ISFFAn: The Next Generation by ISFFA SF

The Official Publication of ISFFA San Francisco Chapter

Summer 2013

ACCOUNTING: A Career with NO Boundaries By Melissa Garcia, CPA and Michael Nelson, MBA

CPA CMA

CIA CGMA

CFSA

CBA CTRP

CPP CFA

EA CISA

CGAP

CPEA

CFE

here are a myriad of career paths one can take after gradu-

ating with a degree in accounting. For many students, it can be an overwhelming experience to be confronted with so many choices. Some students know exactly what they want to do after college and some students are still thinking about what

career path they want to take. The career possibilities are endless. Although there are different career paths someone can take with an accounting degree, the individual should choose the career path that would be the most satisfying for them. In the field of accounting, think of a career path Continued on page 3

FROM THE EDITOR

In this issue... Cover Story:

ACCOUNTING: A career with No Boundaries

profession is like a tree. It needs to be nurtured for it to

grow, to become sturdy and, equally important, to be stable. A profession in Finance and Accountancy, as it is likened to a tree with several branches, has one common base of knowledge, which spreads out to numerous specific body of specialization. While the business world continuously evolves, there is also an apparent need to discover “what’s new and what’s out” in the ever-changing technologically-driven environment, to be kept abreast of recent developments in the technical aspect of the F&A profession, and to develop such skills which are of paramount importance for us to be able to keep up with constant change and to carry out our profession at an utmost degree of excellence. As always have been, I welcome you to browse and read through the pages of this issue and pick up significant bits and pieces of information that are imperative in your own unique day-to-day situation in the highly competitive F & A world. We, at ISFFA, have continued to devote our time to bring you several options that would help you grow your own tree, and we shall continue to do so until we reach our ambitious wish--- that is for the Filipino Finance & Accounting professional to be at par with global contemporaries. Lynmour Naira

The Brilliant Diamond Public Speaking Workshop

Becoming a Tax Preparer

Up close and Personal with Mr. Danny Raval

And more... ISFFAn: The Next Generation

Lynmour Naira Managing Editor

Ryan Dumbrique Production Manager

Emily Enriquez-Patton

Managing Editor

Evelyn Torres Senior Editors

Rizza Velarde Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers and members of ISFFA. Articles in this publication contain information in summary form and are intended for general guidance only. They are not intended to be a substitute for detailed research nor the exercise of professional judgment. Neither ISFFA nor ISFFAn: The Next Generation can accept any responsibility for loss brought to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to an appropriate advisor.● Publication of an advertisement in the ISFFAn: The Next Generation does not constitute an endorsement of the product or service by ISFFA or ISFFAn: The Next Generation. ● Our apologies for any errors or omissions that may have occurred during the preparation of this publication. Please be assured that they are by no means intentional or personal.

Melissa Garcia Shirley Bayani Michael Nelson Section Editors

Visit us online! www.isffa-sf.org

**** 2

COVER STORY Continued from page 1... like a tree. The trunk is the main path and as you follow the trunk up the tree, there are many branches to follow. The branches can lead you in many different directions. Consider this: Getting widely recognized certifications increase the marketability of your skill sets and provide you with an edge in a highly competitive marketplace. Human resource managers and prospective employers see the time, money and effort to acquire certifications as a testament to an individual's commitment to succeed in a particular profession..

   

Certified Information Systems Auditor (CISA) Certified Bank Auditor(CBA) Enrolled Agent (EA) Certified Government Auditing Professional (CGAP)

But what are the available certification options for finance or accounting graduates? Below are the different certifications an accounting graduate can choose from and what they can do for your career.

Those who wish to earn a CISA are heavily involved with accounting and IT information systems. In practice, this can mean transitioning old legacy accounting systems into more efficient (and less costly) databases such as SAP, Hyperion, or Oracle. If you are an FBI agent assigned to uncover fraudulent transactions, for instance, a CFE can help you elevate your understanding on this specific area within the field of accounting. If you are a budding government auditor, you might want to earn the CGAP, which is a certification tailored to the unique issues and challenges faced by government auditors.

