Home Blog Page 95

What the CPA Evolution blueprint tells us about the future of accounting

By
Richard Meier
-
0
What the CPA Evolution blueprint tells us about the future of accounting

In 2019, the American Institute of CPAs released a research report whose findings were alarming for the accounting profession.

According to the report, hiring of new accounting graduates declined 11% since the previous trends report in 2016, with the number having fallen a whopping 30% across the previous two reports. But this didn’t reflect less hiring among CPA firms; non-accounting hires in public accounting firms increased by 11 percentage points to nearly a third of total staff. This trend reflects the evolution of the accounting profession, which requires accounting firms to rely heavily on technology and data analysis. The narrative gleaned from these findings was that accounting curricula — and the CPA exam itself — were behind the times and the needs of the industry itself. 

The AICPA and the National Association of State Boards of Accountancy responded with a “gap analysis” to determine specifically the areas that are becoming increasingly important to the profession, finding these areas include data analytics and IT audit, but even more so cybersecurity, IT governance and systems and organization control engagements. This culminated with the release last month of the AICPA’s long-awaited exposure draft detailing its proposal for the structure and content of the new CPA exam, which will launch in 2024. This means that current accounting students graduating after 2023 will be taking the new exam, as will any other students who may graduate before then but take it after 2023.

The process by which the proposed new exam was devised is called CPA Evolution, an initiative by the AICPA and NASBA to identify the most important trends and skills gaps in the accounting profession. The proposed CPA Exam Blueprint tells us not just what the future CPA exam will look like, but the direction in which the profession itself is going and what the public accountant of the coming decade will be doing. Before we explore the bigger picture, though, let’s look at the details of the exposure draft. 

Accounting faculty and employers, as well as students who will take the CPA exam in 2024 and beyond, should be closely reviewing the exposure draft, especially as the AICPA’s public comment period ends on Sept. 30.

The proposed changes to the exam structure merit attention, with a shift from the current four exam sections to three “Core” sections: Financial Auditing and Reporting (FAR), Auditing and Attestation (AUD), and Taxation and Regulation (REG) plus three “Discipline” tracks, of which a CPA candidate needs to pass one. These tracks are as follows: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP).

This change might appear to be adding more to the CPA exam, but at the Core level these changes represent a streamlining of the content currently covered on the exam, which will make it easier to study for the Core exams and allow candidates to focus on more difficult and career-specific content on their chosen Discipline exam. 

The proposed changes to the exam content are also notable. One is that technology and data are more thoroughly integrated into the blueprint than ever before — both in the mandatory Core sections and in the Discipline tracks. This will be accomplished by testing the candidates’ understanding of the role of data in IT systems, using that data to make key decisions, verifying the accuracy of data and using the outputs of automated tools, visualizations and data analytic techniques.

In addition, there is an increased focus on IT audits, especially SOC engagements. Data-derived decision making is also emphasized, and so is decision making more broadly. Additionally, there is now a Personal Financial Advisory Services module in the TCP Discipline, which is indicative of increased demand for tax planning around personal wealth related to estate, gift, trust and retirement issues. 

So, what do all these changes say about the accounting profession as we go into the mid-2020s and beyond? How is our field changing, what are the weaknesses and opportunities, and what competencies will CPAs need in the future? 

First, the future accountant will be more specialized. This is reflected in the plan to replace the four mandatory sections with three mandatory Core sections and then one of three Discipline sections. Students contemplating a career in accounting but concerned about the breadth of the CPA exam should welcome this change; it will allow them to better focus on the career track and/or the type of organization in which they want to work, as well as pursue a track that matches their skills and interests. This can be a game-changer for students concerned about their ability to master all four current sections; it means they will be able to better tailor their studies to what they are good at, meaning less stress over courses and the exam itself. And firms wary of hiring CPAs they may see as generalists will be able to select more specialized and focused new hires based on what Discipline track they pursued.

Secondly, passing the CPA exam will show the newly licensed CPA has the tech skills expected today. The heavy emphasis on technology, data and IT audit in the AICPA blueprint is aimed squarely at overcoming the current gap that makes accounting firms look beyond the CPA pool for employees. In line with the exam changes, the AICPA introduced the CPA Evolution Model Curriculum, which outlines the topics accounting programs should include in their curriculum to better acquaint students with the latest topics and technology used in the field, allowing CPAs to do more in the tech space than ever before, or at least to better understand how technology and data can be used to glean insights for decision making. 

Students and instructors alike may be wary of these changes, but they have been crafted with the direction of the profession in mind and embody the future of accounting. They will also in many ways make things simpler for aspiring CPAs, as they streamline the preparation for the exam in addition to introducing new competencies. And for the profession as a whole, it represents moving with the times to continuously evolve in line with the needs of a changing world.

https://www.accountingtoday.com/opinion/what-the-cpa-evolution-blueprint-tells-us-about-the-future-of-accounting

Top finance execs often self-sabotage their success. A coach to top CFOs explains how to avoid it

By
Richard Meier
-
0
Top finance execs often self-sabotage their success. A coach to top CFOs explains how to avoid it

Good morning. Kevin Kelleher filling in here for Sheryl today.

Edith Hamilton was having breakfast with a coaching client at the bottom of a hotel’s cavernous atrium. The client, recently promoted from controller to CFO at a healthcare services company, had been tasked with improving monthly revenue projections that somehow always fell short. Progress was plodding at best.

Whenever the CFO pressed for more visibility into sales projections, she heard bland assurances like, “We’re working on it.” Yet the shortfalls continued. The new CFO reasoned that the staff knew operations better than she did, leaving her to wonder: “Who am I to hold people accountable like this?”

“You are the second-most-powerful person at this firm,” Hamilton reminded her. “Who else is going to step up and drive this kind of accountability?” To underscore the point, Hamilton brought her client up to the top level of the atrium for an all-encompassing view of the bustling activity below. Then Hamilton asked her to draw an analogy of that view to her world at work.

“It was like she could suddenly see and feel in her body that she was big and tall and had access to a birds-eye view like few did, that others needed her to share what she saw to broaden their perspective,” Hamilton tells me, recalling that moment. “That alone was a huge shift.”

In these uncertain times, CFOs and other corporate leaders are increasingly turning to Hamilton and her peers in the $14 billion executive-coaching industry. Last year, more than 70% of organizations offered some form of leadership coaching. After all, it’s easy for CFO’s to feel overwhelmed these days. Inflation and business automation present new challenges. CFO tenures are shorter, and turnover rates are higher.

