Small Firm Philosophy podcast

Rebecca Driscoll, CPA, Co-founder of The Collaboration Room, walks through her unconventional journey into public accounting, highlighting her transition from working at a large firm to establishing her own CAS and Tax practice. Rebecca elaborates on the significant life changes that motivated her to pursue a different career trajectory.  Emphasized in this episode is the significance of internal CAS practices and the key role coaching plays in assisting firm owners to develop sustainable firms. Rebecca also encourages listeners to think about their goals and desired lifestyle, and how that can be aligned with their career paths. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com    

In the final episode of the four-part governance podcast series, Erin Hartman, CPA, Senior Manager – Firm Services of the AICPA & CIMA joins Sarah Dobek, Founder and President of Inovautus Consulting, and Gary Thomson, CPA, Founder and Principal of Thomson Consulting, to wrap up and share insights and lessons learned from the series. They reflect on the evolving mindset around governance and how it is relevant to firms of all sizes – not just large firms. The discussion also focuses on the key success factors of effective governance improvements and how to embark on making governance changes, even if the process hasn't been perfected. Be sure to check out the PCPS Governance Toolkit – developed through collaboration by the AICPA & CIMA PCPS team, Inovautus Consulting, and Thomson Consulting – which is designed to help firms of all sizes transform their governance strategies.  To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

In this episode, hosts Sarah Dobek Sarah Dobek, Founder and President of Inovautus Consulting, and Gary Thomson, CPA, Founder and Principal of Thomson Consulting, are joined by Chip Chaon, CEO and Managing Principal of LattaHarris, LLP, and Mark Kovaleski, Managing Partner of MMB+CO, where they explore how evolving governance structures are reshaping partnership agreements within firms. The conversation also provides insights into the challenges of implementing changes to partnership agreements and how to navigate the transformation. As part of a unique four-part series on governance, this informative discussion aims to offer guidance for those journeying down the path of transforming their partnership agreements. Be sure to check out the PCPS Governance Toolkit – developed through collaboration by the AICPA & CIMA PCPS team, Inovautus Consulting, and Thomson Consulting – which is designed to help firms of all sizes transform their governance strategies. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

In this episode, hosts Sarah Dobek Sarah Dobek, Founder and President of Inovautus Consulting, and Gary Thomson, CPA, Founder and Principal of Thomson Consulting, are joined by Eric Majchrzak, CEO/Principal for BeachFleischman, to dive into a pivotal shift in the accounting profession—the rise of non-CPA professionals stepping into leadership roles in public accounting firms. Learn more about how firms are embracing non-CPA leadership to drive transformation as they strive for growth and innovation. Part of a special four-part series highlighting governance, this engaging discussion offers insights into the future of accounting leadership. Be sure to check out the PCPS Governance Toolkit – developed through collaboration by the AICPA & CIMA PCPS team, Inovautus Consulting, and Thomson Consulting – which is designed to help firms of all sizes transform their governance strategies. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes.  This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com    

In this episode, hosts Sarah Dobek Sarah Dobek, Founder and President of Inovautus Consulting, and Gary Thomson, CPA, Founder and Principal of Thomson Consulting, are joined by Chris Sullivan, CPA, Managing Partner of VSH CPAs, and Amber Goering, CPA, Owner of Goering & Granatino (GG Advisors) to discuss the implementation of the Entrepreneurial Operating System (EOS) in their respective firms. Chris and Amber share their experiences and challenges faced during the implementation, such as the need for a strategic plan and the necessary time commitment.  Chris and Amber also share insights on the benefits of EOS, including how firms can use it for quick decision-making and creating a culture of accountability. Part of a special four-part series highlighting governance, this episode provides the roadmap for a journey of growth and improvement. Be sure to check out the PCPS Governance Toolkit – developed through collaboration by the AICPA & CIMA PCPS team, Inovautus Consulting, and Thomson Consulting – which is designed to help firms of all sizes transform their governance strategies. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

Content Note: This episode includes discussions about mental health, including depression, anxiety, and suicide. Please take care while listening. In this powerful episode, Randy Crabtree, Co-Founder and Partner at Tri-Merit, shares his personal story of navigating mental health challenges and how that experience shaped his leadership approach and advocacy within the profession. Randy shares what it means to lead with vulnerability and foster a people-first culture. He offers heartfelt advice, simple tips to manage burnout, and encouragement to those quietly facing their own struggles. Tune in for an honest, inspiring conversation on vulnerability, resilience, leadership, and transforming workplace culture. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com    

