8.5x11 self cover - mscpa

MISSISSIPPI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

VOLUME XLVIII MAY 2011

In MemoriamM. Frances Livingston, CPA

Batesville

Died April 8, 2011

Memorial GiftIn Memory Of

M. Frances Livingston, CPA

By

Mickey and GwenAldridge

Batesville

and

William H. Polk & Co., CPAs

Batesville

In This IssueWelcome New Members ..................2

Sandestin Housing Form...................3

Fair Value Accounting .......................5

Top Technologies..............................8

Not Happy with Website? ...............11

Growing Your Firm ..........................12

continued on page 2

Mail BallotsAvailable forOfficer Election

Members who choose to cast anabsentee ballot for the 2011-2012officer slate and the at-large Board ofGovernors member may now request aballot from the Society office.

Requests should be made inwriting to the MSCPA, 306Southampton Row, Ridgeland, MS39157 or by email to [email protected]. The Bylaws require that anabsentee ballot must be voted andreturned to the Society office no laterthan five days prior to the date of theAnnual Business Meeting (June 25).

2011 MSCPA ConventionJune 23-26, 2011

The 2011 MSCPA Annual Convention isJune 23-26, 2011 at the Sandestin Golf &Beach Resort in Sandestin, Florida.President Sim Mosby invites all MSCPAmembers and friends of the Society to attend.

Activities begin on Thursday, June23 when exhibitors set up booths in theBaytowne Conference Center. Two four-hourCPE programs are offered to the membershipwith Dr. Quinton Booker of Jackson StateUniversity presenting a four-hour Ethics,Rules & Regulations Seminar Thursdaymorning and a four-hour Accounting &Auditing Update Thursday afternoon. Aseparate brochure with complete details isavailable on the two four-hour programs.

The convention registration desk opens at1 p.m. Thursday on the second level of theBaytowne Conference Center. The welcomereception starts at 7 p.m. in the AzaleaBallroom officially opening the meeting andmembers will be greeted by the currentMSCPA officers.

Mark Peterson speaks at 9 a.m. onFriday…….

Mark G. Peterson is the VicePresident of Congressionaland Political Affairs at theAmerican Institute ofCertified Public Accountants(AICPA). In this position, he

is responsible for key lobbying efforts onbehalf of the AICPA. Prior to joining theAICPA, Peterson served as Vice Presidentwith the Alpine Group, where he wasresponsible for individualized lobbying workon tax, trade, agricultural, environmental,energy and related issues. He served adiverse group of clients, including majorinternational technology companies, energycompanies, financial institutions,manufacturers and trade associations, as wellas worked on several major policy coalitionson matters pending before the legislative andexecutive branches of government.Peterson has held several other positions inWashington that have included the role of

Washington Representative for ToyotaMotors North America, Director ofGovernment and Regulatory Affairs forAndersen LLP in Washington and a SpecialAssistant to Speaker Newt Gingrich in theU.S. House of Representatives. He earnedhis Bachelor of Science degree in historyfrom the University of North Dakota.

Val Steed discusses technologyissues at 10:15 a.m…..

Val Steed graduated fromUtah State University wherehe received both hisBachelors of Science (BS) inAccounting and his Mastersof Accounting (MA). After

college, Val worked for Deloitte Haskins andSells of Salt Lake City, Utah, and then withHansen, Steed, Bradshaw & Malmrose P.C.of Salt Lake City. Val was with Hansen,Steed, Bradshaw & Malmrose P.C. for elevenyears and was a shareholder for six yearsbefore leaving to start K2 Enterprises.Currently, Val is the CEO of K2 Enterpriseswhich is a national technology training andconsulting organization. He has twelve yearsexperience in public practice and has beeninvolved with information systems and theaccounting technology industry since 1984.

Following the morning presentations,members are free to enjoy an afternoon ofrelaxation or may choose to participate in thegolf tournament on the Baytowne Course oraboard the Sweet Jody for an afternoon offishing. A box lunch will be provided afterthe last speaker concludes.

Annual Business Meeting Starts at9 a.m. on Saturday…….

The Annual Business Meeting will becalled into session at 9 a.m. on Saturday byPresident Mosby. Officers for the 2011-2012 fiscal year will be elected and reportsfrom the Secretary, Treasurer, InsuranceTrust Chairman, Legislation, and theMississippi State Board of PublicAccountancy will be presented. Members

2

Mississippi Society of Certified Public Accountants May 2011

Publishedby the

Mississippi Society ofCertified Public Accountants

306 Southampton RowThe Commons

Highland Colony ParkwayRidgeland, MS 39157PHONE: (601) 856-4244FAX: (601) 856-8255E-MAIL ADDRESS:[email protected]

OFFICERS

PresidentSim M. Mosby, Natchez

Vice President/President-ElectStacy E. Thomas, Jackson

SecretaryWilliam T. Kelly, Hattiesburg

TreasurerLee D. Murphy, Grenada

Immediate Past-PresidentRobert A. Cunningham, Jackson

Executive DirectorJack O. Coppenbarger

The CPA Newsletter is the officialpublication of the Mississippi Society ofCertified Public Accountants. TheNewsletter invites articles of interest to theprofession and gives credit to the author;however, it reserves the right to editarticles for correct spelling, wording andpunctuation.

