Interview: The First Year in Accounting

This fall, I sat down with a few of Insero’s audit staff to discuss their experiences during their first year in accounting at the firm. Here is what they had to say:

Erin Heizyk: What about your first year at the firm was surprising or different from what you expected?

Erica Cratsley: I was surprised about the responsibilities that new staff are given. We are given the chance to interact directly with clients from day one as well as constantly take on more responsibility and ownership over the work we are doing.

Edwin Hoefler: I was surprised by the number of people and industries I was able to work with during my first year. I have gotten the opportunity to work for each manager and partner in our audit practice and have had direct interactions with them during the process.

Shannon Allen: I was surprised by how many happy hours and fun events the firm hosts outside of work. I think it’s awesome to get together with everyone and have fun together instead of relationships being strictly work only.

staff in a conference room ready to discuss their first year in accounting

Erin Heizyk: Are there any aspects of the job that took some time to get used to?

Shannon Allen: I had a general idea of what busy season would be like, but with no prior experience I’d say that’s something that took me a while to adjust to. Along with that, getting adjusted to working full-time was a something that took me a couple of months to get used to.

Erin Heizyk: Have you had support as you made the transition from student to full-time employee?

Shannon Allen: I’m pretty impressed with our mentor and advisor programs. It’s extremely helpful as a first year to have someone I can go to ask questions, discuss my schedule, and help manage stressors that come with being a first year and learning something completely new.

Marissa Budwey: The advisor program has been something that really impressed me at Insero too. I have had an ally that I could go to about anything from the moment I started. I had no idea how much I would like having someone that I can talk to about my schedule, career path overall, even the little questions that I was afraid to ask anyone else. They also give us feedback that is passed down, and it is comforting to talk to my advisor about my feedback opposed to someone I don’t interact with constantly.

Erin Heizyk: What stood out to you during your first year at the firm?

Shannon Allen: I’ve appreciated how helpful everyone I have worked with has been. It’s comforting knowing that questions are encouraged and there is no such thing as a stupid question. Along those lines, I am surprised and happy that there is an open door policy around here. I figured that work I performed would go up the chain of command and I wouldn’t really ever interact with managers and partners until I was at a certain level. However, I’ve worked with and received help from multiple managers and partners. There’s a big push for first years to be more open to talking to and working with management instead of feeling like we can only go to select people for help.

Erica Cratsley: Everyone has the opportunity to be involved with out-of-town clients that require some travel. The best part about this is how much we are encouraged to make the most out of personal time in new cities. For many of these jobs we work regular hours and then get to see the city at night. The Audit Department even has a Summer Picture Challenge, which shows how much Partners and Managers expect us to be making the most out of our travel opportunities.

Marissa Budwey: The people that we work with at all levels trust us but are great about on-the-job training. We aren’t expected to know everything walking in the door, we have great group training but I found I have learned most on the job with my peers and managers teaching me. They don’t just tell you how to complete a workpaper, they encourage you to understand the process, why the steps are being completed, and explain how each step fits into the big picture. I started at the firm as an Intern, and by the end of my internship, I was taking responsibility for entire employee benefit plan audit files, not just doing the mindless work I assumed I would be doing.

Adrian Black: One thing that I think stands out about Insero is how much the partner group shares with the firm. I had no idea how much information would be shared with us on through firmwide communication calls. We get regular updates on new clients, events that the firm is participating in, the goals that the partners have set and what is being done to reach those goals, and noteworthy updates from each department and major committee.

To learn more about what it’s like to work for Insero, benefits, and current openings, click here.

Audit & Accounting Update: September 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

Proposed amendments to credit losses standard
On August 20, the FASB issued a proposal to amend the effective date of ASU 2016-13 for non-public business entities.

Changes to accounting for grants and contributions made and received
Our white paper will help financial statement preparers understand the clarifications made by FASB ASU 2018-08.

FASB proposes narrow-scope amendments to ASC 842
A recent FASB proposal addresses issues lessors sometimes encounter when implementing ASU 2016-02, Leases (Topic 842).

