Posts Tagged ‘Rea Radio’

Building Bridges

Monday, July 18th, 2016

Closing The Gender Gap In The Workplace

Closing Gender Gap - Ohio CPA Firm

The percentage of women in the workforce increases every year, but that’s not necessarily reflected by the percentage of women in leadership positions. Additionally, women are often being paid less to do the same job as men, despite having equal qualifications and experience. Regardless of your gender or position within the company, we all have a responsibility to help close this gap.

We’ve certainly come a long way from the old days, when women in the workforce were expected to be seen and not heard. As anyone who has ever watched an episode of “Mad Men” (or worked during that era and lived to tell about it!) can attest, the workplace was exclusively a man’s world.

But despite our progress, the gender gap in the business community continues to be a hot topic these days. Shouldn’t men and women be paid the same to do the same job? Haven’t women proven that they are just as skilled, intelligent and driven as their male counterparts? Why does a gender gap still exist, anyway?

I’d like to think that no one intentionally denies their employees equal opportunities and fair pay for any reason, including gender. But, unfortunately, it does happen – even if it’s just on a subconscious level.

An organization is only as strong as its employees. Men and women are equal and integral parts of the equation. Successful companies recognize that diverse opinions and skill sets are invaluable assets to the modern business, and they have begun to hire and promote accordingly.

The percentage of women in the workforce increases every year, but that’s not necessarily reflected by the percentage of women in leadership positions. Additionally, women are often being paid less to do the same job as men, despite having equal qualifications and experience. Regardless of your gender or position within the company, we all have a responsibility to help close this gap.

LEADERSHIP: You Hold the Keys to Change

Even if your intentions are pure, your actions may fall short. Remember, your employees are following your lead, so be sure you’re setting the proper tone at the top. For help, survey your employees to find out how you’re doing in this area. You can also take the following steps to help close the gender gap in your business:

  • Ensure that women are represented at all levels of the company, and keep them involved in management decisions.
  • Pay women equally as their male counterparts.
  • Don’t assume that a woman with family obligations isn’t up for the challenge of a promotion or increased responsibility.
  • Take time to listen to the concerns of women within your organization and foster an environment of open communication.

MEN: You Play an Important Role, Too

It’s the job of every man in the company to respect and treat their female colleagues as equals. You can do this by:

  • Becoming aware of communication differences between genders and encouraging women to participate and offer their ideas.
  • Actively working to include your female colleagues in the same way you do other men.

LADIES: Support One Another

Women in leadership positions have a unique opportunity to support other females in the organization, both by serving as mentors and acting as “spokeswomen” for gender issues with upper management. Additionally,
women can:

  • Organize and participate in groups that address common issues women face in the workplace.
  • Be visible. Make sure company leadership sees your work ethic and initiative, and ensure your opinions are heard.
  • Find ways to connect with your male colleagues.

Men and women bring different yet equally valuable perspectives to the workplace, and all contributions should be respected. We’re on the same team, working toward the same goal — let’s ensure we always act accordingly.

By Lesley Mast, CPA, MAcc-Taxation (Wooster office)

Want more insight into this topic?

Check out Lesley’s podcast episode, “girls & glass ceilings: the gender gap,” on unsuitable on Rea Radio. You can listen to the podcast on iTunes, SoundCloud and at www.reacpa.com/episode-20.

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Who’s Driving Your Business’s Results?

Monday, May 9th, 2016
Jeremy Senften | unsuitable on Rea Radio | Ohio Accounting Podcast

Jeremy Senften, CPA, CGMA, Rea’s chief operating officer, joins Mark Van Benschoten on an episode of unsuitable on Rea Radio to talk about the benefit of tracking your business’s success. Listen to episode 31, “Bet On Your Business By Scoring Your Success,” now!

Businesses that drive consistent revenue growth are able to do so because they have honed in on the importance of working with their teams to drive measurable results. And, believe it or not, it’s not rocket science! Take a look at these three tactics for tips to help you achieve the growth goals you’ve been working toward.

Listen To Bet On Your Business By Scoring Your Success on unsuitable on Rea Radio

Place Your Bet

If you had to bet that one particular action would drive the results you are looking for, what would that bet look like? For example, if your goal was to increase your company’s sales, I would be willing to bet that increasing the number of calls your team makes to customers would bring you closer to reaching your goal. Placing your bet on a particular initiative will help you identify where you need to focus your efforts and work you do to reinforce the bet will help you achieve the goal.

Keep Score

Just because you are not keeping score in the traditional sense, doesn’t mean somebody else isn’t tallying up points. Generally speaking, we like to keep score because we like to know if who is winning. As competitive beings, people like to see what the others are doing. That way we have an idea of what we need to do to one-up them. Companies can harness this drive and put it to good use when it comes to driving desired results in your business. Tracking your success is so important and communicating these results is just as critical. Your team wants to know how what they are doing has an effect on what is going to happen and how those results impact the big picture. It’s your job to show them.

