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A publication of Wisconsin Institute of CPAs | www.wicpa.org
May/June 2015 Vol. 11 No. 3
6 Features
Columns
6 First of his kind Timothy L. Christen, CPA, CGMA is the first Wisconsin CPA named as AICPA vice chair. By Cynthia M. Hodnett
26 TAX Global Management Accounting Principles: Helping businesses make better decisions Discover four principles that can guide best practices and bring consistency to decision making. By the AICPA Communications Team
12 Bridging the gap between accounting education and the CPA profession Future accountants must be prepared for a rapidly changing business environment. By Melodi L. Bunting, CPA, CMA, CGMA and Amie Dragoo, CPA 18 Educating the next generation: Transitioning from corporate life to academia A CPA who previously worked in industry shares how she switched to a teaching career. By Audra S. Hoffmann, CPA, MBA
28 FINANCIAL PLANNING Are you certain you are leaving your hard earned money to the desired person? Discover the importance of having a 401(k) beneficiary designation on file. By Lona L. Ebert, CPA 30 TECHNOLOGY Improving Excel workflow with Styles Get the 411 on the numerous advantages to using Excel Styles. By William C. Fleenor, Ph.D., CPA
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18 Departments 2
Odds & Ends | news briefs
3 Outlook | chair’s letter 5
Membership Matters | member benefits
11 In Touch | president & CEO’s message 23 Memorials | departed members 24 Kudos | members in the news
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Odds & Ends 2013 Apex Award for Publication Excellence
Wisconsin accounting students score high on Uniform CPA Exam in 2014 Accounting students in Wisconsin who took the Uniform CPA Exam in 2014 earned high passing rates, average test scores and first-time passing
2015–2016 WICPA OFFICERS/BOARD MEMBERS Chair Jean M. Hansen, CPA, MBA, CGMA Chair-elect Steven G. Handrick, CPA, CGMA Past-chair Robert A. Gruber, Ph.D., CPA, CGMA Secretary-treasurer Joy L. Hertlein, CPA, CGMA Directors Lucien Beaudry, CPA, J.D. Kyle J. Beld, CPA Ryan Hanson, CPA, CGMA Katherine L. Hauser, CPA, MBA, CGMA William L. Komisar, CPA, J.D. Matthew A. Los, CPA Scott Miller, CPA, ABV, PFS, CVA Gregory L. Ryan, CPA Wendi M. Unger, CPA AICPA Council Karla E. Blair, CPA Nicholas S. Lascari, CPA, CEA, CGMA President & CEO Dennis F. Tomorsky, CPA, J.D., CGMA Vice President of Communications Amy E. Gaeth Editor Cynthia M. Hodnett Copy Editor Joan Bahr Design & Layout Rachel Moore Advertising Manager Ellen Engel Printing The Printery, An RR Donnelley Company
rates, according to a new summary report prepared by Robert A. Gruber, Ph.D., CPA, CGMA, an accounting professor and the Master in Professional Accounting program coordinator at the University of Wisconsin-Whitewater (http://tinyurl.com/2014WisCPAExamresults). The summary statistics rank the states with the highest passing rates, average scores and first-time passing rates for CPA Exam takers in 2014. According to the statistics, Wisconsin ranked second (59.1 percent) for passing rates, second (75) for average scores and third (64.2 percent) for first-time passing rates.
Carl R. Sorensen, CPA joins Johnson & Rennie LLC Carl R. Sorensen, CPA and his staff in Marinette recently joined Johnson & Rennie LLC, according to the Marinette Eagle Herald. The firms have combined to expand their services to accommodate their clients’ needs. Johnson & Rennie LLC has offices in Peshtigo, Pound, Oconto and Menominee.
Wipfli aquires Pennsylvania-based CPA firm Wipfli LLP recently acquired Elko & Associates, Ltd. (Elko), a firm based in Philadelphia. Elko provides audit, tax and consulting services to businesses and individuals in the northeastern United States. This is the fourth acquisition for Wipfli within a year and marks the third acquisition for the firm in two months.
More professionals are choosing remote worksites More professionals are participating in telecommuting, working from a satellite office and similar options, according to a recent Accountemps study (http://tinyurl.com/remoteworksurvey). According to the study,
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more than one-third (36 percent) of CFOs said remote work opportunities have increased at their companies over the past three years.
On Balance is published six times a year by the Wisconsin Institute of Certified Public Accountants (WICPA). Change of address should be sent to: Membership, W233N2080 Ridgeview Pkwy, Suite 201, Waukesha WI 53188; Phone: 262-785-0445 or 800-772-6939 (WI/MN); Fax: 262-785-0838; email: jessica@wicpa.org. Statements and opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of the product or service by On Balance or the WICPA. Articles may be reproduced with permission. © Copyright 2015 On Balance.
WANT YOUR BUSINESS MENTIONED IN ODD & ENDS?
Email your announcement to cynthia@wicpa.org. 2
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{ Outlook | chair’s letter } “Good leaders will motivate you to work hard and do your job right. But great leaders will inspire you to new heights and give you the direction needed to create change for the better.”
Intentional influence
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eaders light a fire in people. An effective leader understands that intentional influence moves an organization forward. Often, this skill is combined by utilizing meaningful innovation. Meaningful innovation creates the cohesive glue between ideas and outcomes. Imagine the awesome things that could be accomplished if an organization were to harness both intentional influence and meaningful innovation. Even the impossible appears a possibility!
Strength of the group
A title can open doors, but the true staying power will come from our ability to influence others. The real strength of a leader is the ability to elicit the strength of a group. Accomplishments can be restricted by one’s ability to lead and influence others. Leadership is intentional influence. But how are we doing this — by force of power? Ask yourself: “If you were stripped of your position and the power to punish and reward people, would your team still follow you and would you still get the same results?”
Support the initiative
Meaningful innovation can drive outcomes and focus on helping shape concepts in ways that create real impact for the organization’s value proposition. It also moves the idea itself to focus on measurable outcomes to drive and achieve value (ROI, revenue growth, efficiency, etc.). Once a clearly defined outcome has been identified and all the tangible impacts have been reviewed, it is time to get people on board to support the initiative. Team support, early on, increases the project’s overall success rate.
