Journal of Accountancy Podcast

Chris Dyer, whose recent book details seven pillars of corporate culture, joined the Journal of Accountancy podcast from the Future of Finance Summit in San Diego to explain some of the ways companies can get culture right — and the ways they get it wrong. For instance, Dyer said that a common approach of individuals and organizations, after a strengths and weaknesses assessment, is to think about the areas where their performance is mediocre.  “They want to … start with the ones they’re OK with,” Dyer said. “I say go after the one where you’re terrible, and you fix that, and your people all of a sudden get excited.” Also, get insight, in the form of a quick-hitting sound clip to close the episode, on how high-level thinking serves a CPA who played in the NFL. What you’ll learn from this episode: ·         Why Dyer got into the exploration of team and corporate culture. ·         Dyer’s assertion that building company culture is more science than art. ·         The value of saying “yes” more often — and strategies to pull it off. ·         Why he says it’s not valuable for companies and individuals to focus on improving their “so-so” skills. ·         A recap of the JofA Q&A with an NFL player turned CPA, just in time for the Super Bowl.

Melanie Lauridsen, AICPA's vice president of Tax Policy & Advocacy, dives into the current tax landscape. She highlights crucial updates on Beneficial Ownership Information reporting and recent court cases impacting tax professionals. Lauridsen discusses the challenges posed by an IRS hiring freeze and its effects on tax season. The conversation also touches on proposed changes to Circular 230 regulations and anticipates a dynamic year for tax legislation, with discussions focusing on both comprehensive reforms and incremental changes.

On LinkedIn, the congratulatory messages poured in for Janice Stucke, CPA, after she completed an Ironman triathlon in October. Those messages all had named authors — her LinkedIn contacts. One message, from a still unknown author, attached to her bike on race day, continues to resonate with Stucke, the CFO of CREW Network. In an earlier podcast episode, Stucke detailed her nontraditional path to becoming a CPA and, later, a CFO. In this conversation, Stucke recaps the obstacles she faced in the race, how problem-solving skills played a role in her crossing the finish line, and why she is thankful for a group of friends she first met at the Future of Finance Summit. What you’ll learn from this episode: ·         A recap of Stucke’s “exhilarating” day completing the triathlon. ·         The reason Stucke felt nauseous during the run segment — and strategies she tried to overcome the feeling. ·         The message that inspired Stucke — one that an unknown person put on her bike. ·         The meaningful support of a group of finance leaders Stucke first met at the Future of Finance Summit. ·         How completing the race helps in her role as a CFO. ·         What her next big goal might be and why technology implementations will be prioritized this year. ·         Why Stucke enjoys being around others who set audacious goals.

Risk management, in the words of Sarah Ference, CPA, doesn’t have to be overly complicated or time consuming. “It’s really a mindset,” said Ference, an author of the JofA’s Professional Liability Spotlight column and the guest on this week’s episode of the JofA podcast. Ference shares several risk management maxims that have resonated with her – ones that are the focus of the January column, Risk Management Mantras to Add to Your Daily Practice. In addition, Ference details the topics in some previous Professional Liabillity Spotlights: n  October: 10 Tips to Help Avoid Wire Fraud Scams. n  November: Missed Due Dates: Diligence and The Lurking Danger. n  December: How to Not Lose Sleep Over NOCLAR. What you’ll learn from this episode: ·         Some of the risk management mantras that stand out to Ference. ·         The difference between being friendly and objective with clients. ·         The answer CPAs should give to the question “Who’s your most important client?” ·         Why Ference says that being a natural helper can get in the way of a firm’s best interests. ·         Explanation of the mantras “trust your gut” and “take the high road.” ·         Highlights of other recent JofA Professional Liability Spotlight columns.

What’s the future of fully in-office work? What’s the hiring outlook for finance and accounting roles in 2025? Steve Saah, the executive director of the finance and accounting permanent placement practice at Robert Half, tackles those and other questions in this episode of the Journal of Accountancy podcast, recorded in December in San Diego. Saah discusses how companies have to walk a fine line when it comes to requiring in-office minimum hours or days – and how that tightrope can affect the pay they offer new employees. The episode is the first of 2025 and the second from the Future of Finance Summit. In the first summit-focused episode, four CPA leaders looked back on what they learned and ahead to their expectations for 2025. What you’ll learn from this episode: ·         Saah’s assessment of the future of fully in-office work. ·         The tie-in between required time in an office and recruiting new hires. ·         How the amount of time agreed upon to spend in the office could affect a new hire’s pay. ·         Is the annual employee review a thing of the past? ·         The hiring outlook for finance and accounting professionals and the in-demand skills for those roles.