Communicate

If you aren’t constantly communicating news, results and other critical information, your efforts are doomed to be chalked as just another “flavor of the month.” You’ve likely make a significant investment in this particular initiative, so it’s critical that you talk it up – and often. Some people say that a person has to hear something seven times before it actually “clicks.” I like to joke that you should talk about it until you are tired of talking about it … then mention it 10 times more. You shouldn’t be the only one delivering the message either. Try to establish a team to champion your message to encourage others to take ownership of the initiative as well.

Are you looking for more insight into the goal-setting (and achieving) process or would you like some additional clarity on the points above? Listen to my interview with Mark Van Benschoten on unsuitable on Rea Radio and “Bet On Your Business By Scoring Your Success.”

By Jeremy Senften, CPA, CGMA (New Philadelphia office)

For more insight into achieving business growth, check out these articles:

From Good To Great: How To Create A Strategic Plan That Propel Your Business Forward

If It’s Going To Be, Then It’s Up To Me

Measure Your Operations With Key Financial Information

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Did Prince Forfeit Control Over His Multimillion Dollar Estate?

Wednesday, April 27th, 2016

Learn How A Will Protects Your Fortune After Death

Did Prince Have A Will | Why A Will Matters | Ohio CPA Firm

PHOTO CREDIT: www.Billboard.com
According to Prince’s sister, Tyka Nelson, the music legend neglected to draw up a will before he died. Regardless of how large (or how small) your fortune is, estate planning is essential and drawing up a will is a critical component of the plan – one you literally can’t afford to ignore. Keep reading to find out why a will is one of the most important documents you will ever have drawn up.

While driving my sons to school this morning, we heard on the radio that, according to his sister, Tyka Nelson, music legend Prince died without having a will in place. This means, if the reports are true, Prince’s estate will be managed by a Minnesota probate court and will likely come with a large tax bill.

Naturally, this story has already generated national attention concerning the future of Prince’s multimillion dollar estate. What is certain, however, is that if Prince did die without having a will, his sister and five other half-siblings would stand to acquire a significant inheritance – after taxes, of course.

Read Also: You Can Still Have The Final Say After Death

Who Will Inherit Your Fortune?

I know that my sons truly love each other but, like most siblings, they fight like cats and dogs. So I decided to use the drive to school as a teachable moment.

Because both of my sons dream of becoming professional sports stars (let them dream), I advised them to heed the warning tucked within the morning’s news report. If you don’t want your brother to inherit your fortune when you pass away, you need to have a will in place that will determine where your millions go. Otherwise, the state will give everything to your next of kin.

Still Not Sure If A Will Is Necessary?

Regardless of how large (or how small) your fortune is, estate planning is essential and drawing up a will is a critical component of the plan – one you literally can’t afford to ignore. Among the many benefits of establishing a will, this document will:

  • Give you the final say over how your finances will be distributed.
  • Establish who will be legally responsible for caring for your minor children.
  • Help you avoid a drawn-out probate process.
  • Provide you with an opportunity to minimize your tax burden.
  • Let you determine who will be responsible for managing the affairs of your estate.

Lesson Learned?

You don’t have to be a teacher to pass along a few solid words of wisdom to your children. You just need seize teachable moments when they present themselves – even if all you can do is begin laying the groundwork for an even bigger lesson. Here’s what we accomplished on this morning’s drive:

  • I’m certain my boys now agree on one thing – that when they become professional sports stars (or whatever profession they choose), a will is a must have.
  • They now know who Prince is and that he acquired a lot of money over the course of his career.
  • Hopefully, they now have a basic understanding of the importance of a will. (I’m probably going to have to have a follow-up conversation about this one.)

Eh, I tried.

Would you like to learn more about estate planning and how to ensure your assets are distributed in accordance with your wishes after you die? Listen to episode 6 of unsuitable on Rea Radio with Dave McCarthy – The Grim Reaper Is Coming And He Wants Your Money. You can also email Rea & Associates to learn more.

By Inez Bowie, CPA, CSEP (Marietta office)

The following articles offer some more great advice about the importance of drawing up a will.

How Do You Value Property For An Estate In Ohio?

Why Should Your Digital Assets Be Part Of Your Estate Plan?

What Tax Liabilities Accompany Inherited Real Estate?

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Increased Financial Stress Hurts Your Company’s Bottom Line

Thursday, April 21st, 2016
Financial Stress | Business Problem | Ohio CPA Firm

There is a clear correlation between an employee’s stress rate due to financial hardship and reduced productivity, higher healthcare costs, increased risk of occupational fraud and lower retirement readiness. Read on to find out what you can do to help promote financial wellness in your business.