Opinions expressed are not necessarilythe official policy of the MSCPA.Advertising is accepted in good faith thatthe product/services are of value stated.

who have won the Outstanding Educator andPublic Service Awards will also be honored.CPA Exam Medal Winners will also berecognized.

Editorial Cartoonist MarshallRamsey speaks at 11 a.m onSaturday:

Marshall Ramsey, 39, is theeditorial cartoonist for TheClarion-Ledger. He is a two-time Pulitzer finalist and isnationally syndicated by CopleyNews Service. His cartoons

have appeared in USA Today, Newsweek,U.S. News and World Report, The ChicagoTribune, The NewYork Times and on hisMother's refrigerator. Ramsey is a 1991graduate of The University of Tennessee.His collegiate cartoons won the John LocherMemorial Award, the top prize awarded tocollege editorial cartoonists. He has alsoillustrated several books, including sixchildren's books for financial expert Dave

Ramsey and one for chef and author Robert.St. John. He's a dad, husband and anamateur blogger.

Free Time Saturday AfternoonMembers return from a free afternoon

for a reception and dinner in the ConferenceCenter. President Mosby will introducenewly elected officers and the traditionalexchange of gavel will be made asPresident-Elect Stacy Thomas nears thebeginning of his term.

Prayer Breakfast ClosesConvention Sunday morning…..

The traditional Sunday morning PrayerBreakfast, very popular with members andwell attended, will close the 2011 meeting.

Special for Spouses: On Fridaymorning at 9 o’clock, an informal breakfastbuffet will be served for Spouses. This willbe held on the Second Level of the BaytownConference Center. And on Saturdaystarting at 9 a.m., bingo will be held in theconference center with prizes made possibleby the MSCPA Chapters.

Welcome New MembersNew members include: Kathleen J.

Joyce, L. Yerger Lurate, Mauri L. McKay,James Richard Peters, Lyn N. St. Leger, andArlene Kay Steele.

Now completing the membershipprocess are:

Jonathon E. Barnett was born inHattiesburg and received his Bachelor ofAccountancy and BBA in Banking andFinance from Mississippi State University.He is a Staff Accountant with Carr, Riggsand Ingram LLC in Ridgeland.

Cole J. Durant was born in Flowoodand received an Associate of Arts fromHinds Community College and a Bachelorof Accountancy and Master of Accountancyfrom Mississippi State University. He is aSenior Auditor with Carr, Riggs and IngramLLC in Ridgeland.

David Bradley Earwood was born inColumbus and received his Bachelor ofAccountancy and Master of Accountancyfrom the University of Mississippi. He is aStaff Accountant with Carr, Riggs andIngram LLC in Ridgeland.

Shawn H. Gillenwater was born inMemphis and attended Northeast

Mississippi Community College andMillsaps College earning a Bachelors ofBusiness and a Masters of Accountancy.He is a Senior Accountant with HaddoxReid Burkes & Calhoun in Jackson.

Christopher L. Hatten was born inHattiesburg and received his BSBA andMBA from the University of SouthernMississippi. He is Contracts Manager withL-3 Communications Integrated SystemsVertex Aerospace, LLC in Madison.

Janet Rich Lashley was born in HighPoint, North Carolina and received her BSfrom the University of North Carolina atGreensboro. She is Distribution DivisionController with Hood Industries, Inc. inHattiesburg.

Kyriaki Jessica Mavromihalis was bornin Pascagoula, received a Bachelor ofScience in Accounting from the Universityof Southern Mississippi and is an Auditorwith Wolfe, McDuff & Oppie in Pascagoula.

Belinda Kay McLain was born inFrankfurt, West Germany and received aBSBA in Accounting from the University ofSouthern Mississippi and a Masters in

2011 CONVENTIONcontinued from page 1

continued on page 4

3

May 2011 Mississippi Society of Certified Public Accountants

4


NEW MEMBERScontinued from page 2

Public Accountancy from Auburn University.She is an Accountant with Daniel ScottWilson, CPA, PA in Laurel.

Yale P. Murphy was born in Jackson andreceieved a BBA and Masters ofAccountancy from Millsaps College. He is aSenior Associate with Fox/Everett, Inc. inRidgeland.

Carter P. Smith was born in Batesvilleand received a Bachelors of Accountancyfrom the University of Mississippi and MBAfrom Mississippi State University. He is onthe staff of Matthews, Cutrer & Lindsay, P.A.in Ridgeland.

Doris R. Triplett was born in St. Louis,Missouri and received a BS in Accountingfrom the University of Kansas. She isController with Hancock Bank in Gulfport.

Richard G.Vaughn was born inMississippi and attended Hinds CommunityCollege and Mississippi College earningBSBA and MBA degrees. He is a SeniorAccountant with Barlow, Walker andCompany in Brandon.

Robert BryanWall was born in Laureland received a Bachelor of Arts fromMississippi College and a Bachelor ofBusiness Administration from MississippiState University. He is an Auditor withDCAA in Madison.

2010 ExamMedal WinnersAnnounced

The MSCPA Awards, Education &Scholarships Committee has notifiedwinners of Gold, Silver and Bronze medalsfrom the 2010 CPA Exam.

