Accounting professionals have been attempting to provide quality information and services ever since cryptoassets became a mainstream financial instrument and asset class, but this has been an ongoing struggle. Due to the lack of authoritative accounting and audit standards directly connected to blockchain and cryptoassets, accountants have been seeking to provide solutions such as proof-of-reserves, proof-of-solvency practices and other services attempting to bring some much-needed transparency and reportability to the crypto space.

With crypto still a new financial instrument, accounting practitioners need to be aware of delivery and expansion issues, such as the following:   

Information Discovery

The ease with which clients — individual and institutional alike — can now enter the crypto space can lead to extremely complicated tax and accounting requirements. There is also the very real possibility that 1) the client, 2) family members of the client or 3) individuals acting on behalf of the client have gotten exposure to crypto without any overt announcement or strategic shift. Drilling down, practitioners should be sure to ask the following questions:

• Who has access to funds or trading accounts at the client?
• What applications or accounts are connected to these accounts?
• Are records and/or documentation from trading or investing activity available for review?

Expanding the Potential Client Base

It's no secret that as younger generations enter the workplace, move into leadership positions and obtain economic clout, technological and other factors accompany them. Millennials and Gen-Z, representing the largest age cohorts since the Baby Boomers, 1) are rapidly integrating in the workforce, 2) are going to be the recipients of the largest wealth transfer in history and 3) are almost universally positive toward virtual payments and currency options. For accounting firms and virtually any other business, appealing to these potential future customers while improving convenience and options for current customers makes perfect sense. Some specific factors and questions that advisors should bring up include the following:

• What is the current payment mix for customers, and what is the cost profile of maintaining this payment structure?
• Can conversations around the possibility of payments be raised with the current customer mix?
• Would cost savings driven by crypto integration justify the expense of implementation?

Crypto Vendor Management

Crypto has had no shortage of issues, failures and bad actors, and all of these factors came to the front burner in a major way during 2022. From exchanges failing and fraudulent coin offerings to criminal activity leveraging cryptoassets, clients of all kinds are likely to ask significant questions. CPAs are well positioned to provide objective and reasonable advice in this area. Since practitioners are well versed in vetting and reviewing vendors in other areas, there are factors and considerations that can be leveraged into the crypto space as well.

• What is the track of record of the vendor in question, and is there a public listing of existing clients?
• Who is on the management team of the vendor in question, and is there public information regarding their past ventures?
• Is there a way to test how crypto vendors, for payments or otherwise, will interoperate with existing technology tools?

Cryptoassets are here to stay; that much is widely agreed upon by developers, investors and policymakers alike. Firms and practitioners must be up to date on changes in accounting and regulatory treatment to best advise both current and future clients.

Consultative selling is the best method that accounting firms can use to avoid coming off as being too salesy with existing clients. As a tool, it requires accountants to ask clients good questions, actively listen to the response, be empathetic and focus on solutions.  

It is important to follow the 80/20 rule. Listen for 80 percent of the time and provide thoughtful solutions for the remaining 20 percent. The client will tell you everything that you need to know to make a sale if you take the time to listen. 

Here are four recommendations for having successful consultative sales conversations:

1. Discuss problems, needs, and wants. Ask open-ended questions to discover hot buttons, issues, challenges, needs and wants by:
   • Letting your client talk. The longer they talk, the more insight they will provide.
   • Asking open-ended questions to obtain a longer response to questions.
   • Listening intently and repeating back information to acknowledge that you understand and, if appropriate, agree with the client.
   • Talking about the client’s problem — not how wonderful you are.
   • Being prepared. Analyze the client’s key performance indicators (KPIs), historical data, industry trends and other relevant issues before the meeting.
2. Present your solution. Once you have a solid understanding of what your client is looking for or what issue they want to resolve, present your solution(s) by:
   • Explaining how you and your organization can solve their problem or meet their needs.
   • Illustrating your points with anecdotes by telling stories about the solution you provided to a client with similar issues.
   • Focusing on the benefits they will realize by expanding the scope of the engagement. Paint a picture in the client’s mind of how it will be once the solution is in place.
   • Watching your client’s behavior as you speak. Then, ask qualifying questions in response to their body language and comments.
   • Allowing the client to ask you questions or provide feedback.
   • Asking closed-ended questions to gain agreement.
3. Overcome objections. Expect objections and be ready to address them by:
   • Repeating the objection back to the client to ensure you understand them correctly.
   • Empathizing with what they’ve said and giving a thoughtful response.
   • Offering proof that you have the solution by presenting statistics to support your claim, telling a client success story, providing a report, earning designations and awards, etc.
   • Confirming that your answer has overcome their objection by asking the client if they agree.    
4. Close the sale. The client will only buy or expand the scope of the engagement once you have presented a solution to their problem, educated them on the value they will realize and addressed all their objections. Ask yourself:
   • Does the client agree that there is value in your service?
   • Does the client understand the benefits of working with you in this area?
   • Are there objections that still need to be addressed?
   • Have you minimized the risk?
   • Are there other factors that could influence the decision to expand the scope of the engagement?

   You may have to provide several forms of proof that your solution is the best to convince the client to buy the service from you. For example, offer testimonials or references, articles from vetted sources, results of research studies and statistics on other clients' return on investment (ROI).

   If you’re not sure if the client is ready to close, ask the following questions: Would you like me to help you implement (solution)? Should we get started? Can I send you a new engagement letter?

   Selling is about helping a prospect find a solution to a problem. All you need to do is educate your client that you are the best solution provider. Approach the process as a consultant — someone genuinely interested in helping — and you will not come off as salesy. Instead, you will be considered a trusted advisor, or if you are exceptional, the client’s most valuable advisor.

The accounting profession has been plagued with staffing shortages caused by a multitude of retiring professionals, a gradual decline of new entries into the profession, the pandemic and other factors. Many firms are scrambling for qualified staff to fill vacancies and are turning to outsourcing and offshoring.

U.S. Outsourcing

Firms should be mindful of their respective state board rules, IRS rules and other standard-sending bodies’ rules regarding confidentiality if they outsource within the United States.

In most cases, a disclosure of the use of third parties providing tax and accounting services will be required. The following clause can be considered in the firm’s engagement letter:

We may, from time to time and depending on the circumstances, use certain third-party service providers and transmit information to them in serving your account. Such transmissions can include, but are not limited to, tax software providers for electronic filing, technical assistance, automated processing of tax forms, online backup services and file sharing services. We may share confidential information about you with these service providers, but we remain committed to maintaining the confidentiality and security of your information.

Offshoring

Off-shore outsourcing requires strict adherence to IRS Code Section 7216. Tax preparers bound by 7216 should become familiar with the civil penalties outlined in code section 6713(a) and the criminal penalties outlined in code section 7216(a). The disclosure must:

• Outline the purpose of the disclosure
• Indicate the duration of the disclosure
• Be signed
• Be a separate written document

Civil penalties from non-compliance are $250 per disclosure and cannot exceed $10,000 in any one year. Criminal penalties are one year of imprisonment and/or $1,000.

Disclosure Guidance

There is often confusion in the profession regarding when the disclosure is required, whether it has to be a standalone document and whether it can be inserted in the engagement letter. IRS  Revenue Procedure 2008-35 provides these answers and guidance with respect to other areas of concern.

Essentially, the 7216 disclosure is required for individual tax filings. The disclosure must be in a standalone document. While the disclosure can be attached to the firm’s engagement letter, it must be a standalone document. See the Section 7216 Information Center on the IRS website for additional guidance to ensure adherence to the rules governing off-shore tax preparation.

