Tips for Helping Them See, Know and Understand Their Numbers 

CPAs, it’s that time again … when your business clients bring you their manila envelopes stuffed with statements and shoe boxes crammed with wrinkled receipts so you can piece together their financial statements. You sigh and accept the task of taking their messy data (or mess of data), at your busiest and most stressful time of year, and start making sense of the paperwork to prepare to file their tax returns.

Obviously, getting business owners to provide accurate, up-to-date information is key to efficient tax planning and a streamlined tax return process. However, many small businesses don’t have a bookkeeper on staff who can input numbers into accounting software, pull relevant reports or analyze the data in front of them. Nor do busy business owners have time to clean up their general ledger, reconcile bank and credit card statements, keep track of all accounts receivable or payable, or compare budget versus actual figures periodically throughout the year. (Don’t we all wish they did?)

If you’ve been working with these clients for a few years, you already have a good sense of their business operations — the income streams, typical controllable expenses and perhaps capital improvements they’ve budgeted for. But this doesn’t really help when you are forced to recreate an entire year’s worth of income and expenses in order to do their tax returns — and help them plan not only for the tax season but for ongoing profitability.

Swap the Shoe Box for a Fractional Bookkeeping Service

For clients that are not ready to take on a staff accountant or full-time controller, partnering with a fractional financial services professional can be a good solution — for both business owners and their CPAs. For many small-business owners, contracting with a bookkeeper for a certain number of hours a week will help empty out that shoe box and clean up the books for you, the CPA, to use for tax planning and profitability consulting.

For example, with a team of bookkeepers available to work on a variety of clients from different industries, fractional practices can embellish your accounting practice (without adding staff), make your life easier during tax season and help with year-end tax planning or figurative belt-tightening while there’s still time during the fourth quarter.

There’s no question that you need visibility into the business’s numbers and financial status throughout the year. Once a bookkeeper or controller digs into the books, updates the general ledger and squares away all the numbers, the benefits are invaluable for business owners and you bring greater value to your client/CPA relationship with:

• Accurate, up-to-date financial information that is always on hand for tax planning purposes.
• Monthly and quarterly financial statements that enable you to immediately identify changes — both positive and negative — in your client’s business. This, in turn, enables you to advise the business owner, who can make timely decisions about where and how to trim or expand operations.
• More efficient tax return preparation (for both parties) with no nasty surprises on tax day.

Build a Stronger Value-Add Client Relationship

Your clients rely on you for sound financial guidance, tax planning and tax filing. Bringing in a fractional controller or bookkeeper will help you show them their accurate numbers on a regular basis — and help them understand the story those numbers are telling about the company’s financial health. Having that support provides tremendous value to business owners and to you as the CPA providing expert tax and business advice. Your client will quickly see the benefits of timely advice based on actual, up-to-date data, enabling them to develop a tighter operation with knowledge — not guesswork — about their areas of profitability and opportunity.

By putting these protocols in place before the end of the year, you’ll be able to guide them with real data in the coming year and beyond.

One of the most rewarding things about being a certified public accountant (CPA) is the ability to give back. One of the many ways to do so is by getting involved in your local community.

CPAs can play a vital role in empowering their local communities to better understand their budgets. Every CPA possesses a valuable skill set — often hiding in plain sight — that can lend insight into a local budget; this often includes an interest in, and proficiency for, working with numbers and an expertise in helping communicate the story behind those numbers.

The New Jersey Office of the Comptroller notes on its website that “If you want to understand and shape how your tax dollars are being spent, reading your local government’s budget is essential.”  But digging into a local budget is no small task when familiarity and proficiency varies in the community. Consider that in recent years, New Jersey has made efforts to increase fiscal literacy around issues of personal finance, including the launching of a new financial wellness platform. CPAs can step into this gap, to help simplify basic financial concepts around local budgets.

The International Federation of Accountants notes that professional accounting organizations (PAOs) can also help by “supporting financial inclusion.” There is a good example of this from 2016 when the New Jersey Society of CPAs partnered with the NJ Realtors and the Association of Municipal Assessors of New Jersey to create the New Jersey Homeowner’s Guide to Property Taxes. This guide, rich with detail and summarized with an emphasis on accessibility and readability, is an excellent example of how CPAs can contribute to civics and raise the profession’s profile in our communities.

A CPA volunteering in the community can also help break the details down. My own story serves as an example. For the past 10 years, I have written a local blog called “Civic Parent” that is focused on property taxes and school funding in Jersey City — where I live and where my children have attended the public schools. My interest in writing Civic Parent started with a desire to better understand local finance in Jersey City. I have found that public budgets can often be a hard nut to crack for the average taxpayer and resident, especially if the information is shared with the public in Excel or PDF. Two good examples are New Jersey's “Property Tax Tables” and its “Municipal User Friendly Budget,” each of which provides a wealth of data about the state and local financial landscape but may be hard to access for users who are not proficient with spreadsheets. However, a CPA can use their skillset to aggregate the data, group and filter, and also visualize in software like Tableau (which is the data visualization tool that I use).

The profession stands to gain if CPAs volunteer their skill sets in the community. In its 2023 Pipeline Acceleration Plan, the AICPA noted that “improving perceptions” of accounting is needed to attract new talent into the industry. By getting more involved in civic life, we can actively work to help show what CPAs do and how we can be positive contributors to the community. 

While there are many great majors and career paths to choose from, most anyone in our profession will tell you that accounting is one solid choice. What makes it so?

