The NBA playoffs are FINALLY over. All the “experts” predicted the Western Conference champion Los Angeles Lakers would beat the Boston Celtics. This was a series of the top offense in the Lakers going up against the top defense Celtics. The dominant defensive team from the East won. The Boston Celtics beat the Los Angeles Lakers 4-2.
In Phil Jackson’s dream world, he was going to beat the Celtics to win his 10th championship and pass Red Auerbach, former coach of the Celtics. Instead, Phil Jackson lost his second straight NBA finals.
Paul Pierce was phenomenal in the finals. Ray Allen proved to be the great shooter that he is. Ray Allen set an NBA record for 3 pointers in a series. Kevin Garnett finally won a championship. KG gets the credit for turning the Celtics around which he deserves, but Paul Pierce made the big shots to win the championship. The Celtics proved with defense, self-sacrifice and teamwork you can win a championship.
Doc Rivers did a fine job coaching the Celtics to his first NBA championship.
After watching this series, I’m beginning to think coaches get far too much credit for their team’s success. Phil Jackson is the greatest coach – why? Because he went to teams with Michael Jordan and Shaquille O’Neal, two of the greatest players in NBA History. Doc Rivers had never even won a playoff series in his career. The Celtics bring in Kevin Garnett and Ray Allen to go along with Paul Pierce and guess what – the Celtics win a championship. Coaches deserve credit, but I think they get too much. Players win championships.
Congratulations to Wayne Snelson for winning his 2nd NBA Pick ‘Em!
Posted by Tom Waller, CPA
Gainer, Donnelly & Desroches recently received two awards recognizing their outstanding achievements in the areas of accounting marketing and communications.
The Association for Accounting Marketing distributed 40 Marketing Achievement Awards (AAM-MAAs) at the organization’s 19th Annual Conference, AAM Summit 2008, Wild on Marketing in San Diego, Calif. on June 5, 2008.
A panel of judges, including professionals in advertising, consulting, professional services and marketing, judged nearly 250 entries submitted by accounting firms from all over the United States and Canada in 19 different categories.
Receiving the award for the “Series Ad” and “Printed Brochure” categories, GD&D earned top honors for their 2007/2008 Big & Small advertising campaign and their 2008 Amazing Mix of Characters recruiting brochure.
About AAM:
The Association for Accounting Marketing is the only association in the country formed specifically to address the growing marketing needs of public accounting firms. The members are comprised of marketing professionals, CPAs and consultants, vendors, educators and students who seek to expand the business of public accounting. Since 1989, AAM has provided members with the information, resources and market intelligence needed to excel and grow in their careers.
Posted by Stacy Soefer
One of the foremost experts in business management Edgar Schien said it best when he stated “the people make the place”. Gainer, Donnelly & Desroches is certainly an excellent example – we all believe the people at GD&D truly “make the place”. This month we will be formalizing our GD&D Mentorship Program.
I feel fortunate to have had two very different, but equally valuable, mentors during my career. Whether I knew at the time all that I was learning from my mentors, looking back, I can certainly see what a positive impact they had on my career and how without them, my career could have been different. My first mentor helped me develop my intrinsic auditing skills which I still use today. He taught me the importance of listening to my clients and to learn from each one of them. By listening and asking questions I was able to pass along “best practices” to my other clients.
My second mentor taught me how to be a better business person. One thing she taught me was the concept of saying “no”. I had a tendency to say yes to everything, trying to satisfy everyone at the expense of myself. When we over-extend ourselves we end up doing things in a less than conscientious manner. We have to learn not to make promises that our schedule and to-do list won’t let us keep.
I have learned the importance of mentors. We are all already part of a mentoring program by asking for or providing advice at some point in our careers. As discussed by Jeffrey S. Sears CMA, CFM in his article, Coaching and Empowerment Skills for Accountants, the benefits of a formal mentoring program are worth the effort.
Sears attests that a firm wide program will have a positive impact on three key areas of organizational success:
1. Productivity
2. Client service
3. Relations with employees
Employees can be more productive because they can make decisions without taking time to consult supervisors on every detail. Supervisors can make better use of their time by having more time to address higher-level strategic and tactical issues. Overall productivity gains can translate directly into higher efficiency and effectiveness.
Client service can be improved because employees on the front line can take care of customers in a timelier manner and often with greater client satisfaction. Who knows better than front-line auditor or tax preparer what’s important to the clients they serve? In an era when many have complained about declining customer service, improved customer service can give the firm a competitive edge.
The most important benefit of a mentoring program may be improved relations with employees. With the independence of today’s employees, attracting and retaining well-qualified employees is an ongoing challenge. The increased employee control over decisions and rewards that a mentoring program gives may be the difference between a well-staffed organization and an organization struggling to remain viable.
Posted by Leslie Berardo, CPA
The Fed must stop here. The bottom has been struck, at least in terms of rate cuts. After the latest round of cuts I feel that the market is going to have to make an upward turn without further outside interference. All the downward corrections that can be made have been made. On the plus side, the jobs report was much better than anticipated and gave aide to the theory that the economy may be stabilizing. This also resulted in a brief run for the market, but has since settled. It will be interesting to see that as the Fed takes a more “hands-off” approach and holds the rate steady whether or not stocks will follow rank. We are also beginning to see a rise in manufactured goods being sold. I have a strong suspicion that this is due to the weak currency and increase in exports.