These awards honor those who attainedthe highest scores in passing all parts of theexam in one sitting during 2010. Winnerswill be recognized during the BusinessMeeting of the MSCPA 2011 AnnualMeeting on Saturday, June 25 at theSandestin Golf & Beach Resort.

Medal winners from 2010 include:The Fred T. Neely Gold Medal:

Katherine Marie Cliburn, WigginsThe T. E. Lott Silver Medal: Heather

Clearman Espey, MeridianThe Silas M. Simmons Bronze Medal:

Jason Lamar Hutton, Clinton

Ceremony April 30Honors New CPAs

The Mississippi State Board of Public Accountancy honored newCPAs during their April 30 ceremony at the New Capitol in Jackson.MSCPA President Sim Mosby introduced the new CPAs to the MSCPAand benefits of membership. Speakers were Ken Bishop, Vice President,Chief Operating Officer of the National Association of State Boards ofAccountancy (NASBA), and Michael T. Daggett, CPA, Chair of theBoard of Directors of NASBA. State Board Chairman David Miller ofTupelo administered the Oath of Title to the new CPAs. Honored were:Dana Renee Apperson, Jonathon Elliot Barnett, Leon Calvin Bland, Jr.,Kayla Denise Booker, James Jefferson Davis, III; Selena Nicole Davis,Heather Clearman Espey, Paul Edward Foster, Gordon Joseph Geter,Shawn Hollis Gillenwater, Thomas Vernon Graham III, Andrea JoyHarbison, Christopher Ladd Hatten, Lawanda Michelle Howard, ClairBrewer Jenkins, Janysia Claryece Jenkins, Joshua John Jensen, JasonBennett Mauffray, Kyriaki Jessica Mavromihalis, Adrian LaTarus Mayse,Megan Cook McKinnie, Belinda Kay Brannon McLain, Yale PercyMurphy, Daniel Eley Perry, Richard L. Russell, Jr., Rhonda T. Spencer,Arlene Kay Steele, Richard Gregory Vaughn, Cheri Danielle Waldrup,John Ryan Wingfield, and Keyuan Zhang.

28th Annual

Governmental Accounting & Auditing Conference

Thursday & Friday, August 18 & 19, 2011Hilton Jackson

$245 Member Fee Non-Member $34516 Hours of CPE

Members can register online. Anyone can register by completing the standard CPE registration form

at www.ms-cpa.org

MAJOR EVENTS ON THE2011 MSCPA CALENDAR(Dates are tentative for some Fall Conferences)

Tupelo Cluster May 23 – 25 Ridgeland Cluster May 25 – June 7Accounting & Auditing Workshop June 8 & 9Gulfport Cluster June 20 – 22

Including Technology CPE from K2 EnterprisesAnnual Convention June 23 – 26 IRS Practitioners’ Liaison Meeting July 6Technology Seminars in Tupelo August 8 & 9Governmental A&A Conference August 18 & 19Health Care Services Seminar September 16Industry Conference October 18Educators Symposium October 28 Corporate Income Tax Returns Workshop October 31 – November 1Not-for-Profit Conference November 4Mississippi Tax Institute November 10 & 11Business Valuation & Litigation November 141040 Tax Return Workshop December 1 & 2

5


continued on page 7

In accounting there exists the age oldtension between the reliability of financialinformation reported to financial statementusers and the relevance of financialinformation provided. Traditionally, financialreporting has provided users with thehistorical cost of assets and liabilities,because of the reliability of this information.However, since the accounting failuresinvolving Worldcom, Enron, Adelphia andothers, and the subsequent passage of theSarbanes-Oxley Act of 2002, more emphasishas been placed on providing the users offinancial reporting with relevantinformation.

The Financial Accounting StandardsBoard (FASB) states, “the objective offinancial reporting is to provide informationthat is useful to present and potentialinvestors and creditors and others in makinginvestment, credit, and similar resourceallocation decisions.” The quest for relevantfinancial information has already led theFASB to require that certain financialinformation be reported at fair value ratherthan at historical cost. Additionally, in viewof the thousands of accountingpronouncements issued, and the everincreasing complexity of financialtransactions, there has been a move in the

United States and abroad towards principlesbased accounting rather than rules basedaccounting. Fair value accounting fits nicelyinto the rush towards both relevant financialreporting as well as principles basedaccounting.

Accounting Standards Codification

(ASC) 820, Fair Value Measurements andDisclosures, formerly known as SFAS No.157, establishes a framework for fair valuemeasurements and requires additionaldisclosures, but does not set new areaswhere fair value is required. ASC 820

Fair Value Accounting By: Jeffrey E. Tinnon, CPA, CVA, CFE, CFFThe Koerber Company, P.A., Hattiesburg


6

7


defines fair value as, “the price that wouldbe received to sell an asset or paid totransfer a liability in an orderly transactionbetween market participants at themeasurement date.”ASC 820 assumes thetransaction is not between related parties anddoes not occur under any form of duress.Additionally, the market in which thetransaction is completed must be theprincipal or most advantageous market forthe asset or liability. It is also assumed thefair value of an asset will reflect the highestand best use of the asset. This can be eitherin use, whereby the value of the asset ismaximized when viewed in combinationwith other assets, or in exchange, wherebythe value of the asset is maximized on astand alone basis. The valuator must alsodetermine potential markets and identify theprincipal and most advantageous markets.Additionally, the valuator must identifypotential market participants and theirdistinguishing characteristics.

