How Important Are Presentation Skills?

At some point, all of us have to explain a concept, process or project to someone else, especially in today’s financial climate where downsizing is more common. Businesspeople are wearing more hats than ever before and not all of them fit comfortably.

One important skillset in everyone’s “business bag of tricks” is (hopefully) the Art of the Presentation. In today’s business environment, that will usually be done in conjunction with slides from PowerPoint on the PC or Keynote on the Mac.

It should be noted that three out of every four individuals suffer from speech anxiety, some so violently it qualifies as a phobia. Extreme fear of public speaking is called Glossophobia.  Here is a test if you’d like to rate your own speech anxiety.

Many presenters have visions of wowing a big crowd just by standing up and giving a presentation cold turkey. Others are more like the gentleman who clings for dear life to the podium so his voice isn’t so shaky. Or the well-meaning presenter who darts from one side of the room to the other, hoping to outrun her I-Hate-Public-Speaking nerves.

Practice and some training helps most people get over these nerves. Below are some tips to help you when it’s your turn to present at the next staff meeting (or wherever).

Tips for Effective Presentations

Below are some tips from our trainer to keep on hand as you begin to prepare your own presentations.

General Presentation

·         Check the spelling and grammar on every slide. Then check it again.

·         Practice so you can expand on abbreviated bullet points, rather than reading the slides. The text should be a cue for the presenter, not a message for the viewer.

·         If the content is complex, print out the slides so the audience can take notes.

·         Do not turn your back on the audience. If using a computer, try to position the monitor so you can speak while facing it.

·         Give a brief overview at the start. Then present the information. Finally review important points.

Special Effects

·         If sound effects are used in your presentation, wait until the sound has finished before you speak. If possible, pause for just a beat.

·         It is often more effective to have bulleted points appear one at a time so the audience listens to the presenter rather than reading the screen.

·         Use a wireless mouse or pick up the wired mouse so you can move around as you speak. A moving target (within reason) helps to keep the audience’s attention.

Color

·         Limit the number of colors on a single screen (no more than 3-4/pg).

·         Bright colors make small objects and thin lines stand out. However, some vibrant colors are difficult to read when projected. (Think of orange and red side-by-side in a pie chart. Ouch.)

·         Use no more than four colors per chart, if at all possible.

·         Check all colors on a projection screen before the actual presentation. They may project differently on different projectors and VERY differently than on your computer.

Fonts

·         Select sans-serif fonts such as Arial or Helvetica. Avoid serif fonts such as Times New Roman or Palatino as they are sometimes more difficult to read.

·         Use no font size smaller than 24 point in a large conference room.

·         Clearly label each slide. Use a larger font (35-45 points) or different color for the title.

·         Use a single sans-serif font for most of the presentation. Different colors, sizes and styles (bold, underline) are used sparingly to add impact.

·         Avoid italicized fonts as they are difficult to read quickly.

·         Use dark text on light background or light text on dark background. However, dark backgrounds sometimes make it difficult for some people to read the text.

·         Do not use all caps except for titles.

·         Try to shoot for no more than 6-8 words per line. 

·         For bullet points, use the 6 x 6 Rule. One thought per line with no more than 6 words per line and no more than 6 lines per slide. Trust me on this one.

To test the font: Stand six feet back from the monitor and see if you can read the slide.

Graphics and Design (many points here…)

·         Keep the background consistent and subtle.

·         When using charts or graphs, use only enough text to explain the graphic clearly.

·         Keep the design clean and uncluttered.

·         Leave empty space around the text and graphics.

·         Use quality clipart and use it sparingly. The graphic should relate to and enhance the topic of the slide.

·         Try to use the same style graphics throughout the presentation (e.g. cartoon, photographs)

·         Limit the number of graphics on each slide.

·         Check all graphics on a projection screen before the actual presentation

·         Avoid flashy graphics and noisy animation effects unless they relate directly to the slide. Massive animation = Death By PowerPoint (or Keynote)

·         Limit the types of transitions used (def: how a slide or bullet appears). It is often better to use only one kind so the audience knows what to expect.

What is your experience with public speaking? Is it easy or hard for you? Are there tips that help you get through it? Do you use presentation software like Keynote or PowerPoint, or something else entirely?

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What Does IFRS Mean to Your Business?

International Financial Reporting Standards (IFRS) are changing the way financial statements are being formatted. For the layperson, a financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity.

What elements make up financial statements?

The financial position of an enterprise is typically provided in the Statement of Financial Position or Financial Statement, which includes:

1. Assets: An asset is a resource controlled by an enterprise from which future economic benefits are expected to flow to the enterprise. (Ex: goods that can be sold or property that brings revenue).
    
2. Liabilities: A liability is a present obligation of an enterprise, the settlement of which is expected to result in an outflow of enterprise assets.
    