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Essential components
While good leadership is dependent on influence, the question becomes how does one gain influence? From a cultural leadership standpoint, influence is the direct result of leader credibility. Workers won’t follow someone they don’t believe is credible. The second component of effective leadership is gaining the commitment of members. Teams who are committed to what the leader deems important are essential. The
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third component of influencing others is to understand the group characteristics that are dominant traits. When the leader understands this, he or she can build group collaboration that produces cooperation between organizational functions that are critical to deep influence. Good leaders will motivate you to work hard and do your job right. But great leaders will inspire you to new heights and give you the direction needed to create change for the better. Leadership is not a position or title; it is action and example. It is clearly intentional influence.
On another note
I just want to send out a special thank you to everyone, including WICPA staff, for the great year I experienced as board chair. It is an honor and privilege to serve such a topnotch professional organization. As life is naturally filled with unexpected events, our current chair-elect has decided to step down. And with all the initiatives that we have been working on this past year, it is with great pleasure to be on the nomination slate for chair again. Please consider volunteering your time and talent. As Helen Keller once said: “Alone we can do so little; together we can do so much.” Jean M. Hansen, CPA, MBA, CGMA is CFO/ vice president-finance at Manitowoc Tool & On Balance May | June 2015 Machining LLC. Contact her at 920-682-8825 ext. 114 or jhansen@mantool.com.
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{ Membership Matters | networking } “Not only is your WICPA membership invaluable to your career, it also offers tremendous value in your day-to-day business needs.”
Your membership is The Standard Above™ for … optimizing your resources!
O
ver the past few years, members have shared with me examples of how their WICPA membership has been invaluable to their career. For some, membership has benefited their career as a result of meeting a future employer through a volunteer opportunity, at a networking event or a conference. For others, member colleagues have provided referrals, recommendations or served as a professional reference. And for many others, the continuing education they receive through the WICPA keeps them updated on issues and trends affecting the work they do for their companies and clients. Your fellow WICPA members are one of your best resources and benefits of membership! Not only is your WICPA membership invaluable to your career, it also offers tremendous value in your day-to-day business needs. In addition to other members, you also have access to significant savings through our affinity partners and member benefit providers.
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Affinity partners offer exclusive savings As a member, you receive discounts, rewards and cash back from carefully selected affinity partners on programs and services you may already routinely use, saving you and your company money. Savings for you include discounted competitive rates on all your insurance needs through Pearl Insurance, Professional Insurance Programs and West Bend. In fact, you can receive 5 percent of your annual premium as cash back at the end of the year with West Bend’s Claim Free Award! You and your company can also save on investing, retirement and financial planning with Spectrum Investment Advisors. The Schneider Wealth Management Group of Wells Fargo or Waddell & Reed Financial Advisors. All offer discounted continuing education and consulting for individuals as well as businesses. Additional time and money-saving business resources you have access to include payroll processing with The Payroll
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Company. If you accept credit card payment options as most companies today do, be sure to compare rates with U.S. Bank., one of our newest affinity partners, offering a variety of business solutions for WICPA members.
Additional member benefits mean more savings Whether you have a human resources department or have HR responsibilities, SESCO Management Consultants offers a variety of discounted HR support services, including federal and state employment law compliance, and an HR hotline to answer your HR questions, to name just a few. When you’re researching a tax or other accounting issue or you need CPE in a particular area, you need a resource you can count on. CCH offers WICPA members substantial discounts on books, software, research subscription products and self-study CPE courses. Visit www.wicpa.org/marketplace for details, discounting pricing and links to take advantage of the buying power you have as a WICPA member. Ellen Engel is Advertising Manager at the WICPA. Contact her at 262-785-0445 On Balance May | June 2015 ext. 4513 or ellen@wicpa.org.
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FIRST OF HIS KIND
Timothy L. Christen, CPA, CGMA is first Wisconsin CPA named as AICPA vice chair By Cynthia M. Hodnett
Timothy L. Christen, CPA, CGMA is poised to do something that no other CPA from Wisconsin has done: become vice chair of the American Institute of CPAs (AICPA). “Being the first AICPA vice chair from Wisconsin is a huge honor for me, our firm and our state,” he said. “I think it demonstrates that we have leaders from Wisconsin who can make meaningful contributions to national committees and have a voice in the discussion on national issues that impact the CPA profession.”
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CPAs will be both comforting and supporting to Tim,” Castellano said. “Likewise, CPAs in Wisconsin will enjoy the insight Tim will provide as a speaker, participant in state society functions or simply a friend to Wisconsin CPAs who want to reach out to him for guidance, advice or direction.”
INCREASING RELEVANCE TO SERVE THE PUBLIC INTEREST
“Being the first AICPA vice chair from Wisconsin is a huge honor for me, our firm and our state.”
