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A publication of Wisconsin Institute of CPAs | www.wicpa.org
January/February 2015 Vol. 11 No. 1
6 Features
Columns
6 Quick study Jodi M. Sommer, CPA helps businesses move forward with QuickBooks. By Donna Pinsoneault
20 TAX How will the final tax rule under Basel III affect financial institutions? Discover how institutions should adjust their deferred taxes for Accumulated Other Comprehensive Income items on a quarterly basis and adjust their tax attributes on a more frequent basis. By David Marsh, CPA
12 QuickBooks tips for small business bookkeeping Maximize the value of QuickBooks for your small business accounting needs. By Stephanie J. Geurts, CPA, CITP 16 Protect your devices, data and yourself: Advent of technology creates new security concerns Make sure the mobile devices you carry are as secure as possible. By Karl W. Egnatoff, CPA, CITP
24 HUMAN RESOURCES Helping clients with human resources Consider the responsibilities and liabilities that may arise for a CPA who assists his or her clients with HR matters. By Suzanne M. Holl, CPA 26 TECHNOLOGY Taking a targeted approach to social networking Niche sites provide the accounting profession with far more bang for the buck. By Scott H. Cytron, ABC
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20 Departments 2
Odds & Ends | news briefs
3 Outlook | chair’s letter 5
Membership Matters | member benefits
11 In Touch | president & ceo’s message 14 Kudos | members in the news
On Balance
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Odd & Ends WICPA member Tim Christen, CPA named AICPA vice chair
2013 Apex Award for Publication Excellence
2014–2015 WICPA OFFICERS/BOARD MEMBERS Chair Jean M. Hansen, CPA, MBA, CGMA Acting Chair-elect Katherine L. Hauser, CPA, CGMA Past-chair Robert A. Gruber, Ph.D., CPA, CGMA Secretary-treasurer Joy L. Hertlein, CPA, CGMA Directors Lucien A. Beaudry, CPA, J.D. Kyle J. Beld, CPA Greta C. Diercks, CPA Katherine L. Hauser, CPA, CGMA Matthew A. Los, CPA Kelly K. Miller, CPA Scott D. 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 Vice President of Membership & Marketing Barb Gamez Editor Cynthia M. Hodnett Copy Editor Joan Bahr Design & Layout Rachel Moore Advertising Manager Ellen Engel Printing The Printery, An RR Donnelley Company Join us online!
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.
WICPA member Timothy L. Christen, CPA was recently named vice chair of the American Institute of CPAs (AICPA). Christen, a Wisconsin native, is chair and CEO of Baker Tilly Virchow Krause, LLP (Baker Tilly), founded in Wisconsin and recently headquartered in Chicago, Ill. His appointment is the first time in the AICPA’s 128-year history that a WICPA member has served as AICPA vice chair, and the first time that two states have shared the distinction and recognition of being acknowledged as the new vice chair’s “home state.” Christen will be formerly introduced as vice chair at the Fall 2015 AICPA Council meeting as the incoming 2015–2016 AICPA chair of the board.
IRS releases 2015 inflation adjustments
The Internal Revenue Service recently issued its annual revenue procedure adjusting various tax items for inflation, including the income tax tables and the amounts for various tax credits. Read more in the article, “2015 inflation-adjusted items and tax tables issued,” by Sally P. Schreiber, J.D., in Journal of Accountancy (http://tinyurl.com/joataxtables).
Northland CPAs opens new branch in Tomahawk
Northland CPAs has opened a new branch office on North Fourth Street in Tomahawk, according to the Tomahawk Leader. The firm, based in Rhinelander, offers tax consulting and financial services to individuals and businesses in the area. The firm has a second branch in Woodruff.
Avoid mistakes that cause good employees to leave
Changing the culture at the office is one of five tips CFOs should consider — beyond a pay increase — to retain top employees. Read more in the article, “Mistakes CFOs should avoid to keep employees from quitting,” in CGMA Magazine (http://tinyurl.com/cmga-retention).
Wipfli LLP acquires Assurity River Group
Wipfli LLP recently announced that the leaders and associates of Assurity River Group have joined Wipfli’s Risk Advisory and Forensics Services Practice. Minnesota-based Assurity River Group was established in 2002 and provides security and business continuity planning services to clients across the upper Midwest.
WANT YOUR BUSINESS MENTIONED IN ODD & ENDS?
Email your announcement to cynthia@wicpa.org. 2
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{ Outlook | chair’s letter } “The 21st century volunteer is an individual who is often busy, has many obligations, and is willing to offer their time to something bigger; wants flexibility and to be empowered.”
The 21st century volunteer
W
e all have volunteered in one way or another. Volunteers are critical to many organizations’ success in helping operations running smoothly. Yet, often it is difficult to get others to commit and volunteer their time. What has changed in today’s volunteer culture?
The 21st century volunteer is an individual who is often busy, has many obligations, and is willing to offer their time to something bigger; wants flexibility and to be empowered. They want to work alongside competent volunteers, understand the importance of technology and ultimately expect to make a difference. Does that sound like someone you know?
Flexibility
One factor that contributes to a greater number of volunteers is a willingness to be flexible. Today calls for a new system and for a greatly expanded definition of what it means to be a volunteer. Rather than always recruiting for specific roles, organizations understand they can get more from the volunteer if allowed to work their own schedule. Rather than rigid predetermined roles, the volunteer has some say on how they want to be involved. This changes the way the organization views its program and customizes to the volunteer’s strengths and time commitment available.
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Micro-bite
Micro-bite volunteering is just another way to take advantage of the volunteering trend in which people are reluctant to commit for extended periods of time. This trend offers individuals the chance to feel good by using their talent in shorter intervals. Leveraging the use of technology, like using apps to get information, feedback or complete projects, is becoming common. Phone and video conference calls have become standard protocol, alleviating the need for physically attending meetings. In addition, sending out electronic files eliminates paper documents, allowing everything to be located on a laptop or tablet at your fingertips.