3. Equity: Equity is the residual interest in the assets of the enterprise after deducting all the liabilities under the Historical Cost Accounting model.

The financial performance of an enterprise is provided primarily through an income statement or profit and loss account. The elements of an income statement, which measure a company’s financial performance, are as follows:

• Revenues: increases in economic benefit during an accounting period in the form of inflows or enhancements of assets, or decrease of liabilities that result in increases in equity. “Revenue” does not include the contributions made by the equity participants, i.e., proprietor, partners and shareholders.
• Expenses: decreases in economic benefits during an accounting period in the form of outflows, or depletions of assets or incurrences of liabilities that result in decreases in equity.

An important change that IFRS brings is reformatted financial statements. The biggest changes are as follows:

1.    The income statement will now be the first page.

2.    Balance sheet and income statements will be categorized and classified by operating, investing and financing in a manner similar to the current cash flow statement.

3.    The current financial statements and balance sheet are split up into four different sections.

4.    There will now be separate sections or "balance sheets" for

a.    operating assets and liabilities

b.    investing assets and liabilities

c.    financing assets and liabilities

d.    plus a separate component for income taxes

5.    All ratios and performance metrics will change around this.

Why would a company consider IFRS Conversion?

·  Conversion provides a fresh look at current practices.

If your organization’s close process includes reconciling multiple GAAPs, and dealing with a variety of sub-ledgers, manual adjustments, data hand-offs, and accounting overrides, IFRS provides an opportunity to take a fresh look at your accounting policies and procedures.

·   Conversion can be a catalyst for streamlining and consolidation.

As your organization expands through organic growth and acquisitions, information technology systems may become increasingly convoluted. Many banks and capital markets institutions operate a patchwork of legacy accounting and enterprise resource planning (ERP) systems — systems that can’t talk directly, leading to error-prone adjustments. Moving to IFRS provides a chance to streamline and consolidate these disparate systems.

·    International Financial Reporting Standards (IFRS) offers an opportunity to use principles-based accounting.

Many finance professionals have become increasingly frustrated with U.S. GAAP and its voluminous rules for dealing with accounting issues. For a decade or more, many CFOs and other finance executives have cried out for principles-based accounting to help standardize and improve the reliability of financial reporting. IFRS provides this.

·    IFRS helps open the doors of the global marketplace.

Adopting IFRS may improve access to foreign capital markets by giving foreign investors greater insight into a company’s financial performance. Such investors may be more comfortable with or have more confidence in a globally accepted set of accounting standards. Companies themselves can also benefit from improved ability to benchmark with peers and competitors.

Another term being bandied about financial circles is XBRL.

Organizations such as the U.S. Securities Exchange Commission (SEC) are already using XBRL to report all their documents. But what exactly does that mean?

XBRL stands for eXtensible Business Reporting Language and it is quite important. Put simply, it is a universal code for classifying financial numbers. Moving to XBRL can provide the following benefits:

·    In the future, banks and financial institutions around the world will record, store and transmit business financial information using this universal coding language.  

·    If “cash” equals “A947” around the world, then institutions will be able to import and export their data to anywhere and the programs on the other side will have the ability to read it, transcending traditional barriers such as language or software.  

·    The amount of money that can be saved is staggering. Rather than companies and governmental agencies paying to have data converted from one system to another (Ex: IBM to SAP to Oracle), XBRL allows different accounting and ERP systems to work together. (We can only say, “Wow!”)

Do you have questions about IFRS and XBRL? Feel free to give us a call to discuss further what might be involved in your conversion.

In the meantime, BCWS would like to connect with you! Please come join us at:

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10 Tips for Business Networking

Building a network has never been more important than in today's competitive business environment. Networking doesn’t come naturally to everyone, but in today’s world of social media there are a lot more options than there used to be.

What exactly does it mean to “network?” Your network is your list of contacts and should consist of people who know about you, your company, your talents and your abilities. The more people in your network that fit this description, the more opportunities you will have.

Today’s post is dedicated to those individuals that dread networking and just wish it was EASIER.

10 Helpful Networking Tips:

1. Keep a positive attitude

We are all attracted to people who are approachable and friendly. Smile and enjoy the opportunity to make new contacts. Even on sites like Twitter and LinkedIn, people can spot someone who’s faking it quite easily. Smiling will make you FEEL more positive and it will show.

2. Networking isn’t a 9 to 5 job

The opportunities to make new contacts are endless. People frequently think of networking only at events such as Chamber of Commerce meeting. Some of the most productive contacts come from chance encounters...in the grocery store, at the ball park, in the doctor's waiting room or at a party. Think of it this way: whenever and wherever there is another human being, there is an opportunity to network.

3. Set a Networking Goal Each Week.

The goal might be for the number of new contacts you want to make or for the networking tool you’d like to try, such as LinkedIn. Even if you begin with one or two contacts a week, keep at it until your confidence grows. Then, increase the goal.

