Worried. Concerned. Fearful. These are the feelings your clients may have right now. Notice how they are not accounting problems? They are emotions. One unique aspect of the trusted advisor relationship is that while they must believe you are competent, they must also believe you care. And now is the time you show you care.
It's not about presenting solutions. After all, what possible solutions could you have to the COVID-19 pandemic? It's about saying you are there for the client. It's about listening. It's about offering to be a resource. It's what a trusted advisor does day in and day out.
Other things to check out:
Council Post: Four Accounting Trends To Watch
In December, I attended a series of events for bookkeepers, accountants and small business owners. The bulk of attendees play a significant role in their firm's financial strategies and management of cash flow. Following these events, I talked to my colleagues. They also had many of the same conversations about what financial professionals expect in the future.
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Well, it's a new decade, and the "all in one" accountant must offer more than ever before to their clients.
Firms go remote at breakneck speed in response to coronavirus pandemic | Accounting Today
Fortunately, in 2020, many business clients are used to handling meetings and document transmission remotely. As early as March 3, a spokesperson for Piascik, a firm based in Glen Allen, Virginia, said, "Some of [the firm's] clients have been grounded for several weeks, but most information can be transmitted electronically so it's not slowing their side of things down."
On March 10, BDO issued a statement to clients assuring them: "We've assembled a cross-disciplinary team, working with our crisis management and business continuity practice professionals, to monitor the COVID-19 public health emergency and to put measures in place that help ensure both safety for our people and business continuity for our clients."
Practice Ignition honors 'Top 50 Women in Accounting' in 2019 | Accounting Today
Client engagement solution provider Practice Ignition has announced its Top 50 Women in Accounting list for 2019.
First launched on International Women's Day in 2018, the list was created to recognize female accounting professionals across the globe who promote "advocacy, change and community in their workplace and beyond," according to Practice Ignition.
Many things are taking place:
Tax payments deferred until July 15 | Accounting Today
In a press briefing Tuesday morning, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.
"The reason we're doing a million dollars is because it covers a lot of pass-through and small businesses," he noted.
Mnuchin made a point of saying that taxpayers could still file for extension, which would allow them to defer filing and payment until October 15.
AICPA proposes guidance on insurance accounting | Accounting Today
The American Institute of CPAs's Financial Reporting Committee released working drafts Monday of two pieces of implementation guidance for the Financial Accounting Standards Board's long-duration insurance contracts standard.
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The AICPA is looking for feedback on the proposed guidance. Please submit informal feedback to Kim.Kushmerick@aicpa-cima.com by May 15, 2020.
FinREC and the AICPA Insurance Expert Panel plan to continue to develop working drafts on accounting implementation issues that have been identified for the new insurance standard.
Subscribe to read | Financial Times
Red Robin tabs accounting chief | Article | Compliance Week
Restaurant chain Red Robin disclosed in a recent regulatory filing the appointment of Kristi Belhumeur as chief accounting officer.
Belhumeur served as the controller and vice president, tax at Red Robin since April 2019, and prior to that was the company's vice president, tax since September 2016.
Lynn Schweinfurth, Red Robin's executive vice president and chief financial officer, had also been serving as principal accounting officer since Dave Hansen resigned from his post as chief accounting officer in May 2019.
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