Certified Public Accountant (CPA)

Other Accounting Certifications

The Certified Public Accountant (CPA) designation is one of the most prestigious designations in the business world today. Those three letters that follow your name command instant respect from the business community. A CPA career path can be very challenging but can provide a rewarding career experience. Becoming a CPA opens up many career options. Within public accounting, a CPA can work in a large international accounting firm or a regional local accounting firm. CPA’s can work in a variety of specializations within accounting including audit, compliance, tax, government accounting, forensic accounting, fraud examination, IT systems, risk management, and appraisals, among others Certified Management Accountant (CMA) A Certified Management Accountant is another great certification. There is overlap between the competencies of a CPA and CMA, but CPAs may be better equipped for compliance, accounting for transactions, tax and controls. Certified Management Accountants lean towards financial analysis, organizational performance measurement, budgeting, strategic assessment and ongoing stewardship of the company. Industry-Specific Accounting Certifications There are niche certifications that are suited for job and industry-specific roles. These include:  

There are a number of additional certifications to choose from, some include:



Certified Payroll Professional (CPP) and Fundamental Payroll Certificate (FPC)  Accredited Business Accountant  Accredited Financial Examiner (AFE)  Accredited Tax Advisor (ATA)  Accredited Tax Preparer (ATP)  Certified Bookkeeper (CB)  Certified Financial Services Auditor (CFSA)  Certified Forensic Accountant (Cr.FA)  Certified Professional Environmental Auditor (CPEA)  Certified Quality Auditor (CQA)  Forensic Certified Public Accountant (FCPA) Accounting is a career without boundaries. Each of the career paths previously discussed, can provide a challenging yet satisfying career. It is ultimately up to the individual to choose which path to take. Rest assured that whatever career path is taken, one can succeed in discovering the career that brings them the most happiness. As Confucius said, “Choose a career you love and you will never have to work another day in your life.” ****

Certified Internal Auditor (CIA) Certified Fraud Examiner (CFE) 3

SNAPSHOTS: The Brilliant Diamond Public Speaking Workshop

The Public Speaker

Building their own diamonds

The Sharing and the Presentation

As part of the objectives of ISFFALeader program, ISFFA SF Chapter, in cooperation with Toastmasters/Ivolution Communications, launched an effective public speaking workshop on April 13, 2013 at the DeVry University campus. Anthony Hogan, President of Ivolution Communications and a specialist in personal communications and stimulation education, stirred participants with his interactive presentation style of introducing the forms and elements of effective public speaking using Toastmasters International “Brilliant Diamond Speaking” methodology.

Workshop participants were encouraged to acknowledge and share their fears of public speaking and provided with some tools on how to overcome their fears and improve their skills. They were introduced to the “Brilliant Diamond Speaking Methodology” as a simple approach and effective visual tool on how to craft brilliant speeches that will surely grab audience attention. Anthony also shared that our fear is really the fear of being judged by others. He further advised not to always look for other people’s approval. Instead, play with people who will challenge us and surround ourselves with an audience who likes us to succeed. ****

ISFFA on the Go! Out and about ISFFA San Francisco attended events and activities.

ISFFA SF officers with fellow Filipinos at the Business Forum—understanding why it is the time to invest in the Philippines

ISFFA SF at Kalayaan Festival ! Celebrating a Legacy of Filipino Creativity, Talent and Ingenuity and Commemorating Philippine Independence

ISFFA San Francisco’s amazing fun-filled teambuilding activity — at AMF Moonlite Lanes.

ISFFA SF with PICPA USA tabulating the results at Culinarya during the Pistahan Festival

ISFFA-inspired cake by My Favorite Bite!

ISFFA SF celebrates its 1st year anniversary at the Tomales Bay Oysters Company ! Summer Fun, indeed!