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hristen is currently chair and CEO of Baker Tilly Virchow Krause, LLP (Baker Tilly), based in Chicago, Ill. His appointment as vice chair of the AICPA marks the first time in the organization’s 128-year history that a Wisconsin CPA has served in the role. He was formerly introduced as vice chair at the Fall 2014 AICPA Council meeting in October and is expected to be nominated as chair in fall 2015. Christen is also a former member of both the AICPA Board of Directors and AICPA Governing Council. He was also chair of the AICPA Major Firms Group, which includes the 80 largest U.S. firms, excluding the Big 4. “Tim’s appointment as vice chair of the AICPA and eventual chairman of the AICPA Board of Directors will be of great value to CPAs in Wisconsin who will have access to Tim for purposes of expressing their views on the direction of our profession,” said James G. Castellano, CPA, chairman of RubinBrown LLP, an independent member of Baker Tilly International Ltd. in St. Louis, Mo. The men have been colleagues and friends for many years. “The personal relationships Tim has with his fellow Wisconsin 8
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As the 2014–2015 AICPA vice chair, Christen will work closely with AICPA leadership, including Chair Tommye E. Barie, CPA and President and CEO Barry C. Melancon, CPA, CGMA on several key AICPA initiatives. These plans will include improving audit quality, expanding diversity and inclusion, mobility and retention. Other issues that Christen hopes to highlight during his tenure include relevance of services, globalization and reducing self-imposed barriers to serving the public interest. He’s also interested in developing highly-trained and skilled accounting professionals, embracing management accounting and increasing the utilization of the International Integrated Reporting Framework. These issues are among his professional passions and focus in his leadership at Baker Tilly. Christen played an important role in turning Virchow Krause, once a Wisconsin-only organization, into a national and international company. “Of the most significant accomplishments of his career, one that stands out to me is having the vision to see the long range benefit or rebranding his firm, Virchow Krause as Baker Tilly,” Castellano said. “This decision took courage, since the Virchow Krause brand was highly regarded and over 70 years old. Yet the opportunity to participate in building what is today the eighth largest network of accounting firms in the world as the branded U.S firm was compelling.” As the firm’s chair and CEO, Christen collaborates with Baker Tilly International and other member firms. He currently serves on the Baker Tilly International Board of Directors and the North American Regional Advisory Council and chairs the Remuneration Committee. “My strong suits are strategy and a global viewpoint,” he said. “That’s what I do in my day job, and I think are some of the things I bring to the table as a leader.”
SETTING HIS SIGHTS HIGH Another thing Christen does in his day job that he plans to continue in his new role with the AICPA is fostering a culture of giving back to the profession and community. To him, being a successful accounting professional requires more than skills, experience and knowledge. It also requires teamwork, great work ethic, leadership and a positive attitude. “Some people love the technical elements of the business, some people love being able to deliver those solutions to their clients, other people love developing other individuals and helping others succeed,” he said. “I’ve always been attracted to the idea of leverage, and if I can have a team of 10 people, 40 people or 100 people that www.wicpa.org
are all really good, it’s better than just me being really good. Role models aren’t just people who are senior to you, they can also be people who are junior to you. I try to learn a little something from everyone I encounter, which I believe makes me better at what I do.” Christen learned these values while growing up in Belmont, a small town near Platteville. He enrolled at the University of Wisconsin-Platteville to study mining engineering. However, he later dropped out of school after realizing he didn’t enjoy the drawing and drafting required for the major. Shortly thereafter, he took a job as a FBI fingerprint examiner in Washington, D.C., but left that job after realizing that it too wasn’t his calling. “I didn’t know exactly what a good fit would be, but I knew that neither were,” he said. “It was a matter of trying something else that might be a better fit.” Christen returned to UW-Platteville to take night classes, which included one in accounting. One accounting course led to another, and he graduated magna cum laude with a degree in accounting in 1981. “Accounting just came easy to me, and I enjoyed it immensely,” he said. “It’s always important to following your passion and enjoy what you do.”
partner of the firm’s Madison and Milwaukee offices. He was elected to his current position as chair and CEO in 1998. He has spent nearly his entire 34-year accounting career at Baker Tilly, aside from a two year-stint in the mid-1980s as controller at the Ewald Automotive Group in Milwaukee. “I was very lucky to start with a firm that culturally suited me, and to work with partners I admired,” he said. “When you start out, it’s really important to find a place where there’s a cultural fit, where you feel at home. That was a big reason why it’s the only public firm I’ve ever worked at and why I returned after being gone for a few years.” Christen said he hopes his career path and new AICPA leadership positions provide a blueprint to other CPAs who are mapping out their careers. “The best things about this profession are that it is grounded in the concepts of inclusion and opportunity,” he said. “This is a profession where you can start anywhere and get to wherever you want to go, based upon your willingness to show up and work hard. From there, you can create your own definition of success.” Cynthia M. Hodnett is editor of On Balance magazine. Contact her at 262-785-0445 ext. 4516 or cynthia@wicpa.org.
PROVIDING A BLUEPRINT While still in school, he began working at Virchow Krause & Company in Dodgeville. He ascended from that part time positon to several key leadership positions at the firm including managing
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Welcome NEW BOARD MEMBERS
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The WICPA Board of Directors represents the membership, exercises leadership, participates in strategic planning, and approves the annual WICPA budget, bylaw amendments, selection of auditors, and other actions relating to organizational governance. The board consists of 15 members. New members began serving after they were elected May 6, 2015, at the Member Recognition Banquet and Annual Business Meeting.
CHAIR-ELECT Steven G. Handrick, CPA, CGMA, managing partner, Hawkins Ash CPAs, LLP, Green Bay
DIRECTOR Ryan J. Hanson, CPA, CGMA, financial accounting manager, MGIC Investment Corporation, Milwaukee
DIRECTOR Matthew A. Los, CPA, corporate controller, Badger Magnetics, Inc., Milwaukee
Returning board members CHAIR Jean M. Hansen, CPA, MBA, CGMA, vice president of finance, Manitowoc Tool & Machining, LLC, Manitowoc PAST-CHAIR Robert A. Gruber, Ph.D., CPA, CGMA, professor and MPA program coordinator, University of Wisconsin-Whitewater, Whitewater
SECRETARY/TREASURER Joy L. Hertlein, CPA, CGMA, CFO, New Berlin Plastics, Inc., New Berlin DIRECTORS Lucien Beaudry, CPA, J.D., shareholder, Reinhart Boerner Van Deuren s.c., Milwaukee Kyle J. Beld, CPA, senior accountant, Wipfli LLP, Madison
DIRECTOR William L. Komisar, CPA, J.D., partner, Komisar Brady & Co., LLP, Milwaukee
AICPA COUNCIL Neil R. Keller, CPA, ABV, CVA, partner-incharge, tax services, Sikich LLP, Brookfield (term effective Oct. 2015)
Katherine L. Hauser, CPA, CGMA, controller, Price Engineering Co., Hartland Scott Miller, CPA, ABV, PFS, CVA, president, Enterprise Systems, Inc., Delafield Gregory L. Ryan, CPA, office managing partner, KPMG LLP, Chicago, Ill. Wendi M. Unger, CPA, partner, Baker Tilly, Milwaukee
AICPA Council
Karla E. Blair, CPA, retired shareholder, Schenck SC, Appleton (term expires Oct. 2015) Nicholas S. Lascari, CPA, CGMA, CEA, partner, Balistreri, Jezo & Lascari, LLP, Brookfield
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{ In Touch | president & CEO’s message } “Your WICPA membership offers a variety of opportunities to develop your own leadership skills by participating in committees, task forces and boards.”
