COCPA NewsAccount – January/February 2019 by Colorado Society of Certified Public Accountants

NEWSACCOUNT COLORADO SOCIETY OF CPAs â&#x20AC;¢ JANUARY/FEBRUARY 2019

Sales Tax Grace Period Extended PAGE 6

The 2018 Everyday Heroine and Heroes PAGE 12

How to Catch a Unicorn PAGE 16

C2 - Ad

NewsAccount | January/February 2019

Contents

Features 4

Hrouda to Become Chair Lassar Tapped for Chair-elect The Nominating Committee presents the slate for COCPA leadership positions beginning, May 1, 2019.

State Board Rule-making 2.0 New rules are available online, and several more are slated for consideration.

Grace Period Extended to Implement New Sales Tax Rules The Colorado Department of Revenue is extending to May 31, 2019, the automatic grace period to comply with the new destination sourcing rules.

Making A Difference: The 2018 Everyday Heroine and Heroes On Nov. 7, 2018, COCPA honored three individuals for service to their communities and colleagues: Lauren Davis, Scott Norquist, and Rick Whipple.

How to Catch a Unicorn Finding Senior Accounting Staff in Today’s Market Do these mythical creatures exist? Yes. Here’s how to find and keep them.

The Boomerang Strategy Bringing Skilled Employees Back into the Fold Experienced professionals offer more than enough to get past a gap in employment. Consider the returnship to refresh skills and re-engage the high value, previously employed.

The Power of Storytelling in Business We make sense of the world by turning what happens into stories. Engaging your audience this way can enhance understanding, open communication lines, and improve team performance.

21 Departments 2

Chair Column

Movers & Shakers / Classiﬁed Ads

In Memoriam

CONNECT WITH COCPA

January/February 2019 | www.cocpa.org

CHAIR COLUMN

NEWSACCOUNT

Commit to Taking Care of Each Other

A bimonthly publication of the Colorado Society of Certified Public Accountants Vol. 64, No. 5 January/February 2019

Officers

Victor A. Amaya, Chair Benjamin T. Hrouda, Vice Chair Christopher J. Telli, Treasurer Tawnya Y. Ramirez, Immediate Past Chair Mary E. Medley, Secretary

BY VICTOR A. AMAYA, CPA CHAIR OF THE BOARD

Directors

Kristine M. Brands, Renny Fagan, Dana J. Miller, Georgia Z. Phillips, Matthew O. Rolland, Randy L. Watkins

Editorial Board

Jack Allgood, Alan D. Bennett, Steve Corder, Peggy Jennings, Georgia Z. Phillips, Lori Anne Reinwald, Laura J. Theiss, Barbara J. Tedesko, Steve Van Meter, Michael D. West, Charlie Wright Mary E. Medley, President/CEO Natalie G. Rooney, Contributing Writer Ariana Cassard, Blue Ocean Ideas, Design NewsAccount (ISSN #10899952) is published bimonthly by the Colorado Society of Certified Public Accountants, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111. NewsAccount is published in January, March, May, July, September, and November and reports information, news, and trends in the accounting profession. The Colorado Society of CPAs assumes no liability for readers’ business decisions in reference to advertisements or other information included in this publication. Membership dues include a $9.00 one-year subscription to NewsAccount. Periodical postage paid in Englewood, CO, and additional mailing offices. POSTMASTER: Send address changes to NewsAccount, Colorado Society of Certified Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111 Net press run = 6,743 copies; sales through dealers and carriers, street vendors, and counter sales = 0; paid or requested mail subscription = 6,688; free distribution by mail = 0; free distribution outside the mail = 20; total free distribution = 35; total distribution = 6,708; office use, leftovers, spoiled = 35; returns from news agents = 0; total sum = 6,743; percent paid and/or requested circulation = 99%. 303-773-2877 • 800-523-9082 Fax: 303-773-6344

NewsAccount is available online at www.cocpa.org.

very November, we gather at CPAs Make a Difference to celebrate and recognize two distinct groups of CPAs: colleagues who make their communities better places and the newest CPAs joining our ranks. This year, as I watched the newly minted CPAs walk toward the stage through a tunnel of congratulatory COCPA members and friends, I was struck by the realization: I was looking at the future of the profession. At such celebrations in years to come, some of these now new CPAs may return to the stage to be recognized for giving back to their communities – coming full circle.

colleagues’ well-being as you are with those who anchor your personal life. Look up, look around, and reach out. You can make an impact right in your own office community. Who needs to take a moment to fill up his or her own cup and stay healthy? Maybe it’s your co-worker. Maybe it’s you.

Now, with 2018 in the rearview mirror, many CPAs are gearing up for the busy season ahead and getting ready to knuckle down. In the rush to meet deadlines, it’s easy to become hyper-focused on what’s sitting on your desk, overlooking (or perhaps forgetting about) the bigger picture of what and who are around you.

In the rush to meet deadlines, it’s easy to become hyper-focused on what’s sitting on your desk, overlooking the bigger picture of what and who are around you.

I have something to ask of you: Take a look at your work “community” during this busy time. Self-care – for you and your team – is important. As you get ready to put your head down and soldier on, please check in with your co-workers – not just on business matters but on a personal level.

We’re able to give to others only when we take care of ourselves. When we’re healthy, we have the bandwidth to do more for others. Remember and commit to supporting the most important parts of the giving equation: you and your health, along with your co-workers and their health.

Work spills into life, and life spills into work. And especially at this time of year (or whatever time is your busy season), we often spend more time with co-workers than we do with our families and friends. Make a point to be equally concerned about your

People rely on us as CPAs to be our optimal selves at all times. Give yourself the best chance this season.

The CPAs we honor with the Everyday Heroes and Heroines award have found meaning in what they do. They put their skill sets to use, not only day-to-day in the profession but also by caring for others in their communities.

Send your comments to Victor Amaya at vamaya@mycpadvisors.com.

Your support made a difference.

IN MEMORIAM

David M. Dirks

Thank you for

choosing to support Colorado accounting students on Colorado Gives Day.

President, 1990-1991

The following is excerpted from remarks made at Dave’s funeral, Dec. 12, 2018.

knew Dave as a CPA in public practice, dedicated to his clients and his colleagues; as an accounting faculty member first at Johnson and Wales and later at Metro State University of Denver, dedicated to his students and his colleagues; as the consummate volunteer, dedicated to the Colorado Society of CPAs and seemingly countless nonprofit organizations; and as my dear friend Dave. On Dec. 5, at the National Cathedral in Washington, D.C., another was remembered. Watching that service, I was struck by how much George Herbert Walker Bush had in common with my dear friend, David McCormick Dirks. And, I thought, as each spoke, “A presidential historian, a U.S. Senator, a Canadian Prime Minister, a U.S. President, and an Episcopal priest could just as well have been talking about my dear friend Dave.” • Core Values of Faith, Family, Service to Country, Service to Others, Humility • Decorated Veteran - one Air Force and one Navy • President - one of his professional association and its regulatory agency and one of the country both loved • Strong and gracious, comforting and charming, loving and loyal • Big, vibrant, all-enveloping heart • Married for decades to an amazing woman, therefore SMART • Beloved by his children and grandson • Unconditional friend to others • Loved a good party And that smile – the other guy’s was good, for sure. Dave’s always lit up the room. My dear friend Dave always said YES, no matter what. I always said YES to Dave. No matter what. When he’d email about speaking to his accounting communications students, I said YES. When he asked if he could continue to volunteer with the COCPA, long after he’d served as president, I said YES. When he’d call to say, “Mary, let’s have lunch,” I said YES. I knew we were headed for great conversation and great groceries. No matter where we met, the conversation always was special – and so was the food. Eventually, we settled on the Buckhorn Exchange because it was close to the Metro campus. And, the food was really good. Dave made sure of that!

I always insisted on picking up the tab because lunch with my dear friend Dave was better than time with any therapist. He would tussle with me, just a bit – he was, after all, the classic gentleman – and then he would do “The Dave”: Flutter those eyelashes, bust out that signature smile, wave his hands in surrender, and say, “Well, OK, if you insist.”

$50,200

Your gifts helped unlock

$35,000 in matching

We never talked politics. I can imagine my dear friend Dave greeting the other guy at the Pearly Gates, having himself arrived two days before. “Welcome to Heaven, Mr. President; let’s have lunch.”

funds from:

I heard about my dear friend Dave’s joys Sweet Laura, Anne, Katherine, and Mike; Henry; the Colorado mountains; teaching; travel; his time with the Colorado Children’s Chorale; how he felt about visiting Normandy and making it to Highclere Castle and how important that was to Laura; about being with his Vietnam buddies on one of their reunion trips, when a passerby noticed his commemorative ballcap and thanked him for his service. Dave died at age 77, far too early, yet peacefully. I choose to believe he knew that 7 is “the number of completeness and perfection, both physically and spiritually,” as well as the jersey number of his favorite football team’s former player and God’s day of rest. I know Dave is complete and perfect, and at rest himself. Laura shared with me this verse from Proverbs 22: “A good name is more desirable than great riches: to be esteemed is better than silver or gold.” David McCormick Dirks is a good name, and we all are rich beyond silver and gold, for knowing him. - Mary E. Medley

You helped raise

- Anton Collins Mitchell LLP - Deloitte. - Kundinger, Corder & Engle, P.C.

- Mark J. Smith Family Foundation

- Plante Moran PLLC - Soukup, Bush & Associates, P.C.

- Wipﬂi LLP

Contribute today to honor David M. Dirks with a perpetual named scholarship and help carry on his legacy. coloradogives.org/DaveDirksCPA To contribute by check or stock donation, contact Alicia Gelinas, alicia@cocpa.org.

January/February 2019 | www.cocpa.org

LEADERSHIP NEWS

Hrouda To Become Chair Lassar Tapped for Vice Chair/Chair-elect

he Nominating Committee, chaired by COCPA immediate past chair Tawnya Ramirez, CPA, CGMA, presents the following slate for COCPA leadership positions beginning May 1, 2019. The chair and vice chair serve for one year, and the treasurer and directors serve for two years. Watch for the March/April 2019 NewsAccount in which you’ll find biographical information on these nominees. Congratulations to officer nominees Chair Benjamin T. Hrouda, Flywheel Capital, Denver; and Vice Chair/Chair-elect Sharon S. Lassar, University of Denver School of Accountancy, Denver. Christopher J. Telli, BKD LLP, Colorado Springs, continues as treasurer. Victor A. Amaya, ClearPath Advisors LLC, Littleton, continues on the Board as immediate past chair. COCPA CEO Mary E. Medley is the Board secretary.