FINANCE MATTERS 6 Tips for Avoiding the Common Financial Pitfalls of being a Young Entrepreneur Few things in life are as exhilarating as starting a business, particularly if you are a young entrepreneur with an exciting business concept and the world at your feet! Many factors go into making a business a success, but one of the most challenging areas, particularly for young entrepreneurs is financial management. Whether it’s securing capital, separating personal finances from business finances, or managing cash-flow, there are a number of pitfalls that lay in the way of even the most prepared entrepreneur. Here are some tips for avoiding the most common financial mistakes that young entrepreneurs make. 1.Build a Cash Reserve A critical decision before embarking on any business venture is having personal cash in reserves. The costs of going into business aren’t always high, but there’s a good chance that you won’t start to make a profit immediately, and you will always need to put cash aside for tax, regardless of your margins. The following tips from SCORE () offer good advice for building a six-month cash reserve: Add up all your monthly expenses, so you know what your true personal expenses are. Still in a day job? Set aside 5% of your net pay each paycheck and build savings. Sound like too much? Start with a goal of setting aside $100/week = $5,200 a year, which is a nice cushion. As an entrepreneur, you want to be sure that whenever you take a cash draw from the company, you set aside money for tax. Don’t be surprised later with a nasty tax bill. Start now. The most important thing is to create a habit of saving each week. 2. Consider your Debt-Income ratio This is a tricky one for young entrepreneurs, especially if you are paying off student loans or credit card debt. Your chances of getting a business loan are seriously diminished by debt, even if you have the projected income to repay them. If you can, focus your efforts on repaying all your personal debt before you go into business or as early in the business process as

you can. Even if you don’t need financing now, you may need capital injection down the line and getting this burden off your back and your personal credit score in check. 3. Don’t overinvest in your business If you are relying on your cash reserves, credit cards, or savings to start a business, try to avoid some of the overinvestment traps that young entrepreneurs fall into—whether it’s a swish office, computer systems, or inventory overload. Focus instead on building a good product and customer experience. Starting a business from home or online are cost-effective ways to avoid some of these pitfalls—these two guides from SBA can help you get started: How to Start an Online Business Starting a Home-Based Business One little known option for kitting out your new business is to purchase government surplus products. Just about anything you can think of that your business might need is sold by the government at or below cost, or fair market value.

4 Separate Personal Finances from Business Finances Keeping your personal and business finances separate, not only provides your business with credibility, it reduces your personal liability (a must if you are incorporating your business as a distinct and separate legal entity under its own name), and helps you manage your taxes, bills and other payments. While you don’t need a separate bank account, if you plan on making quarterly estimated tax payments, it’s always useful to have a set-aside business bank account where you deposit a percentage of your income to ensure you can cover your tax obligations. 5. Talk to a Finance Expert It’s very easy to cut corners when you are new to business, but getting expert help from an accountant or tax advisor can go a long way to making sure you are in compliance with tax regulations and avoid a common tax mistake—that you are paying too much tax!

Continued on page 13 7

TAX FLASH Do you want to be a tax preparer? By : Evelyn Torres

humorist once wrote that “today, it takes more

brains and effort to make out the income tax form than it does to make the income”. Though said in jest, for some people, there’s a ring of truth in it. With tax rules and regulations changing every year, it is easy to see why some people get confused or bewildered with taxes. It’s hard enough to track your income and expenses, let alone keep up with the exclusions, limitations, phaseout’s and extenders being passed every year, not to mention some non-conformity of California tax laws against federal tax laws that can make your head spin.