4. Make the First Move

The most common phobia is speaking in front of strangers. It is little wonder that networking events are stressful for many people. Approaching a group of people is almost always difficult, so perhaps you want to focus on the people standing alone and draw them into conversation. The individual standing alone will welcome your approach which makes it easier to initiate an interchange. A smile and a friendly hello, followed by a positive comment or open-ended question, is a guaranteed conversation-starter.

5. Know Your “Elevator Speech”

An elevator speech is a quick summary of who you are and what you do, usually in twenty-five words or less. If you’ve had Dale Carnegie training, this elevator pitch is a familiar concept. After introducing yourself, immediately ask questions to learn more about your new contact. Use their name several times during the first five minutes of conversation (if you can do so naturally).

6. Intriguing Name Tags and Business Cards

Both business cards and a name tag, especially a name tag that lists your profession or business name in an intriguing way, helps attract interest and reinforces name recognition. John Doe, Business Coach, is almost guaranteed to prompt questions about what coaching is...a great opening to share your expertise and gain new clients or referrals.

When you do swap cards with someone, jot down a reminder on the back such as where you met, what you discussed, sales opportunities, etc. Printing a quote, helpful hint, or other original and interesting information on your own card will encourage others to keep the card and remember you. Finally, always carry your cards in an attractive case. Ratty-looking cards dug from the depths of a handbag or pocket detract from your professional image.

7. Be Prepared To Reciprocate

Networking is a reciprocal process. It is about getting and giving information, resources, advice and referrals. Maintain a mental "Give List"...a tip, idea, resource, or recent discovery you can share. Your "Get List" might consist of information you are seeking, people you want to meet, or referrals you would like to have.

8. Organize Your Network

Be sure to keep information on your contacts where they can be used. Contact management or communication software like ACT! or Outlook usually work best. Not only can scraps of paper get lost, a contact management software lets you set reminders, schedule appointments and sent letters and email. The goal is to keep in touch with and nurture your new contacts. Set up whatever system works best for you to do this.

9. FOLLOW-UP!!!

Research shows that only 20% of sales leads are ever followed up....that’s an amazing 80% of potential opportunities that are lost. Use every opportunity to send a follow-up personal note, a thank you, a congratulations, or a relevant article of information. With these kinds of statistics, you see why it’s a bad idea to give out your card and say, "give me a call." Make follow-up your responsibility.

10. Networking is an ongoing project

Saying you’ve finished networking is like saying you’re going to eat once and for all. Contacts move, change companies and pass away. Nurturing the contacts you have and working to make new ones is key to the health of your business. Remember, the only place success comes before work is in the dictionary.

The best networking advice is the old (but true) cliché:

You don't have to be interesting. You just have to be interested. It is the great listeners that make the deepest impression.

What networking tips have you found most useful? Do you prefer actively networking (i.e. going to events) or passively networking through social media programs like LinkedIn?

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What’s New in Accounting Technology?

by Jennifer Bullington

The 2011 California Accounting and Business Show and Conference was held in Los Angeles last week and our Principal, Carol Kulencavich was asked to be part of the panel discussion about “What’s New In Accounting Technology.”

I had a chance to catch up with Carol after the conference and here’s what she had to say. (My questions are in bold type below.)

Technology’s role in the accounting business is growing by leaps and bounds.  The two main products currently affecting change on our workflow are XCM Solutions and 1040SCAN. Both of these products are cloud based applications.  Their impact on BCWS’ business has been dramatic.

Can you describe each product and their role in your workflow process?

·    XCM Solutions  - automated workflow software that manages all the jobs we work on from bookkeeping to tax to financial statements. The software provides real time information on the status of any task, allowing us to see at a glance who has ownership of a task, where it is in the cycle and how long it’s been in our office.  It also provides accountability since it is used firm-wide.

·    1040SCAN – software scans all source documents and client tax organizers to be held in a single location. The information from these documents then populates our tax software (ProSystem Fx Tax) with data.

Has this increased proficiency added value for your customers?

·    Absolutely! 1040SCAN allows us to be paperless, freeing our accountants to focus on maintaining strong client relationships.

·    The increased automation of 1040SCAN has elevated our staff accountants to a review position. Not only is this cost-effective, it has boosted morale for the team during busy season by making them less stressed and more available to their clients.

·    XCM has changed the way we manage – less time is spent on workflow and reporting, which frees us up to provide a deeper level of customer service to our clients. It has increased our efficiency and helped our firm be even more productive.

·    With XCM, the change in workflow has reduced administrative overtime during busy season over our prior workflow software (PPC Tracker). Not only does this allow our team members to spend more quality time with their families.

·    XCM allows our staff to be forward-thinkers by increasing their control over the planning cycle year-round.

