Accounting Principals Blog -

Dress for Success Partnership: Women Helping Women

December 2nd, 2013 by Accounting Principals

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Accounting Principals is partnering with Dress for Success!

On December 10, Accounting Principals will be a gold sponsor of the Women Helping Women event in New York City, an event benefitting Dress for Success.

Since 1997, Dress for Success has offered services designed to help clients find jobs and stay employed. Since we, too, strive to help good people find good jobs, we are naturally the perfect partner for Dress for Success. We believe that all individuals should have access to outstanding career opportunities. And as the nationwide leader in accounting and finance staffing, we make sure they do. By partnering with Dress for Success, we’re taking it to the next level!

The mission of Dress for Success is to promote the economic independence of disadvantaged women by providing professional attire, a network of support and the career development tools to help women thrive in work and in life.

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Across the country, local Dress for Success chapters host fundraisers, clothing drives, and career workshops to give women the support they need to thrive in today’s workforce. At the Women Helping Women event, Dress for Success is celebrating those “fearless women who have wholeheartedly used their stories, experiences and knowledge (and their threads) to help open unlimited opportunities and create an undeniable network of support for the women around them.”

At the event, three women at various stages in their careers – a Pioneer, a Principle and a Protégé – will reflect on the importance of compassion, communication and camaraderie. The speakers will be:

Pioneer Speaker: Essie Weingarten, Founder, Essie Cosmetics

Principle Speaker: Alexandra Wilkis Wilson, Founder & Head of Strategic Alliances, Gilt Groupe

Protégé Speaker: Alexa von Tobel, Founder & CEO, LearnVest.com

We are so honored to partner with Dress for Success and be a part of this incredible event. To keep up with our involvement, and to see live coverage of the event, follow the hashtag #APGivesBack on our Twitter and Facebook pages between 8am and 10am on December 10!

Craft Day at Children’s Hospital Colorado

November 27th, 2013 by Accounting Principals

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This Thanksgiving, Accounting Principals decided to highlight Children’s Hospital Colorado for their incredible impact on the state of Colorado. As part of our efforts, we wrote a blog post that detailed an upcoming children’s craft event to coincide with our holiday donation. On November 21st our local Denver branch headed over to Children’s Colorado for an afternoon of Thanksgiving themed crafts and fun.

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Upon arrival, our Denver office presented a check to Children’s Hospital Colorado! With 12 volunteers, and a “recruiter in training” (the daughter of one of our Denver colleagues), our team quickly got down to some serious crafting! With glue sticks, crayons, and a ton of colored construction paper, Accounting Principals quickly began helping kids assemble turkey themed crafts! The craft event proved to be a fun and happy experience for patients, their families, and our own Accounting Principals family! Paul LoPresto, the area Managing Director can’t wait to work with Children’s Hospital Colorado again in the future:

“It was wonderful to get to interact and have fun with the children at the hospital. Having a chance to laugh together, and be creative seemed like a welcome reprieve.

It was so meaningful for all of us to get the opportunity to work together to brighten the day of these deserving kids.

We were all overwhelmed to learn of the good that this organization is doing within our community and we can’t wait to volunteer again!”

Paul LoPresto

If you’d like to see more pictures for our volunteering adventure please visit our Facebook album. You can also learn more about the Children’s Hospital Colorado by visiting their website.

From the Accounting Principals family to yours, Happy Thanksgiving!

The Essentials of the Patient Protection and Affordable Care Act

November 25th, 2013 by Accounting Principals

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Since being signed into law in 2010, The Patient Protection and Affordable Care Act (PPACA) has been endlessly discussed and debated by everyone — politicians, physicians, patients, pundits — even the Supreme Court. However, the time for debate is over.

That’s because, on October 1, 2013, consumers and businesses began enrolling in plans provided through state and national exchanges, ushering in a new healthcare reality. And, on January 1 2015, companies will be subject to penalties for non-compliance under the Act’s “employer mandate.” Now is the time to act, and Accounting Principals is here to help by giving you a solid understanding of how the PPACA will impact your company and your employees in the months ahead.

What is the employer mandate?

Beginning in 2015, companies with 50 or more “full-time equivalent” employees (those who work 30 hours per week) who do not provide affordable and acceptable health care coverage may be assessed a penalty.

Tweet This: The debate is over! Here’s what you need to know about the #PPACA via @AcctPrincipals: http://acctprin.us/1jCFxIy

What will it cost?

Companies with more than 50 full-time employees will now be required to provide health insurance to employees or face the following penalties.

• $2,000 (annual) for each employee when no coverage is offered

• $3,000 (annual) for each full-time employee that qualifies for, and claims, a government subsidy when inadequate coverage is offered

What coverage qualifies as “covered”?