1. Endless career options. Public accounting, private or corporate accounting, internal audit, governmental accounting, forensic accounting and more are all fields that are open to you! There is no shortage of work, and if you find yourself headed down one career path and then decide you want to change things up, it’s relatively easy to do so.  Even within each area of accounting, there are many options. For example, public accounting offers audit, tax, advisory and consulting, among other options, at both larger and midsize firms.
2. Endless industry options. What do a restaurant, a bank, a pharmaceutical company and a software company all have in common? The need for accountants and accounting services! Your accounting training allows you to work in an endless number of industries. Companies need services such as audit, tax and financial planning and they all also need their own books and records kept.
3. The opportunity to help people. Accounting is an area where many people need help.  Finances and taxes can be intimidating and confusing for many clients. You can do this work for someone and relieve the stress over it, all while providing a better understanding. But accounting is more than just the opportunity to help someone with work that must be done. Accountants help to improve the lives of individuals and businesses alike. Accountants help their clients better manage their businesses and become more profitable, and they help them to save money and make better decisions. Within accounting, there are many opportunities to truly help people and make a positive impact on their lives, which is extremely rewarding.
4. Work-life balance. While public accounting has a reputation for long hours, this is true of any profession; almost any field will involve overtime at some point. However, most firms and companies these days recognize the importance of work-life balance. Employers acknowledge that well-rested employees who are satisfied with their personal time will contribute more to the business. In addition, many accounting jobs offer the flexibility to work from home and create your own schedule at times. Specifically, public accounting lends itself quite well to remote work and a flexible schedule. Some firms may even offer part-time options.
5. Good pay and benefits. Accounting jobs tend to come with better salaries and benefits than what is offered in many other professions (knowledgeable accountants would accept no less, after all), with the potential for upward movement and salary increases.
6. Skills that transfer to your personal life. Accounting is very useful in business and as a career field, but these skills are valuable and conveniently transferrable to your own personal life and finances. Basic financial literacy and money management skills aid in your own personal financial planning and success, as well.
7. Learning an actual job skill in the classroom. As accounting students in college, the topics you learn in the classroom are immediately transferrable to the workplace. You are learning real job skills, not merely concepts and theories. Accounting classes are basically job training.
8. The CPA license itself. The CPA designation is a well-respected credential that is widely recognized. The CPA is one of the most well-recognized designations there is!

With so many things to love about the profession, who wouldn’t want to become an accountant?

To learn more about the requirements to become a CPA and the rewards of a CPA career, visit njcpa.org/becomeacpa.

Making Our Voices Heard

Election Day is Nov. 7. All 120 seats in the New Jersey Legislature are on the ballot and, with them, control of our state’s government. Our political system is founded on the principle of citizens sharing their views and concerns with policymakers. No matter who you vote for next month, it’s important that you make your voice heard.  At the NJCPA, we’ve been making our voice heard. Our advocacy work on the state and federal levels encompasses a broad range of activities designed to encourage fair tax policy, improve government efficiency, solve CPA licensing issues and promote business growth. With various challenges facing the accounting profession, it is more important than ever to educate policymakers on the real-life impact of legislative proposals.   Legislation drafted by the NJCPA and NJBIA requiring the state auditor to annually issue a reader-friendly summary of the New Jersey Annual Comprehensive Financial Report (ACFR) was signed in September.  Efforts to grow and diversify the pipeline of accounting talent have been buoyed by legislation supported by the NJCPA that would add accounting to grades K-12 science, technology, engineering and mathematics education programs, better known as STEM.  The NJCPA has joined with the AICPA to advocate for a delay of the beneficial ownership information (BOI) reporting requirement that will affect many small businesses, to allow more time for businesses and CPAs to understand the requirement. To read more about our legislative priorities, visit the Legislative Action Center.  While these efforts are led by the NJCPA government relations team, there are opportunities for members to get involved:  Be a key person. Work with us and any legislators you know on a personal or business level to promote pro-CPA legislation and protect the integrity of the CPA license.  Donate to the New Jersey CPA Political Action Committee (NJ-CPA-PAC). Help us continue to promote and protect the profession in Trenton.  As always, we encourage your feedback. Thank you.

Compliance with New Jersey’s wage and hour and pay equity laws can be challenging. Over the last few years, the laws have become more robust and noncompliance more costly. Given that employers often rely upon their CPAs for guidance on compensation issues, it’s important to stay up to date on the key areas where employers often experience compliance challenges.

1. Minimum Wage Continues to Rise

For the last several years, New Jersey’s minimum wage has increased annually on Jan. 1 to reach a minimum wage of $15 per hour for most non-exempt employees. Looking ahead to 2024, minimum wage for most employees will increase to $15.13 (or higher).

2. Ensure Exempt Employees Are Properly Classified

There is a common misconception that so long as an employee is paid on a salary basis, they are exempt from overtime. For an individual to be properly classified as exempt, they must: (1) earn a salary of at least $684 per week; and (2) perform certain job duties and responsibilities that fall within one of the recognized exemption tests (e.g., administrative, executive, professional). The U.S. Department of Labor (DOL) has proposed a rule that would increase the salary threshold to $1,059 per week, among other changes. Unless the employer can prove the exemption criteria are satisfied, the employee should be classified as non-exempt and paid overtime for all hours worked in excess of 40 hours in a workweek.

3. Proper Calculation of Overtime

Overtime is calculated as one and a half times the “regular rate” of pay. But calculating the regular rate can be complicated because additional remuneration that an employee receives, such as commissions, shift differentials and non-discretionary bonuses, need to be included in the calculation. These issues are complex and must be examined closely.

4. Consider Whether Contractors Are Actually Employees

Many companies routinely engage independent contractors to perform various services. However, these 1099 workers may be misclassified. Typically, misclassification issues arise when an independent contractor files for unemployment. New Jersey follows the ABC test, under which there is a presumption of employee status unless all of the following factors are established:

1. The worker has been and will continue to be free from control or direction over the performance of the service;
2. The work is either outside the usual course of business for the company requesting the work, or the work is performed outside of the company’s place of business; and
3. The worker is customarily engaged in an independently established trade, occupation, profession or business.

If this test can’t be satisfied, the individual should be classified as an employee and subject to typical withholding taxes, benefits, etc.

5. Stay Up to Date on Equal Pay Disclosure Laws

New Jersey requires equal pay for equal work, and pay disparities are fodder for high-stakes, expensive litigation. Many states and municipalities have recently enacted laws requiring that employers include information regarding the salary range for a position on a job posting. New Jersey does not currently have a state-wide salary range disclosure requirement, but it is likely that legislation will be enacted. Already, Jersey City has an ordinance requiring employers to post a minimum and maximum salary or hourly wages on any job postings. There are also certain reporting requirements for public contractors.

Failure to properly pay wages may result in significant exposure to damages, penalties and fines. A successful plaintiff can recover triple the amount of unpaid wages owed, plus attorney’s fees and costs. The best way to avoid exposure for wage and hour and equal pay claims is to conduct periodic audits of pay practices to determine whether there are any issues that need to be rectified. Employment policies and practices should be reviewed and updated regularly, especially given the frequent updates to these significant laws.

With the professional world changing drastically over the last three years due to the pandemic, it is important for companies to prioritize the professional development of their employees more than ever. Many employees, especially incoming staff that are just starting their careers, may not know what the professional world was like prior to the pandemic. And these employees could find it hard to jump start or continue their professional development.

