Tax Associate at "Non-Big Four Firm" Exclaims Benefits of Technology in Accounting Practice

Accounting: the process of communicating financial information (through financial statements) about a business entity to internal and external users, like managers and shareholders; but how does technology affect the practice? This sounds like a repeated tune, doesn't it? As my faithful and loyal readers seen in my last post upon the role technology plays in "Big Four" firms like KPMG, times have changed upon how accountants conduct business. "Out" with the calculators and mountains of blank paperwork waiting to be filled out and "in" with the digital age. But how does technology's influence in a "Big Four Firm" compare to its role in one that isn't?

Can there truly be a large difference in technology usage if the firm is not a "Big Four Firm"? Is technology the edge? Tiffany Harvey, a tax associate at the top 20 (but not Big Four) ranked accounting firm Reznick Group, was able to shed some light upon how significant technology is in the firms that stand outside the "Big Four" bracket.


Technology Allows Regional Firms to 'Hold Their Own' against Big Four Heavy-Weights

As a tax associate of only a few months with Reznick Group, Tiffany Harvey is a recent graduate of the University of Maryland and Robert H. Smith Business School, and has had the liberty of gaining experience with both KPMG (through internships) and with Reznick Group (currently working full-time). Similar to Lawrence Hui in my first cover of technology in accounting firms, Harvey has gained her credibility through obtaining 150-credits, but is awaiting her time to take on the behemoth that is the CPA (Certified Public Accountant) exam until after her "first busy season" subsides (based on the location of the videos, you can definitely tell that this season was certainly a "busy" one).

But did technology serve as a worthy conduit to allow Harvey to withstand the brutal tax season? Yes, and better-yet, it did majority of the work for her!




Sophisticated Software and Trainings Makes Tax Season Easier Than Ever

Contrary to Lawrence Hui's experiences, and those individuals basing their assumptions on slippery slopes about Non-Big Four firms, Reznick Group has given Harvey a plethora "firm-specific" knowledge to assure that work is done at an efficient rate at the regional firm. With the software and trainings being given to Harvey, it seems as though the "old dog" isn't just learning new tricks; it's adding a few years of life to the prime-time pup.



What Specific Hardware Benefits a Reznick Group Associate during Busy Season?

Your in the transition stage between the first quarter and the second where you, as a tax associate, experience some of the busiest times of the year when filing taxes. What could make life a little easier when providing a service to an important client? How about "Dual Monitor" technology (specific name has to be held confidential for corporate-competition reasons)? Tiffany Harvey goes further in-depth about one of the most amazing and prolific pieces of technology the accounting industry has ever seen! Photograph of the hardware follows synopsis of technology.

A Reznick Group Tax Associates' Typical Desk with the "Dual-
Monitor" technology as the centerpiece

Even with Technology of this Caliber, Tax and Audit Associates with CPA are Needed

Quarter-Incremented Annual Rate of Individuals Obtaining CPA

Although the Reznick Group provides all its employees with some of the most sophisticated software and provides worthwhile trainings on how to use it, Harvey says that passing that CPA exam is still paramount in what is done daily as an associate. CPAs are becoming more and more sought after due to the low-rate, although rising, of individuals passing the certified public exam. Harvey also goes further into detail about what that certification has in office politics and your personal brand at Reznick Group.



Technology Allows Regional Firms, like Reznick Group, to Carry Their Weight against Big Four Heavy-Weights

Example of the NMTC Interactive Map displaying the tax credit opportunity
in Denton Community , University of Maryland

So based upon one of Reznick's newest additions to its tax department, the life of an accountant at a top firm doesn't seem so bad after all, if you have the necessary credentials, with technology tolerating most of the blows of tax season. But what does all this tech-savvy mean to Reznick as a corporation? Reznick Group is proving to be more of a contender in market share of the accounting industry than someone with no prior knowledge would think. Simply looking at their website, one could easily conclude that technology serves a major role in what the company does, quality of their services and/or the strong brand-name they hold due to the amount of effort placed into their webpage. However, besides the advertising technology allows Reznick Group to effectively do, it also brings forth potential new customers and further assists current clients through the new, innovative and very relevant New Markets Tax Credit (NMTC) Interactive Map.

Through the interactive map (found through the webpage or by clicking on the hyper-linked text above) allows the average person to research where a tax credit is available for a new private sector investment in economically distressed communities (foreshadowing future expenses for entrepreneurs). Technology like this pretty much encapsulates what technology is capable of for a regional firm as a whole, along with it's benefactor role for the individual associates in the workplace.

Proclaimed loud and clear from a profession who has been at both types of accounting firms (Big Four and Non-Big Four), technology is shown to have affected every aspect of the accounting practice from advertising the firm to assisting individual associates with customer service. So with all the softwares, trainings and hardware available to make life easier, why aren't more people pursuing careers as accountants? Maybe it's the CPA exam's difficulty...

Federal Tax Associate Stresses the Benefit of Technology at a "Big Four" Accounting Firm

Accounting: the process of communicating financial information (through financial statements) about a business entity to internal and external users, like managers and shareholders; but how does technology affect the practice? Because accounting is paramount for any business or firm's future success (and thus accountants) since all have to be conducting themselves with great ethics, technology is showing to be paramount to manage and continue competitiveness among other firms.