Hamilton has worked as a CFO coach and mentor since founding NEXT New Growth in Los Angeles in 2016, following a career as a CFO and executive at companies and nonprofits. Clients seek out her coaching to improve their strategic and operational focus; manage their bandwidth to avoid burnout; sharpen their emotional intelligence and engage their teams; or create buy-in with stakeholders, CEOs and boards.

“Many are first-time CFOs, but they can also be experienced CFOs who realize they made some mistakes they’d rather not repeat,” Hamilton says.

Whether seasoned or not, the first 90 days a CFO spends at a new company are crucial in setting the tone. Hamilton urges new CFOs to take a break before stepping into a new role, not to rest but to study up on their new company and its industry: reading analyst reports and SEC filings, talking with people in the know, and preparing the right questions to ask once they’re in the door.

Building early relationships with reports, peers and superiors is also key. “CFOs often want to get right into the nitty gritty of their finance department right away, and that can be a mistake,” Hamilton says. They also need to build bridges with peers in revenue-generating departments like sales and operations. “That’s where finance will add value. You can’t fix anything in finance until you know what your customers need.”

With that intelligence, new CFOs can check in with their direct reports to get their input on how the finance team can best achieve the company’s goals. “This builds a rapid connection at the personal level where your colleagues see you as a listener and as someone who wants to have a true partnership.”

Connection building applies to the board as well, although this can involve a bit more finesse. Some CFOs who set up meetings with board members may alienate CEOs who see this as going over their head. Letting your CEO know you’re an ally who can be an extra pair of eyes and ears with the board works better as a precautionary first step.

Others may err in the other direction by being too timid, waiting in vain for board members to reach out to them. Hamilton worked with one CFO with such a mental block. “It sounds to me like you’re standing at a bus stop waiting for the board member to pull up in his limo and ask you to come in,” Hamilton told him.

The CFO nodded and said he related to that. “And how do you feel about being stuck in a bus stop waiting?” she said. The CFO, who protested he was not a passive person, saw a light go on in his head. Working with his CEO, he then established contacts with the board to set up initial conversations.

“You don’t want to be walking into your board meeting for the first time without having ever met these individuals,” Hamilton says. “You need to have had at least one conversation with every single one of them beforehand.”

It’s such “aha!” moments that Hamilton’s weekly one-on-one sessions aim to achieve. Often, the metaphors will be tweaked to resonate with the client (waiting at a bus stop became steering a favorite car), and she’ll often rehearse the words and body language needed to execute a desired goal.

Such exercises are also helpful in addressing the self-sabotaging behaviors that CFOs, like everyone else, are subject to. Hamilton points out that some of the more common ways CFOs hurt themselves are tied to the strengths we think of them as having: being rational, vigilant in oversight, attentive to detail, and in control. Going too far with these traits, however, can mean being so rational that emotional intelligence falls away, so over-vigilant your naysaying stifles creativity, or so controlling your team loses its trust in you.

Another client Hamilton worked with, a consultant who transitioned to a CFO role at a services firm, would undermine his potential by being hyper-vigilant. His fluid communication style would vanish when speaking before a group as he stifled and over-edited himself out of a fear of saying the wrong thing.

Hamilton’s coaching showed him that safety and security couldn’t be found by controlling external circumstances, but only inside himself. Again, a metaphor with personal resonance helped: The client loved surfing, a sport that favors instinct over hyper-analytical thinking. When surfers fall off their boards they hop right back on, the CFO realized, so it must be okay to do the same before his colleagues.

The metaphor took root. The CFO began conducting Zoom meetings while standing, to keep the surfing metaphor constantly in his mind. “He started feeling he could respond in the moment—it didn’t need to be perfect,” Hamilton says. “He was able to become much more assertive with his C-level peers, especially in sales.”

The other area Hamilton works with clients on is career advancement. “Less than 5% of the people I coach say their ambition is to become CEO,” she says. “It involves a very different skill set. To be a good CEO is primarily to be a salesperson—selling ideas to the board, to customers, to employees.”

That can present CFOs with the conundrum of where to aspire to land next. For division CFOs, it might be advancing to corporate CFO. From there, they can advance to larger companies, with a position at a large public company being the pinnacle.

Strengthening your chances for a more ambitious and higher-profile position often means expanding your skills in areas like M&A or raising money through credit lines, private placements or the legwork needed to stage an IPO. This can mean working more closely with investment banks and investors in fundraising. It also helps to be named to board seats—starting out with nonprofits or smaller companies if necessary.

“These are absolutely paths that you want to try to get involved in,” Hamilton says. “Because that is career progression. That’s what enhances your appeal for the next role you want to take on.”

Kevin Kelleher
Twitter: @kpkelleher

This story was originally featured on Fortune.com


https://finance.yahoo.com/news/top-finance-execs-often-self-105330787.html

How Memes Help With Marketing

By
Richard Meier
-
0
How Memes Help With Marketing


Memes are a more irreverent and a practically free marketing style that involve catching on to the latest trending topics online and putting the brand’s spin on it. Image: Shutterstock Meme marketing is becoming the latest tool in companies’ digital marketing arsenal. More companies are devoting a bigger portion of their budget than ever before towards meme marketing, and specialised companies are stepping in to help them go viral.

But why memes? “That is the language that Netizens understand. People don’t want to be preached to. Memes subtly integrate brand messaging into conversation,” says Aditya Sobti, creative lead at Schbang, a creative and digital transformation agency. 

Take the case of the recent trailer for the movie Brahmastra, starring Ranbir Kapoor, Alia Bhatt and Amitabh Bachchan, among others. A dialogue said by Kapoor’s character Shiva in the trailer — ‘Kuch rishta hai mera aag se (I have a strange connection with fire)’ — quickly became a meme. Several brands like Tinder, Dunzo, Zepto, and Voot were quick to catch on, and posted their own variations of the meme.

“Memes are a part of our day-to-day lives,” says Saksham Jadon, founder of Youngun, a meme marketing agency that was started in 2019. “And brands want to be part of internet conversations.” Youngun handles clients such as Netflix, PepsiCo, Swiggy, and Cred.

A short history of meme marketing

According to Sobti from Schbang, the meme marketing trend in India was started around 2018 by brands like Zomato and Swiggy, both of which are in the food delivery space.

Many startups typically didn’t have much money to spend on recurring campaigns that are heavy on print ads and TV commercials, which are typically expensive.

Instead, they relied on a more irreverent — and practically free — marketing style which involves catching on to the latest trending topics online and putting the brand’s spin on it. And this often involved memes.

