culture

BANYAN BEAT2018 Edition

CULTURE

ACCOUNTING TRENDS & BUSINESS DEVELOPMENT

IN THIS ISSUE...

HEALTHHEALTHHEALTH &WELLNESS

GOOD READSFallBANYAN BEAT2018 Edition

TAX WEBINAR RECAP

UPCOMING TRAININGS, EVENTS & MORE...

LOW CARB PANCAKE RECIPE

BALTIMORE NEWS & EVENTS

Machines Complement Human Brain Power

AAccording to consulting firm Accenture, “automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed.” As machine learning and artificial intelligence (AI), applications continue to increase and impact accounting and finance responsibilities, the human professionals have an opportunity as well. Not only will ththey be more productive and proficient, but they will be able to handle more clients and deliver more value because they can determine actionable insight rather than just crunch numbers. Machines will be able to propel innovation in the industry.

Who wouldn’t want to leave bank reconciliations to a machine? Even though machines will become an accounting professional’s most valued colleague in the future, there’s nothing that can replace the emotional intelligence humans bring to the job.

ACCOUNTING TRENDS The Digital Transformation Of Accounting And Finance - Artificial Intelligence, Robots And ChatbotsThe following excerpt was taken from Forbes magazine…Artificial Intelligence and Big Data are Big Topics these days. Can you imagine robots doing your job?

Just as others who Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. BelBelow we outline just of the few opportunities that are now

Supplier Onboarding: Machines can vet new suppliers by checking their credit scores or tax information and set them up in the system without human involvement and even query portals to get all the necessary information.

Procurement:TThe procurement and purchasing processes for most organizations are filled with paperwork and use different systems and files that are not compatible with one another. As machines through APIs are able to be integrated and the unstructured data is processed, the procurement system will eventually become paperless. Robots are ideally suited to trtracking price changes among a number of suppliers.

Audits:

DigitaliDigitalization of the audit process will help increase its security by allowing a digital trail of when and by whom each file was accessed. Instead of searching file cabinets for the documentation that is required during an audit, auditors will be able to leverage the digital files. A more digital audit improves the efficiency and accuracy of audits and makes an audit of 100% of 100% of a company’s financial transactions possible instead of just a sample.

Monthly/Quarterly Close Process:The faster you can get the numbers, the more time your organization has to think strategically about what to do with the numbers. Machines can post data from a number of sources, consolidate and reconcile it. Not only will your monthly/quarterly close process be speedier, it will also be more accurate thanks to the support of machines in the process.

AI Chatbots:AI chatbots: Chatbots are used to efficiently solve common questions or queries from customers including the latest account balances, when certain bills are due, the status on accounts andt more.

The key to the digital transformation of accounting and financing is pairing people and machines together allowing each one to contribute in areas they are best skilled at. Machines can efficiently and accurately analyze a tremendous amount of data, they can spot patterns in the data and learn how to treat various kinds of data. With machines taking care of the mind-numbing and monotonous tasks, human accounting and financial professionals will be free to take on tasks they are better suited for

Expense Management:Reviewing and approving expenses to ensure they are compliant with your organization’s policies is time-consuming for your accounting team. Machines can read receipts, audit expenses and alert humans when a possible infraction has occurred.

Accounts Payable/Receivable Processing: TThere are already AI-powered invoice management systems available that can make invoice processing much more streamlined thanks to digital workflows that are implemented. They can learn the accounting codes that are appropriate for each invoice.

Accounting Tasks Machines Can DoNot only will machines free up humans Not only will machines free up humans to take on other tasks, automating accounting processes will help improve operations and reduce costs. And, since automation will ultimately infiltrate most divisions in a company, financial leaders who embrace the change are gaining expertise that will make them valuable in future business process transformations.

FALL 2018

Bernard Marr is a best-selling author & keynote speaker on business, technology and big data. His new book is Data Strategy.

KNOWLEDGE QUALITY CLIENT SERVICE

KNOWLEDGE QUALITY CLIENT SERVICE

On October 10th, SB & Company hosted a Tax Webinar for nonprofits in light of the Tax Cuts and Jobs Act (TCJA) which may very well cause nonprofits to have to start paying taxes. This is an opportunity for our firm’s nonprofit industry group…to ask our clients questions around hask our clients questions around how they plan to prepare for this – accounting and reporting – and offering advice and support. Already, clients have reached out with specific questions…they are concerned and rightly so. There is speculation that this this Act may result in fewer donations (due to less itemized deductions for individuals) and greater tax due on nonprofits’ newly defined “trade or business” and other changes…keep your ears peeled for client woes expressed by the finance and aand accounting folks.