But there seems to be a misconception about accountants. Apparently all they do is sit at desks with papers stacked as high as the ceiling with green visors and a calculator/pencil only up their repertoire. Lawrence Hui, a recently graduated University of Maryland alumni and currently works full-time at KPMG LLC, puts the technology-free myths to rest.


Technology's Apparent and Beneficial Role in the Firm

As a tax associate under the Federal Tax Department, Hui graduated last year after gaining 150-credits to become eligible to take the CPA exam (Certified Public Accountant exam) and began his full-time offer at KPMG. With nearly a year under his belt at the demanding firm, Hui gives his perspective of what place technology has in the everyday operations on the tax sector at Big Four firms. Contrary to popular belief, accountants are more tech-savvy than Dell computers and sturdy calculators.



Did you have to pick up any new technology along the way?

Your at the very demanding accounting firm for a few months, and your finally pass that newbie stage. Does an accountants' work become limited over time if he doesn't pick up new tricks in the technology field? Hui provides some insight into what prior knowledge in technology and software is needed, and more importantly, does an old dog need new tricks to stay competitive and relevant.



Now that we know technology is pivotal in the practice, is an MBA necessary in business life today or are technology trainings more useful?

After Hui shows some regret about not taking more classes on the various Microsoft softwares he utilizes daily, he weighs in on the hot topic of MBA v. CPA (Master's Degree in Accountant v. Certification). Does he regret not adding more to his Undergraduate and CPA qualifications?



Proclaimed loud and clear from a professional, technology is shown to have affected every aspect of the accounting practice from customer service to meeting the guidelines of higher government officials. So with all the softwares out to make life easier, why aren't more people pursing careers as accountants?

IPad Critique

listen to ‘IPad Part 1’ on Audioboo

The Third-Person Effect: New Hazards and Interpersonal Issues Arising from Facebook Users

           Without even having to ask the question to begin with, I know you have a Facebook. You as a college student reading this are more likely to have one than any other group of individuals whether it is because of Facebook’s networking power or us just being more social at this point in life than any other point in our lives. But this also goes without saying that we are all affected by the negative effects that may arise from Face book too. Beside from all the known problems that can occur like addiction and the issues with its privacy, other problems like becoming less likely “to visit social networking sites recommended by friends” are becoming more and more common every day. These happenings are nothing less than a shocker and mind-blowing. How can a site, an intangible group of related web pages, have such off-putting effects? This site, to some, is how they use to blow steam or at least kill some time before you went out on a Friday night, but now you are telling me that there are more issues that may occur within us interpersonally? According to Dr. Angela Paradise and Meghan Sullivan, this is proven to be true through science.

The Hazards Facebook is Now Proven to Implicate

            From their research study/paper entitled, “(In) Visible Threats? The Third-Person Effect in Perceptions of the Influence of Facebook,” Dr. Paradise and Meghan Sullivan have proven that people have shown to be more indifferent to other’s situations/relationships, have basically caused a negative perception of all our friends (overall), except for those we deem “close friends,” and has created this “immunity” effect with each individual person. This immunity effect is the phenomenon that everyone thinks they are safe from the hazards of Facebook whether it be from how strong they think their privacy settings are or what they think their odds are of being hacked by a “friended” person. All-in-all, a significant amount of the people in the questionnaire said that others are more susceptible than themselves to their hazards. Wow! It almost seems like Facebook users are seemingly developing into worse human beings the more and more we utilize it.

            According to the study, you are more likely to be apathetic and indifferent to seeing a close friend moving from “in a relationship” to “single” on Facebook than ever. To you, seeing another person being hacked on Facebook with some crazy “status update” or lascivious/provocative picture clearly done by a complete stranger or mean friend deserves a reaction of “meh.” And to add, with this being the most ironic of them all, you even becoming more and more distant from those you decided to friend because you lost touch with them in the first place due to the fact that you don’t consider them a “close friend”. Well, of course you don’t consider them a close friend. You are trying to rekindle that old flame that use to be, to get them back to the “close friend” status; but according to this study, it doesn’t matter. That person will have a lesser chance of becoming closer to you on Facebook than ever, and that’s not what Facebook was made to be. All of these negative effects (maybe keeping the “immunity” mindset effect exempted) were suppose to be addressed and lessen through the use of Facebook's "friending" and profile services, but Facebook itself is becoming the evil monster spewing out all these unthinkable problems.

Is the studies credible?

            I think it’s fair to say that the study is far from perfect and under-represents almost all demographics for their individual effects, due to the statistics being based off questionnaires given to Caucasian, college students in a specific region. The study even states the possibility of this phenomenon of “immunity” being credited to the all people having “biased optimism” and needs for “ego enhancement,” or one’s “feeling they are superior to others” and “judging one’s self as more competent than others” respectively; but, the study is still credible for its outcomes in my eyes. Facebook users thinking that they are impervious or not targeted is not an old phenomenon (although the mindset that creates it isn't), so the study proves to be significant in its own right to help gain more knowledge on social website effects. Dr. Paradise and Meghan Sullivan have made strides in proving that Facebook has more issues than what the most successful social network puts on its “Known Issues” page, and it definitely proves to be interesting whether you approve or disapprove their credibility. I just wish I cared more to post this on my page to let everyone else know of the hazards; but then again, it’s effects aren’t going to affect me so why worry right?