An analysis of Google Trends indicates that the search term ‘meme’ had been slowly gaining popularity in India since around 2013. When compared to the worldwide trend, growth in India was slow.

The real spike happened during the pandemic-induced lockdowns in March 2020, when millions of people all across the world were stuck at home, with little other than their phones and laptops in the way of entertainment. While worldwide interest in memes grew at that time, India’s growth was much faster, and stabilised at about 75 percent of those levels since then.

Startups and their marketing teams were quick to catch on. The ability to make memes is even a part of the job description for a social media role at a startup. Fintech unicorn Slice even has a ‘Chief Meme Officer’.

The method to the viral madness

Brands that don’t have their own meme makers go to agencies like Jadon. “We’ve cracked how to make it so organic that even news publishers will pick it up. We make sure it’s worth people’s time.”

For instance, Youngun handled the meme marketing for the recent ‘Ranveer vs Wild with Bear Grylls web episode, featuring actor Ranveer Singh. The trailer sparked a meme fest, and ended up getting covered by several news outlets.

Brands are also exploring user-generated memes, but with a caveat.

Meme Chat, a meme community social media app started in 2019, enables brands to take this route. Kyle Fernandes, the 24-year-old cofounder and CEO of Meme Chat, explains how the process works, “A brand sponsors a meme template. Our users generate thousands of memes, which are curated by moderators. The best ones are shown to the brand. If a user’s meme gets selected by the brand, they get paid Rs 5 to Rs 10.”

The chosen memes are propagated across meme pages on Facebook and Instagram.

Meme Chat said it owns 100 meme pages with a total following of 60mn and has tie-ups with another 300 that have a following of 540mn, meaning it can tap a collective following of 600mn.

Meme Chat has done campaigns for companies such as Britannia, Moj (owned by ShareChat) and films like Jugjugg Jeeyo. Last year, the company raised $1mn in a funding round led by BeeNext, a Singapore-based venture capital firm.

OTT platforms are the biggest clients for meme marketing agencies, followed by ecommerce and digital startups.

Sometimes, memes can also be “seeded” via influencers and content creators – they either repost these memes, or make their own versions of them. And when multiple brands are handled by a single agency, the agencies ensure the brands end up participating in each other’s meme trends online, seemingly organically.

Larger, more traditional companies are slow to the uptake, says Sobti. Lawsuits arising from copyright infringement are the main concern, even though lawsuits like these are rare.

Way back in 2015, Getty Images asked GetDigital, a German blog, to pay licensing fees for using a picture of a penguin from their image database to create what would become a widely popular meme called ‘Socially Awkward Penguin’. Getty said they were trying to protect the livelihoods of photographers who click such photos. GetDigital was also asked to keep quiet about it. They didn’t.

In a later report by Huffpost, Getty said they had pursued similar action against several such blogs who used images in this manner.

“Companies like Jio and Britannia have a lot to lose,” says Sobti. “It’s been tough to convince them, (but) slowly and steadily, brands are warming up to the opportunity — they know they will lose out on social media reach otherwise.”

Britannia recently launched a meme campaign for the launch of a new biscuit. The campaign was managed by Schbang and Meme Chat.

A numbers game

Meme marketing companies can change anywhere between Rs 2 lakh to Rs 3 crore, depending on the duration of the project.

Memes are now becoming a bigger part of companies’ marketing budgets. Snehil Khanor, CEO of Indian dating app TrulyMadly says that meme marketing now makes up 30 percent to 40 percent of his content marketing budget, up from 7 percent to 10 percent when they first started meme marketing about two and half years ago.

“We see very good engagement for memes versus other posts. Users are able to relate to it — it doesn’t seem like advertising,” says Khanor. Video memes are now becoming more popular versus static ones, says Khanor.

What constitutes virality? It depends on who you ask. Fernandes says that it would have to be about 10 million in reach and engagement numbers would constitute virality. Jadon says that it’s viral when news publishers organically pick up stories on memes, or the meme makes it to the meme review video of an influencer like Tanmay Bhat.

But sometimes, it’s hard to tell what’s organic and what’s not.

For instance, a recent meme that went viral was a screenshot of a WhatsApp conversation between a college student and his dad. Storyboard18 spoke to the original poster of the meme, 23-year-old engineering student Jitu Malani from Ajmer. Malani, who posts memes on his Twitter page, said he had no idea that this screenshot would go viral. Malani said he was approached by a few news outlets after the meme went viral, although not by the brand itself.

While the meme appears not to have been posted by the brand, the story was picked up by several news organisations. Jadon put up a LinkedIn post with screenshots of the coverage, with the caption ‘Remember this viral meme? Work by Youngun – a Meme Marketing agency for Swiggy’.

Similarly, yet another viral post by Swiggy shows signs of the blurring lines between brand-led and organic viral content.

In this case, it was a video of a man on a horse carrying a Swiggy delivery box. Three days later, the brand put out a tongue-in-cheek notice saying it had taken note of the viral video, and announced a reward for whoever identified the horseman. The day after that, the app’s delivery status section had a modification which showed a man on a horse, instead of the usual bike.

A week after the meme went viral, the company put out another letter, saying it had identified the horseman, as well as the person who shot the video.

Sobti says that, typically, changes to an app take weeks to plan and execute. He added that this particular meme was considered a well-executed campaign in marketing circles because of how organic it looked.

In response to questions about the story, Swiggy sent links to the notices it posted on its official Instagram page (described above).

Sobti says there’s no harm in marketers trying their best to make memes look as organic as they can.

The audience has a few laughs, and the brand wins too.

Check out our Monsoon discounts on subscriptions, upto 50% off the website price, free digital access with print. Use coupon code : MON2022P for print and MON2022D for digital. Click here for details.

https://www.forbesindia.com/article/storyboard18/engineering-the-viral-the-science-behind-meme-marketing/78877/1

How To Start a Business at Different Stages of Life

By
Richard Meier
-
0
How To Start a Business at Different Stages of Life

adamkaz / Getty Images

It is never too early — or too late — to start a small business. Just because you’re at a place in your life where it might not seem conventional to make a career shift, that doesn’t mean it’s too late for you to rediscover your entrepreneurial spirit and kickstart the business of your dreams in a way that works for you. Whether you are a busy mom of four who needs the flexibility of working from home or a retired algebra professor looking to share your knowledge with the next generation, there is a small business for you.

