Quarter y
VASQUEZ + COMPANY LLP Jan–Mar 2022 Issue 7
Jan-Mar 2022 Issue 7
Message from our Managing Partner Dear Vasquez and Company Team Members, HAPPY NEW YEAR! Looking forward to increased success in 2022. On behalf of the Partners, I would like to express our gratitude and appreciation for all your hard work. Many of us may still feel the uncertainty brought by the global pandemic, but we have been resilient and flexible. Thank you for consistently meeting the needs of our clients in a timely and professional manner. We can be proud of our many wonderful achievements this year. Our Firm grew across the United States and the Philippines; and through that growth, we’ve garnered numerous favorable testimonials from our clients. Our collective effort made all of this possible and we could have not done it without your dedication to the Firm, and commitment to excellence. I am delighted to inform you that we are introducing our new Firm logo that presents a modern and fresh look. Page 16 tells the story behind the design, font choice, and color palette of our new logo. For 2022, we plan to expand and strengthen our resources, and to continue to invest in our people. We are looking forward to broadening our capabilities by increasing our services and Firm locations, and by adding additional professional personnel to our team. This will enable us to reach more clients who we can assist in attaining their goals. We will also enhance our IT resources and services to meet the growing demand for these skills. Empowering each other and expanding our capabilities will result in quality solutions for our clients and exceeding their expectations. We look forward to meeting the challenges ahead with our growing team of exceptional and capable professionals. Working together, we can expect increased success in the year ahead. Cheers! Gil
Jan–Mar 2022 Issue 7
Elisa Stilwell Consulting Practice Partner
Elisa’s areas of expertise include overseeing all aspects of financial and compliance audits including internal control reviews and Single Audits performed in accordance with Office of Management and Budget Federal regulations entitled “Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards at 2 CFR 200” (the Uniform Guidance), program specific audits, financial statement reviews and forecasts and projections to government agencies. Elisa holds a Bachelor of Arts Degree in Business Economics and Sociology from the University of California, Santa Barbara. She remains current on accounting matters by attending conferences and continuing education courses which are heavily focused on subjects applicable to governmental accounting and financial reporting, as well as federal and state regulatory matters and auditing requirements. She maintains compliance with the continuing education requirements of the AICPA and the California Board of Accountancy.
Michelle Castillo Director Manila
Michelle joined Vasquez in 2016 as employee number one for the Manila
Office. As a pioneering employee, she helped establish our presence in the Philippines. She has filled a lot of roles since those early days, from being an auditor to being the recruiter, purchaser, and bookkeeper all at the same time. Currently, Michelle is a Director and heads the Manila Accounting Service Delivery group. Michelle has over 20 years of experience starting as an Assurance Auditor at SGV (EY Manila). She then moved to a major TV Network as an Internal Auditor before joining Alejandrino, Pangilinan and Company as Junior Partner.
MEET THE PARTNERS/ DIRECTOR Featuring two of our partners/directors and three of our managers.
She earned her Bachelor of Science Degree in Accounting from De La Salle University in Manila. She enjoys doing volunteer work and has served as VP for Professional Development for PICPA Laguna, Validator for Coop Deposit Insurance System and Validator for ECCP’s Integrity Initiative. She also donates time as a teacher for WWF’s project ECo Kids (Environmentally Conscious Kids).
Fun fact: Michelle got sick with Bells Palsy (facial paralysis) in 2005 which she took as a divine sign for her to slow down and enjoy the roses. She now advocates health and wellness. She tries hard to squeeze in her schedule some quick yoga and meditation. She is also a Young Living Oiler and a Reiki practitioner.
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Jay Toledo Los Angeles
Jay moved to the US and joined the Firm in 2014. He has solid background in the financial and compliance audits of water utilities, healthcare, and employee benefit plans. He has more than 15 years of hands-on experience in financial reporting (IFRS and US GAAP). He was a former manager at PwC PNG, operating under PwC Australia, where he gained experience in auditing telecommunication, general insurance, mining, industrial, service, and manufacturing companies. Jay has handled the biggest gold mining company in the world and a number of group audits. He also led the financial reporting of the largest telecom operator in Indonesia. Jay earned his Bachelor of Science in Accountancy from Far Eastern University, Philippines. He is a dog lover and a Strava KOM hunter.
