From Greg's Head

Read a good article on AccountingWeb about collaboration between the generations in the workplace.

I’ve talked about this before, but I find it interesting and think it bears repeating.  Understanding generational difference can only help productivity in the office.  That goes for each generation, not just those in positions of authority.

We all need to be flexible enough to recognize the most effective way to communicate with a different generation.  For example, a Boomer needs to realize Gen X’ers and Millennials have been taught (by us) to speak up and that this shouldn’t always be perceived as a challenge to authority.  On the flip side, Gen X’ers and Millennials need to respect the input of the trailblazers and recognize there is wisdom to be gained from those who came before them

Consultants like Chris DeSantis and Rebecca Ryan have developed successful programs and seminars to help companies learn about these issues and to facilitate dialogues between the generations.

How has your company dealt with generational issues?  If you’re a Millennial business owner, how do you handle working with us Boomers?
 

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

Instability in the markets rattles confidence, lowers the value of financial assets and creates uncertainty for governments, businesses and consumers.  However, our own history suggests that those who can look past the short term concerns and focus on the long term opportunities set themselves up for accelerated development as business and market conditions turn to more favorable results.

The difficulties faced by organizations during these times cannot be minimized, or taken lightly.  But what is important is that you bring balance to your thoughts by focusing on the future and seeking new opportunities.  As the waters calm, if you can balance your current concerns against long-term investment opportunities, you have the chance to make the right information technology investments today.

As a user of information technology you are probably wondering did I invest wisely during the time before the current crisis.  If yes, more than likely you are already experiencing benefits from those choices.  If not, don’t worry we can get you there with more cost effective solutions and deeper solutions.  But it will require that you, “Focus on the Future”.

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The latest issue of AccountingToday features an article on CPAs tweeting.  The reporter, Liz Gold, included the PKF Texas Practice Growth team’s insight on CPAs tweeting and what we’re doing as a firm. Karen Love, Director and Raissa Evans, Senior Manager, were both quoted in the article.

PKF Texas doesn’t have a designated “firm” Twitter feed, rather team members tweet as individuals.  I’m still tweeting (@fromgregshead), not as often as some, but it’s been a good tool for me to use to interact with various members of my personal and professional networks. 

I’m glad to see other firms exploring their options in the Twitter-verse.  Looks like we’re starting move forward from the stodgy accountant stereotype! There are some good tips and advice in Gold’s article if you’re looking to set up your own or your firm’s Twitter account. The most important (in my eyes anyway) being “It’s important to think about why you would want to use Twitter in the first place.”

What has your company decided to do about Twitter?  How often do you tweet as an individual or a firm?  How many people are you following?

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

In these uncertain times it’s important to identify areas of waste in your business.  Whether you are trying to squeeze one or two more percent cost reduction per transaction or increase profit margin by two or three percent, the impact is the same.  Add more to the bottom line.

Recently we highlighted some waste reduction steps adopted by Toyota in our Award Winning Magazine, “The Leading Edge”.  Let’s highlight them here:

1. Overproduction
2. Waiting
3. Transport
4. Inappropriate processing
5. Inventory
6. Motion and process improvement
7. Defects

Taking each of those areas you can then perform your own “whiteboard” waste audit to determine the two or three things in each of the seven areas above that are viewed as wasteful by your employees.  Get your employees to buy into the waste audit by involving them in the selection of the top wastes.  Put a dollar value on eliminating those wastes, remove them from business processes and watch the bottom line grow.

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Count me in as the latest iPhone convert.  I bought one a few weeks ago when it was time to upgrade my phone.  I was definitely skeptical about being able to use it for business, as it seemed to be more of a “toy.” But the iPhone 3GS I purchased doesn’t seem to have any problems.  It does everything I need it and more.  Even in very remote faraway places.

I can get all of my business email, there’s an app for editing Microsoft office documents, and there’s even an app for Microsoft Dynamics NAV.  I love having everything at my fingertips.

I know I frequently question the need to be connected 24-7, but with the iPhone, it doesn’t seem like you’re plugged in the whole time.  Dare I say I don’t feel like I’m doing work when in fact I am?  I have yet to think of an app that I might need/want that doesn’t already exist.  Really no matter what you think you need, someone has developed the app for it.

