Social distancing and working remotely have been major changes for many accountants and firms. One of the adaptations that need to be made are new methods of training younger staff. Here is a suggestion that has worked well for me, and how it can be applied to the new virtual workplace.
I believe training at every level, even at the partner level, is necessary and should be ongoing and continuous. I also believe that if staff do not learn, they won't grow and neither will the firm. I don't want to get involved right now with the higher levels, but want to discuss a method for the lower levels that will move them forward. I call this staff shadowing. This is where a partner (or manager or supervisor) brings a staff person to a client meeting. Here are some benefits of this:
Other things to check out:
TrueCommerce Announces Sage Intacct Accounting System Integration
PITTSBURGH, June 16, 2020 (GLOBE NEWSWIRE) -- TrueCommerce, a global provider of trading partner connectivity and integration solutions, has announced an expanded partnership with Sage to integrate TrueCommerce Foundry with Sage Intacct, a leading accounting system. The new initiative helps organizations better connect to their sales channels by automating sales order, remote warehouse and inventory document processing.
Why accountants should embrace 'More with Less' - Journal of Accountancy
As I gaze into my crystal ball and view the future of accounting, I see a three-word phrase: More with Less .
What does More with Less mean for the accounting profession, and how is it connected to our future view? First and foremost, it does not mean fewer people. It means we will be doing more consulting and offering new services that rely on value or fixed pricing. That means we will have less dependence on compliance revenues and services based on chargeable hours.
Chile says accounting errors led to omission of 31,000 coronavirus cases -
SANTIAGO (Reuters) - A rash of accounting glitches in Chile led to the omission of more than 31,000 confirmed coronavirus cases, or nearly one-sixth of the country’s total so far, health officials said on Tuesday.
The cases, discovered during a review of the health ministry’s databases, stemmed back to mid-March, when the outbreak began in Chile, authorities said.
“We have detected that there is a significant number of people who have not been notified or whose status has not been processed and continues to be ‘pending,’” Dr. Rafael Araos, a member of an expert committee advising the government, told reporters in a briefing.
Many things are taking place:
U.S. family offices lead global ranks with $396K salaries | Accounting Today
Roughly 36% of family office CEOs in the Asia-Pacific region have annual salaries exceeding that amount, while less than a quarter do in Europe, South America and Africa, according to the compensation report, which surveyed 671 family office professionals.
"You want to be in the U.S. for the biggest packages," said Tayyab Mohamed, president of the U.S. market at London-based Agreus. "The talent pools in the U.S. from where family office staff usually come from — banking or management consulting, for example — are already very well paid."
Receipt Bank Buys Xavier To Boost Accounting | PYMNTS.com
Digital accounting platform Receipt Bank has acquired analytics firm Xavier to help boost services for accountants and bookkeepers, according to a press release .
Xavier, which works to automate checking of complex financial data and can detect errors in business data, can also offer easily understandable health scores, the release states. By using this technology, bookkeepers can save money and time.
Transforming Corporate Finance, Accounting, Decision Making and Reporting through ESG Innovation
San Francisco, June 16, 2020 (GLOBE NEWSWIRE) -- Sustainable Brands ® (SB) and SOCAP Global (SOCAP) today jointly announce the formation of a partnership to bring to market Integrate 2020 , the evolution of SB's New Metrics conference, now in its 8th year. The vision for this virtual conference is to address the shift to a balanced stakeholder approach from the shareholder practice of the last fifty years, and the players driving it.
Integrate 2020 will deliver rich, actionable content for financial and sustainability executives, with over 80 speakers who presently include (scheduled), Herve Duteil, Chief Sustainability Officer at BNP Paribas ; Claus Aagaard, Chief Financial Officer at Mars Incorporated ; Michelle Edkins, Managing Director and Global Head of Blackrock 's Stewardship Team; Christian Heller, VP at BASF and CEO of Value Balancing Alliance ; Evan Harvey, Global Head of Sustainability at Nasdaq and
Accounting for Sales with Contingent Obligations - The CPA Journal
What happens, however, when a sale contract provides for the possibility of payments outside of the year of the sale? Buyers and sellers are increasingly incorporating such terms in sale contracts, as these provisions offer a level of risk mitigation for the buyer by deferring payments and tying them to conditional outcomes, while also providing potential upsides to sellers if the sale proves lucrative for the buyer.
For example, a contract may provide for a partial cash payment from the buyer to the seller in the year of the sale, but also provide that the buyer shall pay the seller a future percentage of earnings derived from the asset for a set number of years. Alternatively, a buyer and seller may agree to a payment structure whereby proceeds will become payable upon the realizations of certain milestones related to the purchased asset.
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