By Eric Woodruff, CPA
Manager, Audit & Assurance Services 

Spending a little quality time with your colleagues can make a huge difference! 

Just look at what happened when New England Patriots coach Bill Belichick offered to spend more time mentoring offensive coordinator Josh McDaniels. This gesture reportedly played a large part in convincing McDaniels to stay in New England and pass on the head coaching position for the Indianapolis Colts. 
McDaniels considered the extra time with Belichick to be "extremely valuable."
One of the main reasons people quit their jobs is because of an inadequate relationship with their immediate supervisor. The best way to build a strong rapport with your employees is to be like Belichick - pencil in some one-on-one time with them and show that you care. Even a brief sincere interaction can leave a lasting impact. 

By Tom Sponsel, CPA/ABV, CFF
Managing Partner 

Every good manager knows that the key to improving productivity is to hire talented people with skill sets that are commensurate with the needs of the workforce. But as a business grows and more managers are necessary to supervise a larger number of employees, breakdowns can sometimes occur when it comes to delegating responsibility.

Good delegation requires adequate orientation to the task or duty, timely follow-up, meeting deadlines and holding the delegate accountable for the quality of the project. Where managers become frustrated is when they do not see the results they wanted at the end of the process.

A mistake often made is when the supervisor takes the project back and completes it himself or herself. While it may serve as a quick-fix, it only increases the burden on the manager, reducing their capacity to act in a supervisory mode. And it sends the message to the employee that they do not have your trust.

While it's tempting to blame problems on a lack of drive on the part of the employee, in my experience responsibility actually breeds motivation. The majority of workers desire to do well in their endeavors, and will raise their level of performance to meet higher expectations.
By Lisa Blankman, CPA
Manager, Audit & Assurance Services 

The tax reform is here, with significant changes to both individual and business taxation that have been covered extensively in recent weeks. As you're closing out your books for 2017 and preparing the year-end financial statements, you may be wondering if the tax law changes have any direct effect on your company's GAAP financial statements? The answer is yes, they do -  if you have a C corporation.

For C corporations, deferred tax assets and liabilities are recorded based on temporary differences between book and tax reporting. For example, if a company has a significant net operating loss carryforward, the deferred tax asset recorded will represent expected tax relief in future periods.

Employee Spotlight - Christopher Sargent 
Christopher Sargent started as an intern for Sponsel CPA Group in the spring of 2016 and became a full-time staff member in the fall of 2017. As a Staff Accountant in the Auditing & Assurance Services department, his duties include conducting audits, reviews, compilations and agreed-upon procedures for clients across a broad spectrum of industries, including construction, distribution, manufacturing, service and not-for-profit. Click here to learn more about Christopher. 

2017 Tax Law Deep Dives Summarized

The Deep Dives and tax summaries are a series of articles in which Sponsel staff members provide an in-depth look at individual aspects of the new tax law and how they might affect you or your business. Click here for the full collection of articles.