It is said that accounting firms have commoditized their services. Every firm can do “similar” compliance-type reports — tax returns and bank-required audits, reviews and compilations. But the difference, the unique competitive advantage, is YOU. You are selling yourself — and for you to be granted the ability to provide that commodity or service package to this new prospect depends entirely upon your ability to read and connect with them. And communication is the key to doing just that.

Do you know your style? There are many types of communication tools like Myers-Briggs, Strengths Finder, ELI or DISC, which stands for Dominant, Intuitive, Steady and Conscientious. DISC is one of the leading programs to teach us about our styles of communication and how to recognize the styles of others. When you can recognize how others interpret communication, you can monitor your own behaviors, flex your tones, deliver your words more appropriately and come to decision-making with a better understanding.

Here is an abridged version of how to use DISC with your clients:

• Dominant type.“I before why?” This type is all about how something suits the individual. Dominants are driven by ego. They talk and walk fast and look good doing it. They are big-idea and bottom-line driven. They need to hear answers fast and delivered with confidence. They do not appreciate small talk; they prefer to get down to business. They are loud and proud, to the point, and can be abrupt and direct. They are leader oriented and typically in the roles of CEO or operations. You would recognize this type by how their office looks; a dominant prefers an “ego wall” (filled with accolades, accomplishments and “selfies”). Their biggest fear is being taken advantage of. The best way to sell to this type is to let them explain what they want first. Next, ask them to talk about how they envision the solution. Finally, quickly provide them with what they ask for and congratulate them on the win.
• The Intuitive or team leader. “We before me.” This type wants to know how your solution can help the more significant “us.” They might take a while to stop talking before they are interested in what you are pushing. They generally enjoy getting to know you, and they like to talk about their team a lot. Often dubbed the “chatty Cathy” in the office, you will know them right away by their pictures of family and the way they show their love for people. Their biggest fear is not being heard or included.When you are ready to present to this type, be sure to become part of their team. Aim to be seen as collaborative, not unilateral. Provide them with details on how your solution makes the whole group more efficient. And don’t forget to get to know them first. The biggest sales tip when working with this type is to connect personally with them first. They rarely do business with someone they wouldn’t go to dinner with or bring home to their family.
• The Steady Ready Eddies. These quiet and intelligent types are hard to read. They are most afraid of the loss of security. They want to hear words like guarantee, warranty, timeline, assurance and commitment. They do not like change at all but will change with consistent, constant reliability. They are your true supporter on a team and are notably dependable. You can identify them prominently by their clothes — mainly the firm logo — and their repetitive, systematic approach to completing tasks. Accountants are saturated with steadies; it’s a great profession to align with. It’s important to share the details of your proposal step by step, and then give them time to review and think about your proposition. If they haven’t responded to you, don’t take it personally. They aren’t ignoring you; they are thinking.Give the steady time to ask questions and respond, so schedule a follow-up meeting before leaving the initial discussion. Once they agree to your services, you can bet you’ve got a client for life.
• The Conscientious. Just the facts, Jack! Unless you come with charts, references, guides, etc., you don’t stand a chance of winning this type over. They may not even give you a chance unless they’ve been referred to you by an old friend or a family member. This consummate introvert has difficulty balancing the heart and the brain; therefore, decision-making is tricky since they never want to be wrong. Often dubbed the perfectionist, they are slow to complete tasks, especially if it’s new, because they want to be sure it’s accurate. Fear of being wrong has this type gripped. This buyer, if engaged, already knows about you, your product and your company, so prepare for a quiet meeting of the minds. To be most effective with them, be respectful of their attention to detail and facts. Don’t share your emotions; stick to research and proof, and make sure you have back up. Signing a deal with this type may take several rounds, but if you can earn their trust, they will make you feel like the smartest salesperson alive.

In a perfect world, the you you’re selling is your authentic self. But to be great at selling your services, you have to be better than just yourself — you have to change your behavior and adjust to the needs of your prospect. Half the battle is being heard. 

Let’s say that a New Jersey taxpayer is self-employed, with a net taxable income reported on Schedule C of Form 1040 of $225,000. This person was referred to you because you are a CPA who provides value-added tax planning opportunities, and the current accountant only provides compliance work. Eager to impress and provide tax savings, you suggest that the taxpayer makes a New Jersey Business Alternative Income Tax (BAIT) election.

This seems like a no brainer at first, because the BAIT was put in place by New Jersey to help those taxpayers impacted by the federal $10,000 state and local tax (SALT) deduction limitation. However, before adopting BAIT, an analysis should be provided so the taxpayer can make an informed decision.

By the Numbers

In this example, by reviewing the 2021 tax return, the federal tax rate was 27 percent and the income is expected to be same as last year — or “SALY” for the accounting nerds. Their $225,000 income multiplied by the New Jersey tax rate of 5.68 percent and by the federal tax rate of 27 percent provides a tax savings of $3,450.

The taxpayer is happy, but is that really the savings to the client?

As a CPA, include the following additional costs for year one of this tax strategy:

• Applying for a federal Employer Identification Number (EIN) and forming a taxpayer and spouse LLC in New Jersey: $750
• NJ LLC initial filing fee: $125
• Fee for making the BAIT election: $250
• Preparation fee for the LLC and BAIT tax returns: $1,000

If the taxpayers chose to engage an attorney to draft an operating agreement, this would represent an additional fee. In this case, since the members are married, they decided to pass on an agreement.

This leads to estimated tax savings after additional costs in year one of $1,325.

In year two and going forward, estimated tax savings would be $2,450.

Presenting this sort of breakdown to a client provides a more accurate description of the potential net savings when considering the BAIT election. Based on the facts and circumstances, it could make sense to elect S corporation status and then include the fee for adding the taxpayer to payroll. This includes the filing of federal and state quarterly payroll reports, year-end reports and obtaining workers’ compensation insurance, all of which needs to be factored into the net savings to the taxpayer. If the decision to elect S corporation status is made after the due date (75 days from the beginning of the year), there is relief available at both the federal and New Jersey levels. Then, subtract $100 from the savings analysis for the retroactive, late New Jersey S-election.

Taxpayers who already have an existing partnership or S corporation do not need this analysis since most of these costs either do not apply to them or have been already accounted for.

BAIT Rules Recap

A single-member LLC and a sole proprietorship may not elect to pay the BAIT, as only a pass-through entity, such as an S corporation or a multi-member partnership, are permitted to do so.

As a workaround to the $10,000 SALT deduction cap for individuals that included in the Tax Cuts and Jobs Act (TCJA), many states, including New Jersey, enacted pass-through entity (PTE) taxes as an elective tax. The IRS issued Notice 2020-75, which clarified that partnerships and S corporations may deduct their SALT payments at the federal entity level when computing taxable income or loss.

There are some other considerations to keep in mind: 

• New Jersey requires the BAIT election to be made annually. If the election is made, but later determined that the election should be revoked, file the revocation and claim for refund form, and the entity will receive any estimated tax payments made.
• Quarterly estimated tax payments are needed. Otherwise, underpayment penalties can be assessed.
• BAIT payments reduce the Sec. 199A qualified business income deduction as well as the amount that can be contributed to a SEP-IRA and other retirement plan options. Consider a solo 401(k) over the SEP-IRA since New Jersey permits a deduction for the 401(k) but not the SEP-IRA.

