CPA Practice Advisor

AUG 2014

Today's Technology for Tomorrow's Firm.

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August 2014 • www.CPAPracticeAdvisor.com 5 BRAVE NEW CLOUD WORLD It's well documented that mille- n ia ls a re br ing ing new l i fe to t he work force. With cloud technologies a nd a ny t i me , a ny w he r e mobi le capabilities, fexible schedules and c a s u a l at mos phere s , t he profe s - sional work environment has drasti- c a l l y c h a n g e d , a n d a c c o u n t i n g prac t ices mu st keep up w it h t he mo v e me nt t o s t a y a t t r a c t i v e t o young recruits. Now's the time to embrace the change and allow your pr ac t ic e to e vol ve w it h t he ne w generation so your frm won't sufer from a lack of innovation and not atract top candidates. Hire the Right People With thousands of college graduates seeking employment in accounting, its critical to select the right individ- uals to join your frm—afer all, they may potent ia l ly be lead i ng you r practice one day. Trough my pre- v iou s e x p e r ie nc e a s a n a d j u nc t accounting professor, I quickly real- ized accounting students are much diferent today than when we went to school. Tey work and think difer - ently and have very diferent expecta- tions of quality of life when starting out in their careers. It is important to know how to identify those charac- teristics in students that may make successful accountants one day for your frm, even if it comes of difer- ently than you expect. It all comes down to two key factors: work ethic and technology prowess. • WORK ETHIC: An individual with previous experience in the industry outside of the required course-load signifes a strong, positive work ethic that will likely follow suit throughout their career. Look for students who were actively involved in their school's accounting fraternity or held a few related internships while in school. Tis experience may not be with a frm or corporation – they may have taken the steps to start their own businesses while in school. Not only does this refect diligence and determination, but it also displays that they can be a self-starter. • TECHNOLOGY BACKGROUND: One primary benefit of hiring younger professionals is their experience with technology. Tese students have been surrounded by evolving technology throughout their entire lives and immerse themselves in new tools on a daily basis. It's incredibly important to fnd a technologically adept candidate. Tey should have an interest in tech, are open to learning or personally use cloud apps and willing to bring that experience into the frm. During the interview process, ask what types of cloud, social or mobile technolog y they used in school or how they were able to promote social events. It's i nev itable t hat recent g r adu ate s h ave e x per ienc e w it h c l o u d - b a s e d s o f t w a r e t h r o u g h common services like Google Docs, Dropbox, Skype, and all sorts of apps. Tose that can articulate cloud ben- efts will be inclined to have a beter understanding of the technology as well as key knowledge on how to best ta ke adva ntage of t hese tools for ef f icienc y and col laboration w ith your clients. Create a New Experience Remember, you are not the only one d e c i d i n g w h e t h e r t h e y o u n g accountant is a ft. Tey are deciding the same about you and your frm. In order to ef fectively appeal to this generation, you must move past the ideals of what an accounting ofce was like 10, 15, 20 years ago. Young professionals desire to be part of an ex perience, not just a cubical in a la rge room. So ta ke t he leap a nd create a com for table, open work env ironment for your employees. Tis generation greatly values quality of life, and accounting frms should a i m to ref lect c u lt u re a nd match outside interests w ithin the work environment. A few considerations to create a positive employee experi- ence may include: • CREATE AN ALTERNATIVE ATMO- SPHERE: Ofer the ability to work on couches, standing desks or even beanbag chairs if desired. • PROVIDE BREAK-TIME ACTIVITIES: Encourage your staf to utilize non- billable time for periodic breaks throughout the day. Create an envi- ronment for them to re-energize by providing fun activities like a pool table, ping-pong table or foosball table in the ofce. • CREATE INTEREST GROUPS: Find ways to match employees with similar interests and schedule events – running groups, book clubs, gamers, etc. • CHOOSE SIMPLE SOFTWARE: Select simple, easy-to-use technology for your clients that young professionals would be excited to work with. Tere are a variety of applications for all areas of b u s i n ess (acco u nt i ng , pay rol l , invoicing, etc.) designed for this gen- eration, so don't be afraid to tr y something new. When the accounting applications available are more like the apps they use regularly, making the transition to learn new software is easier for them. • GO COMPLETELY VIRTUAL: Embrace the available cloud technology and create an entirely virtual ofce space that enables a fexible schedule. Utilize software that is tablet and mobile- friendly and provide mobile devices to your employees in place of the perma- nent desktop computer. A frm that is accessible on all devices, anywhere, anytime will be sure to stand out against the rest. Rather than the tradi- tional mandatory "face time" in the ofce, allow for virtual FaceTime or use of applications like Skype and Google Hangouts for meetings. By implementing key recruiting strategies and designing an experi- ence t hat appea ls to t he you nger generation, your frm will be able to successfully develop a strong team that will create success for the frm into the future . Attracting and Recruiting a New Generation of Accountants By Amy Vetter, CPA.CITP, CGMA I n order to continue the long-term success of an accounting practice, it's crucial for CPA s to invest in the screening, inter- viewing and relationship development with up and coming accounting profes- sionals. As the class of 2014 just received their diplomas, there is a host of fresh talent equipped with technology experience, new ideas and the drive to take your frm into the future. Te key is meeting these fresh accountants early in their college career to make hiring an easy decision. In order to atract and retain top talent here are a few things to consider when recruiting. Amy Veter, CPA, CITP, CGM A, is the Global Vice President of Education and Enablement for Xero. In this role, she is responsible for developing and executing Xero's worldwide education strategy with a focus on Xero University (Xero U) and Xero TV. Follow her on Twiter @AmyVeterCPA.

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