To avoid penalties, employers must provide health coverage to 95 percent of their full time employees. Coverage must:

• Provide minimum value (covering 60 percent of the average cost of healthcare)

• Be “affordable” (cannot exceed 9.5 percent of annual household earnings)

How will the act impact the accounting & finance industry?

Approximately 25-30 million people who do not have previous healthcare coverage will gain coverage effective January 1, 2015. With millions of new patients in the healthcare system, the workforce supporting healthcare activities will need to grow as well.

For more information and guidance on how the PPACA will affect your company, and what actions you need to take, contact your local Accounting Principals office and speak to one of our representatives today.

Talent Management Employment Survey Insights

November 19th, 2013 by Accounting Principals

Last week, we hosted our very first virtual roundtable to discuss the results of our 2014 Talent Management Survey!

At 2pm on November 14, our Senior Marketing Manager, Lindsey Monroe, met with representatives from some of our largest markets to get valuable insight on compensation and retention trends in the workforce. If you missed it live, you can view the entire roundtable on our YouTube page.

The 35-minute virtual roundtable on our Google+ page featured:

Amy Bock Accounting Principals

Amy Bock

Managing Director of our Accounting Principals Seattle and Bellevue market

Tim Shroba Parker + Lynch

Tim Shroba

Division Director for Accounting Principals in Overland Park, KS

Cory Baker Accounting Principals

Cory Baker

Division Director for Parker + Lynch (an Accounting Principals sister company) in Denver, CO

Our virtual roundtable provided an insightful look at the trends that are shaping the accounting and finance workforce. Guest speakers revealed trends and statistics from the Accounting Principals 2013 Talent Management Survey, and answered questions from viewers, LIVE. These trends provide strategies and predictions for hiring, compensation, retention and recruiting for the accounting and finance workforce in 2014. Here are a few highlights:

Half (52 percent) of finance hiring managers expects they will increase pay in 2014. Additionally, four in 10 (40 percent) hiring managers have seen an increase in employees asking for raises.

“Since the beginning of 2013, clients were cautiously optimistic but still piling on responsibilities with key players of their team. Now, we are really seeing clients trying to reign back responsibilities with employees or increase their compensation so that they are adequately compensated for the responsibilities that they took on the prior year.” - Amy Bock

We are also seeing that smaller entities usually under-compensate their employees, generally speaking. This is the one thing that we can control at the client level, and something that Accounting Principals does pride ourselves in being able to contribute to the hiring process. - Tim Shroba

Only 37% of hiring finance managers say that the number of employees asking for an increase in salary has risen, a total of 52% of finance hiring managers expect they will increase pay in 2014.

“This statistic indicates that hiring managers may be increasing compensation too much. In an attempt to stay competitive to highly desirable candidates, companies are over compensating with compensation. Accounting Principals can help clients make an educated selection to ensure that the candidate’s roles and responsibilities match the salary.” - Cory Baker

“It may also be helpful for clients to take a look at the 2014 Accounting Principals salary guide. This collection of salary data is spot on for the coming year, and can really help clients to appropriately identify the talent needed in their workforce.” - Lindsey Monroe

Approximately four in 10 (39 percent) finance hiring managers say their company has had a harder time retaining talent than it did three years ago.

“The economy has definitely caused this trend- in 2010 no one wanted to leave their positions, afraid tat the alternative was unemployment.In 2010, managers were using the “A players” only and fired everyone else. Consequently, they were overworking them. Employees weren’t being fairly compensated for the responsibilities that they were taking on. Now, we are in a different time. Clients feel the pressure to hire more employees in order to take some of the efforts and responsibilities away from the current workforce. It is a priority to hire in order to release some of the burden from clients’ “A team” and focus on retention.”- Tim Shroba

You can view the entire virtual roundtable on our YouTube page! Don’t forget to follow us on Google+ to keep up with our future virtual roundtables!

Finance Workplace Economy – November

November 18th, 2013 by Accounting Principals

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OCTOBER’S JOB CREATION STATISTICS SURPASSES ECONOMISTS’ PROJECTIONS

As the release date of the BLS’ “The Employment Situation – October 2013” report neared, economists had no reason to believe that hiring upturned considerably last month. After all, according to original estimates, 160,000 new jobs were generated each month, on average, during the third quarter, a much lower monthly average than was recorded during the first or second quarters. Additionally, the federal government shutdown resulted in the furlough of approximately 800,000 federal employees adding another element of question around the report.

With this in mind, a majority of economists anticipated moderate job growth, projecting that roughly 100,000 to 150,000 new jobs were created in October.