Directors to begin a two-year term are: Toby Clary, Soukup, Bush & Associates, CPAs, P.C., Fort Collins; and Audra Dixon, EY LLP, Denver. Continuing on the Board are Community Member Renny Fagan, Colorado Nonprofit Association, Denver; Kristine Brands, U.S. Air Force Academy, Colorado Springs; Georgia Z. Phillips, The Phillips Allderdice Consulting Group PC, Denver; and Matthew O. Rolland, Moss Adams LLP, Denver. The Board of Directors thanks for their service the following directors who will complete their terms on April 30, 2019: Dana J. Miller, Unison Housing Partners, Westminster; and Randy L. Watkins, ACM LLP, Greeley. The Nominating Committee presents the following nominees for the Educational Foundation Board of Trustees for a threeyear term: Lisa Kutcher, Colorado State Uni-

versity, Fort Collins; Ingrid Stiver, PwC LLP, Denver; and Karen Turner, Retired, University of Northern Colorado, Greeley. Kyle Green, Wall, Smith, Bateman, Inc., Alamosa, is nominated to complete the unexpired term of Audrey Gramling who resigned upon relocating out of state. Currently serving on the Foundation Board are officers President Diego J. Baca, EY LLP, Denver; Vice President Toby D. Clary, Soukup Bush & Associates CPAs, P.C., Fort Collins; Treasurer Audra Dixon, EY LLP, Denver; Immediate Past President Sharon S. Lassar, University of Denver, Denver; Theresa Hilliard, Fort Lewis College, Durango; Ann E. Hinkins, Plante Moran, Denver; Patrick Lytle, SM Energy Company, Denver; Laura Theiss, Holben Hay Lake Balzer, Denver; and Mary E. Medley, COCPA. Alicia Gelinas serves as executive director of the Foundation.

LEADERSHIP DEVELOPMENT

Make This Your New Year’s Resolution: Lead Fit in 2019

ou know it’s true: Leadership skills are more important than ever in today’s rapidly changing, often chaotic, ever-demanding work world. LeadFit, the COCPA’s leadership development program for aspiring supervisors and managers, is your opportunity to gain invaluable knowledge, tools, and techniques to achieve your professional (and also personal) goals.

two half days, a special debriefing, individual coaching, a welcome kickoff BBQ hosted by COCPA CEO Mary E. Medley, and a celebration event at the program’s conclusion.

Limited to 16 participants, the program is delivered over five months - two full days,

APPLICATION DEADLINE: JUNE 28, 2019

NewsAccount | January/February 2019

To register or sponsor a colleague from your organization, contact Terry Cervi, terry@cocpa.org, for an application and further details.

Check out the 2019 dates and plan now to keep this resolution: July 11 - Welcome BBQ July 12 - Full Day Session August 13 - Half Day Session September 13 - Half Day Session October 17 - Debrief Happy Hour November 1 - Full Day Session and Graduation Celebration

REGULATORY UPDATE

State Board Rule-making 2.0: Further Changes To Be Considered

The Colorado State Board of Accountancy recently updated its Rules to improve clarity, address technical changes, and update references. To view the new version, which became effective, Nov. 19, 2018, go to the Accountancy Laws, Rules and Policies page at bit.ly/AccountancyLaws. The State Board held a stakeholder meeting, Dec. 11, 2018, to collect input on some additional proposed rule revisions, additions, and minor corrections with letter sequencing in rules 7.2, 6.11, and 6.12. A rule-making hearing to consider the proposed revisions is scheduled for Jan. 23, 2019. Proposed deletions are shown in strikethrough. Additions are shown in ALL CAPS. RULE 3.6.A.3. CONDITIONING REQUIREMENTS - GRANTING OF CREDIT Candidates must pass all 4 sections of the Examination within a “rolling” 18-month period that begins on the date the first passed section is taken OF THE NOTIFICATION LETTER (I.E. CANDIDATE SCORE SUMMARY) DOCUMENTING A PASSING GRADE OF THE FIRST SECTION. The COCPA recommended this change so a candidate would not be disadvantaged should a delay in releasing grades occur. RULES 6.11.A.2. AND 6.11.A.3 REACTIVATION OF A RETIRED OR INACTIVE STATUS CERTIFICATE, AND REINSTATEMENT OF AN EXPIRED CERTIFICATE - CONDITIONS OF REACTIVATION/REINSTATEMENT - LESS THAN 2 YEARS When a Certificate has been in Retired, Inactive, or Expired status for less than 2 years, it may be reactivated or reinstated, provided the Certificate Holder has met the following requirements preceding the application receipt date. 1.

Completed the minimum CPE requirements for the CPE Reporting period immediately preceding the CPE Reporting Period in which the application for reactivation or reinstatement is received; and

2. COMPLETED A MINIMUM OF 10 HOURS OF CPE FOR EACH FULL QUARTER DURING THE PERIOD THE CERTIFICATE WAS RETIRED, INACTIVE, OR EXPIRED, UP TO 80 HOURS. AT LEAST FOUR HOURS OF CPE MUST BE IN ETHICS, INCLUDING TWO HOURS OF CR&R. 3. No more than 20 percent OF THE REQUIRED CPE can BE in Personal Development, as defined by the Fields of Study, and no more than 20 50 percent can be in any combination of teaching or publishing an article or book. At least 5 percent of the hours must be in Ethics CPE. Two hours must be in Cr&R, which may count towards the Ethics CPE requirement.

In addition, the COCPA suggested the following changes to Rule 6.1.D. to conform it with changes previously made to Rule 6.9 concerning the Retired Status Certificate. During the most recent rule-making process, the State Board deleted Rule 6.9.A.4.: Attest to having completed 10 hours of CPE for each full quarter that the Certiﬁcate was Active during the CPE Reporting Period in which the Applicant retires. No more than 20 percent of the CPE can be in Personal Development, as deﬁned by the Fields of Study. At least 2 hours must be in Ethics. RULE 6.1.D. GENERAL INFORMATION Every Certificate Holder holding an Active status Certificate must complete CPE. CPE accrues at a rate of 10 hours for every full quarter during which the Certificate Holder holds an Active status Certificate. The CPE must be completed on or before December 31 of the year ending the CPE Reporting Period in which the CPE obligation is incurred, unless earlier required as a condition of retirement pursuant to Rule 6.9. A change to Expired, Inactive, or Retired status does not eliminate the obligation to complete accrued CPE. Failure to complete accrued CPE on or before the earlier of December 31 of the year ending the CPE Reporting Period in which the CPE obligation is incurred or as required pursuant to Rule 6.9 is cause for discipline up to and including revocation. A CHANGE TO EXPIRED, INACTIVE, OR RETIRED STATUS DOES NOT ELIMINATE THE OBLIGATION TO COMPLETE ACCRUED CPE BEFORE APPLYING FOR REACTIVATION OR REINSTATEMENT. The Colorado State Board of Accountancy holds public meetings about every six weeks at 1560 Broadway, Denver. The meeting room location varies. The 2019 meeting dates are: Jan. 23, Mar. 13, May 1, June 12, Aug. 7, Oct. 2, Nov. 13, and Dec. 18. The agenda typically includes approval of CPA candidate applications; firm registrations; reinstatements, reactivations, and applications for Retired status; as well as consideration of other matters. Disciplinary matters are covered in executive session and closed to the public. Agendas are available online about ten days before the meeting date at colorado.gov/pacific/dora/Accountancy. For further details on the COCPA’s proposed rules revisions, contact COCPA CEO Mary E. Medley, mary@cocpa.org. Contact State Board staff at dora_accountancyboard@state.co.us.

January/February 2019 | www.cocpa.org

STATE TAXATION

Grace Period Extended to Implement New Sales Tax Destination Sourcing Rules

n Dec. 6, 2018, Colorado Department of Revenue Executive Director Mike Hartman issued the following statement regarding proposed sales tax rules to implement the U.S. Supreme Court’s South Dakota v. Wayfair decision and destination sourcing:

“As part of our rulemaking process to implement sales tax rules for in-state and out-ofstate retailers, we have heard from legislators and the business community, and the Department of Revenue agrees it is important for the state to take the time to get this right. “As such, the Department is extending the automatic reprieve for Colorado businesses and out-of-state retailers to comply with the emergency rules from the current March 31, 2019, deadline to May 31, 2019. We will evaluate the need for another extension as May 31 nears. This additional time will give the state legislature an opportunity to find innovative solutions to streamline and simplify our sales tax collection laws in accordance with the wishes of the residents of Colorado. “Despite the automatic reprieve, the Department requests that businesses with the sophistication and capability to collect and remit sales tax on internet sales based on where the good or service is being delivered do so as quickly as possible in advance of the May 31, 2019, enforcement deadline. The Department has upgraded its systems and processes to make compliance as simple as possible. We will 6

NewsAccount | January/February 2019

continue to engage the business community to address their remaining concerns. “This is an opportunity to simplify sales tax for all parties: for businesses that collect and remit sales tax, for customers who pay it, and for those of us in state government whose obligation it is to carry out the tax laws passed by the state legislature. No one desires a streamlined and simplified sales tax collection and compliance system more than the Department of Revenue.” The following information is excerpted from the Colorado Department of Revenue website at colorado.gov/tax. Find additional details, links to online videos and free webinars, as well as answers to frequently asked questions there. For in-state retailers, effective Dec. 1, 2018, the Colorado Department of Revenue (CDOR) adopted new sales tax rules which state that sales tax must be collected and remitted based on the jurisdiction’s tax rate at the point of delivery for the taxable good when taxable goods are delivered to a Colorado address outside the retailer’s jurisdiction. This includes any applicable state-administered local and special district taxes.