Two working drafts: Allowance for credit losses implementation issues
The AICPA Financial Reporting Executive Committee is requesting comment on two working drafts discussing ASU 2016-13 implementation issues.

Accounting guidance for long-duration insurance contracts
A recent ASU addresses long-duration insurance contracts, such as life insurance, disability income, long-term care and annuities.

Changes to fair value measurement disclosure requirements
Recently issued FASB ASU 2018-13 removes, modifies and adds certain disclosure requirements within ASC Topic 820.

Changes to disclosures for sponsors of defined benefit plans
ASU 2018-14 changes certain disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

Accounting for costs of cloud computing implementation
ASU 2018-15 addresses the customer’s accounting for the costs of implementing a cloud computing service arrangement.

Changes to revenue recognition in the industrial products industry
Our white paper explains how FASB ASC 606 could significantly affect entities in the industrial products industry.

SEC

SEC disclosure update and simplification
The SEC recently amended certain disclosure requirements that have become redundant, outdated, overlapping or superseded.

Compliance guide: Amendments to smaller reporting company definition
A recent SEC compliance guide addresses matters related to a final SEC rule that amended the smaller reporting company definition.

aerial business computer

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Infographic: 8 Reasons to Work for Insero

In recent years, Insero has consistently been named one of the Best Accounting Firms to Work for by Accounting Today and Best Companies Group. This annual list recognizes 100 top firms across the U.S. We have also been selected as one of Rochester’s Top Workplaces by the Democrat and Chronicle and Energage and one of Central New York’s Best Places to Work by Business Journal News Network and BizEventz.

With locations in Rochester, Ithaca, Corning, Cortland, and Watkins Glen, we cover much of the state of New York, but rest assured that at Insero you’re not just a number, you are an individual with aspirations. We work with you to craft your career to match your interests and future plans. Don’t just take our word for it, see what our employees have to say!

Need a few more reasons? Check out the infographic below, and visit our website at www.inserocpa.com/career to take your career to The Highest Standard.

8 Reasons to Work for Insero Infographic

Infographic Reads:

Top 8 Reasons to Work for Insero

It’s no secret that Insero & Co. has been consistently ranked locally and nationally as a great place to work. Here are just a few of the reasons why:

Our People

At Insero, our people are our greatest asset. From partners to interns, we hire the best people and cultivate a culture of open communication, teamwork, and trust, so that co-workers feel like family.

Balance

Work-life balance is one of the keys to happiness and success. Insero’s generous paid time off and flexible scheduling can help you achieve that balance, and our travel bonus programs provide compensation for time spent on the road.

Your Comfort

You should be comfortable where you work. That’s why at Insero, we encourage employees to decorate and make their workspace their own and our “dress for the day” philosophy allows for a more relaxed dress code (including jeans) depending on daily activities.

Recognition

We appreciate a job well done. That’s why Insero is committed to recognizing our employees’ good work in a variety of ways, from spot bonuses and formal evaluations to Spotlight, our peer recognition app.

Your Health

From annual flu shots, healthy snacks, and standing desks to team sports and active outings, Insero’s Wellness Committee supports a variety of ways to help maintain your health. We also offer a variety of competitive health insurance packages with options for vision, dental, and savings account dollars.

Your Future

Your individual strengths and interests should help guide your career. By utilizing your advisors, crafting individual development plans, and participating in various training programs and leadership opportunities, you can identify and achieve your personal goals. In addition, our Innovation Committee is committed to gathering feedback and exploring new ideas to keep us all moving forward.

Education

Insero is dedicated to making sure you get the education you need throughout your career, including assistance with CPA exam costs and a CPA license bonus. Our Training Committee also supports ongoing education through our tuition reimbursement program, continuing professional education, association memberships, and soft skills trainings.

Community

We take pride in giving back to the community. All employees are encouraged to take part in community service. Whether it be a monetary donation on behalf of the firm or time off to volunteer for a cause, Insero’s Charitable Giving Committee is dedicated to making a difference.

American Heart Association Recognizes Insero for Workplace Health Achievement

Scientific, evidence-based instrument rates and recognizes workplace health programs and workforce heart health

The results of the American Heart Association 2018 Workplace Health Achievement Index were announced today and Insero & Co. CPAs achieved Bronze level recognition for taking significant steps to build a culture of health in the workplace. A full-service public accounting firm, Insero & Co. CPAs has over 130 employees in five locations throughout New York State.