Paul Gonzaga Manila
Paul joined Vasquez in 2017 and was the second employee in the Manila Office. As an audit manager, he is currently the Cluster Lead of the Government Industry. He had his internship in Isla Lipana & Co. (PwC Philippines) and eventually joined PwC Ph where he handled clients in the real estate, construction, and retail industries. He graduated with a Bachelor of Science Degree in Accountancy from Far Eastern University – Manila. During his 4th year, he was the Director for Finance in the FEU Junior Philippine Institute of Accountants (JPIA), an organization of accountancy students in the Philippines. On his 5th year, he was elected as National VP for Finance in the National Federation of JPIA. Paul loves to spend lots of alone time reading in a coffee shop or going to the cinemas, but this was disrupted because of the pandemic. Since staying at home, he recently found his love of DIYs and room makeovers.
MEET THE MANAGERS Mary Tanglao Manila
Mary , also known as “Hershey” to her family, friends and colleagues, joined Vasquez in 2018 after starting her career with SGV & Company. She was involved in various industry audit including real estate, manufacturing, hospitality, asset management and hedge fund entities. Upon joining Vasquez, she was engaged to not-for-profit, government, and Employee Benefit Plans audits. She graduated from the University of Santo Tomas with a degree in Bachelor of Science in Accountancy. In her college years, she was a part-time worker in the Office of Student Affairs and the Benavidez Library, Civil Law section. She loves planning her travel – solo or with family and friends; hiking; booking concert and fan meet tickets; and hanging out at her best friend’s house. She became a fur mom to 3 cute puppies (Cali, Coco, and Sola) during the pandemic which kept her sane and happy. Now she can’t live without them. 2
Jan–Mar 2022 Issue 7
W E L C O M E
Joanne Jung Tax Director
General Manager
Tricia Da Jose
Emer Fabro Audit Supervisor
Madela Latuga Audit Senior
Tricia Toledo Audit Senior
Jelina Buerano Audit Senior
Theresa Santos Accounting Staff
Pria Garduque Accounting Team Lead
Essam Gubat Junior Accountant
Do you know someone who would be a good addition to our Los Angeles or Manila Team? Learn more about the Firm’s Employee Referral Program, contact Eden Marfori (LA Office) or Michelle Castillo (Manila Office) for the details. 3
Stephanie Herrera Junior Accountant
Kim Armonia Junior Accountant
Darrel Caballegan Junior Accountant
Katlyn Sta. Rita Junior Accountant
Sheree Malapit Junior Accountant
Jay-ar Balbuena Junior Accountant
Vanessa Velasco Junior Accountant
Hilarynil Evardoni
Gia Lastrado Junior Accountant
Junior Accountant
N E W H I R E S
Manila Personnel
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Jan–Mar 2022 Issue 7
January
Daniel
Melissa
Ana
Sam
Tax Supervisor
Lani Santos
Espindola
Ojeda
Banzuela
Tolentino
15 Years
Tax & Accntng
Audit Senior
Audit Senior
Audit Senior
Senior
5 Years
2 Years
2 Years
5 Years
Eileen Usi
Nicole
Christian
Hardy Biton
Elijah
IT Audit
Macias
Walawala
Audit Staff
Wanagen
Senior
Administrative
Audit Senior
1 Year
Audit Staff
2 Years
Assistant
2 Years
1 Year
2 Years
Kimberly Kabigting Audit Staff
1 Year
Christine
Angelica
Rebecca
Banayos
Telan
Laygo
Junior
Junior
Junior
Accountant
Accountant
Accountant
1 Year
1 Year
1 Year
5
February
Angeli Presto Accounting & Admin Asst
2 Years
March
Jay Toledo Audit Manager
7 Years
Jay De
Danica De
Guzman
Ocampo
Ciara Calangi Junior
IT Administrator
Audit Senior
Accountant
1 Year
1 Year
1 Year
Manila Personnel
A N N I V E R S A R Y
The Firm would like to recognize employees that have reached milestone anniversaries. Thank you, everyone, for your hard work and dedication! 6
Jan–Mar 2022 Issue 7
Vasquez Celebrates Christmas Red & Glittery In-person Party for our Los Angeles Team
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Employees Fun Virtual Party for our Manila Team
Yay! Despite COVID, both the Los Angeles and Manila Team had fun and exciting Christmas celebrations. The photos and our big smile say it all ☺
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Jan–Mar 2022 Issue 7
5 Things That Can Happen When You Don’t Get Enough Sleep If you’re one of those people who don’t think sleep is important, let us give you 5 really good reasons why it absolutely is. Here are a few things that can happen to you, if you don’t put sleep first.
1. Your Memory Will Be a Little Hazy While you’re snoozing, your brain is actually still working. It’s working to secure information that you recently learned and remembered. Our memories get stronger while we’re asleep, so if you aren’t sleeping the right amount you aren’t giving your brain the time to do its job when you’re asleep.