Ultimately, the tax savings are the most important factor when deciding whether electing BAIT makes sense, but they are not the only factor, as there are other costs. The higher the taxable income, the easier this decision becomes. What is the income amount needed? As with determining the reasonable compensation for an S corporation owner, it depends. The CPA plays a vital role in answering those questions.

For CPAs who face the ordeal of losing against time, here is something for you — a quick list of effective time management tactics. Remember, if you fail to govern the clock, you’ll get governed by it - Golda Meir, former Prime Minister of Israel

Has it ever happened to you? You’re making your way through a big project for what seems like minutes, only to realize that it’s already been five hours? Or you’ve been running around all day, shuffling through responsibilities, only to realize that you’ve barely made it through your to-do list? Both are a result of poor time management.

CPAs have numerous duties: updating accounts, analyzing financial reports, managing debts and more. With all of these responsibilities, losing against time is only natural. But there are ways to tackle the issue:

• Track your time. If you bill clients by the hour, time tracking will help you keep a verifiable record of the time you work on their accounts. Even if you’re not billing them by the hour, tracking your time will help you identify your problem areas and create a plan to eliminate or reduce any shortcomings.
• Plan your schedule around your peak hours. Another benefit of tracking your time is that it helps you identify your peak performance hours. There likely are certain times when you’re more productive than others. I had a friend, a CPA (he was also my client) who, in the morning, couldn’t make heads or tails of his duties, but as the afternoon came, he was at his analytic and problem-solving best. You probably also have specific productive hours, and whatever they may be, try to plan your schedule around those times.
• Focus on one task at a time. According to a 2015 joint multi-tasking paper with authors from the Utrecht University, University College London and Lingnan University, IQ scores drop when people try to focus on more than one thing during cognitive tasks. Some of the participants who multitasked had a 15-point drop in IQ, leaving them with the average IQ of an 8-year-old. Imagine an 8-year-old filing taxes — horrifying, isn’t it? So, to avoid losing your IQ, do the critical, complex, urgent and highest-value action items first, and save the easier ones for later.
• Group your minor tasks and save them for later. Sending and replying to emails, filing documents and making phone calls are essential to achieve more significant tasks. However, you’ll fail to achieve the end goal if you spend most of your time and brainpower on minor tasks. So, to avoid getting sidetracked, you can group these tasks and save them for the time when you don’t feel particularly productive.
• Get organized. It may have happened to you a couple of times: you think you had a specific engagement letter saved on your computer, but you forgot in which folder, or you thought you had a client’s contact information but don’t know where it is now. Such circumstances can cause you to lose a significant portion of your time at work. You can start small — take some time at the end of each day to ensure everything is in place — and gradually build up your organizing skills.
• Delegate tasks. Don’t try to do everything. If you’re in a senior position, only handle tasks that demand your skills and expertise. Assign the rest. If you’re a one-person accounting office, you can hire a virtual assistant or a temp to help you during the busy tax season.
• Take a few breaks. You might get the urge to power through your responsibilities in a single sitting. But, experts opine that taking breaks between work has several benefits like improved memory, a boost in energy, less stress and increased productivity.

Time management is one of the fundamental skills that every professional needs to master. Those who do enjoy a significant advantage over others.

You’ve just had a great final interview. You like the company as much as they like you. HR called and said to check your inbox, and there you find “The Offer.” The offer letter is complete with information such as your start date, where and who you will be reporting to, your official title, information on benefits and, of course, the presentation of salary. Unfortunately, the offered salary underwhelms you. You feel melancholy. You begin to question if they did like you as much you liked them, and you freeze. The process that occurs next likely sets the tone for your “incoming behavior” and establishes boundaries, expectations and professionalism.  

Here is the perspective from the other side. HR is responsible for hiring people like you. Day in and day out, they are working with salary guides, hiring budgets and, ultimately, the authority to go up to a maximum per job opening. HR is working the numbers the moment they lay eyes on your resume. Some are so good that they can value your experience before making it to the pre-screening video chat. Keep in mind that the job of HR personnel is to stay under budget on all hires, which ultimately makes them excel at their role, so they have already developed a skill set that starts with the lowest possible offering in hopes that you will simply accept. 

But now you know better. So how do you prepare in advance? Here are three ways to make sure you don’t lose sight of your value: 

1. Set your minimum. Jobs usually have a range, and depending on the geographic location, number of employees and company revenue, this number is likely set. The only time it fluctuates is if a candidate is either missing some essential skills and the employer is desperate to hire or if the candidate is overqualified or brings a unique background to the company (a bonus candidate). Before the interview, do your homework on what the position pays by reviewing similar jobs in the market, checking salary databases or even asking your peers. Ask the interviewer how many candidates are being interviewed. or why they chose your resume. Even ask them to share the range for the position.  
2. Tell them what you want and more! Most candidates are given this cookie-cutter question: “What is your salary requirement?” This is a perfect moment for you to announce your minimum… and add 10 percent. If you are working with a recruiter, your best bet is to defer to that recruiter and let them handle it. If not, and you know that you are the right candidate, feel confident with this number. It gives you immediate leverage. Once you announce your requirement, it is up to HR to negotiate with you instead of vice versa. They may say that your number is within range. If so, bravo! You’ve just given yourself a nice 10-percent increase. If they say, I’m sorry, we are looking to pay up to “X,” then you at least have the ability to adjust down to your own set minimum. If the range is below your set minimum, thank them for the interview and continue to look for opportunities. In other words, know your worth. 
3. Don’t be afraid to decline. If a salary offer is given to you without prior discussion, you can choose to fight or flee. “Fighting” would look a lot like a dance between two professionals. You may want to consider the following responses:

• “Thank you kindly for the offer of $80,000. However, with my years of experience, my last role at (insert previous company here), I cannot accept this offer unless it is re-presented at a base salary of $85,000. Would you kindly reconsider and get back to me?”
• “I appreciate the offer, and I would love to accept; however, I was expecting this role to pay between $85,000 and $95,000 per year. As such, is there any room in the budget to increase the base pay?”
• “I am excited to begin working at (company name). However, I am concerned that the compensation presented will not allow me to truly engage in the workplace experience. Is there any wiggle room in the offer? Are there any additional opportunities for compensation enhancement within this role?” 

The truth is, if you don’t ask, you will never know.  

Many negotiations take place before the start date. These conversations are expected from a majority of new hires. While I would love to say that there is an equal ratio of men to women in terms of negotiations; unfortunately, this is not the case. Considerably fewer women negotiate their salary before taking a position; this has been expressed frequently as an underlying issue in pay equity. Negotiating your salary from the onset of a new relationship exemplifies a level of business acumen and confidence. In a worst-case scenario, you find out that you might not be suitable for the company, and in a best-case scenario, you have scored a great job and just stood up for yourself in a way that can help shape your financial future positively.  

The accounting industry has experienced a significant increase in demand over the last five years and has even more openings amid the pandemic. But with so many accounting graduates competing for the same jobs, how do you differentiate yourself to effectively get an offer prior to graduation?