Consequently, taxpayers seek the help of tax preparers, who need the patience of Job when dealing with their work schedule and clients. March, April, September and October are the busiest months when a deluge of taxpay-

In order to become a registered tax return preparer (RTRP), you must obtain a Preparer Tax Identification Number (PTIN), take and pass the RTRP Competency Test, and pass a tax compliance check conducted by IRS. On January 18, 2013, the US District Court of the District of Columbia granted a declaratory judgment that the IRS lacked the authority to issue regulations without a statute issued by Congress. IRS has appealed this decision. Oral arguments will be heard on September 24, 2013. On February 1, 2013, the injunction order was modified to make clear that the IRS is not required to suspend its PTIN program nor is it required to shut down its testing and continuing education centers; instead they may remain, but no tax preparer may be required to pay testing or continuing education fees or to complete any testing until the injunction is stayed or vacated by the Court of Appeals.

CTEC’s requirements for registration are to take and pass a 60-hour qualifying education course from a CTEC approved provider within the past 18 months and purchase a $5,000 tax preparer bond from an insurance/surety agent. Renewal of registration is on an annual basis with completion of continuing education requirements from CTEC approved provider, which must include 3 hours of federal tax law updates, 10 hours of other federal tax law, 5 hours of California tax law and 2 hours of ethics.

ers bring in their tax documents at the eleventh hour. And explaining to clients in plain language when AMT hits them adds to the stress at crunch time. It is required by law for anyone who prepares tax returns for a fee and is not an exempt preparer to register as a tax preparer with the Internal Revenue Service (IRS) and the California Tax Education Council (CTEC).

Deadline for renewal of registration is December 31 st each year for IRS and October 31st each year for CTEC. A preparer who does not renew with CTEC by January 15th of the following year will be required to retake the 60-hour qualifying education course.

So, do you want to be a tax preparer?

HR MATTERS Standing Out With Your Resume and Cover Letter

When you are looking for a job, your resume is your ticket of entry at your target companies—provided it is well-crafted. The problem for many people is that it’s not easy to put together a document that will capture a hiring manager’s interest. Fortunately, you don’t need a magic formula to create a strong resume and cover letter. Here are some tips for showcasing what you can offer a potential employer. Choosing a resume format Each of the three most common resume format is appropriate for certain situations and less so for others. Chronological. It is the most popular with hiring managers. Using this format, you list your work experience in a reversechronological sequence, the most recent first. The principal advantage of this format is that it gives employers an easy-to-follow snapshot of your work experience and professional accomplishments. Functional. The details are organized according to your skills and other attributes. Although this format can be beneficial in certain situations—if you are re-entering the workforce after a long absence, for instance—you run a risk that interviewers may find the layout confusing or hard to follow. Combination. It showcases your skills and accomplishments and features an abbreviated version of your work history, including dates of employment and the names of companies you’ve worked for. Because of this, a combination resume can be as effective way to emphasize your skills without obscuring your work history. Zeroing in on your targets Rather than creating a standard document that you submit to every company that interests you, tailor your resume to each opportunity. Use the job ad as your guide, emphasizing your background and abilities that most closely match what the company is looking for. This may mean placing more focus on your certifications and “strong presentation skills” for one prospective employer, while playing up your “self-directed” nature and “proven ability to be effective with minimal supervision” for another. Determining length and what experience to emphasize Document length should ultimately be determined by the depth of your experience. If your career spans 20 years and includes positions with increasing responsibility, don’t be so concerned about brevity that you gloss over your credentials. On the other

hand, don’t make your resume longer than necessary to appear more qualified. Clearing the clutter Instead of describing every task you performed in previous jobs, write a one-to-two sentence overview of your role, followed by a bulleted list of your most important duties and noteworthy achievements. At the same time, don’t clutter your resume with extraneous personal information. For instance, many job hunters meander off track by including hobbies or interests that have little or no relevance to their professional pursuits. Before sending your resume, review each point and ask yourself, “Does this add value?” Using keywords Many resumes are first evaluated by computer programs that scan the documents for keywords from the job ad. You can help your resume make the cut by incorporating these terms, assuming they accurately describe your skills and experiences. For example, if the job ad seeks someone who is experienced in billing, collections and payroll, consider changing your wording from “experienced in all aspects of accounting and financial management” to specific mentions of these areas. Remaining error-free With computer spell-check so readily available, there’s no excuse for submitting a resume full of typos or misspellings. Even with this feature, though, there are certain types of errors that can go undetected. Be sure to proofread your document multiple times (and ask a friend to take a look, too) to make sure it’s error-free. E-mailing and posting online Thanks to the internet, you can distribute your resume more easily and widely than ever, but you need to be careful. When applying for a position through a company’s website or online job board, make sure you’ve attached the right document. When e-mailing your resume, paste it into the body of the message and include it as either a Word file or PDF attachment, unless the job posting requests another method of submission.