TAX WEBINAR RECAP

z

As most of our mandatory training for this calendar year has already occured and concluded, please note that in the future, to get yourself registered, please click on the blue link beside “Register” in your Checkpoint invite and enter your email where requested on the registration screen. This will add your name to the course registration and will prompt Checkpoint to email you a calendar invitation which you need to open and accept to add to your calendar. If you cannot make the training, you need to submit a completed “Request for Excused Absence Form” and get the approval from Managing Partner at least Managing Partner at least 2 business days before training. Unauthorized absences will be considered as “unapproved missed training”, which will be tracked and recorded. Thank you in advance for your cooperation and hard work.

SBC People FactsHampton University graduate, Adriana Bowman has been part of the SBC team for over 4 years. She loves to travel and has recently been promoted to Senior Auditor!

UPCOMING TRAINING

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FALL 2018

HEALTH & WELLNESS

We spoke to avid HIIT (High Intensity Interval Training) goer, Anne Balder, to get her take on the best exercises that can be done anywhere especially during busy season when folks can’t get to the gym. Her take was the Burpee which is a multi-purpose exercise.

BURPEE

The Benefits…

When When you commit to weekly burpees, you’ll work out every major muscle group in your body: hamstrings, glutes, abs, chest and arms. And the best part of all is…you can do it from your bedroom, backyard or even in the privacy of your work space…ok…maybe not!

Ah, the burpee:

Here’s how you do it:

Start in a standing position, with your feet firmly planted on the floor.

MMove yourself back into a squatting position with your hands out in front of you, and then jump your feet back behind you (as though you’re about to do a push-up.)

AAdd a clap when you’re in the push-up position for extra calorie blasting (a traditional push-up with work too) if you dare—it’s a great way to add a challenge to this exercise—but if you don’t, jump back in a squat stance. End it by coming back up to your original standing position.

THEBIGMANSWORLD.COM

HEALTHY FLUFFY LOW CARB CHOCOLATE CHIP PANCAKES

INGREDIENTS

3 T coconut flour

1-2 T granulated sweetener of choice

Pinch baking powder

Pinch sea salt

3 large egg whi3 large egg whites (for vegan option, use 1 T + 1 tsp Ener-G egg replacer + 1/3 cup water)

1 T mashed starch of choice (I've tried pumpkin, applesauce and even mashed sweet potato)

1/2 cup + dairy free milk

1/2 tsp vanilla extract

1 T dairy free mini chips

INSTRUCTIONS

Sift the coconut flour, granulated sweetener , sea salt and baking powder to avoid clumps. Mix well to combine.

Whisk the egg whiWhisk the egg whites or ener-G egg with the vanilla extract. Add to the dry mixture, along with the mashed starch of choice. Using a tablespoon at a time, add dairy free milk until a VERY thick pancake batter is formed. Mix lightly, adding the chocolate chips. but do not over mix. Allow to sit to thicken slightly - This is very important.

SpSpray a pan with cooking spray and heat on low/medium. Once pan is extremely hot, pour batter using a 1/4 cup at a time- It should be extremely thick. Cook pancakes for 1 1/2 minutes or until the edges just start to bubble (it's best to cover the pan!) before flipping and cooking for an extra minute. Repeat until all the pancakes are cooked.

Notes

* Depending on the b* Depending on the brand of coconut flour, you'll most likely need more.

*Adjust accordingly- If carbs are not an issue or you want more chocolate, add more.You shouldn't need to beat the egg whites- If anything, you should let the batter sit slightly to allow the coconut flour to absorb some of the mixture before cooking.

KNOWLEDGE QUALITY CLIENT SERVICE FALL 2018

KNOWLEDGE QUALITY CLIENT SERVICE

Music Recommendation

Young the GiantHome of the Strange

Genre: Indie Rock

“Home of the Strange is the album where Young the Giant grows into and finally accepts their new-wave/alternative style. Sameer Gadhia has locked down his haunting vocal style, which is especially true on Silvertounge and Jungle Youth, something he was afraid to embrace on previous albums.”- Eric Marcus

Book Recommendation

It by Stephen King

Genre: Horror Fiction/Thriller

““The It book tells the story of seven children who are terrorized by an entity that presents itself in the form of your greatest fear. Get ready to laugh, cry, and maybe have a few nightmares while you read this terrific book.”-Jordyn Wida

SBC was referred by Ernst & Young to work with their for-profit educational company client headquartered in Baltimore and owned by a private equity group. As an independent _____, we are preparing the company’s provision for income taxes which is the estimated amount that a business or individual taxpayer expects to pay in income taxes for the current year. The amount of this provision is derived by adjusting the reported net income of the business with a a variety of permanent differences and temporary differences.