“This is an opportunity to simplify sales tax for all parties.” For example, if a retailer delivers taxable goods to a customer’s address, sales tax must now be collected at the rate effective for the customer’s address, not the taxes that are in common between the customer’s address and the seller’s location (the “jurisdictions in common” concept which has been in play for many years). For a complete list of location/ jurisdiction codes for sales tax filing go to www.colorado.gov/pacific/sites/default/ files/DR0800.pdf. For out-of-state retailers, as a result of the Supreme Court decision in South Dakota v. Wayfair, Colorado now will collect state sales tax and state-collected local and special district sales tax from out-of-state retailers. Out-

of-state retailers are considered those that do not have a physical presence in Colorado. Outof-state retailers must get a state of Colorado Sales Tax license in order to collect and remit sales tax. The first day to start collecting and remitting sales tax was Dec. 1, 2018, for those retailers who have received their license prior to that date. Out-of-state retailers are not required to collect sales tax on sales before the first day of the month following the issuance of their sales tax license. GRACE PERIOD For in-state retailers, the grace period has been extended to May 31, 2019, to ensure retailers have sufficient time to make the required systems changes. Destination sourcing will be implemented concurrently with the out-of-state retailer sales tax changes. Businesses will be granted a waiver from compliance with the destination-sourcing changes automatically until then. Sales where the customer purchases the taxable good at the seller’s place of business will continue to be taxed at the rate in effect for the retailer’s business location. For specifics, go to www.colorado. gov/pacific/tax/information-state-retailers.

For out-of-state retailers, the same grace period is provided, through May 31, 2019. For specifics, go to www.colorado.gov/pacific/ tax/information-out-state-retailers. A retailer who does not collect sales tax during this grace period still must comply with Colorado’s reporting statute: C.R.S. § 39-21-112(3.5). That statute requires non-collecting retailers to provide certain notices to individual Colorado customers and the Department regarding purchases where the retailer did not collect the tax. The reporting requirements for retailers who do not collect tax during the grace period will be strictly enforced. Non-collecting retailers seeking additional information about these reporting requirements should review the statute and Rule 39-21-112(3.5) in 1 CCR 201-1. Note that the Department will enforce the new rules going forward from June 1, 2019. If a retailer is audited, it will be expected to have complied either with the rules in effect at Nov. 30, 2018, having chosen to take advantage of the grace period, or the new rules, effective, Dec. 1, 2018.

OTHER TAXING JURISDICTIONS These rules apply to state sales taxes and state-collected sales taxes for certain jurisdictions. Colorado is home to 344 taxing jurisdictions - cities, counties, and special districts - which combine to create 683 unique tax rates. In addition, 71 home-rule cities collect their own taxes. It is critical that retailers and their CPAs determine and comply with the requirements for all jurisdictions in which they operate. PROBLEM RESOLUTION The Department encourages tax practitioners to use the CDOR Practitioners Hotline, 303-232-2419, to address client issues with a customer service representative. Note this is a special telephone number for practitioners only. For protests, use Revenue Online, www.colorado.gov/revenueonline; Fax to 303-205-1377, or mail the Taxpayer Service Division, Colorado Department of Revenue, 1375 Sherman St, Room 204, Denver, CO 80261-0004.

Where can an AICPA C redential take your career next? If you have a specialized interest, you can build on the value you offer clients by adding an AICPA advisory service credential: Personal Financial Specialist (PFS ), Accredited in Business Valuation (ABV ), Certified in Financial Forensics (CFF ) or Certified Information Technology Professional ®

™

(CITP ). These credentials were developed for the profession by the ®

profession. They set you apart, make a statement and get you noticed. And, they can seriously boost your career.

© 2017 Association of International Certified Professional Accountants. All rights reserved. AICPA and American Institute of CPAs are trademarks of the American Institute of Certified Public Accountants and are registered in the United States, European Union and other countries. The Globe Design is a trademark owned by the Association of International Certified Professional Accountants and licensed to the AICPA. 23438B-326

Explore your opportunities at aicpa.org/aicpacredentials. January/February 2019 | www.cocpa.org

2018 COLORADO ELECTION RESULTS

CPA/PAC Support Makes Its Mark SENATE

3 of the 6 CPA/PAC-supported candidates were elected to the Senate

success rate HOUSE

very two years, the CPA Political Action Committee (CPA/PAC) supports Colorado state legislative candidates through campaign contributions. This election cycle, which culminated with the November 2018 general election, the CPA/PAC Board contributed $7,400 to 22 Colorado House and Senate races, supporting both Republicans and Democrats and, $4,025 to various leadership funds. Of the candidates who received contributions, 16 won for an overall success rate of 72.7 percent - with a 50 percent success rate in the Senate and an 81.2 percent success rate in the House. Note that financial contributions to legislative candidates are limited by Colorado law. On the Senate side, CPA/PAC supported six candidates, three of whom won: Ray Scott (R-District 7); Chris Holbert (R-District 30); and Brittany Pettersen (D-District 22). On the House side, CPA/PAC supported 16 candidates, 13 of whom won: Jeff Bridges (D-District 3); James Rashad Coleman (D-District 7); Larry Liston (R-District 16); Marc

NewsAccount | January/February 2019

Snyder (D-District 18); Kerry Tipper (D-District 28); Tracy Kraft-Tharp (D-District 29); Dafna Michaelson Jenet (D-District 30); Matt Gray (D-District 33); Shannon Bird (D-District 35); Kevin Van Winkle (R-District 43); Bri Buentello (D-District 47); Jeni Arndt (D-District 53); and Julie McCluskie (D-District 61).

13 of the 16 CPA/PAC-supported candidates were elected to the House

In selecting those it supported financially, the CPA/PAC Board considered each candidateâ&#x20AC;&#x2122;s support of business issues; prior involvement with and understanding of the accounting professionâ&#x20AC;&#x2122;s issues; leadership position; member, chair, or vice chair of the House Business, Labor, Economic, and Workforce Development and Finance committees or the Senate Business, Labor, and Technology and Finance committees (which typically consider proposed legislation affecting CPAs and their clients or employers); and relationship with CPAs. For more information, contact Mary E. Medley, mary@cocpa.org, 303-741-8601, or 800-523-9082, ext. 101.

success rate

Distinguish yourself as a strategic leader. Earn the global designation for financial professionals. Explore the CGMA Finance Leadership Program: A lifelong professional learning journey that puts you on the path to take your career to a new level. You’ll learn and acquire the skills it takes to become a more strategic, confident, secure and insightful leader who will better influence and guide groups and decisions within your organization. ®

Get started at CGMA.org/Program.

“With the support of my supervisor, I chose to pursue the CGMA designation as the logical next step toward my goal of becoming a more well-rounded finance professional.” Hank Windhorst, CPA, CGMA Financial Planning Consultant, Chick-fil-A Corporate © 2017 Association of International Certified Professional Accountants. All rights reserved. CGMA and Chartered Global Management Accountant are trademarks of the Association of International Certified Professional Accountants and are registered in the United States and other countries. The Globe Design is a trademark owned by the Association of International Certified Professional Accountants. 23169-326

January/February 2019 | www.cocpa.org

LEADERSHIP DEVELOPMENT

AICPA Leadership Academy: One Big Thing for Two COCPA Members BY NATALIE ROONEY

The AICPA Leadership Academy is designed to expose the newest generation of CPAs to a strong ethic of leadership and service, providing them with strategies to become leaders within their organizations, communities, and the CPA profession.

n fall 2018, COCPA members Audra Dixon, CPA, and Danny Manimbo, CPA, attended the intensive leadership training program for young accounting professionals. Over four days, they engaged in self-examination of leadership, what it means, and how it impacts their personal lives, career path, and the CPA profession. They spoke about their experience and takeaways at the Nov. 1, 2018, COCPA Board of Directors meeting.

As an Audit Senior at EY LLP, Denver, Dixon brought an unusual perspective to the Leadership Academy group. Not only had she already attended COCPA’s LeadFit program in 2015, but also she has had an unusual career path. She began her career in tax with a local CPA firm and made the leap to the audit side three years ago. Having attended LeadFit, she felt prepared to go into the AICPA program with an open mind and willingness to be vulnerable to get the most out of the experience. Manimbo’s non-traditional career began in forensic accounting at a small firm in Florida. He moved to Grant Thornton LLP to gain big firm experience and eventually joined Schellman & Company, LLC, Denver, a provider of attestation and compliance services, where he specializes in System and Organization Controls (SOC) reports focusing on business process and information technology controls. 10

PREP WORK Manimbo says one of the biggest benefits came from a 360-degree evaluation of participants’ management skills that they completed before the Leadership Academy began. “It was very helpful for me,” he says. “You’re not only getting feedback from your firm’s leadership circle but also from your peers and your direct reports. It was interesting and eye opening – and highlighted some things I’d never considered before.” One of those insights was in how he interacts with his direct reports. “When you start to see the same feedback appear multiple times, it’s beneficial whether it’s good or bad,” he says. “I realized that, as I’m moving up in the firm, delegation, communication, and developing those around me are what I need to work on versus doing the work myself and proving that I can handle the workload.” Dixon echoes Manimbo’s sentiments about the 360-degree evaluation. “Coming in with that information gave us a picture of where we are, where we have gaps, and what we can build upon.” She says while there were some results that weren’t at all surprising, some definitely were. “We ranked ourselves on certain characteristics and could then see how others ranked us. It provided a lot of insight.” She has found herself referring to the grid that came with the analysis, where the details actually lay out by characteristic, how direct reports might see you versus executives. “A lot of perspective can be gained from seeing this distinction,” Dixon observes. “While direct reports didn’t see me as controlling at all, executives saw me as fairly controlling.” Over the course of the four days, participants were asked to identify their One Big Thing – what they really needed to improve. For

NewsAccount | January/February 2019

Manimbo, it is developing others around him and getting comfortable with delegation. “I need to feel comfortable that I’ve communicated my expectations and can trust the talent that I’ve developed around me.” Dixon’s One Big Thing: Self-confidence. She is honing specific practices as she develops her leadership skills. “We discussed making small changes and that has helped me,” she says. “I’ve felt more comfortable and confident leading a team and making decisions. I’m using activities we learned at Leadership Academy with my staff to encourage introspection and value-based leadership. This is how we’re going to discover and figure out the best way to work together.” Manimbo says implementation of his One Big Thing is a work in progress. He’s focusing on communicating more. He plans to sit down with his own supervisor, who contributed to his 360 evaluation, to discuss how he can avoid overloading himself as he moves into a new leadership role. His supervisor is also his mentor. Mentors are encouraged so that participants can have someone to go to for advice and sponsorship and to set action plans in motion. THE VALUE OF A NETWORK Even with a diverse group of more than 40 individuals from all over the U.S. and all areas of the profession, Manimbo says he came to realize that all CPAs face similar struggles. “I can’t speak about complex tax issues because it’s not my area of expertise. But regardless of where each of us worked, we could talk about dealing with the challenges of hiring, employee development and coaching, technology developments, data security issues, and firm culture.”