2. You’ll Be More Emotional and Moody Everyone knows that without sleep, people can easily get moody. That’s because when you’re tired all the time from, well, being tired, you’re more likely to be easily irritated. Once you’re irritated, you don’t cope with stress as well, which may lead to anxiety.
3. Your Immune System Isn’t As Strong Without a good night’s sleep, your immune system is off it’s A-game. While you’re visiting dreamland, your body produces proteins to battle against infections. Research shows that those who slept less than seven hours a night were almost three times as likely to catch a cold than those who got the full eight hours or more.
4. Your Skin Might Break Out Beauty sleep is real! Just like water, sleep is an essential part for our beauty and health routine. Sleep is associated with your hormones so when you’re not sleeping enough, your hormone levels aren’t balanced, leaving you more likely to experience breakouts.
5. Your Eating Habits Will Change When you’re sleep deprived, your brain isn’t receiving the correct signs to let you know that you’re full. So, because your brain doesn’t know you’re full, your eating habits might change and you could see a weight difference, and not in the right direction!
Here’s to 8 hours of sleep a night! Source: LifeCare, Inc. through ADP
EMPLOYEE WELLNESS To read more articles on health and wellness, log in to your ADP Total Source, click on My Company – Discount Programs – ADP Discounts.
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Employees Featured Artist
My most favorite cover…
Scyla Gacis When I was in grade school, my teacher accused me of not using my diaphragm when I couldn’t hit the high note (by the way, I was). You see, I grew up in a time when the top artists are literally singing their lungs out – Mariah Carey, Celine Dion, and the likes, so everyone wanted to be like them.
My next favorite cover…
And I just wasn’t, I was always lowering my key and whispering the words, so I didn’t let anyone hear me sing. Fast forward to today, no plot twist happened, I still sing the same way, but I now have the courage to share it with the world. And by world, I mean my parents who don’t know how to use their emails, my sister who plays the videos on loudspeaker just to tease me, and my friends who I relentlessly bugged to subscribe.
My least favorite that surprisingly has the highest number of views…
But if I can have the whole Vasquez Team subscribe to my channel then I’ll have +100 more, right? Kidding! No pressure, please subscribe according to your free will.
ARTIST CORNER Our Firm is composed of not just smart and hardworking employees, but of talented individuals as well. Every issue, we will feature one artist from the Firm’s pool of talented team members.
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Jan–Mar 2022 Issue 7
Continuing Professional Education JANUARY
FEBRUARY
MARCH
The Chartered Global Management Accountant (CGMA) designation tells the world you’re a trusted, expert strategist connecting all aspects of business. The CGMA designation is the premier management accounting credential — distinguishing accounting professionals who have advanced proficiency in finance, operations, strategy and management. The Firm recognizes that the path to becoming a CGMA requires time and attention that’s why the Firm encourages and supports team members who aspire to be one. Please reach out to Eden Marfori if you have questions on the Firm’s policies related to taking and passing the CIA exam.
Please note that RSM uses CST. For a complete list of courses, log in to your RSM MyLearning . All audit staff must complete 80 hours of CPE every two-year period, with a minimum of 20 hours in each year of that period. Of these 80 hours, at least 24 hours should be Yellow Book CPE.
How to Become a Certified Internal Auditor (California)
Source: AICPA.org 11
Professional Development How to Become a CGMA
Complete the CGMA Finance Leadership Program ✓ The Finance Leadership Program is divided into three levels, each building on the previous one: ➢
➢
➢
Operational Level focuses on short-term decision-making. You’ll build your core knowledge of finance, accounting and reporting. Management Level focuses on translating long-term decisions into medium-term plans Strategic Level focuses on long-term strategic decision making, learning about risk and finance strategy
Pass the CGMA Exam ✓You must complete up to three exams to earn the CGMA designation. ✓All 3 exams offer a unique case study format with openended questions that allow testtakers to showcase their knowledge in a simulated business situation. ✓Exam quick links: ▪Exam registration windows and deadlines ▪Results and grading ▪Exam strategy and prep ▪Exam FAQs ▪Past exams and answers ▪Pre-seen materials 12
Jan–Mar 2022 Issue 7
Glendale, California – Main
San Diego, California
Fresno, California
Phoenix, Arizona
Irvine, California
Las Vegas, Nevada
Sacramento, California
Manila, Philippines
OFFICE LOCATIONS
We are in 8 different locations, and we serve our clients from our headquarters based in Glendale, CA.
