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June 8, 2016

In the part one of this series, Brad discussed frequently asked questions about the new revenue recognition rules and what they entail.

In part two of this three part series covering the latest in revenue recognition, Brad Hale, Tampa Bay Managing Director, discusses some of the challenges that businesses will face as they begin to implement the new standard, and some solutions to alleviate these challenges.

One of the biggest challenges many businesses will face with this standard is finding out where to start. To help with the process, establish a cross-functional team and conduct a brainstorming session to identify the company’s key revenue streams and what they impact. Work together with the cross-functional team established to develop the best approach for implementation and put together a timeline with deadlines, assigning someone to lead the transition. Be sure to involve the cross-functional team, as various departments from across the organization will need to get involved.

As noted in part one of this series, certain industries will be affected more than others. However, all companies will be impacted by the new standard in one way or another. The most important takeaway here is to get started now!

Stay tuned for part three in this series that will discuss ways businesses can prepare for the revenue recognition standard during the deferral period. To read the full article, click here. For more information on how to adopt the new revenue recognition standard, click here or contact Brad at bhale@cbiz.com or 727.572.1400.



June 1, 2016

Saturday, May 21, 2016 was CPA Day of Service statewide across Florida hosted by the Florida Institute of Certified Public Accountants (FICPA). Ten employees from our Tampa Bay practice volunteered to give back to the community by participating in two home builds for Habitat for Humanity in Pinellas County.

Altogether, more than 190 CPAs with their family members and friends gathered to give back to 14 different Florida communities on the 2016 CPA Day of Service. “CPA Day of Service is a great way for CPAs to unite for the greater good of a community,” said Jessi Levine, 2015-16 Young CPA Committee Chair and Manager at CBIZ MHM Tampa Bay. “We could not have done it without the many volunteers who showed up with smiles and ready hands to make Florida a better place to live and work!”

For more coverage of the event, search#CPADayofService on Twitter. For more information about community involvement in our Tampa Bay practice, visit our website.



May 26, 2016

The CBIZ MHM Tampa Bay Career Academy Program was held May 9th and 10th at the Hilton in downtown St. Petersburg. The two-day program is designed specifically for accounting students to help them identify the skills they have, how to identify and work with the skills of teammates, and how to further develop the skills needed as they embark on their careers.

Tampa Bay experts lead sessions focused on learning how to work collaboratively in a professional setting. Highlights from this year’s program included a LinkedIn seminar, The Go Game team building exercise, networking best practices, and a career management group project. The students were also taken on a client tour at Great Bay Distributors.

For more information about our Career Academy and how to join our Tampa Bay team, visit our Campus Recruiting page.





May 24, 2016

100 participants wrapped up the CFO & Controller Conference May 11th at USF Health, CAMLS with a better understanding of the CFO’s role in mergers and acquisitions.

The morning kicked off with experts discussing buy-side, sell-side, and transaction advisory expectations of a CFO when dealing with mergers and acquisitions. For a full lineup of speakers, click here.

The program closed with a panel of local CFOs discussing best practices in mergers and acquisitions. This panel included Andy Demott of Superior Uniform Group, Doug O’Dowd of Xcelience, Steve Torres of Vology, and Kris Wiebeck of Baldwin Risk Partners. This session was moderated by Dave Enick, Managing Director of CBIZ MHM Tampa Bay. Margie Manning, Finance Editor of the Tampa Bay Business Journal, covered the panel and perspectives from each of the CFO’s on what it’s like to buy a company, what it’s like to be acquired and how to prepare for being on either side of a deal. To read the full article, click here.

For more information regarding this Conference, search #CFOConf on Twitter.



May 2, 2016

More than 70 CFOs and Controllers are gearing up for the CBIZ & MHM CFO Conference to be held next week at USF Health, CAMLS in downtown Tampa. 

Four CFOs are slated to close the half-day conference with a Q&A session and give insight into what the modern CFO should be prepared to face at the deal-making table.