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Expertise
Many volunteers today are professionals and want to be treated like professionals. A knowledge-based worker is someone who is already skilled in an area of expertise. This worker is confident in their abilities and regularly makes decisions that affect what they are working on. Knowledge-based workers want to be empowered. They want to volunteer and influence how the volunteer project should be accomplished. Passion drives them, bringing expectations of others working with them to a higher level creating the synergy to make a difference. Simply put, the new breed of volunteer drives the program. Be prepared to have the volunteer call the shots to some degree. These volunteers want to be asked what they see, know the needs of the organization and how they can help accomplish the mission. The volunteer has a passion for the cause of the organization, but may not always fit into the traditional mold. To reach the 21st century volunteer, we have to understand and accept their changing expectations.
Jean M. Hansen, CPA, MBA, CGMA is CFO/ vice president-finance at Manitowoc Tool & On Balance Machining LLC. Contact her January|February at 920-682-88252015 ext. 114 or jhansen@mantool.com.
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Your membership PAYS for itself with these AFFINITY PARTNERS! Discounted CPE pricing is just one way your membership saves you money. You’ll also receive significant discounts, rewards and even cash back with these carefully selected programs and services you routinely use for business and personal needs.
Provides a wide variety of quality, comprehensive and affordable insurance programs. Members receive free quotes and product discounts. Work extensively with CPAs, individual investors, attorneys and business owners on wealth management, investment planning and estate strategies. Members receive free/discounted CPE, advisory program discounts and no-cost, no-obligation consultations. Co-sponsors the annual 401(k) investment seminar, offering members four hours of CPE at a nominal cost. Receive retirement plan investor education, as well as wealth management consulting. Provides 10% discount on award-winning payroll services, human resources consulting, timekeeping solutions and an integrated 401(k) as part of their commitment to fulfilling all of their clients’ payroll needs.
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Log into the Member Benefits Marketplace at www.wicpa.org/marketplace for details and January|February 2015 additional member benefit providers. www.wicpa.org
{ Membership Matters | networking } “Whether it’s at in-person networking events or CPE, through our social media sites or even the online member directory, you’ll develop contacts you can turn to for knowledge-sharing and career development.”
Your membership is The Standard Above™ for … accelerating your networking!
L
ast year, the WICPA introduced a new tagline, The Standard Above™. This statement was chosen because it says that WICPA membership sets you apart and positions you as the best of the best. The statement also conveys the value that the WICPA brings to current and prospective members, the business community and the public. In each issue, I’ll share examples of how the WICPA is The Standard Above™ for you as a member. Networking is the lifeblood of long-term success. You can jumpstart your networking efforts by gaining immediate access to nearly 8,000 peers in a variety of ways. These connections serve as go-to resources for the guidance, support and experience necessary to help you make the most of your accounting career. On our new member surveys since 2010, 87 percent of our new members indicated that “meeting and networking with other professionals” is as either an “important” or “very important” reason for joining the WICPA. On event evaluations, an average of more than 60 percent of attendees indicated “networking” as the aspect they enjoyed most.
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Online member directory
Do you have a specific industry-related issue you’re facing? Would you like to explore career options in other industries or areas of accounting? Through the online member directory, you have access to the best and brightest minds throughout the state. After logging into “My Membership” on the WICPA website, you can link to the Member Directory, giving you exclusive access to member information. Search by general and specific business areas as well as position titles to find members matching your criteria. Quickly and conveniently contact other members via email them without leaving the WICPA website.
Social media
Visit our social media pages regularly on LinkedIn, Twitter, Facebook, YouTube and Photobucket, where you can post questions, share professional articles, see highlights of
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other members in action and even share photos. Link directly to them from the icons on our home page.
Signature events
In addition to a wide variety of in-person CPE seminars and conferences, you’ll also find numerous networking opportunities at signature events throughout the year. One signature event ideally suited for all members is the Member Recognition Banquet & Annual Meeting. If you attend only one event, this is one you don’t want to miss. It’s an ideal opportunity to get to know members from all segments of the profession at all levels and it’s no cost for members to attend! Visit www.wicpa.org/banquet for details. Because networking is important to members, we’ve made it a priority to offer a variety of ways to connect with members. Whether it’s at in-person networking events or CPE, through our social media sites or the online member directory, you’ll develop contacts you can turn to for knowledge-sharing and career development.
Barb Gamez is vice president of Membership & Marketing of the Wisconsin Institute of On Balance January|February 2015 CPAs. Contact her at 262-785-0445 ext. 4509 or barb@wicpa.org.
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QUICK STUDY JODI M. SOMMER, CPA HELPS BUSINESSES MOVE FORWARD WITH QUICKBOOKS By Donna Pinsoneault
WANT TO MOVE YOUR BUSINESS FORWARD? “TAKE TIME TO REVIEW YOUR TECHNOLOGY,” ADVISES JODI M. SOMMER, CPA. “SPEND A LITTLE TIME, DO A LITTLE RESEARCH. SEE WHAT’S AVAILABLE THAT COULD TAKE YOUR BUSINESS TO THE NEXT LEVEL.” Photography by John Nienhuis
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“Whether it’s a QuickBooks or payroll question, Jodi and her staff at Schenck are there for me and that puts my mind at ease every day,” Guell said. Jodi M. Sommer, CPA assists Carrie Guell, owner of Olivada in Sheboygan, with her QuickBooks Point of Sale System.
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manager and Certified Advanced QuickBooks ProAdvisor at Schenck SC in Sheboygan, Sommer provides business consulting, general accounting, audit and tax services for a broad client base. Her clients include construction contractors, service and retail businesses, and nonprofit organizations. Sommer is a big fan of technology and thoroughly enjoys helping her clients use technology to improve their business by becoming more efficient and making smarter decisions. “A lot of efficiencies can be gained by discovering new ways to make the most of your technology,” she said. “I love being able to help my clients implement changes at the right time or help determine when that next strategic move should be.”