What defines a thriving business development culture in public accounting? Josh Axelrod, Chief Operating Officer of Aldrich CPAs + Advisors, shares the elements of a successful business development environment. Learn how intentional efforts pave the way for strategic action and how to overcome challenges you may face. Packed with actionable insights and real-world advice, you'll obtain strategies on how to ensure your firm not only grows but thrives in a rapidly changing profession. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

Gary Thomson, CPA, Founder and Principal of Thomson Consulting, and Sarah Johnson Dobek, Founder and President of Inovautus Consulting, explore how strong governance can drive successful business model transformation. They share practical insights on how firms can adopt effective governance frameworks to guide their transformation strategies, ensuring sustainable growth and adaptability. You'll learn key approaches to structuring governance that can help your firm navigate change for new opportunities. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

Private equity-backed firms are reshaping the professional services landscape. In this episode, Tim Brackney, CEO of Springline Advisory, and Josh Beck, Managing Partner at MarksNelson Advisory LLC, share insights into their collaboration and strategic approaches to firm growth and transformation. Discover how Springline's model helps firms unlock value, enhance operations and scale successfully. From leadership alignment to strengthening people-first cultures, this conversation reveals how firms can leverage private equity to evolve their business model while staying true to their core values. To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

Starting your own firm can be tough, but finding the right clients makes all the difference. In this episode, Yuri Kapilovich, CPA, a managing partner of Kapilovich & Associates shares his ideas about the importance of choosing quality clients and building strong relationships, rather than just focusing on quantity. Yuri also discusses how to balance work, family and personal goals. If you're thinking about starting your own firm, this episode has helpful tips to guide you.   For more information on starting your own firm, explore the Starting Your CPA Practice - Planning Checklist and other Transforming Your Business Model resources.  

In this episode with Dan O'Hare, CPA, CGMA, Principal at Glenn Burdette, we explore why CPA firms might choose to implement an Employee Stock Ownership Plan (ESOP). With O'Hare's insights and expertise, we explore how ESOPs can facilitate smooth succession planning, boost employee retention and engagement and offer significant tax benefits. Additionally, we discuss how this alternative practice structure can improve performance and make the firm more attractive to potential hires. This conversation will help you understand the potential power of ESOPs in reshaping your firm's future.   Want more? Dive into our business model transformation resources. To get more insights on business model transformation and access new podcast episodes automatically and free, follow our show via our podcast homepage. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

Are you curious about how to empower your employees and fuel your firm's growth? Listen as we explore employee stock ownership plans (ESOPs) with Mike Bannon, vice president at CSG Partners. You'll discover how this powerful tool can help your firm achieve its long-term goals and implementation plans, from planning and financing to valuation and ownership transition. This episode offers insights into the benefits of leveraged ESOPs, which include not only tax advantages but also the ability to boost employee engagement and create lasting value for accounting firms. Discover why more firms are turning to this innovative ownership model and how it can shape the future of your business. Tune in and unlock the potential of shared ownership. Follow our show to get new episodes automatically and free. Head over to our podcast homepage to explore more insights on business model transformation.  Want more? Dive into business model transformation resources. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com        

Erin Hartman from the AICPA & CIMA PCPS section introduces a special compilation of conversations on the evolution of accounting firms and the modernization of accounting practices through the "Transforming Your Business Model" initiative. It contains valuable insights and motivation for accounting professionals looking to innovate and create sustainable business models while maintaining a healthy work-life balance. In these condensed exerpts from previous podcasts, the conversation features insights from Chet Buchman, managing partner of Swindell, Jansen Hawk and Loyd, and Sandy Johns, a small firm owner based in Atlanta. Chet shares his firm's journey towards reducing work hours to 45 hours per week, highlighting the challenges and successes along the way. He emphasizes the importance of maintaining a balance between reducing hours, increasing profitability, and having more fun at work. Sandy discusses her firm's transition to a fully remote team and their focus on subscription-based client accounting services, sharing her experience of eliminating one-off tax returns to reduce stress and improve work-life balance. Both practitioners highlight the importance of understanding what you want for yourself and your firm, committing to a common vision, and being willing to make changes and learn from mistakes. They also stress the value of networking and seeking support from peers and professional groups.  For the full episodes from both Chet Buchman and Sandy Johns and other articles and resources regarding right-sizing and hours reduction, check out the following resources: PCPS Right-Sizing Your Client Base Toolkit, A Revolution in ‘right-sizing' a client base,   Why and how: right-sizing client base and revenue modeling,   Business model transformation - advisory and hours,   Is right-sizing the right move for your firm?, and Right-sizing your firm: A commitment to clients and staff. Visit these and other resources at www.aicpa-cima.com/TYBM. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com  

