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four strategies for a future-ready firm

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young businessman walking on bungee cord between question mark and dollar signembrace these to ensure you remain relevant.

by donny c. shimamoto
the center for accounting transformation

a recent article from harvard business review, “what makes a company future-ready?”, shared insights from multiple industries in looking at which companies adapted and thrived versus those that didn’t perform as well.

related: the changes ahead for corporate finance | top issues for 2022: talent, time, and transformation

learn more about the center’s audit advisory board or view the center’s transformation courses.

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as i read through the article, i couldn’t help but think, “how would these insights apply to accounting firms and the future of accounting?” read more →

four accountability steps for firm success

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plus four challenges to address.

by anthony zecca
leading from the edge

i’ve been focusing on the leadership accounting firms need to succeed in a future driven by seismic disruptors. we began with strategy, then empowerment. this third post will address the critical element that makes empowerment work – accountability.

more: the art of leadership: empowerment | the art of leadership, lesson one: strategy
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a characteristic of a great “edge” leader is the ability to empower everyone and understanding that as a leader, your responsibility is to lead and not manage. if you are the type of leader that manages, you own accountability since you can’t manage and empower at the same time. as i defined it in my previous post, a simple definition for empowerment that applies to all organizations is, “authority or power given to someone to do something.” 
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if you can’t explain it, no one will buy it

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woman working at desktop computerwhat’s your advisory process?

by gary bolinger
profit in disruption

every firm that is serious about advisory services needs one client-facing advisory process that you can articulate to the market, but that is also consistent with how you deliver advisory services and of course operate internally. there is no need to “customize” the advisory process based on the client.

more bolinger on advisory: you can’t separate the business from the client |tell managers what ownership means | clients: what accountants don’t understand | why accountants fail at consulting | advisory vs. low-value clients | what + who leads firms to better service | how accountants are profiting in disruption | ask the right question(s) | seven elements of engagement for cpas | true advisory work isn’t just consulting

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the value in advisory services is not just in fees from strategic reviews but from all of these services, and often the fees from consulting can be very significant. for this reason, your advisory services need to be structured and not ad hoc. it is important that you have an articulated, repeatable advisory process, which must be client-facing, not just a list of technical services.
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must-knows about stock-based comp

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portrait of kei morita
morita

new rules make it easier, but traps remain for awards that are not carefully structured.

by kei morita
holthouse carlin & van trigt llp

kei morita is a principal in the los angeles office of holthouse carlin & van trigt llp.

with the war for talent at a fever pitch these days, stock-based compensation (sbc) is one of the most effective ways for private companies to attract and retain valued workers. it’s also a very effective way for early-stage companies and other private entities to preserve cash flow while allowing key employees to share in the company’s growth. but the sbc accounting rules and calculations can be very complex.

more tax practice: new small firm cost seg opportunities  |  what gig workers want  |  avalara crush set for may 17-18  |  accountants agree: the top five ways to fix the irs  |  can the r&d tax credit be used to offset the amt?  |  how the r&d tax credit has expanded over the years

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while fasb and the private company council (pcc) issued guidance late last year to make it somewhat easier for private companies to account for share-based awards, many challenges still remain. if you’re a cfo, controller, treasurer, hr director or another stakeholder in a privately held company – or have clients that are privately held companies – it’s critical to follow the sbc accounting rules correctly.
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