Continued on page 13

NEWS FLASH—IASB and FASB FASB and IASB to Form Joint Transition Resource Group for Revenue Recognition Norwalk, CT and London, UK July 26, 2013The International Accounting Standards Board (IASB) and the Financial Acounting Standards Board (FASB) formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. The transition group will be responsible for informing the IASB and the FASB about interpretive issues that could arise when companies, institutions, and other organizations implement the revenue recognition standard. It will solicit, analyze, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice. In addition to providing a forum to discuss the application of the requirements, the transition group will provide information that will help the Boards determine what, if any, action will be needed to resolve that diversity. The group itself will not issue guidance. The resource group will convene following the final issuance of the revenue recognition standard later this year. The group is intended to have a limited life and the primary activities of the group are planned to occur before the standard takes effect in 2017. Russell G. Golden, Chairman of the FASB commented “Effective implementation of the revenue recognition standard is critical to its success in providing financial statement users with the information they need to make the right decisions about how to allocate their capital. The Boards are committed to ensuring a smooth transition to the new standard, and the transition resource group is an important tool for determining any areas that will need additional guidance before the standard becomes effective in 2017.” Hans Hoogervorst, Chairman of the IASB commented “Revenue is a key performance indicator and is important to every business. Our joint transition group will help to ensure that stakeholders are reading the words in the new revenue standard in the way that we intend that they be read.”

The transition group will consist of 10 to 15 specialists representing financial statement preparers, auditors, regulators, users, and other stakeholders as well as members of the IASB and FASB. Transition group members will be announced shortly after the final standard is issued. Stakeholders will be encouraged to submit implementation issues to the transition group. Submissions that meet the Boards’ minimum guidelines—such as broad applicability, potential to create diversity in practice, if industry specific broad applicability to industry, etc. —will be presented by IASB and FASB staff at public transition group meetings. Guidelines for submitting issues will be posted to the Boards’ respective websites after issuance of the final standard. More information about the activities of the revenue recognition transition resource group will be available at www.ifrs.org and www.fasb.org. **** About the Financial Accounting Standards Board (FASB) Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit website at www.fasb.org. About the International Accounting Standards Board (IASB) The IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organization. The IASB is committed to developing, in the public interest, a single set of high quality, global accounting Standards that provide high quality, transparent and comparable information in general purpose financial statements. In pursuit of this objective the IASB conducts extensive public consultations and seeks the co-operation of international and national bodies around the world. The IASB has 16 full-time members drawn from 11 countries and a variety of professional backgrounds. Board members are appointed by, and accountable to, the Trustees of the IFRS Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience. In their work the Trustees are accountable to a Monitoring Board of public authorities. Website: ww.ifrs.org.

NEWS FLASH– ACCA and IMA ACCA and IMA announce New Global Strategic Initiative Promoting Financial Leadership and Performance Global Professional Bodies Commence Membership Agreement New Orleans, La., June 24, 2013- ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) have announced a new strategic initiative for the global finance profession, Financial Leadership and Performance. The initiative to support the career development goals of Chief Financial Officers (CFOs) and other aspiring professionals officially launched on June 23, 2013, during IMA’s Annual Meeting of Members as the start to IMA’s Annual Conference & Exposition in New Orleans. ACCA and IMA also signed a Mutual Recognition Agreement (MRA), approved by ICMA’s Board of Regents and ACCA’s Council. The MRA, signed on the one-year anniversary of ACCA and IMA’s strategic partnership, enables members of both organizations, subject to standard conditions of membership, a clear pathway to one another’s credentials based on rigorous content and curriculum review—IMA’s CMA (Certified Management Accountant) or ACCA’s professional membership. The MRA will become effective early next year. For more information on the MRA, please see list of frequesntly asked questions: http://www.imanet.org/PDFs/ Public//Press_Releases/2013/IMA%20ACCA%20FAQ.pdf As part of the Financial Leadership and Performance initiative, ACCA and IMA will support professionals through a variety of resources:   

