Inside Swenson - Winter 2021 - Issue 13
A quarterly glance inside Swenson Advisors, LLP
Welcome to the Winter edition of our Inside Swenson newsletter. We are pleased to provide you with the latest news and update you on some of the exciting happenings at Swenson.
SWENSON ADVISORS CONTINUES AS A
TOP 25 ACCOUNTING FIRM IN SAN DIEGO
San Diego Business Journal – The List: Accounting Firms
Swenson Advisors is pleased to once again be in the top 25 firms on the San Diego Business Journal’s annual list of the San Diego region’s accounting firms. The firms are ranked by number of local professionals as of December 1, 2020.
STEVE AUSTIN INTERVIEWED BY THE
SAN DIEGO BUSINESS JOURNAL
SPECIAL REPORT: ACCOUNTING | January 25, 2021
Technology Lessons from Coronavirus Pandemic:
Firms embrace technology, prepare for tax change
Steve Austin discusses the Pros and Cons of Remote Work
The January 25, 2021 San Diego Business Journal featured a Special Report, “Technology Lessons from Coronavirus Pandemic.” It included interviews with several of the region’s top accounting professionals. Steve Austin discussed how the pandemic has affected accounting trends, more specifically the need to work remotely and its pros and cons. Upsides, he said, included spending less money on gas, reduced car repairs, and even spending less at the weekly dry cleaners. However, it has made it more difficult on the business auditing side of things. “Part of our job is to go meet our client and look around to see what ‘s going on in their business and their warehouses. The COVID restrictions have kept us out of clients’ offices. This past year we found that it was harder because of all the restrictions on access to the warehouses. It took longer to complete the process remotely than it would have taken working in the office.”
2021 – LOOKING FORWARD
- THOUGHT LEADERSHIP & Webinars: For example, we spoke on February 4th to The Knowledge Group’s webinar on Lease Accounting and look forward to additional presentation opportunities throughout the year.
- Website and Technology Upgrades: Major upgrades to our website and technology platforms by Mance Creative will make us more “mobile friendly”
by enhancing our visibility and accessibility.
- SwenAssurePPP: We assisted a dozen Paycheck Protection Program (PPP) clients (both for-profit and nonprofit) in 2020 and will continue to offer our services to existing and new PPP2 clients. This program is managed by Duane Grant.
- Lease Accounting: 2021 and 2022 are expected to be peak years for
Topic 842, given the mandate for all private companies to be on board by 1/1/22. We are committed to bringing our 842 expertise, led by Joel Colbourn, to companies and governments, including accounting firms and audit partners needing 842 assistance for their clients. https://www.accountlease.com
- Integra International®: We will continue our ongoing leadership with Integra International and involvement with its global growth plans.
- Swenson Children’s Foundation: We will work to increase the Foundation’s philanthropy in 2021 with a goal of becoming one of the top 100 nonprofits in San Diego. We also plan to have one or two SwenDays with the Foundation.
SWENSON CLIENTS AND ASSOCIATES IN
SAN DIEGO BUSINESS JOURNAL’S 2021 BOOK OF LISTS
We are very pleased to offer our congratulations to our prestigious clients and associates who have been recognized by the San Diego Business Journal in its 2021 Book of Lists.
THE KNOWLEDGE GROUP WEBINAR
THE ROAD TO LEASE ACCOUNTING IMPLEMENTATION:
Practical Tips and Strategies to Ensure You’re Compliant
Steve Austin, CPA, Managing Partner, Swenson Advisors, and Alison Weinberg-Fahey, Associate & Director, Manatt, Phelps & Phillips, were co-presenters at
The Knowledge Group’s webinar on February 4th and discussed the new
Lease Accounting Standard – Topic 842.
- The New ASC 842 Lease Accounting Standard:
- Sweeping Implications
- Takeaways from Public
- Company Implementation
- Best Compliance Practices
- Implementing ASC 842 Technology
- Sale Leaseback Accounting
- How to Work With Lease Accounting Software
GREEN IS GOOD
Eco Farms has been growing, packing, shipping and distributing avocados for over 40 years. The company was founded by Steve Taft and Norm Traner. It markets extensive varieties of organic and conventional avocados, citrus and exotic fruits such as kumquats and dragon fruit. Eco Farms owns and grows its produce on more than 700 acres in California, partners with local growers, and also imports fruit from North and South America. In addition to its California growers, it has growers located in Mexico, The Dominican Republic and Peru. Eco Farms’ retail and food service partners include local and regional markets and national market and restaurant chains.
Eco Farms’ Commitment:
“Our commitment to growing good food—and doing good in the world—is more than skin deep. We are wholeheartedly committed to growing and sourcing avocados, citrus and exotic fruit that not only has excellent flavor, but also provides sustainable nourishment and creates a positive impact that’s built to last. We love to grow and, because our trees thrive in the world’s optimum producing regions, we can ensure a consistent, year- round supply for our customers and a good eating experience for our consumers.”
Swenson Advisors’ Alisia Scudder and Joshua Pease enjoy working on this Audit engagement. Eco Farms is part of a large, multi-billion dollar public company called Total Produce (includes Dole Foods), based in Ireland.
STEVE AUSTIN NAMED BOB JONES UNIVERSITY ALUMNUS OF THE YEAR
Congratulations to Steve Austin, Firm Managing Partner at Swenson Advisors, on being named 2020’s Alumnus of the Year at Bob Jones University for his leadership in ethics in accounting and his work with San Diego nonprofit, faith-based organizations. We’re proud of you, Steve.
One of the things that I really think is important is to redeem the time. Maybe something you think an accountant would be focused on is, you know, watching the clock and seeing hours and minutes tick away. But the reality is Psalms talks about how important it is to count the days of your life and to realize God’s given you a finite amount of time to serve Him and to evangelize and also help grow as a Christian in your family and your church and your business . . . the challenge is really to be faithful and to work hard to make sure that your life counts for the Lord. – Steve Austin
Bob Jones University, founded in 1927, is a Christian liberal arts university located in Greenville, SC whose mission is to grow Christlike character that is scripturally disciplined, others-serving, God-loving, and Christ-proclaiming. Steve Austin graduated with his accounting degree from the University in 1974.
PAYCHECK Protection Program
The purpose of the Paycheck Protection Program is to provide economic relief to small businesses and certain other entities that have been adversely impacted by the COVID-19 Pandemic. Since its inception, there have been a number of revisions to the program affecting the application process, loan term and forgiveness. SwenAssurePPP was developed to help our clients manage the process and understand its complexities and keep them apprised of changes to the program. The following is our latest update.
The Swenson Children’s Foundation finished the year strong in 2020 and was able to distribute over 1,000 pairs of socks at Christmas to those in need.
As noted by Sarah Frohman, the Foundation’s Executive Director – “We are inspired to increase our outreach beginning in 2021 to create opportunities to motivate and encourage children and expand their horizons with educational experiences that would not be available to them without our support. Looking forward in 2021, we have the challenge to serve the community while keeping everyone’s health and safety as our top priority.”
Please stay tuned for updates in the near future of opportunities for you to become more involved with our outreach programs!
Swenson Children’s Foundation provides physical and educational resources, from a biblical worldview, to children and families, equipping and guiding them toward the path to success in the 21st century.