EXPLORING THE POSSIBILITIES Sommer’s love for math began in elementary school and continued with accounting electives in high school. She exhausted all high school level business and accounting courses at Sheboygan South High School before her senior year. Progressive educators at Sheboygan South helped her design an independent study program with basic college level courses. It wasn’t possible to get college credit for them at the time, Sommer said. However, she used what she learned to successfully complete a two-year accounting degree at Lakeshore Technical College in Cleveland, Wisconsin, and later transferred those credits to complete a Bachelor of Science in Accounting at Lakeland College in Sheboygan. “Accounting was definitely my career path,” she said. “There was no hesitation or doubt in my mind. I really liked working with numbers, analyzing data, and problem solving. I continuously thought about how I could use those interests to best support a business.” Her interest in accounting and business management continued to evolve as she watched her family lead a successful company. This early experience developed into an understanding and appreciation of what it takes to build and grow a profitable business. After college and working with the family business for a few years, Sommer pursued her career in public accounting. At 8
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Schenck, she began assisting clients with software issues and decided to investigate Intuit’s QuickBooks ProAdvisor program. The initial certification process strengthened her ability to help clients set up files effectively and coach them in using their financial statements to assess how well their business is doing. She followed up by completing the QuickBooks Advanced ProAdvisor Certification. “I took it upon myself to dive in and learn as much as possible about how QuickBooks works,” Sommer said. “The advanced certification process allowed for addressing even more questions and examining, in depth, the system’s ins and outs.”
BRINGING NUMBERS AND PEOPLE TOGETHER However, it’s not all about numbers and software. As Sommer sees it, the accounting profession offers the better of two worlds — bringing numbers and people together. “I particularly enjoy helping my clients that are just starting and building a business,” she said. “They bring their expertise to the business, but accounting is not their forte. I help them understand the daily aspects of their financial statements which, in the end, helps with strategic decision-making.” Yet knowing the technology is not enough. “You can’t just use technological terms,” Sommer said. “You need to be able to read each client and prospective client and communicate with them in ways they can relate to their business, understand what they need, and where they want to go.” Sommer leads a team at Schenck that researches and tests new software developments to determine how best to help clients streamline business processes to meet their specific goals. For example, one business may benefit from accepting payments via mobile devices. Another may be using their software incorrectly and overpaying taxes. “Spending even half an hour sharing research with a client may uncover new ways to benefit from their software,” she said. “I make sure to do my homework so I can recommend the products that can really help.” One of Sommer’s clients is DiecastModels.co, an Oostburgbased e-commerce business that specializes in the global sale www.wicpa.org
of diecast model replicas of vehicles and equipment covering a wide range of industries including mining, construction, fire and rescue. Sommer, who has worked with DiecastModels.co for a year and a half, initially helped the company with its QuickBooks inventory procedures. From there, she continued working with the company on more in depth financial services. “When we started working with Jodi a year and half ago, our QuickBooks file was in the process of being updated for the first three years of our business (2010–2012), as the file was not maintained well prior to 2013,” said Ryan Reagles, owner and CEO of DiecastModels.co. “Jodi was able to use her expertise to finalize our 2012 tax return to meet our extension deadline, as well as complete our 2013 tax return in January of 2014,” Reagles said. “Jodi also reviewed our previous tax returns and was able to save us $100,000 from previously filed taxes. We greatly appreciate the patience Jodi has with our limited accounting knowledge. She is always sure to explain everything she works through and does everything possible to help us meet all our goals.”
LESSONS FROM A TECH-SAVVY CPA Sage 50, Xero, Wave and cloud computing are among the technologies that are newer to the market. The list is long, and Sommer pointed out that no software will be right for every client. She recommends CPAs learn about cloud computing,
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which offers anytime, anywhere access to records. “You’ll want to stay on top of this and be able to talk it through with clients,” she said. “It can produce some real benefits, but you have to look at cost and safety issues. It isn’t right for everyone.” Sommer also recommends accounting professionals make researching software a habit. “Then when clients have questions about emerging technology, we can help,” she said. “It takes time to do that research, but it makes an advisor stronger. You don’t have to be an expert in everything, but you want to know enough to provide educated guidance.” Sommer also suggests talking with people in similar businesses to find out what software they are using and which features are producing benefits for them. “Or, simply research online or use professional social media outlets like LinkedIn,” she said. “You’ll find blogs and online forums. Ask participants what they are using and what they like best about it.”
Donna Pinsoneault is a freelance writer in Brookfield. Contact her at dpinsoneault@gmail.com.
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Join the CONVERSATION! wicpa.org/LinkedIn wicpa.org/Twitter wicpa.org/Facebook
CONNECT TWEET LIKE
wicpa.org/YouTube
WATCH wicpa.org/Photobucket
SEE PHOTOS
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{ In Touch | president & CEO’s message } “WICPA Advocacy Day on Jan. 23, 2015 provides the perfect opportunity for you to further refine your communication, presentation and persuasive competencies, while you learn about and participate in the legislative process.”
Don’t miss this year’s WICPA Advocacy Day!
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T
he Nov. 4, 2014 election resulted in more than 45 newly elected Wisconsin State Assembly representatives and senators in Madison. In order to most effectively serve your needs, it is very important for the WICPA to establish positive communication and working relationships with our newly elected legislators. It is also critical for the WICPA to renew and maintain our communication and positive relationships with legislators who remain in their elected offices. While letters, email, phone calls and social media provide opportunities to share policy positions with legislators, the most effective way to establish and strengthen our relationships with policy makers is to personally visit with them and their staff members at their Madison offices. Having many WICPA members take the time from their busy schedules to personally visit dozens of legislators on one day sends a strong message to policy makers that CPAs are highly engaged in the legislative process. Visiting legislators regularly builds stronger relationships than visiting only when there is a policy request. My column in the September—October 2014 issue of On Balance encouraged you to engage in advocacy in order to both serve the CPA profession and enhance your professional skills. WICPA Advocacy Day on Jan. 23, 2015 provides the perfect opportunity for you to further refine your communication, presentation and persuasive competencies, while you learn about and participate in the legislative process. Advocacy Day starts with a Wisconsin Public Policy Committee meeting and a political landscape update from WICPA legislative counsel, Alice O’Connor, with Constituency Services, LLC in Madison. A lunch briefing on the protocol for legislator visits is then presented for those who have not previously participated in advocacy activities. Folders with a spreadsheet identifying members of each “Advocacy Team” scheduled to visit each legislator’s office are then distributed, along with a “talking-points” document
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and a “leave-behind” summary that describes the WICPA and our positions on various matters for each legislative visit. Several Advocacy Teams consisting of two to four members, including at least one member with advocacy experience, then visit legislator’s offices at the Capitol for half hour meetings during which they share WICPA positions on various matters with legislators and their staffs. Members finish the day with a debriefing meeting as they complete reporting forms summarizing each legislator visit.
