July 2002

CPAs in Industry Conference "Rounds Up" the Issues

True to its billing as a "knowledge networking" event, the CPAs in Industry Conference for the first time included a roundtable discussion session in which more than 80 financial business leaders were able to tackle the professional issues they face and share their ideas for addressing them.

Held on June 11 at the Sheraton New York Hotel and Towers in Manhattan, the conference featured presentations that "do not involve the normal accounting and tax type topics," according to Mark Ellis, chair of the New York State Society of CPAs Chief Financial Officers Committee, which sponsored the event.

"We present topics that help participants be better financial business managers," said Ellis, who actively encourages NYSSCPA members in industry to participate in conferences like these.

Topics covered during the conference included supply chain integration and e-business strategies in a discussion led by a Massachusetts Institute of Technology professor. There was also a discussion on mediation to reduce litigation costs and expedite dispute resolution by a commercial litigator and corporate attorney, and an economic forecast by an economist from the Bank of New York..

Adding to the insightful benefits of those presentations, the roundtable discussion was especially unique as the attendees learned from each other, relating their individual experiences and challenges in the office and gaining valuable feedback from their peers.

During the 90-minute session, moderated by Ellis, CFO of Micael C. Fina and chair of the conference, attendees at each table conversed among themselves and then presented their most common workplace issues to the rest of the audience.

One of the primary issues currently facing financial professionals in industry is the lack of quality staff and the difficulties of team building, the session revealed.

"We are dong more work with less staff, while people want more money, a plush job and less work," said one attendee, who appeared to accurately express the frustrations of many of the participants.

To help alleviate some of the pressures placed on an overworked staff, many of the attendees said their companies either are looking into or already offer college students summer internships in exchange for school credit. One attendee said his company even paid high school students to perform clerical functions and other light tasks.

Another proposal included the possibility of participating in college-sponsored mentor/mentee programs. And still another suggestion, and the one that appeared to garner the most interest, involved mothers who want to return to the work environment.

The session also addressed the concerns of many CPAs in industry who are constantly struggling to stay current with technology. As conference participants discussed the merits and disadvantages of certain accounting software systems and the need to make them compatible with one another, others spoke of the importance of a creating a dependable tech department.

"My advice is to hire the best guy or woman for your information systems, but make them part of the overall team so that you're not left stepping in at the 11th hour asking for something and they tell you it's just not possible," one of the attendees said.

The other main areas covered during the roundtable discussion included pressures on margins and revenues, the economic disparities between companies and disaster planning.

"This is too rare an opportunity," said conference attendee Michael Shuchman of WQXR-FM. While he found the session and the conference beneficial, Shuchman added that he would like to see more educational events catered toward CPAs working in industry that specifically address their practice areas.

Like Shuchman, the majority of the roundtable participants indicated that they found the session very worthwhile.