Recently, while in Canada I was visiting with some engineers who were frustrated with the fact they couldn’t connect their laptops in the Canadian Rockies to get some very urgent emails.  So I showed them my iPhone and download their content, allowed them to check their emails, check flight schedules, etc.  Needless to say I sold three iPhones on the spot.  I wonder if Apple and ATT will give me a commission?  Just joking of course, but for sure whenever I show people the iPhone, they are blown away by its ease of use and functionality.

At a wedding reception while in Canada I pulled out the iPhone to show some pictures and one the guests had over 1,000 photos of her recent African Safari on her iPhone.  We wowed everyone at our table.

How many of you have made the switch to the iPhone?  What is the coolest app you’re using?  What do you think I should download?

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The annual Inc. 500/5000 list has been posted to Inc.com. 

Congratulations to all the FastTech 50 and Aggie 100 companies who are on this year’s Inc. 500/5000 list. I’m glad to see Inc. likes our choices!

By my quick count, 15 FastTech 50 companies and 4 Aggie 100 companies are on the list this year. 

The Houston area has 14 companies in the top 500 and 104 on the overall list. Texas has a whopping 393 companies on the list! This reinforces how the entrepreneurial spirit is alive and well in Houston and Texas. 

Take the time to look at the Inc. 500 web page, as there is lot of great information, including podcasts, articles and in-depth top 100 lists.

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

As we work our way through the current recession, I was struck by some interesting comments on the concept of the blended world as defined by Microsoft.   The workplace of the second decade in this millennium will be a study in diversity.  Older workers will encounter younger workers with workplace perspectives that are very different from the ones they shared in their youth. 

The other day I was using my iPhone when a friend of my children said, “Why are using an iPhone?  You’re too old!”

Really, too old? I didn’t realize there was a driver’s test necessary for the phone at my age.  While I quickly educated this friend of my children on my own personal capabilities, we also talked about the differences in age, location and globalization on our culture.  Everything is now blurred as we are working globally in a real time perspective.  Technology has allowed us to take on multi-dimensional work on a global scale at a fraction of the investment even as little as 5-7 years ago.   Our boundaries of personal space; permitting friendships and personal pursuits within the workplace are shrinking and someone born before 1960 must ask, “What is going on here?”

I embrace the blended world and its message, “The blended world is a world of choice, a world co-created from the business strategy; the attitudes, work styles, and composition of the workforce.”  Using social networks internally and externally can keep employees and customers close.

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As Gold sponsors of the Rice Alliance for Technology & Entrepreneurship, PKF Texas is proud to share Rice Alliance events with our friends in the marketplace.  Join us as we celebrate the success of the Houston and Texas technology entrepreneurship community and kick off a new program year for the Rice Alliance with keynote speaker, George Foreman.
 
10th Annual Rice Alliance Kick-Off Celebration
"An Evening with George Foreman: Knockout Entrepreneur "
Thursday, September 3, 2008
Rice University
McNair Hall, Jesse H Jones Graduate School of Management

5:30pm - Registration & Reception
6:30pm - Keynote
7:30pm - Networking Reception & Book Signing

George Foreman - Knockout Entrepreneur will showcase his latest creative way to combine his winning boxing career with successful entrepreneurship. His latest book: Knockout Entrepreneurship, My Ten - Count Strategy for Winning at Business, will hit bookshelves on Sept. 1st.

Foreman will be speaking about his success and passion for entrepreneurship at the 2009 Rice Alliance Kick-off Celebration, Sept. 3rd, at the Jones School of Business, Rice University, Houston, TX.

Attendees receive a copy of Foreman's book: Knockout Entrepreneurship, My Ten - Count Strategy for Winning at Business.
 
 To register and for more information visit the Rice Alliance Website - www.alliance.rice.edu. 

I’ll be doing a post-event blog entry and Karen Love will be Tweeting from the event!
 

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The latest issue of the Leading Edge Magazine has hit mailboxes and is posted on the PKF Texas website.  This issue features an article written by me, Craig Abbot, Consulting Solutions Manager and Raissa Evans, Practice Growth Senior Manager, about using technology to Retool, Retrain and Retain your employees. 

Highlights from the article include:

• Improve or fully use what you already have. It’s time to step up and make the investment to do more with less—faster, better and cheaper.
• Re-evaluate internal processes to trim waste.
• Invest in additional system training for your users. A smarter staff enables your company to generate very important financial data to help guide your business through rough waters.
• Assess how technology will improve your company. In today’s economy, it isn’t just what you cut, but where and how you spend your dollars.
• Leverage your intellectual capital. When partners and providers help, they bring with them the experience of seeing what other organizations have done to do more with less.
• Adjust spending. During more troubling economic times, individual consumers adjust their spending habits, purchasing less expensive store brands…Similarly, you need to make sure your business continues to evaluate its spending habits, considering, perhaps, less expensive solutions.