A new co-sponsored website, www.roleofcfo.com, a resource for finance leaders, containing ACCA and IMA reports, research and insights CFO Pathways, a research report covering the future of CFOs’ work, their role and their changing career paths. Continuing Professional development/continuing professional education resources that focus on financial leadership and performance, including: articles, webinars, videos and Elearning courses.

“Both our credentials are the result of rigorous qualification and assessments, with a clear commitment to producing ethical, reputable and high performing members, “said Barry Cooper, ACCA’s President. “Together, we understand the issues and drivers of success for the CFO and the finance team. Today’s announcements, including flexible pathways to our respective exams and compelling CFO resources, are indicative of our commitment to sustainable organizational success.”

John Macaulay, CMA, IMA’s Chair, added, “Collectively, ACCA and IMA represent 653,000 members and candidates, with a unique global network of 89 offices and centers around the world, including more than 200 local chapter communities. With today’s announcements, we have the opportunity to deliver even more value to the global profession, supporting CFOs and those aspiring toward that role. We will continue to support excellence in management accounting through tested certification.” For additional information about this strategic initiative, please find more information here : http:// www.imanet.org/resources_and_publications/ ACCAPartnership.aspx **** About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants with 162,000 members and 428,000 students in 173 countries worldwide. ACCA aim to offer business-relevant, firstchoice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA work through a network of 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. www.accaglobal.com About IMA® (Institute of Management Accountants) IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. www.imanet.org.

SPECIAL FEATURE: UP CLOSE and PERSONAL with DANNY RAVAL By: Shirley Bayani Who is Danny Raval?

passing the exam, they gave me a choice - permanent position I am the eldest among the 8 children of Romy and Violeta Raval. as a typist or the temporary position as a credit analyst. I I have been married to Josie Cabal Raval from La Union for 34 chose the latter. I became permanent after 8 months. years. We are blessed with 2 children, Jennifer (Accounting) and You were in the banking industry for quite a long time, what Jonathan (Civil Engineering). My first grandson, Bennett, was made you decide to switch? born on July 13, 2013. After 24 years with Wells Fargo, I was asking “what if…what In April of 1976, I graduated with a Bachelors of Science in Busi- if…?” I was a credit analyst, credit officer then I got stuck. I got ness Administration, with emphasis in Accounting from Philip- the position I wanted but I was competing for a higher-level pine School of Business Administration (PSBA). Immediately position. I needed an edge. Passing the enrolled agent exam in after graduation, we immigrated to the United States on a pro- 1984 and the CPA exam in 1987 didn’t help me find a job outfessional visa of my dad who was a mechanical engineer. side because my experience was a credit analyst and I was It was my dad’s brain that brought us all here before we turned competing with younger local graduates. I needed more to be ahead of the curve. I looked for a backup plan. I looked at 20 years old. He had a good foresight. franchises . Then I saw Liberty Tax, went to Virginia and Being the eldest, I took care of all 7 siblings. 5 months after we checked it out. came here, our dad left and continued with his profession in the Philippines. I was left with my 2 younger siblings – senior in high I set up my Liberty Tax practice in 2004 during my Wells Fargo school, and freshman in college then. My parents (now 82 and time. 81-year-old) have lived with me for about 15 years now. How did your Masters in Taxation help you? There was really no need for me to take my masters. I just needed the 3 subjects I loved. The teambuilding helped me improve my communication skills and my confidence. Toastmasters helped me practice speaking in front of people. That triggered my promotion as a Vice President. How long have you been with Toastmasters? 10 or 12 years. During the first year, I was a speaker. After one year, as a member, I have been a mentor. I give speeches every now then. Even until now, I still feel nervous before I speak but you need that so you continue improving yourself. Otherwise, you become complacent; you don’t practice anymore. Do you think students conduct reasonable due diligence in terms of job prospects, longevity and sustainability after graduation and beyond prior to committing to 2-4 year programs? What was your foresight before you immigrated to the US? I was so confident that I could get a job. Then I found out it was difficult looking for a job; they were looking for experience. It was a tough journey trying to find the first job. I was walking from building to building, floor to floor. I thought I was confident but I didn’t know how to go inside an office and say I needed a job. I didn’t have any mentor, no network, no internet, no Microsoft word. Finally, I went to Bank of America in Vanness St. I told them to give me test. I passed the test and that was my first job after 4 months. It was in operations, night shift and I was there for one year. I also went to Wells Fargo and was hired as a typist. The following day, I took another test for a credit analyst position. After