How can this be done in the 2023 post pandemic era? Here are three ways:

1. Promote continuous learning to make learning a habit.

By not only promoting but helping to fund continuing professional education (CPE) for both non-CPA and CPA employees, learning will be encouraged. In the remote/virtual world, this can easily be done via Zoom, webinars, self-study, etc. Offering compensation or partial payment for advanced certifications such as the CPA, CFE and Masters programs is an extra incentive for employees to make these a priority in their professional development plans. For in-office employees, companies can offer study hours after normal work hours to encourage employees to take time to study for their certifications/programs and work with their fellow colleagues. My firm promotes this and even offers dinner for anyone participating in study hours.

2. Host events to meet and share expertise/experience.

Hosting events in-person or virtually for internal and external individuals to attend goes a long way. For example, “Lunch and Learns” are useful. My office does a “Pizza with the Partners” every month where a partner shares their own professional development and journey of how they became a partner. The office offers pizza lunch, which is an extra incentive for staff to join. This can also be done virtually via Zoom or Microsoft Teams.  

3. Offer mentor or career counselor programs.

Having formal programs where mentors/career counselors are assigned to employees based on their current needs or growth plan is popular. It’s best to require frequent check-ins (both formal and informal) with these programs. Firms can also include a monthly or quarterly stipend to be used for lunch or coffee, which motivates the mentors and mentees to meet and discuss various goals and growth progress.

These are just a few tips that can help companies promote the professional development of in-office, hybrid or remote employees. More-experienced employees should also help the newer employees with their professional development to ensure continuous growth.

 

Today, more and more accounting firms are offering or are considering offering advisory services to meet client needs and expectations. In fact, a recent Thomson Reuters report found that 95% of tax professionals believe their clients want more advisory services.

Here are five steps to master the art of advisory services:

1. Establish the “Why”

Before choosing the services to offer and planning how to implement them, think about why you want to offer them in the first place. Is it to do the following:

• Achieve higher revenue?
• Meet client needs?
• Enjoy more fulfilling work?
• Obtain a combination of all three?

2. Define Your “Dream” Services

Accounting firms can offer a wide range of advisory services, but you don’t have to offer all of them. In fact, you should focus on offering only the services that:

• Interest you and your team
• Benefit your clients

Remember, you can offer profitable services, but they won't be fulfilling if they’re not interesting to you and your team. Without fulfillment, you risk burnout.

Common advisory services include the following:

• Financial planning
• Cash flow management
• Financial strategy
• Exit planning
• Wealth management
• Strategic management
• Tax planning

Carefully consider each type of service, what it entails and whether the work will be fulfilling for your team and needed by clients. Once you have a list of advisory services that you want to offer, you can start taking steps to include them in your offerings.

3. Take Incremental Steps to Offer Advisory Services

Smaller firms need more resources to expand into a half-dozen new services. Even if you do, you risk not being able to accommodate your clients in the way that they deserve. Often, it’s best to take incremental steps to begin offering these services.

You can judge demand by:

• Reviewing past conversations with clients. See if they’re asking for services that you can start offering and what services they are interested in.
• Asking clients about their five-year goals. When asking clients about their goals, you’ll gain insight into what they desire and what it will take to get there. Perhaps a client wants to be able to buy a second home and take one nice vacation per year. You can offer financial planning as an advisory service to help them inch closer to this goal.

The last thing that you want to do is underperform for your current client base when you begin offering advisory services. Start with the steps above and then:

• Offer one or two in-house advisory services.
• Learn how the new services impact operations.
• Revisit adding more services in the future.
• Consider partnering with other firms (more below).

4. Test Cloud-based Tools

Advisory services can add a new layer of complexity to your firm. For example, let’s assume that you have the expertise to handle budgeting and forecasting in-house. You can use this specialization to your advantage by offering it to your clients. However, there are cloud-based solutions that will help crunch the numbers for you and allow for faster implementation.

You should test out cloud-based tools that can help you begin offering these services with as little friction as possible.

5. Partner with Other Firms

What if you want to begin offering other advisory services, such as financial planning, but it’s not something you prefer to provide in-house or have immense experience in? In these cases, you can partner with another firm. Partnering allows you to keep the services you love and offload the work you would rather have someone else do.

Securities Offered Through: TFS Securities Inc., Member FINRA/SIPC, a full service broker dealer located at 437 Newman Springs Road, Lincroft, NJ 07738 732-758-9300

Investment Advisory Services Offered through:TFS Advisory Services, a service of TFS Securities, Inc.

Continuing the Conversations

I’ve spent the last three months meeting with profession leaders to understand the opportunities to positively impact the profession, their business objectives and how the NJCPA can help position them for success moving forward. I thank those of you who have shared your candid insights with me and look forward to continuing the conversations. The following is just a sampling of the thoughts and ideas I’ve heard so far:  Let’s focus on what’s positive. The pipeline challenge is multifaceted, but what’s clear is the passion for the profession. As CliftonLarsonAllen assurance manager and NJCPA Emerging Leaders Council Vice Chair Joe Hunt, CPA, says in the latest issue of New Jersey CPA, he’d stress to aspiring CPAs that they will have the potential to make a profound difference in someone’s life.  The other big issue leaders are thinking about is upskilling, particularly with soft skills. According to a recent IBM study of 3,000 global C-suite leaders across 28 countries, “Looking to the future, executives are more focused on developing people skills, with time management and prioritization, collaboration and communications topping the list.”  The consensus is that artificial intelligence (AI) won’t replace people, but people who use AI will replace people who don’t. According to the IBM study, as AI continues to evolve, its effects will likely intensify, including at the managerial and executive ranks.   As a new season approaches us, I would like to wish you a happy autumn! I look forward to the changing colors of the falling leaves, and pumpkin spice, and hope to see you at one of our events. We have a full slate of networking and in-person events this fall beginning with our Atlantic/Cape May Chapter’s Current Issues Update on Sept. 13, Hudson Chapter’s AI/Bitcoin session on Sept. 19 and the Emerging Leaders and Hudson Chapter Happy Hour on Sept. 21. View and register for these and other chapter events at njcpa.org/chapters.   I’m optimistic about our exciting journey ahead. We’ll continue to work with a sense of urgency to accelerate our strategic goals and directional initiatives.     Thank you for your dedication and support of your Society. We welcome your feedback.