Here It Is: Our 2022 Small Business Spotlight
See: 7 Things You Should Never Do When Planning for Retirement

GOBankingRates has compiled a list of our small-business recommendations for Generation Z, moms, retirees and anyone looking to start a small business. The best part is that most of these are businesses you can build from home your own home. Here’s some advice on how to go about starting an entrepreneurial venture throughout different life stages.

Alessandro Biascioli / iStock.com

Alessandro Biascioli / iStock.com

Small-Business Ideas for Gen Z

The doors to success are wide open for Gen Z, as this generation has an abundance of new and up-and-coming ways to be successful entrepreneurs. With the rise of remote work opportunities along with the explosion of the digital world, there are many avenues this generation can go down when considering what type of small business to start.

Here are a few small-business ideas for zoomers to consider.

  • Start a mobile photography business

  • Become a graphic designer

  • Start a blog

  • Become a social media marketer

  • Start a website development business

  • Start a tutoring business

Take Our Poll: Do You Tip for Service?

filadendron / iStock.com

filadendron / iStock.com

Small-Business Ideas for Moms

Mothers are often the primary caregivers of their children or the ones in charge of finding child care. This group of tireless workers is prioritizing entrepreneurial opportunities that allow for a flexible schedule and a healthy work-life balance.

Here are eight small-business ideas for mothers that can be done from home or remotely to allow them the freedom they need to balance motherhood with their careers.

  • Dog walker

  • Freelance writer

  • Parenting blogger

  • Social media manager

  • Bridal consultant

  • Tutor

  • Home day care provider

  • Event planner

Stock-Asso / Shutterstock.com

Stock-Asso / Shutterstock.com

Small-Business Ideas for Retirees

Retirement looks different for everyone. While some may enjoy the freedom from working, others may yearn for the opportunity to be self-employed and make some extra money during retirement. Starting a small business can be a fulfilling way to pursue a hobby you are passionate about and apply your life experience to a legitimate business. The best part — you likely won’t have too much of a learning curve.

Here’s a roundup of our favorite business idea for retirees.

  • Coaching

  • Consulting

  • Dog walking

  • Running an online store

  • Tutoring

Ong-ad Nuseewor / Getty Images/iStockphoto

Ong-ad Nuseewor / Getty Images/iStockphoto

Tips for Anyone Who Wants to Start a Small Business

There’s no need to wait until retirement to establish the small business of your dreams. Anyone can get started putting pen to paper and creating an effective business plan.

Here are some tips for getting started.

  • Test to see whether you have a viable idea

  • Choose a structure for your business

  • Craft a business plan

  • Raise money

  • Choose your location

  • Name your business

  • Register your company

  • File for your EIN

  • Get required permits and licenses

  • Open your business bank accounts

More From GOBankingRates

This article originally appeared on GOBankingRates.com: How To Start a Business at Different Stages of Life

https://ca.yahoo.com/finance/news/start-business-different-stages-life-110041145.html

What the push for open banking could mean for your finances

By
Richard Meier
-
0
What the push for open banking could mean for your finances

When Colin Deacon started his career as an investment adviser 40 years ago, he made a point of working with some of the smallest customers – those who’d typically be passed over by the financial services industry.

His clients got financial and tax planning advice, help with their small business concerns and investing assistance – support that, he said, was and still is typically unavailable to the majority of Canadians.

“We still have a situation where most Canadians are not given really good, basic advice … and if you’re somebody from a marginalized community your access to that is 10 times worse,” said Mr. Deacon, now an independent senator for Nova Scotia.

Mr. Deacon said he sees the development of an open banking system in Canada as a solution to that problem. Open banking, or consumer-directed finance, would allow individuals and businesses to have control over their own financial data, and to securely share it with third-party financial service providers or authorize them to take action on their behalf.

Currently, Canadians don’t own or have the right to share their financial data, and their ability to access services provided by fintech companies is dependent on whether their financial institution permits it. This means that financial products and services aimed at helping Canadians improve their financial picture – such as credit-building products for those with poor or no credit history, predictive budgeting apps that warn the user if their account is at risk of being overdrawn and more – may not be available to them.

The federal government is expected to roll out an open banking system by early 2023, with working groups under way this summer. Proponents say this system will give Canadians access to a wider range of financial products and services, make it easier to switch financial institutions, reduce fees on transactions and make the financial system more equitable for marginalized Canadians. That includes the millions of consumers without a bank account or who aren’t adequately served by mainstream financial services.

Open banking is ultimately about consumer choice and making financial services more accessible and less expensive for small businesses and individuals, said Andrew Graham, co-founder and chief executive officer of Borrowell, a fintech firm that provides free credit monitoring and offers credit coaching and credit-building products.

Mr. Graham said open banking will also make it easier for fintechs like Borrowell to offer their existing products and services. He gave the example of the company’s new Rent Advantage program, which allows renters to report rental payments to Equifax Canada to build credit history; without a formal system it is “more complicated” for users to connect their bank account and share rent payments.

To some extent, open banking is already happening in Canada: As many as four million Canadians share their financial data with third-party providers, according to a 2020 report from the federal government’s advisory committee on open banking.

Mr. Deacon said existing services have demonstrated the value of a more formalized system: The mass popularity of do-it-yourself investing and savings platforms like Wealthsimple and Questrade has given many more consumers access to advice they would not have otherwise.

However, this is done through a method called screen-scraping, which requires users to share their online banking username and password to allow a fintech access to their financial data, putting them at risk of being caught up in data breaches.

And currently, financial institutions can deny third-party service providers access to their customers’ data, noted Steve Boms, executive director of the Financial Data and Technology Association of North America (FDATA), a fintech industry association.

Mr. Boms said this can manifest itself in a few ways for the consumer. Most commonly, they’ll grant a fintech access to their data and then find the financial tool they were hoping to use doesn’t work for reasons that aren’t clear. Occasionally, when they try to make the connection they’ll get an error message. Banks may also send direct communication to the customer cautioning them that using a third-party is dangerous or in violation of their customer agreement.

Many Canadians are unhappy with the current financial system, according to an April survey by FDATA and Paytechs of Canada. The survey of Canadian consumers and small businesses found more than half felt stress interacting with the country’s financial services sector. Women business owners were more likely than their male counterparts to report stress and younger Canadians were more likely than older individuals to say the same. More than two-thirds of respondents said they’d benefit from more competition and transparency in the market.

Mr. Boms said driving down fees on common financial transactions such as sending payments, accessing a credit score, international wire transfers and more is a likely outcome of open banking because of the increased competition, and would be a win for consumers.

“I would not overlook the importance of lowering fees and the cost of interacting with financial services,” he said. Such payments can become “a significant blocker to financial growth for many people and many businesses.”