ASC 820 establishes a three-levelhierarchy a valuator must use to determinethe fair value of an asset or liability. A levelone input, or assumption, is a quoted price inan active market for an identical asset orliability. Additionally, the entity must have

access to this market. Although level oneinputs are afforded the highest priority, theyare often unavailable to a valuator,particularly when valuing a closely-heldentity. Level two inputs are inputs other thanquoted prices that are observable, eitherdirectly or indirectly. These include quotedprices for similar assets, interest rates, yieldcurves and other market correlated inputs.Level three inputs include entity data andany other available information aboutpotential market participants. Level threeinputs are said to be unobservable becausethey include internal data from the reportingentity. In essence, these are the reportingentity’s assumptions about the assumptions athird party would use. Although level threeinputs are inherently subjective (relianceupon level three inputs is sometimes calledmark to management accounting), thevaluator of a closely-held entity mustoftentimes rely heavily upon level threeinputs.

Additionally, when determining the fairvalue of an asset or liability, ASC 820requires the valuator to use valuationtechniques consistent with the marketapproach, income approach, and costapproach, all of which are commonly-accepted valuation approaches. In the marketapproach, price and other relevantinformation is gathered from markettransactions involving identical or

comparable assets of a guideline companywhose shares are traded in an active marketand compared to the subject entity todetermine its value. The income approachcalculates the present value of future cashflows the asset is expected to generate byusing an appropriate interest, or discount,rate to convert the future cash flows to asingle, present amount based on currentmarket expectations about those future cashflows. The cost approach calculates the fairvalue of an asset by estimating the cost to amarket participant to acquire or construct asubstitute asset of comparable utilityadjusted for obsolescence.

Although controversial, the use of fairvalue accounting is becoming anincreasingly important aspect of accounting.Critics state fair value accounting issubjective, complex, and unnecessarilyincreases the volatility of earnings.Proponents assert fair value accountingprovides financial information users withmore relevant information, which is essentialin today’s global economy. ASC 820provides guidance for acceptable use of fairvalue accounting. As the proper use of fairvalue concepts remains a complex,specialized area of accounting, the need forvaluation analysts familiar with both theincreased requirements of ASC 820, as wellas the abundance of best practices literatureavailable, will continue to increase.

FAIR VALUE ACCOUNTINGcontinued from page 5

8


continued on page 9

Accompanying the numerous benefits ofthe recovering economy are growingdemands on our time and talents. As a result,we look to technology to reduce or eliminatethe clerical aspects of our workdays, such aspreparing tax returns and inventoryobsolescence reports.

But there is a catch-22: Our work keepsus too busy to select and implementtechnology that will save us time. On top ofthat, some people fear technology, and newtechnology does not always work asadvertised. Now factor in budget issues, andyou can see that we face challenging times.

When deciding what technology to adoptfor your business, consider the following:

• Spending on technology has beenweak over the past few years, and as aresult, many people need upgrades.You are probably going to spend a lotmore on technology this year than youdid last year.

• Technology has been pushing theworld economy for decades withimproved productivity. The pace ofimprovement may have evenincreased during the economicturndown, because businesses

demanded solutions to help thembecome more productive.

• Lots of new technology options couldsignificantly improve productivity inyour organization, and you likely arenot even aware of many of them.Because most accountants have notbeen technology shopping for sometime, you’ll probably find that manyof these products and services arewell-established and have solid trackrecords but are not yet widelyadopted.

Top Technologies for Accountantsin 2011

The following list is not organized inorder of importance, because differententities have different needs. A local CPAfirm, for example, would have very differenttechnology needs than a regional medicalcenter.

This is not a list of issues accountantswill face in 2011; it is a list of opportunities.Though some of the technologies are notoptional (e.g., security), all of them representopportunities to do things faster, better, andat a lower cost. The features and benefits ofmany of the products were unimaginable

only a few years ago. In more than 25 yearsof teaching my peers about how technologycan improve their work life, I have neverseen so many significant advances:

• Consuming Content on Tablets,Smartphones, and Netbooks – Youand your people will be doing plentymore of this, as evidenced by recentsoftware leases of companies such asThomson Reuters Tax & Accountingand other accounting softwaredevelopers. Have you considered themanagement of information andsecurity issues? Do you have a gameplan for integrating and controllingthis technology, or is it just happeningall around you?

• Cloud Computing – The drivingforces behind this technology areimproved reliability, functionality, andsecurity; much lower cost; betterbackup; and the fact that there is nophysical network to manage. Severalyears of experience with cloudcomputing show that lots of cloud-based software and services providemore reliable, less expensive, andhigher-quality services. The cloud is a

Top Technologies for AccountantsBy: William C. Fleenor, CPA, Ph.D., Member, K2 Enterprises


9

much less expensive platform todevelop on, and it has much greaterflexibility and capabilities than dotools for developing on-premisessoftware. The bottom line is thatcloud computing is a cheaper way fordevelopers to do their jobs better. Forexample, they do not have to maketheir software run on your WindowsXP machine that could be clogged bythe games your child has installed.

