AcctgChat Transcript November 13 2009

AcctgChat: One hour until the world's first Accounting Chat on Twitter: #AcctgChat - more details here - http://bit.ly/3mM3jw 11/13/2009 11:24 AcctgChat: Welcome everyone to #AcctgChat! If you're new to these Twitter chats it may take a bit to get used to them. See next few tweets... 11/13/2009 12:31 AcctgChat: Think of Twitter chats as Serendipity Engines: they're ways of rallying around topics, meet others & share ideas #AcctgChat 11/13/2009 12:32 AcctgChat: So let's get started with introductions! Tell us about yourself - what you do, what you're passionate about. Pitch urself in 140 #AcctgChat 11/13/2009 12:34 WChrisLeach: Chris Leach, Dir. of Finance at Washburn University. Passionate about baseball and my hatred of cash flow statement. #AcctgChat 11/13/2009 12:36 IGAFWorldwide: Exec. Dir. of a global accounting association. Dipping a toe into the social media pool. #AcctgChat 11/13/2009 12:36 AcctgChat: @WChrisLeach lol - been through direct method hell long ago. Welcome! #AcctgChat 11/13/2009 12:37 michellegolden: Thrilled to be able to join the very first #acctgchat Join now! 11/13/2009 12:37 dhelwig: Debra Helwig w/ IGAF Worldwide, an assn of acctg firms; passion - connecting folx at great firms & sharing ideas abt prof svcs #acctgchat 11/13/2009 12:38 WChrisLeach: Not only direct method, but GASB 34 direct method. Financing broken down between capital and noncapital.... #AcctgChat 11/13/2009 12:38 AcctgChat: @IGAFWorldwide Welcome! One goal of these chats is to help the profession get up to speed with social media. #AcctgChat 11/13/2009 12:38 AcctgChat: OK, first topic coming up in one minute. We'll have 3 topics. Please prepend your response with the topic number (T1, T2, etc.) #AcctgChat 11/13/2009 12:40 Schneider_Downs: MKT Spvr @ firm with 340+ empl.,offices in Pittsburgh, Pa & Columbus, OH, offer range of services: audit to M&A. #acctgchat 11/13/2009 12:40 AcctgChat: T1 Web Literacy: How prepared for the 21st Century is the profession (CPAs, Corp. Accountants, faculty, etc.)? #AcctgChat 11/13/2009 12:41 Schneider_Downs: Like @IGAFWorldwide, we too are dipping toe into social media pool. #AcctgChat 11/13/2009 12:42 WChrisLeach: T1 Depends on how you define "web literacy". Familiar with web in general? Very prepared. Familiar w/ acct resources? Not very. #AcctgChat 11/13/2009 12:42 michellegolden: T1 Gotta take this topic: not well-prepared at all! Websites still mostly brochureware and only 122 CPA bloggers. Not good. #acctgchat 11/13/2009 12:43

