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| June 2008 | A
Service of the NYSSCPA |
Vol.
2, No. 2 |
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The Value of Society Membership to CPAs in Industry
By William R. Lalli, CPA, NYSSCPA Tax Policy Manager
A
discussion with Leon J. Gutmann, CPA, about the value of Society membership
to CPAs in industry.
The NYSSCPA benefits the practice of public accounting by utilizing its volunteer committee structure. A significant number of the volunteer members are CPAs in public practice. But where have all the CPAs in industry gone?
It appears in many instances that CPAs who make the transition from public to private practice think that there is no need to maintain their membership. They mistakenly resign or even worse, let their membership lapse, and are technically expelled for failure to pay dues.
This Newsletter contribution proves that nothing could be further from the truth than thinking that there’s little or nothing at the Society for CPAs in industry.
Leon J. Gutmann, CPA, is a benefits consultant to his former employer, The Topps Company, Inc., known for its collectible sports and entertainment cards (e.g., baseball cards) and its confection products (e.g., Bazooka bubble gum, candy). He recently retired from Topps after 36 years of service as assistant secretary-treasurer.
Mr. Gutmann said, “The staff at the somewhat small privately held company that I had chosen consisted of five individuals (two of whom were CPAs) as opposed to the CPA firm I had started my career with at which most professionals were CPAs or in the process of completing the requirements [to become one]. I needed to join the Society for access to other CPAs in related fields.”
Members in industry run the risk of being isolated from peers and information that might assist them in their daily duties. Consider this: many services, publications, and programs of the Society that might appear to be designed for public practitioners actually apply to industry members as well. In fact, many are specially designed for our members in industry.
“Having moved from public accounting into industry and qualifying for and receiving my CPA certificate had a dramatic impact in how I viewed the development of my career,” stated Mr. Gutmann. “I found that, in industry, one was concerned with the operation of a specific entity as opposed to concerning oneself with auditing and reviewing the operation of a number of entities. This change meant that I was exposed to new areas within accounting for which I had direct administrative responsibility.”
Who do you turn to when faced with crucial, financial, and operational decisions when you are the only CPA on staff or when fellow staff members do not have the business acumen that the current situation demands? Chances are that the answers do not lie within your company. You might be more successful by interacting with peers, and the Society provides the perfect setting in their chapters, website, publications, and technical hotline, as well as the FAE’s CPE programming.
“As an inactive member of the NYSSCPA, I thought it [was] in my best interest to activate my membership by joining a committee within the State Society to see how this might help address the pressures I felt in advancing my career,” continued Mr. Gutmann.
“With the company growing, going public (which increased exposure and added responsibilities), and/or back private, working with auditors, actuaries, bankers, attorneys experienced in corporate SEC filing requirements, establishing pension plans, and working with investment bankers,” Mr. Gutmann explained, “the pressure to continue my exposure to education, professionalism, and contacts increased.”
To meet these pressures,
Mr. Gutmann turned to the Society and joined a committee. He found that
the Society operates 14 committees devoted to specific industry matters
ranging from Agri Business and Entertainment & Sports to Banking and
Real Estate. In addition, the Society operates numerous committees on
accounting, auditing, tax, and consulting, as well as committees in the
public sector and practice management areas (click
here for a complete listing of committees). Serving on committees
provides contacts and education, as well as enabling one to maintain professionalism.
“Once I became active, I found that I was able to keep up-to-date
on what was happening in the profession,” stated Mr. Gutmann. “[The
Society] provided a source of information when help or advice was needed
and made networking easier. It also provided contacts for those looking
to change positions and for those looking to fill positions (although
this never came to pass in my case).”
Needless to say, Mr. Gutmann has benefited from committee service. “The committee service over the years has provided [me] the opportunity to meet and work with a varied group of professionals and [has] given me and the company I have worked for a perfect source for researching and understanding the accounting and tax changes that have impacted business,” Mr. Gutmann said. “Working with the FAE has been rewarding in understanding the issues that [have] come up over the years and with the diversity of the accounting profession, and is a great source of continuing education. In retrospect, my decision to become active in the Society has and continues to be a key element in the success of my career.”
The programs and benefits developed by the Society have been designed for “The CPA.” All CPAs whether in private practice or industry in a small or large firm can find a committee and contribute to making a difference. The world of business is in constant change and the need to keep informed of the changes, and how these changes impacts business for CPAs and their colleagues, is best accomplished through active membership in the Society. Becoming an active member and experiencing the benefits will provide the confidence and rewards you and your colleagues are seeking.
Biographical
Notes: Leon J. Gutmann, CPA
Mr. Gutmann’s various responsibilities included the administration
of Topps’ pension and stock option plans, management of cash/debt,
and the maintenance of banking relationships. Mr. Gutmann received a Bachelor
of Science degree from New York University and began his career as a junior
accountant with a medium-sized public accounting firm. He is a member
of the NYSSCPA and the AICPA. As an active member of the NYSSCPA, he chaired
both the Employee Benefits and the Financial Executives in Publicly Held
Companies Committees and is currently serving on the SEC Practice and
Employee Benefits Committees. As a committee member, he has written articles
for The Trusted Professional, spoken on behalf of the FAE, and
co-chaired the annual Employee Benefits Conferences in 2004, 2005, and
2008.
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