Here are five tips to help:

1. Strategize and be adaptable. Job searching can be a laborious process. Strategy and adaptability can give you an edge. This process should start in your sophomore year in college. The AICPA 2019 Trends Analysis on supply of accounting graduates and the demand for public accounting recruits noted that between 2012 and 2018, on average, 80,000 students graduated yearly with an accounting degree. It also noted that, on average, 38,000 graduates were hired by accounting firms. With this hiring rate of only 50 percent of yearly graduates by accounting firms, what separates you from everyone else? Know your strengths and weaknesses. Familiarize yourself with typical candidate profiles. You'll gain a better understanding of what the accounting industry is looking for.
2. Know the size of the company you would like to work for. One of the first questions you should ask yourself is, who do I want to work for? Choices can include following:
• The Big Four (EY, Deloitte, KPMG, and PWC)
• Large, regional firms
• Midsize firms
• Small firms and sole proprietorships
• Private companies
If you decide on a Big Four, large or midsize firm, identify their candidate profile. In general, most accounting recruiters in these firms consider a good candidate as one with:
• A strong GPA
• An internship or work experience
• Some volunteering
• Progress made toward completing the CPA Exam
It helps to do extensive research on companies and establish which corporate culture fits you best. But do know that once hired, you may work long hours. If you find that's not appealing, the last thing you want to do is to end up working for a company that does not suit you. There are many benefits to becoming an accountant, and being miserable certainly is not one of them.
3. Join a professional association. After creating your plan, equip yourself with the tools necessary to succeed. For example, joining a professional organization such as the NJCPA or AICPA is the first step. If you know accounting is what you love, get involved with the NJCPA or any other professional association. I personally reaped the benefits of attending events like the NJCPA’s Career Night where you can find internships and full-time entry-level positions. I started my career in public accounting because I attended this event. I was able to connect with prospective employers and schedule interviews. Other accounting graduates have had the same success.
4. Attend career fairs and reach out to your school's alumni network. Most universities host career fairs that can help you secure a job. You can also identify alumni who are currently working within the accounting profession. For example, my alma mater, Ramapo College, holds a roundtable every semester for students and alumni from different fields to meet, connect and network.
   
   The career center, available at each university, can help you prepare your resume, cover letter, find an internship and obtain an entry-level position. I found both of my internships and interviewed with several accounting firms during my senior year, utilizing my school’s career center.
   
   If, after all these steps, you still have difficulty securing a job, apply online through websites like Indeed, Monster and LinkedIn or directly through the respective companies’ website. Set goals for the number of applications that you want to send out daily or weekly. Five or 10 applications a week is standard.
5. Make use of LinkedIn.  It has become a very important job search tool. If you do not have a LinkedIn profile, I strongly urge you to create one. Recruiters use the website to locate prospective candidates. Keep your profile and resume current and your profile picture professional. Remember that your resume and profile is your first introduction/impression to prospective employers. Make sure it represents you well.
   
   Don't underestimate the importance of social media. When used effectively, it has the potential to open doors. Many recruiters screen candidates by looking at their social media feeds. It is always imperative to demonstrate professionalism on these sites. One misstep could cost you a potential job offer.

The mindset that you have going through a situation often determines the outcome. Stay positive and treat each interview as a new opportunity, not a continuation of rejection. Even if you had 10 unsuccessful interviews, treat the eleventh as a new opportunity. Even if you do not get the job, remember that you are still getting great experience from the interview process. Like riding a bicycle, the more you ride the better you become. A job search is a marathon, not a sprint. Avoid unnecessary comparison with your peers while going trough the process. I am a firm believer that everyone has his own destiny. Run your race. Everything will work out the way it is supposed to.

As a college student, there is often confusion on what working in the “real world” is like. Let me be the first to tell you that working in accounting is nothing like taking accounting classes in college. The biggest hurdle in transitioning from college student to an accountant is understanding that, at first, you will have absolutely no idea what you’re doing, yet understanding that is totally okay! As an entry-level staffer, it is not expected that you come into the real world with the entire Internal Revenue Code memorized.

So, how can you help make a successful leap from student to accounting professional? Here are 10 tips to do just that.

1. Remember that practice makes perfect. Not understanding what you are doing may be frustrating and discouraging at times but keep trying.
2. Know that patience is key. This doesn’t come overnight, nothing ever does.
3. Ask a million questions. There is no such thing as a stupid question, because you want to make sure everything is accurate as can be. Don’t just complete a task and submit it; ask questions to make sure you are understanding the purpose behind what you’re doing (we like to call this “the why”).
4. Don’t be afraid to mess up. If at first you don’t succeed, try, try again. Use your mistakes as learning opportunities to help ensure that you do it right the next time.
5. Create a schedule. Creating a list/schedule of your assignments will not only help you to prioritize tasks, but it will also increase your awareness of the value of time management, organization and your ability to keep on track to accomplish your tasks.
6. Record virtual meetings. Don’t focus on writing everything down. Instead, ask to record a meeting so that you can go back and process what was discussed afterwards.
7. Get the CPA Exam out of the way ASAP. Working fulltime and studying for the CPA Exam is, by far, one of the hardest things to juggle: but it’s not impossible! As you grow and excel within your career, you gain more responsibility, making it more difficult to find time to study. So even though tackling the CPA Exam right away might seem daunting, there will likely never be an easier time for you to do it.
8. Take mini breaks. There is something to be said for people with sedentary jobs and multiple computer screens; the struggle is real. Make an effort to take breaks to re-charge — get up, take a walk and grab a cup of joe while you’re at it.
9. Reward yourself. Working long hours can be dreadful at times, so having something to look forward to after work will help keep the motivation present. Something as simple as treating yourself to a pepperoni pizza and watching a movie on a Friday night can go a long way. Trust me.
10. Realize there is no one-size-fits-all approach.Ultimately everyone has a different story when starting their career in accounting.

At the end of the day, remember that it is a marathon, not a sprint, so make sure you stop and smell the roses along the way and enjoy every bit of your transition into the real world.

One of the most important things you can do in college is to find an internship that allows you to reinforce what you’re learning in the classroom in a real-world setting. The purpose of an internship is to allow you to learn about the industry you’re studying and give you a glimpse into what you can expect in the future.

Looking for an internship can be challenging, given the current COVID landscape, but here are five tips that can help:

1. Prepare. Prepping for an internship starts long before filling out the application for the position. Your internship preparation should start in the classroom as soon as possible. This simply means start forming meaningful connections with your professors, peers and advisors. Not only will these individuals provide insight into their careers, but they also have relationships with professionals within the industry who could possibly help network an internship or allow for other learning opportunities. These relationships can be formed by staying after class to have a discussion with your professor or by joining different clubs that your university may offer that revolve around your major or a mentoring program. These connections will assist you when it comes to looking for opportunities within the industry.
2. Apply. When it comes time to apply for internships, it’s best to apply for anything and everything revolving around your major; do not be closed-minded in terms of the size of the company or the industry they serve. With internships, there is no such thing as looking too early. You should always be on the lookout for internship opportunities and seek out roles that suit your current skills or education level.
3. Experience. After obtaining an internship, the most important things you can do to make the most out of your experience is to ask questions, have a positive attitude and always keep your eyes and ears open! Take advantage of your time with the company and ask questions regarding the projects you’re completing, the company you’re working for and your coworkers’ experiences within the industry. Most of the time, your coworkers will be more than happy to discuss their career paths and eager to give you any guidance that you are seeking. Maintaining a positive and professional attitude throughout your internship is essential to your success within the company. You can display your positive attitude by always accepting the assignments you’re given, no matter how small or large, and by showing you genuinely care about the work you’re completing. You should also always take advantage of any opportunity to help you stand out from the rest of your peers.
4. Learn. Some of the best learning opportunities during an internship come from being in an environment where more-experienced professionals are working. An intern can benefit greatly from simply sitting in an office and listening to the conversations that are taking place around them. You can learn how to talk to clients, expand your industry-specific vocabulary and hear how professionals handle different challenges. Observe your surroundings and reflect on how you can apply what you’ve learned to your projects or how they can benefit you in the future.
5. Develop. Overall, internships are an essential part of one’s professional career. They give you the ability to develop in your career, build your resume and get a glimpse of what your future could hold.