·    Additionally, these products free up our firm’s leadership to conduct higher-level reviews and work on special projects. All of this helps our clients grow their businesses.

Have these products changed anything for you personally?

“I don’t ever wake up in the middle of the night in a panic during busy season anymore,” she laughed. “Since XCM is in the Cloud, I can log in online and check the status of any job that might be worrying me.”

What else did you take away from the conference? Is there software you’d like to explore?

I’d like to look more deeply at Cloud computing. My take away from the panel is that the new technology will allow accountants to revisit client services, potentially taking on a greater variety of work and helping clients succeed in their business. These are exciting times for technology.

Below are some interesting links about the latest in accounting software:

·    AICPA 2011 Technology Trends

·    2011 Tech Trends – Accounting and Bookkeeping

·    Current Tech Tips – Journal of Accountancy

·    Mobile Devices Top CPA’s Tech Survey Rankings

What technology trends are having significant impact on your business?

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Do You Have A Business Continuity Plan?

Catastrophic events have saturated the news lately – the Japan Earthquake, the Joplin Tornado. The truth is, a business can be brought to its knees by all types of events – everything from a natural disaster to a short circuit in your wiring can lead to a shut down of your physical site.

Though it’s difficult to plan for everything, some level of preparedness is better than none at all. A good disaster recovery plan is the equivalent of an information insurance plan for your business.

What do terms like “disaster recovery” and “business continuity” mean?

·      Disaster Recovery is more computer-centric and deals with the technology infrastructure.

·      Business Continuance is more people-centric and focuses on providing critical business functions to customers in the event of a disaster.

What key disaster recovery questions do you need to answer?

1.    How much data can you lose and still be in business?

a.    This answer will determine your technology action plans.

b.    According to Gartner, two out of five businesses that experience a catastrophic event or prolonged outage never resume operations. Planning is key.

2.    How quickly can you get up and running?

a.    If you don’t have a remote backup of your server, it could be weeks and even months.

b.    If an online presence is critical to your business, the sooner you get back online the better. These types of businesses typically maintain a continuous disaster recovery “warm site” that allows them to be back online within minutes. This service is expensive but, if your business is dependent on online transactions, invaluable.

Though long-range goals like risk-assessment and business impact analysis should be considered, it’s more important to have a plan for keeping your doors open.

A business continuity plan identifies not only who is going to answer the phone, but also where that phone will be located.

What sorts of questions comprise this first stage of planning?

·      Phones – if you have an 800 number, you will want to add the contact information for that number to your prep list and have a plan in place to move that number quickly.

·      Office location – you might be lucky enough to have another location already for your displaced employees to camp out. If not, you might explore other options such as using a mobile office unit. Our recovery service provides this as part of their package.

·      Computers, printers and faxes – a current list of the types of equipment and PC’s is essential so you are guaranteed that your software will work on your replacement machines.

·      Network connection – a satellite dish at the recovery site, along with cables, routers and modems should more than meet your needs.

·      Power generators and starter fuel in case the power is knocked out for your entire community

·      Technical support – this might be from your remote site or from a vendor you set up in advance.

·      A plan to return to your site (or not) – Whether it’s the removal of your mobile site or the setup of a new office location, it’s important to have a plan to resume your business operations at the completion of a disastrous event.

Here is a link to a site with some free templates to help you in your disaster recovery and business continuity planning. You might also meet with your IT team to see what contingencies they are prepared for. ReadyOC has a great checklist focusing on Orange County while Ready Business is a little more global. All of these functions can also be outsourced quite easily – BCWS uses Agility Recovery Solutions.

What sorts of disaster preparedness techniques have you found the most helpful? Have you ever had to recover from a severe business outage?

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What's New At BCWS?

The reading list has been pretty eclectic around the firm this week. Topics have ranged across the following subjects:

• Funding your child’s college education
• Client referrals and what drives them
• Hiring the best people

As always, we want to share our knowledge with our clients, friends and referral sources. In addition to the links above, we’ve included a mash-up of some of our favorite articles below.

BCWS has done a few blogs on social media in the last month – one on Getting Started and another on Building Your Business Network with LinkedIn. We’ve continued reading about the latest trends in technology with the following posts:

• My 5 Golden Rules for Twitter that attracted over 15,000 Followers…
• Four Ways To Make Your iPhone Battery Last Longer

Some of our team has been reading about leadership:

• Business Owners: Who Keeps You On Track
• Collaboration is a Team Sport, and You Need To Warm Up
• Public Speaking Tips from the CEO of Deloitte

Last, but not least, BCWS is excited to announce the launch of BCWS University. Starting this summer, we will be offering classes each month on requested applications like QuickBooks as well as financial topics such as Preventing Fraud in Your Business. We look forward to hearing your requests about the courses that would be valuable to you.

What’s on your reading list these days?

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