Since the peak of cryptocurrencies’ value at the end of 2021, cryptocurrency investors have sustained an estimated $2 trillion in losses. While some of the losses can be attributed to macroeconomic factors that have also impacted traditional finance (e.g., inflation, interest rates), the industry has also been rocked by a series of high-profile cybercrimes and cryptocurrency collapses that have erased the value of millions of customers’ investments. The recent insolvency of FTX, the fourth largest cryptocurrency exchange by volume, amid multiple counts of fraud against former CEO Sam Bankman-Fried, has raised questions about cryptocurrency’s future. Given the challenges of increased regulation, cybercrime, and other liability, the question arises as to what insurance, if any, will be available to participants in the market.

Although the available coverage will depend greatly on a company’s exposure to cryptocurrency, there are a number of products which are being offered that can address these liabilities. Note that, as there is no standard-form crypto insurance policy, the coverages, definitions, and conditions will vary from policy to policy. And what is important to one company may not be important to another. As such, it is important for companies to work with their CPAs, brokers and insurers to ensure that the policy offered is fit for the intended purpose.

Types of Coverage

Here is what is commonly available:

• Where the risk is protection of digital assets, insurers are offering products more akin to traditional crime insurance policies. These policies can afford coverage for losses caused by criminal or fraudulent activities, including computer fraud as well as employee theft and dishonesty.
• Cyber insurance can also provide coverage in connection with a cyberattack related to cryptocurrency, including: investigating, responding to or terminating a security breach; notification of the breach; recovery of lost or compromised data; network interruption; responding to cyber-extortion; repair of computer systems; crisis management firms to help contain the fallout from public disclosures of the attack; and/or liability arising from alleged failure to prevent a breach, including the costs of defending against claims by affected parties. The terms of a given policy will determine whether a cryptocurrency loss, itself, is covered.
• Directors and officers (D&O) coverage could provide coverage in connection with crypto-related claims, such as civil lawsuits, criminal proceedings, administrative proceedings and investigative demands. The terms of a given policy, however, will determine the scope of coverage and the applicability of any exclusions.

In addition to these coverages, other potentially applicable coverages (again subject to their terms) include professional liability insurance and property insurance.

This is an emerging space and one in which risk management and insurance will play a critical role in protecting the bottom lines of those exposed to the volatility of cryptocurrencies.

The use of artificial intelligence (AI) in your firm’s account-based marketing (ABM) efforts can transform opportunities and lead to significant process improvements.

AI technology can help your team gain deep insights into customer behavior and preferences, identify opportunities for personalized engagement and streamline marketing operations. This game-changing approach to ABM can also lead to more efficient and effective marketing campaigns, increased customer engagement and higher revenue.

What is ABM?

ABM is a strategic marketing approach where firms focus on targeting and engaging with specific, high-value prospects rather than casting a wide net and targeting a broader audience.

ABM is particularly effective in B2B (business-to-business) contexts where the customer base consists of fewer high-value accounts. It helps firms maximize their marketing efforts by focusing on accounts more likely to generate significant revenue. However, implementing a successful ABM strategy requires careful planning and collaboration and a deep understanding of the target accounts' needs and challenges.

Key Features of ABM

In ABM, the focus shifts to tailoring marketing efforts to individual accounts, treating each account as its unique market. It takes into account the following key features of high-profile accounts:

• Identifying target accounts
• Personalization
• Multi-channel engagement
• Collaboration between sales and marketing
• Metrics and measurement
• Longer sales cycle
• ROI focus
• Technology enablement

Game-Changing AI Assistance

Overall, AI can empower marketers and sales teams to deliver highly personalized and relevant experiences to target accounts, ultimately increasing the effectiveness of ABM strategies and improving the chances of converting high-value accounts into loyal customers.

AI can play a significant role in enhancing and optimizing ABM efforts, including:

• Data analysis and segmentation
• Predictive analytics
• Content personalization
• Chatbots and conversational AI
• Lead scoring and prioritization
• Automated outreach
• Account insights
• Data enrichment
• Campaign optimization
• Dynamic content generation
• A/B testing and optimization
• Sales enablement

Using ChatGPT

I asked ChatGPT to “write an ABM email example for an accounting firm speaking with construction company leads.” Here’s what it came up with:

Subject: Enhancing Financial Excellence for [Construction Company Name]

Dear [Lead's Name],

I trust this email finds you well. I've been impressed by the strides [Construction Company Name] has been making in the industry, and I wanted to reach out to explore how [Your Accounting Firm Name] can contribute to your financial success.

In the dynamic landscape of the construction industry, staying ahead financially is crucial. We understand the unique challenges and opportunities that construction companies face, and we have a proven track record of delivering tailored financial solutions.

Here's how we can partner to enhance your financial excellence:

• Cost Optimization
• Cash Flow Management
• Tax Strategies
• Project Financial Analysis
• Risk Mitigation

I'd love to have the opportunity to discuss how [Your Accounting Firm Name] can tailor these solutions to align with [Construction Company Name]'s unique needs. If this sounds promising, let's set up a conversation at your convenience. Feel free to reply to this email or use the link below to choose a time that suits you.

[Meeting Scheduler Link]

Thank you for considering us as a potential partner in your financial journey. I look forward to the possibility of contributing to the continued success of [Construction Company Name].

Best regards,

By harnessing AI's capabilities, firms can decipher customer behaviors, create personalized engagement and optimize marketing operations. This paradigm shift in ABM methodology facilitates more efficient campaigns, heightened customer involvement and, ultimately, elevated revenue generation.

The rapid growth and popularity of cryptocurrencies have revolutionized the financial landscape, offering numerous benefits. However, this digital revolution has also brought forth a plethora of cybersecurity challenges that demand rigorous examination from a digital forensic standpoint. As the use of cryptocurrencies gains widespread adoption, accountants must take the following five cybersecurity steps:

1. Understand the risks. To advise clients adequately, accountants must have a clear understanding of the cybersecurity risks associated with cryptocurrencies. These risks include cyberattacks on exchanges and wallets, social engineering, email compromises, phishing and fraudulent transfer schemes, to name a few. By understanding the various threats, accountants can help their clients recognize potential risks and implement effective security measures.
   