Applying for an internship can be intimidating but, in the end, the experience you receive from it is irreplaceable.

One of the first things I get asked when I tell people that I’m studying business in college is, “What do you want to do?” The problem with that question is: 1) I have absolutely no idea what I want to do or where to start and 2) I have no idea how to find out what I want to do, given I am only entering my junior year of college. For me, I usually learn by testing different things out; therefore, when I started my internship search, I wanted to have the opportunity to see, hear and try multiple areas of business. Fortunately, I had a mentor through Seton Hall University’s Buccino Leadership Institute — Merryl Richards, former executive director at the New Jersey Society of CPAs (NJCPA) — who helped guide me through this perplexing process. After a few months of searching, she suggested that I look more into associations, specifically, the NJCPA.

Initially, I had absolutely no idea what an association did. Of course, I knew of the basic responsibilities and mission, such as to bring people together for a certain cause, goal or objective, yet I failed to have a greater and deeper understanding of what exactly associations truly do.

To find out, she connected me with Don Meyer, the chief marketing officer of the NJCPA. Upon setting up a meeting, I was pleasantly surprised and intrigued at hearing more insight into the association’s role and presence. Not only did he share his experience working with the NJCPA, but he also shared insight into his own career journey; thankfully, and reassuringly, it wasn’t exactly linear. By the end of our meeting, I was both excited and confident that working for an association like the NJCPA would give me the opportunity to truly immerse myself in the world of business and, potentially, even find a future career path.

Within a few weeks, I applied for the position and was ecstatic to officially become a summer 2021 marketing intern for the New Jersey Society of CPAs.

Week 1

During my first week, I could not help but be absolutely mesmerized by just about everything that the office had to offer. In fact, on my very first day, I was greeted with gifts, friendly faces and my very own cubicle and badge. Truthfully, this was my very first glimpse into the business world working as a business “professional.” Granted, I use the term “professional” lightly, considering the first thing I wanted to do was to decorate my cubicle!

I walked around the office and found myself falling in love with the atmosphere and culture. Although not everyone was able to come to the office on the same days due to the pandemic, I still got an incredible glimpse at the culture here at NJCPA and, presumably, for most smaller associations. Everyone welcomed me with a warm smile and friendly demeanor. It became apparent to me almost immediately that working in a close-knit environment where everyone knows one another, and where birthdays are not only acknowledged but even celebrated, was something I strived to have in the future.

I cannot believe how much I’ve learned already in just a week with the NJCPA! I may not know just exactly the type of job I want yet, but I do know that I hope to work somewhere with a company culture as welcoming and close as the NJCPA — it truly makes all the difference in brightening any workday and changing the entire day’s dynamic and outlook.

Week 2

During the second week, I found myself slowly acclimating to everything in the office. I started to familiarize myself with the commute, hours and where everything is in the office. It was comforting to feel like I was fitting in — I enjoy coming back to my cubicle and see my stuff laid out just like I had left it.

My wonderful mentor, Merryl Richards, came to visit me this week. As she walked in the office, it was amazing to watch her contagious energy and spirits lift the room. She knew nearly everyone in the office and cheerfully greeted everyone with a warm smile and friendly demeanor. It is no surprise that the company culture is the way it is, considering the individuals here take the time to build genuine connections and relationships with their coworkers.

As a woman in business, having a mentor, friend and guide is so incredibly beneficial and important. During my internship search, I was so lucky to have Merryl help me during the process and address some questions or concerns, such as “Do I want to work for a small or large company?” and Would I like to have fixed or variable compensation?” Therefore, I knew that I wanted to find another mentor this summer who could help ease the transition from full-time student to working business “professional.”

My manager, Heather Shostack, quickly appeared as the guide and confidant that I had been looking for. She arranged a few meetings this week and gave me some incredible career advice and guidance, such as her path out of college, numerous different jobs, and, finally, how she landed her position here. Hearing her path and journey was fascinating; she had previously worked as a marketing manager in different companies and even worked as a marketing consultant — a potential job path I am interested in. Similar to Don, her career journey hadn’t been linear, and she reassured me that she needed to have multiple different jobs before she found out what she wanted to do and what she liked doing.

Having these conversations are irreplaceable; sometimes, I feel like just about everyone at my age has this idea or plan for their career. It’s discouraging to feel confused and unsure, especially halfway through college. In fact, lot of my friends and classmates have their lives planned out up until what age they hope to retire. Yet, after hearing Heather’s and Don’s experiences, I not only feel reassured but also excited and proud to have absolutely no clue! Being unsure now only means I have endless opportunities and chances to venture off into different areas and eventually find the one that fits me the most. I feel myself growing immensely and it has only been two weeks — I cannot wait but see the type of person I grow into within the next eight.

Week 3

This week I had the chance to see first-hand just how quick-paced and fast-adapting the business world is. I had the opportunity to watch the filming of IssuesWatch Live broadcast, a program that offers up-to-date information about legislative, regulatory and national issues affecting CPAs and businesses in New Jersey. I couldn’t help but feel afraid that I would knock something over or sneeze and subsequently ruin the live broadcast. Fortunately, I did not; yet I had a glimpse at the team’s management of a slight dilemma that had arose.

During the broadcast, it seemed that the agenda was running slightly behind schedule, and with less than 10 minutes left in the program, there was over three pages left in the script. I wondered if the chief operating officer, Theresa Hinton, who was the program moderator, would start to increase her pace and rush to finish everything. I remembered thinking, “How did the last hour of the broadcast just slip by?” To my delight, however, the team had already planned for the possibility of this problem arising. Calmly and confidently, the producer adjusted the script on the fly, and the rest of broadcast proceeded without any blips and ended smoothly and on-time.

I sat in awe at just how quickly the team had pivoted and avoided mistakes or blips. For me, I sat there stressed and nervous, yet the team remained calm and collected — it was admirable and refreshing. This was my first glimpse at slight adversities in the workplace, and the way it was averted was stimulating. The team’s demeanor and calm disposition, despite running behind schedule, is the exact mentality I would love to adopt eventually.

Weeks 4 and 5

I sat through my first department meeting this week. It was incredible to see how all the future plans and projects were facilitated, discussed and prepared. I sat there patiently taking notes and listening to each and every team member contribute and the way they bounced ideas off one another. Everyone was encouraged to contribute, which I know is something I want to have in my future job. Having a voice and feeling empowered to participate breeds more productivity, as demonstrated in the department meeting. The proactivity within the NJCPA is truly astonishing — they continue to plan, pivot and adapt.

I also got a chance to see how marketing worked together with the other departments within the association. I enjoyed seeing the ins-and-outs of departments, such as communications, education, etc. Although I may not pursue careers in those fields, seeing the way they interface with marketing is truly incredible. I got the opportunity to see what an association truly does in each and every sector, which is another perk of working in a smaller company. I can have multiple different mentors and receive insight into the responsibilities and role each department has.

Weeks 6 and 7

I started a project conducting research on past scholarship winners. Several of them now work for incredible accounting firms and a few of them even moved up the ranks within their companies. It was refreshing and encouraging to see how those scholarship winners have transcended the same very skills they acquired during their undergraduate years at college into successful jobs and careers. In just five years, most of them made the shift from a full-time college student into a full-time employee seamlessly.

