Budgets, Books, & Balance Sheets: An Accounting & Finance Podcast

As you may know, 2020 marked not only the onset of global lockdowns but also the beginning of the remote work revolution. The shift from conventional office settings to home offices may have been somewhat sudden, yet it’s evident that remote work is here to stay. The advantages of employing remote workers have become a boon for businesses, and this practice shows no signs of losing momentum. But a...

Crisis leadership is the ability to lead effectively in situations that are unpredictable, complex, and potentially threatening. A crisis can be defined as “a situation that has reached a critical phase for which urgent action is needed to avoid or minimize damage or harm”. A crisis can be caused by various factors, such as natural disasters, cyberattacks, fraud, regulatory changes, or market disr...

Leading an accounting firm comes with an ever-evolving set of challenges. While leadership has always been about fostering growth, adapting to changing circumstances, and managing people, there’s one factor that remains consistently tricky: resistance to change. Despite the increasing pace of innovation in the business world, it’s common for accounting firms, like other businesses, to encounter re...

Cognitive biases often operate unconsciously and stem from the brain's natural inclination to process information quickly and efficiently. While these biases may have some utility in specific contexts, they can also lead to irrational or erroneous decision-making. Such outcomes can result in inefficient resource allocation, unfairness, conflicts, and other challenges that undermine effective l...

Ever felt that despite your very best efforts, you can't quite reach the business objectives of your accounting firm? If so, today's topic might be just the solution you've been looking for. OKRs, or Objectives and Key Results, have been around since the 1970s, but it’s the tech giants like Google and LinkedIn that really brought them to the forefront of business strategy. Unlike our u...

In today's highly competitive labor market, accounting firms face strong challenges in attracting and retaining top talent. As they search for new strategies to empower their leaders, a powerful tool emerges Emotional Intelligence (EI). According to a recent survey by EY titled "Empathy in Business," most U.S. workers recognize the significant impact of empathetic leadership. An impr...

Upskilling is a hot topic in human resources these days. It's gained attention because companies have realized the value of internal training after dealing with the Covid-19 pandemic. Plus, there are upcoming challenges like retaining talented employees, building a good employer brand, and managing teams with different generations. When it comes to addressing these issues, internal training of...

Cyber breaches targeting accounting firms have been on the rise. According to a 2022 report by the Association of Certified Fraud Examiners (ACFE), accounting firms experienced a 30% increase in cyberattacks compared to the previous year. As accounting firms handle sensitive financial data, it is crucial to prioritize cybersecurity and protect your organization from potential threats. One of the m...

Dress codes have long been a staple of the accounting profession, where formal attire has been seen as a sign of professionalism and credibility.  However, times are changing, and more and more offices are embracing a more casual approach to workwear. In fact, according to a recent survey by Robert Half Finance & Accounting, 61 percent of CFOs reported their employees adhering to a somewhat ca...

As accountants, we know how important it is to be accurate and timely in our work. But we also know how challenging it can be to manage multiple tasks, clients, and deadlines in a fast-paced environment. That’s why it’s essential to have efficient workflows and processes that help us get things done smoothly and effectively. But what exactly are workflows and processes? And how can we create them...

Are you prepared to adapt and thrive in the face of uncertainty? The accounting industry is undergoing a massive transformation, driven by technological advancements, shifting client expectations, and increased competition. Accounting firms face new challenges and opportunities in this ever-evolving landscape.  Let’s explore four game-changing ideas that can help accounting firms not only adapt bu...

When we talk about offshoring we of course mean hiring team members from other countries to perform tasks or functions that would otherwise be done locally. Offshoring has become a popular strategy in accounting firms looking to cut costs and increase efficiency. But for our industry, offshoring is much more than that. It can be the game changer to access specialized skills and resources that may...

Accounting talent offshoring can be a game-changer for your business, but it requires careful planning and execution to be successful. Remember that building a successful offshore team takes time, effort, and ongoing investment, but the rewards can be significant. You can access a larger pool of talent, reduce operational expenses, and increase your competitive edge in the global market.

Are passwords inadvertently shared? Probably. Does that make it right or smart? No. You might think that sharing passwords is not a big deal, especially if you trust your coworkers or your boss. But the truth is, sharing passwords can expose you and your organization to serious risks, such as data breaches, identity theft, fraud, and legal liability.

If you're an accountant, you know that the profession is constantly evolving, with new technologies, regulations, and global economic shifts shaping the way you work. As a result, the need for continuing professional education, or CPE, has never been more critical for our careers. But what is CPE exactly? How can it benefit you and your accounting firm? And how can you find the best CPE opport...

According to the 2021 Data Breach Investigations Report by Verizon, 86% of all data breaches to companies and fintechs were financially motivated, and 61% involved credential data. When added up, the average cost of these data breaches for an accounting firm is $2.2 million, according to a report by IBM. That's a lot of money and reputation at stake. So how can accounting firms protect themsel...

ESG, as you may know, stands for Environmental, Social, and Governance, and it refers to the non-financial aspects of a company's performance that can have a significant impact on its long-term value and sustainability. ESG reporting is the process of disclosing information about how a company manages its Environmental risks and opportunities, and how it contributes to social and environmental...

What is really happening with the accounting shortage? As you may know, the accounting industry in the United States has been facing a significant challenge in recent years: attracting and retaining top talent. As the demand for skilled accountants continues to grow, firms are struggling to find qualified candidates to fill their open positions.  But not everything is lost. So, let's get right...

As an accounting professional, you know how challenging it can be to deliver high-quality services to your clients while maintaining profitability and staying ahead of the competition. And the market is not easy. According to a recent survey by Accounting Today, 42% of accounting firms reported a decline in revenue in 2022 due to the pandemic, and 38% said they faced increased price pressure from...

We all understand the importance of having a top-notch accounting team. But how do we guide our team to become the best version of themselves? How can we assess those who are not getting there? Performance reviews provide an opportunity to assess individual and team performance, identify areas for improvement, and recognize outstanding achievements. By conducting regular performance reviews, you c...

Have you ever wondered why some teams work better than others? The answer lies in the way they collaborate across functions. In today’s complex remote world, collaboration is key to success. But it’s not just about working together; it’s about working together effectively. Whether you’re a small business owner or a corporate executive, I hope that today's talk will help you come away with a be...

Did you know that 81% of accounting firms consulted that already have a remote team hired offshore employees last year? The result I gave you before comes from a 2022 survey by ConvergenceCoaching®, which shows a significant increase in firms hiring offshore accountants from only 38% in 2020. In addition, 79% of participating firms retained a team member who relocated outside the practice's ge...

Are you looking for ways to attract and retain top talent in your accounting firm? Are you searching for a competitive edge in a crowded market? The answer may lie in embracing workplace flexibility. Recent surveys indicate that professionals in the accounting industry are increasingly seeking flexible work arrangements that enable them to work from any location and at any time. With the rise of c...

What is flexible staffing, you may ask? Well, it's a strategy in which companies employ contingent workers to meet evolving business and operational challenges, rather than hiring permanent employees. Contingent workers include contractors, independent freelancers, gig workers, and agency-provided workers, and are not on the company's payroll. This approach aims to optimize talent and main...

As you may know, remote work has become more popular than ever, especially after the pandemic. Many businesses have realized the benefits of hiring talent from different regions and countries, such as saving on costs and expanding their market reach. But hiring remote workers is not as easy as it sounds. There are many challenges and pitfalls that can arise when you're dealing with candidates...