PLEASE JOIN US
in Madison on Jan. 23 to represent the CPA profession and build your skills!
Dennis F. Tomorsky, CPA, J.D., CGMA is president & CEO of the Wisconsin Institute of CPAs.On Contact him at January|February 262-785-0445 2015 Balance ext. 4519 or dennis@wicpa.org.
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QuickBooks TIPS FOR SMALL BUSINESS http://quickbooks.intuit.com
BOOKKEEPING
Q
uickBooks is one of the most popular accounting applications for small businesses. It’s not only easy to use and well-supported, it also has a full range
of features making it a powerful tool for business owners. Successful use of QuickBooks requires business owners and/or their accountants to monitor and verify the data in
By Stephanie J. Geurts, CPA, CITP
the file. This can be accomplished through review of the many reports they offer and use of the following tips.
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“As technology and QuickBooks continue to evolve, it’s important to take advantage of the features that will help contribute to the reporting success of your business.”
PREPARING YOUR QUICKBOOKS FILE FOR YEAR-END TAXES
Step one at year-end is to verify the asset and liability account balances on the balance sheet. Accrual based tax payers will want to verify the accounts receivable and accounts payable aging reports agree to the balance sheet. Loan balances, sales and use tax payable should all agree to the amounts owed at the end of year. To aid in this process, QuickBooks has a year-end checklist in the help menu under year-end guide. The three-part checklist serves as a tracking system for the year-end tasks, as well as an instructional guide. Following are some sample items included in the three-part list:
Tasks to prepare for filing taxes:
Reconcile all bank and credit card accounts. Hopefully these have been done monthly throughout the year. If not, multiple months can be reconciled at once. Review details of equipment purchased during the year and record depreciation entries. Take a physical inventory and reconcile to the book inventory. See the inventory section below if tracking items within QuickBooks. Verify retained earnings matches to the prior year. Close the books. Use a password to prevent accidental changes to transactions.
Tasks to do if you use subcontractors:
Ensure the 1099 information is correct. Print and mail 1099s.
Tasks to do if you have employees: Update to the current tax table. Pay payroll liabilities. Review and distribute W2 forms. Process payroll tax returns.
TRACKING INVENTORY
QuickBooks can track quantity and the value of inventory after every purchase and sale. Some versions also track assembly items and finished goods. Tracking inventory provides the benefit of knowing the current quantities and value on hand, but careful attention must be paid to the impact of negative inventory. QuickBooks allows the sale of inventory items even if there is not enough quantity on hand which results in negative inventory. QuickBooks uses the average cost method, which takes into consideration every increase and decrease in value and quantity for the entire history of the item when calculating the average cost. When you have negative inventory quantities, you will have an incorrect cost of goods sold value, so make sure you receive the items before they are sold. www.wicpa.org
SALES AND USE TAX SETUP
The tracking of sales and use tax can be complicated when dealing with a mix of taxable and nontaxable products and a mix of customers that are subject to tax or tax exempt. QuickBooks allows the tracking of sales tax collected and remitted through the setup of tax agencies and sales tax items. However, it is not designed to track use tax well. To work around this limitation, you will need to setup a use tax liability account (one per each agency that you will owe tax to), then create a bill or check for the purchase of the product. The bill or check amount should only be for the actual amount owed to the vendor. The amount coded to purchases or supplies should include the use tax, which will leave a negative amount to put to the use tax account ($100 purchase missing tax; create bill or check for $100, put $105 to supplies and negative $5 to use tax account). When you pay your sales tax, you will need to create a sales tax adjustment and increase the sales tax owed by the amount in your use tax account, and make sure to code the adjustment to the use tax account.
MULTIPLE LOCATIONS
For companies that have multiple locations and do not want to use QuickBooks Online but would rather have the desktop version, they will need to look at hosting options. The users have their licensed copy of the software on a server in a hosting facility. The program can then be accessed over the Internet. The key is to be sure you are using a reputable company. Many claim to host QuickBooks but you want to be using an Intuit authorized hosting firm. These companies have been through the application and accreditation process to receive a licensing agreement with Intuit. Watch for the “Intuit Authorized Hosting” mark. Every owner needs to have a way of evaluating their business. QuickBooks continues to offer new solutions through Web-based features such as online banking and reconciliation, remote payroll service and Google Maps integration. There are also many add-on programs to address the needs of specific industries. As technology and QuickBooks continue to evolve, it’s important to take advantage of the features that will help contribute to the reporting success of your business.
Stephanie J. Geurts, CPA, CITP is a partner at Suttner Accounting, Inc. in Oshkosh. Contact her at 920-235-6789 ext. 430 or sjg@suttnercpa.com.
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kudos
Jill M. Boyle, CPA
Benjamin L. Baker was recently promoted to supervisor at Schenck SC in Oshkosh.
Nathaniel J. Logan, CPA was recently promoted to senior accountant at Schenck SC in Fond du Lac.
Jill M. Boyle, CPA was recently promoted to manager in the government and not-for-profit services department at Schenck SC in Milwaukee.
Michael R. Mayhew, CPA, a senior manager at CliftonLarsonAllen LLP in Tomah, recently received The Rotary International Foundation’s Paul Harris Fellow award for outstanding contribution to the organization, according to the Tomah Journal.
Melodi L. Bunting, CPA, CMA, CGMA was recently hired as a staff accountant in the Assurance Department at Wegner CPAs in Madison.
