator, the

Trapp Murder Mystery” (find it on Amazon.com). I’m working on my

comic strip you see regularly in The Journal Entry (opposite

next one, which will be bigger, better, and even funnier

page). The controller/treasurer at Wasatch Front Waste and Recycling District has previously worked for the State of Utah. Matt was born and raised in Utah. “Growing up, I was interested in art and writing. I also learned a little bit of guitar and piano,” he says. “My first job was delivering newspapers from age 10 to 15. I was also a bank teller for almost five years and the rest of my career has been in government.” Matt lives in Murray with his wife Misty and their four children.

How did you become a comic creator? When my career hit a road bump, I wanted to get back to my creative side. When the UACPA newsletter requested article submissions, I wrote one and sent it in. They liked it so much they invited me to write more articles or volunteer on the editorial board. So I pitched the idea of providing an accounting-themed strip, and I’ve been doing that ever since (5 years now). Hopefully, the humor is enough to compensate for the lack of drawing talent.

What led you to become a CPA? Although I was really good at it, my stint as a stripper was short lived. Being on my feet all day and stripping paint for my uncle’s window business made me realize I wanted a job where I could sit down most of the time. Later on, Paige Paulsen, my accounting teacher at SLCC, encouraged me to pursue it (despite my low grades in her class). I also had a couple of really supportive work supervisors. Misty and I decided that I had a fairly decent aptitude for this line of work, and we formulated a goal to become a CPA. One of my cherished memories is the look on Misty’s face when we found out I finally passed the CPA Exam after multiple attempts (and with some of the sections about to expire). The good news came on Christmas Day 2008, and then I officially became a CPA on my birthday, the next month, in 2009.

What do you like to do outside of work? I have been playing basketball two to four times a week for well over two decades now. It’s a lot of fun and a good way to exercise. What are some of your goals both personally and professionally? It’s hard to come across any free time, but I’m excited by the idea of finishing another book. My work goal is to develop professionally and retire in 12 years. Maybe when I’m living on my pension, I can do some other side gigs just for fun. Of course, I also want to spend more quality time with my family. What advice do you live by? Our family motto is “Hard working, content, and grateful.”

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WINTER 2022

THE JOURNAL ENTRY |

WINTER 2022

UACPA MISSION MISSION

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.

CONGRATULATIONS

100% FIRMS Congratulations to the firms and businesses currently participating in the UACPA’s 100% membership program. This demonstrates their commitment to the profession, to the association’s high ethical standards and lifelong learning.

VISION

PUBLIC PRACTICE • BKD • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • HBME • HintonBurdick • Jones Simkins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Tanner LLC • WSRP

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.

INDUSTRY • LDS Church Auditing Department

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

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. It provides member-tomember networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believes that we serve as the primary resource and point of contact for Utah CPAs.

Diverse Population Outreach The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a

Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to our membership team at 801-466-8022 or emailing April Deneault, ad@uacpa.org.

second career, and other professions.

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WINTER 2022

Nonprofit Org. U.S. Postage

PAID

Salt Lake City, UT Permit No. 1996 UTAH ASSOCIATION OF CPAS 136 S. MAIN STREET, SUITE 510 SALT LAKE CITY, UT 84101

Renew your UACPA membership for the 2022 – 2023 year to continue enjoying the hits.

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WINTER 2022

The Journal Entry - Winter 2022

Articles inside

100% Firms

Meet a Member: Matt Ferguson, CPA

Promoting Success with Diversity, Equity and Inclusion

President’s Message

Leadership Academy: Applying What We Learned

Succession Planning: Sustainable Succession Management

Leadership Academy: 2021 Attendees Share Their Experiences

CEO's Message

Adapting to a Candidate-Driven Market

Feature: Campus Ambassadors and Career Expectations