2. Encourage best practices. Accountants can play an active role in promoting best practices for safe cryptocurrency usage. This includes implementing multifactor authentication, securing wallet management and using strong passphrases. Encouraging clients to keep their software up to date and regularly back up their wallets is also crucial. By recommending these practices, accountants can help clients protect their digital assets from potential attacks and minimize their exposure to cybersecurity risks.
3. Be wary of insider threats and social engineering. The human element remains a significant cybersecurity challenge. Insider threats, where employees or trusted individuals misuse their access privileges, can result in data breaches or unauthorized transactions. Social engineering techniques, such as phishing and impersonation, target unsuspecting users and trick them into revealing sensitive information or transferring funds to malicious actors.
   
4. Promote regulatory compliance. Cryptocurrencies operate in a largely unregulated environment, creating challenges for regulatory compliance. As such, it is essential for accountants to ensure their clients comply with relevant laws and regulations, including anti-money laundering (AML) and know your customer (KYC) requirements. By promoting compliance, accountants can help prevent their clients from engaging in illegal activities while safeguarding their reputation and financial assets.
5. Stay Informed. The cybersecurity landscape is constantly evolving, with new threats and vulnerabilities emerging regularly. Accountants must stay informed about the latest cybersecurity trends to provide up-to-date guidance to their clients. This can be achieved by partnering with subject matter experts and organizations that offer proactive cybersecurity services and by attending relevant training events to stay informed about industry developments.

More IRS Crackdown

Beyond addressing risk factors and evaluating investment opportunities, accountants, business owners and individuals should be aware that the IRS is actively pursuing compliance from an income tax reporting standpoint and initiating criminal investigations when badges of fraud are present. “The IRS issued Notice 2014-21 defining virtual currency as ‘property’ for federal tax purposes. Depending on how virtual currency is exchanged or sold, there may be capital gains tax due on the disposition or ordinary income to the receiver of virtual currency in a business transaction,” said David Gannaway, principal at Bederson, LLP, and a 20-year veteran of the IRS who currently represents clients in IRS tax controversy matters. “If a business pays their employees with virtual currency, employment taxes should be withheld/paid and Forms W-2s issued. Also, Forms 1099 should be issued to independent contractors if paid with virtual currencies.”

In March 2021, IRS Criminal Investigation (CI) launched Operation Hidden Treasure, an enforcement initiative for criminal tax violations related to cryptocurrency. There have been several prosecutions across the country involving digital assets with more to come as proclaimed by CI Chief James (Jim) Lee recently.

By understanding the risks, promoting best practices, encouraging regulatory compliance, remaining diligent and staying informed, accountants can help their clients navigate the complex world of cryptocurrency safely.

As we distance ourselves from the pandemic, there are new realities that accounting firm leadership has come to face, including:

• Remote work
• Demand for higher wages
• Decline in the number of accounting graduates
• Consequently, less skilled staff/senior-level employees

In addition to navigating the reality of a post-pandemic workforce, accounting firms are also seeing an above-average increase in responsibilities and client services, such as:

• Multiple stimulus programs
• Increase in sale transactions/complex tax solutions
• Long wait times when trying to resolve tax notices

So how does leadership solve the issue of more work and less help? We need to get the leverage of staff back in our favor. This may slowly happen over time as we move away from the free money provided through COVID relief programs and interest rates normalize. However, we need to come up with permanent solutions.

Benefits of Outsourcing

Many accounting firms are outsourcing their work to countries where wages are lower and employee motivation potentially higher. It needs to be highlighted that for a firm to implement an offshore practice, they need to first confirm they have taken all security measures to keep client information safe. Additionally, all clients will need to give express consent to have their work offshored. 

While firms will always need U.S. staff, it is important that we start leveraging our accounts so that an increased amount of preparation work is being done by less-expensive employees. This allows our U.S. staff to get a first level of review and can lead to an immense development of their skills.

Offshoring was once frowned upon in the accounting profession, but it has gradually become the norm as the number of qualified U.S. accounting graduates has decreased tremendously. We are also seeing that many newcomers to the accounting industry are not as willing to work the grueling hours of busy season. It has long been a detriment that the accounting profession rewards promising staff with more work. We need to move in a new direction with our high-performing staff, so that although they may receive more responsibilities, it will not always equate to the grunt work of preparation. Instead, they will be given a team of outsourced staff to manage and complete lower-level preparation work, thereby alleviating some burden and freeing them to complete higher-level analysis work.

Managing an Outsourced Team

For large and midsize accounting firms, bringing outsourced teams to a satisfactory standard will take continuous investment. During this process, it’s important to convey to these new employees your corporate culture and to ensure they feel that they are an important part of the team. Look at these employees as if they are your U.S. staff. If they can develop and your firm can keep them motivated, it will be an exponential benefit as your tenured offshore employees can now train your newly hired offshore employees.

It’s vital to commit ample time to get the first wave of your offshore employees to where they need to be. This includes a lot of training and, most importantly, shadowing so that the new offshore employees get firsthand knowledge of what it is they are expected to do.

For many years, merger and acquisition (M&A) activity in the public accounting industry was primarily driven by succession planning issues. While succession challenges still play a role in a firm’s decision to sell or merge, there are many other factors that are driving the elevated levels of M&A transactions throughout the country, such as: 

• Difficulty in attracting and retaining professionals to provide quality services to clients 
• Private equity making significant investments in CPA firms, providing more opportunities and options in the M&A marketplace, including for smaller firms known as “tuck-ins”
• Lack of sufficient revenue growth due to the labor shortage
• Generalist firms with the absence of high-demand niches, specialty services and formal integrated advisory services, leading to a loss of competitive edge in their local marketplace to larger firms with more resources
• Inability for the partners to agree on a strategic plan together with the necessary investments in resources to remain independent
• Minimal partner accountability for performance and profitability

In this dynamic marketplace, the leaders of today’s accounting firms have several strategic options to consider for their firms’ future. 

Private Equity Investments

Private equity (PE) is making an impressive impact in the public accounting industry. Investments have been made into firms such as Citrin Cooperman, EisnerAmper and Cherry Bekaert. The goal of PE is to generate investment returns through capital appreciation via revenue growth, improved margins and increased valuation multiples typically associated with higher levels of earnings. The capital infusion supports the firms’ long-term growth initiatives, which include accelerating advisory and new and innovative services, investing in talent and technology, and expanding through organic growth and targeted mergers and acquisitions. 

Once a “platform” firm is secured by PE, they are charged with acquiring tuck-in firms, which benefit by receiving multiples based upon their earnings before interest, taxes, depreciation and amortization (EBITDA) that may provide higher valuations than traditional M&A deals. This is also known as a “buy and build strategy” for the fund to sell to a larger PE fund within three to five years. 