It goes back to answering the question, “What do I really want to do?” before taking that step. Do I just take my master just for the sake of having a master or maybe to have an edge. Is the master worth it? Is it going to help you out in the long run or you just owe more money by the time you graduate? Ask, “What’s in it for me if I take my MBA?” Did you ever have any mentors throughout your career? I wish I had mentors to help me with my communication. I found out about Toastmasters by chance. In taxation, I didn’t have any mentors as well. I had low confidence. I had to read books like Awaken the Giant Within and Unlimited Power by Continued on page 14

Continued from page 9... Considering the case for a cover letter Some people feel that including a cover letter with their resume isn’t necessary. But this document can be invaluable for entrylevel professionals or those who seek a career change. These tips can help you create a cover letter that’ll make a hiring manager want to learn more about you: Keep it brief. Your cover letter should be concise. Keep it to two or three paragraphs. Customize the content. Like with your resume, it’s important to target your cover letter to each job opening. Determine which of your accomplishments are most relevant by looking at the job posting. Avoid rehashing your resume. Look at your letter and resume as separate but related documents. They should complement one another without being repetitive. Expand upon one or two key points from your resume to better key into the potential employer’s needs.

Address any concerns. The cover letter also is a place to explain anything that might prompt a question from a hiring manager, such as a gap in employment. Briefly explain why you were out of work and, more important, what you have been doing since then to keep your skills up-to-date. Be web savvy. When applying online for a position, paste your cover letter into the body of the email message or into the appropriate field on an online application form. Putting your best foot forward As you prepare your resume and cover letter, keep in mind that they are the basis of a first impression for a hiring manager. Even well-crafted ones may not assure you of a job interview, but documents poorly prepared will most certainly work against you. ****

Continued from page 7... A consultation with an expert need not cost you much. In fact, any tax franchises will offer you an initial consultation and advice for free. This is often all you need to get started, as long as you come prepared with the right questions. 6. Don’t Forget to Pay Yourself a Salary In the early days it can be very tempting to pour all your profits back into your business without a thought for your own financial needs. But by being sensible and paying yourself a salary based on what you need to keep your own personal finances in shape and separate from your business is essential.—Caron Beesley, SBA.gov community blog moderator

Caron Beesley has over 15 years of experience working in marketing, with a particular focus on the government sector. Caron is also a small business owner and works with the SBA.gov team to promote essential government resources for entrepreneurs and small businesses.

SPECIAL FEATURE Continued from page 12...