This project is significantly complicated because there are 20 subsidiaries, some profitable and some not (what we call winners and losers). As a result, some pay tax and many don’t. There are a number of considerations we have to evaluate in order to calculate the number in their financial statements - analyze deferred tax assets including NOL carryforwards to determine whether assets are realizable in accordance with GAAP, a bankruptcy, the winners and losers (which means ________________). losers (which means ________________). There are underlying assumptions necessary to estimate current and deferred taxes including historical profitability; trends in business operations; and trends in economy.

tipsBUSINESS DEVELOPMENT

Critic’s Corner

Tax Provision Project

More Music Recommendations:Royal Blues – Dragonette (Body 2 Body)Feel Your Feelings Fools – the Regrettes (Juicebox Baby)

FALL 2018

Listening is number 1 to earning people’s trust, establishing rapport and identifying ways to be responsive. Practice asking questions of your friends, family and acquaintances…learn about others – their likes/dislikes, life challenges, __________...then repeat back what you heard with a response – suggestion, empathy,

SBC JOINS THE

TEAM SB&CO.

Saturday, October 27

Walk begins at 10:30am

Canton Waterfront Park,

Baltimore

See Kim Hock to join the team!

KNOWLEDGE QUALITY CLIENT SERVICE FALL 2018

Did you know...Fall is called “harvest” because of the “harvest moon” that occurs when the full moon is closest to the autumn equinox. Before man-made lighting, this moonlight was essential to a prosperous harvest.

Don’tforget...

Thanksgiving Food Basket Donations can be made up until November 16th! Please place your non perishable (canned veggies/fruit, boxed rice/pasta, cake/cookie mix, etc.) donations or grocery store gift cards in the basket in the Hunt Valley Kitchen! See flyer handout handout for details & full donation list.

Join Baltimore City Recreation & Parks and the Healthy Harbor Initiative for an Inner Harbor Kayaking Tour! Tours offered every Sunday, April through October at 9am and 1pm. Departing from the Science Center Water Taxi landing, explore the Inner Harbor by kayak. See the historic Torsk submarine, the USS Constellation or Mr. Trash Wheel from a new and unique perspective!

Visit baltimore.org/events/morning-inner-harbor-kayak-tour for more info.

BALTIMORE EVENTS

KNOWLEDGE QUALITY CLIENT SERVICE FALL 2018

Are You Listening to Me? Or Should I Shout Louder?TIPS FROM ED MAIER, FORMER BIG 4 PARTNER

A reA recent article pointed out that as a people, we don’t listen very well and identified some tips to improve listening. Truly listening—is important in order to understand the point of view of another person. You cannot be listening if, while the other person is speaking, you are formulating your response or attempting to speak over them.

•• Let others complete their sentences and thoughts; don’t interrupt or attempt to quickly respond to the question of another by cutting them off in half-sentence.

• Communicate more frequently via person-to-person, or face-to-face, in order to improve clarification of communication and practice listening skills (vs email, text). Often, we don’t have or deliver the context of what is being conveyed.

•• Body language is a key element of communication. Engage in body language that tells the other person that you are actively listening and engaged in the conversation.

• Maintain eye contact and focus on the person who is speaking.• Pay attention to the body language and facial expressions which are exhibited by the other person. To recognize if you are making the other person feel uncomfortable.

•• Practice other techniques such as repeating, reflecting or reframing what you have heard to emphasize to the other speaker that you understand the points that they are trying to present.

• Minimize distractions and interruptions during the conversation – not texting, emailing or engaging in other tasks (“multi-tasking”, which is hard for people to do effectively).

•• Remember the words of Stephen Covey from his book, The 7 Habits of Highly Effective People, to: “Seek first to understand, then be understood.”

•• Use good questioning skills in my conversations with others, not to interrogate but to stimulate thoughts, as well as, clarify points which are presented. Good questioning includes the appropriate use of open-ended questions to start (“What will you do with this information?”) and closed-ended questions to clarify (“Do you have all of the information you need to make your decision?”).

•• Take notes in your meetings…it shows the participants you consider the information to be important to the conversation.

Pennsylvania Signing Tourism TrustAudit

Maryland Transit Administration Consulting/Analytics

Greater Grace World Outreach Audit

Virgin Islands Virgin Islands Compliance

Arundel Community Development Services Audit

Public Educational Company Tax Provision

NeighborWorks America Cybersecurity AssessmentCybersecurity Assessment

NEW BUSINESS

On August 11th, we ate way too much food, had just the right amount of fun, and had all the right kind of company at this years annual summer BBQ! The event was held this year at the lovely home of Beth & Chris Lehman. We enjoyed corn hole and Kan-Jam tournaments while the kiddos had had fun in the carosel bounce house. Thank you to all who helped plan and set up for the BBQ and to everyone who stopped by to hang out with the SBC Fam. Until next year!

Annual Summer BBQ!SBC’s