The larger group broke into four-person accountability groups that have continued to meet periodically by phone. The participants’ goal is to encourage each other and discuss how their One Big Thing is going. That continued support is what Manimbo says sets the Leadership Academy apart. “Now we have a network of people who are staying in touch, connecting in meaningful ways, and creating lifelong relationships.” Dixon agrees that this peer group accountability is extremely helpful. LOOKING TO THE FUTURE “A lot of companies don’t spend time teaching you how to lead,” Manimbo says. “They might

vated me to get out, get involved, and learn about all of the great resources and opportunities the Society offers.” Thanks to the value-based leadership and presentation skills, and all of the exercises focused on goals and objectives, Dixon describes Leadership Academy as “a phenomenal experience. The analysis, the networking, and determining what we want to work on in our professional moment – it was just awesome. Everyone was really motivated, high performing, and excited to be there.” She is excited to bring her skills back to EY and incorporate them into her involvement with the COCPA.

Manimbo has suggested his firm encourage someone to apply each year. “If more companies can implement these types of programs, it would help people focus not just on ‘here’s your new role as manager,’ but also on understanding leadership and what that means. It’s not one size fits all. It’s different for everybody.” For information on how to apply for the AICPA Leadership Academy, go to www. aicpa.org/interestareas/youngcpanetwork/cpeandevents/aicpaleadershipacademy.html.

“The program motivated me to get out, get involved, and learn about all of the great resources and opportunities the COCPA offers.” teach you how to manage projects and interact with clients, but leading is setting the right examples, understanding what motivates your employees and co-workers, and understanding yourself, as well. The psychology of understanding what motivates you to do good work is different for everyone. We had the opportunity not only to identify our strengths but also to acknowledge our weaknesses. It’s not just learning to lead. It’s analyzing what you’re drawn to and how to stay on the right path of having a fulfilling and meaningful career and life outside of work.” Manimbo says attending Leadership Academy has spurred him to become more involved in the COCPA. “Before Leadership Academy, I would describe myself as just a dues-paying member,” he explains. “But the program motiJanuary/February 2019 | www.cocpa.org

COMMUNITY SERVICE

NewsAccount | January/February 2019

Making a Difference: The 2018 Everyday Heroine and Heroes On Nov. 7, 2018, the COCPA honored three individuals for their service to their communities and colleagues. We congratulate them for their commitment to making the world a better place.

LAUREN DAVIS, CPA Moss Adams LLP, Denver Whether working with students, colleagues, or volunteers, Lauren Davis exemplifies the Everyday Heroine, 24/7/365. This magna cum laude graduate from Metropolitan State University of Denver participates in its Accounting Students Organization, Meet the Firms events, off-campus recruiting, and student mentoring. Within the firm, she organizes and leads the Audit Retreat which includes technical training, critical skills development, and team building. In addition, Davis teaches numerous internal classes, especially for the oil and gas practice, always focusing on promoting teamwork and personal as well as professional development.

Davis makes her mark profoundly.

Davis currently serves as Vice President of COPAS, the Council of Petroleum Accountants Societies - Colorado, for which she has helped to organize its Education Day and scholarship fundraising.

As Treasurer with the Ghana Educational Collaborative, a Denver-based organization that supports students in pursuing their education, Davis makes her mark profoundly. She helps with fundraising annually to provide scholarships and has visited Ghana to experience first-hand the incredible impact the organization makes. Susan Fullman writes: “Lauren’s actions have benefited the community, improved the quality of life, helped others overcome adversity, and served as a role model for CPAs.” Just as Davis, through her work with the Ghana Educational Collaborative, helps to lift students out of poverty and equip them to be positive leaders of change in their country, so also does she lift all those who know and work with her here in America to be the best they can be. CONTINUED ON PAGE 14

January/February 2019 | www.cocpa.org

COMMUNITY SERVICE CONTINUED FROM PAGE 13

SCOTT NORQUIST, CPA

RICK WHIPPLE, CPA

Anton Collins Mitchell LLP, Denver

Whipplewood CPAs, Littleton

Scott Norquist came to Denver 13 years ago when he won a scholarship to attend the University of Denver Masters in Tax program. He’s been making a difference here, ever since, which is why he was named a 2018 Everyday Hero. Norquist combines his attention to detail and enthusiasm for assisting clients with his passion for real estate taxation. But that’s just through his day job. Norquist’s volunteer involvement was inspired by his mom who emphasized the importance of giving back through the local homeless shelter and his church community. When a friend introduced him to the Davis Contemporary Dance Company, Norquist didn’t know much about dance, but he knew the small nonprofit needed help. He also knew underserved children needed help, which led him to the Glendale YMCA, on whose board Norquist has served since 2010. The Glendale Y’s executive director writes: “A hard worker, always providing good feedback and productive insights, Scott is the person you want on your team.” So much so, that Norquist was named the Glendale YMCA 2017 Volunteer of the Year.

“Scott is the person you want on your team.”

But wait, there’s more. Norquist also gives his time on the Glendale City Council and Denver Regional Council of Governments. He is a kind, compassionate leader others want to be around and follow. As colleague Greg Anton puts it: “Scott brings complete commitment to everything he does. He is going to make a difference for years to come.”

NewsAccount | January/February 2019

Rick Whipple is passionate about small business, believing it is the backbone of the U.S. economy locally and nationally. That’s why, in addition to client service through his practice, he devotes significant time and attention to advocacy at the federal level. You could say Whipple is the epitome of what one dedicated citizen can do to change the business environment for good. Because decisions in Washington, D.C. impact businesses outside the Beltway, Whipple also is passionate about finding ways to reduce the federal budget deficit and pay down the national debt. He helped

Whipple is the epitome of what one dedicated citizen can do to change the business environment for good. to organize the local chapter of the Fix the Debt Campaign and led a delegation of Colorado business leaders on one of many trips he’s made to Washington to discuss the federal debt with members of Congress, White House senior staff, and tax policy staff with the U.S. Department of the Treasury. After a trade mission visit to Houston in 2013, Whipple and a colleague co-founded Vital for Colorado, which Whipple chairs. Over 85,000 people and organizations have joined the coalition to continue its work on energy issues. Locally, Whipple serves on the board of the Denver Better Business Bureau, the Ken Caryl Office Park Association, and Colorado Lending Source, a facilitator of SBA loans with over $800 million dollars in loans made since 1990. Previously, he served as chair of the South Metro Denver Chamber of Commerce and its Economic Development Group.

MEMBER PROFILE

Being Brave: One Professional’s Quest BY NATALIE ROONEY

She was able to put her audit experience with PwC in Bangalore to good use. “It has been an amazing opportunity,” Chatterjee says.

s a student in India, Piyali Chatterjee loved analyzing numbers. In high school, she won the state math Olympiad and went on to compete at the national level. She was valedictorian of her high school. Her career goal was to become a Chartered Accountant (CA). She was moving quickly along that path as one of the top scorers on India’s CA foundation exam. In fact, The Institute of Chartered Accountants of India recognized her as one of the top 30 accounting students in the country.

At the 2018 COCPA Not-for-Profit Conference, Chatterjee’s eyes were opened to blockchain technology. “I was keen to learn more about how blockchain plays a role in audit,” she says. Now she is working in the Alternative Investment practice at Richey May & Company. “Blockchain technology is going to have a great impact on the future,” she says. She also joined the finance, investment, and audit committee at Aspen Academy, a private school in Greenwood Village.

As her career began, Chatterjee worked briefly with PwC’s audit department in Bangalore. But then, as often happens, life took her in another direction. She enrolled in an MBA program at the Business School of Lausanne in Switzerland and graduated magna cum laude. In 2005, Chatterjee married, and she and her husband moved to upstate New York, eventually relocating to Denver. Even with all of the geographic upheaval, Chatterjee remained determined to return to the accounting profession. After obtaining a work permit, she began as a bookkeeper at a public accounting firm. Lack of flexibility and family needs caused her to leave the firm. The result: a dreaded résumé gap of seven years. Today, Chatterjee is in the process of becoming a Colorado CPA, but returning to the workforce after taking time out to rear her son and daughter hasn’t been easy. “I always wanted to get back into accounting,” Chatterjee says. So, from 2014 to 2016, she took accounting classes through CSU Global, Colorado State University’s online degree program. “It was very hard,” Chatterjee admits. “When I was taking the online classes and preparing for the CPA exam, I was on my own. I didn’t have a peer group. It was a lot of hard work.” In addition, Chatterjee found that hiring companies and recruiters were negative about her time out of professional life. “When you interview, you’re judged on that gap in your career. People doubt if you can perform. As a mom who took time to raise her kids, I want to tell each and every mom who dreams of restarting her career – you

Chatterjee’s “be brave” advice isn’t limited to women with a résumé gap. As she completes her own experience requirement, she encourages every accounting graduate to sit for the CPA exam. “It opens up so many doors and possibilities once you pass,” she says. “You could be in public or corporate accounting. The CPA designation brings so much respect and widens your possibilities. It’s what I really love about this profession.”

“I want to tell each and every mom who dreams of restarting her career – you have to be brave.”

SILENCING THE DOUBTERS Chatterjee says there will always be people who doubt you, so you must believe in yourself. “Channel that into positive energy, and your dreams will come true.” As for her own success story, Chatterjee says she is grateful to her family and friends, and also to Steve Corder, Laurie Anderson, and Kristin Calder at KCE who gave her the opportunity to return to public accounting.

have to be brave. Don’t give up on your dream.” BECOMING A CPA Over the course of six months in 2016 and 2017, Chatterjee sat for and passed all four parts of the CPA exam. Next step: Find a job. Kundinger, Corder & Engle, P.C. (KCE) in Denver wasn’t at all put off by Chatterjee’s résumé. It snapped her up as a staff auditor.