The Leading Edge Magazine is quarterly publication from PKF Texas.  If you’d like to get on our mailing list to receive a copy, please send a note to Jen Lemanski (jlemanski@pkftexas.com) she’d be happy to add you to our list.

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Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas - Entrepreneur's Playbook® page of the PKF Texas website.

In this recession environment great ideas are plentiful, but that’s all they are if you do not have relevant, timely, and accurate information to make solid business decisions and execute strategy.  It’s best to focus not only ideas during a recession, but those that make good business sense every day. 

We like to advise our clients to follow R3-Retool, Retrain and Retain your personnel.  With this mindset you can get the information you need to make the right decisions each day.  Our recommendations include:

1. Improve or fully use what you already have
2. Re-evaluate internal processes to trim waste
3. Invest in additional systems training for your users
4. Assess how technology will improve your company
5. Leverage your intellectual capital, and
6. Adjust your spending

Here’s the best part, your employees through all types of social media are now globally connected to their friends, and, your competitors more than ever.  If you are not showing them you are invested in their success, they will leave taking all the experience right out the door with them.

Keep your employees; use R3 to show them you are invested in their success.  As Jimmie Johnson, former Head Football Coach of the Dallas Cowboys once said, “Let’s turn this thing around.”
 

Posted In PKF Texas - The Entrepreneur's Playbook® Comments Permalink

On May 11, 2009, the Treasury Department released the highly anticipated Treasury Green Book, General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals. In addition to other tax proposals, the Green Book provides details on the international tax proposals, estimated to raise approximately $210 billion over 10 years (FY2010-FY2019).

The proposals are intended to principally operate by eliminating or reducing deferral of U.S. tax on multinationals' overseas income and by strengthening reporting requirements and enforcement targeted at capturing additional tax dollars from unreported offshore income, primarily from foreign bank and investment accounts.

PKF Texas International Tax Directors, Frank Landreneau, CPA, and Eddie Goldsberry, CPA have written an article dicussing the potential impact of these proposals, which can be found on our website at www.pkftexas.com/GreenBook.

Be sure to check out pkftexas.com regularly, as we post tax updates and other information as soon as we receive notification of decisions by the standards setters.
 

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One of my team members, Jim Batson, Manager in the Consulting Solutions group here at PKF Texas is a Jet Reports Certified Professional. He's written a couple of blog entries about how using Jet Reports can help a business. Below is the second entry:

You have a highly customized business application and database. Data is flowing freely and easily. You are getting information you never thought possible. You are learning that some products make more than you thought and some are making less. You most profitable customers are actually your highest volume customers with the lowest profitability. Then, management starts with the what ifs…. Your reporting needs go through the roof. You need Ad Hoc reports, and lots of them. You need a tool that is easy to learn, easy to run, and easy to modify. Oh and one more thing, can you graph some of those reports for me? My Board is more visual and understands graphs easier. So can you graph my reports and send out the entire reporting package every week? Automatically?

If you have a headache already you’re not alone. But don’t worry we have a solution for this very requirement. Jet Reports.

We have a client that needs to keep track of animals moved from a farm and sold to a meat packer. All of the various data details and process requirements just didn’t fit with any standard ERP system.

MS Dynamics NAV was able to handle all of the special process needs and Jet Reports took care of the rest.

One management started seeing data that it never saw, the genie was out of the bottle. They wanted more and more information about their business. So much so, that the accounting manager commented “we have delivered so much value beyond what they used to see, they have become spoiled with the information produced by the reports. Jet Reports has created value they never thought possible.

Between the controller who is learning to slice and dice the data and management who always wants to see the data a new way. Jet Reports has performed beyond their expectations. Ad hoc reports; before only dreamed of are becoming a daily way of life are now a daily reality.

Jet Reports Tip: If you are user of Jet Reports and want to get some of Jim Batson’s Jet Tips, contact him at jbatson@pkftexas.com.

If you want to learn more about Jet Reports and how it can be quickly and cost effectively utilized at your business, contact Karen Love at klove@pkftexas.com.

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