CMA Daily News

GLOBAL TALENT SHORTAGE CONTINUES IN ACCOUNTING AND FINANCE

2008-07-24T12:46:46-07:00

Report Finds Hiring and Retaining Skilled Professionals Still Challenging

MENLO PARK, CA -- A shortage of experienced accounting and finance professionals continues to affect employers around the world, according to the second annual Robert Half Global Financial Employment Monitor. For the second consecutive year, more than half (56 percent) of the finance and human resources managers surveyed worldwide reported difficulty finding skilled job candidates. The report also found that retention concerns have risen significantly in the last year: 58 percent of respondents worldwide and 73 percent of respondents in the United States expressed concern about losing their top performers to other job opportunities, up from 43 percent and 46 percent, respectively, in 2007.

The global study was developed by Robert Half International, the world’s first and largest staffing services firm specializing in accounting and finance, and conducted by an independent research firm. The survey includes responses from more than 4,000 finance and human resources managers in 20 countries. The overall margin of error is +/- 1.5 percent, and the results are within 95 percent certainty.

“The results of this year’s report reflect the challenges hiring managers around the world continue to face in locating and retaining highly skilled accounting and finance professionals,” said Greg Scileppi, director of international operations for Robert Half International. “The perennial need for strong financial functions is fueling competition for the best candidates and prompting companies to develop more effective strategies to prevent the loss of their most valued employees.”

The report indicates employers worldwide are spending significant time and effort interviewing job candidates in an effort to ensure a successful hire. Respondents said they are holding an average of three interviews per candidate before filling staff-level positions, compared to only two interviews last year. Employers also reported using project professionals more often, and at more senior levels, than during the last three years.

In addition, the Global Financial Employment Monitor revealed a dramatic shift in the most sought-after attributes of executive-level job candidates. Hiring managers surveyed from the United States said industry knowledge and experience was the most important attribute -- a trend reported in 16 of 20 countries surveyed. This reflects a marked change from last year’s report, in which regulatory compliance expertise was the leading response.

“The global demand for executives with deep industry expertise represents a renewed emphasis on fundamental competitive performance,” added Scileppi. “As regulatory compliance efforts have become better established, firms are returning their focus to maintaining an edge within their industries and seeking leaders who can help them do so.”

NACM Survey: Sales Can't Override Credit, Both Work Best as a Team

2008-07-24T12:40:02-07:00

According to NACM's most recent monthly survey, "In your company, can a sales team overrule a decision by the credit department?" the majority of respondents noted that sales cannot overrule their department's credit decisions, with 60.7% of participants answering "No." However, while a still sizeable 39.3% answered "Yes" to the survey question, many of these respondents noted that the occurrence of a sales override over credit is exceedingly rare and happens when a member of a sales team or upper management has a relationship with the customer in question.

The type of account upon which sales tends to override credit is also similar among participants, with many of them noting that, in many instances, sales will override a credit department's decision regarding marginal accounts. Many "yes" respondents also noted that sales overrides cannot be done whenever sales finds it necessary; most of them require the approval of a vice president or officer of the organization and some also require that the customer meet certain previously agreed-on creditworthiness criteria.

There were some participants, however, who noted that, in their opinion, sales can often function and overrule a credit department decision without any prior approval whatsoever. "The local sales managers or the general sales manager can and do override credit decisions with no impunity or consequences," said one respondent. "Creditworthiness is not a concern, only the sale." When asked to characterize their credit department's relationship with sales, the aforementioned respondent noted that the relationship is "good, as long as sales gets their way." This sentiment was echoed by a number of other respondents whose credit decisions can be overridden by a sales team, with many noting that their relationship with sales is "combative" and "adversarial." In one instance, a participant simply responded by asking, "What relationship?" Another respondent, who answered the question positively, noted that sales' decisions to override have taken their toll: "After 20 years of dealing with marginal credit and tons of collection problems, I am rundown and about ready to give up and retire."