Jack R. Cotton, CPA
Ryan J. Elliot, CPA
Melissa M. Enderby, CPA
Jack R. Cotton, CPA, former CEO for SVA Certified Public Accountants, S.C. and its affiliated companies, was recently selected for the 2014 Legends Award from the Leading Edge Alliance.
Tiffany B. Piper, CPA was recently promoted to manager at Schenck SC in Fond du Lac. Stuart P. Randall, CPA was recently promoted to senior accountant in the government and not-forprofit services department at Schenck SC in Wausau.
Brian DelVecchio, CPA was recently promoted to senior accountant at Schenck SC in Milwaukee.
Scott O. Stuckmann, CPA was recently promoted to senior accountant at Schenck SC in Manitowoc.
Ryan J. Elliott, CPA was recently promoted to manager at Schenck SC in Green Bay.
Joshua D. TeBeest, CPA was recently promoted to supervisor at Schenck SC in Sheboygan.
Melissa M. Enderby, CPA was recently promoted to manager at Schenck SC in Green Bay.
Charlotte L. Towle was recently promoted to senior accountant at Schenck SC in Wausau.
Mark R. Graupman, CPA was recently promoted to vice president-finance at Foremost Farms in Baraboo, according to the Reedsburg-Times Press.
Jonathon R. Wendorf, CPA was recently hired at MBE CPAs in Wausau, according to the Wausau Daily Herald.
Kandace A. Haegele, CPA was recently hired as a tax accountant at GreenStone Farm Credit Services in Clintonville, according to Wittenberg Enterprise & Birnamwood News. John F. Hager, CPA, J.D., an attorney at Hager, Dewick & Zuengler, S.C. in Green Bay, was recently selected by his peers for inclusion in the 2015 edition of “The Best Lawyers in America®”. Monica M. Hauser, CPA was recently named partner-in-charge of Hawkins Ash CPAs in La Crosse.
John F. Hager, CPA, J.D.
Collin T. Hayes, CPA was recently promoted to senior accountant at Schenck SC in Appleton. Audra S. Hoffmann, CPA was recently named assistant professor of business and economics at the University of Wisconsin-Fox Valley, according to The Post-Crescent.
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promotion or
award mentioned in Kudos? Email your announcement and photo in JPG format to cynthia@wicpa.org.
Monica M. Hauser, CPA
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PROTECT YOUR DEVICES,
DATA AND YOURSELF: ADVENT OF TECHNOLOGY CREATES NEW SECURITY CONCERNS
Just about every business professional carries at least one mobile technology tool. These devices are quickly becoming more appealing targets for those who steal. This is the case not only because of the worth of the physical units, but also due to the value of the information to which these devices could provide access. And, it is evident that many people do not realize that compromised mobile devices are generally a security risk.
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By Karl W. Egnatoff, CPA, CITP
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I
was recently seated next to an individual on an airplane who was significantly connected to important business resources via two different mobile devices. He completed a heated conversation, using his phone, about the need to move funds from one company bank account to another. My seatmate then took out his tablet, brought it out of sleep mode and started working. He did not have a password or passcode on the device. He connected to an online banking site and effected the required fund transfer. Both the username and password for the banking utility were stored on the tablet so he did not have to key this information in as he accessed the site. He then placed the tablet in the seatback pocket and nodded off to sleep. This illustrates not only the need for security, but also the apathy toward the need for controls to protect devices and data. This article highlights some of the more pervasive security issues that arise when dealing with mobile technology, and a few of the many security measures that both organizations and individual users should consider.
SECURITY ISSUES AND PRACTICES TO CONSIDER TO MITIGATE THEM Users must guard against and prepare for three primary concerns: theft or loss of a mobile device; damage, destruction or malfunction of the unit; and compromised venue security when in use.
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THEFT OR LOSS OF A DEVICE By definition, mobile items are movable, making them easier to steal or misplace. With the loss of possession, a list of bad things grows quickly. Asset value is lost, content access is lost, others may gain access to the content, and someone could initiate communication from the device and those contacted would believe the message came from the original owner.
SOME IMPORTANT CONTROLS TO HAVE IN PLACE: The first line of defense is to create and enforce policies that safeguard against loss or theft. As an example, an important control is to make sure employees never leave devices unattended, and do not place them in areas where they may be forgotten. A second important control is to make sure all mobile units have encrypted storage and have password or passcode protection in place. This way, if someone steals or finds the device, they have to crack the password to gain access to data stored on it. This gives the user time to invoke additional security measures. Many mobile device operating systems provide the ability to remotely “wipe” the contents of a stolen or misplaced device, thus making the value of the unit the only benefit for the culprit that takes it. The password will — hopefully — keep the contents secure until the wipe procedure is completed.
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Finally, companies should consider mobile device management (MDM) and mobile device tracking applications to add security and provide unit-tracking capabilities. MDM applications allow an administrator to encrypt all or part of mobile device storage, force password methodology that includes dictating the length and complexity of the passwords used, and limit the types of applications and content placed onto a mobile technology item. There are many available options for MDM applications with varying price points. A few of the most popular are Centrify and AirWatch. Track and trace apps such as LoJack or CyberAngel provide added capabilities for those wishing to find lost or stolen devices by employing some of the unit’s built-in tools like GPS location services and the forward facing camera (to take pictures of those who currently possess the device).
DAMAGE, DESTRUCTION OR MALFUNCTION OF THE MOBILE TECHNOLOGY
the presence of prying eyes and enormous ears is a concern. People should just take a few moments to verify the security of the location in which they choose to use their devices.
PROTECT YOURSELF MOVING FORWARD With the growing use of mobile devices, the amount of information stored and accessed by these units is increasing, making them a more interesting target for those with nefarious intent. You should protect both the devices and the content. Organizations should have mobile security policies in place and processes to implement them. Individuals need to exercise due diligence to make sure the mobile devices they carry are as secure as possible. Karl W. Egnatoff, CPA, CITP is an associate at K2 Enterprises in Hammond, La., where he develops and presents continuing education courses to accounting and financial professionals across the United States. Contact him at karl@k2e.com.
