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December 2017

Dear friends of CDH,

I hope that 2017 has been a successful year for you and your organization. It is a pleasure to do business with you. Thank you for all the work, opportunities, referrals, and trust you have given us. We are very thankful!

We are looking forward to a new year filled with excitement to serve you better.

Let us all say to you,

“Happy and Prosperous New Year to you! “

As always, we want to provide you with useful accounting, tax and business information to help you in this newsletter. At the same time, we want to hear your feedback about the content. So, please feel free to send me your comments about our newsletter at any time.


Koh Fujimoto
Managing Principal
CDH  
 

New Global CEO Appointed

We’re delighted to announce that Anton Colella has been appointed as Moore Stephens International’s new global Chief Executive Officer following a worldwide search.
Anton Colella is currently global Chief Executive of the Institute of Chartered Accountants of Scotland (ICAS).
 
We’ve grown significantly over the last decade through network expansion and broadening service offerings and target markets.
   A newly developed strategy will see us drive substantial growth through enhanced collaboration, communication and innovation, combined with the roll-out of aligned values and brand messages.
 
Anton Colella’s appointment is key to the delivery of our growth strategy and is part of a revised governance structure designed to drive the network forward.

Richard Moore, Chairman, said: “We are delighted that Anton is joining Moore Stephens International at this important time. He is a motivational leader and is highly respected by major firms, global professional bodies, regulators and governments.

“His experience offers a unique insight into the challenges facing our business and he brings change management skills which will greatly benefit our network and its member firms.

“Anton’s appointment provides the inspiration, direction and challenge necessary to achieve the objectives of Moore Stephens International and cement our position as a major global business.” (
read more)
 


It seems as if 2017 has been the year of the Cyber Attack. While companies large and small have been getting hit by hackers for years,

it just feels like 2017 brought these activities to the forefront of our thoughts. Consider the following headlines for 2017 Cyber attacks (taken from the ZDNet website):
 

• Leaked TSA documents reveal litany of airport's security lapses

• Millions of Verizon customer records exposed in security

• Thousands of law enforcement forum accounts stolen in PoliceOne

• WannaCry ransomware plagues thousands in massive global cyberattack

• US Air Force leak exposes "holy grail" of security clearance files

• Hacker breaks into Virgin America's corporate network

• Lack of two-step a factor in Deloitte breach


What I find interesting in these headlines is a common theme of unprotected servers and back-up drives or hackers gaining access to corporate systems via compromised employee login/password information. I constantly ask myself why, in this day and age, do companies of all sizes continue to underfund and marginalize their IT infrastructures. (read more)

 

Sage Intacct today is a cloud app doing the heavy lifting of mapping transactions to financials so business’s can spend more time analyzing data and making better, faster decisions.
Cloud ERP and accounting software represent the beginning of what will transform our world in the near future. Sage Intacct can move your company today from Excel or Quickbooks to a platform that is built to scale and drive key decisions that need to be made sooner, rather than later. (read more )
 
 

Here is an interesting article about the new revenue recognition rule (ASC 606) and accounting software requirements.
 

To start, both private and public companies are facing the biggest accounting change in a decade.

The new standard provides a comprehensive revenue recognition model intended to increase financial statement comparability across companies and significantly reduce the complexity inherent in today's revenue recognition guidance. Starting in 2018 for public companies and 2019 for private companies, ASC 606 and IFRS 15 revenue recognition guidelines from the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) will require companies to reallocate revenue with greater frequency—each time a customer contract changes—and defer expense recognition to align with the contract’s delivery.  (read more)
 


Avoid a Costly Lawsuit by Providing Anti-Harassment Training

By: Lee Arnsman


In recent months high profile sexual harassment claims have grabbed the headlines,

but what is less well known is that harassment can come in many forms including discrimination in areas such as religion, disabilities, and age to name a few. Anti-Harassment Training is designed to protect employees by preventing discriminatory actions in your workplace. Equipping your workplace to recognize harassment and respond effectively will give you peace of mind that you are protecting your valued employees and minimizing your risk of a painful harassment lawsuit.

To learn more about CDH’s Anti-Harassment Training, please contact
Lee Arnsman.
 

Expense Report Rx: Steps to Stop Fraudsters In Their Tracks


CDH internally uses Nexonia for expense reporting software. It is one of the most widely used expense automation software. It can be operated by a mobile app and it has multicurrency application. It is also linked to credit cards and it can be linked to travel agency sites. You use your smart phone to take a picture of the receipt and the software automatically records expense into your accounting software.

Imagine how many hours are being spent on employees’ compiling and reviewing manual expense reports. Ask any members of CDH about how we use this software for our internal use.

Below is a good article about how to prevent expense report fraud written by the Nexonia blog team.

https://www.nexonia.com/blog/2016/01/20/expense-report-rx-steps-to-stop-fraudsters-in-their-tracks
 

This holiday season, CDH employees participated in the annual WINGS Gift Card Drive and donated over $600 worth of gift cards! 
 

On December 11th, the CDH team helped at the Holiday Shoppe for Family Shelter Services by wrapping presents for their clients. This entailed getting garbage bags full of presents to wrap very quickly for families that were part of this wonderful program. The team had shifts of 2-3 people from 8am until 5pm and wrapped countless amounts of presents for boys and girls alike, including toys, puzzles, games, hats and gloves, blankets and stuffed animals. It was a wonderful way to give back to those in need during the holiday season. Everyone left feeling great, and happy they could make a difference for the families that were involved.

 
On October 8th, CDH took to Cantigny in Wheaton and walked three miles to help fight breast cancer in the Making Strides Against Breast Cancer DuPage County walk. During the weeks before that, the CDH team from all offices raised money through an ice cream social, a pizza party, individual donations, as well as donations from many clients and connections. The fundraising goal that was set was $2,500, and thanks to all our supporters, we surpassed the goal and raised a total of $3,129! Thank you to everyone that came to walk, donated, or supported us in any way!