IGAFWorldwide: T1 We have members (non US) that print email and hand write responses for secretary to then type - so the answer varies globally #AcctgChat 11/13/2009 12:44 AcctgChat: @WChrisLeach In particular with social media - in terms of leveraging the new tools (Twitter, blogging, etc.). #AcctgChat 11/13/2009 12:44 BillSheridan: T1 I think they're aware of the *need* to prepare, but most have a lot of catching up to do. #AcctgChat 11/13/2009 12:44 darcangeloCPAs: T1 - Many of us are obviously web-literate and are helping our Firms, but not sure how much of the actual profession is prepared. #Acctgchat 11/13/2009 12:45 WChrisLeach: T1 Following up on @michellegolden I can't think of an accounting blog devoting any significant space to GASB topics. #AcctgChat 11/13/2009 12:45 going_concern: Going_concern: Information hub, gossip column, playground for accountants. #acctgchat 11/13/2009 12:45 IGAFWorldwide: T1: We also have about 1/2 the people on here now - so maybe pretty good! Overall - too early to tell - amazingly! #AcctgChat 11/13/2009 12:46 WChrisLeach: T1 Like @michellegolden said, mostly brochureware. Some firms have simple calculators & forms, but not many I've seen. #AcctgChat 11/13/2009 12:46 michellegolden: Agree w/ @WChrisLeach accts don't think FIRST 2 "google it" Miss lots of key info (like following RSS feeds) #acctgchat 11/13/2009 12:46 dhelwig: If you listen to most (not all) firm mktg professionals, they have an uphill battle to get firms to buy in, esp to social media #acctgchat 11/13/2009 12:47 AcctgChat: As a follow-up to T1: how are you using the Web?: example: to stay up-to-date, collaborate, communicate with peers, etc. #AcctgChat 11/13/2009 12:47 Schneider_Downs: T1: Think there is a fear that technology takes away from the personal relationships #AcctgChat 11/13/2009 12:48 michellegolden: T1 @WChrisLeach ya,don't know of GASB blog either. If you find 1, let me know. I list many here: www.accountingbloglist.com #acctgchat 11/13/2009 12:48 BillSheridan: BTW, I'm editor w/ Md. Assn. of CPAs, passionate about connecting / collaborating w/ CPAs & turning the social media flywheel. #AcctgChat 11/13/2009 12:48 WChrisLeach: T1 follow-up: Yes. :-) #AcctgChat 11/13/2009 12:48 WChrisLeach: T1 @michellegolden Thanks for the link. I'll check it out. #AcctgChat 11/13/2009 12:49 BillSheridan: @Schneider_Downs T1 Key message: Used correctly, these new tools actually *enhance* relationships and build new ones. #AcctgChat 11/13/2009 12:50 dhelwig: @billsheridan Exactly, soc med is a tool - nothing more than that - it's not a replacement

for other networking etc. #acctgchat T1 11/13/2009 12:50 michellegolden: T1 MD Assn CPAs (@BillSheridan & @tomhood) do a great job using SM. @MNCPA is, too #acctgchat 11/13/2009 12:51 darcangeloCPAs: T1 - use web to find leads, provide content/value to clients, spread the word about the firm #Acctgchat 11/13/2009 12:51 Schneider_Downs: Lots of debate about value of social media for B2B especially w/ respect to services. Not a lot of case studies. #AcctgChat 11/13/2009 12:52 dhelwig: @carcangelocpas AH, but you, @schneiderdowns, @bcgcompany, @hurstaccountant - only a few firms w/ good presence on Twitter #acctgchat 11/13/2009 12:52 WChrisLeach: T1 @BillSheridan Yes! Sounds trite but fmr employer had objective of giving "high touch, high tech" srvc; hard 2 do but good goal #AcctgChat 11/13/2009 12:52 AcctgChat: OK - next topic coming up in 2 minutes. You're free to talk about any topic, but just prepend with topic number. #AcctgChat 11/13/2009 12:52 michellegolden: t1 Great point @dhelwig CPAs often confuse SM tools with "Strategies" and they aren't, in and of themselves. #acctgchat 11/13/2009 12:52 dhelwig: Typo, sorry @darcangelocpas, @schneider_downs #acctgchat T1 11/13/2009 12:53 retheauditors: I'm in, Sorry got caught on the phone #acctgchat 11/13/2009 12:53 dhelwig: Must run to appointment - GREAT chat - look forward to next week, all #acctgchat 11/13/2009 12:53 michellegolden: t2 important to remember that SM is just a relationship ACCELERANT but that must still move from "digital" to "personal" #acctgchat 11/13/2009 12:53 AcctgChat: T2 Accounting Software User Experience: What key elements of user experience are a *must*? What works? What's a disaster? #AcctgChat 11/13/2009 12:54 BillSheridan: @Schneider_Downs T1 Those case studies are in the process of being built as we speak. #AcctgChat 11/13/2009 12:54 Schneider_Downs: Must run too. Excellent chat. Looking forward to next week. #AcctgChat 11/13/2009 12:55 geoffdevereux: We're always input from #Acctgchat guys to help improve our online reporting software @indicee. B.I. for non-techies. 11/13/2009 12:55 retheauditors: I'm @retheauditors Blogger , freelance financial journalist and speaker. http://bit.ly/iVGK #acctgchat 11/13/2009 12:55 AcctgChat: @Schneider_Downs @dhelwig Thanks for stopping by - I'll post a transcript and announce the next one later. Cheers! #AcctgChat 11/13/2009 12:56