Earlier this month, in a proclamation that reiterated the importance of equipping everybody with the “knowledge and protections necessary to secure a stable financial future for themselves and their families,” President Obama declared April to be National Financial Capability Month. While the timing of the proclamation makes this a great time to raise general awareness about the importance of financial fitness, businesses have a great opportunity to educate their employees about the importance of financial wellness all year long.

Read Also: Why Do They Turn Down Free Money?!

According to PwC US’s 2016 Employee Financial Wellness Survey, 52 percent of respondents said they are stressed about their finances, while 45 percent noted an increase in their stress rate over the last 12 months. After further analysis, researchers determined that the primary cause of the stress is rooted in their inability to deal with unforeseen expenses, such as automobile or home repairs. Combined with the pressure to navigate the growing cost of higher education and the responsibility to saving for retirement, you have the makings for a perfect stress storm.

It’s pretty clear that it’s never been more important to understand the implications positive spending habits have on the wellbeing of our employees. Particularly among millennials, as the PwC study noted that the stress level of this generational group was dramatically worse than the others due to the increased level of student debt felt by this age group.

Furthermore, there is a clear correlation between an employee’s stress rate due to financial hardship and reduced productivity, higher healthcare costs, increased risk of occupational fraud and lower retirement readiness. Even in this recent study, as reported by Accounting Today, 79 percent of millennials in the workforce say “their student loans have a moderate or significant impact on their ability to meet their other financial goals.”

Employers are in a position to make financial wellness a priority before the stress workers are feeling has a chance to boil over and impact the company’s bottom line. Similar to the information and incentives your company provides with regard to wellness programs aimed at improving employee health, financial wellness programs are available to employers who are willing to step in and help their employees achieve greater financial success. Some methods are free and some have costs associated with them, but regardless of what you choose, the most effective programs are those that take a more holistic approach.

Darlene Finzer, CPA, QKA, CSA, a principal and director of benefit plan audit services at Rea & Associates spoke about financial wellness on episode 19 of unsuitable on Rea Radio. The episode, called “It Starts with a Penny,” does a great job explaining the importance of financial wellness, the risks employers should be aware of that could result from high levels of financial stress and solutions to help get your workforce on the right track. You can listen to the episode in the media player below or click here to access the episode, financial calculators and additional resources.

By Kimberly Veal, CPA (Lima office)

Check out these articles for more insight into the issues of financial wellness and retirement readiness.

Americans Falling Short On Retirement Savings

Debt vs. Taxes: Should You Pay Off Your Loan?

Don’t Miss Your Chance To Secure Tax-Free Wealth

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Your Business Could Be Doing Better

Thursday, November 5th, 2015

 

Lean Six Sigma - Manufacturing CPA Firm

Kyle Stemple discusses Lean with Mark Van Benschoten on Episode 8 of Unsuitable on Rea Radio. You can find all our podcasts at www.reacpa.com/podcast.

Those in the manufacturing industry are familiar with the significance of implementing tactics to increase efficiency and effectiveness throughout the organization. But did you know that these same concepts can benefit businesses outside of the manufacturing realm?

Listen to Episode 8 of Unsuitable on Rea Radio: Don’t settle for a plate of spaghetti

Consider the five key principles identified in Jim Womack’s book, The Machine that Changed the World and think about how they relate to your company.

  1. The customer defines value.
  2. The company must focus on eliminating waste. (Waste is defined as any activity that doesn’t add value to the company.)
  3. The customer establishes pull.
  4. The company must involve and empower people who add value.
  5. Total cost is the ultimate performance metric.

Now, reflecting on these principles, how can you optimize performance of your people while optimizing the customer experience?

Focus On The Big Picture

Once you've decided to embrace Lean in your business, you need to step back and map out your existing processes. If, at the end of this mapping exercise, the lines that guide you through your processes begin to look like a plate of spaghetti, you've got a problem.

Once you’ve decided to embrace Lean in your business, you need to step back and map out your existing processes. If, at the end of this mapping exercise, the lines that guide you through your processes begin to look like a plate of spaghetti, you’ve got a problem.

You want to be successful. To do that, you must have a clear understanding of what “success” looks like to you. A good way to do this is to identify challenges (present and future) that may hinder you from realizing your maximum potential. Once you know what you are looking for, you can generate proactive solutions – ultimately increasing your efficiency.

Think Lean

Everything we do, whether it's in our personal life, in our business life, nonprofit, for-profit ... everything we do - is all determined by processes.

Everything we do, whether it’s in our personal life, in our business life, nonprofit, for-profit … everything we do – is all determined by processes.

You may consider Lean Six Sigma to be a tactic solely for manufacturing companies. But Lean can actually be very valuable to all types of companies. But first, you have to understand the Lean concept.  First, Lean is not “headcount reduction” and thinking of it as such could result in greater long-term problems. When you decide to embrace a Lean approach to business, you should actually be committed to:

  1. Understanding your customers better and making sure the processes your business adopts meets (and exceeds) their expectations.
  2. Harnessing your employees’ knowledge to better serve your customers.
  3. Continuous improvement while building greater business capacity.

