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June 2018 Article Archives

Former CPAFMA National Chair to Head DFK Canada

Published on June 26, 2018

The head of one of the best performing accounting firms in North America and former National Chair of the CPA Firm Management Association has been appointed President of DFK Canada. 

Nigel Jacobs, CEO of Taylor Leibow, is the new leader of the national group of DFK International, the top ten global accountancy association.

He officially took over from Andrew Logan, Senior Partner of Teed Saunders Doyle, at the annual conference of DFK Canada held in New Brunswick in June 2018.

Chad Knippel, Partner at Kingston Ross Pasnak, was made President elect and Beth Porter, Partner at Noseworthy Chapman, was welcomed as Vice President, becoming the newest member and first woman to serve on its executive committee.

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CPAFMA Announces 2018-2019 Leadership Team

Published on June 08, 2018

CPAFMA's 2018 Nominating Committee, chaired by Janine Zirrith, PAFM with Wilkin & Guttenplan, P.C. in East Brunswick, NJ, recently presented their slate of officers and directors to the organization's National Board for ratification. The slate was unanimously accepted.

The following members of CPAFMA have been nominated by the Nominating Committee to serve as officers for a one-year term or directors for a three-year term, beginning July 1, 2018. The Association thanks all of members submitting their name for nomination. The committee felt the decision was extremely difficult however it shows that CPAFMA has a membership with a dynamic and experienced leadership base.

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Comparing Cyber Insurance Policies

Published on June 08, 2018 by Rickard Jorgensen, Jorgensen & Company

Cyber coverage is a growing area of business for the insurance industry. Originally the market for this coverage was limited to a handful of Lloyd’s syndicates and specialty insurers, but now the number of insurers willing to provide this protection exceeds 40 carriers.

Because most cyber insurance policies do not use a standardized Insurance Services Office, Inc. (ISO) contract, each insurer’s policy is different. Additionally, coverage is often written in the specialty/excess & surplus lines marketplace that permits insurers to manuscript endorsements. This makes policy comparisons complex. The advantage is that cyber insurance policies do provide certain common coverage elements.

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What Happens in Vegas Doesn't Need to Stay in Vegas!

Published on June 08, 2018 by Larry Sheftel, PHR, SHRM-CP, PAFM, Aprio

Are you ready to get your mind blown away? AICPA Engage 2018 will be an amazing experience for everyone who attends with limitless possibilities. Not only will you be able to attend the many incredible sessions that CPAFMA has to offer, you will also be able to rub elbows with some of the brightest minds in the profession. You'll experience a robust, thoughtful agenda from start to finish. It's up to you to apply what you gain into technical improvements, strategy refinement and increased value to your clients. Make sure that what you learn in Vegas doesn’t stay in Vegas!

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Top 10 Accounting Firm IT Survey Surprises

Published on June 08, 2018 by CPA Practice Advisor

The following article was published by CPA Practice Advisory on the survey "surprises".

The CPA Firm Management Association (CPAFMA.org) conducted its 2018 IT Survey to identify information technology trends in the medium and larger firms representative of their membership. Many technology trends begin in medium and larger firms where their worth is proven and eventually flow through to smaller firms after adoption and best practices have been standardized.

The survey was completed by 174 firms, 88% of which were 10 members or more and 40% were multi-office. While many of the accounting information technology findings followed expected industry growth trends, a number of items surprisingly jumped to the forefront, pointing to specific areas for firms to evaluate this summer:

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How Do Your Firm's Financials Compare to the Profession's Leaders?

Published on June 08, 2018

Be in the know in less time  . . . 

The newly redesigned and streamlined 2018 AICPA PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey is now open and ready for your participation.  The CPA Firm Management Association is encouraging all member firms to complete this survey.

Do you ever wonder how your firm compares to others its size in key performance indicators such as billing rates, firm profitability and realization? And how your practice stacks up in the talent area with employee utilization, turnover rates and compensation? You are not alone.

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Focus on What is Important

Published on June 08, 2018 by Joyce Arthur, PAFM, BDO Alliance USA

I had a great lesson from my nineteen year old son recently. While I was furiously working through my daily tasks and checking on my to-do’s for the day, I received a call from him. “Mom – what are doing?” I abruptly answered “I’m working of course!” I answered him as quickly as I could as I sometimes think my children do not realize I am ACTUALLY working even though I have the luxury of working from home. A few minutes later he showed up in my office and asked me if I would like to join him for breakfast. For those of you that have older teenage kids, I’m sure you’ll agree that having daily conversations and interactions with them come few and far between.

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Examples of Leadership Are All Around

Published on June 08, 2018 by Jane Johnson, MBA, PAFM, ACMPE, Grimbleby Coleman

Happy summer! Here in spoiled, sunny California things are starting to heat up.

And, at my office, we are in the midst of a remodel – we are lucky enough to be getting new carpet. Over the past 15 years, with all the remodeling we’ve done, we had three different carpets in the mix. So, if you think things are chaotic at your office, just consider these pictures.

My theme for my year as Chair has been leadership. Despite all the craziness that has been happening at Grimbleby Coleman CPAs, I’ve seen many examples of servant leadership. Staff are helping each other pack/move things. The carpet installation crew and moving crew are working together seamlessly and selflessly to keep on schedule and keep our disruptions to a minimum. Communication has been abundant. Examples of leadership are all around you, if you only stop to look.

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PCPS' Exploring FASB's Not-for-Profit Financial Report

Published on June 05, 2018

Firms, not-for-profit entities (NFPs), and their boards of directors will soon see some changes to NFP financial statements as a result of recent FASB Accounting Standards Update (ASU) 2016-14. The Center for Plain English Accounting has produced this report explaining the new NFP standard changes with examples to illustrate the effects of the changes. Use Exploring FASBs NFP Financial Reporting Standard ASU 2016-14 along with other resources in the NFP toolkit to understand the changes and their impacts, help train your professional staff to ensure effective and efficient implementation, and communicate with clients and stakeholders proactively about the changes they can expect.

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It's Time to Refocus

Published on June 05, 2018 by Michael Mariano, PAFM, CPAFMA Director

June is the time of year I really get to refocus. For me it’s all about the CPAFMA National Practice Management Conference, but you don’t have to go to be able to refocus. I’m at a small/medium size firm, so my responsibilities are varied to say the least, as I’m sure are many of you reading this. I love strategic thinking and planning, for me it’s fun and that’s one of the reasons I gravitated to this job. There are also many, many small repetitive and non-repetitive mundane smaller tasks that are part of what I do. I seem to get caught up in these. I find when I finish one thing and am ready to move on to the next , I’m usually opening that spreadsheet that needs a weekly update, or reviewing payables or some type of “task”. Then I go to the conference and I am reminded of all the big, broad, strategic issues that really need some attention and I get refocused, and somehow find room in my day to have a meeting with our managing partner about something I want to change or add on a strategic level. This “refocusing” will keep me going for months before I fall back into the tasks routine, and then June rolls around again.

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