How are forward-thinking firms adapting to the profession's changing landscape? We're joined by Abbey Bemis and Mike Miller from Payne Nickles & Company to hear their transformative insights. They investigate how firms adapt to shifts in tax seasons and the broader profession because of new technology and AI. Abbey and Mike also tackle the talent shortage challenge, sharing strategies for attracting top talent and positioning their firm as a desirable workplace.  From discussions on the evolving role of the COO and the importance of effectively communicating value to clients, tune in for a fresh take on how to navigate changes in the profession and leverage innovation for firm growth.  Check out our business model transformation resources for more guidance on aligning your client base with your firm's goals.   This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcome via email to podcast@aicpa-cima.com  

Jeff Wald, CEO of Pinion, shares his insights and expertise on the importance of corporate governance. He uncovers strategies for managing major firm transformations, securing stakeholder buy-in and crafting transparent strategic plans. Jeff also highlights the importance of building strong relationships at the board level, humanizing business disagreements and empowering your firm to make effective business decisions. Tune in to learn how to enhance your firm's governance practices and drive impactful business model transformations. Check out business model transformation resources for more guidance on aligning your client base with your firm's goals. https://www.aicpa-cima.com/resources/landing/transform-your-business-model   This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

The look and feel of your podcast is about to evolve. We're excited to share that the Small Firms Philosophy podcast is becoming "Transforming, tales of Business Evolution". New episodes start later in November 2024.

In this podcast episode, we explore with Jonyce Bullock, CEO of Squire, how evolving governance structures can revolutionize your business model. Jonyce shares her journey through governance challenges, emphasizing the value of external support and diverse perspectives in navigating complex decisions.   You'll discover strategies for enhancing decision-making, implementing changes effectively and creating alignment within your firm. If you want to address your firm's unique needs, this can't-miss episode will show you how to articulate the “why” behind governance changes and choose the right model to foster agility.   For more guidance on aligning your client base with your firm's goals, check out the "PCPS Right-Sizing Your Client Base Toolkit" and other business model transformation resources.

Are you facing a talent shortage? Offshoring may be the answer. Our guest Laurence Whittam of Impact Global Solutions discusses tapping into global talent pools to boost your firm's capabilities. From selecting the right offshoring model to building successful remote teams, Laurence shares practical advice for small firms. Discover various offshoring models, practical implementation steps, process efficiencies, strategies for driving client growth and more. Discover how to transform your business with the PCPS Outsourcing Toolkit for CPA Firms.  Connect with our guest Laurence Whittam via LinkedIn. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

In this episode of the Small Firm Philosophy podcast, Ingrid Goldbloom-Bloch, Director of Career Development and Engagement at AAFCPAs, talks with PCPS manager Erin Hartman to share how her firm is making waves and doing things differently in the profession. When Ingrid joined AAFCPA, she was tasked with elevating the people and culture pillars of the firms strategic plan. Ingrid's day to day focus is to uncover challenges that get in the way of teams feeling happy, engaged, and productive at work. It is this work, and how it transformed AAFCPAs business model, that Ingrid and Erin discuss in detail.   SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. For more on the series, check out the Transforming Your Business Model landing page. 

Accounting firms planning for future success may want to rethink their approach to new opportunities. In this episode of the Small Firm Philosophy podcast, Elizabeth Hale, founder and CEO of eeCPA, shares with PCPS manager Erin Hartman how her firm is revolutionizing the traditional CPA model by putting people first and driving client success. SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast features Steve McDonald, CPA, managing partner at Abdo, sharing tips about how he integrated cutting edge data and government consulting services with new technologies to revolutionize his firm's client services.  SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). Lisa Simpson, CPA, CGMA, vice president of Firm Services for AICPA & CIMA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.  For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast unveils a pair of powerful toolkits designed to help accounting firms reshape and optimize their business. PCPS manager Erin Hartman, CPA, and Carrie Steffen, the president of growth consulting firm The Whetstone Group, introduce the Revenue Modeling and the Right Sizing Your Client Base toolkits, which are exclusive to PCPS members:  SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. For more on the series, check out the Transforming Your Business Model landing page. 