• Security and Confidentiality ofBusiness Information – Over the pastcouple of years, a massive andincreasing volume of information hasarisen that either uses the Internet fortransport or is housed on computersthat can be accessed over the Internet.From electronic banking to workingremotely, the demand to accessinformation has increased sharply.There are solutions that work and arecost-effective for most of the securityissues we face, but the playing field isconstantly changing. For example, doyou need antivirus software for yoursmartphone? Remember, yoursmartphone is a computer that likelystores confidential information and is

susceptible to viruses and worms. • Windows 7 – The last of the

computers running Windows XPlikely will be phased out this yearbecause of their snail-like speed andweak security. Windows 7 runsWindows XP apps, and support willsoon end on Windows XP machines.Be sure to train your people,otherwise you will miss somesignificant productivity improvementsin Windows (e.g., the ability to run inWindows XP Mode).

• Microsoft Office 2010 – This year,nearly all business professionals whoare still using Office 2003 and earlierversions will move to Office 2010.Progressive companies and firms willmove from Office 2007 to Office2010 in order to take advantage of thebenefits of the very significantimprovements in Outlook 2010. Verylarge organizations may be slow toadopt because of their need tointegrate systems.

• Note: As a general rule, get newmachines with Windows 7 64-bit butinstall Office 2010 32-bit.

• Improved Utilization Technology –Accountants are generally very goodwith the technology they useregularly, and even those who useolder technology are always pleased,

proud, and even amazed at what theycan do. We need to determine how wecan get a lot more out of thetechnology we use daily (e.g., Excel,Outlook, Adobe Acrobat). In theaccounting community, this will beparticularly important because of theshortage of accountants in a growingmarket.

• Paperless Conversions – We will seelots of these conversions in 2011.Some will be from an older paperlesssystem to a newer one. This is amature market with lots of options, sobe sure to shop carefully. Salespeopleare often poorly informed about otheroptions and have an understandablebias in promoting the products theyknow and sell. Consider the cloud toavoid capital expenditures and as atool that will help you get up andrunning more quickly.

Keeping these technologies in mind,develop a technology game plan for yourcompany or firm. First figure out all thedifferent improvements you could make. Youlikely will have many options but will not beable to do everything at once. Next, figureout how you are going to get the greatestreturn on your investment.

Properly implemented technology paysbig dividends. So what are you waiting for?

TOP TECHNOLOGIEScontinued from page 8

10


11


2011 MSCPAAnnual Convention

June 23-26, 2011Sandestin Golf

and Beach Resort

What is your brand? It’s your service,client satisfaction, your niche expertise, yourcommunity involvement; it’s everything yourfirm does. Why on earth, then, do you havea website that talks about none of that? Or,better yet, you try to talk about it and do sowith cheesy antics and stale graphics in asoftware provider’s template site that isn’tnimble or reflective of your firm’s DNA. Itboggles me that as a service brand youwould allow such a travesty.

When is the last time you went to a clientmeeting wearing the same clothes youmowed your lawn in? Or how about showingup at a wedding in your pajamas? My guessis never, but that’s how you present yourselfon the web.

In 2011, the web currently represents thesingle most important avenue for your firm’sDNA/brand to make its way to prospects,clients, and future employees. While I agreethat your service is largely sold versusbought, service brands still rely on ‘whatthey know’ getting them in the door orgetting that signed check. How else do youshow someone what you know with yourcurrent web strategy? The web is a mediumwhereby you tell people what you know,which alters their perception of you.Perception plays a huge role in businessdevelopment efforts. That’s why I speak somany times a year on the topic of how to useyour website as a business developmentplatform. It’s a felt pain by so many CPAfirms, yet so little is out there to truly helpyou on this subject.

First Steps in Rethinking Your SiteOkay, okay, I am done with the onslaught

of critique and I have good news for you.You can change your website. You’re notstuck. There are plenty of resources out therefor you. What are a few of those? I’m gladyou asked.

ONE.Use an ‘Open Source CMS’ (Content

Management System) for your next website.What does this mean? You’re not stuck ifyour graphic designer gets hit by theproverbial bus and you can be nimble withthe site. Also, like Wikipedia, a bunch ofpeople contribute to make the system betterfor all. You build your site on top of theseand you won’t be disappointed. A rule ofthumb on ‘open frameworks’ is that theyhave a .ORG versus a .COM web address. Afew of these CMSs are mentioned below:

• WordPress • Drupal• Joomla

TWO.Don’t use a software provider’s template

that also makes your tax application. Why?Because they make tax software. Mostcurrent template website solutions don’tallow you to be you. It’s like wearingsomeone else’s shoes or hat- it just feelsweird and never fits right. If you do use atemplate, use one that’s written on top of theabove mentioned platforms. These templatesare much easier to customize and edit as youwish. A few sites where you can buy atemplate are mentioned below:

• WooThemes• ThemeForest• Templatic

Use Google: Search ‘WordpressTemplate’ or ‘Drupal Template’ or ‘JoomlaTemplates’.