I love hearing about the diverse experiences and jobs that those around me have had prior to their current position. I am about halfway through my internship, and I don’t quite know what I want to do yet, but I know that I am getting a glimpse into many different opportunities, which will ultimately help me navigate what I can see myself doing in the future. A few weeks ago, I was feeling discouraged that I had not yet figured out what my future career looked like. But today, I am happy that I do not know just yet.

Weeks 8 and 9

I had the incredible opportunity to work one-on-one with the senior graphic designer, Diane Espiritu, this week to brainstorm ideas and see those ideas come to life. Initially, I was worried that my ideas were childish or not up-to-par. However, she reassured me that my ideas were not only valued, but also essential for understanding the best way to market towards my generation, Gen Z.

As I began researching trendy ads and marketing campaigns, it felt exhilarating to feel in charge, powerful and important. This experience truly felt as if it was giving me a glimpse into a potential career opportunity and path. By the following week, I was able to see my research transcend into something bigger: finding sample pictures and creating a “mood board” for the actual event marketing. I felt like a true business professional responsible for conducting research and seeing that research transform into something greater. They treat me with incredible respect — I feel myself flourishing everyday as a much more mature, experienced individual.

As my time with NJCPA continues, I am so grateful to see how every week I am learning something new about the business world. I get to sit in during meetings, acquire leadership experience, hold myself accountable and responsible, while simultaneously learning more about the career I would like to have some day.

Final Week

During my final week, as I finished up some projects, I took a moment to stop and reflect on the person I have transitioned into during the past 10 weeks. Physically, I look the same, but mentally, I feel much more mature and ready for the real world…in two years. Nonetheless, my time at the NJCPA has taught me so much about the type of worker I would like to be, different roles and responsibilities of associations, proactivity, business, conflict management, company culture and, above all, future career aspirations and goals I would not only like to have but fulfill.

I remember when I first started, I had no idea what to expect. I worried about small things, such as where I was working, handling the workload, what to wear, what to talk about with my coworkers, expectations, etc. Now, I can look back and reminisce on just how tiny those worries seem and how much more confident and ready I have become over the past 10 weeks.

I truly feel empowered and confident from working here. I learned so much about myself and business from not just observing, but also participating — I even sat in on a meeting featuring marketing and communications representatives from other state CPA societies! I learned what it means to not only exhibit professionalism, but to embody it. I gained valuable hands-on experience mentoring and insight that will be utilized every single day up until the day I retire.

The COVID-19 pandemic subjugated the world in just a few months. This novel coronavirus altered the lives of people around the world and brought on many challenges for students and professors alike. Faculty who conducted traditional in-person classes were forced to change to asynchronous learning using a learning management system (LMS) such as Canvas or Blackboard (BB) or synchronous learning using a video technology such as Zoom. Regardless of their choice, faculty had to learn to deliver course content in a totally different way.

As COVID-19 started to spread rapidly across New Jersey, colleges started to close last March. Upon returning from spring break, I used Zoom to welcome back the students saying, we will get through this class together. Most importantly, I also prioritized their health over school by emphasizing patience and understanding of each other. I told the students to call, text or email if they had any questions.

Here are some strategies that helped me during the early days of the pandemic and could assist CPAs and others who are teaching classes now:

• Provide detailed chapter outlines.
• Reintroduce all the support associated with the course material.
• Use Zoom or other video conferencing software for office hours.
• Create a discussion board on Blackboard where students can post questions.
• Require students to read emails at least once a day.

Lessons Learned

Using Zoom was different then standing in a classroom. I could not see if students were engaged or if they were even viewing their monitors, so I created poll questions that were built into the Zoom program. To keep it interesting, I created a magic word, where students needed to listen and then upload the magic word. Both activities helped monitor student attendance and engagement.

With virtual teaching, it’s important to make sure students are engaged and learning the course content. However, I am confident that one day we will return to the classroom.

Just when you thought it was safe to proceed with applying for Paycheck Protection Program (PPP) loan forgiveness, the Small Business Administration (SBA) — which had been quiet since early August — changed the rules again. Specifically, the SBA issued another Interim Final Rule (IFR), effective as of Aug. 25, defining who is an owner-employee of a C corporation or S corporation, and whether certain non-payroll costs involving transactions with related parties are eligible for forgiveness.

These two areas have been of great concern to borrowers and their advisors, and we had hoped that guidance would be forthcoming sooner — especially since some borrowers may have already applied for forgiveness. Moreover, the new guidance may place some borrowers in jeopardy of not realizing full forgiveness of the loan since funds may have been used to pay for expenses now deemed to be ineligible for forgiveness. Finally, the new IFR has some internal inconsistency (discussed below).

Owner-Employee Determination

Previous guidance limited the amount of owner-employee compensation that can be included in payroll costs for determining the amount of PPP loan forgiveness. Unfortunately, that guidance never defined who is an owner-employee. The loan application defined owner to mean:

• a general partner;
• any limited partner owning 20 percent or more of the equity of a partnership; or
• any owner of 20 percent or more of a corporation or LLC. 

However, it was never clear if those definitions were applicable in the loan forgiveness computation.

The new guidance specifies that owner-employees with less than a 5-percent ownership stake in a C corporation or S corporation are exempt from the owner-employee compensation rules. The guidance says that such owner-employees have “no meaningful ability to influence decisions over how loan proceeds are allocated.”

Observation: The IFR is silent as to partners and members of LLCs. It would be inappropriate, given the guidance issued for corporations, to assume that the higher limits in the loan application should be used here. Until additional guidance is issued, ANY partner or member who is actively involved in the business of the partnership or LLC should be considered an owner-employee for purposes of the loan forgiveness calculation.

Nonpayroll Costs of Tenants, Subtenants or Home-Based Businesses

Certain costs incurred or paid during the covered period — rent, mortgage interest, utilities — are eligible for inclusion as forgivable expenses. The new guidance clarifies that, to the extent such costs are attributable to the occupancy of space by tenants or subtenants, a PPP borrower may not include them in its forgiveness application.

Even more limiting, a borrower who works out of his or her home may include only the share of covered expenses that were deductible on their 2019 tax return. A new business may use the amount expected to be deducted on their 2020 return.

Rent or Mortgage Payments to a Related Party

This has been a question of great concern to borrowers since the program was enacted over five months ago. Until now, the SBA and Treasury have been remarkably silent on the subject. 

Under the IFR, rent payments to a related party are eligible for loan forgiveness only if the lease and mortgage were entered into prior to Feb. 15, 2020, and only to the extent that the payment doesn’t exceed the amount of mortgage interest owed on the space being rented during the covered period. Furthermore, borrowers must provide lenders with mortgage interest documentation along with the loan forgiveness application.

Even more draconian, the IFR says that mortgage interest owed to a related party is not eligible for forgiveness on the theory that “PPP loans are intended to help businesses cover certain non-payroll obligations that are owed to third parties, not payments to a business’s owner that occur because of how the business is structured.”

The term “related party” is not defined in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or any previous SBA guidance. The IFR defines related party for this purpose as “[a]ny ownership in common between the business and the property owner…” This is clearly a much stricter standard than the ownership relationship for owner-employees of C and S corporations in the same IFR.

And, while the IFR mentions only real property, since PPP allows forgiveness for both rent and mortgage interest for real and personal property, it is reasonable to assume that these new limitations apply to both.