American Heart Association 2018 Workplace Health Achievement Bronze Level Recognition Badge

The American Heart Association created the Index with its CEO Roundtable members, a leadership collaborative of more than 40 CEOs from some of America’s largest companies who are committed to applying evidence-based approaches to improve their employees’ overall health. The Index uses science-based best practices to evaluate the overall quality and comprehensiveness of their workplace health programs. A unique feature of the Index is that it calculates an average heart health score for employees of participating companies that securely submit aggregate health data.

More than 1000 companies completed the Index assessment this year and, of those companies, 75% received either Gold, Silver, or Bronze recognition. Companies receive benchmarking reports, which allow them to identify potential areas of improvement so that they can advance their annual performance and recognition in the Index and help their workforce move toward ideal heart health.

“Insero is partnering with the American Heart Association to create a healthier lifestyle in and out of the workplace,” said Kristi Tarantelli, Recruiting & Employee Relations Specialist for Insero & Co. CPAs. “We are honored to receive Bronze level recognition in our first year of participation, as companies often only achieve completion status in their first year.”

“We see this as evidence of our commitment to wellness. Throughout the year our Wellness Committee is coming up with various initiatives to promote health and well-being including stress management, nutrition, physical activity, and education. In addition to participating in the Index, we also worked with the American Heart Association to launch indoor and outdoor walking paths to encourage our employees to stay active during the work day.”

Insero and the American Heart Association launch walking paths as part of workplace health initiative

The Association’s Workplace Health Achievement Index allows companies to measure the effectiveness of their workplace health programs as well as the overall heart health of their employees. Unlike other existing organizational scorecards, the Index also scores companies on the heart health of their employees based on Life’s Simple 7® – the Association’s scientifically validated definition of ideal heart health. The American Heart Association’s Workplace Health Achievement Index assessment is grounded in data-driven science and a quality improvement framework. According to the Nielsen 2016 Employee Health Survey, robust and comprehensive strategies for wellbeing are associated with positive impacts on employees’ health.

To learn more about working for Insero & Co. CPAs, visit our careers page.

Audit & Accounting Update: July 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Substantial accounting changes for nonemployee share-based payments
We have prepared a summary of the accounting changes for nonemployee share-based payments resulting from the issuance of ASU 2018-07. The Financial Accounting Standards Board’s recently updated guidance to align nonemployee share-based payment accounting with employee share-based payment accounting will result in significant measurement changes.

Changes to revenue recognition in the construction industry
Our white paper assists in understanding the application of the new revenue recognition guidance to construction contracts and how a construction contractor could be significantly affected by the new guidance.

Leases: Impact of ASC 842 on the retail and restaurant sector
Our article discusses specific aspects of the new leasing standard that retailers and restaurant operators should consider. To understand these considerations the first step is to understand the full inventory of all contracts that would fall under the new definition of a lease. Understanding the financial reporting and operational impact is imperative also to the middle market.

Monitoring inflation when applying ASC 830
A framework is available to assist in the determination of whether a country’s economy should be considered highly inflationary. The determination of a highly inflationary economy begins by calculating the cumulative inflation rate for the three-year period that precedes the beginning of the reporting period, including interim reporting periods.

accounting achievement aerial

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: May 17, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

ASC 606 and certain transactions in collaborative arrangements
The FASB proposed guidance on whether certain transactions in collaborative arrangements should be accounted for under ASC 606.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Implementing the new revenue recognition standard in the manufacturing industry
Join RSM on May 23 at 2 p.m. ET as we share insights on implementing FASB ASC 606 in a manufacturing company.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: May 10, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

RSM whitepapers: Private companies and the new revenue guidance
Our whitepapers encourage private companies to consider the impact of ASC 606 and to start early in the implementation process.

Effective date reminder and updated whitepaper on ASU 2016-01
We recently updated our whitepaper on ASU 2016-01 to incorporate the clarifications brought forth by ASU 2018-03.