THREE.Find a good designer who is not related

to you by birth and who is not one of yourclients. Yes, I know, I know, you like to giveyour clients work, but this is not the kind ofwork you want to pass to them. Find adesigner who knows the CMSs I mentionedabove.

How do I do that? This unfortunately isthe hardest part and takes getting out there,sending a few emails, and perhaps meeting afree lancer at a local coffee shop. There aretons online that you can find by searchingfor “WordPress Designers”. Check theirother work, and if you like it and they areoffering a decent price, then take a chanceon them.

Roy Keely serves as Director of Marketing at Xcentric,which specializes in Cloud Computing and ITconsulting for CPA firms. Roy graduated from theUniversity of Houston with a degree in Marketing andhas extensive experience in marketing, branding andsales. Roy can be reached at 678.297.0066 x525 [email protected]. For more about Xcentric, go towww.xcentric.com or follow them atwww.xcentric.com/blog and www.twitter.com/xcentric.

Not Happy with Your Website?Three Steps to Change It

By: Roy Keely, Xcentric

12


continued on page 23

Whether we like it or not, theaccounting industry has not typicallybeen on the cutting edge of technology.That’s not to say that there aren’t somefirms out there who are utilizingtechnology and who have most definitelycaught the Social Media wave, and verysuccessfully I might add. The thingabout technology is that it is constantlychanging and upgrading. What we buyand install today is outdated sometimes in3-6 months and certainly after a year ortwo. Firms that keep waiting for theperfect software to fix all of theirproblems get further and further behindthe technology curve. The longer theywait, the more money and time it takes toinvest in technology and then use it totheir advantage. The firms who haveembraced cutting edge technology in onecapacity or another still have their upsand downs, but they are finding it easierand faster and more efficient to help theirclients, generate new business and

produce the work. There are some firmsout there who are blocking social mediasites like Facebook or Linked In;however, they allow staff to bring theirsmart phones to work. Now, while wedon’t like to believe it, I promise you, ifthe sites are blocked from the workcomputers, they are most certainly stillaccessing it from their phones. I say, ifyou can’t beat them, join them and teachthem how to use social media andtechnology to help the firm’s businessgrow. I believe initially those sites wereblocked because they were perceived tobe time wasters, relatively unstable orunknown, and not useful for businesspurposes what so ever. That might havebeen a good move several years ago, butnot so now. The Social Media wave is nolonger coming…it’s here crashing downupon us and it’s time to ride the wave!

So how does an accountant take asocial media site like Linked in and use itto grow your business? First you need to

get on Linked In and create a profile. Ifyou are not familiar with how to do this,just ask any young staffer or your kids forthat matter. They know how to doeverything when it comes to technologyand even if they have never seen the site,they understand what it means to create aprofile. Plus, Linked In has a great stepby step set up that you can walk thru.Here are some keys to setting up yourprofile. Put your picture on your profile(this will come in handy later). For thesummary section, create a paragraph orthree about how you help your clients,your niche areas, a specialty, or a greatclient success story. Make it lively andinteresting. Make sure to add your firm’swebsite and your office contactinformation. In essence it’s like a resumeof your life with previous positions held,educational background etc. Once youhave a profile, now you have to beginconnecting or getting Linked In. Start

Growing Your Accounting Firm with Linked InBy: Julie Johnson, Vice President, The Rainmaker Academy

13


14


15


16


17


18


19


20


21


22


23


brainstorming on all the people you knowpersonally from the club, the golf course,the sports fields, church, old collegefriends, your neighborhood, people yousit on boards with, the parents of yourkid’s friends, family and even yourspouse. Make sure to jot these down soyou don’t forget. Then brainstorm onthose you know professionally. Start withyour clients and referral sources likebankers and attorneys then move on tothose you meet at networking events.Last but not least go through thosebusiness cards you have been collectingthat are sitting in your desk drawerwaiting for some type of follow up. Nowjust start sending invitations to connect.You can search for those people onLinked In or you can just type in theiremail address. It has a readymadeinvitation that allows you to enter up to200 names at once and sends everyone aninvite to connect with you. Some of theinvitations you may want to customizebut it is a generally accepted rule that youcan send the readymade one. Even ifthey are not on linked in, it’s ok to sendan invitation regardless. I have had twomanaging partners tell me they werefinally getting on linked in after myinvitation was the 6th or 7th one they hadreceived from a myriad of people.Initially this may take you a little bit oftime to set up. After that, you canmaintain Linked In with a few minutes acouple of times a week depending onhow active you want to be. So now thatyou have made connections and arelinked in, how does this help yourbusiness grow?

It is a great resource to find a contactname for prospects in your pipeline and away to “warm up” a call or get anintroduction to a possible new client.The more connections you have the betterchances that someone in your networkwill know someone at a company on yourprospect list. I had a prospect on thewest coast and knew no one in the firm.I searched for the firm on Linked in andit showed that one of my connectionswho happened to be client on the eastcoast was connected to the CEO of myprospect firm. I would have never

guessed those two knew each other. So Imade a call to my client and he washappy to give me an introduction to theCEO. An accountant I work with wastrying to get some face time with an auditcommittee before her proposal went out.She could not get an introduction oraccess to the audit committee members.She typed their names into Linked in andfound that an old college friend had aconnection with one of the members.You guessed it, she got an introduction,built like and trust and won the bid. Icould tell you one success story afteranother from using Linked in in thiscapacity. It is absolutely amazing. Thereis even a button you can press if youdon’t want to pick up the phone and callfor an introduction. You can send yourconnection a readymade invite thatrequests an introduction to someone theyknow on Linked in. It’s a great way tohelp each other out.