Leadership skills are required for professional success
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few years into their careers, CPAs find themselves with responsibilities that require far more than mere technical expertise to be successful. Our ability to apply business acumen and critical thinking skills along with our technical CPA expertise is essential to achieve the positive results that we are expected to deliver. Our ability to communicate our recommendations, and then to lead others in implementing our proposals is also necessary to achieve success for us and for those we serve.
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Since leadership skills are seldom, if ever, the subject of specific courses in college, CPAs and other professionals are often ill-prepared when they awaken one day to find they have people reporting to them. It has been my privilege to participate in a variety of leadership training activities after graduating from college. These leadership activities included formal lectures, interactive workshops, executive coaching, reading, as well as experiential learning by participating in volunteer activities that offered the opportunity to develop leadership skills. Your WICPA membership offers a variety of opportunities to develop your own leadership skills by participating in committees, task forces and boards. My own path to leadership started with joining a WICPA committee, eventually chairing that committee, and then being invited to serve on a WICPA board. My early WICPA committee and board experiences then led to my being invited to join another board outside the WICPA, which in turn provided me with additional leadership learning opportunities that further refined my leadership skills. In order for accounting professionals to fully realize their potential and to attain positions of responsibility and authority that allow them to have the greatest positive impact on the world, they must actively seek opportunities to lead. This often requires asking www.wicpa.org
someone for an opportunity to take on a leadership role. Asking to lead a project, or even showing another person how to accomplish a technical task provide leadership skill building opportunities. I encourage you to join a WICPA committee or task force this month so that you can enhance your leadership skills. Joining a committee or task force involves simply visiting the WICPA Committees and Task Forces Web page (http://www.wicpa.org/ Content/Members/BoardsCommittees.aspx), and sending an email to WICPA Executive Relations Manager Jessica Murphy (Jessica@wicpa.org) with your request to join a committee or task force of your choice.
Dennis F. Tomorsky, CPA, J.D., CGMA is president & CEO of the WICPA. Contact him at 262-785-0445 ext. 4519May or | June 2015 On Balance dennis@wicpa.org.
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BRIDGING
THE GAP BETWEEN
accounting education and the CPA profession
By Melodi L. Bunting, CPA, CMA, CGMA and Amie Dragoo, CPA
The good news is according to the 2013 American Institute of CPAs (AICPA) Trends survey, accounting undergraduate and graduate degrees are at an all-time high. But are all of these new graduates well prepared for their work as accounting professionals? Higher education is often criticized for not adequately preparing students for the challenges of the profession. www.wicpa.org
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n response to such criticisms, the AICPA developed a core competency framework that identified three core areas critical to success: broad business, personal and functional. Some accounting programs are using these identified competencies as a means of developing accountants who are well prepared for a rapidly changing business environment. Internships and active learning strategies involving casework and real-world examples are other means to connect the classroom and the workplace. The development of students’ analytical skills is enhanced when they can connect the theory and historical perspective of accounting with practical applications. At a local level, there are opportunities for those in the profession to make a difference by bridging the gap between the classroom and the profession.
SHARING THE CLASSROOM By combining a forensic accounting partner with a 20-year veteran instructor to teach a graduate level fraud examination course, students experienced how theory and application come together. As the professional and instructor interacted, the students witnessed the dialog and interplay that occur in practice. Students observed the thought process of accountants and how theory is used to determine the best course of action in practice. The instructor created a weekly agenda, which included learning objectives, related to the reading materials. The forensic partner would prepare relevant examples and case studies when applicable. The forensic partner directed class discussions with rich examples
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while the instructor actively related the examples back to theory and practical steps outlined in course materials. Having two perspectives resulted in rich interactions and questions not only between the instructor and professional, but also with the students and instructors. It didn’t take long for the students to start making their own connections between theory and practice as they learned to ask critical questions and draw their own conclusions. For course assessments the instructor set up the parameters and expectations to align with the learning objectives and classroom activities. Both the instructor and professional reviewed the students’ work again, bringing different perspectives to the assessments. “Each person provides an important piece of the conversation,” said Angie Meyer, a student who completed the fraud courses. “The academic person provides an important structure to assure that all topics are covered. They introduce and explain important concepts. The industry professional turns all of those vocabulary words and concepts into real life, which tends to be more memorable and understandable.” With weekly interaction, the professional built strong relationships with the students. As the semester progressed, the students gained confidence in communicating their analytical thinking.
EXPERT SPEAKERS While the shared classroom provides many advantages, the professional may not be able to commit to the time required for a full semester. Having the professional come to class as an expert speaker is a good alternative.
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Much of the accounting curriculum focuses on finding “the solution.” This may lead to students seeing limited alternatives and assuming there is always a readily available solution for all reporting issues. Having an outside expert share application scenarios and model professional problem solving broadens the students’ perspective and expands their creative thinking. Select a reporting issue where application requires significant professional judgment in advance, and have the students review the scenario and prepare questions for the dialogue. Setting the stage for an active exchange allows students to engage in an environment that simulates the debate of professionals. For example, the discussion might consider the application of the new revenue recognition standard or the reporting implications of executive compensation strategies.
Each of these methods is a way to help students understand what their role will be in practice, bridging the gap between accounting theory and practice. It also opens the dialogue between practicing professionals and academics. The ultimate outcome will be a better-prepared student in the broad business, personal and functional competencies outlined by the AICPA. Consider what role you could play in bridging the gap, and reach out to a local professor to offer to share your expertise.
Melodi L. Bunting, CPA, CMA, CGMA is the training and career development manager at Wegner CPAs in Madison. Contact her at melodi.bunting@wegnercpas.com. Amie Dragoo, CPA is an assistant professor and chair of the accounting department at Edgewood College in Madison. Contact her at 608-663-2323 or adragoo@edgewood.edu.