Things Are not Always What They Seem

When it looks like you've solved your efficiency problems, step back and reassess. Never forget, Lean is about embracing continuous improvement. If you really start digging and asking the right questions, you are going to get answers - and your businesses processes will continue to improve.

When it looks like you’ve solved your efficiency problems, step back and reassess. Never forget, Lean is about embracing continuous improvement. If you really start digging and asking the right questions, you are going to get answers – and your business’s processes will continue to improve.

When you embark on your Lean journey, financial struggles early on are normal. It can be scary at first, but if you are persistent, you will ultimately realize positive results. Think about it this way, traditional absorption accounting allocates overhead to inventory. As inventories are reduced in the interest of becoming lean, prior period costs are expensed in the current period. When your finance experts and executive leadership team aren’t aware of this transitional lag, they may mistakenly associate Lean with declining profits. Instead, keep going – pretty soon you should be able to notice improvements to your company’s cash flow.

Take The Plunge

Your Lean initiative will only be successful if management commits to its success. Therefore, they must fully commit to the concept while taking the time to become familiar with the benefits of Lean. Sure, dipping your toe in and testing the waters may seem like a safe bet, but unless you take the full plunge, you will never realize your company’s full potential and world-class results.

Lean continues to evolve from a manufacturing concept to one likened to secret weapon used to boost the effectiveness of office and administrative processes (and so much more). In this era when continued improvement is idealized, Lean has emerged as the answer. Could your company benefit by becoming Lean? Listen to this 17-minute podcast to find out.

By Kyle Stemple, CPA, CGMA, Lean Six Sigma Green Belt (New Philadelphia office)

Kyle Stemple on Rea Radio - Lean for BusinessLearn more about Lean and how it can transform your business. Listen to Don’t Settle For A Plate Of Spaghetti on Unsuitable on Rea Radio at www.rea.com/podcast or on iTunes or SoundCloud.

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Why would I want to listen to a podcast from an accounting firm?

Wednesday, October 7th, 2015
Unsuitable Podcast - Ohio CPA Firm

Mark Van Benschoten (left) talks with Doug Feller, a principal and financial advisor with Investment Partners, talks about wealth enhancement and investment tactics for an upcoming episode of Unsuitable on Rea Radio, a new financial and business advisory podcast from Rea & Associates. Click here to learn more about Unsuitable on Rea Radio.

I know what you’re thinking – listening to a podcast from an accounting firm is probably about as entertaining and insightful as watching paint dry. But Unsuitable on Rea Radio isn’t your typical accounting podcast, and here’s why.

Real, Simple Solutions

Who doesn’t like a good story? What about one that leaves you with greater insight into the financial wellness of your own company? And if you had a better idea of how other successful entrepreneurs manage their wealth, wouldn’t you try to follow their lead?

The professionals at Rea have seen a lot over the last several decades and they are willing to open the curtain just enough to provide you with the information to forge your own success. And on Unsuitable, they do just that.

An Effective Kick In The Pants

Unsuitable offers a little something for everybody and I am confident that this is a show that will not only help provide you with more clarity, but will motivate you to take the next step as a professional and as a business leader.

Look at what has already been discussed in the first four episodes:

And this is just the beginning. Look for episodes highlighting investment strategies, Affordable Care Act compliance and retirement preparedness – just to name a few.

Accountants Like To Laugh Too

This may come as a surprise to many since those in the accounting profession tend to be thought of as dry, stuffy, number-crunching fanatics, but that’s just not true – well, most of the time. The Rea team consists of some pretty humorous, outgoing folks and I think that the diverse sense of humor of our team shines through. Mark Van Benschoten, the host of the show, helps a lot, of course. He does an excellent job addressing each guest and makes them feel comfortable … then the show gets really good.

Just The Right Length

Our firm has 11 offices throughout Ohio, which means I do a lot of driving. When I’m on the road I like to listen to podcasts – and there are a lot of them out there! What I really like about Unsuitable, is that it’s long enough to be really informative and wraps up nicely before it reaches the point where I am wishing it would end. In fact, when it does end I find myself wanting to start the next one. Mark and his guests get right to the point of the show, provide examples and offer hard-hitting advice in a concise, enjoyable format – all while having a great time and avoiding stuffy accounting jargon.

Go to www.reacpa.com/podcast now and start listening or subscribe to Unsuitable on Rea Radio on iTunes or SoundCloud. I also want to encourage you to use #ReaRadio to join the conversation on Twitter and Facebook.

By Lee Beall, CPA (Dublin office)

Click here and start listening to Unsuitable on Rea Radio now!

 

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