This conference will be the first of its kind hosted by the Tampa Bay office.  The May 11th event will focus specifically on the CFO’s role in mergers and acquisitions.

Bob Bukala of Foundation Partners

Bob is the Chief Financial and Administrative Officer of Foundation Partners since 2012. He brings over 30 years of financial and managerial expertise to his role.


Andy Demott of Superior Uniform Group

Andy is the Chief Operating Officer of Superior Uniform Group and also serves as the company’s Chief Financial Officer and Treasurer.  Andy joined Superior Uniform Group in 1998 and plays an integral role in improving overall operational performance. Andy has been key to the development and implementation of corporate strategy. During his tenure, he has managed multiple significant acquisitions.

Doug O’Dowd of Xcelience

Doug joined Xcelience in 2012 as the company’s first Chief Financial Officer.  Doug has extensive experience working with small to medium sized companies in a variety of industries, both in the US and internationally.

Steve Torres of Vology

As Vology’s COO, Steve oversees all financial, operational and HR functions, including strategic planning, accounting and reporting, taxes, mergers and acquisitions, risk management, business intelligence, purchasing and logistics management. Steve brings a wealth of strategic leadership experience to the company, including expertise in public and private capital offerings, financial and operational transformations and regulatory compliance expertise, specializing in SEC and Sarbanes-Oxley compliance.

For more information and to register:
https://tampabaycfoconference.eventbrite.com/

Can't attend the event?  Follow along with the conversation on Twitter using #CFOConf



April 29, 2016

The healthcare and educational sectors brought renewed scrutiny to nonprofits’ unrelated business income activity in recent years. High rates of noncompliance in the IRS College and University Compliance Project Final Report and renewed focus on spending in the healthcare sector have regulators taking an especially close look at the issue of unrelated business income tax (UBIT).

The changing not-for-profit operating environment is making UBIT compliance risk greater than ever before. Betty Isler, Tampa Bay Managing Director, authors an article discussing main targets of UBIT scrutiny and why one should consider how the following could have an impact on an organization.

  • Digitized Form 990s
  • Website Risks
  • Banners
  • Merchandise
  • Merchant Affiliate Programs
  • Schedule K-1s

Scrutiny on UBIT is only increasing. To avoid penalties and other compliance risks with UBIT, nonprofits need to consistently revisit their sources of revenue and their reporting functions of those revenues. Consider carefully how each source of revenue contributes to the organization’s mission, and whether that activity still fits into the long-term strategic plan of the organization.

For more information about how to manage UBIT considerations, please contact Betty Isler at 727.572.1400 or bisler@cbiz.com.



April 27, 2016

Dave Enick, Managing Director with CBIZ & MHM Tampa Bay, will speak at the 2016 USF Accounting Circle Conference held on May 26-27th at the USF Marshall Student Center.  The 2-day conference includes presentations on a variety of accounting topics, including best practices for retirement plans, the impact of big data on the accounting profession, revenue recognition update and implementation challenges, SEC update, GAAP update, and cybersecurity.  

Dave will be presenting on the middle market M&A.  The presentation will focus on current trends from a pre-transaction, transaction, and post-transaction basis.

To register for this conference, visit the USF registration website here.  For more coverage of the event, search #ficpaUSFAC on Twitter.

Jenny Matasic, Senior Manager with CBIZ & MHM Tampa Bay, is presenting at the 2016 Not-for-Profit Organizations Accounting Conference held on May 26-27th at the Holiday Inn Westshore in Tampa.  The 2-day conference will cover board governance, single audit, grants, peer review, affordable care act, data security, fraud, new market tax credits, and 403 (b) issues.

Jenny will be presenting on Best Practices in Operating Your 403(b) Plan. This presentation will look at key requirements of operating a 403(b) plan and discuss struggles plan administrators often experience in both large and small 403(b) plans.  It will also cover trends in 403(b) plans.

To register for this conference, visit the FICPA registration website here.  Follow the FICPA on twitter @ficpa and use #ficpaNPC to tweet about this conference.