All of this information leads the belief that the economy could be stabilizing and that volatility in the market shouldn’t be far behind.
Posted by Chris Bailey
With the market on a recent run the Federal Reserve is faced with one of their most daunting decisions. Do they continue to let the market run its course via no action? Do they try to help an extremely damaged housing and financial sector by cutting the rates again? Or could they even bring themselves to take some money off the table through a rate increase?
I believe that there will be little action with the rates in the coming months. The Fed has already cut too deeply to continue doing so, the dollar is devalued to frightening lows. The Pound is at 2:1, the Euro is creeping towards 1.75:1 and the Canadian Dollar is basically 1:1. Taking all of these facts into consideration there is absolutely no way the rate can continue to fall without doing even more damage to an already weak dollar. I would like to see a rate increase as that would go leaps and bounds towards sending this economy back to safer levels of inflation. However, with American businesses hurting maybe a weaker dollar will encourage spending from foreign countries.
I don’t know what the Fed plans on doing, but I do expect a bumpy ride from whatever choices they make.
Submitted by Chris Bailey
In the Thursday, March 27th issue of the Houston Chronicle, Gainer Donnelly & Desroches was recognized for providing healthy menu options for their employees in an age where the corporate calorie count is on the rise.
Some days it’s a birthday cake. On others it’s a box of thank-you doughnuts from a customer. Or leftovers from co-workers trying to clean out pantries and refrigerators. From the biggest office to the smallest shop floor, food is a part of our work lives. And we gobble it up.
Click here to read the full article and see pictures from GD&D’s own Biggest Loser challenge weigh-in.
Posted by Stacy Soefer
Let me introduce myself.
My name is Chris Bailey. I graduated from Southwestern University Georgetown during May of 2006. I have since worked for an investment bank and a top five accounting firm. I have been with Gainer, Donnelly & Desroches for approximately 7 months now and have gone through a fall busy season and a partial spring busy season. So far, I have thoroughly enjoyed my time here as the office environment is very nurturing and fast paced.
I am not entirely sure what this blog will focus on, but I would guess it would have to do mostly with current financial issues as they arise. I am particularly interested in the Federal Reserve and their actions of late. This is kind of a wild time at the office, so I don’t have too much time to devote to this, but I will try my best to give weekly updates.
I would like to close by pointing out that the Canadian dollar is trading at 97 cents to the dollar. This is quite a shocking exchange rate as in the not so distant past it was trading at 50 cents. This makes me wonder why the Fed would continue to cut rates and devalue our currency at this rate. In any event, I am getting back to work as this has been a welcome reprieve and I look forward to writing again.
Chris
The Texas Franchise Tax law and rules indicate that a taxpayer must elect their method of calculating gross margin on a properly filed return or extended return. Many of us in tax compliance took this to mean that if a taxpayer inadvertently missed their extension or somehow made an invalid extension, then they were required to use the 30% of revenue method, which seems somewhat draconian.
However, the Comptroller, on March 20th, issued a letter stating that the Comptrollers office would interpret the law “… as follows: The election for COGS or compensation must be made by the due date, the extended due date or the date the report is filed, whichever is latest…” The Comptroller also stated that she would request a clarifying amended to the statute.
Although this doesn’t seem like much on the surface, it is a big win for business and it is an indication that the Comptroller’s office is taking a business-friendly attitude towards this new law.
Posted by David P. Donnelly, CPA
Gainer, Donnelly & Desroches was recently featured in the Advertising & Marketing Focus section of the Houston Business Journal. The article focused on the success of our annual calendar as a marketing tool.
Were it not for the busy accountants toiling away in their offices, visitors to the offices of Gainer, Donnelly & Desroches LLP might believe they were touring a gallery of work by a noted professional photographer.
Fact is, they are seeing the works of a Houston accountant and increasingly popular hobby photographer who is responsible for the breathtaking pictures displayed throughout the office. But even those who have never set foot inside may be familiar with both the photos and the firm. An annual calendar that has been sent to clients, associates and friends of the 60-year-old company for the past few years features dramatic photos taken during the travels of senior partner Sam Gainer and his wife, Norma.
What began five years ago as a substitute for holiday greeting cards has expanded, however, to an annual project drawing more requests each year from clients as well as marketing professionals and other firms nationwide who have asked to distribute the colorful marketing tool themselves.
“It’s been really good for the firm,” says Gainer, who, showing a knack for photography at a young age, was put in charge of the family camera on vacations.
Click here to read the full article.
Professional services marketing guru, Michelle Golden, has made GD&D’s HBJ article the focus of her latest blog entry. Michelle’s website and blog are highly viewed and widely respected in the accounting community and it is an honor to be featured in “Golden Practices.” Click here to read Michelle’s blog entry.
Gainer, Donnelly & Desroches LLP, Houston’s oldest and largest independent CPA firm is pleased to present Darfur—Photojournalists Respond at Holocaust Museum Houston, March 14th thru August 17th.
Over 400,000 Sudanese people have died in the current crisis in Darfur with millions left starving and displaced. An exhibit featuring the work of eight photojournalists who documented the atrocities in Darfur, Darfur: Photojournalists Respond, provides museum visitors the opportunity to engage in this history and to consider the role of media in generating understanding and action.
“We are thrilled to be a part of such an important and relevant project,” said COO, David Sheives. “It is our hope that this exhibit will not only alert the community conscience, but encourage action to confront and put an end to acts of genocide and other crimes against humanity.”
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