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Firm Profile The Firm Expands and Broadens it’s Tax Practice Under New Leadership We are pleased to announce that Regina L. Prince, CPA, recently assumed the position of Tax Practice Partner-In-Charge with overall responsibility for Vasquez & Company LLP’s expanding tax practice. Regina brings nearly 30 years of tax and leadership expertise, spanning the complete tax compliance and regulatory spectrum to include quality and risk management. Regina was formerly a Western Regional Tax Partner for KPMG LLP for fifteen years where she built and managed a multi-million-dollar book of business committed to client service. Under our new tax leadership Vasquez & Company will continue to explore ways to provide consistent and high-level client service. One of the changes that Regina is instituting is providing a seamless experience for our audit/tax clients in that during the audit engagement high-level tax personnel will be involved. This ensures that any additional tax liability is identified, the tax information needed from our clients is gathered at that time, and proper planning for the delivery of the tax returns is established. Importantly, any potential tax issues will be identified early so that concerns can be addressed well before the tax returns are due.
Regina is also planning to change the way we gather information for tax returns, bringing an intuitive and time-saving solution for the PBC (provided by client) process. Her goal is for our clients to spend less time on providing tax data and more time with meaningful discussions regarding their tax planning and goals. More exciting news . . . . . As part of Regina’s expansion of our Tax Department, we are excited to announce that on December 2021, a new Tax Director, Joanne Jung, joined our firm. Joanne brings over 21 years of experience, including several years with a Big 4 international accounting firm, in serving complex corporations, partnerships, nonprofits and high net worth individuals. She will coordinate with Regina in meeting overall firm goals and strategies. Additionally, under Regina’s leadership, we have added a Tax Manager, Ronelle Aceron; a Tax Senior Associate, Denice Abrenica; and a Tax Associate, Alma Malveda to our existing tax team. Each of them came from Big 4 international accounting firms. These individuals are in our Manila office and work closely on a day-to-day basis with Regina’s team members in Glendale. Leilani Santos, our beloved Tax Supervisor for more than 16 years, will continue to provide you with exemplary service. So please continue to reach out to her as always. Daniel Espindola, our Tax Senior of five years, continues to be at your service; as well as all the behind-the-scenes accounting professionals that support the tax practice.
WHO DO WE SERVE? Learn more about our Firm and the clients that we serve.
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Jan–Mar 2022 Issue 7
Client Testimonials “Given the givens this year, I could not have asked for a better team (Jayson, Daniel, Christian, Arvee, Carlos, and Kelly) or count (from my end)” – Zep, Inc.
“Thank you to the entire Vasquez Team!! It was a pleasure to work with you and we look forward to doing so again!” – Tide Rock Holdings
“Thank you, All. Cher, you were a pleasure to work with!” – Estolano Advisors “I wanted to check in with both of you and let you know that we have really appreciated Jason Tagasa’s help over the last week! He has been very thorough, detailed and communicative and we are pleased.” – Horne Cyber Solutions
“I want to thank you for accommodating the many HORNE requests we have been sending to your Manila Team. Vasquez continues to make a huge difference in the way we work! I know this is a busy time for your firm, and your hard work has not gone unnoticed!” – HORNE LLP 15
Firm Profile The Story Behind Our New Logo
The new logo design starts with a bold graphic containing a hidden checkmark in the letter “V” that is unique to Vasquez + Company. The use of two colors in the “V” lends itself to dimension and movement, it’s a bold and distinctive look for social media purposes and a confident symbol for other purposes. The lockup of “Vasquez + Company LLP” fits naturally at the halfway point and is tucked underneath the graphic.
The new font, Untitled Sans, shows elegance through subtlety with its thin lines and sharp edges. Untitled Sans is clean, unobtrusive, and beautiful in its very specific manner. Using uppercase letters in the name gives the logo a more formal feel and reflects the exceptional nature of the business. “Vasquez” is the primary focus as it sits atop “+ Company LLP.”
The brighter orange red in the “V” aims to give Vasquez + Company a special accent to be remembered by — a “calling card” — and highlights our Latino heritage. The warmer blue color reinforces our commitment to quality professional services.