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Surprisingly, the forecasts were not accurate, as total nonfarm payroll employment increased substantially, rising by 204,000– the largest monthly upsurge since February. Yet, despite the improvement in job creation, there was a very minor increase in the unemployment rate of .1 percent to 7.3 percent.

Total private sector employment also continued to increase, rising by 212,000. The sector has reported steady job growth every month since March 2010; in that time, 7.8 million new jobs have been added to the economy. In addition, according to October’s jobs report, August and September’s total non-farm payroll employment figures were each altered last month, rising by 60,000 jobs.

As a result of these revisions, as well as October’s encouraging payroll figures, an average of 190,000 new jobs have been generated on a monthly basis since October 2012, a sign that recent job growth trends are indicating that non-farm payroll employment will continue to steadily rise throughout the fourth quarter.

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A MAJORITY OF SECTORS CONTINUE TO REPORT A STEADY RISE IN HIRING

As evidenced by October’s jobs report, private sector hiring was wide-ranging last month, as a majority of sectors, including the following, documented a rise in employment.

• FINANCIAL ACTIVITIES: As a surprise to some economists, total sector employment increased by 7,000 in October, rising for the first month since July. Prior to the upturn, the sector had recorded a net loss of 7,000 jobs between August and September. Approximately 7.9 million Americans are currently employed in the sector.

• PROFESSIONAL & BUSINESS SERVICES: Hiring was particularly noticeable with 44,000 new jobs. Within the sector, accounting and bookkeeping services added 7,000 jobs, architecture and engineering services added 5,000 positions, and IT design and technical consulting had an employment increase of 10,900 jobs. Additionally, temporary employment added 3,300 positions to the sector as well.

• RETAIL TRADE: For the seventh consecutive month, the sector reported a net gain in employment, generating 44,400 new jobs in October. Since October 2012, 30,625 new jobs, on average, have been created each month.

For more information on monthly finance workplace economy reports, visit the Accounting Principals website, today!

Accounting and Finance News | Week of Nov 11-15

November 15th, 2013 by Accounting Principals

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Here’s what is happening this week in the accounting and finance world!

Can Government’s New Digital Accounting System End the Plunder of Public Coffers?

As the national government seeks to open up about the state of its finances to the public and devolution gathers momentum, the budgeting, accounting and financial reporting systems are being laid bare. Last week, Controller of Budget Agnes Odhiambo said 22 county governments might not be allocated Sh3.9 billion in total because their budgets did not balance. Most of these counties had expenses that surpassed their revenue.

And a month ago, Auditor General Edward Ouko said one in every three shillings of the Sh920 billion spent by the government in the financial year ended June 2012 could not be properly explained.

Job Search Tips for Veterans

November 11th, 2013 by Accounting Principals

Making the transition from military personnel to accounting and finance professional can be quite the challenge. Unfortunately, many employers outweigh the so-called “risks” of hiring a veteran with the many benefits. Finding an employer that can appreciate your experiences can be tough.

Veterans who have served any time since September 2001 are facing an unemployment rate of 12.7%. (Labor Department)

Don’t be part of this statistic! You’ve got the experiences and skills to secure interviews and get exactly the job you’re looking for. With some good branding, you’ll be an accounting and finance professional in no time.

Here are our job search tips specifically for veterans.

Plan it out.

Before beginning your career, it’s important to narrow it down. First decide where you want to live. Odds are, you’ve moved around a lot in your time of service. Where do you see yourself settling down? What specific job in this field are you looking for? Our infographic can help.

Refresh.

It’s probably been awhile since your last interview. Before beginning your job search, brush up on your interviewing skills, spend some quality time with your resume, and catch up on current technology. Social media is a huge player in the job search game. Are you using your Twitter and LinkedIn to properly market yourself?

Network.

Connect with other veterans that can help you in your job search. Take some people out for coffee and pick their brains. One of your connections is bound to get you at least one job interview. Make new connections by following veteran hashtags on social media and joining veteran groups on LinkedIn.

Relate.

What is your MOS? Find a way to explain the value of your experiences in the military to accounting and finance. What did you do for your country that you can do for this employer? What skills do you have that made you good at your job in the military? Finding a position that is similar to your military position will work to your advantage.

Be a storyteller.

Tell military stories to convey your strengths. Come up with a mental list of go-to stories that show who you are as a person and what type of worker you are. These stories could give you a huge advantage over other candidates. Leadership skills, discipline skills, and technical skills have all been learned in the military. Recall situations you were faced with that can prove that you possess these skills.

We can help!

Contact your local Accounting Principals branch and see what a recruiter can do for you.

Thank you for serving our country and best of luck in your job search!