Mobile technology is easily damaged or destroyed and sometimes malfunctions, which can be expensive to repair or replace and cause the loss of important content. It might be a good idea to carry insurance coverage on mobile technology to minimize the cost for new units or for repairs. It is also a great practice to make sure that key data is backed-up so you can recover it if necessary. Backup applications are plentiful, and because of the tremendous connectivity supported by mobile hardware, it is easy to have up-to-date backups of all-important content.
VENUE SECURITY Going back to the incident I shared earlier about the individual on the airplane, I was not trying to find out about the operation of his organization. Yet I now know the bank they use, information about particular vendors, and the way in which they are paid. If someone was intentionally trying to gain information about this business sat where I was, the consequences could be notable. Users of mobile technology must maintain control of the devices they use and also be aware of the venue in which they are using their devices because
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By David Marsh, CPA
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O
n Oct. 11, 2013, the Office of the Comptroller of the Currency (OCC) and the board of governors of the Federal Reserve System (Fed) adopted a final rule that revises their risk-based and leverage capital requirements for banking institutions. The final rule consolidates proposed rulemaking that was published in the Federal Register on Aug. 30, 2012. These rules apply to virtually all banking institutions, with the exception of bank holding companies with less than $500 million in total consolidated assets. These new rules require significantly more analysis of deferred taxes in determining tier one and risk-based capital.
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{ Tax | Basel III }
How will the final tax rule under Basel III affect financial institutions?
{ Tax | Basel III }
Accumulated Other Comprehensive Income (AOCI) opt-out Non-advanced approaches financial institutions (generally those with less than $250 billion in total consolidated assets) are able to make a one-time permanent Accumulated Other Comprehensive Income (AOCI) opt-out election that is consistent with current rules. This election is available for the first report for which the institution is subject to these new risk-based capital rules. For an existing institution, this election must be made on its March 31, 2015 regulatory filing. This opt-out election includes gains and losses on Available For Sale (AFS) debt securities, gains on AFS equity securities, accumulated gain and losses on cashflow hedges, and amounts attributed to defined benefit post retirement plans. Consistent with current practice, AFS losses on equity securities are not eligible for AOCI opt-out in the determination of tier one capital. The failure of an institution to make a timely opt-out election will require most components of AOCI to be reflected in the determination of regulatory capital for all future reporting periods. The only exception relates to gains and losses from cash-flow hedges, which are not included regardless of whether an institution makes an opt-out election. The final rules provide guidance with respect to merger
ALLOWABLE DEFERRED TAXES FOR TIER ONE CAPITAL CURRENT PRACTICE Prior to the implementation of Basel III, deferred tax assets were supported by recoverable taxes paid and the lesser of the tax on the next 12 months of taxable income or 10 percent of tier one capital. Temporary differences are assumed to reverse at the report date, and the institution should calculate one overall limit that includes all tax jurisdictions.
BASEL III APPROACH TO DEFERRED TAXES The ability to use the tax liability on 12 months of future earnings to support deferred tax assets is no longer available under Basel III. Additionally, the determination of recoverable taxes is done on a jurisdictional basis. There will no longer be the ability to net federal, recoverable taxes against statedeferred tax assets. As a result, institutions will need to understand state-by-state carryback provisions to determine whether or not a state-deferred tax asset is realizable. The approach to adjustments to tier one capital and the riskbased capital calculation under Basel III is as follows: 1) Financial statement deferred taxes are adjusted for AOCI items not reflected in tier one capital.
and acquisition transactions. If two organizations involved in
2) Goodwill and nonmortgage servicing intangible assets,
a merger or acquisition each made an opt-out election, the
net of associated deferred tax liabilities, are written off
surviving entity must continue with this election. Similarly,
against capital consistent with current practice.
if neither institution made an opt-out election, the surviving
3) Remaining deferred tax liabilities are allocated
entity must continue with non opt-out treatment. However, in situations where there is divergent treatment between the acquirer and target with respect to the opt-out election, the surviving entity may make a new opt-out election. This new election must be made on the first call report filed after the effective date of the merger or acquisition. A top-tier depository institution holding company that
between net operating losses, tax credit carryforwards and deductible temporary differences that could not be realized from a hypothetical carryback. 4) Net operating loss and tax credit carryforwards, net of related valuation allowances and allocated liabilities, are written off against capital.
makes an opt-out election will be required to make an opt-
5) If the following items exceed 10 percent of tier one
out election for all insured depository institutions under
capital individually or 15 percent in the aggregate, they are
common control. The regulatory agencies are concerned
written off against capital.
with capital arbitrage that an institution could deploy with divergent opt-out elections. Notwithstanding the availability of the opt-out election, regulatory agencies reserve the right to require an institution’s capital ratio be in excess of stated minimums. This is particularly true with a large portfolio of AFS debt securities.
• Remaining net deferred tax assets that cannot be supported by recoverable taxes. • Mortgage servicing assets net of associated deferred tax liabilities. • Significant investments in the capital of unconsolidated financial institutions in the form of common stock.
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{ Tax | Basel III }
“Although many institutions only adjust their
Deferred tax assets that
Quarterly call report issues
are not supported by tax
Quarterly regulatory filings will likely reflect different
history and do not exceed
carryback histories to support the institution’s deferred tax
10 percent of tier one capital
AOCI items on a
assets. A calendar-year corporation will have 27, 30, 33 and
individually or 15 percent in
36 months of tax history over quarters one through four,
quarterly basis,
the aggregate are subject to
respectively. This will result in a higher amount of disallowed
250 percent weighting for the
deferred tax assets written off or subject to 250 percent
risk-based capital calculation.
risk-based weighting in the earlier quarters versus the later
However, deferred tax assets
quarters.
deferred taxes for
consideration should be given
that are supported by tax
to adjusting tax
history are subject to a
for AOCI items on a quarterly basis, consideration should be
more favorable 100 percent
given to adjusting tax attributes on a more frequent basis.
weighting reflective of their
Assuming an institution is realizing the benefit of these tax
risk profile.
attributes, this process will help improve its capital ratio
attributes on a more frequent basis.”