WChrisLeach: T2 Found that experience on one pkg doesn't translate to another unless there is a fairly high degree of knowledge of accounting. #AcctgChat 11/13/2009 12:56 michellegolden: T1 Agree @BillSheridan - can't look to precedent here, must be trailblazers. Nothing special about being the 5000th adopter! #acctgchat 11/13/2009 12:56 AcctgChat: @retheauditors Great to see you show up - we're on T2 (see previous tweets on this account). #AcctgChat 11/13/2009 12:57 gtiadvisors: RT @retheauditors: I'm @retheauditors Blogger , freelance financial journalist and speaker. http://bit.ly/iVGK #acctgchat 11/13/2009 12:57 robpas: Also fun at parties RT @retheauditors I'm @retheauditors Blogger , freelance financial journalist and speaker. http://bit.ly/iVGK #acctgchat 11/13/2009 12:58 IGAFWorldwide: T2: Biggest complaints - Interface, usability, support, linkage w/other programs. Smallest compaints - Not enough features. #AcctgChat 11/13/2009 13:00 HumphreyCPA: T2-re: Software-like so many 'old schoolers', we get complacent on the process that heaven forbid, we have to change #AcctgChat 11/13/2009 13:01 HumphreyCPA: @IGAFWorldwide -Faster is not always better. What works today, might not work tomorrow. plus does it work with other apps #AcctgChat 11/13/2009 13:02 WChrisLeach: T2 Good point on interface. That's what often gives non-professionals fits when learning/using a package. #AcctgChat 11/13/2009 13:02 retheauditors: T2 How many are still doing formal software selection for their clients or are clients skimping on that step? #acctgchat 11/13/2009 13:03 cpaboise: @retheauditors I still do software selection and installation and setup and training for clients #acctgchat 11/13/2009 13:05 AcctgChat: Next topic coming up in 1 minute. #AcctgChat 11/13/2009 13:09 AcctgChat: T3 Influence of Big Four: How has consolidation affected the profession (standards, ethics, practice) over these 20 years? #AcctgChat 11/13/2009 13:10 IGAFWorldwide: T3: Monopolies and monopsonies tend to misbehave - Anyone care to start the list of emprical or anecdotal examples ;-)! #AcctgChat 11/13/2009 13:15 cpaboise: T3 Big 4 and ethics, practice: reminded us why we are called certified *public* accountants, our duty is to public first #acctgchat 11/13/2009 13:16 AcctgChat: I think we'll be able to squeeze one more topic - coming up in a few minutes. #AcctgChat Feel free to continue whichever one you'd like. 11/13/2009 13:18 retheauditors: Absolutely RT @cpaboise: T3 reminded us why we are called certified *public* accountants, our duty is to public first #acctgchat

11/13/2009 13:18 AcctgChat: T4 Promulgation & Political Compromise: How big a factor is political compromise in FASB (or foreign analogues)? #AcctgChat 11/13/2009 13:21 gtiadvisors: RT @retheauditors Absolutely RT @cpaboise T3 reminded us why we are called certified *public* accountants, duty to public first #acctgchat 11/13/2009 13:29 AcctgChat: WOW! An hour's up. Not bad for a first run of #AcctgChat! Thank you all for stopping by. Transcript of chat will be up in abit. 11/13/2009 13:31 retheauditors: Oh, I could go on... One word: Oligopoly RT @AcctgChat: T3 Influence of Big Four: #AcctgChat 11/13/2009 13:32 BillSheridan: Thanks for the fun chat! #AcctgChat 11/13/2009 13:33 AcctgChat: The times for #AcctgChat are not yet in stone. I will pick a few different ones over the weeks to get a pulse of what's best. 11/13/2009 13:33 AcctgChat: Next #AcctgChat is Thursday 11/19 8:30pm EST. 11/13/2009 13:34 IGAFWorldwide: Thanks to all - from tiny acorns....etc. etc. #AcctgChat 11/13/2009 13:35 AcctgChat: @BillSheridan Sure, my pleasure! Thanks for stopping by - next one is Thursday 11/19 8:30pm EST. Transcript will be up later. #AcctgChat 11/13/2009 13:35 michellegolden: Thanks for the convo! #acctgchat 11/13/2009 13:36

AcctgChat Transcript November 13 2009

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AcctgChat Transcript November 13 2009 Document Transcript

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