“My favorite mantra is, ‘If you dare to dream it and are willing to work hard for it, there’s no reason why your dream won’t turn into reality!’” Chatterjee explains, “I have worked very hard to get back, and I realize my journey has just re-started. But I cannot emphasize enough the factors that helped me get back: positivity, belief in myself, gratefulness, networking, and grit. I would encourage all recent accounting graduates and others with a gap like me to keep these in mind and to pursue their dreams of becoming CPAs – only the sky is the limit!”

January/February 2019 | www.cocpa.org

HUMAN RESOURCES

How to Catch a Unicorn: Finding Senior Accounting Staff in Today’s Competitive Market BY NATALIE ROONEY

Senior accountants. They’re the individuals at that three- to five-year experience level for whom everyone seems to be searching. Do these mythical creatures exist? Whether you’re in public accounting, industry, or the nonprofit sector, finding these CPAs is tough. Some say you might have more luck finding a unicorn. While it has long been challenging to find these individuals, there’s hope. Here’s how to find them and keep them.

THEY’RE OUT THERE hen you talk about senior accountants right now, you’re essentially saying “millennials,” says Andy Hildebrand, CPA, of 361 Services, Inc., which provides senior level search and staffing services in the accounting, finance, tax, treasury, and internal audit areas. He stresses that millennials don’t respond to the same recruiting methods as their predecessors, so it’s time to take a different approach. Millennials – the generation loosely defined as those born after 1981 through 1996 – 16

tend to get a bad rap for supposedly being unprepared, entitled, and overly reliant on their parents. But multiple studies show they actually make ideal employees. They care deeply about their work, and they care about it beyond a paycheck. You can thank Denver’s hot economy and its nine-year economic run for the huge demand for senior accountants. Hildebrand says he recently got a call from an organization needing 12 audit seniors. “I started laughing. Everyone, from Big 4 to second tier firms, is wondering how they’ll get the

NewsAccount | January/February 2019

work done. There aren’t enough people in town.” His firm is finding talent by looking for people who want to relocate to Denver. “There are a lot of them,” he says. “And there are people wanting to move from public to private.” But he admits it is excruciatingly challenging to find seniors. “The recruiting cycle has gotten longer. We might talk to twenty-five people and get one option.” If you look on job boards, every firm is looking for people, says Jay McCauley, managing director of Oxford Tax Recruiting, which focuses exclusively on tax recruiting and

“Hiring them, keeping them engaged, and retaining them long term are the challenges. What’s important to them is far different from Gen X.” staffing. “There just aren’t enough people. Demand is high, and supply is low, so we’re seeing competition for a small pool of people that has been clicking up a notch every year since we came out of the recession. Each year I think, ‘It can’t get more competitive than this, can it?’ And sure enough, it can.” The problem isn’t new, says Mark Koziel, CPA, CGMA, AICPA executive vice president – public accounting. Some firms do better than others at finding experienced hires. The ones who are successful have made themselves a lightning rod for talent. “Because of social media, it’s way too easy to figure out a firm’s culture,” he says. “If a firm starts to get a social media reputation of not being a great place to work, it’s going to have trouble filling those roles.” McCauley says his company conducts an annual salary survey, and over the past couple of years, salaries have increased at a startling pace. “When people in the threeyear experience range used to call me looking for $80,000, I’d think, ‘Good luck. You won’t get that money.’ Now I don’t say that. Salaries have gone up so much, it’s hard for me to keep track of what is a normal salary for candidates in the one to five-year range.” These higher starting salaries are creating parity issues within organizations, McCauley says. “If I have four staff accountants and lose one, what happens to the three who are making $70,000 to $75,000 when candidates are asking $80,000? Do you bump everybody

up? Hope the others don’t find out? It’s a consideration companies are having to address.” McCauley, too, says the timeline to search for qualified candidates has lengthened. A search that used to take four to six weeks might now take 10-12 weeks. “The pool of interested candidates is a lot smaller than it used to be,” he says. “How long the search takes depends on how flexible a company is willing to be. If it’s looking to tick ten boxes but is willing to accept a candidate who ticks six, that will help. If it sticks to ten, the company needs to be prepared for the search to take longer.” THE GENERATION GAP As a Gen X’er himself, Hildebrand says there are big differences in what’s important to millennials which is why it’s so important to examine your company’s culture. “When my generation started in public accounting, your boss said jump, and you asked how high and how many times,” he recalls. “We worked seventy to eighty hours a week. But the world changes, and unfortunately, companies have been slow to understand that. Now Gen X’ers are managing millennials, and it has been difficult to change that traditional mindset.” Data say that mindset does need to change. More than one-in-three American labor force participants (35 percent) are millennials, making them the largest generation in the U.S. labor force, according to a Pew

Research Center analysis of U.S. Census Bureau data. By 2020, that statistic will grow to 50 percent of the workforce - not even two years from now. “Finding senior accountants isn’t necessarily the challenge,” Hildebrand says. “Hiring them, keeping them engaged, and retaining them long term are the challenges. What’s important to them is far different from Gen X.” UNICORN BAIT Perhaps surprisingly, money isn’t always the first salvo in recruiting discussions. What gets conversations started with this senior group is explaining to them why they should go from Company A to Company B, with a heavy emphasis on a company’s culture and career development opportunities. “When we can confidently say to a candidate that the culture is great, and he or she will have career opportunities and some work flexibility, eventually we’ll get to money,” Hildebrand says. Be advised, however, that even then, money isn’t everything. “You can throw a bunch of money at them. That’s going to attract attention, but that doesn’t mean it will keep them long term. It’s everything else that’s key.” The word culture is thrown around a lot. What does it really mean? It’s a combination of the organization’s people and what leadership does for employees outside the office. If you’re wondering what you can do to attract a unicorn to your organization, consider these ideas: • Flexible work arrangements and work/ life balance: This generation can work from anywhere. Let them. And don’t make them feel guilty about it. Let them arrange their schedules so they can go to the dentist, meet the cable guy, or run an errand without having to take half a day off. • Face time with managers and constant feedback: Tell them WHY decisions are made. Provide regular face time and feedback whether it’s a quick phone call or over a cup of coffee. The days of discussing performance solely at an annual review are long gone. This generation wants to know how they’re doing and to feel appreciated. They want the ability to adjust their performance as they go along. • Transparency: Get them involved in decisions and interacting with clients. (This isn’t just good for them; it’s good for succession planning). Explain why decisions are being made. CONTINUED ON PAGE 18

January/February 2019 | www.cocpa.org

HUMAN RESOURCES CONTINUED FROM PAGE 17 • Show them the career path: Offer learning opportunities and make growth opportunities clear. Help them learn new facets of the organization. Don’t leave them in the same seat doing the same job without a plan to help them move forward. They want to be challenged. They want to participate. • Let them make a difference: Offer volunteer opportunities. Involve your organization in the community. Let employees participate and give back without taking vacation time to do it. • Money: It matters, and it’s definitely in the top five demands, but it may not be at the top of the list. Be prepared for some sticker shock. “Kids today will give up money for a company offering these other things,” Hildebrand asserts. “They don’t want to work more than forty to forty-five hours a week. They really are about the balance. They know they might have two or three weeks of long hours at quarter end if at an SEC registrant or for a few days at month end, and they’re OK with that. But they want to be compensated with additional time off on the back end.” Be advised: when you do find your unicorn, be prepared to move quickly. “Right now, we’re in a multiple offer and counter offer market for senior accountants,” Hildebrand cautions. “Not only are they receiving multiple offers, when they go in to resign, they will get a counter offer.” FINDING THE FUNDS If the thought of a mid-$80,000 salary makes you cringe, you’re not alone. Take heart though. McCauley says he works with firms of all sizes, and while many are able to be competitive, even smaller firms can look at the list of intangibles and find ways to compete. A firm may attract a different crop of candidates with a lower salary and a greater emphasis on other perks, and that’s OK. “There are good, solid candidates out there who might be more attracted by flexibility or environmental items which will help compensate for a lower salary.” Nonprofits and smaller organizations face the salary dilemma every day. Renny Fagan, president and CEO of the Colorado Nonprofit Organization, says the competition for controllers, accountants, and finance people is being felt keenly by nonprofits too. “Those folks are in high demand,” Fagan says. “Like any business, they’re having to either raise

more revenue or reallocate their expenses to prioritize funds needed for the positions.” To help with staffing challenges, nonprofits are reaching out to the Colorado Nonprofit Development Center (CNDC) which serves as a fiscal sponsor for different groups and projects that may be on their way to becoming a 501(c)3 organization. CNDC President and CEO Melinda Higgs says the organization provides two programs to help nonprofits looking for ways to meet back office needs. One is a comprehensive fiscal sponsorship for organizations which don’t have their 501(c)3 status yet. “These organizations would operate under our tax-exempt status and plug into our robust back office which offers a dedicated financial and accounting staff,” she explains. “It offers strength on the finance side until you become a much larger nonprofit. It’s a great solution for those in the early stages of development.” The other option CNDC offers is high level professional accounting services to nonprofits which might not be ready for a “full-blown CFO,” as Higgs says, “but also aren’t small enough that they can get by with someone’s basic entry level bookkeeping skills. They need something in between – that senior person or controller. It’s a cost-effective way for groups to get the professional services they need without having a CFO or controller on staff.” Higgs says just like the public accounting and private industry realms, there has been an increase in the number of nonprofit organizations looking for staff. The trend has led to an uptick in shared services – two or three organizations sharing back office services. “It’s becoming more difficult and more competitive in the market which makes the nonprofit market extra competitive,” she says. Nonprofits and private industry alike should be prepared to think outside the box. “Be creative,” McCauley encourages. “You’re looking for that three- to five-year unicorn, but maybe that fifteen-year person you didn’t want to talk to before is worth another look. There may be people out there who just need more ramp up time or have more of a learning curve. Expand the idea of your ideal candidate.” McCauley also encourages organization to “sexy up your old school job postings.” He still sees descriptions for “strong communications skills” or someone who is “detail oriented.” BOR-ing. “Why would someone want to work