DEFERRED TAX LIABILITY UNCERTAINTY REGARDING CARRYBACK CALCULATION The guidance is unclear under the final rule regarding
Although many institutions only adjust their deferred taxes
throughout the year. Deferred taxes that are reflected in the financial statements are the basis for determining amounts subject to write-off or risk weighting. Institutions should consult with their regulatory tax advisors regarding any questions associated with the implementation of these rules.
whether the netting of allocated liabilities occurs before or after the hypothetical carryback. However, section 22(e)(3) of the final rule provides insight into the 10 percent and 15 percent common equity tier one capital deduction threshold calculations. This section states in part that, “the amount of DTAs that arise from operating loss and credit carryforwards, net of related valuation allowances, and of DTAs arising from temporary differences that the Bank could not realize through net operating loss carrybacks, net of related valuation allowances, may be offset by DTLs.” Although not free from doubt, this language seems to indicate that the hypothetical carryback is done without consideration of deferred tax liabilities. This is further supported under section 22(e)(3)(ii), which requires allocation of deferred tax liabilities after determining the amount of deferred tax assets not realizable from a hypothetical carryback. Whatever approach an institution uses for deferred tax netting should be applied consistently for all future periods,
This document contains general information, may be based on authorities that are subject to change, and is not a substitute for professional advice or services. This document does not constitute assurance, tax, consulting, business, financial, investment, legal or other professional advice, and you should consult a qualified professional advisor before taking any action based on the information herein. McGladrey LLP, its affiliates and related entities are not responsible for any loss resulting from or relating to reliance on this document by any person. McGladrey LLP is an Iowa limited liability partnership and the U.S. member firm of RSM International, a global network of independent accounting, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. McGladrey®, the McGladrey logo, the McGladrey Classic logo, The power of being understood®, Power comes from being understood®, and Experience the power of being understood® are registered trademarks of McGladrey LLP. ©2014 McGladrey LLP. All Rights Reserved. This publication represents the views of the author(s), and does not necessarily represent the views of McGladrey LLP. This publication does not constitute professional advice. This article was reprinted with permission from McGladrey LLP.
and approval should be requested from its primary regulator before making a change.
TRANSITIONAL RULES FOR CAPITAL ADJUSTMENTS A phase-in of disallowed tax attributes and the 10 percent and 15 percent threshold deductions are to be recognized during years 2015 through 2018. The phase-in percentages over these years will increase from 40 percent to 100 percent in 20 percent increments.
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Cue up with these 2015 WICPA conferences CPAs in Industry Spring
Nonprofit & Health Care Financial
Financial Institutions
Accounting, Auditing & Financial Management
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will open approximately eight weeks prior to each conference. To learn more, visit www.wicpa.org/CPE.
What’s new with you? Update your membership profile and stay connected >
Help us and your fellow members get to know you better for greater networking opportunities and greater control of the communications you want to receive from us. Update your member profile today by logging in to www.wicpa.org/memberprofile with your WICPA username and password.
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{ Human resources | consulting }
Helping clients with human resources By Suzanne M. Holl, CPA
C
lients will sometimes ask their CPA to assist them with human resources-related matters. A common scenario involves the CPA assisting in the recruitment of a new CFO, or assisting the client to “redesign an accounting department.” The debate over how much assistance a CPA should provide a client in this area has been around a long time. It is essential that CPAs rendering these types of consulting services remain sensitive to not stepping into the shoes of management. Care must be given to ensuring that there is no “client expectation gap” with respect to the scope and limits of the human resources consulting services that the CPA is rendering. It is also important to define any client responsibilities that exist.
Consider the following scenario: The CPA firm is engaged by a client company to review financial statements, prepare tax returns, and assist the company in finding a new controller. The firm places classified ads, screens resumes, and interviews candidates. Qualified candidates are then sent to the client
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for further interviews. The client then hires one of the candidates without informing the firm of the hiring. A month or so later, the client calls to tell the firm that the firm had over-billed for its services in the amount of $20,000. The firm checks its records and finds that its bill is accurate. The client somehow has an inaccurate bill, and the firm warns the client that some sort of error has occurred. A few weeks after that, the new controller disappears with about $100,000. The client asks the firm what kind of background check was performed on the new controller. The firm explains that no background checks had been requested, offered or performed, but the client continues to assert that the CPA should have performed a background check. The client hired the controller without giving the firm a chance to do a background check, and in any event, it didn’t make sense to do a background check on every candidate sent to the client for an interview. Further, the engagement letter specified that background checks were not to be a part of the engagement, and when the
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{ Human resources | consulting }
“The contention that you are able to remain impartial and objective while serving as a client’s CPA and business partner is usually not believed by a jury. Should something go wrong and you end up in court, it is highly likely that a jury will perceive you as not having been impartial and objective.” firm pointed that out to the client, the client decided to pursue a settlement with a bank that didn’t catch the controller’s fraudulent activity.
Loss prevention tips As the preceding scenario illustrates, the engagement letter can be a powerful first line of defense in a dispute. Use an engagement letter for every engagement. Juries expect CPAs to document all significant communications, decisions and observations, and the understanding between the CPA and the client should always be documented in an engagement letter. A legal defense is almost always more successful when based on documentation rather than memory. Define your engagement specifically. Engagements in the area of human resources consulting services and/or staffing agreements are often vaguely defined. Discuss
your client’s expectations with an eye toward avoiding potential problems in the future. Have a qualified risk adviser review your engagement letter. Ascertain whether or not your firm can do the job. Determine what services are needed and whether or not they might be better met by another professional, such as an employment practices attorney. Do not step into the shoes of management. Remember: perception is everything. The contention that you are able to remain impartial and objective while serving as a client’s CPA and business partner is usually not believed by a jury. Should something go wrong and you end up in court, it is highly likely that a jury will perceive you as not having been impartial and objective. Suzanne M. Holl, CPA is senior vice president of loss prevention services with CAMICO (www.camico.com) headquartered in San Mateo, Calif. She can be reached at sholl@camico.com.
