Jul 10, 2018 Nvoicepay Staff Writer
The top stories in accounting & finance for the week of July 9th
JPMorgan Chase is drawing inspiration from Silicon Valley to embrace the digital economy of the future. But it won't accomplish this with bean bag chairs, kick scooters, and other trappings of a West Coast startup workspace. It's hedging on a payroll boasting 50,000 "technologists" and about $10 billion. Here's how Chase is creating the serendipitous and collaborative workspace that will get it there.
Companies that embrace racial and ethnic diversity make greater than average returns. Women outperform men in investing. Studies and surveys conclude that it's fiscally advantageous to hire a diverse workforce. Yet, only 23 percent of financial planners are women and only 12% of tech engineers are female. How, then, can organizations realize the riches that come with a diversified workforce? Mentorship.
Embracing lessons from American Institute of CPA’s conference “Engage” in Las Vegas, editor-in-chief of Accounting Today Daniel Hood reminds us of Kodak’s disruption by the digital camera, cautioning accountants not to wait for a reason to change, but seek it proactively. “We as a profession can’t wait for regulation to disrupt us, we need to disrupt ourselves,” warned AICPA executive vice president Mark Koziel in another session at Engage.
Challenger bank Monzo is teaming up with like-minded fintech TransferWise to power international payments for its 750,000 customers. The user experience is said to easily pair within Monzo’s banking app as a “near-identical” experience to TransferWise’s app. Monzo claims it’s hungry to steal market share from traditional banks in this space where high fees and low visibility hamper consumer’s trust in banks.
The SEC is knocking on the front door of National Beverage and asking for clarification on recently reported sales metrics, lauded by CEO Nick Caporella as “growth never before thought possible.” The SEC is probing the basis of these metrics and receiving little cooperation. National Beverage’s controller Gregory Cook, the voice behind the door, claims the proprietary sales metrics are “as secretive as the formulas of our beverages.” While that may be the case, an aura of mystery shrouding National Beverage’s sales metrics leaves us remembering the old maxim: “Not all that glitters is gold.”