Studies from countries with more developed open banking systems indicate it has broadened loan access for underserved communities. An April study from the Federal Reserve Bank of Philadelphia, for example, examined the effect of fintech lending on access to credit for U.S. small businesses. It found that fintechs have been able to use alternative data to find solid, creditworthy consumers – what the report dubbed “invisible prime” borrowers – in the both consumer and small business space.

The paper found fintechs lent more in zip codes with higher business bankruptcy filings and higher unemployment rates than traditional lenders, and their internal credit scores were better able to predict future loan performance than traditional approaches to credit scoring.

“Fintech lenders have a potential to create a more inclusive financial system, allowing small businesses that were less likely to receive credit through traditional lenders to access credit and to do so at lower cost,” the paper read.

Borrowell’s Mr. Graham said he sees a lot of potential for change in the credit-building and lending space. New Canadians who don’t yet have a credit score in the country and those with troubled credit history aren’t well-served by the traditional way of proving credit, but giving them the right to share their financial data with prospective lenders provides alternative ways to demonstrate creditworthiness.

“Lenders would love to look at cash flows, how reliably you’ve paid your bills over six months or a year, if you’ve consistently kept a balance in your bank account [and] other kinds of behaviours relevant to extending credit,” he said. “Allowing consumers to easily share that information if they want to is only going to increase choice.”

Tabatha Bull, chief executive of the Canadian Council for Aboriginal Business, said this would benefit Indigenous people and business owners, who, unfortunately, have long been seen as higher-risk than non-Indigenous borrowers.

“Open banking removes that bias,” she said. “It doesn’t matter what you look like, if you’re going through the process of providing data through an open banking situation … it levels the playing field.”

Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-open-banking-canada/

Insurance rates climb from fires, COVID, inflation, worker shortage

By
Richard Meier
-
0
Insurance rates climb from fires, COVID, inflation, worker shortage

Inflation, a labor shortage, effects from the lingering COVID pandemic and increasingly devastating fires are boosting the cost of insurance for homes, cars and businesses.

“Everything,” said Sunnyvale insurance agent Steve Nelson, “has gone up.”

The pandemic and high costs of living, especially in the Bay Area, have aggravated a shortage of construction workers, and combined with inflation-boosting prices for building materials, insurers are on the hook for rising replacement costs when homes and commercial buildings are destroyed or damaged. So homeowner premiums have gone up 20% to 25% in the past three years, Nelson said, adding that commercial policies vary so much it’s not possible to specify the increase accurately. Auto insurance pricing also depends on several factors, including zip code, but Nelson estimates it’s risen about 15% in the past few years, despite drivers getting a break during the worst of the pandemic.

Huge home-insurance payouts by insurers after wildfires sent some providers fleeing from the risky areas of California, leaving fewer companies in the Bay Area and the state, with more risk in their portfolios, leading them to charge higher prices, said Nelson, who co-owns Nelson/Nelson Insurance Services with his cousin Jason Nelson.

The two Nelsons represent the third generation to run the business, after Nelson’s grandfather Buford founded it just after the Second World War. This news organization spoke with him about the state of insurance coverage at a time when prices are up considerably for virtually every consumer good. His comments have been edited for length and clarity.

Steve Nelson a partner at Nelson/Nelson Insurance Services is photographed on Monday, Aug. 1, 2022, in Sunnyvale, Calif. The pandemic, wild fires, and inflation have dramatically increased replacement cost for homes and businesses, boosting insurance costs. (Aric Crabb/Bay Area News Group) 

Q: How did the COVID pandemic affect the insurance industry in general, including for home, auto and business?

A: The insurance industry as a whole automated quite a bit more. The automation has given people (in the insurance business) the ability to work from home, but I think the efficiency level has dropped a little bit. In some ways it speeded up the process, in other ways it slowed down our ability to be able to quote new policies and be efficient — it’s kind of a Catch-22. Insurance is kind of slow on the digital side of things, applications, things of that nature. We do a lot of it on the computer but there’s a lot of parts and pieces where we were still taking information in and filling it out … on a PDF form by hand. A lot of that’s changed. They’ve automated it, where they’re pulling that information from other sources.

Q: How did the COVID pandemic affect car insurance, when so many people shifted to working from home?

A: A lot of companies stepped up and automatically decreased people’s mileage driven per year — everything’s based on miles driven for your rates. Some companies gave discounts, other companies … just automatically based everybody at 3,500 miles a year.

Q: What’s happened with those discounts now that many people have resumed earlier driving patterns?

A: That has been taken off now that things are back open. Everybody’s being charged based on their normal driving habits. Some people who work remotely, we keep them low — they just have to provide some proof, like mileage readings.

Q: What’s affecting homeowner’s insurance?

A: What really has been hitting people in California are the long-term effects of several years of large fires — there’s definitely a trickle-down effect in insurance. Even if you’re not in an area that has high fire risk, in insurance we all share risk. Those fires have driven companies out of areas that they used to cover in. A lot of companies have just decided, “We’re no longer going to insure in these areas.” Because there are less insurance companies, (remaining ones) are taking on more risk, and that has driven costs up. Where we used to not have much of an issue writing insurance in places like Saratoga or Los Altos, or the hills of Redwood City and certain areas of Fremont and Milpitas, now there are times, even in Morgan Hill, where we’ll submit something that any company would have taken, and they say no.

Q: How is inflation affecting the insurance market?

Insurance rates climb from fires, COVID, inflation, worker shortage

Investors should follow advice ‘that seems almost boring’, finance influencer explains

By
Richard Meier
-
0
Investors should follow advice ‘that seems almost boring’, finance influencer explains

Financial Pop Star and Creator of Mrs. Dow Jones and Finance is Cool, Haley Sacks, sits down with Yahoo Finance Live to give advice on how to budget through inflation and advantages of investing smart starting at a young age.

Video Transcript

[MUSIC PLAYING]

HALEY SACKS: What’s up, rich people? It’s me, Haley. And I’m a financial pop star. When you keep your money out of the market, it won’t grow. And then because of inflation, you’re actually going to be able to buy less with it. Need to pick a credit card? Stop scrolling. Here are the three things to consider when choosing one.

Choosing between buying and renting is as confusing as Ben’s back tattoo. Don’t start investing until you know this one fact. Rich people always pay themselves first. They know that inflation steals your wealth. That’s why you have to invest.