A large portion of respondents noted that, while sales does have the ability to override a credit decision and make a sale, for the most part, the sales and credit teams work together to come up with an agreeable solution to the problem. "The main objective is to find that unique balance between sales and credit," said one respondent, who also noted that, at their company, "There is mutual respect between credit and sales. I am very fortunate to have the support of sales, as well as upper management, especially in this economic climate we are currently working in." The economic climate was also cited as a reason for why, in the last several months, many sales people have stopped overriding to make sales and taking greater heed of what the credit department has to say. "It is not happening as much as it used to happen," said one respondent. "Economic times are curbing their recklessness."

Be sure to visit www.nacm.org for this month's survey question, "Do you use a proprietary credit scoring system in your day-to-day evaluation of accounts?"

Jacob Barron, NACM staff writer

Welcome Two More New Members

2008-07-24T12:38:32-07:00

Join CMA in welcoming two more new members:

Carpino Stone Applications a masonry company out of Henderson, Nevada. Referred to CMA by Shawn Harrison of Woodworks Custom Flooring.

Demand Driven Displays a manufacturer of point of purchase racks in Santa Fe Springs, CA. Referred to CMA by Michael Fenner of Tree Island Wire.

Both Michael and Shawn will be receiving $25 Target GiftCards for referring new members. If you would like to refer a member to CMA, click here.

CMA New Member - John B. Rudy Co.

2008-07-24T12:33:24-07:00

From their website: The John B. Rudy Co. Inc (JBR) is a specialized distributor of wire, cable, and related connectivity products. Established in 1947, JBR has evolved to be a leader in the distribution of networking infrastructure products, and structured cabling solutions. Our goal is to bring you tomorrow's technology today, and to meet the demands of an ever-growing industry.

JBR has established our reputation in the marketplace by committing to the highest level of service. Our extensive product knowledge, vast inventory, and decades of experience in the networking industry, have made JBR the vendor of choice. JBR stocks a complete line of fiber optic and copper cable for your voice and data requirements. Electronic cable for your sound, fire alarm, security, remote access, control systems, paging systems, CCTV, and computer networking systems. JBR stocks a complete line of cable assemblies from custom to standard configurations. We carry a complete line of cable runway, relay racks and inner duct for a complete end-to-end solution, all in stocks for immediate delivery. JBR has two branch locations, one in Los Angeles and the other in Las Vegas. Five JBR delivery trucks are available to insure on time deliveries in both Southern California and Las Vegas. We also ship UPS, Federal Express, and common carriers to meet your delivery needs. We at JBR strive to sell the highest quality products and services at competitive prices.

CMA New Member - ORCO Construction Supply

2008-07-24T12:29:11-07:00

From their website:

Founded in 1957, ORCO Construction Supply is the number one independent supplier to construction professionals in California, Arizona and Nevada.

We’ve thrived for over 50 years in this industry because we know that service is incredibly important when you purchase building supplies. That’s why we foster a tenacious spirit of customer service throughout our company -- from the sales representatives that visit your jobsite, to the showroom and warehouse people you interact with when you stop by our branch locations, to the friendly voice on the phone when you call our corporate headquarters.

At ORCO, service always matters, and we set out to demonstrate this to you every day. No request or problem is too big, or too small. No matter what your challenge is, we say “Bring It On.” We will always do everything in our power to help you get the job done.

Throughout the tough times that many companies in our industry have faced over the last couple of years, ORCO has prudently and proactively responded in a way to remain healthy and strong – just as we have been for the last 50 plus years. We have every intention of participating in these markets for the next 50 years as well.

As your trusted supplier for building materials, I commit to you that we will do whatever it takes to provide your business with construction supplies and the highest level of customer service the industry has to offer.

Whatever you need to get the job done… Bring It On!

Peter Alexander
President/CEO

Michael Dennis reaches 1000 posts on anscers Community

2008-07-22T09:02:01-07:00

Today is a milestone day for the anscers Community, Super Mentor - Michael Dennis has posted his 1000th post this morning.