An example of a tuck-in transaction structure is as follows:

Cash at Closing	50%
Rollover Equity/Incentive Units	15%	A
Guaranteed Payout	20%	B
Contingent Payout	15%	C

 

1. Rollover equity can be available to current equity partners and incentive units available to mutually agreed upon partners, directors and managers.
2. The guaranteed payout is paid at the earliest five years from the effective date or sooner if the PE investor exits as part of a change-of-control event.
3. The contingent payout is based upon collectable billings to clients during the three calendar years following the effective date and may be paid at the earlier of the third anniversary of the effective date or sooner if the PE investor exits as part of a change-of-control event.

Traditional Mergers and Hybrid Structures

We are seeing a trend with traditional merger transactions where sellers are not seeking involvement with PE but wish to incorporate components of a PE deal into the transaction. The most common hybrid component is an upfront payment to partners. These hybrid deals will continue to evolve and become more widespread in the marketplace.

Internal Succession

There are many CPA firms throughout the U.S. that wish to remain independent, but few firms have implemented formal plans to ensure their legacy. Succession planning is not a program that should take place a few years before client service partners and/or leaders are about to retire. Succession planning should be an ongoing, daily occurrence that considers partner governance and compensation, growth through M&A, marketing, recruiting at all levels and human resource management. Succession planning needs to start at the top with a true sense of urgency.  

CPA firm owners should maintain a realistic perspective about the changing marketplace.They need to understand the powerful impact that private equity has now and will have in the future, and continuously evaluate the market and assess viable options for their future. 

New Jersey’s Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization (CREAMM) Act allows for the legal sale and use of cannabis and cannabis products for residents 21 years and older. With New Jersey double the size of Colorado in population, and with Colorado being a $2 billion market, you can see this market will likely be very large in New Jersey.

Across the U.S., there are thousands of cannabis businesses springing up, and there are not enough experienced accounting professionals to go around. For those CPAs in New Jersey who may be considering working with these companies, here are the top five myths about providing accounting services to the cannabis and CBD/hemp niches.

Myth #1: Accounting for cannabis companies is just like any other niche.

Actually, with cannabis and CBD/hemp, we are experiencing the birth of an entire industry, including many sub-niches like farming, chemical processing, manufacturing of foods and products, distribution, testing labs, retail and delivery companies. And you might even find all of these verticals in a single company or organization. 

The major accounting and tax issues in these niches include the following:

• Many vendors will not service companies that operate within the cannabis industry (e.g., accounting, POS, merchant services, payroll).
• There is a lack of accounting tools, workpapers, industry guides, GAAP guidance and chart of accounts.
• New software in the market is full of bugs, significant periods of downtime, features that don’t work and poor customer service.
• Cannabis companies cannot take any tax deductions on their federal return due to the substance's Schedule 1 status (IRC code 280e). There are legal ways to reduce tax liability, but you must understand the tax codes, including what is allowed and what isn’t for each vertical.
• Cost accounting is required under IRC 471-11 to book inventory.

Myth #2: CPAs will lose their licenses if they serve a cannabis company.

Yes, cannabis is illegal on a federal basis, but it is legal in many states, and these companies need good accounting and tax services. 

The American Institute of CPAs (AICPA) has recognized the need for accountants to serve cannabis companies and is on board. For the last three years, the AICPA has hosted a conference of hand-picked experts in the cannabis niche to present key information in an effort to better educate accounting professionals about this grossly underserved segment. If you have any other doubts whatsoever, contact your state board to learn more about serving cannabis companies as a CPA in New Jersey. (You can also attend the next AICPA Cannabis Industry Conference in Boston August 14-16, 2023, where I’m helping to plan and speak at this event. The NJCPA is also hosting a Cannabis Conference on August 2.)

Myth #3: This is an all-cash industry.

Actually, credit unions and banks serve cannabis companies in many different states. For example, Credit Union 1 serves cannabis companies all over the U.S.

That said, there is a lot of cash in the industry, so there is a big need for cash controls and procedures to prevent fraud and theft. Additionally, you will find many cannabis business owners have anywhere from two to 10 non-cannabis entities, such as a real estate or equipment company, and these can have easier access to banking.

The SAFE Banking Act is currently under federal review, and hopefully there will be easier access to banking and merchant services very soon for cannabis companies.

Myth #4: Cannabis companies are a gold mine in terms of net income.

Since there are massive taxes on this industry at the national level via 280E, as well as heavy state and local taxes, it's actually very hard for these companies to have a net income (if they are correctly doing accounting and tax).

Similar to the tech boom, many of these companies will lose money for years. The name of the game for founders and investors is focusing on building brands, growing revenues rapidly, vertically integrating and staying well capitalized. Exit valuations are now based on growth and brand, NOT net income, and will likely be for some time.

Myth #5: Cannabis must be a horrible niche for CPAs.

Since there are so few CPAs in the niche right now, it’s actually a massive opportunity. When you consider that a small, mom-and-pop cannabis business, whether a farm, dispensary or vertical integration, will often be a $10 to $20 million company very quickly, these clients will pay sizable fees for rock solid accounting and tax.

Getting Started

Cannabis accounting is one of the most rewarding industries for those who love the challenge of navigating complex accounting and tax issues, implementing systems and controls and helping clients manage the financial health of their business while maximizing cash flow. 

You can get involved with groups like the NJCPA’s Cannabis Interest Group at njcpa.org/groups.

A study from Salesforce found that 66 percent of clients expect you to know their needs. If you don’t understand a client’s financial goals, you’ll fall short of meeting their expectations. No one wants to feel like a “number,” which is why accountants need to do the following:

• Learn their clients’ goals
• Understand the benefit of goal setting for their client relationships

For example, if you know that a client’s goal is to retire soon, what’s next on their radar? Maybe this individual wants to have money to travel the world and they’re considering selling or handing their business to someone else (perhaps a family member). Each goal comes with its own implications that you can use to meet clients’ expectations.

Exceeding Client Expectations

If your clients seem content with your work, why should you take the extra step to focus on both their personal and business financial goals? Here are a few reasons:

1. Trust: Building trust with a client is one way to ensure long-term success. If you focus on an individual's goals, you can meet their expectations and gain their trust.
2. Satisfaction: The personalization of focusing on financial goals is what your clients want. One survey found that 8-in-10 clients are more likely to purchase if given a personalized experience.
3. Retention: Happy clients will stay with your business. Retaining clients is in your best interest because attracting new ones is always more expensive.