Thanksgiving with Children’s Hospital Colorado

November 8th, 2013 by Accounting Principals

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WE’RE CELEBRATING THANKSGIVING WITH PATIENTS AT CHILDREN’S HOSPITAL COLORADO!

Each year we have the privilege of facilitating relationships between thousands of candidates and clients. Our local offices love to be involved in our local communities, so each year we pair up with an organization that is close to our hearts!

This year, we’re celebrating Thanksgiving by donating to Children’s Hospital Colorado. Every day, Children’s Colorado provides comprehensive medical care to children from birth to adolescence. Although they are the only pediatric Level 1 trauma center in the Denver region, children of all ages and all conditions are able to receive treatment at Children’s Colorado. US News recently named Children’s Hospital Colorado as one of the best hospitals in the nation.

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Because of their impact on the community, Accounting Principals is making a donation to Children’s Hospital Colorado. We’re also sponsoring a Kids Craft Day on Thursday November 21st from 1-4pm to kick-start the holiday season!

Members of our Denver Branch and select Accounting Principals clients will participate in creating Thanksgiving-themed crafts with the over 120 children in the hospital.

Keep up with our involvement with Children’s Colorado! Like us on Facebook, follow us on Twitter, and use our hashtag #APGivesBack.

To find out how you can help, visit the donation section of the Children’s Hospital Colorado website.

Detecting Fraud At Work

November 8th, 2013 by Accounting Principals

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Each organization has their own way of taking precautions to prevent fraud. Great employee benefits, internal controls, solid pay, and monitoring can help prevent fraud. But what if it slips through the cracks?

As an accounting professional, an important aspect of your job is to identify fraud during an audit. In honor of ACFE’s International Fraud Awareness Week, we want to share tips on how to detect fraud at work.

Here are a few red flags to look out for:

Missing Documents

It isn’t uncommon for documents to go missing in the workplace. But if this becomes a frequent occurrence, fraud could be the answer.

Complaints

Complaints are one of the best ways to identify fraud. If employees are complaining about something, don’t take it lightly. Dig further into the situation.

Excess Purchases

Fake payees can be used to convert funds. Excessive purchases could be covering a possible payoff of a purchasing agent.

Inventory Shortages

Internal shrinkage happens. However, excessive shrinkage could be an indicator of a plethora of fraudulent activities.

Excessive Voids/Credit Memos

Voided sales slips mean that the sale has been rung up, but the payment was diverted. This is a common indication of theft.

Duplicate Payments

If a duplicate payment is accidentally made by a company, the employee may forge an endorsement of the check.

In order to find this “needle in a haystack” and confront fraudulent behavior, you must first accept that fraud exists and that it (unfortunately) occurs often. Acknowledge the importance of fraud awareness and implement training for employees on how to detect fraud at work. Enforcing controls, policies and procedures will eventually cut down on the amount of fraud in your workplace.

For more information about the ACFE International Fraud Awareness Week, visit their website.

International Fraud Awareness Week

November 6th, 2013 by Accounting Principals

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The Association of Certified Fraud Examiners is spreading fraud awareness, detection, and prevention with International Fraud Awareness Week.

Over 900 organizations across the globe have signed on as supporters of International Fraud Awareness Week. During this week (November 3-9) the ACFE is encouraging businesses and business leaders to promote fraud awareness, educate employees and spread the word about fraud. Although many think detecting fraud is the job of upper level business pros, fraud can be detected and prevented by anyone within any organization. Because of this, the ACFE uses fraud week to encourages organizations of all shapes and sizes to survey employees on current fraud awareness, conduct fraud detection training, share articles about fraud, and use the #FraudWeek hashtag as a way to connect with other organizations combating fraud.

“FRAUD: INTENTIONAL PERVERSION OF TRUTH IN ORDER TO INDUCE ANOTHER TO PART WITH SOMETHING OF VALUE OR TO SURRENDER A LEGAL RIGHT.”

-Merriam-Webster Dictionary

Each year, the IRS releases a “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season. Here are the Dirty Dozen tax scams for 2013 from IRS.gov:

Identity Theft
Phishing
Return Preparer Fraud
Hiding Income Offshore
“Free Money” from the IRS & Tax Scams Involving Social Security
Impersonation of Charitable Organizations
False/Inflated Income and Expenses
False Form 1099 Refund Claims
Frivolous Arguements
Falsely Claiming Zero Wages
Disguised Corporate Ownership
Misuse of Trusts

We at Accounting Principals know the importance of detecting and preventing fraud. Check back Friday for our tips on how to avoid fraud in the workplace!

Visit www.fraudweek.com for information on how to minimize the impact of fraud, and to find out how you can be involved in International Fraud Awareness Week.