From engaging high schoolers to partnering with community influencers, discover how Grossman Yanak & Ford cultivates future accountants. This episode of the Small Firm Philosophy podcast features a discussion with GYF's Colleen Febbraro about the firm's freshman forum program, the importance of promoting the accounting profession, changing stereotypes, and more. SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.  For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast features an interview with David Wurtzbacher and Erin Stahmer of Ascend, a platform firm that is employing unique strategies in its business model. Join us to discuss people strategy, offshoring tips, and how to own the value of firm services. SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.  For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast features an interview with Dennis Sherrin, CPA, CGMA, chief value officer and strategic consultant at Avizo Group, Inc., an Alabama-based CPA firm with 35 team members in the United States and India. Sherrin discusses how Avizo implemented Lean Six Sigma (LSS) to streamline the firm's tax practice and slash overtime hours, even during tax season. “Have we eliminated overtime hours? Absolutely not,” said Sherrin. “But have we drastically reduced overtime during our busiest seasons and eliminated it outside of those seasons? We absolutely have.” SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.  For more on the series, check out the Transforming Your Business Model landing page. To learn more about Sherrin and his firm, go to the Avizo Group website. For more on Avizo's Project 40 initiative to reduce overtime, read the AICPA & CIMA Insights article “How this firm made 40 the new standard for the 70+ hour week."

This episode of the Small Firm Philosophy podcast features an interview with Chet Buchman, CPA, CGMA, managing partner of Kansas-based accounting firm Swindoll, Janzen, Hawk and Loyd, LLC (SJHL). In this discussion, Buchman describes his firm's multi-year journey to offering more advisory services, including the big mistake they made at the beginning and what they learned from it. He also explains SJHL's strategy for reducing busy season hours for staff and partners.    SFP is produced by AICPA & CIMA's firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview. This episode is part of an ongoing content series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.  For more on the series, check out the Transforming Your Business Model landing page. To learn more about Chet Buchman and his firm, go to the SJHL website. 

This episode of the Small Firm Philosophy podcast features an interview with Carl Peterson, CPA, AICPA & CIMA's vice president of small firm interests. Peterson addresses the new beneficial ownership information (BOI) reporting requirements and also shares his biggest takeaways from the 2023 AICPA & CIMA National Management of an Accounting Practice (MAP) Survey. The MAP Survey, like this podcast, is produced by AICPA & CIMA's firm practice management section, better known as the Private Companies Practice Section (PCPS). Jeff Drew, editor-in-chief of the Journal of Accountancy and lead author of the MAP Survey Executive Summary, is the host of SFP. Also see: ·       BOI Client Letter ·       MAP survey resources   Small Firm Philsophy is published the fourth Wednesday of each month. 

This episode of the Small Firm Philosophy podcast features an interview with Sandy Johns, owner of Revolution Financial, a small accounting firm based in the Atlanta area. Johns discusses how she culled her firm's client roster to a manageable size and how doing so affected her well-being professionally and personally.  SFP is produced by the AICPA & CIMA's firm practice management section, better known as the Private Companies Practice Section (PCPS). Erin Hartman, a manager with PCPS, conducted the interview. This episode is part of a ongoing content series on accounting firm business model transformation that PCPS is spearheading for the AICPA & CIMA.  For more on the series, go to the Transforming Your Business Model landing page. For more on Sandy Johns and her firm, check out the Revolution Financial website. 

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses and has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. She also never worked in public accounting before launching her firm, Butler Davis Tax & Accounting.  How has Davis done all of this and what has she learned along the way? She shares her story in this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section in partnership with the Journal of Accountancy podcast.  Topics covered in this episode:  Why Davis changed her firm's business model after the first year How she uses video to comunicate with clients and staff How she shifted her firm away from taxes to accounting bookkeeping and advisory services How price increases helped her firm right-size its client base How she uses social media to connect with her peers and also land clients