RACHELLE AKUFFO: Well, that is financial pop star Haley Sacks, a.k.a. Mrs. Dow Jones. Now, she has over 300,000 followers across her social media platforms, where she posts important financial topics for the modern day adult. She’s also the founder of a financial education platform called Finance is Cool. And Haley Sacks joins us now.

Haley, great to have you on the show. I have to ask you about that nickname in just a second. But obviously, right now, we’re starting to see some signs of economic recovery. But the prices are still high. So what are some tips that you have specifically for young adults, trying to minimize the impact of inflation?

HALEY SACKS: Thank you so much for having me. I think inflation is top of mind for everyone. And there are some really easy ways to make it not that big of a deal. Obviously, it’s affecting everyone, but if you are able to, first and foremost, take control of your spending, it’s really going to ease the effects of inflation, right? You don’t want to panic. You want to stay calm and make sure that you know what’s coming in and out of your budget every single month.

That way, you can free up a little bit of extra money, hopefully, to move towards your goals because we know very well that the only way to combat inflation, really, is by growing your money into wealth and the stock market. So my whole goal for young people is for them to be able to invest, despite this economic climate.

AKIKO FUJITA: Haley, it’s Akiko here. Before we move on to the second question, I do have to ask you about your name, Mrs. Dow Jones. Why Mrs.? Where did you get that?

HALEY SACKS: I chose Mrs. because I am married to my financial future. I do not have to make any decisions based on fear or because I cannot support myself. I have financial stability. And that gives me freedom to choose how I live my life. And I think that for women especially, that’s so important. And that is why I chose Mrs. Dow Jones because I am married to my wealth that is compounded currently in the stock market.

AKIKO FUJITA: OK, so let’s talk about investing. I mean, it’s intimidating for a lot of people who haven’t done it before. Talk to us about your financial literacy journey and what particularly you say to people who are still pretty young, who are saying like, why is it important to be invested so early?

HALEY SACKS: The time value of money, right? The biggest– when I started my journey, the first thing that I learned about was compound interest. And I was– I’ve always been very into Warren Buffett. And so I was reading one of his books. And, you know, it was all about compound interest.

And I was like, why is there so much about compound interest? It’s so boring. I get it, compounding. And then I was like, oh. I get why they’re making it such a big deal because this is sort of, like, the secret to getting rich, right? Like, you put your money in earlier. Then it will actually have time to snowball and build on itself and get bigger and bigger. So, super important to get your money in the market ASAP.

And we just launched our first investing course, Investing 101. It’s called Let’s Invest. It’s doing super well. And it’s just been really awesome to bring my entertainment background to the world of finance because, obviously, it can be pretty stiff. And it makes it a lot easier for people to get educated if it’s done in a way that they actually want to learn.

RACHELLE AKUFFO: And it’s tough because there can be this sort of information overload, people start panicking. Sort of wondering, how they should be vetting their financial literacy experts, especially young people. I mean, you’re scrolling on TikTok. You see someone telling you, do this, someone else saying, doing that. How should people determine who they should actually listen to right now?

HALEY SACKS: First and foremost, I always look to see if people have press behind them. Like, I’ve been featured in “The New York Times” and “The Wall Street Journal.” Of course, I’m on Yahoo Finance, CNBC. So I think that when traditional finance is behind you, it makes it clear that what you’re saying is actually worthwhile.

And then, obviously, run the other way if anyone tells you that you can get rich quick. You should be following people’s advice that seems almost boring. Like, financial– really, growing wealth in the stock market is a long-term game. And it shouldn’t be that exciting. And so if you find anyone on social media that’s really selling you these quick fixes, obviously, that’s going to be someone that is probably not really worth listening to.

But yeah, we have these great investing tips for beginners, which is fabulous. I think it’s so hard to get started, but when you break it down like this, it makes it so much more manageable. And something I tell people all the time is, like, knowing what you’re investing towards, how important that really is, because when you have a narrative in your mind for why you are doing something, it motivates you so much more.

AKIKO FUJITA: So, Haley, let’s switch things up a bit here. We want to play a game, Ask a Finance Influencer. We’re going to give you a topic or a scenario. You give us a thumbs up, thumbs down and a rapid fire answer about how you feel. You good?

HALEY SACKS: Fabulous, yes.

AKIKO FUJITA: OK, first one, buy now, pay later. Why thumbs down?

HALEY SACKS: Thumbs down because it creates bad spending habits and will get you into debt.

RACHELLE AKUFFO: All right, I’m going to go with mass firing employees over Zoom.

HALEY SACKS: Especially if the CEO is crying.

AKIKO FUJITA: Yes, there are ways to do this, right? Made a lot of headlines. One that we’ve heard from a lot of investors– having exposure to crypto in your portfolio.

HALEY SACKS: I think that having diversification and taking on high-risk investments is a great thing, but you just have to make sure that you have exposure to safer bets as well so that you’re not making yourself too vulnerable to the ups and downs.

RACHELLE AKUFFO: Here’s one that’s a test of time– splitting the check evenly at dinner, even though all you had was an appetizer.

HALEY SACKS: Ooh, that’s going to be no from me, dog. I’m all about financial transparency with your friends, with who you’re dating. So if you’re ever in a situation that makes you uncomfortable, speak up.

AKIKO FUJITA: And here’s one that I think a lot of people can relate to– wedding season in full swing, spending money you don’t have on the bachelor or bachelorette party.

HALEY SACKS: I can’t even show my face. I put my thumbs down because this makes me so upset. I hate the pressure around weddings. And I think that definitely a no-no. Say no to Tulum and say yes to your 401(k).

RACHELLE AKUFFO: Well, there you go. Mrs. Dow Jones there, married to her financial future, Haley Sacks, it’s been fantastic having you on. Thanks for joining us today.

HALEY SACKS: Thank you. Have a good one.

https://finance.yahoo.com/video/investors-advice-seems-almost-boring-210619189.html

U.S. Companies Seek Better Tools to Strengthen Marketing

By
Richard Meier
-
0
U.S. Companies Seek Better Tools to Strengthen Marketing

Companies are investing in AI, agile marketing and improved customer experience as digital marketing becomes more important, ISG Provider Lens™ report says

STAMFORD, Conn., August 10, 2022–(BUSINESS WIRE)–Most U.S. enterprises are not fully satisfied with their marketing technology and are exploring ways to improve it, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2022 ISG Provider Lens™ MarTech Service Providers report for the U.S. finds many enterprises are dissatisfied with technologies intended to complement marketing efforts because they are not achieving tangible results. This has created opportunities for companies to seek more relevant solutions and services, especially with the changing role and increasing importance of digital marketing since the beginning of the COVID-19 pandemic.