Staff interpretations of ASU 2017-12: Prepayable financial instruments
Recent FASB Staff interpretations address the scope of Accounting Standards Update 2017-12 for prepayable financial instruments.

Donor-advised funds: Accounting implications related to pledges
This article addresses the accounting implications related to a donor’s use of a donor-advised fund to service a pledge.

SEC

Cybersecurity risk management oversight tool
A recent CAQ tool provides questions board members can consider as they address cybersecurity risks and disclosures.

Upcoming Webcasts

Revenue recognition: Key considerations for the business and professional services industry
Join RSM on May 22 at 2 p.m. ET as we share insights on how FASB ASC 606 affects the business and professional services industry.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: April 12, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

Proposed guidance: Certain cloud computing implementation activities
The FASB has proposed clarifications to the accounting for costs of certain cloud computing implementation activities.

SEC

Non-GAAP measures: A roadmap for audit committees
The Center for Audit Quality recently provided leading practices for audit committee oversight of non-GAAP measures.

FASB issues ASU 2018-04
The FASB removed from its Codification SAB Topic 5.M and certain guidance for public utility holding companies.

Upcoming Webcasts

Annual governmental accounting update – What’s new, what’s next?
Please join us on April 17 at 1 p.m. ET for the latest information on GASB standards, include those related to OPEB.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Insero Named a Rochester Metro Area 2018 Top Workplace

Insero & Co. CPAs has been awarded a 2018 Top Workplaces honor by the Rochester Democrat and Chronicle. The firm, headquartered in downtown Rochester, has been one of the top five companies in the small business category each of the last five years, and is the only accounting firm to have been named to the list every year since inception. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution and connection, just to name a few.

2018 Top Workplaces Logo, 5 Year Winners 2014 - 2018 by D&C Digital, part of the USA Today Network

“Top Workplaces is more than just recognition,” said Doug Claffey, CEO of Energage. “Our research shows organizations that earn the award attract better talent, experience lower turnover, and are better equipped to deliver bottom-line results. Their leaders prioritize and carefully craft a healthy workplace culture that supports employee engagement.”

“We are thrilled to receive this honor for the fifth year in a row,” said David Mandrycky, Director of Human Resources at Insero. “Our people are our most important asset and our client service success can be directly attributable to our team. It takes a commitment from everyone to foster the type of environment where people are fulfilled and excited to come to work each day. We owe many thanks to our entire team for upholding this focus and making Insero such a great place to work.”

Insero currently employs 130 professionals in five locations including Rochester, Ithaca, Corning, Cortland and Watkins Glen. The firm has repeatedly been recognized nationally as one of the Best Accounting Firms to Work for by Accounting Today and Best Companies Group and was also named to the inaugural list of Best Places to Work for Millennials.

“Becoming a Top Workplace isn’t something organizations can buy,” Claffey said. “It’s an achievement organizations have worked for and a distinction that gives them a competitive advantage. It’s a big deal.”

About Insero & Co. CPAs

Rochester-based Insero & Co. CPAs is an accounting and business advisory practice with five locations serving New York state. A full-service public accounting firm, Insero provides attest, tax and consulting services to government agencies, colleges and universities, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services and real estate. For more information, visit www.inserocpa.com/career.

About Energage, LLC

Headquartered in Exton, Pa., Energage (formerly known as WorkplaceDynamics) is a leading provider of technology-based employee engagement tools that help leaders to unlock potential, inspire performance, and achieve amazing results within their organizations. The research partner behind the Top Workplaces program, Energage has surveyed more than 47,000 organizations representing well over 16 million employees in the United States.

Audit & Accounting Update: March 22, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Accounting

FASB clarifies certain hedge accounting matters
The FASB recently clarified the opportunity to transfer prepayable held-to-maturity securities to available-for-sale.

FASB clarifies guidance in ASU 2016-01
ASU 2018-03 provides clarifying amendments for recognition and measurement of financial assets and financial liabilities.

Financial Institutions

Webinar: Practical methods smaller community banks can use for CECL
A recent webinar provides methods smaller, less complex financial institutions may use in their implementation of CECL.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.