There's been a buzz around artificial intelligence for years, but nothing like the swarm of interest generated by ChatGPT.   Microsoft-backed research laboratory OpenAI launched ChatGPT in November 2022. By January, the large language generative AI chatbot had attracted more than 100 million users, making it the fastest-growing customer software application ever – but far from the only one.   What makes ChatGPT so compelling and how does it compare to other generative AI chatbots like Google's Bard? What tasks can generative AI handle for accounting firms and what precautions should CPAs take when using this technology? Hear the answers to those questions and much more from accounting technology expert Roman H. Kepczyk CPA.CITP, CGMA, in this episode of the Small Firm Philosophy podcast, produced by AICPA & CIMA's Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy.     Things you'll learn in this podcast:   ·                How generative AI is different from personal assistants like Siri or Alexa.   ·                How a lawyer got himself in hot water after using ChatGPT-4 ·                Where accountants can expect to see AI tools tailored for them ·                What Google's Bard does better than ChatGPT ·                What accountants should never do with generative AI   Also see: ·       Getting onboard with ChatGPT safely (for PCPS members) ·       Writing advanced Excel macros with ChatGPT-4 (JofA) ·       Can ChatGPT answer your clients' questions? (JofA)  

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates, LLP, she believed it was her responsibility to put in the time needed to make her small firm a success. Today, Joanna remains a full-time partner at the firm, but her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make some changes to make busy season less crazy. She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy season hours almost in half. What changes did they make and how have they kept the firm running profitably? Find out from both Johanna and Dalton in this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast. Things you will learn in this podcast: ·       How a new software application increased capacity by reducing time spent in meetings ·       How another new application made the engagement process pay off instantly ·       How a hard minimum helped to maximize profits ·       When, how and why the firm fires clients.  

A firm in a box. A franchise on steroids. The Uber (or Lyft) of CPA firms. To say that the business model of Dark Horse CPAs is difficult to describe is an understatement of the highest order. So exactly does Dark Horse do? What makes it unique? And what prompted CEO and co-founder Chase Birky to try a radically different business model? Find out as Lisa Simpson, the AICPA's vice president of Firm Services, interviews Birky in a special edition of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast. Things you'll learn in this episode What a platform CPA firm is How Dark Horse's business structure differs from a traditional firm's How setting client expectations can help ease compression The Small Firm Philosophy podcast is produced by the AICPA's Private Companies Practice Section (PCPS). It is published monthly on the third Wednesday.  Related PCPS resource Transforming Your Business Model  

Roman Kepczyk, CPA.CITP, CGMA, director of firm technology strategy for Right Networks and author of the AICPA & CIMA's CPA cybersecurity checklist, joins the Small Firm Philosophy podcast to discuss current cyberthreats and what CPA firms should be doing to protect their data and networks. Host Jeff Drew also asks Roman a fun question about that technology he is most excited about, and Roman respond with an intelligence answer. In this podcast you will learn:      The biggest new cyberthreat for firms of all sizes        What a zero-day vulnerability is and why patches are important        A three-pronged approach to smart security management        Best security practices for remote workers        How one data breach fine reached over $900,000        Why ChatGPT and A.I. are so exciting for CPAs Data breach websites mentioned: itgovernance.com, idtheftcenter.org   The Small Firm Philosophy podcast is published monthy on the third Wednesday of each month by the AICPA & CIMA's Private Companies Practice Section (PCPS). 

Incentivize the behaviors you want. That was the theory behind GRF CPAs & Advisors' decision to change its partner compensation model several years ago. Firm leaders knew that if they wanted their partners to operate as a cohesive team, they needed to stop paying partners in ways that drove individualistic behaviors. More than five years later, GRF President and Managing Partner Jackie Cardello, CPA says that while the process was a lot of work, the results “absolutely” have been well worth it. What did GRF change and how have the firm's fortunes improved? Find out from Cardello and GFR partner Elinor Litwack, CPA, in this episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast. Things you will learn in this podcast The limitations of formulaic, eat-what-you-kill compensation models. Other goals that can be added to the model other than financial metrics The advantages to bringing in a third party to help with the process What behaviors the new compensation model incentivized How a compensation committee works What firms should know before they start on this path  