PEAK PERFORMANCE IS HUMANLY POSSIBLE What are you doing to launch your business forward? Experis™ can bring you the risk advisory, tax and finance & accounting solutions and experts that share your vision and can help you create sustained growth. Let us connect you to the experience you need and watch your company take off. Visit experis.com Contact one of our Wisconsin locations: Appleton (920) 380-0850 • Madison (608) 828-2720 Milwaukee (414) 231-1150
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{ Technology | social networking }
TAKING A TARGETED APPROACH TO SOCIAL NETWORKING:
Niche sites provide the accounting profession with far more bang for the buck
By Scott H. Cytron, ABC
On a personal level, social media offers an easy-to-use platform to share information and connect with friends. In business, we are just now beginning to understand and grasp the value associated with using various networking sites, especially in the accounting profession and business marketplace. 26
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{ Technology | social networking }
M
ost of the time, accountants want to know what kind of ROI they can expect; any time spent on non-billable functions must relate back to growth. Still in its infancy, social media offers a practical means to build business and turn prospects into clients or customers, while building knowledge and holding discussions that directly relate back to our work.
NICHE SITES LEAD TO INFORMATION EXCHANGE
Americans spend about 17 percent of their time on the Internet using social media sites, which would explain why use of these sites has tripled in the last year. Despite growing popularity, oddly enough most people don’t realize that they have engaged in social media activity. Email messages and websites are examples of social media, yet the nomenclature we now think of as social media didn’t explode until 2003 when LinkedIn was created. Still considered the most professional of any social network, LinkedIn is endorsed by many accounting firms as their only means of social media because they can quantify the ROI when a LinkedIn relationship gives a qualified referral or turns into a client. Two other social media sites, Facebook and Twitter, are the next most popular social networking sites because each one demonstrates new and innovative ways to make connections. Twitter is the fastest growing community site with a reported 1,382 percent increase in visits from February 2008 through February 2009 (the last benchmark Twitter has available). Facebook says it has more than 300 million users with 65 million users accessing Facebook on their smartphones. Because accountants work in many business arenas and consult with clients on various issues, niche social media sites are popular because they address issues directly targeted to the profession rather than maintaining a more general approach. Developers of sites know and understand this concept and have designed their sites to meet the needs of the targeted populations. As a result, content is developed to build an accountant’s technical acumen and make them better at www.wicpa.org
“It is important for firms to evaluate the right sites — selecting niche forums that provide the greatest value in the way of information acquisition and prime connections.” what they do. For example, if an accountant works in appraisal and business valuation, discussion forums and blogs catering to these topics are ideal to learn what’s happening in the field. Tax professionals enjoy visiting sites that discuss the latest legislation, or how sales and use tax software helps automate a return. At the highest levels within a firm, partners visit sites that offer refreshers on the industry, human resources and practice management. Other sites offer Web seminars to satisfy CPE requirements or enable connections with former colleagues and enhancement of professional networks. Sharing various types of information on these sites is key to the long-term survival of social media. Yesterday’s static bulletin boards are today’s real-time chat rooms and online forums where questions can be asked and answers given in a matter of seconds. One-way communications has its place, but not online. Social media websites are designed to hold conversations to make us experts and even learn some useful soft skills.
PROS AND CONS Clearly, there’s a site for everyone, but using social media has advantages and disadvantages. On an individual level, ask yourself if social media helps meet your own professional and personal goals. Are you seeking an answer to a technical question or seeking new employment? What are you working on right now? Within firms, managing partners like social media when it helps build relationships — connecting with colleagues and professionals to discuss topical business trends or exchange information. Partners are more supportive of social media if there are either direct or indirect benefits from time invested in these activities. Texting is a form of social media and the primary communications platform for younger generations. A partner or manager who sees On Balance
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{ Technology | social networking }
a person texting or viewing a site may not fully realize that the employee is either engaged in networking activities or in learning something new. A better approach is to hold a firm-wide conversation about the advantages of using social media, assessing which applications make the most sense given the firm’s overall mission and vision. In addition, many firms are now beginning to implement formal social media policies that outline the recommended sites employees should visit and the amount of time during work hours an employee should spend using social media. Social media continually changes; what’s hot today may be old news within a matter of days. Whether you chose to visit some of the niche networking sites that are more professional, or spend time on some of the more trendy sites, an ongoing evaluation is absolutely necessary. Human nature dictates that we must decide how we want to spend our time. If social media didn’t exist, we would be doing something else, of course. Neverthe-
less, social media is a dynamic part of our lives not likely to go away any time soon. In fact, social media usage is growing exponentially — just consider that business-to-business sites grew at a rate of 184 percent from last year. And as it continues to grow, its business return is also increasing as more professionals join and actively participate in networks. The bottom line is that using social media wisely is the key to success. It is important for firms to evaluate the right sites — selecting niche forums that provide the greatest value in the way of information acquisition and prime connections. It is also important to realize that by avoiding social media altogether, it may mean being left out of an increasingly mainstream U.S. and international business paradigm. Scott H. Cytron, ABC, Big4.com staff writer, is a frequent contributor to industry publications covering professional services’ industries, including accounting, health care, financial planning, collections and debt, and high-tech. He works with many CPA firms to increase their recruitment and retention efforts through communications and marketing strategies. Contact him at scott@cytronandcompany.com.
COMING IN APRIL
Reading Makes ¢ents
Read-A-Thon Help Wisconsin kids become money smart! Visit the local elementary school of your son, daughter, niece, nephew or neighbor during the month of April and read to students about the basics of money. Select a book from a recommended reading list or choose your own book with a money-related theme. Borrow a book from your
In conjunction with Financial Literacy Month,
To pledge your participation,
Money Smart Week and Teach Children to Save Day,
email Mary Murray at
the WICPA will host its seventh Read-A-Thon in April.
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local library or purchase a book and leave it with the teacher. WICPA members will receive handouts to bring to class, including information for parents, a prize for students and financial literacy curriculum for teachers. For more information, visit www.wicpa.org/Reading.
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mary@wicpa.org.
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