FACULTY SHADOWING PROFESSIONALS A tenured professor took on the challenge of teaching the government and not-for-profit accounting course. Wanting to bring both theory and application to the classroom the professor shadowed auditors on a government engagement and a not-for-profit engagement. The same technique of shadowing was used by an auditing professor to observe the tools used to implement auditing theory in collecting sufficient audit evidence. Through the time spent in the field the professors gained insight into current practice aids, as well as the challenges faced by the auditors. The experiences aid the professor in developing realistic classroom activities.
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Educating the next generation: Transitioning from corporate life to academia By Audra S. Hoffmann, CPA, MBA
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o you respect and enjoy the accounting profession, but need a change? If so, you are in the same boat that I was in during 2014. Last year brought a drastic change to my professional accounting career. It was when I made the switch to the academic world after working 12 years in private industry. Previously, I was the accounting manager for a health care organization. Each summer, during our year-end process, interns were brought in to help with the excess work. Working with the interns led me to realize I wanted to help educate students full-time. The interns were so eager to learn and excited about their upcoming lives in the professional world, and I wanted to be around that energy on a regular basis. www.wicpa.org
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Making the transition
Challenges, rewards of teaching
The big switch happened in time for the fall semester. I spent the summer prepping my classes and becoming comfortable with my lesson plans. After managing accountants, handling year-end procedures, dealing with executives and working with auditors on a routine basis, how intimidating could a group of college students be? After walking into the classroom for the first time, I found my answer. It was extremely intimidating.
As a manager of an accounting department, I found that most of my employees worked hard and were motivated by their paycheck, vacation or recognition of a job well done. I switched to academia because I wanted to help students learn, so I needed to motivate them. They didn’t get a paycheck from me, so the motivation had to come from a different source. I read books on motivation and tried different techniques to see what worked best. Unfortunately, just like in the business world, not every student was the same. Some students were motivated by good grades, some were motivated by receiving positive feedback in class when they have the correct answer, and others were motivated by more intrinsic factors. As long as they were motivated to keep working hard and understanding the concepts, I was happy with whichever motivational technique they used.
As I saw students staring back at me, I realized I was responsible for their education and making sure it was a meaningful experience. The challenges were not the same as the business world, but they still existed. How does one explain the difference between a debit and a credit? I’ve used and understood the terminology for years, but it wasn’t as easy as I thought it would be to explain to others. How does one keep students engaged with long-term debt accounting Monday morning after a Green Bay Packers game Sunday night? I constantly thought about what I enjoyed in the accounting world and portrayed that excitement to the class during my presentations. It was important to keep the excitement in my voice during lectures, or I would lose the students. Their eyes started to glaze over, and I’d have to take a step back and rethink my approach. Addressing the concept from a different angle worked most of the time. If that didn’t help, I’d use examples from the book to see if that helped the concepts come to life.
After the end of the fall semester, I looked back at the students’ progress throughout the semester and noticed that concepts from the earlier chapters that seemed foreign to them became second nature. Gradually, they built their knowledge and solved more complex problems. The rewards I gained from switching careers have been plentiful. I truly enjoy watching the students master a concept. They get excited because it finally makes sense to them. Another reward is the camaraderie I have with students. They are at a stage in their lives during which they are making important decisions. They are trusting you to guide them through the learning process, which is both an honor and a great responsibility. It is incredibly rewarding to help train and educate future accounting professionals.
Steps for switching from corporate to academia If you are considering a change, I have a few tips to help with that transition: >>> Break down everything you know about accounting into tiny steps. Students need to be very methodical in their approach to solving even the simplest of problems. With lots of repetition, students can learn to handle the journal entries and problems without going through every small step. The skills that allow an experienced CPA
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to make giant leaps when solving problems are not yet developed in a beginning accounting student. >>> Use your business experience to bring the textbook theories to life. Students love to hear about how the theories will actually be applied in real life. The real-life examples keep them engaged and actively participating in class. >>> Become an adjunct instructor prior to making the full time switch. Prior to leaving my accounting career, I decided to become an adjunct instructor. I wanted to be sure I was comfortable talking to students and being in a classroom. Leading a business meeting in the corporate world is entirely different than explaining theories to students.
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>>> Don’t take the job lightly. Be prepared and organized. Students can recognize if an instructor is not prepared for class. They are paying a significant amount of money for their education, and they want to feel that coming to class is worthwhile and provides meaningful knowledge. >>> Keep in touch with the business world. The accounting profession is constantly changing, so you don’t want to become a professor who is all about the theory and not in touch with reality.
Audra S. Hoffmann, CPA is an assistant professor of business at the University of Wisconsin-Fox Valley in Menasha. Contact her at 920-832-2619 or audra.hoffmann@uwc.edu.
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Memorials Thomas P. Fredricks, CPA (1937-2015)
Thomas P. Fredricks, CPA died Feb. 27, according to the Sheboygan Press. He was 77. Fredricks earned a Bachelor of Arts in Accounting from Marquette University. He later served in the U.S. Army in Germany for three years. After military service, he earned a teacher certification from the University of Wisconsin-Madison and a Master in Business Administration. He earned his certified public accounting license and an Elijah Watts Award in 1968. In 1970, he started an accounting practice from his home and was a partner with Hartwig, Fredricks & Pelzek, LLP in Pewaukee. He also started the accounting program at Waukesha County Technical College, where he taught full time from 1965–1993 and part time from 1993–2010. He also taught part time at Carroll University from 1979–2012. The Waukesha resident joined the WICPA in 1969.
Walter R. Minder, CPA (1948–2015)
Water R. Minder, CPA died Feb. 24, according to the Monroe Times. He was 66. Minder graduated from the University of Wisconsin-Whitewater in 1970 and earned a law degree from UW-Madison three years later. He practiced law in Marshfield for more than 35 years. He earned his certified public accounting license in 1977. The Marshfield resident joined the WICPA in 1973.