Chat bots that can write Excel macros. The internet's first evolutionary leap since the 1990's. And whatever happened to blockchain? Those are just a few of the topics covered by three top accounting technology experts during a special edition of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast. This double-length episode features the first gathering of the JofA accounting technology roundtable since the early days of the pandemic. Participants Donny Shimamoto, Amanda Wilkie and Wesley Hartman share their expertise on topics ranging from automation and digital assets to cybersecurity and Web 3.0. Things you will learn in this podcast        What ChatGPT is and whether it is ready for business use.        Specific uses and tools for robotic process automation (RPA).        Why tax preparers without a written information security plan could soon be in trouble          What the FTX implosion really means for digital assets and blockchain.        What Web 3.0 is and why it's going to be such a big deal.        The importance of applying certain information security frameworks.        And a whole lot more!   Related resources        “Using ChatGPT with Excel,” JofA article with video walkthrough        SFP #71: How RPA paid off for this accounting firm        PCPS Cybersecurity Checklist        AICPA's Auditing Blockchain & Digital Assets webpage

Many small accounting firms may not have heard much about digital assets beyond bitcoin and the FTX bankruptcy, but accountants have two big reasons to learn more about the topic. First, the acceptance of digital assets as payment has steadily grown among accounting firms and especially their clients. Second, cyberattacks are increasingly targeting digital assets. The combination of these trends means that even small firms should learn about digital assets, gain an understanding of the cybersecurity threats, and be prepared to discuss safeguards with clients. In this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast, JofA host Neil Amato discusses digital assets and cybersecurity with Steve Ursillo, CPA/CITP, CGMA, a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm's national leader of information assurance and cybersecurity. Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place. Things you will learn in this podcast Why digital assets are enticing to hackers. The reputational effect of suffering a cyberattack. Common attack vectors related to digital assets. Ursillo's specific advice on the importance of protecting mobile phones. An explanation of cold and hot wallets. The importance of applying certain information security frameworks. A transcript of the conversation is available on journalofaccountancy.com. Related resources PCPS Cybersecurity Checklist Q&A: Two cyberattacks CPA firms should fear AICPA's Auditing Blockchain & Digital Assets webpage

  Orumé Hays, CPA, CGMA, didn't exactly follow a traditional path to owning an accounting practice. From Africa to the Big Apple, she blazed a trail all her own. Raised in Nigeria, Hays moved to Miami with a college degree in sociology and anthropology and a budding career in modeling and acting. Her pursuit of Hollywood stardom peaked with a couple of appearances in the 1996 movie “The Birdcage”. She then discovered a new passion. Trading in the silver screen for spreadsheets, Hays embarked on a new journey as an accountant. Pursuing education and experience, she built her accounting career and then launched her own firm in New York City. Today, Hays CPA provides tax and client advisory services (CAS) to small businesses, startups and entrepreneurs. And Hays has emerged as a star in her chosen profession. So how does someone go from modeling and acting to being named among the 25 most powerful women in accounting? What lessons has Hays learned owning an accounting firm as an immigrant, black woman in the United States? Hays answers those questions in the latest installment of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section in partnership with the Journal of Accountancy podcast. The chair of the PCPS Executive Committee and also an adjunct college professor, Hays also offers insights into the pipeline and other challenges confronting small firms.   Resources mentioned 2023 PCPS Busy Season Fun Calendar 2022 PCPS CPA Firm Top Issues Survey   Things you will learn in this podcast How and why Hays transitioned from modeling and acting to accounting The key and ongoing role of education in Hays' life and career What Hays sees as the top issues facing small accounting firms. What she has learned about college students during her years as an adjunct accounting professor What CPAs can do to help bolster the recruitment of students into accounting careers    

The CPA's guide to technology (and tech gifts) There are few, if any, people in the accounting space who know more about technology than Inspector Gadget. No, not the cartoon character with the go-go arms from the 1980s. The man wearing the trench coat in this case is David Cieslak, CPA.CITP, CGMA, executive vice president and chief cloud officer for RKL eSolutions and a popular speaker whose Inspector Gadget keynote session has been a highlight of accounting conferences for many years. If you want to be clued in to what's going on with technology, both in accounting and with consumer products, Cieslak is the man to talk to. So that's what we do in the latest episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast Topics covered in the conversation include: The three steps accounting firms can take to make the most of their technology spending. Why CPAs should not wait too long to update their laptops and desktops What true cloud is and what to look for in cloud-based applications What tech products could be great holiday gifts for CPAs to give or receive. SFP episode referenced “The payoffs of RPA for one accounting firm”   Products mentioned CPE through podcasts: Earmark, lumiQ Apple IPad Pro Apple Watch, Apple Watch Ultra, Samsung Galaxy Watch5 Google Pixel Watch Amazon Echo This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.  