“One of the most challenging assignments for enterprise marketers is to wade through the massive ecosystem of MarTech alternatives and identify the most relevant offerings for their unique needs,” said Paul Gottsegen, partner and president, ISG Research & Client Experience. “Our ISG Provider Lens report offers a much-needed guide to help navigate through this crowded field and understand how to evaluate the many potential choices.”

Effective use of marketing technology requires a complex set of tasks, including sourcing and managing and maintaining tools that undergo regular updates, the report says. Integrating data from different sources and unifying siloed workflows are also essential. Many companies have been forced to address these challenges with reduced budgets due to the economic effects of the pandemic.

Enterprises are increasing their adoption of agile marketing, while the technologies that enable it grow more mature, ISG says. Agile marketing helps companies achieve ongoing rapid growth and address new challenges by iterating, experimenting and validating new approaches.

Companies are also using new tools to enhance digital customer experience, especially by releasing new, innovative experiences quickly across all digital platforms, ISG says. Marketers are more frequently deploying fresh content and changing live campaigns to keep up with accelerating marketplace changes.

Most successful enterprises are also using AI to gain insights from data that can be used to create more relevant offers to customers, the report says. Used in conjunction with machine learning, AI allows companies to engage in more targeted, relevant and personal communications with customers.

“AI and machine learning have gone from being buzzwords to playing a central role in marketing,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research.

The report also explores a wide range of other marketing technology trends in the U.S., including the growing importance of social media platforms and the need for distinctive but coordinated marketing methods at every step of the customer journey.

The 2022 ISG Provider Lens™ MarTech Service Providers report for the U.S. evaluates the capabilities of 11 providers across six quadrants: Strategic Martech Services, Digital Presence and Digital Ads, Digital Experience and Content, Social and Relationship, Digital Commerce Optimization, and Analytics and Intelligence.

The report names Accenture and Cognizant as Leaders in all six quadrants. It names TCS as a Leader in five quadrants, HCL as a Leader in four quadrants and Capgemini as a Leader in two quadrants. Globant, Isobar and Mindtree are named as Leaders in one quadrant each.

In addition, Mindtree is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants. Capgemini, Globant, HCL and Isobar are named as Rising Stars in one quadrant each.

A customized version of the report is available from Marlabs.

The 2022 ISG Provider Lens™ MarTech Service Providers report for the U.S. is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005256/en/

Contacts

Will Thoretz, ISG
+1 203 517 3119
[email protected]

Julianna Sheridan, Matter Communications for ISG
+1 978-518-4520
[email protected]

https://finance.yahoo.com/news/u-companies-seek-better-tools-130500217.html

4 Crucial Mistakes to Avoid as Your Small Business Grows

By
Richard Meier
-
0
4 Crucial Mistakes to Avoid as Your Small Business Grows

As an entrepreneur or small business owner, you’re probably used to a razor-thin margin for error. Without the deep pockets and seemingly endless resources that more established companies have, we must plan ahead, readily adapt and be deliberate in the decisions we make. Because not doing so can result in costly mistakes that hinder the growth we’re after.

In reality, the act of maintaining a ‘small business’ mindset ultimately helps businesses meet their full potential and grow beyond all expectations while staying true to their origins and purpose. Here are four must-avoid mistakes entrepreneurs often make when trying to grow their businesses.

1. Don’t let your customer relationships suffer.

I try to shop at my local independent grocery store when I can. Although the selection might not be as plentiful as the superstore down the street, I know the names of all the cashiers and vice-versa, and they’ve special-ordered items for me at my request.  

These small business community connections aren’t exclusive to physical businesses! Imagine you’ve purchased a coffee-a-month subscription, and every month a fresh one-pound bag of coffee arrives on your doorstep. Receiving a personalized email outlining why this particular variety was chosen for you based on previous preferences you’ve communicated makes the experience much more special than buying a random bag of coffee at the grocery store.

People love small businesses because of their personal touch. So if you’re a small business owner who’s looking to scale your operations or offerings, be sure to keep meaningful customer interactions a top priority, regardless of where or how you deliver your customer service. 

2. Don’t spread yourself too thin.

I remember when I was starting my first company, I felt like I was always getting pulled in a million different directions: Should I spend today creating marketing content, fulfilling orders, reaching out to local media, or innovating? These questions plague small business owners – especially the thousands of businesses that are entirely composed of one to two employees. 

One potential solution is to invest in automation. With only 24 hours in every day, the value found in automating processes like order fulfillment or email marketing can outweigh the costs of these tools. Seemingly every multinational corporation is in a race to see how much of their businesses they can automate, and as a result, many of the innovations in machine learning and artificial intelligence that they’ve accomplished have trickled down and become available to small businesses. 

For example, gathering data on your customers has never been easier. The challenging part is acting on it! Research from Constant Contact shows one in five small businesses don’t use automation, A.I., or machine learning of any kind. Don’t let your business remain in the minority, stuck in a bygone era. Consider the tools and programs available to you to help unpack consumer data and inform business decisions, and ultimately save you time in trying to make these decisions all on your own.

3. Don’t try to grow your business without a plan.

I remember when someone first told me that I should “expect the unexpected” as a small business owner, I rolled my eyes so hard! As I began to spend more time growing my businesses, I realized why it was so popular: preparing your small business for bumps in its journey will leave it stronger in the long run, even if it can feel like you’re sacrificing profit. 

A strong business plan will strike a balance between prioritizing innovation and growth while moving forward at a healthy, sustainable pace. Regardless of how much a small business owner may find themselves ready to expand operations or IPO and sell the company within a month of profits in the green, successfully scaling a business cannot be artificially sped up. Growth is a process and must be taken day by day.

The best types of business plans are those that are constantly revisited and reevaluated: businesses’ needs can change overnight. We’ve found that 58% of small businesses started selling online for the first time after COVID-19 hit. In the restaurant industry alone, we saw the overnight rise of businesses that functioned unchanged for decades suddenly adopting new approaches like to-go cocktails. The greatest lesson in recent business history is for companies to consider creative and alternative ways of meeting consumer needs within the bounds of their existing business profile.

4. Don’t forget to invest in your employees.

The more your business grows, the greater the pressure is on your team. I’ve always underscored the importance of communicating frequently and honestly with your employees. Treat them as your teammates, and consider how their mental and physical well-being contributes to the success of your company.

Giant companies all over the U.S. are experiencing the largest unionization push in decades because their employees don’t feel valued. Low wages, unsustainable working conditions, and extreme turnover lead to poor morale and ultimately poor work. Investing in your employees can take many forms: proper training, team-building, and paying a competitive salary.