NewsAccount | January/February 2019

for you?” he asks. “Make your organization sound like a great place to work.” CHANGING MINDSETS If you’re rolling your eyes at the list of “must haves” from today’s recruits, you might want to reconsider your reaction. “The quicker companies change their ways, the quicker they’ll attract the talent they want,” Hildebrand says. “Companies which are listening to their employees are wise,” McCauley adds. “Those that aren’t are going to struggle.” Hildebrand knows it’s going to be a process for organizations’ leadership to adapt and change their mindsets to attract this “extremely talented generation.” He encourages companies to be thinking about how they might be able to adapt. Maybe it’s a 9/80 work schedule with every other Friday off. “That’s an additional 26 days off a year and a huge benefit to an employee who might want to hike or ski or just be off for a day.” Maybe it’s a rotation program that allows seniors to move around and take on something new to better develop their skills and knowledge of the company. Whatever it is, be the kind of firm that embraces change, Koziel says. “So many firms still struggle with having a diverse culture, seeing women in leadership positions, showing promotability, and offering a flexible schedule even when they think they are.” He offers an example of unconscious bias toward remote workers who are allowed to work from home but then get comments like, ‘You get to work in your pajamas, and we don’t.’ That really isn’t a company that embraces that kind of change, even though it thinks it is,” he points out. “How are your line managers or the people on the ground interacting with people every day? Is it truly the culture leadership wants? When it is, people can truly say, ‘You’ve got to come work here.’” If you’re losing a good employee, Koziel suggests using the exit interview as a learning experience. “Don’t ask why the employee is leaving. Instead, ask what happened in the month prior to the first interview with the other company,” he says. “These people are being recruited every day. We need to know what happened on the day they switched from ‘not interested’ to ‘interested.’ Once you understand what’s driving that decision, you can take steps to make changes.”

The Boomerang Strategy: Bringing Skilled Employees Back into the Fold BY NATALIE ROONEY

ésumé gaps used to be red flags during the interview process, making applicants anxious about their prospects for landing a job. But today, many companies, including accounting firms, are combatting the work gap stigma by offering “returnship” or return to work programs to attract experienced talent and transition them into the workplace. Return to work programs are designed to help workers, who tend to be women, sharpen their skills and ease back into the working world. These workers have an easier ramp-up period because they’re brushing up on skills they already had, and they bring maturity and life experiences to their jobs. A PricewaterhouseCoopers LLP study of female “returners” revealed some of the barriers. Three-quarters of professional women want to return to work, yet three in five returners are likely to move into lower-skilled or lower-paid roles and experience an immediate earnings reduction of up to a third. The research found clear economic gains from women working at their full potential: Addressing the incidence of occupational downgrade experienced by professional women could boost their annual earnings by $848 million.

who want to increase age and gender diversity, especially in such areas as finance and technology which tend to skew male. Brenda Hampel, managing director of Connect the Dots Consulting, says she hears leaders of human resources departments talking about the importance of return to work programs, especially in the challenging labor market. “I first heard about programs for women re-entering the workforce after having kids or becoming empty-nesters,” she says. “Large professional services firms like Accenture and Deloitte formalized the programs first because their statistics continued to show they were losing women in those child-bearing years and not getting them back. Or, if women wanted to come back, they didn’t see a clear path to do so.”

Return to work programs, while becoming more common, aren’t new. Goldman Sachs debuted its returnship program in 2008. Swiss investment bank UBS launched its Career Comeback program in 2016 aimed at individuals who have taken a career break of a minimum of two years. Both men and women can apply for the program. EY, General Motors Corp., Booz Allen Hamilton, Dow Jones, and Deloitte also are among companies offering return to work programs. In 2018, Walmart launched its program, targeting people who have five years or more work experience and want to come back to work.

Hampel says over the years, she has seen a philosophical and cultural shift in letting people know it’s ok to take time out from a career. “Before ten years ago, employers didn’t care. Those looking to return to the workplace had to figure everything out for themselves,” she says. “There has been a significant cultural shift. Gaps in resumes are much more acceptable now. You don’t have to explain as much thanks to the job market and talented workers doing things differently. It’s ok to take a year off and travel or focus on your family or other area of interest. Hiring Managers might ask questions, but by and large, a gap isn’t a problem if you can speak to it intelligently.”

HOW THE PROGRAMS WORK A returnship is similar to an internship for the experienced worker. They’re paid programs for workers who have left the workforce for a period of time—typically two years or more—and are hoping to jump-start their careers. Companies desperate for top talent want to tap into this segment of workers who had been in the workplace but took a break. Returnships also can help employers

THE BOOMERANG EFFECT EY has its own take on a return to work program, specifically seeking out employees who have left the firm but might consider returning. These returnees are referred to as “boomerangs,” says Meredyth Ralph, Assistant Director – Assurance Experienced Recruiting for EY. The opportunity to return as a boomerang applies to employees who took leave for educational or personal rea-

sons or left for a work opportunity in private industry that for whatever reason isn’t panning out. From a recruiting standpoint, Ralph says it has become a strategy to reach out to strong employees who have left the firm. The senior to manager range is the most frequent level they reach out to, she adds. If employees have been away from EY for longer than a year or so, they are brought back as an “experienced hire,” and will attend firmwide training with their rank within the firm. For those who have been gone under a year, they are onboarded and do a local office orientation. “It’s quick and seamless, and they’re back into their role,” Ralph explains. “They can do any training they might have missed and supplement with online or classroom courses.” “At EY, our promise to all our people is that whenever you join EY, however long you stay, the exceptional EY experience lasts a lifetime,” Ralph says. “With EY, you’re always part of the family. We have someone they might have worked with before reach out to them. If we get one or two people who come back, that’s great. The value of someone who has been with the firm versus someone coming in from the outside is a benefit for us. Maybe someone went somewhere else and found it wasn’t very challenging. We’d love to have those someones back.” A Mercer survey of 22 companies found that 18 percent offer a returnship program, and 23 percent are considering offering one. An additional 18 percent of those companies decided to offer returnship programs but haven’t launched them yet, and 41 percent haven’t considered the idea at all. Companies with more than 5,000 employees tend to offer the programs, according to the survey. Whatever they are called, these experienced professionals offer a lot to companies looking for talent, especially in this tight employment market. Or, to paraphrase an old saw, “All good things can come back around especially if they’re good people.”

January/February 2019 | www.cocpa.org

PERSONAL DEVELOPMENT

The Power of Storytelling in Business BY JACKIE FITZGERALD, FCMA, CGMA

This article first appeared in Financial Management magazine. For more articles, sign up for the daily email update CGMA Advantage at http://bit.ly/2svn2AY.

hen giving a presentation or pitch, weave a narrative around the numbers to keep listeners engaged. A storytelling approach helps your audience grasp and retain your key point or message, but it can also help demonstrate the ways finance can support other teams’ activities and ultimately foster collaboration in a previously siloed organization.

“Your pitch, presentation, or report is far more likely to succeed if you can trigger the right emotional response in your audience at the right time.”

We make sense of the world by turning what happens into stories. Stories help us manage the chaos and turn it into something we can understand and follow.

Back in the 1990s, I led the finance team in a division responsible for building submarine cable systems and designing communication satellites. Most staff members were very intelligent engineers who seemed not to care much about money. To be honest, they didn’t appear to care much about anything except what they were working on, their pet projects.

From an early age we love stories, and we often want to hear the same tales over and over. Even though we’ve heard the story many times before, we laugh at the same funny bits, shudder at the same scary scene, and relish the heroine’s triumph when it all works out OK in the end. Think about your own favorite story. As you replay it in your mind, your brain works hard to trigger the old, familiar emotional responses while releasing the requisite hormones: cortisol for the tense or scary bits, oxytocin when something cute or affectionate happens, and dopamine at the happy ending. Neurologically, emotionally, and physically, we relive our stories when we retell them. Our brains are wired to create a narrative. WHY DOES THIS MATTER IN BUSINESS? Good storytelling can help people better understand what you’re saying and remember the information more clearly. It is also more likely to lead to a favorable response, which is particularly desirable if you’re pitching for investment or looking for business case approval. Stories also reach the parts facts and analysis don’t: our hearts. That’s why they can inspire and motivate us so much. In short, your pitch, presentation, or report is far more likely to succeed if you can trigger the right emotional response in your audience at the right time. 20

Every quarter I had to stand up and talk to them about how the division was doing financially, encouraging them to spend less or sell more of their services. I thought that, since they were engineers, they would like loads of detail, so my first presentation was basically columns of numbers with explanations alongside in a tiny font nobody could read. People actually fell asleep. My boss was not happy. The next time, I had one slide with a few key numbers on it. I talked about those numbers, telling the story of how we hit or missed our targets, namechecking the people involved, and highlighting their contributions and achievements. I also told the story of what our performance so far was going to mean for the rest of the year and what impact it would have on the division as a whole and the team as individuals. Who isn’t interested in what their bonus will be? This time people were engaged and motivated. They asked questions and made good suggestions for improving the numbers. Engaging people through this type of storytelling approach opened up the lines of communication, and staff members began to contribute ideas about saving the company

NewsAccount | January/February 2019

money, improving sales, and improving performance. Realizing that finance staff weren’t there just to say “no” to requests, colleagues began to seek my help in crafting a narrative around their technical business cases and began to understand that involving finance right from the beginning increased the likelihood their case would be approved. Here are my tips for telling a good business story: • Set the scene. State what your aim is, or what you’re asking for, at the beginning of the story. That establishes the context for everything that follows. • Ditch the detail. You have to do the work, and that supporting data has to be available. But don’t drone through pages of facts and figures. Your audience can check out all the background later or ask for clarification if they need it. Include only the really important details, and get to the point quickly. • Focus on the benefits. Everyone listening is wondering, “What’s in it for me?” So be clear about the good things in your report, proposal, or business case. Draw their attention to the positive impact your presentation will have on the company, division, people, and stakeholders involved. • Talk about the problems. A story without difficulties is just plain boring; we like to hear how our heroes overcome adversity. It’s also unrealistic of course. So, talk about the challenges, too, but make sure you can say how they can be mitigated or overcome.