Identifying and Prioritizing Clients' Financial Goals

You won’t know your clients’ goals if you don’t have in-depth conversations with them. An effective technique is to ask open-ended questions, such as the following:

• Where do you envision yourself in five years?
• What milestones need to be met to reach your five-year goal?
• What do you want to do with your business when you retire?

For example, imagine a client saying, “If everything works well, I would like to retire.” You know the client wants to retire, but perhaps “if everything works well” indicates that business needs to stay the same or grow to reach the person’s goal. In this example, you could ask them to define what they mean by “everything works well” and when they would like to retire by.

Setting Goals

Strategies for reaching your client’s goals can be anything because it’s 100-percent reliant on what the client wants to achieve. However, it’s important to create realistic plans and stretch plans.

Why both? Stretch goals can help inspire the client to achieve more and may improve performance and create a sense of urgency. Even if the person doesn’t reach a stretch goal, they’ll often surpass their realistic plan, which is always a good thing. Sticking to SMART (specific, measurable, achievable, relevant and time-bound) goals will put your client on the right track to reaching them.

Throughout the process, whether it’s months or years, it’s crucial to remain in close contact with the client and adjust plans to continue meeting their needs. For example, if the economy impacts the business, you may have to adjust the amount of money the client invests in the company and sets aside for retirement.

Now, finally, how should you go about offering these services? When it comes to offering these services to your clients, you may choose to offer them entirely in-house, partly in-house or partner with another firm to provide these services. What works best for your firm, your team and your clients will vary. As goals come closer to reality, expectations will be met and exceeded, making you an invaluable asset in the process. But first, you'll need to help identify, set and prioritize your client's financial goals. From there, you can tailor your services to help them reach these critical milestones with the services that your firm offers.

Proof of reserves (PoR), a method cryptocurrency exchanges and other financial institutions use to demonstrate that they hold the funds they claim to have on deposit, is still in its infancy stage. However, it will continue to be tweaked to meet the standards of compliance and regulatory guidance as needed. The concept behind PoR is to provide transparency and to assure customers and regulators that the institution has the necessary assets to meet its financial obligations.

CPAs need to be aware that there are different ways to prove the existence of reserves, but generally, the most common PoR method is to have the institution provide cryptographic proof that it holds a specific amount of funds in a specific address. This proof is generated by a third-party auditor, which verifies that the institution indeed controls the private keys associated with the address in question.

PoR may help build trust and confidence in the institution, as it gives assurance to users that their assets held by third-party institutions exist. There have also been a few institutions that share their liabilities in a PoR audit for additional transparency. The ability to see a 1:1 ratio between assets and liabilities may help ensure that customer deposits are not being utilized for any other purpose. 

Proof of reserves offers these benefits:

• Increased transparency and trust. Proving reserves can help build trust with stakeholders by providing a clear and verifiable depiction of the organization’s underlying assets and/or liabilities.
• Improved accountability. By proving reserves, organizations can demonstrate that they are responsible stewards of their customers’ assets.
• Enhanced reputation. Proving reserves can enhance the reputation of the organization among its stakeholders, customers and the public.
• Detection of fraud. Proving reserves can help to detect fraudulent activities and ensure that the company’s financial records are accurate.

However, some potential obstacles of PoR include the following:

• There can be significant costs and resources required to perform regular audits to prove reserves.
• The potential for errors or discrepancies to be found during the audit process could lead to negative consequences for the organization.
• Privacy concerns may arise if the process of proving reserves involves disclosing sensitive financial information or a company’s keys.
• It may not provide a complete picture of the company's financial health, as it only focuses on one aspect.

Despite comments by Paul Munter, chief accountant at the SEC, saying, “Investors should not place too much confidence in the mere fact a company says it’s got a proof of reserves from an audit firm,” according to a December Payments.com article, he also mentions that PoR only shows reserves, not liabilities, which would paint a better picture of a company's financial health. To date, only a handful of exchanges have shared a PoR with liabilities included. This will most likely increase as the space matures and as more clarity is provided to the cryptocurrency markets. 

It was once thought that technology and the automation of tasks would be the solver of staffing shortages in the accounting profession. Unfortunately, not only is the technology implementation rate taking longer than expected, but the hard truth is that CPAs are still needed to assess specific intake data, follow the rules, review and input numbers and guide clients. The human component of what CPAs do cannot be replaced in its entirety…well, at least not yet. And, because of a concern about artificial intelligence (AI) some students who would otherwise become accounting majors are shifting gears and seeking out engineering and technology roles, which, by the way, are rich in diversity. Understanding this shift leads to a new way of thinking about who we can hire.

Basic Skills

In breaking down some of the basic skills necessary for entry-level accounting roles and beyond, it’s a given that two highly sought-after skills are math and analytics. If that’s the case, then it would be fair to state that consideration should be given to the following majors: mathematics, statistics, economics, computer science, engineering, physics and actuarial science. These degrees have similar entry-level basics as that of an accounting curriculum and may, in some cases, be more directly suited for candidate roles that companies are desperate to fill. 

Most accounting firms and departments require a degree plus experience after year one. With that said, existing employees are responsible for teaching them the job responsibilities they will have in their particular organization. Would it be fair to say that many of the “accounting” majors you hire, and then teach, end up leaving your company before they become a CPA or on average between two to four years later? If you agree, why wouldn’t you try an alternative to one of the areas lavishly under-represented in these careers, such as academic upbringing?  The firm that realizes that engineering graduates are also insanely great at project management might, in fact, provide audit jobs completely on time.

To be radical, but not off-base, the “come up” of accounting in our firms should require three components of transformation:

• Learn the basics of the job. The employee goes through a series of learning; they learn how to do the job, how to use the technology, the culture of the organization and the ropes.
• Become the teacher. If they stay long enough, then they become the teacher and guide the next layer of new hires along the same path they came.
• Transition to proud employee. Finally, the destination we hope many new employees reach is being proud employees (wearing the logo on their shirt and LinkedIn profile). At this stage, they’ve become subject matter experts or recognized in the area of specialization they’ve chosen, and they can easily sell the organization’s services to clients.