James H. Roth, CPA (1924–2015)
James H. Roth, CPA died Feb. 25, according to the Wisconsin State Journal. He was 90. Roth was a master sergeant in the 8th Army Air Force. He later graduated with an accounting degree from Marquette University. Roth’s accounting career includes 40 years of experience in financial management and consulting in health care. He earned his certified public accounting license in 1958. The Lodi resident joined the WICPA in 1988.
Sue Ellen Streeter, CPA (1950–2015)
Sue Ellen Streeter, CPA died Feb. 19, according to the Fond du Lac Reporter. She was 64. Streeter graduated from the University of Wisconsin-Oshkosh. Her accounting career included working in the registrar’s office at UW-Madison. She earned her certified public accounting license in 1987. The Phoenix, Ariz., resident joined the WICPA in 1985.
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kudos
Amanda Anderson, CPA was recently promoted to manager at Wipfli LLP in Wausau, according to the Wausau Daily Herald. Jason A. Brandner, CPA
Jason M. Baars, CPA was recently promoted to senior manager at Wipfli LLP in Wausau, according to the Wausau Daily Herald. Kyle J. Beld, CPA was recently promoted to manager at Wipfli LLP in Madison. Joshua J. Boyle, CPA was recently promoted to manager at Wipfli LLP in Wausau, according to the Wausau Daily Herald.
Megan A. Cera, CPA
Jason A. Brandner, CPA was recently promoted to senior manager at Wipfli LLP in Eau Claire. Cynthia C. Brzeski, CPA was recently promoted to manager at Wipfli LLP in Wausau. Megan A. Cera, CPA was recently promoted to manager at Wipfli LLP in Milwaukee.
Mary A. Coates, CPA
Mary A. Coates, CPA was recently promoted to senior manager at Wipfli LLP in Wausau. Patrick G. Durch, CPA was recently promoted to manager at Wipfli LLP in Eau Claire. Stephanie J. Hamilton, CPA was recently promoted to manager at Wipfli LLP in Milwaukee. Nathan J. Henrigillis, CPA was recently promoted to manager at Wipfli LLP in Green Bay.
Stephanie J. Hamilton, CPA
Daryl L. Ohland, CPA was recently promoted to director at Wipfli LLP in Appleton. Karen Prochaska, CPA was recently hired at Porter & Sack, CPAs, S.C. in Madison, according to the Wisconsin State Journal. Nicole A. Rabas, CPA was recently promoted to manager at Wipfli LLP in Green Bay. Lucas A. Rocole, CPA was recently promoted to senior manager at Wipfli LLP in Milwaukee. Nicholas B. Sabatke, CPA was recently promoted to manager at Wipfli LLP in Wausau, according to the Wausau Daily Herald. Craig S. Schessler, CPA was recently promoted to manager at Wipfli LLP in Wausau. Justin J. Schneider, CPA, manager at Schenck SC in Sheboygan and a technical sergeant in the Wisconsin Air National Guard, recently retired with 20 years of service from the military. Schneider began his career in the United States Air Force as a missile maintenance Technician assigned to the 52nd Fighter Wing. Jeffery S. Stovern, CPA was recently promoted to manager at Wipfli LLP in Eau Claire. Dustin M. Wiesner, CPA was recently promoted to manager at Wipfli LLP in Eau Claire.
Cari A. Larsen, CPA was recently named vice president-controller at Investors Community Bank in Manitowoc, according to the Manitowoc Herald Times Reporter. Heidi M. Liedl, CPA, CGMA was recently named partner at McMahon, Schleifer & Wood in Eau Claire, according to the Leader-Telegram.
Evan Y. Lin, J.D., CPA
Evan Y. Lin, J.D., CPA, an attorney and managing member of Lin.Liebmann LLC in Green Bay, has received an AV® Preeminent™ rating from MartindaleHubbell® peer review rating service. The rating is the highest rating available, reflecting an attorney who has achieved the height of professional excellence and is recognized for the highest level of skill and integrity. Tanya L. Malaney, CPA was recently promoted to senior manager at Wipfli LLP in Eau Claire.
Justin J. Schneider, CPA
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REMEMBER TO RENEW YOUR MEMBERSHIP! If you have not yet renewed your 2015-2016 membership, visit www.wicpa.org/renew for quick and easy online payment to keep your valuable member benefits coming, including On Balance magazine. Pay your dues in the “Renew My Membership” section on the Members web page. For information regarding your membership or username and password, contact Jessica Murphy at 800-772-6939 ext. 4502 or Jessica@wicpa.org.
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{ Tax | Global Management Accounting Principles }
Global Management Accounting Principles: Helping businesses make better decisions By the AICPA Communications Team
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“ T h e p r i n c i p l e s w e re c re a t e d t o guide best practice, make sense
T
he business world is changing rapidly; the sheer volume and velocity of information coming at us is seemingly impossible to wrangle. As a result, quality decision making in business has never been more difficult to achieve. Unfortunately, the new reality is that impulse often substitutes for insight. In response to these issues, the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA), two of the world’s largest accountancy bodies, have produced four Global Management Accounting Principles. The principles were created to guide best practice, make sense of information overload and bring consistency to decision making.
INFORMATION OVERLOAD AND DECISION MAKING Google’s Eric Schmidt said that every two days, the world creates as much information as it did from the dawn of civilization up until 2003. Plus, everyone is feeling the pressure. For example, almost half of Asia’s certified financial officers say their decision making is hindered by information overload. Meanwhile, according to Chartered Global Management Accountant (CGMA) research, more than 90 percent of global senior executives are seeking better ways to gain insight from financial and nonfinancial data. This information deluge, coupled with the fierce competition today’s organizations face, has created a perfect storm of chaos for businesses. The four principles are a much-needed — and exceedingly appropriate — response to these stresses.
THE FOUR PRINCIPLES PROVIDE THE RIGHT SOLUTION AT THE RIGHT TIME: NOW Developed in consultation with CEOs, chief financial officers, academics, government bodies, regulators and professionals from 20 countries on five continents, the four principles ascertain that: • Communication provides insight that is influential.
of information overload and bring consistency to decision making.”