Finding your story BY SAMANTHA WHITE For Ben Roberts, FCMA, CGMA, head of finance transformation at Bolton NHS Foundation Trust and a network lead on the Future Focused Finance program, inspiration often strikes during his 40-mile commute. But a story that gets your message across doesn’t always need to be conjured out of thin air. Roberts tries to give his audience some sort of context they can relate to. “Something that’s in the public eye or popular culture always works. People connect with these ideas,” he explained. “When training, I tend to use abstract storytelling to make a point and then create a bridge to the reality we are facing and the message you want to get across.” Roberts starts with the end point – in the context of training, this is the behavior he wants the audience to adopt – and considers how he can help people understand that. Then, he tailors the story accordingly. For example, Roberts asked his audience to compare adapting to major organizational change to competing in a popular TV program. “Think of yourself as a contestant going through The Great British Bake Off. At first it feels really scary, but if you get into it and get used to the pace, by the end of the journey you realize it’s never as hard as you initially thought it would be, and you grow in confidence.” The example of tennis star Andy Murray has helped Roberts convey the importance of avoiding unforced errors. Similarly, a former director of finance asked people to imagine what Olympic athlete Mo Farah feels like when he wins gold after endless hours of training, which helped encourage the team members to visualize how good they will feel when they achieve a particular goal. “We try to tell our story through pictures because that tends to be a better way for people to take these things on board. If you take them through a conceptual idea and then apply it to reality, the idea that it’s achievable seems so much more plausible.”

• Get to the why. In a 2009 TED Talk, author Simon Sinek explained why purpose, that inner drive to do something that benefits the wider world, matters so much. A company’s aim is usually to make money, of course, but for those who prioritize being authentic and ethical businesses, their “why” is often around making life better in some way. Including these softer benefits in your story will make it more interesting and engaging. Jackie Fitzgerald (jackie@alchemybusinesscoaching.biz) is a UK-based coach who specializes in helping professionals fulfil their potential. © 2018 Association of International Certiﬁed Professional Accountants. All rights reserved.

A journey of learning – such as the implementation of a new costing system – where skills and know-how need to be built up on an incremental basis, is like when you first start playing with toy building bricks, Roberts said. “At first all you’ve got is enough bricks to build a little house, and then as your collection grows, all of a sudden you’ve got a town, and before you know it you’re building a city. You’ve got to give yourself time to get to grips with the material, how to build it, and once you’ve done that, you can expand quite quickly.” In more formal contexts, such as reporting to the board, Roberts suggested keeping the concept of a golden thread in mind. “The golden thread provides signposts throughout the report for the reader to follow, signalling to them what we want them to understand as the organization’s biggest risks, pressures, or issues, for example.” It is important to ensure that all of the elements of the report – graphs, numbers, and text – convey a consistent story to the reader, Roberts added. Understanding the audience and how they react is the first step to crafting your story, Roberts said. “When we developed our board report, our deputy director of finance, Andrea Bennett, ACMA, CGMA, met with every member of the board to try to understand what each one needed and wanted from it. If you invest time in understanding the audience, you find the story almost will produce itself. “A mark of success is how few questions of understanding we get after we’ve told our story.” To comment on this article or to suggest an idea for another article, contact Samantha White, an FMmagazine senior editor, at Samantha.White@aicpa-cima.com.

January/February 2019 | www.cocpa.org

SPECIALTY CREDENTIALS

Six Tips for Starting an Advisory Practice To stand out in a crowded profession, many financial professionals are leveraging the escalating trend toward advisory services. The ability to offer specialized knowledge allows you to differentiate yourself from competitors and position yourself more favorably within the marketplace.

ne of the best ways for you to demonstrate your knowledge and expertise in particular areas is through the addition of credentials. The AICPA offers the only credentials built on the foundation of competency, objectivity, and integrity. They are: Certified in Financial Forensics (CFF®), Personal Financial Specialist (PFS™), Accredited in Business Valuation (ABV®), and Certified Information Technology Professional (CITP®). THINK THROUGH YOUR GAME PLAN Let’s face it. Many qualified financial professionals are entrepreneurs at heart, so branching out into an advisory service often feels like the natural evolution of their business. Of course, adding an advisory service to an established practice takes dedication and diligence. But it can be an immensely rewarding pursuit, both professionally and financially. Before deciding to offer an advisory service, you must be willing to: 1. Commit to spending the time it takes to develop an advisory service practice. As Susan Pierce, CPA/CITP, CGMA, and senior technical manager of the Information Management and Technology Assurance Division at the AICPA says, “You can’t just hang a sign up and be successful; you need to have a plan.” For many established firms, that means writing an entirely new business plan. Consider such things as the market for the services you are considering providing and what competition you might face. 2. Identify your target audience. Adding an advisory service offers the potential to tap into a new client base, which requires careful thought and planning. In some instances, the end-user may not be the person who makes the hiring decision. A lawyer or other accounting

NewsAccount | January/February 2019

firm may be the one to select the valuation, forensics, or technology specialists. Keep this in mind when marketing your advisory service. Sometimes, however, adding an advisory service does not necessarily mean speaking to a new audience. Instead, you could focus on strengthening and deepening your relationships with existing clients. Such is often the case when engaging in personal financial planning services. 3. Reassess your fee structure. With the addition of an advisory service comes the responsibility to your firm for knowing how and what to charge clients for your new offering. You want to remain both competitive and profitable. If you don’t adequately understand all the costs associated with the new service and factor them into every proposal, you may lose money. 4. Consider the technological investment that advisory services require. Research and talking with practitioners will help you assess what you’ll need in your new practice area. The upfront costs of purchasing software or systems and ongoing expenses, such as training and updates, should be factored into your business plan. This investment will more than pay for itself as your practice grows. 5. Follow any applicable standards and regulatory and compliance requirements of your advisory service area. In addition to issuing standards for the audit and attest functions, the AICPA issues standards for business valuation, personal financial planning, and consulting services to provide consistency in these areas of practice and to protect the public and the reputation of CPAs. Information

technology advisers need to understand the requirements associated with the software products they implement or assess. And most importantly … 6. Obtain a credential in your advisory area. Here are two ways to look at it: First, you can use an AICPA credential as the pathway to gaining in-depth knowledge as you move toward offering new services. Or, if you already have in-depth knowledge, experience, and education in an advisory area, you can use a credential to help market your services and differentiate yourself, your firm or your role within an organization. It’s worth noting that, even if you have the financial and personnel resources to start an advisory practice, the AICPA Code of Professional Conduct states that you cannot take on a professional engagement without the requisite set of knowledge, skills, and competencies. A credential is an official way of demonstrating that you have met these requirements. WHAT CAN EACH CREDENTIAL DO FOR YOU? Most financial professionals are drawn to the credential that naturally complements their professional interests, knowledge, and skills. Here is how each credential serves its holder: The CFF credential encompasses fundamental and specialized forensic accounting skills

that you can apply in a variety of service areas, including bankruptcy and insolvency; computer forensic analysis; family law; valuations; economic damages calculations; and fraud prevention, detection, and response. This credential also sets you apart as an expert witness in the courtroom. The PFS credential showcases expertise in personal financial planning. Many financial professionals use this credential to expand or diversify a tax-focused practice by demonstrating a comprehensive knowledge in financial planning and tax, thereby offering a holistic approach to their clients’ financial needs across retirement, estate, tax, risk management, and investment planning. The ABV credential is ideal for financial professionals who want to enter an in-demand area by positioning themselves as an expert business valuation service provider who not only reaches a conclusion of value but also creates value for clients through the strategic application of their analysis.

The CITP credential recognizes financial professionals who have the unique ability to provide technology-related assurance and business insight by demonstrating their knowledge of information, data relationships, and supporting technologies. Focus areas include IT risk and IT assurance, security and privacy, business solutions, data analytics, and emerging IT trends. CITP credential holders are helping their clients or organization improve operations, ensure financial data integrity, determine risks associated with financial reporting, and prevent and detect fraud.

joining an AICPA section. Section membership provides you with access to technical content, advisory practice resources, and discounts on credential education materials and exams. Once you hold a credential, the credential fee includes all of the section benefits, including webcasts, practice guides, guidance on hot topics, tools to practice competently and profitably, discounts on conferences, and more, plus additional resources developed for you as a credential holder. And you’ll connect with other financial professionals who can offer advice, which can kick-start your advisory practice.

Remember, these credentials are available only to qualified financial professionals who meet the criteria for professional experience and minimum education requirements as outlined by the AICPA, and who pass the required exam.

If you decide to pursue a credential as one of the first steps to starting an advisory practice, the AICPA will support you every step of the way by providing the resources and tools you need to maintain the highest level of competency in your specialty. When you’re ready to set yourself apart with an AICPA credential and explore starting an advisory service practice, visit aicpa.org/aicpacredentials.

ADDITIONAL RESOURCES FOR ADVISORY SERVICES Before obtaining a credential, consider

THE MOST FUN YOU CAN HAVE AT A TAX SEMINAR DON’T MISS OUT! January 16, 2019

Hyatt Regency Denver Tech Center or Webcast | CPE: 8.0 Be prepared to laugh while learning about the latest federal taxation developments . Attend COCPA’s most popular tax program, and receive a thorough and engaging review of current developments, recurring problems, and planning ideas for individual tax return preparation.

Register at COCPA.org/DonFarmerFed Attendees will receive a 600+ page book packed full of information and checklists! January/February 2019 | www.cocpa.org

MOVERS & SHAKERS GAYLEN R. HANSEN, CPA Gaylen R. Hansen, CPA, Of Counsel, Plante Moran, Denver, received the William H. Van Rensselaer Public Service Award from the National Association of State Boards of Accountancy. Hansen joined the Auditing Standards Board in 2016 and represents NASBA on the advisory committees of the International Audit and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA).