Linked in is also a great way tomanage your follow up after returningfrom a conference, networking event,chamber meeting or a business mixer.Gather the business cards you collectedand make time the next day to send theman invite on Linked in to connect withyou. This might take you 5 minutesdepending on how many cards youreceived. This shows you to be proactiveand technologically savvy. It alsoimmediately puts the face with the nameand reminds them of who they met at thefunction. Once you are connected, now itis ok to contact them six months later fora lunch appointment verses leaving theircard in your desk and ultimately throwingit away because it has been six monthsand you are worried they will notremember you. Linked In also allowsyou to post PowerPoint presentations orarticles you or others have written. Youcan also choose to send them to specificconnections as a touch point. Oneaccountant posted an article about a newfranchise tax law on his profile and thensent it specifically to his clients andprospects on Linked In. It was anothertouch point to show them he was thinkingabout them and their business. He wontwo prospects from that because theircurrent accountant had never mentionedthe new franchise tax law. The Linked Inpart took him 3 minutes.

There are thousands of groups withmany different interests on Linked In.Most of your popular accountingassociations have groups on Linked Insharing questions, answers and bestpractices. So you can utilize the groupsfor educational purposes. Anotheraccountant was breaking into thehealthcare niche and joined severalgroups to get firsthand knowledge ofwhat was happening on the ground fromall different types of people in thehealthcare industry. What he also foundwas that many of the companies thatwould be ideal clients for him had a lotof representation in these groups. As hebegan to participate in the discussions,his name and picture were being seenmultiple times. After a little time in thegroup, he requested some linked inconnections with some of the participantsand has since had several meetings withwhat would be an ideal client for him.Another accountant in the constructionniche joined a local construction groupon Linked In. He found he was the onlyaccountant in the group. Don’t think hedidn’t use that to his advantage!

In a time where we are no longerorder takers picking up the phone andhaving new business on the other end, wehave to be proactive and utilize thetechnological opportunities at ourfingertips. We must meet the clientwhere they are and if that means gettingout of our comfort zone and getting onLinked In, so be it. Most people saythere are two things you can always counton, death and taxes. I would say thereare three, death, taxes and change.Business development still has the samefundamental elements like building likeand trust, listening for problems andneeds, creating value perceptions and ofcourse asking for the business. Now thechannels in which we grow our firmshave changed and we have to change withthem. In an industry that is becomingmore competitive not less, if you are notutilizing every resource at yourfingertips, you might get left behind.

LINKED INcontinued from page 12

Julie Johnson is the Vice President of The RainmakerAcademy. Julie is a successful business developmentprofessional, entrepreneur, speaker and training consultantdedicated to helping her clients not only gain personalrevenue growth but growth for their firm. She helps herclients to understand and work through a businessdevelopment process with accountability to help them achieveproven results in the market place. You can contact Julie [email protected] or (615) 373-9880.

PRSRT STDU.S. POSTAGE

PAIDJACKSON, MSPERMIT #814

Mississippi Society of Certified Public Accountants

and its Education Foundation306 Southampton RowRidgeland, MS 39157

CLASSIFIEDSPRACTICE? Matthews, Cutrer & Lindsay, P.A., aRidgeland based firm, is interested in acquiringadditional accounting practices. If you are lookingto retire now or in the near future, we would like totalk with you. Please contact Charles Lindsay at601-898-8875 or email [email protected].

u u uLocal Jackson CPA wants to purchase smallaccounting/tax practice. Contact me at [email protected].

u u uFred T. Neely & Co, CPAs is seeking a senior levelaudit and tax professional. Competitive salary,excellent opportunity for advancement, greatbenefits package and no travel. Please send resumeto PO Box 894, Greenwood, Ms 38935-0894

u u uThe firm of GranthamPoole CPAs, past recipient ofthe Mississippi Business Journal’s prestigious BestPlaces to Work in Mississippi award, is looking forgreat staff additions. If you love tax preparation andplanning and enjoy taking excellent care of clients,we may have a home for you. Full time, seasonal,and part-time staff members are all valued atGranthamPoole. Competitive salary, partner track,great benefits, and excellent opportunity foradvancement all make GranthamPoole anoutstanding place to work! Send resumes to 1062Highland Colony Parkway, Suite 201, Ridgeland, MS39157, fax to 601-499-2401 or [email protected].