Here is what Michael had to say:

"It took almost seven years, but this is my 1,000th post on the anscers Community Bulletin Board. It has been an interesting experience for me. I think I have learned as much as I have shared with other participants. This Bulletin Board is a unique and valuable tool for the commercial credit community. My hope is that many more people will take advantage of this resource, especially as employers continue to ask credit professionals to do things faster, smarter and better."

CMA and anscers Community would like to thank Michael for his dedication and commitment to the members of the Community.

A special thanks to all the other "SUPER MENTORS" on the Community board - you have made this the best place to come for answers to credit questions.

There are 1076 members of anscers Community posting and answering questions related to business credit, if you are not already signed up - visit today and get involved.

SUPREME COURT RULING INVALIDATING “PAY IF PAID” PROVISIONS

2008-07-17T21:44:00-07:00

Attached is a brief synopsis of the case we previously spoke about regarding the striking of Pay if Paid provisions in Nevada. Download m_e_m_o_r_a_n_d_u_m_on_pay_if_paid1.pdf

Brian J. Pezzillo, Esq.
bpezzillo@pezzillorobinson.com

CA Ruling on payment to unlicensed contractors

2008-07-16T21:42:16-07:00

CALIFORNIA COURT OF APPEAL -Civil Procedure-

Claim for return of compensation paid to an unlicensed contractor, as provided by Contractors' State License Law, is a "contract" claim on which an attachment can issue. Contractor who began work prior to being licensed is not entitled to compensation for work done after being licensed. "Extras" undertaken in furtherance of contract are subject to Contractors' State License Law, and were properly included in attachment amount where plaintiffs made prima facie showing that contractor was unlicensed when it began work.

Goldstein v. Barak Construction - filed July 8, 2008, Second District, Div. Eight
Cite as 2008 SOS 3992

Sent to CMA by Joseph M. Hanna, Esq.

Basic Financial Accounting (CAP) Course in Vegas

2008-07-16T21:25:07-07:00

We are pleased to announce that we will be having the Basic Financial Accounting Class starting Monday, September 8, 2008 in Las Vegas NV.

CAP and ACAP Programs Overview
The National Education Department developed the Credit Administration Program (CAP) and the Advance Credit Administration Program (ACAP) to meet the educational needs of today's credit professional. Both programs are comprised of a series of college-equivalent courses designed to improve or enhance the credit professional's skills and knowledge. These courses are not designed to serve as on-the-job training courses. The CAP and ACAP programs are offered exclusively through NACM Affiliated Associations. To find out more go to www.nacm.org, click on the Education Tab.

Basic Financial Accounting (CAP)
Instructor: David L. Osburn, MBA
15 Week Course
Starts Monday, September 8, 2008
Meets every Monday night for 15 weeks
5:00 pm - 7:00 pm
CMA Office - Las Vegas, NV
CMA Member pricing $575 includes text
Non-Member pricing $675 includes text

Download accounting_LV_2008_dla.pdf

FCIB California International Round Table

2008-07-16T21:19:21-07:00

The FCIB California International Round Table that will be held at The Luxe Hotel Sunset Boulevard, located in Los Angeles, on Wednesday, September 17, 2008. FCIB Round Tables are exceptional educational and networking opportunities for the international trade professional.

Please invite your colleagues, clients and friends to join us as well - it is a great way to introduce new professionals to your association and invite them to share the wealth of knowledge and expertise FCIB members offer.

The Round Table Forum will include a lively, in-depth question and answer session, led by a moderator and a panel of experts -- highly successful and recognized practitioners in the international credit, risk management and trade finance fields. The agenda is derived from questions and topics of interest submitted by attendees. Discussion of key issues and the exchange of information with industry peers are the highlights of FCIB's International Round Table Forums.

To register click here.

FCIB is the premier Association of Professionals in Finance, Credit and International Business, serving the export community for 89 years.