SEAN MCDONALD, CPA & DAVID SHELLAN, CPA ACM LLP, Denver, promoted Sean McDonald, CPA, and David Shellan, CPA, to partner. SUMESH TRIPATHI The Colorado Department of Labor and Employment Division of Vocational Rehabilitation honored Sumesh Tripathi, ACM LLP Tax Staff, Denver, with one of its Shining Stars of VR Awards. He received the Executive Director Award for his courage and commitment to improving his life and recognition of all he has done to achieve his employment goals and promote the full inclusion of people with disabilities in Colorado’s workforce.

BENJAMIN T. HROUDA, CPA Benjamin T. Hrouda, CPA, Flywheel Capital, Denver, was named to the Colorado Water Trust Board of Directors as Treasurer. WHIPPLEWOOD CPAS Accounting Today named WhippleWood CPAs, Littleton, to its list of 2018 Best Small Accounting Firms to Work For. BOULDER CPA GROUP Boulder CPA Group, formerly Mark H. Carson & Associates, P.C., changed ownership, effective Oct. 16, 2018. Boulder CPA Group, P.C. now is owned and managed by Carol Bailiff, CPA, Ophelia Chu, CPA, Vonda Modlin, CPA, and Natalie Swartz, CPA. Managing Shareholder is Debra Zeigler, CPA. The firm’s staff members and office location in Boulder were retained.

MARK J. SMITH, CFP®, CPA/PFS, CIMA® ® Mark J.Mark Smith, CFP®, and presiJ. Smith, CFP ®,CPA/PFS, CPA/PFS, CIMACIMA®, dent ofPrincipal M.J. Smith & Associates, Greenwood Village, was J. Smith ﬁrst openedTop his practice in 1983, he expected to focus on taxof planning. After – the namedWhen to Mark the Forbes Wealth Advisors 2018 all, he was a CPA with an accounting degree from the University of Iowa. But as he continued third consecutive Smith made theCERTIFIED list. FINANCIAL to build his competency asyear an adviser through the globally recognized PRACTICE FOCUS Investment Planning Retirement & Estate Planning Income Tax Planning Education Planning Business Planning

EDUCATION AND CERTIFICATION

MARILYN SUDBECK, CPA “Since the 1980s, our firm has embraced a foundation oriented around trust, faith in the future, Insightful Accountant Marilyn CPA, and education,” says Mark. Duringnamed turbulent economic times in the 80s,Sudbeck, 90s and most recently, so-called Great Recession, M. J. Smith and Associates has prided itself on acting as the “voice a 2018 the Top 100 QuickBooks ProAdvisor. She recently of reason,” helping clients navigate some of life’s greatest financial challenges, including divorce, selling a business, or managing an inheritance. Mark’s leadership has earned numerous accolades, published Quickbooks for CPAs: Written by a CPA for including recognition by financial media outlets, such as Barrons, Forbes, Worth, and Financial Times. “Clients understand what her, they’re getting when they work with M.J. Smith and Associates,” CPAs, available from Marilyn@nimbusqb.com, or the says Mark. “We believe strongly in fee transparency, and work with our clients to reduce their overall asset management as well as their tax burden in this increasingly complex tax environment.” Tattered Covercosts, bookstore.

B.B.A., University of Iowa CERTIFIED FINANCIAL PLANNER™ practitioner

Accountants and Consultants www.acmllp.com

PLANNERTM certification program, he realized he wanted more for his clients. “I felt that by offering comprehensive financial planning, I would be able to more proactively change people’s lives,” he said. More than 30 years later, M. J. Smith and Associates has become one of the nation’s leading financial planning and investment advisory firms, and Mark has been recognized repeatedly as one of the top financial advisors in America.

Certiﬁed Investment Management Analyst® Personal Financial Specialist Certiﬁed Public Accountant

Mark believes education lies at the heart of investor protection. He personally developed a curriculum for the Evelyn Brust Financial Research and Education Foundation to help build financial literacy, and was pleased to see the program adopted nationally. Mark has also taught investment and financial planning courses to other professionals, including CPAs and advisers who work with Raymond James, a diversified financial services holding company that serves as custodian for M.J. Smith and Associates’ client assets.

EIDE BAILLY LLP Eide Bailly LLP moved its Fort Collins office to In Colorado, and in his home state of Iowa, Mark has demonstrated his education leadership by 2950 Harmony 290,State Fort Collins, developingEast scholarships to help students fromRoad, needy familiesSuite attend Metropolitan University of Denver, Arapahoe Community College, the University of Iowa and Iowa Central Community CO 80528. The phone numbers remain the same. College, as well as numerous other colleges through the Colorado Society of CPAs’ Education Foundation (COCPA), where Mark is past president.

AFFILIATIONS Member, Financial Planning Association® Member, Investment Management Consultants Association Member, American Institute of Certiﬁed Public Accountants Member, Colorado Society of Certiﬁed Public Accountants

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

locally owned. locally Committed. Accounting For How You Do Business imAgine tHe possiBilities

ACM 24

303.830.1120 Denver ∙ Boulder ∙ Northern Colorado ∙ Laramie

NewsAccount | January/February 2019

Mark serves on the board of the Kempe Foundation, a nonproﬁt advocacy organization for the prevention and treatment of child abuse and neglect. He is also a board member for the Salvation

Army Intermountain Division, where he successfully helped the organization increase its planned HAYNIE & than COMPANY giving donations to more $70 million – more than any other Salvation Army division in the U.S. Most recently, Mark was a member of the 2014-15 COCPA Board of Directors. He says his desire Abercrombie & Associates, PC, The Woodlands, to help others stems from his own experience. “Everything I have I owe to my mom,” says Mark. “She worked so hard to give us a home and an upbringing. Because of how hard you saw her work, TX, merged with Haynie & Company Certified and with the love that you felt, you never wanted to disappoint.” Public Accountants & Management Consultants, That spirit of appreciation and respect has enabled M.J. Smith and Associates to delight clients, not only by helping them mitigate and manage risk, but also by always placing the interests of it’s Nov. 1, 2018. clients first. The team plays an active role in helping confront and curb the behaviors that could limit investment success, and works with individuals, families and businesses to take a reasoned and rational approach to creating wealth. A fee-based, independent registered investment adviser, M.J. Smith and Associates acts as a fiduciary for clients, offering asset management services, comprehensive financial planning, and income tax planning. The firm has established itself as a national leader in the years since 1983, when, as a solo practitioner, Mark Smith served as chief adviser, filing clerk, receptionist and coffee maker. “I’m very proud of the team we’ve built,” he says, noting that the firm has six CFP professionals, four team members with Master’s degrees, and several employees with four licenses and designations. “We look forward to helping our clients achieve their financial goals for many years to come.”

CLASSIFIEDS

PRACTICE FOR SALE, PURCHASE, OR MERGER Selling your firm is complex! ACCOUNTING BIZ BROKERS can help! We have been selling CPA firms for over 14 years, and we know how to simplify the process and bring you the win-win deal you are looking for. We have a large database of active buyers. We work with industry specific lenders ready to assist buyers with financing. We are experienced, professional, and confidential. Contact us today to receive a free market analysis or to start the sales process. Current Listings: Boulder Gross $230k; Pagosa Springs Gross $230k; Larimer County Gross $395k. Kathy Brents, CPA, CBI, at 866-2602793, or Kathy@AccountingBizBrokers.com, or visit our website at www.AccountingBizBrokers.com.

IN MEMORIAM

TAX STUDY GROUPS

We extend our sympathy to the families and friends of the following COCPA members and former members: Charles Gallegly Member since 1964, Littleton, Colorado

Boulder/Longmont Tax Study Group AT THE MEADOWS BRANCH PUBLIC LIBRARY

Tuesday, Jan. 22 and Tuesday, Feb. 19

Thomas Hannon Member since 1982, Littleton, Colorado

This informal roundtable discussion group meets at the Meadows Branch Public Library, 4800 Baseline Rd., Boulder, BYO Bag Lunch. Additional 2019 Meeting Dates: Mar. 19, May 21, June 18, July 16, Aug. 20, Sep. 17, Oct. 22, Nov. 19, and Dec. 17. For additional information, contact Lynn M. Mitton, CPA, MT, MPA, (303) 499-7445, or email lynn@ﬂewellingcpa.com.

Joanne Moe Johnson Member since 2011, Denver, Colorado

Robert “Bob” Lacey

Member since 1961, Lakewood, Colorado In the mid-1970’s, Bob was the first COCPA CPE Director and also maintained a small tax practice. He taught accounting at Regis University for 30 years and was known to quote Ben Franklin often, “...in this world nothing can be said to be certain, except death and taxes.” Never without a cup of coffee in his hand, Bob encouraged his best students to become CPAs. Donations may be made to the Robert Lacey Accounting Scholarship at Regis University, 3333 Regis Blvd B-16, Denver, CO 80221.

Your Clients Have a trusted CPa.

Denver Tax Study Group AT THE COCPA OFFICE

Tuesday, Jan. 29 and Tuesday, Feb. 26 This informal roundtable discussion group meets over lunch, the last Tuesday of most months, at the COCPA office, 7887 E. Belleview Ave., Ste. 200, Englewood. Additional 2019 Meeting Dates: Mar. 26, April 30, May 21, June 25, July 30, Aug. 27, Sep. 24, Oct. 22, and Dec. 3. Register at www.cocpa.org.

+ Mark Kuhn

President & Founder

Scott ranby, CFP® Financial advisor

StrategieS aNd ServiCeS oFFered:

We would like to be their trusted financial advisor.

investment management education funding Pre-retirement planning Charitable giving retirement income

Kuhnadvisors.com Minimum relationship: $1 million Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Kuhn Advisors, Inc. is a registered investment adviser. More information about Kuhn Advisors, Inc., including its advisory services and fee schedule, can be found in its Form ADV Part 2, which is available upon request.

North CaroliNa 919.493.3233

Colorado 303.803.1016

January/February 2019 | www.cocpa.org

Colorado Society of CertiďŹ ed Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111-6076

want to Make this Tax Season YOUR LAST?

Periodicals Postage

Delivering Results One Practice At a time Bill Anecelle, CPA, MBA Sr.Practice Transition Consultant

(303) 670-3623 Bill@atp4s.com

Kevin Overberg, CPA/PFS, CFP Practice Transition Consultant

(720) 988-4334 Kevin@atp4s.com

Our HEAD START Program Will Make It Happen!

800-859-8250 www.APS.net