CPA Practice Advisor - 3

FROM THE EDITOR

It's Really the 21st Century Now
WE'VE SPENT THE past 20 years trying to figure out what to call the decades of this new
century. The Oughties? The Teens? Finally we can get into some decades that are easy
GAIL PERRY, CPA

Editor-in-Chief
gail.perry@cpapracticeadvisor.com
@gperrycpa

I began this year and this new
decade, as I usually do, spending a
lot of time reflecting on the year just
ended and contemplating the year
ahead, considering future plans,
making some general resolutiontype to-do list items, and putting
together a general vision of things
I expect/hope to accomplish in the
short term. But 2020 isn't just about
the short term. This is the opening
ceremony for a new decade, and so
it is fitting that we look at the bigger

WHERE
WERE YOU
10 YEARS
AGO?

CPA

Today's Technology for Tomorrow's Firm

to identify as we slide into the '20s (I don't think they'll be "Roaring," but maybe another
adjective will catch hold).
picture, spend some serious time
anticipating where we expect to be
in 10 years when this decade closes
and how we are going to get there.
I've started working with my
clients to help them develop 10-year
personal finance plans for the new
decade and have quickly found how
few people really, seriously look that
far ahead. And while 10 years isn't
a lifetime, it's a good place to start
for a solid future plan.
Your clients, your practice, your
colleagues, and your family, could
all benefit from a 10-year analysis
and game plan. There are some
solid advantages to looking at a
bigger chunk of time instead of just
trying to plan for the year ahead.
Major projects require time. You
might have a vision of where you
would like your career, your business, your personal relationships,
your health to be in the future. By
turning major life-changing goals
into a one-year resolution, you're

NSA

likely dooming yourself to failure.
One year just isn't enough time to
make major changes. Instead, take
the time to map out a long-term
goal with interim steps that can be
accomplished at intervals over the
course of the next decade. A decade
gives you the luxury of spreading
out the tasks required to get where
you're going, checking in on your
progress as you go, and fine-tuning
your goals as you reach annual
milestones. And with a 10-year span
in front of you, if there are setbacks,
you have plenty of time to adjust
your schedule.
This is not a quick assignment.
Take an appropriate amount of
time to consider your future goals,
discuss them with others who will
be impacted, and put those goals in
writing along with a timeline for the
decade that is in front of you. Create
intervals when you will check in on
the status of your progress as well
as the steps needed to get you where

Today's Technology for Tomorrow's Firm

Published by Endeavor Business Media, LLC

1233 Janesville Ave. | Fort Atkinson, WI 53538 | 920-563-6388 | 800-547-7377
VOLUME 30, NUMBER 1
Publisher: Barry Strobel
Editor-in-Chief: Gail Perry, CPA
Managing Editor: Isaac M. O'Bannon
Contributors: Ken Berry, JD
Doug Sleeter
Jim Boomer, CPA.CITP
Kristy Short
Randy Johnston
Roman H. Kepczyk, CPA.CITP
Paul McDonald
Amy Vetter, CPA.CITP, CGMA
Becky Livingston
Brian Tankersley, CPA.CITP, CGMA
Reviewers: Mary Girsch-Bock
John Higgins, CPA
Art Director: Rhonda Cousin
Site Manager: Lester Craft
Production Manager: Wes Gray
Audience Development Manager: Terri Pettit

Editorial Advisory Board:
Jim Bourke, CPA.CITP, CGMA, CFF
Jim Boomer, CPA.CITP, CGMA, MBA
Bob Cedergren, CPA.CITP, CGMA, CISA
Randy Johnston, MCS
Greg LaFollette, CPA.CITP, CGMA
Donny Shimamoto, CPA.CITP, CGMA
Doug Sleeter
Sandra Wiley, PHR, SPHR
ENDEAVOR BUSINESS MEDIA, LLC
CEO: Chris Ferrell
CTO: Eric Kammerzelt
CRO: Scott Bieda
CMO: June Griffin
COO: Patrick Rains
VP, Accounting: Angela Mitchell
VP, Finance: Jessica Klug
VP, Production Operations: Curt Pordes
EVP/Group Publisher: Lester Craft
Chief Administrative and
Legal Officer: Tracy Kane

Subscription Customer Service
877-382-9187; 847-559-7598
Circ.CPA@omeda.com
PO Box 3257, Northbrook IL 60065-3257
Article reprints: Brett Petillo
Wright's Media 877-652-5295, ext. 118
bpetillo@wrightsmedia.com
List Rentals: Michael Costantino
402-836-6266
michael.costantino@infogroup.com
Kevin Collopy, 402-836-6265
kevin.collopy@infogroup.com

Practice Advisor (USPS 017-576), (ISSN 2160-8725 print; ISSN
2160-8733 online) is published four times per year (April,
June, August and December) by Endeavor Business Media
LLC incorporating two editions known as CPA Practice
Advisor and NSA Practice Advisor. Periodicals postage paid
at Fort Atkinson, WI 53538 and additional mailing offices.
POSTMASTER: Send address changes to Practice Advisor,
PO Box 3257, Northbrook, IL 60065-3257. Canada Post
PM40612608. Return undeliverable Canadian addresses to:
Practice Advisor, PO Box 25542, London, ON N6C 6B2.
Subscriptions: Individual subscriptions are available
without charge in the U.S. to qualified subscribers.
Publisher reserves the right to reject non-qualified
subscriptions. Subscription prices: The basic annual rate
is $3, based on qualifying associations of 10,000 or more
public accountants that may also subscribe for all their
public accountant members (certain restrictive covenants
apply) for a basic subscription rate of $9 per member for
a three-year subscription. One year subscription for all
others: USA - $37; CAN $64+Tax GST; INT'L $91 GST. All
subscriptions payable in U.S. funds, drawn on U.S. bank.
Canadian GST#842773848. Back issue $10 prepaid, if

FEBRUARY 2020 ■

you're going, and put those check-in
dates on your calendar so that you
can hold yourself accountable.
One way to get started is to
think about where you were 10
years ago and where you hoped to
be today. Were you successful? Did
you make a plan for that decade,
and were your goals accomplished?
If you didn't record your goals for
the decade and the processes
necessary to accomplish them, it's
possible you haven't progressed as
much as you hoped you would.
Here's your chance to make a
fresh start - picture the you you
want to be 10 years from now, how
you will get there, and how you will
look back on this decade. Look at
all the accomplishments you will
have made! The '20s are waiting
for you! ■
- Gail Perry, Editor-in-Chief

available. Printed in the USA. Copyright 2020 Endeavor
Business Media LLC.
All rights reserved. No part of this publication may be
reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopy, recordings
or any information storage or retrieval system, without
permission from the publisher.
Endeavor Business Media LLC does not assume and hereby
disclaims any liability to any person or company for any
loss or damage caused by errors or omissions in the
material herein, regardless of whether such errors result
from negligence, accident or any other cause whatsoever.
The views and opinions in the articles herein are not to be
taken as official expressions of the publishers, unless so
stated. The publishers do not warrant, either expressly or
by implication, the factual accuracy of the articles herein,
nor do they so warrant any views or opinions offered by
the authors of said articles.
The opinions given by contributing authors are their own
and are not the opinions of our staff. All trademarks used
are the property of their respective owner.

www.CPAPracticeAdvisor.com

http://www.endeavorbusinessmedia.com http://www.CPAPracticeAdvisor.com

CPA Practice Advisor

Table of Contents for the Digital Edition of CPA Practice Advisor