u u uAlexander, Van Loon, Sloan, Levens & Favre,PLLC, a Gulf Coast based CPA firm, Finalist forthe 2006 Best Places To Work in Mississippi award,is accepting resumes’ for Senior In-Charge LevelAuditors.. Competitive salary, great benefits,limited travel and overtime – outstanding placeto work! Send resume’ to the following address(No Calls): Mail to: Attn: Cindy Moore, 9490Three Rivers Road, Gulfport, MS 39503; E-mail:[email protected]; Fax: (228) 863-1165

u u uHADDOX REID BURKES & CALHOUN PLLCseeks experienced audit and tax professionalsinterested in a rewarding career with one of themost established and respected CPA firms in theJackson area. Excellent benefit package,competitive salary, and opportunity foradvancement. Flexible work schedule is an option.Contact Debbie Holbrook([email protected]) or mail resume inconfidence to P.O. Drawer 22507, Jackson, MS39225-2507. For more information, visit ourwebsite at www.hrbccpa.com.

u u uKPMG LLP seeks experienced audit professionals

BKD, LLP, the tenth largest accounting andadvisory firm in the U.S., is seeking experiencedaudit professionals with 2 or more years experiencefor its Mississippi practice. Experience inhealthcare, financial services, and/or manufacturing& distribution/ commercial is favored though notnecessarily required. CPA or CPA eligibility isrequired. Resumes may be sent to 190 East CapitolStreet, Suite 500, Jackson, MS 39201, or emailedto [email protected]. Pleasevisit www.bkd.com for more information.

u u uAre you looking for a successor to yourtax/accounting practice? Solo CPA in Jacksonmetro area is interested in expanding practice. Ifyou are looking to retire now or in the near future,please contact me at [email protected].

u u uHORNE LLP, one of the top 50 accounting andbusiness advisory firms in the country, is seekingexperienced accounting professionals for variousopportunities. Life/Work Flexibility; Fast TrackPromotions; Excellent Benefits Package. Pleasevisit our website www.horne-llp.com for moreinformation. EOE M/F/D/V

u u uIMMEDIATE OPENING FOR EXPERIENCEDAUDITORWolfe, McDuff, & Oppie - the firm ofchoice on the Mississippi Gulf Coast has animmediate opening for an experienced auditor. Weare looking for ambitious, energetic individualswho seek a career in public accounting. You mustbe comfortable in a laid-back, flexible environment.We offer a competitive salaries, bonusopportunities, great benefits and excellent growthopportunities. Send your resume [email protected] or fax to 228-762-4498.

u u uReservoir area CPA firm of Fortenberry &Ballard, PC, is seeking candidates to fill positionsin audit, tax, and financial services. We offer acompetitive salary and benefits package, includingbonus opportunities, as well as opportunity foradvancement. Please send your resume inconfidence to 1929 Spillway Road, Brandon, MS39047 or e-mail to [email protected].

u u uWm. F. Horne & Co., PLLC seeks experiencedtax and assurance professionals for the Hattiesburgand Laurel, Mississippi area. Excellent benefits andcompetitive salary with opportunity foradvancement. To apply, email resume [email protected] or fax to 601-649-5233.

u u uINTERESTED IN SELLING YOUR

interested in a rewarding career with one of thelargest and most dynamic CPA firms in the world.Competitive compensation, excellent benefits andample opportunity for advancement are offered.Mail resumes in confidence to 188 E. CapitolStreet, Suite 1100, Jackson, MS 39201, [email protected], or visit our website atwww.kpmg.com.

u u uJACKSON CPA FIRM of Breazeale, Saunders &O’Neil, Ltd. is seeking experienced audit and taxprofessionals, both full time and part time. Our staffenjoys state-of-the-art technology, intellectuallychallenging assignments and meaningfulopportunities to enhance professional and personalskills. In addition to an excellent compensationpackage, we offer a family atmosphere with a strongemphasis on client-centered professionalism. Sendresume in confidence to P. O. Box 80, Jackson, MS39205-0080. FAX 601-355-9003.

u u uCALCULATORS PLUS is now handling theMonroe Calculators and supplies Call ChesterWasser at 601-709-0371 or 888-264-3939 for moreinformation and special CPA pricing.

u u u16 Annual Governmental and Non-ProfitConference. September 28, 29 and 30, 2011 atthe Marriott Courtyard in Gulfport, MS.Reinventing Your Audit Practice, Sept. 28;Conducting Governmental Audits Under GAAS,GAGAS, and the Single Audit, Sept. 29; and 2011Governmental and Non-Profit Accounting &Auditing Update, Sept. 30. Seminars conducted bynationally recognized instructor, J. Michael Inzina.Attend any combination of days. Multi-dayseminar discounts apply. Call (251) 344-7178 for abrochure or more information.

u u uACCOUNTING PRACTICE SALES –– JIMBURFORD, BROKER - WHERE PRACTICESELLERS AND BUYERS MEET. Some of thepractices we now have available are listed below:– Natchez, MS. Tax practice. Annual gross$73,572.

– Jackson, MS area. Annual gross $183,000.– Jackson, MS area. Annual gross $266,000.– Slidell, LA. Tax and bookkeeping practice.Annual gross $102,000+.

– Monroe, LA. CPA tax and bookkeepingpractice. Annual gross $745,000.

To list your practice with us or to check out ourcurrent listings, call me, Jim Burford, CPA toll free(800) 340-7002 or visit our website atwww.accountingpracticesales.com or e-mail me [email protected].

CLASSIFIEDS

8.5x11 self cover - mscpa

Documents