In a lively discussion, Kimberly Ellison-Taylor, CEO of KET Solutions and former AICPA chair, emphasizes her hope for clarity in the finance landscape by 2025. Okorie Ramsey, VP at Kaiser Permanente, highlights the pressing need for a robust talent pipeline and encourages the profession to 'tell a better story.' The conversation resonates with themes of positivity, adaptability, and the innovative use of emerging technologies like AI in finance, revealing a bright path forward for leaders in the industry.

It’s no secret anymore: Barry Melancon, CPA, CGMA, is retiring as CEO of AICPA & CIMA. He was first named CEO of the AICPA nearly 30 years ago, and he leaves the now global organization with a legacy of change. His last official day is Dec. 31, and Mark Koziel, CPA, CGMA, is his successor. In this episode of the JofA podcast, recorded earlier this week at Digital CPA in Denver, Melancon explains why he’s not counting down the days of his tenure, why there likely will be more recreation in his future, and why he expects he will “still wake up every day and think about the profession.” What you’ll learn from this episode: ·         Why Melancon hasn’t been counting the days until his tenure as CEO ends. ·         His “stellar” assessment of how he will transition into retirement. ·         His relationship over the years with incoming CEO Mark Koziel, CPA, CGMA. ·         The “unsettled” nature of the world and how accountants can help. ·         Why Melancon prioritized the profession and the members before thinking of the organization. ·         The “humbling” messages he has received.

The potential for less regulation is one factor driving optimism among CPA decision-makers in a quarterly survey, according to Ken Witt, CPA, CGMA, AICPA & CIMA associate director–Management Accounting Research and Development. Witt joined the JofA podcast to discuss fourth-quarter results of the Business and Industry Economic Outlook Survey — statistics that were dramatically different from the third quarter. The executives are mostly optimistic about the domestic economy in 2025. They also have a brighter outlook as it relates to their own organizations, although that increase since the third quarter was more muted. What you’ll learn from this episode: A breakdown of the quarter-over-quarter change in optimism. What challenge returned to its familiar top spot in this quarter’s survey. The reasons that optimists and pessimists feel the way they do, according to Witt’s analysis. The hiring outlook for 2025.

Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, reflected on how election results might inform future tax legislation and why any change in administration and tax policy can make it more difficult for practitioners seeking clarity. Lauridsen also discussed advocacy related to beneficial ownership information (BOI) reporting and what might change related to IRS funding, the corporate tax rate, and more in this episode of the Journal of Accountancy podcast. What you’ll learn from this episode: ·       An update on AICPA advocacy related to BOI reporting relief. ·       Why Lauridsen expects any changes to the expiring provisions of the Tax Cuts and Jobs Act (TCJA) to be “hybrid” — as opposed to all TCJA provisions becoming permanent. ·       Discussion about the future of the deduction limit for state and local taxes, aka the SALT cap. ·       The fate of IRS funding from the Inflation Reduction Act — and why a “rebalance” might be possible. ·       Lauridsen’s summation that 2025 “is a huge tax year.”

Tom Hood, CPA/CITP, CGMA, executive vice president–Business Growth and Engagement at AICPA & CIMA, understands why accounting skills are often ranked outside the top five of key skills in informal polling of finance audiences. “It’s not because they're less important, but because the other skills are more important,” Hood said. The core requirements remain, but the ability to adapt and add new skills has grown in importance with the pace of transformation accelerating. In this episode of the JofA podcast, Hood expands on some recent themes of his travels and what he looks forward to from the Future of Finance Summit in December. What you’ll learn from this episode: ·         Why mindset is more important in transformation than the toolset of technology. ·         Details of a recent report about skills from the Pennsylvania Institute of CPAs. ·         The skills that rank ahead of the “table stakes” of technical accounting skills. ·         Why it’s important to “grab these new skills.” ·         The new way that Future of Finance Summit attendees will get a summary of the event.