Observation: While commentators have been quick to criticize the related-party guidance, it is not clear that it will be reversed. Therefore, borrowers who have already submitted loan forgiveness applications should review them to see if they should be revised. Other affected borrowers may wish to use the 24-week covered period to ensure that they have sufficient payroll costs to offset a shortfall in nonpayroll costs in achieving 100-percent forgiveness.

Comment: The SBA and Treasury have been issuing guidance or making public pronouncements throughout the PPP program, often changing previously issued guidance to the detriment of PPP borrowers. This IFR goes beyond changing the rules in midstream as it is likely too late for many borrowers to change the way they use loan funds.

This article was reprinted with permission of Friedman LLP and originally published on Friedmanllp.com.

As business becomes more global and regulated, the amount and complexity of knowledge required of accountants continues to increase. A growing emphasis is being placed on advisory and assurance services, which represents yet another level of complexity involving critical thinking, analytics and problem solving. It’s helpful for accounting students to become aware of the essentials in our profession so they can see that there is a method to this madness of detail. In academia, the notion of “threshold concepts” has gained popularity. These are the key ideas central to mastery of any subject, the understanding essential to all further growth.

Here are the threshold concepts for accounting:

1. Balance Sheet. Liabilities + equity = assets. The balance sheet must always be “in balance” — if assets increase, then either liabilities or equity must also increase. This is an amazingly simple idea. Yet, insight into any business often starts here.
2. We Are a Rules-Driven Profession. Accountants are governed by laws, rules, policies and procedures established by both government and industry organizations. There are three main organizations in the U.S. that establish and coordinate these rules and standards: the Financial Accounting Standards Board (FASB), the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).
3. Financial Statements. A complete set of financial statements includes an income statement, a statement of changes in equity, a balance sheet, a statement of cash flows and the notes to financial statements. The graduate accountant need not be an expert but should be conversant with each of these.
4. The Accounting Cycle. Financial information is prepared in a process called the accounting cycle. Various best practices, information systems and rules are employed in managing this process to identify key data, report and analyze documents, record accounting transactions and prepare financial statements.
5. Proper Measurement of Assets and Liabilities. Accounting for the true value of assets and liabilities involves judgment. Assets and liabilities are originally listed at the price paid (i.e., historical cost) and this value is often adjusted over time. These modifications are especially important for intangible assets like goodwill, exchange rate fluctuations if priced in foreign currency, or depreciation, the periodic write-off of fixed assets.
6. Other Essential Financial and Non-Financial Information. A sustainable business creates stakeholder value through the prudent management of interrelated forms of capital (financial, manufacturing, intellectual, human, social and natural). Some of this value is quantifiable, while for others it is intangible.
7. Legal Entities. Businesses must choose a legal structure to define the rights and responsibilities of business ownership, degree of control, legal liability and tax treatment. The four basic organizational legal structures are sole proprietorship, partnership, corporation and limited liability company. 
8. Governance, Risk and Compliance (GRC). Accounting graduates need at least basic knowledge of governance, risk management, compliance and internal controls. These interrelated areas of focus involve conformance to ethical and other established standards with a special focus on effective management of risks. The Committee of Sponsoring Organizations (COSO) developed a framework for risk management that is widely used in business.
9. Raising Money. Growing a business requires investment. There are three ways to finance a business (debt, equity and retained earnings) and each have pros and cons.
10. Information Systems. For accounting graduates, there is a need for a digital and data-driven mindset along with the use of analytics and data visualization to effectively convey information. This requires a solid knowledge of technology, data analytics and automation.
11. Setting Strategy. The purpose of a strategy is to help organizations set goals and plan for contingencies that could affect goal achievement. A sound strategy should be a living document that accounts for current market conditions, competitive environment, regulatory environment, and financial constraints and resources.
12. Ethics, Integrity and Professionalism. We cannot legislate ethics. In a healthy accounting culture, accounting professionals foster trust. In business, trust is the cornerstone of all relationships with customers, suppliers, employees, shareholders and the community.

If accounting graduates develop a firm foundation in the above concepts, they have a great chance to succeed in that first job. And once that critical threshold is crossed, mastery is just a matter of time. 

Last month, I hosted an IssuesWatch Live webcast on the short- and long-term impact of the coronavirus pandemic on the nation’s and New Jersey’s economies. The response to this broadcast was overwhelming, with many members asking us to report more on economic news (you can watch a recording of the broadcast at here).

During the webcast, I interviewed two prominent economists: Daniel Bachman from Deloitte, who addressed national economics, and Jim Hughes from Rutgers University, who spoke on New Jersey’s economy. Jim recently passed along to me a report that he and his colleagues released, Coronavirus Economic Pivot: Precipitous Fall to Recovery Crawl?, which focuses on both New Jersey and the nation. Here are a few highlights from this insightful report:

• The “Great Coronavirus-Driven Contraction,” which began in February, was our nation’s first deliberately induced recession.
• The “Cruelest Month” — April 2020 — has little or no historic parallel and saw a loss of 20.7 million jobs. The overall job loss from February through April wiped out 97 percent of the employment gains from the preceding 10 years!
• As parts of the economy began reopening in May, slightly more than 10 percent of the lost jobs were recovered.
• If the timeframe of the full employment recovery from the Great Recession is repeated for the aftermath of the Great Contraction, New Jersey would not fully recover its job losses until January 2029. That’s sobering! However, a mid-decade recovery of all job losses is certainly a possibility.

You can read the full report here.

Later this month I’m going to be hosting another IssuesWatch broadcast that I think you’ll find insightful and useful. It’s going to cover the dire impact of the coronavirus pandemic on the New Jersey’s fiscal condition and the budget hole of up to $10 billion that it’s caused. I’ll be interviewing Senator Steve Oroho, who is one of the most knowledgeable legislators on fiscal issues, and NJ Spotlight reporter John Reitmeyer, who is one of the most knowledgeable journalists on the issue. The broadcast will air on July 8, July 13 and July 17 and is free for NJCPA members.

The leap from being a college accounting student to a productive member of the workforce is a significant one; in fact, for most of us it is the moment we have been training for our whole lives. With this jump often comes a mixture of emotions such as the fear of the unknown and excitement for a new chapter of life (and of course a bigger paycheck!). Here are some basic tips I’ve learned to help make this leap’s landing as smooth as possible:

Ask Questions

Do not be afraid to ask questions. By asking questions, you show your managers that you care about increasing your knowledge base and better developing your skillset. Questions help to create conversations and discussions, which in turn allow you to learn from those with more experience and knowledge to share. If you ask a question and still feel lost after the response you received, ask for more clarification — we have all been there!

Communicate

Communicate, communicate, communicate! There is no greater skill than that of communication — especially as someone who is new to the workforce. Although it may sometimes feel uncomfortable, you will find that the majority of challenges or dilemmas you face could most likely have been avoided if there was more communication. By creating a habit of communicating realistic timelines and project updates, you are setting you and your team up for success.

Embrace Your New Environment/Workplace

Experience and appreciate all that your new workplace has to offer! Get to know your new colleagues, eat lunch in the kitchen, and go to firm/work sponsored events. The more you enjoy the work you do and the company you work for, the more productive a team member you will become.

Enjoy this new and exciting journey you are beginning and welcome all of the lessons and growing pains it has to offer. Before you know it, you will be the person new members of your team come to for direction and guidance.

The majority of businesses in New Jersey began their official work from home protocol the week of March 15. During that period, companies had to adapt quickly to a new and unstable daily environment. Now, approximately eight weeks later, what have we learned?

