In Pursuit of Profit
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In fact, the adoption of technology seems to be quickening across the board among consulting accountants, for-profit companies, nonprofit organizations, and the government alike. (Yes, even the IRS is now using video visits to oversee tax preparers!) In an interview with Accounting Today Twyla Verhelst, head of the FreshBooks Accounting Partner Program, explained, I've heard it said that the last 30 years of technology and accounting have been taking what accountants used to do on paper and digitizing it. This is a very broad oversimplification of the advance of technology over 30 years, but I think there's some truth to it… Now, of late, we're starting to move away from that and move to creating new things based on what the technology can do as opposed to recreating what paper could do.  The Boston Marathon. Even non-runners understand that it carries a certain prestige that other races simply don’t. But aside from its cachet in the sporting world, it held a special place in my heart.
As a long-time runner it had been on my bucket list for 20 years. Along with most other runners, I never managed to qualify. In fact, after trying and trying I had never even come close. I could have counted myself out and just given up. I mean, I had failed many times before and I certainly wasn’t getting any younger. Something interesting happened as I got older. I actually found myself getting closer to qualifying. With age I learned more about myself – about my body, about my mindset, and about my capabilities. Along the long, hard training road I learned numerous lessons that I have applied to many different areas of my life both personally and professionally.  Cash-strapped startups need to be judicious with how they spend their money on everything from operating expenses to hiring costs. When there is just not enough room in the budget to pay an accountant market value for their experience, a startup may need to get creative with their overall compensation package, rethink their “ideal candidate” profile, and potentially even consider outsourcing as an option (at least temporarily).
 Finding an accountant for a startup company can be extremely challenging because new companies typically do not have the same cash reserves that more established companies do. This pain point is shared by small businesses everywhere but can be exacerbated by the perceptions around startups.
As the owner of a startup company, hiring an accountant can be a difficult task to undertake. Use these tips to find an experienced accountant to help get your startup off the ground:  The internet is buzzing right now with the high profile story of Ernst & Young (EY) being forced to pay an unprecedented $100M fine by the SEC after it was discovered that hundreds of its auditors cheated on ethics exams to obtain or maintain their CPA licenses. To say that this has rocked the accounting world would be the understatement of the century!
This astronomical fine is the highest ever imposed by the SEC and likely reflects the fact that EY allegedly was aware of the cheating, which occurred over a four-year period, and covered it up instead of reporting it. In fact, the fine is twice what competitor KPMG paid in 2019 after cheating was discovered by SEC regulators. Speculation has it that the hefty fine is also meant to act as a signal to other accounting firms that the commission is not going to tolerate ethics violations, given that the auditors cheated on the ethics portions of the exams (of all things!). In the wake of this very public news, accounting firms nationwide are being met with a dubious eye from current clients and prospects, who are questioning their ethics as well. And who can blame them? |
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7/25/2022