However, most traditional accounting and accounting ancillary degreed individuals likely do not make it up the ranks — more than half of accounting majors, if told that they will grow up to “teach” and “sell,” would choose a different path. With this in mind, psychology, marketing, human resources, entrepreneurship and business and technology degrees also offer huge opportunities for highly sought-after abilities that are often missing in the top tiers of companies. Those individuals make for wonderful candidates who, given the right training (same as accounting degrees), may be the missing link to the growth and expansion of your company. 

Business owners often have the choice to sell equity interests to an outside buyer or to sell internally to employees. Unlike employee stock ownership plans (ESOPs), where there are many employees that will start to have ownership in a company, and there is a fiduciary responsibility had by the ESOP Trustees and management when commencing and managing an ESOP, there is also an opportunity to sell ownership to key employees who might be interested in acquiring equity in the company and ultimately taking over when the selling shareholder retires or wants to slow down. Here are some important considerations for CPAs to relate to clients or their organizations.

Internal Selling Pros and Cons

An employee looking to acquire an equity interest from the owner likely doesn’t have the financial wherewithal to pay a premium price for his or her equity interest. However, they may be able to:

• Take reduced compensation for a period to buy into the company.
• Take out bank financing to help buy out the owner.
• Have the seller take back a promissory note, with principal and interest payments determined.

The positives of doing a transaction like this is that the seller gets commitment and effort from a buyer who wants the company to be successful. Selling internally also allows the seller to plan an exit strategy for him or herself. The company will have a legacy beyond the current owner. It may also allow the seller to work a little longer, in an employee capacity, and to feel connected to the company if the buyer agrees.  

The downside of selling internally versus externally is that the seller may get a lower purchase price when selling to an employee instead of an outside buyer. In valuation, the terms investment value and strategic value refer to a premium over fair market value that may be paid if an acquiror knows the advantages and synergies that may be obtained by owning the target company. The acquiror knows how it might leverage employees, customers, distribution, suppliers, systems, logistics and more, in a transaction. The buyer is willing to pay more because of the anticipated benefits it may receive. 

The valuation standards of value, investment value and strategic value, are perceived as a premium value more than fair market value. For example, if there is a large medical practice with an ambulatory care center and multiple offices, a private equity (PE) firm might pay a premium for that practice because it is buying a substantial medical practice, with work force in place, doctors already on insurance plans, large captive patient base, IT systems in place, and more. The practice may receive a price of six to eight times EBITDA (earnings before interest, taxes, depreciation and amortization) for the whole practice because it is a “strategic” buy for the PE buyer. If the owner of the practice looks to sell it internally, physician employees looking to buy in will not pay this multiple of EBITDA for the practice.  Typically, they don’t have the financial wherewithal, the expertise of private equity investors and the ability to achieve synergies and efficiencies with acquiring the practice. The PE group likely has synergies it will obtain because of other practices it has already or practices it will add onto the first “platform” practice it acquires. 

In a perfect world, when an internal employee buys a minority interest in a company, his or her equity interest value should be discounted by a discount for lack of control and discount for lack of marketability because the employee cannot control the company and the equity interest is illiquid (not readily convertible to cash).  However, owners want to get the highest price they can from an equity interest sale, and usually the value determined will not reflect discounts. When owners are looking to sell internally, they are not interested in discounts to equity interests. They are interested in the value of their company and then they will take a pro-rata percentage of that value as the buy-in price, or at least the starting price in a negotiation. 

Thus, the best way to handle sales to internal employees is to be fair with them and fair to the owner. A reasonable fair market value calculation (or full valuation) should be performed by an appraiser to understand the 100-percent equity value of the company. Then the owner can consider what level of equity they are willing to sell initially. Discussions with employees are important to understand what their expectations are when buying in and when they may want to be a controlling shareholder. Setting proper expectations for everyone is important to making a deal happen and keeping relations positive.

Long behind us are the days when the stereotype of becoming a CPA linked you to a career working alone at your desk. Not only has the economy and technology progressed, but the accounting profession has evolved as well. A CPA in today’s society requires much more than fulfilling a college credit requirement, passing a four-part exam and gaining years of experience through monotonous days of “crunching those numbers.” The evolution of the profession and the meaning behind the license has transformed the goal of an aspiring CPA to become the long-term, most-trusted advisor to clients or their company.

With this newfound role comes a key quality that each CPA and aspiring CPA should develop and continue to foster: being adaptable. It would shock many whose perception of CPAs is solely based on the individual who prepares their tax return, or the auditor who comes around annually asking for paper documents, to learn that almost no day repeats itself. The role of advisor provides CPAs with new challenges and opportunities to service our clients or company on a daily basis through the complete life cycle of the business.

Adaptability in this profession is like an onion — it has many layers. It means not only being able to respond to the changes required in the accounting industry, whether that be due to economy shifts and new regulations (e.g., new grants, tax credits and various programs that were the result of the COVID-19 pandemic), but also adjusting to the internal changes that occur. These internal changes can be due to disruptive technology software updates or conversions, opportunities for innovation, shifts in leadership and changes in firm structure and ownership.   

However, the most unexpected, and yet most important, meaning of being adaptable is adapting to the people you work with, those you report to and those you lead. There are many types of personalities and work styles and being able to pivot between them on a daily basis depending on the team, client or project, while remaining effective, can propel a career. Why is this so important? The behind-the-scenes source of an accounting team’s success is their ability to consistently and cohesively take on the challenges that will inevitability accompany the work.  Clients’ expectations and preferences for receiving their deliverables may be completely different from one another, while the varying teams’ collaboration on achieving the same result may also be unique. How one adapts successfully to the variety of personalities they interact with, styles of work and challenges they face on a day-to-day basis enables the best possible client service and overall leadership within. 

Those who come into this career expecting to have a steady and predictable day to day will have to adjust their mindset. CPAs bring much more to the table than the typical visor-wearing, loud-calculating figure portrayed in cartoons. CPAs offer a wealth of knowledge and expertise across every measure of running a successful business. To become that trusted advisor for our clients or company, we must adapt the services we provide, whether that be advisory and outsourced accounting, human resources, business valuations, estate planning, wealth management, forensic or many others.

CPAs can complete technical trainings and have an abundance of knowledge, but the ability to acclimate to this ever-changing career is a developed skill that is sometimes overlooked as the reason for the success of many leaders. With your CPA license, you have ample opportunity and career path options. And you may find that where you start is not where you end up. Every individual and every business relies on smart financial decisions for success. Executing the details of those decisions will bring many challenges. Adapting to navigate these challenges can lead to a rewarding and long-lasting career.