GLOBAL MANAGEMENT ACCOUNTING PRINCIPLES HELP BRING STRUCTURE TO COMPLEXITY Ninety percent of senior executives believe a stronger partnership with finance in the decision-making process will help them better manage their organization. They perceive such a partnership as a necessary, ongoing opportunity, leading to improved decision making and helping mitigate risk. Management accounting is like GPS for the C-suite, guiding strategy through the provision of future focused insight and analysis. While it sits alongside financial accounting, it has lacked the same level of guidance to ensure consistent practice worldwide. The principles help fill the gap by establishing the values, qualities and norms that represent management accounting’s best practices. Barry C. Melancon, CPA, CGMA, president and chief executive of the AICPA, said: “The Global Management Accounting Principles empower evidence-based decision-making that prioritizes long-term success over short-term gains. With the principles in place, management, stakeholders, investors and the public can have more confidence in the actions that organizations take.”
The AICPA and CIMA encourage executives, chief financial officers and boards of directors worldwide to use the principles as the basis for benchmarking and improving their finance functions. Download the full Global Management Accounting Principles, and get more information at cgma.org/principles.
• Information is relevant. • Impact on value is analyzed. • Stewardship builds trust. Used together, they break down silos through influential communication; bring the most reliable and relevant information to the forefront for further examination; drive analysis that reveals organizational values; and make integrity and trust integral parts of a company’s long-term sustainability. The result is better business from the top down, while also instilling confidence in stakeholders, investors and the public that the right decisions are being made with the right information. www.wicpa.org
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{ Financial planning | 401(k) beneficiary }
Are you certain you are leaving your hard-earned money to the desired person?
By Lona L. Ebert, CPA
A
n important, yet often overlooked, aspect of an employer-sponsored retirement plan, like a 401(k), is designating a beneficiary — someone your money will go to when you die. Industry data suggests that the majority of retirement plan participants do not have a beneficiary designation on file.
What is a beneficiary designation, and why is it important? The beneficiary is the person who would “benefit” or receive your retirement account should something happen to you. If you are participating in your employer’s 401(k) plan, typically your employer will have a form (paper or electronic) that you fill out to name a primary beneficiary and contingent beneficiary (as appropriate).Your employer will keep a copy of the form in their records, and so should you. You may select multiple people as your beneficiaries. You can also name a trust or charity. While many may name a beneficiary when they first 28
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open an account, few will review their elections or update when life changes occur. We recommend you review your beneficiary form to ensure it is up-to-date every year. A good time to do this is when you file your tax return because it is a time when you are focused on your current financial situation. It is also critical to update your beneficiary designation at major life events, such as marriage or divorce. Check the beneficiary designation for all of your retirement accounts — your current plan, any retirement plan from a previous employer, and IRAs. Keeping your beneficiary information updated is especially important in the event of divorce. Time and again, someone will get remarried, forget to update their beneficiary, and the previous spouse is still named as the beneficiary on the retirement plan. The person named as the beneficiary will receive the proceeds of the account, even if it is not the current spouse, and these are hard cases to overturn. Naming your beneficiary of choice is easy when you set up the account, but may be more difficult later. For
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{ Financial planning | 401(k) beneficiary }
example, we worked with an individual who thought he had a beneficiary form on file naming his children as primary beneficiaries for his retirement plan. He and his employer could not find a copy of the beneficiary form. Since Wisconsin is a marital property state, he needed to secure spousal consent to name his children as his primary beneficiaries. Due to marital discord, he was unable to get consent from his spouse and update the form to meet his wishes. This created a difficult situation he was unable to resolve to his satisfaction. Employers are now beginning to deal with effects of the U.S. Supreme Court ruling in 2013 that expanded the federal definition of spouse to include same-gender couples. The ruling means that legally married samegender spouses now have the same spousal rights as opposite-gender spouses with respect to their company-sponsored retirement plan, regardless of where
“Everyone, not just the wealthy, needs the basics of an estate plan, so make sure you have designated who will receive the proceeds of your retirement account upon your death.” the participant resides. There are instances of same-sex individuals who are married, have children and want to name the children as primary beneficiaries of their 401(k) plan. Because of the expansion of the definition of the term “spouse,” a spousal consent form is now required to designate the children as beneficiaries.
What can employers do to help? When I work with employers, I recommend that they distribute beneficiary forms every year to any participant without a form on file during employee benefits or retirement plan education meetings. Then, follow up so they receive a form from every employee. It will save the employee and the employer time, money, and headaches in the future. And, if an employer has a form on file, I recommend they reach out to employees every five years to see if anything in their life has changed relative to their beneficiary designation. As basic as it sounds, the best practice is for the employer to keep an original copy of the signed form or the electronic form in the employee’s personnel file. www.wicpa.org
We work with employers to ensure that there is “ordering” language as a default mechanism in their retirement plan documents. The language should describe who will receive the proceeds of an account if there is no beneficiary documentation available. Typical ordering states that proceeds are distributed first to the surviving spouse, then to the employee’s children and finally the employee’s estate. Not all employer plans have this type of language in their retirement plan documents. And the standard language may not match the participant’s wishes.
Take charge of your beneficiary designation When you start a new job, you are focused on learning your new job and signing up for your health insurance and other benefits. Many people may also make enrolling in the 401(k) plan a priority. Completing a beneficiary form is usually a separate procedure and not an initial priority. With no sense of urgency, as few people expect an untimely death, many beneficiary forms are never completed. The bottom line is a beneficiary designation is the first step in creating your estate plan. Everyone, not just the wealthy, needs the basics of an estate plan, so make sure you have designated who will receive the proceeds of your retirement account upon your death. Lona L. Ebert, CPA, is a senior manager at Bronfman E.L. Rothschild in Appleton. Contact her at 1-866-498-6433 or lona.ebert@belr.com. Bronfman E.L. Rothschild, LP is a registered investment advisor. Securities, when offered, are offered through Baker Tilly Capital, LLC, member of FINRA and SIPC; Office of Supervisory Jurisdiction located at 10 Terrace Court, Madison, WI 53718, phone 800.362.7301. Bronfman E.L. Rothschild, LP and Baker Tilly Capital, LLC are not affiliated. This publication should not be viewed as a recommendation, an offer to sell, or a solicitation of an offer to buy a particular security or service. The commentary provided is for informational purposes only and should not be relied on for accounting, legal, tax, or investment advice. Financial information is from third-party sources. While such information is believed to be reliable, it is not verified or guaranteed. Performance of any indexes is provided for reference and competitive purposes only without factoring any fees, commissions, and other charges. Individual results achieved by investors will be different from those of the indexes. Indexes are unmanaged; one cannot invest directly into an index. The views and opinions expressed are those of Bronfman E.L. Rothschild, LP, and they are subject to change at any time. Past performance does not imply or guarantee future results. Investing in securities involves risks, including possible loss of principal. Diversification cannot assure a profit or guarantee against a loss. Investing involves other forms of risk that are not described here. For that reason, you should contact an investment professional before acting on any information in this publication. © 2015 Bronfman E.L. Rothschild, LP.
