Innovation... Advance Your Lead
By Karen J. Koch, CPA, MST
 

I have just returned from the CCH User's Conference in San Antonio, and what a great conference it was! The conference was a superb venue to connect with many of Bedford's friends, and network with others to catch up on current trends and best practices of our profession.

Consisting of three days, the conference offered workshops, roundtable discussions, tax and auditing updates and new product presentations - all focused on innovation. Embracing the single message of innnovative technology will enable us to connect with clients and deliver traditional services with added efficiency in a mobile environment with updated processes. Innovative speakers helped us to discover and challenge what is the best in process to meet the needs of our clients. Technology is changing rapidly and it is time to test if "best in practice" is "best in process".

Kevin Robert, CEO of Wolters Kluwer Tax and Accounting quoted Karl Ulrich, dean of innovation at Wharton School of Business, "Innovation is a new match between a solution and a need." Robert affirmed that "successful innovation results in the creation of value where the solution is worth more to the user than the cost of delivering it."

Bedford has been a leading resource for the accounting profession since 2002; delivering innovative solutions. Our core product, cost segregation, has developed into much more than accelerated depreciation. It now incorporates additional information that allows this tool to assist the trusted advisor in helping their client manage real estate over the life of these assets. It is a good example of a value creation that is worth more to the user than the cost of delivering it.

In addition, we have listened to the need to help the industry find affordable sustainability solutions for the business owner. In the fall 2011 cover article "Sustainability Rules" of the CCH publication, Partners, we learn that this has become a mainstream business concept. Today every business owner is forced to rethink their corporate responsibility for sustainability. It defines their ability to hire and retain good employees, their impact on the environment, the effect of public policies on their business, and ultimately impacts their profits and ability to compete in the marketplace. Accounting firms will play a key role in data analysis, financial reporting and finding affordable solutions.

Understanding this need, Bedford and Philips Lighting have developed a strategic alliance with a solution that has proven to be best in process. Using a team of experts, including the trusted advisor, to combine a sustainable energy efficient lighting design with an asset management strategy is the most affordable and practical way for a company with a tax liability to take operating costs out and improve visual performance. This is a value solution that encompasses all three areas of corporate responsibility – people, planet and profits.

In the words of Frank Austin, VP of Energy Service Group, Philips Lightolier, "It works! We have proven that it has never been more affordable to upgrade your lighting and more costly not to." Austin recently made this claim after engaging with 25 customers over the past year using this tax centric strategy.

Tim Sanders, former Chief Solutions Officer for Yahoo! and best-selling author, reminded the audience of 1,300 at the day two opening general session that "Relationships are rocket fuel!" We value our relationship with each of you and could not agree more with Sanders. We work hard to bring you relevant services that help you incorporate innovative solutions for your clients. We appreciate your feedback as you discover and explore new methods.

Highlighting the conference was the Lifetime Achievement Award given to Sid Kess – the legend we all know and respect as a tremendous advocate for innovative knowledge, serving as a teacher, friend and mentor to the trusted advisor offering solutions for complex understanding of tax law and identifying resources to better serve our clients. From your friends at Bedford, congratulations Sid – well deserved – thank you for your generosity to the profession.

As you begin year end tax planning, here are a couple of questions you may want to ask:

        • Can your client benefit from accelerated depreciation? Consider a cost segregation
          study. A study can be performed up to and including the extended due date of
          the tax return.
        • Is your client budgeting for a major renovation or an energy upgrade? Consider an
          asset management study to substantiate write-off of assets.
        • Was an energy upgrade performed in prior years and the energy efficient building
          deduction (IRC § 179D) was not claimed? If qualified, Rev Proc 2011-14 allows
          for claiming in current year.
        • Will a construction project extend into 2012? If so, look at bonus rules to claim
          a portion at 100% in 2011.

Bedford looks forward to working closely with your team to build valuable solutions related to the management of fixed assets for all your clients. We look forward to connecting with you in the coming months.