24th Mid-Year Meeting Takeaways

Our 24th mid-year meeting was held in Fort Worth, Texas. Over 20 attendees including members, prospects and partners attended the one-and-a-half-day conference. Below is a synopsis of the session highlights.

The 2017 Rosenberg Survey

Sarah Dobek and Cornell Rudov of CPAsNET facilitated a highly interactive session that utilized results from the 2017 Rosenberg Survey to help attendees understand the financial metrics that are most important in driving firm profitability.

The session started with a reminder of why we benchmark. Benchmarking is important to:

  • Measure your firm’s performance
  • Understand what you do well and where there is opportunity for improvement by analyzing your performance against peers and best in class
  • Change your firm’s performance by setting goals and taking actions

The remainder of the session covered the Top 10 Findings from the 2017 Rosenberg Survey (based on 2016 numbers). Participation in the Rosenberg Survey is included in your membership dues!

Introducing New Revenue Streams

The accounting industry is experiencing rapid change, with audit, tax and compliance services becoming more commoditized. As a result, many CPA firms are looking to add new revenue streams to reboot or expand their practice. This session covered best practices for adding new services.

4 of the Biggest Mistakes Accountants Make When Adding a New Service:

  1. Ignoring diamonds in your backyard
  2. Waiting for the client to raise their hand
  3. Determining direction on behalf of client
  4. Selling watches

Contact CPAsNET if you would like to find out how to find proactive services that generate recurring work and revenue just like traditional compliance services.

Cyber Security: Best Practices When Responding to a Breach

Every week brings news of data breaches affecting millions of people. When a breach occurs, companies face the daunting task of coordinating legal compliance with myriad state and federal notification laws, while simultaneously containing the damage, conducting a thorough investigation, and developing internal and external communications strategies.

It’s not a matter of “if” you will get breached, it is a matter of “when” it will happen. Soon it will be companies that have been hacked and companies that will be hacked again. We invited Michael Titens Esq. of Thompson & Knight LLP to address our group regarding the elements of an effective incident response plan.

The federal and state notification process and the key differentiating factors among various state laws were discussed in this session. Each state has different obligations, except for Alabama and South Dakota. Some of the common remediation and compliance obligations include,

State notifications

  • Residence of individuals affected
  • Special industry requirements
  • Payment Card Industry (PCI) requirements
  • Some states require notice to the State Attorney General

Response documents

  • Notification letters
  • PCI notifications
  • Regulatory and government agency notifications
  • FAQs and communication strategy
  • Press releases

The Takeaway

A single solution or law for responding to a security breach does NOT exist. This makes the process of responding frustrating and expensive. If you are unsure of your state reporting requirements, contact CPAsNET for more information on how we can help.

Stay Interviews

Since 2000, Gallup polls show that employee engagement has barely changed, despite the fact that most companies pour thousands of dollars into initiatives aimed at retaining employees and keeping them engaged.

The primary reason why employees word harder and stay longer is a good relationship with their employer. In this session, Sarah Dobek, President of CPAsNET, talked about the conversation you can have with your employees that will help engage them and build a relationship.

A stay interview is a meeting between a direct supervisor and their employee. These one-on-ones are conducted with the assumption that the employee wants to grow. The conversations that take place during a stay interview reveals what is important to employees and how their desire can be satisfied. They are not:

  • team meetings or focus group,
  • conducted by HR,
  • career development plans,
  • focused on job performance or
  • a fad.

There are 9 steps to keep in mind when delivering a stay interview. CPAsNET can help you introduce Stay Interviews in your firm; call us for more information.

If you would like more information or have a question for one of our speakers, please let us know. Our 25th Annual Meeting will be held June 19-22, 2018 in Chicago. More details coming soon!

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