Here are some key lessons:

• Communication. One thing that has come to everyone’s attention is how easy it is to go dark. The breakdown in communication is the number-one problem most organizations have with working from home. Those who are succeeding right now are using communication tools such as Microsoft Teams, Slack, Zoom, Skype and app-based phone systems to keep employees, managers, owners and clients all within close contact. 
• Routines. Many people thrive on the structure that a typical 9-to-5 routine gives their lives. Our current work-from-home situation allows many people to fall out of those routines. Stories of people working in their pajamas or gaining the ‘Quarantine 15’ are becoming more and more common. Getting into a standard routine and treating your remote working situation similar to your office situation is essential to productivity. Creating and enforcing a schedule, regular eating habits and dedicated down time are all key to both productivity and mental health.
• Security. Getting thrown into a remote working environment has forced many workers, managers, businesses and customers into situations where time and convenience make security and privacy take a back seat. With such an increased usage of electronic tools to send and receive information, all users need to be well aware of how this information could be exposed and what the potential risk of that exposure is. Email, electronic signatures, secure portals, encryption and personally identifiable Information are all hot areas that all remote workers need to be concerned about.
• Separation. Now that you have figured out how to work, have you established how to turn it off? Many people are experiencing the effect of working even more hours and disrupting more personal and family time by always having access to their email and company resources through portable computers and mobile devices. This can put additional stress onto a working relationship and add additional burdens to an already difficult working environment. Setting dedicated out-of-office hours can help make working hours more productive and non-working hours more rewarding.

One thing to note is that this is an ever-evolving and changing business landscape. The rules that apply today may not apply tomorrow. And once our country begins to take steps to fully open up safely, the rules will change again. Our ability to adapt and pivot in real time will ensure our success not only as individuals, but as organizations and as a country.

Working mom! How many times have you heard this? You know you are a working mom when your mind seamlessly transitions from remembering to change a diaper on your way out the door to strategizing about tax savings for your multi-million dollar client as you are driving to work. As a senior certified public accountant at Cullari Carrico, LLC, I work on individual and business tax returns, compile financial statements, perform review services and serve as a member of the quality control committee. My day consists of juggling an active infant and a non-stop toddler, to managing endless deadlines, to remembering to reflect new regulations in my prepared financial statements. 

As a professional, you are passionate about your career by making sure you are on your A game during a meeting, but all of a sudden your watch buzzes with a call from daycare. You leave to answer and come back to a meeting that is wrapping up where someone else has shined and you sit back and nod in agreement to what they are saying. It feels like another missed opportunity because life as a working mom has gotten in the way.  

No matter what anyone says or what any “superwoman” portrays, being a working woman isn’t easy. No matter how advanced society has become, the majority of the time it’s women who are the “mental worriers.” Have you ever heard a dad talk about their kids’ bowel movement? 

As a mother, you want to do it all without feeling guilty. Feeling guilty because instead of baking, you sent in store-bought goodies during a school holiday party or you couldn’t do happy hour at work where new clients would be discussed.

You want to do it all and rightfully so...and with the right boundaries, work-life balance may be achievable!

It’s apparent that there is no one way to do it, but here are few things to keep in mind:

• Schedule out your week, day and hours. This forces you to stay on track with little room for distractions.
• Work with your employer for a mutual flex hour work schedule. It may be not be possible to reach the office during early hours, but hopping on remotely after kids’ bedtime may be more productive.
• Set scheduled times for check-ins. It’s impossible to turn off your mom brain at work, but instead of checking in with the caregiver at random times, this will help more.
• Disconnect. It’s difficult to disconnect from work even when you are home...but set boundaries to focus separately on family and work. This could be not spending more than a predetermined time on work at home.
• Ask for help!! It’s okay to say no to a project or hire help at home. Even superwomen need help to function sometimes!

If self-doubts, inaction, or the desire to put your social life at the forefront resonates with you and your progress towards becoming a CPA my story may be for you.

My journey towards becoming a CPA has spanned a third of my life, which means most of my adulthood was spent, in part, working towards this goal. This length of time is not representative of my attempts at taking the actual CPA Exam, rather it represents the time it took me to overcome the mental hurdles and self-doubt prior to sitting for one of our country’s hardest professional certification exams.

Over the length of my career thus far I have been surrounded with incredible mentors. They all shared the same sentiment: the longer I waited to take the CPA Exam the harder it would be as responsibilities at work and at home would grow. The first time I was on the receiving end of this insight I distinctly remember feeling a rush of misplaced pride that outright rejected their cautionary tale. In reality, the “pride” I felt was insecurity bubbling to the surface. Deep down, I knew they were right; however, I made the decision to ignore them. I decided, out of fear, to sacrifice future growth for current comfort and allowed self-doubt to root.

By 2013 I found myself interested in my work but remained uninspired to tackle the academic mountain which is the CPA Exam. In order to reinvigorate my passion for learning I enrolled in my alma mater’s Master of Accountancy program. I graduated December of 2014 with a refreshed outlook and revamped skillset to take on the exam. Before I dove head-first, I told myself, “I deserve a break before busy season.”

That was January of 2015.

Over the next four years, I transitioned into my current firm, WilkinGuttenplan; moved to an entirely new city; proposed to my girlfriend (now wife), Becky; and celebrated the awesome personal and professional milestones of my friends and family. Throughout all of that what remained absent was additional progress towards the CPA. I had positioned myself in a self-fulfilling prophecy of failure through inaction. I could hear my mentors, past and present, saying, “I told you so”.

By July 2018, after a series of meetings with my tax partner/coach the first section was scheduled. Passing this particular section wasn’t a high priority. What took precedent was the act of simply starting the process. I had to learn to face the fear and self-doubt I had let fester within and take my best shot.

What I learned throughout the following year’s successes and failures is simple; the CPA Exam is a war of mental attrition where the persistent and dedicated are rewarded. Paramount to my success was the support structure that built up my confidence to start the process and to hold me up through the setbacks. With the support of my wife, partner group, family and friends, exactly a year to the day of finding out I passed my first section, I had passed the final section at the ripe age of 32.

My final message to anyone procrastinating: Stop putting it off. You can do this!

For most new graduates, coming into a CPA firm is a great opportunity to start one’s career in accounting. At the same time, there are challenges a staff accountant will face that, without the proper guidance, can become overwhelming. However, with the proper mindset and the right leadership to offer direction, these challenges can be turned into opportunities. This is particularly true for new staff accountants.

Here are a few things to keep in mind:

• A new staff accountant is never expected to turn out a perfect tax return from start to finish. Bearing that in mind can alleviate a great deal of stress in the first few years in the accounting industry.
• Communicating with peers and reviewers in a professional manner will show the firm that you’re greatly committed to its success.
• Focusing on completing the basic tasks, such as assisting with extension preparation, basic workpaper preparation and keeping pace with your CPE classes, are all great ways to set yourself up for future accomplishments.
• Ask pointed questions about unclear subjects. Though it’s tempting to say you understand what’s going on, when in truth you’re unsure, it’s better for your development and your work product to ask the questions that will help you gain mastery of skillsets. Managers appreciate you asking for clarification before starting, as opposed to waiting until the deadline is right on top of you and finding out you’re lost. 
• Show managers your determination and drive to improve as an accountant. Even though working through a tax return can bring along its share of challenges, working as hard as you can to figure out the return is best.
• Realize this is your chance to show everyone that you are a go-getter and see if you can help the team out or go beyond the call of duty even though it may be easier to just wait for the work to land in your inbox.

In the long term, you’re much better served when you aim to distinguish yourself from your peers.