Inside Integra Newsletter February 2018 (Issue 1)
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New Accounting Services - update from Integra Member Mark Fiato, CPA, CVA - Caras & Shulman PC in Burlington, MA
Another busy season is upon us and while we are focusing on meeting the needs of our clients today, we must also look ahead to the future of our profession and identify new value-added services to enable our firms to continue to grow. The growth projections for traditional compliance services are expected to be moderate while value-added services such as client accounting services (CAS), advisory, consulting, outsourcing and wealth management are expected to grow at a much greater pace.
I recently attended the two-day Integra sponsored conference, Digital Client Advisory Services Roadmap, presented at the AICPA headquarters in New York. I highly recommend this course; it provided the strategy and tools available to build a cloud-based digital platform. The presenters were extremely qualified, provided real world experience and gave insight to building a CAS practice.
Our firm has begun to implement the digital platform in our own practice and have received positive feedback from clients interested in outsourcing this function. This will provide a predictable, growing monthly revenue stream which will enhance our client relationships.
The Journal of Accountancy presented an article in December 2016 illustrating the importance of Client Accounting Services as a growth and profit center for firms. The article noted that at least 10% of revenues in the profession are focused on client accounting services. A summary of CAS as a revenue segment for firms based was presented as:
Firm Revenue CAS 2016
Less than $200,000 20%
$200,000-$500,000 18%
$500,000-$750,000 15%
$750,000-$1,500,000 12%
$1.5M-$5M 10%
$5M-$10M 8.5%
$10M and up 9%
Integra Global Board Update Here are the Integra Executive Positions for 2018:
Chair - Giuseppe Scibetta - Pomara Scibetta & Partners
Vice Chair - Brian Hunter - Fenner, Melstrom & Dooling PLC
Treasurer - Britta Kötteritzsch - CONSULTA Wagemann + Partner PartG
Rounding out the Directors are Doug White, David Borg, Steve Austin, Franz Schweiger, Don DeGrazia, Mark Saunders and Steve Williams. The Board and Staff members met in January at Giuseppe's beautiful office to discuss Integra business for 2018 & 2019.
Webinars
February 9th, 2018 - Qualified Business Income Deduction with Tax Lawyer Dan Mellor. RSVP to Laurie Daschuk - Free for members.
If you missed the January webinar on Non Profit Accounting or the November webinar on Lease Accounting, find all the recordings in the Integra Interactive (members only area) library.
March 6th, 2018 - The Taxation of Owning Real Estate in the UK with Tim Cook - Wilder Coe Ltd.
"Do you own or are you thinking of buying real estate in the United Kingdom? There have been very significant changes in the UK taxation of real estate whether: residential or commercial, who owns it UK resident or not and for whatever purpose it is owned. Some of the new legislation is far reaching enough to look through the use of any corporate or trust ownership structure, levying tax on sale, succession or death. HM Revenue & Customs will levy penalties and interest for any under declarations or payments and there are very strict time limits have been imposed on reporting." RSVP to Laurie Daschuk - free for members.
AICPA Discounts
Integra members are eligible for 25% off licensing, 20% off training content, publications and webcasts and 15 % off AICPA conferences. Here is a link for making purchases on the AICPA website Visit AICPAStore.com/INTEGRA
Marketing Special Interest Group
Next Conference Call February 22nd - Topic: Email Permissions and the coming GDPR - European General Data Protection Regulation - (you can find an article on this in our Members Only Library). The Marketing Group invites all Integra Staff with a dedicated marketing function to attend - rsvp to Laurie Daschuk
Book Release Announcements
 Our member at Seigneur Gustafson LLP, Ron Seigneur, has published a book, due out May 2018: The Cannabis Industry Accounting and Appraisal Guide - Indispensable resources on taxation, financial accounting and the appraisal of cannabis related intellectual property and business interests. Orders can be made at www.Cannavaluation.com. Integra members can use the code earlybird50 for a $50 discount on pre orders of the book. Info on its contents together with info on our expanding work in the cannabis industry.
"The cannabis industry is undoubtedly the fastest-growing industry in the United States and has created one of the greatest business opportunities of the 21st century. In 2016, sales of legal cannabis reached nearly $6.7 billion. Colorado alone hit the $1.3 billion mark. Arcview Market Research projects sales of legal cannabis products in North America will increase by at a compound annual growth rate of 25%—reaching $20.2 billion—by 2021. , Brenden Kennedy, co-founder of Privateer Holdings, estimates the international market will reach $100 billion in ten years."
 Integra Member and New Member Manager Gerry Herter has published a book about Team Building for Professionals.
"From Ledgers to Ledges - Four Decades of Team Building Adventures in the American West".
It is available on Amazon here.
Member News
Ron Seigneur has been elected as the Secretary of the Business Valuation Committee of the American Society of Appraisers for 2017-18.
Grant Gilmour at Gilmour Group Chartered Professional Accountants in Vancouver, BC would like to share their new branding roll out https://www.gilmour.ca/formula-for-success/
https://www.gilmour.ca/formula-for-success/faq-1-spk2-intro/
https://www.gilmour.ca/formula-for-success/faq-2-what-are-formulas-for-success/
Caras Shulman, PC in Boston, MA welcomes Graham Ranks and Charles Miraglia as partners in the firm effective 1/1/18.
HMWC CPA's and Business Advisors in Los Angeles, CA admitted Glen Carniello and Rachel Rico as partners. HMWC also acquired Kelly Associates Inc. (specializing in real estate and wealthy individuals) and Wiederman and Chamberlain CPAs (specializing in serving dental practices).
Cresa and Swenson Advisors in San Diego, CA had an article published in the San Diego Business Journal about AccountLease - read it here
Staff News
Gerry Herter has published the January edition of Accounting & Audit Alert - view it here.
Joan Lliteras has retired after a long and storied career building Integra membership!
Chelslav (Slava) Denissenko is now active in the EMEIA New Member Manager position effective January 2018.
You can contact Slava at [email protected] or + 43 676 472 0200
Upcoming Conference Dates
- June Conference: June 14-16, 2018 - Tel Aviv, Israel
- Cross Border Tax Workshop: September 22, 2018 - New York, USA
- October World Wide Conference: October 18-20, 2018 - Florence, Italy
Business Referrals
Member-to-member referrals are a real benefit of the Integra Association. If you would like to share any referrals or assistance from Integra members, please send an e-mail to Laurie or Susanne and we will gladly report on your behalf. It is your chance to publicly thank your colleagues.
Javier Goujon would like to recognize Pablo Limon, with respect to a Referral. The Mexican Subsidiary of their Spanish Client has a Tax and Accountant Procedure opened before the Mexican Tax Authorities, for which they proudly recommended Limón Mestre Firm for assistance. Consequently, they were trusted for managing this and another accountant issues.
Jeroen Vanderlinden at Norgay Accountants In Brussels sent a referral for a start up company to Cristina Muralha at GESMETODO Projectos e Consultoria, Lda. in Lisbon.
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