Anthony Robbins; Think and Grow Rich by Napoleon Hill; Rich Dad, Poor Dad by Robert Kiyosaki. How important is having a mentor? Tell us about your experience being a mentor. Mentoring will increase the speed of success of one person. I had one person I met at 7-eleven. I asked him if he wanted to study taxes. Later on, I found out that he has a master degree and an Ateneo graduate. He was with me until last year. Now, he is one of the highest finance officers in San Mateo County – second in rank. One time, my mom asked him, “What’s next Dave?” He told my mom that for as long as he can help others just like me, he is fine with that. That was really nice to hear.

What is your definition of success? Success is about being complete and happy. I don’t need an abundance of something as long as I am contented and my family is happy. I have a 1996 Camry but I am happy with it.

What is your motto? “What the mind can conceive, it can achieve.” by Napoleon Hill Where do you plan to retire? In the US or go back to the Philippines? I will stay here. I will go to the Philippines for vacation every now and then.

What else does a Danny Raval want to accomplish?

How does someone like you spend his leisure time?

For as long as I can, I want to continue teaching accounting, taxes, communication or about leadership in a classroom setting or via the internet.

I play tennis. Spend time with our first grandson. There’s no planned vacation so far. ****

Mr. Daniel Raval graduated with an M.S in Taxation at Golden Gate University and earned his MBA at the University of Phoenix. He worked for a major commercial bank for over 30 years and held various positions from credit analyst, customer service center manager to a financial manager. He is a professor at DeVry University and University of California Silicon Valley Extension. He has a passion for teaching Accounting, Finance and Income Tax. He owns the Liberty Tax Service Franchise located at 2760 Junipero Serra Blvd in Daly City, California. During the tax season, he provides income tax updates on TFC's Balitang America and Adobo Nation .

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ANNOUNCEMENT CALENDAR OF EVENTS 2013-2014 ISFFA Events and Other Partnered Events Oct 24, 2013 Oct 24-25, 2013 Nov 2, 2013 Nov 7, 2013 Nov 16, 2013 Nov 18, 2013 Dec 8, 2013 Dec 14, 2013 Jan 25, 2014 Feb 15, 2014 Mar 29, 2014 Apr 6, 2014 Apr 26, 2014 May 31, 2014 July 21, 2014

New York Life: Filipino Market Event FWN: Filipina Leadership Summit Hollywood Halloween (Pixelfront Studios) University of Phoenix’ Scholarship Workshop Tax Seminar: How To Survive an IRS Audit and 2013-2014 Tax Updates Becker: The Changing CPA Landscape & Beyond Simulation Workshop ISFFA National Party : Holiday Gala University of Phoenix’ Career Workshop Community Seminar: Non Resident Alien Taxation Valentine’s Day Search/ Bingo Event IFRS/Risk Management Seminar Marathon: Rock n Roll Community Service Entrepreneurship Seminar ISFFA SF Anniversary/ Career/Job/Trade Fair and Induction of New Officers

South San Francisco, CA San Francisco, CA San Francisco, CA San Jose, CA Fremont, CA Fremont, CA City of Industry, CA Livermore, CA Fremont, CA San Jose, CA Fremont, CA San Jose, CA Hollister, CA Fremont, CA Pleasanton, CA

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NEW DISCOUNT PROGRAM FOR MEMBERS

CAREER OPPORTUNITIES

ISFFA introduces a new discount program that provides more benefits to ISFFA members. Through ISFFA annual membership, members can access a host of providers that offer huge discounts (up to 25%) and savings on CPEs, Seminars, Conferences, Books and Publications, CPA Practice Software, CPA Practice Management and others. ISFFA has arranged for leading providers and vendors to support your professional growth and needs. ISFFA continuously works to empower your success.

FOR EMPLOYERS Connect with thousands of finance and accounting professionals by posting your job ads on ISFFA Newsletter and Website. You'll have access to candidates with all levels of experience, from top-level accounting students to partners, directors, CFOs and business owners. FOR CANDIDATES Send us your resume. We will set up your profile and upload your resume so employers can find you.

We, the Officers and members of ISFFA San Francisco Chapter would like to welcome ISFFA Chicago Chapter, the latest addition to the ISFFA Family!