Failure of Our Filters Deserves Our Attention

What’s do you think is wrong with Facebook? Does the newly added timeline seem to be more of a hassle and overwhelming rather than a cool, new, exciting way to display your life on a website? Or maybe you are one of the long-time users who have found Facebook’s lack of a good filter to keep unwanted friends or family members away from “friending” you as problem? These two cases are very common amongst users worldwide, but this problem extends more to just this networking sites. It extends to the Internet as a whole. Are the websites with too much gadgets, tabs and unwanted videos (YouTube) too much for you, or does the unwanted spam reaching the thousands in your Yahoo! folder becoming an atrocity? Either way society is facing two problems that need to be taken care of a.s.a.p. But which one should be handled first?

          It’s should, or logically would, be whichever is perceived to be a larger problem, and to me, it’s filter failure? I think of it in this way. Going back to the Facebook example, which one seems to be more of the hindrance: all the timeline information and links you can click on, or the possibility that your boss or family members may read some of the very personal information you release on your status or during the changing of your relationship status? I think Clay Shirky from the “It's Not Information Overload. It's Filter Failure.” video would definitely agree that filter failure is a bigger problem just from his similar story present in his speech. Those clickable links and timeline information are only a nuisance when you not interested or not in needed of whatever they offer. You don’t care about the link to change your privacy until you actually need it to change your privacy, so until that time comes, it’s in the way. So in this situation, information overload may not be such a bad thing. On the other hand though, there is no way to cope with personal information somehow getting out to the crowd of people it’s not intended for. Some could say that you should make that privacy link less of a irritation and change your privacy to keep certain people out (or simply be more careful when sending out precious information). But what about the world wide web, where there isn’t any universal “privacy links” or consistently successful filters of information?

          Maybe that’s the answer to this problem of how to solve filter failure. A tool that is attached to Internet Explorer or Google Chrome that keeps certain individuals blocked from all information that you release to the world (Yes, I know it’s kind of harsh). Maybe Facebook should think about adding a way to selectively block certain friends you are forced to have from information you are posting at any moment in time. Or maybe the answer is that there isn’t an answer at all. Filter failure is a problem of unwanted or too much information being displayed when only a smaller amount of information was assumed to pop-up upon requested. So how can we limit the amount of information that we received without limiting the creator of the information in the first place? Isn’t the internet suppose to be a playground for the mind and a canvas for the web blogger who want to make something that they feel as though is necessary? If there was a way, and I’ll reiterate that I don’t think there is, it definitely won’t be done through legislation anytime soon because wasn’t that what the whole SOPA and PIPA scare was all about?


Clay Shirky's "It's Not Information Overload. It's Filter Failure"
http://blip.tv/web2expo/web-2-0-expo-ny-clay-shirky-shirky-com-it-s-not-information-overload-it-s-filter-failure-1283699

GPS: Gramps is Probably Stalking

After reading the two pieces and follow-up research on GPS, I feel as though we should definitely be utilizing the technology less, at least on a domestic level. Although it is something that is used for directions and is “cool”, it’s easy to see that the technology is too powerful to be given to some individuals for just a few hundred dollars. The common man is only able to really do three things with the GPS technology: halt being lost, track a stolen car or teenager down, or do some type of heinous crime. Finding where you want to go and possibly helping to save a life is of course great, but is also being stalked or tracked unknowingly by someone you know also a benefit? Or taking it further, what about when it’s by someone you don’t know? The answers to the last couple questions are obvious, and the happenings seem to be occurring more often than the actual saving-lives part does. People with mental illnesses or those that are just plain evil are able to equip themselves with a tool to hinder someone else’s life or worse, and that isn’t “cool”. Or maybe it isn’t complex-enough for you why it is more of a risk than a benefit? What if a father wants to just see if his daughter is being taken to a party instead of the library to studying (like she said), so he places the GPS device underneath his car to track her every move. Is GPS technology still a good thing? From the father’s standpoint, it’s pure gold and will probably further fall in love with it’s capabilities. But from the daughter’s standpoint, her right to privacy was just violated. Is this any different from the government utilizing GPS to spy? Maybe not on the same scale, but they are definitely correlated in immorality. To clarify, I do not condone the death of GPS for all these negative usages. I am simply stating what may happen if the technology is improperly used, so in fact, condoning even more so that the user be punished. The author of the article linked below can back me on this (and majority of the things I’ve stated), and they even seem to take a very similar approach to persuading why the risks outweigh the benefits. Frankly, GPS is just too much for some to handle civilly; but it’s still smart to keep in mind that GPS doesn’t kill people, the deranged persons utilizing that GPS technology does.

http://www.gpsfortoday.com/gps-tracking-is-not-all-good/