April 21, 2016

Although busy season can be a daunting and stressful couple of months, it definitely has its perks.  Busy season gives employees the opportunity to come together to build a sense of camaraderie and team spirit.  It’s especially true when you add some fun activities into the mix to help maintain the team’s positive attitude.  

 

Here’s a glimpse into our Tampa Bay practice’s busy season:

 

Food is definitely a necessity for any office! Our staff enjoys nightly dinners catered from our favorite places in the Tampa Bay area, and you can’t forget about our infamous ice cream sundae bar where Managing Directors serve our staff.  A Super Bowl pizza luncheon allowed employees to wear their favorite NFL apparel, and our Rays Home Opener luncheon kicked off baseball season with some burgers, hot dogs, popcorn, and peanuts.  Talk about a home run!

 

Competitions! A little friendly competition can make the long hours go faster.  This year, our Tampa Bay office participated in the USF Firm Kickball Tournament, a March Madness Bracket challenge, and Corporate Sports Fest on St. Pete Beach.

 

Our weekly ‘Throwback Thursday (TBT)’ trivia included pictures from the past along with a themed trivia question for a chance to win gift cards to restaurants and shops around the area.

 

Sometimes you just need a little R & R.  Safari Oasis Massage provided massage and reflexology breaks to help our staff unwind and relieve stress.

 

Monthly happy hours during the busy season also give our team time to relax and enjoy a fun night out of the office.

 

For more information about how to join our team and grow your career with CBIZ MHM, click here.



April 19, 2016

More than 10,000 women came together across the nation for Bizwomen’s third annual Mentoring Monday event this year.  CBIZ MHM is proud to be a national sponsor.  The Tampa Bay event, hosted by the Tampa Bay Business Journal, took place at Metropolitan Ministries on April 4, 2016.

In Tampa Bay alone, more than 150 women participated in brief 7-minute one-on-one conversations with C-Suite executives of public, private and not for profit organizations in the Tampa Bay area.  To see the full list of mentors, click here.

Dana Burton, Senior Manager, was one of 42 female mentors participating in the event.  Dana provides audit, review, and compilation services.  Dana is also passionate about her involvement with USF.  Since 2007, she has been a Board Member of the USF Accounting Circle, whose mission is to enhance student professional development and promote student and faculty success through opportunities that engage the Tampa Bay Area.  Dana participates in student mock interviews, student mentoring, event coordination for students, alumni and the Tampa Bay business community, and guest speaking to classes. 

For more coverage of the event visit our @CBIZTampaBay Twitter page or search #MentoringMonday on Twitter.




April 14, 2016

In part one of this three part series covering the latest in revenue recognition, Brad Hale, Tampa Bay Managing Director, gives the background on the different accounting rules throughout the world, specifically focusing on one of the IASB and FASB’s first projects - creating a set of universal standards for revenue recognition.

Brad discusses why the IASB and FASB set out to make these changes and covers some frequently asked questions about the new rules and what they entail.

  • When will the new standards take effect?

o   For public companies, the standards will kick in during the fiscal year beginning after Dec. 15, 2017. 

o   Private companies will be required to implement the standards exactly one year later, beginning the fiscal year after Dec. 15, 2018.

  • How will businesses be affected?

o   Businesses will find they have to disclose more.   Under the new standards, there will likely be several pages of disclosure, most of which will discuss the reasoning that led to management’s decisions and conclusions about how to recognize revenue.

  • What should businesses do now to prepare?

o   Businesses should continue to monitor the amendments being made by the FASB, as there are still several amendments that need to get finalized.  Businesses should also make every effort to get up to speed on the standards so they are ready when the time comes for implementation.

Stay tuned for parts two and three, which will discuss the challenges businesses will face during and after implementation and how they should prepare ahead of the transition.  To read the full article, click here.  For more information on how to adopt the new revenue recognition standard, click here or contact Brad at bhale@cbiz.com or 727.572.1400.



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