When employees have all their basic needs met, feel supported, and see a clear path forward in their careers, they’re able to devote more time and energy to work. In cultivating a healthy work culture based on transparency and shared success, you’ll likely find that your business prospers as well.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

https://www.inc.com/jerry-jao/4-crucial-mistakes-to-avoid-as-your-small-business-grows.html

High school students explore accounting careers at MassCPAs summer program

By
Richard Meier
-
0
High school students explore accounting careers at MassCPAs summer program

A group of 25 high school students traveled from across Massachusetts to attend the Accounting Careers Exploratory Leadership event organized by the Massachusetts Society of CPAs.

Between July 25-29, ACE students participated in panel discussions, guest lectures, field trips and other exercises coordinated by accounting and business professionals to learn how to succeed in the industry. 

Created in 2017, ACE is a free nonresidency program for high schoolers from underrepresented backgrounds who wish to learn more about business and accounting. According to the organization’s website, the program strives to “diversify and grow the accounting pipeline in Massachusetts” by raising awareness among high school students when it comes to career paths. In 2020, MassCPAs joined 29 other business groups to fight systemic racism and discrimination across the state. 

“You can see a gap between diversity in enrollment and diversity in employment,” observed Zachary Donah, senior director of advocacy for MassCPAs. “When we do surveys, we realize that young teens want to provide the best services for their clients, and it often works by introducing new backgrounds or perspectives to the office.” 

Participants in the MassCPAs Accounting Careers Exploratory Leadership event

During the event, students took part in mock interview sessions, received $100 Macy’s gift cards to purchase professional outfits at the store, and networked with ACE sponsors such as accounting firms BDO USA, Deloitte and Grant Thornton. They also attended a presentation led by Timothy Zue, CFO of the Boston Red Sox, after a tour of Fenway Park. 

“It was incredibly exciting to meet him and learn how accounting was affecting his job, and almost every other financial field,” said Andover student Christina Ahn, 14. “I used to think of accounting as a very boring desk job, but I got to meet actual accountants and talk to a lot of people. I had no idea there were so many other students who were interested in the field!”

But the highlight of the program remained the week-long case study competition, which was evaluated by judges from BDO, Grant Thornton and an ACE past participant. The winners were Steven Chen, a junior from North Quincy High School, Harrison Georgiadis, a senior from Newton North High School and Olivia Li, a sophomore from Westwood High School, who each received a $100 Visa gift card and MassCPAs swag. 

Olivia-Li-Harrison-Georgiadis-Steven-Chen-masscpas.jpg

(Left to right): Olivia Li, Harrison Georgiadis and Steven Chen at the MassCPAs ACE event

Sean Crevier, 46, created the case study and offered introductory accounting courses to students earlier this week. Crevier has been teaching finance and accounting in high school for 23 years. The veteran educator believes schools need to change their approach when it comes to accounting. He sees financial statements as storytelling, or a particular moment in time that explains how a company got where it is. 

However, Crevier deplores the fact that most accounting curricula focus on debits and credits or bookkeeping, when the profession truly relies on analysis, team-building and communication. 

“Financial literacy brings value to an economy, a company and a household,” said Crevier. “As a team, we interpret numbers and columns to understand what they say about a company, and we use these stories to fill in the blanks in society and make better financial decisions.”

masscpas-deloitte-ace-event.jpg

A visit to the Deloitte offices by students

ACE allows its participants to apply for a renewable scholarship that can offer up to $10,000 during their academic journey, or obtain a high school student membership at MassCPAs, which counts more than 11,000 members across the country. The organization offers two college and career readiness programs — ACE being one of them — and regularly provides resources, events, scholarships and conferences for aspiring accountants in Massachusetts.

“MassCPAs has a long history of supporting students pursuing accounting degrees, and our ACE program allows students to be fully immersed in all that a career in accounting has to offer,” said Amy Pitter, president and CEO of MassCPAs.”We are so proud of our ACE students and look forward to seeing them progress in the profession.”

https://www.accountingtoday.com/news/high-school-students-explore-accounting-careers-at-masscpas-summer-program

5 Types of Packaging Material for Your Cosmetic Cosmetics

By
Richard Meier
-
0
5 Types of Packaging Material for Your Cosmetic Cosmetics

If you want to make a cosmetics line of products, you need to do a lot of tasks, such as making a list of ingredients, creating formulations, and then putting the product to test. But the most important step is to go for the best packaging for your products. According to experts, you may want to go through this process as soon as you can. The reason is that packaging is the first thing that attracts the attention of prospective customers. And we know that there is a lot of importance of making an impression on your customers and clients. In this article, we are going to talk about some common types of packaging material that you can use. Read on to find out more.

1. Glass

Glass is the safest material for cosmetic products. This material is an ideal choice for products that contain different types of oils and acids. Since glass is not affected by corrosion, it can stand the test of time.

Glass has great aesthetic appeal, which is why it attracts the attention of customers. This material makes products look upscale and sophisticated. Another good thing about glass is that it can be recycled. Therefore, this material can help reduce carbon footprint and keep our planet in good shape.

2. Polyethylene terephthalate (or PET)

Polyethylene terephthalate looks like glass. But in reality, these are transparent plastic bottles or jars. In most cases, it is used for beverages and cosmetic products. Over the years, they have gained a lot of popularity as they are shatter-resistant, inexpensive, and lightweight.

PET is one of the best cosmetic containers as it creates a strong barrier between the product and the solution inside it. So, the material does not react with plastic. PET is a perfect choice if you want to store essential oils and alcohol.

3. Polypropylene Plastic

Propylene plastic is also known as PP, which is another quite popular packaging solution for cosmetics and skincare brands. As far as sturdiness is concerned, it is better than PET. Some examples of these units include deodorant tubes, lotion square tubes, and hand cream jars, just to name a few.

4. High-Density Polyethylene (HDPE)

If you are looking for the safest packaging solution, High-Density Polyethylene is your best bet. Since it can be recycled, it is a green product.

5. Metal

Nowadays, skincare and cosmetics manufacturers make use of tin cans, such as balms, brow pomades, cream blushes, and scrubs. For these materials, metal is an ideal choice for its vintage look. However, you may want to be careful when it comes to making use of metal packaging.

In short, these are some of the most common options when it comes to cosmetics packaging material. You can choose from these options based on your product type and personal preferences.

1...949596...98Page 95 of 98
© Newsmag WordPress Theme by TagDiv