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{ Technology | Excel Styles }
Improving Excel workflow with Styles
By William C. Fleenor, Ph.D., CPA
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{ Technology | Excel Styles }
INTRODUCTION Both Excel and Word have Styles. A Style is a collection of all the formatting components, e. g., font size and type, number format, etc., that a user can select for a range of cells or object like a graph. Figure 1 shows the default settings for the normal Style in Excel 2013.
Figure 2: Styles on the home tab of the Excel ribbon Using these preconfigured Styles from the drop down menu on the home tab of the ribbon allows users to quickly, easily, and consistently format things like headings for financial reports or totals and subtotals. I often use the heading 1, heading 2, and heading 3 in financial reports because doing so provides consistency from one of my reports to another.
MODIFYING THE DEFAULT STYLE Figure 1: Components of a Style in Excel There are numerous advantages to using Excel Styles, including the following improvements to common accounting tasks like preparing financial statements and data analysis: • Reduce the amount of time needed to prepare professional looking reports.
If you like the idea of using Styles to quickly apply formatting but don’t care for Microsoft’s default Style choices, you have several options. Probably the easiest is to modify the default settings for the Style in question. To modify a specific Style selection, 1) hover over the Style in the drop down Styles menu, 2) right mouse click, and 3) select modify from the shortcut menu that appears.
• Save time in changing defaults like the font size or format type. • Provide consistent formation between financial reports and analysis based on multiple files. • Provide for consistent formatting across reports prepared by different people in your office.
USING STYLES TO SAVE TIME The Styles feature in Excel is not new. It has always been there but became much more apparent to Excel users when Microsoft placed Styles on the home tab of the ribbon in Excel 2007. By default, Microsoft provides a number of preconfigured Styles that users can choose from to easily format documents in a consistent manner. Figure 2 shows a typical default set of Styles in Excel 2013.
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Figure 3: Shortcut menu that appears when you right mouse click while hovering over a Style Once you select modify, the Style dialog box will appear (see Figure 1). 4) Click on the format button and you will be presented with the Format Cells dialog box (see Figure 4). Simply modify any of the elements of a Style using this same format cells dialog box you are likely familiar with from applying Styles to specific ranges. Click OK twice, and you are done.
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{ Technology | Excel Styles }
“AN UNDERSTANDING OF HOW TO USE EXCEL STYLES CAN IMPROVE WORKFLOW FOR ACCOUNTANTS BY MAKING IT EASIER TO HAVE POLISHED, CONSISTENT, AND PROFESSIONAL LOOKING REPORTS.”
Figure 4: Excel’s format cells dialog box
CHANGING THEMES Another approach would be to experiment with different themes. Themes appear in the first section of the page layout tab of the ribbon. Themes are a combination of colors, fonts and effects. You can think of themes as different versions of Microsoft’s preconfigured Styles. Every time you change from one theme to another, notice that the preconfigured Styles available on the Home tab now look different. You can also develop your own custom Themes, which can be “exported to” or “imported from” other files.
Style with same color and font, and provides the end user a clean, consistent product. It is not uncommon to find companies and firms that have company-approved Style sheets for MS Word and PowerPoint. Company Style sheets for Excel are less common. However, the process of copying Styles from one worksheet to another, in Excel, is very straightforward and makes it easy to distribute a company-approved Excel Style sheet to your entire staff. 1) Open the workbook that contains the Styles that you want to copy. 2) Open the workbook that you want to copy the Styles to, and click Style on the format menu.
CREATING CUSTOM STYLES
3) Click merge.
One last approach is to create your own Styles. There is a new cell Style option near the bottom of the preconfigured Styles drop down box (see Figure 2). You can select this option to create your own Style. For example, you can create a custom number format that will format numbers to the nearest million dollars. If you need this feature regularly, you could create a custom Style including this custom number format. Every time you need numbers to the nearest million, simply apply your custom Style. In that way, custom Styles can preserve custom number formats. There is no other easy way to preserve custom number formats.
4) In the merge Styles dialog box, double-click the workbook that contains the Styles that you want to copy, and then click OK.
If you created a unique startup workbook that you use every time to create a new Excel file, you should create your custom Styles in that startup workbook. Then, when you start a new project with your startup workbook, you will have your custom Styles. Unfortunately, any custom Styles you create in any other workbooks are only available in the file they were created in.
Figure 5: Steps for copying Styles from one workbook to another
CONCLUSIONS An understanding of how to use Excel Styles can improve workflow for accountants by making it easier to have polished, consistent, and professional looking reports. Using Styles, as opposed to manually formatting cells, can also save time. A basic understanding of how to use Excel Styles should be part of every accountant’s portfolio of Excel features. William C. Fleenor, Ph.D., CPA is a shareholder at K2 Enterprises in Hammond, La. Contact him at will@k2e.com.
USING STYLES TO ENSURE CONSISTENT FORMATTING By using the same Styles repeatedly, your Excel reports will have a consistent look and feel. Some organizations take the time to create a company or firm Style sheet that everyone is to use. This ensures that all documents have a consistent, company-approved look and feel. This also supports branding, e.g., company name always in the same 32
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