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Jan–Mar 2022 Issue 7
Birthdays January
Lorie Gumansing
Ronelle Aceron
Christine Banayos
Pia Bitoin
Ara Magnaye
Yvette Delos Santos
Millicent Orilla
Chester Francisco
Cid Conde
Yvette Sibal
Cristy Canieda
Jay Toledo
Emer Fabro
Madela Latuga
February
Eden Marfori
Eileen Usi
Melody Flores
Ana Banzuela
Francis Roque
Gia Lastrado
Sheree Malapit
Caitlin Manila
Phoebe Dellosa
Arianne Alba
March
Regina Prince
Christian Walawala
Peir Presto
Daniel Espindola
Lech Plamenco
Jason Tagasa
Carlos Cruz
Quennie Mendoza
Nice Caneda
Ciara Calangi
Jane Go
Kristine Belleza
Jarod Signey
Tricia Toledo
Manila Personnel
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Holidays / Events JANUARY 1 – New Year’s Day also simply called New Year or New Year's, is observed on 1 January, the first day of the year in the modern Gregorian calendar as well as the Julian calendar.
JANUARY 17 – Martin Luther King Jr. Day a federal holiday in the United States marking the birthday of Martin Luther King Jr. which is observed on the 3rd Monday of January each year. King was the chief spokesperson for nonviolent activism in the Civil Rights Movement, which protested racial discrimination in federal and state law.
JANUARY 25 – Chinese New Year is the festival that celebrates the beginning of a new year on the traditional lunisolar Chinese calendar. In Chinese culture and Asian countries within Sinosphere, the festival is also commonly referred to as Spring Festival.
FEBRUARY 14 – Valentine’s Day originated as a Christian feast day honoring one or two early Christian martyrs named Saint Valentine and, through later folk traditions, has become a significant cultural, religious, and commercial celebration of romance and love in many regions of the world. FEBRUARY 21 – Presidents’ Day is celebrated on the 3rd Monday of February to honor all U.S. presidents. The holiday specifically honors George Washington, who led the Continental Army to victory in the American Revolutionary War, presided at the Constitutional Convention of 1787, and was the first president of the United States. FEBRUARY 25 – EDSA Revolution or People Power Revolution. was a series of popular demonstrations in the Philippines, mostly in Metro Manila, from February 22–25, 1986. The nonviolent revolution led to the departure of Ferdinand Marcos, the end of his 20-year dictatorship and the restoration of democracy in the Philippines. MARCH 13 – Daylight Saving Time is the practice of advancing clocks (typically by one hour) during warmer months so that darkness falls at a later clock time. The typical implementation of DST is to set clocks forward by one hour in the spring ("spring forward") and set clocks back by one hour in autumn ("fall back") to return to standard time. Manila Holiday / Event
Source: www.wikipedia.org 18
Jan–Mar 2022 Issue 7
Differences Between Flu and COVID-19 The end of COVID-19 is still unclear, and yet, here we are facing another difficult season – the flu season. Because some symptoms of flu and COVID-19 are similar, people may need to be tested to tell what virus is causing their illness. People can be infected with both a flu virus and the virus that causes COVID-19 at the same time. In general, COVID-19 seems to spread more easily than flu and causes more serious illnesses in some people.
FLU
COVID-19 Symptoms
Fever or feeling feverish/chills, cough, sore throat, runny/stuffy nose, muscle/body aches, headaches, fatigue (tiredness). Some people may have vomiting and diarrhea, though this is more common in children than adults.
Fever or chills, cough, shortness of breath or difficulty breathing, fatigue, muscle/body aches, headache, new loss of taste or smell, sore throat, congestion/runny nose, nausea or vomiting, diarrhea.
How Long Symptoms Appear After Exposure and Infection 5 days after being infected, but symptoms can appear 2 to 14 days after infection.
1 to 4 days after infection.
Complications Most people who get flu will recover in a few days to less than 2 weeks, but some people will develop complications (such as pneumonia) as a result of flu, some of which can be life-threatening.
Additional complications associated with COVID-19 can include blood clots in the veins and arteries of the lungs, heart, legs or brain; Multisystem Inflammatory Syndrome in Children (MIS-C) and in Adults (MIS-A).
Approved Treatments Prescription influenza antiviral drugs are FDA-approved to treat flu. People who are hospitalized with flu or who are at increased risk of complications and have flu symptoms are recommended to be treated with antiviral drugs as soon as possible after illness onset.
The FDA has approved 1 drug, remdesivir (Veklury®), to treat COVID-19. FDA has issued emergency use authorizations to allow healthcare providers to use investigational products that are not yet approved, or that are approved for other uses, to treat patients with COVID-19 if certain legal requirements are met.
To read more on the similarities and differences between Flu and Covid-19, visit www.cdc.gov.
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We would like to thank our wonderful Vasquez team members for your efforts and for continuously contributing to the Firm’s success. Working together enables us to achieve all our goals! Contact us at hr@vasquezcpa.com
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