It's the holidays, that special time of the year when children wish for their dream gift and CPAs pray that the looming busy season won't be another nightmare.  Rabecca Eunis, CPA, knows the feeling. As a new accountant working for her father's firm, Eunis learned to dread and despise tax season. The mad, miserable dash to Tax Day was so stressful that Eunis launched her own practice vowing that her team wouldn't suffer the way she did. Fun, she believed, should be a key part of busy season. Eunis put her new approach into practice, and it paid off for both her and, eventually, her father.  How did she make busy season less stressful and more fun? And how did that benefit her father as well as her firm? Eunis explains all in this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section in partnership with the Journal of Accountancy podcast. Things you will learn in this podcast Avoidable practices that make busy season harder than it needs to be Ways to preserve as much family and free time as possible for team members Tips for injecting fun into the most taxing time of the year What bowling in the dark is and how it applied to busy season The impacts of these policies on staff productivity and firm growth. Reference mentioned PCPS busy season fun calendar

Ghosts, goblins and ghouls aren't the only scary things to watch out for this Halloween season. Hackers and criminal organizations are up to their old tricks -- and some new ones -- in their tireless efforts to breach your cyberdefenses and treat themselves to your computer networks and data.   So what kinds of spooky schemes are haunting CPA firms? And what can practitioners do to protect themselves and their clients? The Small Firm Philosophy podcast addressed those questions with Sarah Ference, CPA, a risk control director at CNA, the underwriter of the AICPA's professional liability insurance program.  Ference advises firms of all sizes on how they can manage their professional liability risk. In this episode, she identifies two cyberthreats being seen more often in accounting firm cyber-insurance claims and discusses ways firms can lower their risk of being victimized.  The Small Firm Philosophy podcast is produced by the AICPA's Private Companies Practice Section (PCPS). PCPS members can see an edited transript at https://www.aicpa.org/news/article/q-and-a-2-cyberattacks-cpa-firms-should-fear.  This episode of SFP provides information, rather than advice or opinion. It is accurate to the best of the author's knowledge as of the publish date. This article should not be viewed as a substitute for recommendations of a retained professional. Such consultation is recommended in applying this material in any particular factual situations. Examples are for illustrative purposes only and not intended to establish any standards of care, serve as legal advice, intended to constitute a contract, or acknowledge any given factual situation is covered under any CNA insurance policy. The relevant insurance policy provides actual terms, coverages, amounts, conditions, and exclusions for an insured.  

Launching an advisory firm after 20 years in public accounting requires courage, confidence and commitment. It also helps to get some business coaching and to focus on changing customer needs. Those are some of the lessons Zack Ryan, CPA, shares in this episode of the Small Firm Philosophy podcast. The founder of Value Forward Advisory explains how meeting regularly with business owners on a fixed-fee basis has relieved workload congestion and produced much improved revenue and profit per client.   Resources from this episode Starting Your CPA Practice – Planning Checklist “On Your Own! How to Start Your Own CPA Firm (note: links to Amazon.com) Client acceptance evaluation tool To learn more about Ryan, connect with him on LinkedIn. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Terrence Putney, CPA, managing director with Whitman Transition Advisors, is among the top advisers on accounting firm mergers nationwide. Over his 44-year career, Putney has been involved with hundreds of accounting firm M&A deals and also co-written more than 20 articles on succession-related issues for the Journal of Accountancy. In this episode of Small Firm Philosophy, Putney addresses succession and related M&A issues including:  Three trends besides succession that are driving accounting firm M&A Is the current firm M&A market favoring buyers or sellers? What small firm partners should be doing today so they can retire in a few years. What a two-stage deal is and why it's well suited for solo practitioners and small firms. Resources mentioned in the conversation: The JofA “Succession Series”. JofA article on “The Culture Test” in accounting firm mergers JofA article on “A two-stage solution to succession procrastination”. PCPS and Succession Institute 2020 Succession Planning Survey results, analysis and resources Click on the link to contact Terry. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The Private Companies Practice Section's National Management of an Accounting Practice (MAP) Survey gathers key metrics from thousands of U.S. firms of all sizes. In this episode of the Small Firm Philosophy podcast, Steven Bankler, CPA, shares how he and his small firm break down the survey results to build a better practice. Resources mentioned in this episode: National MAP Survey To learn more about Steven, please visit bankler.com.   This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Robotic Process Automation, or RPA, has been a buzzword in the accounting profession for several years. Despite that, many practitioners don't have a great grasp of what RPA is and what it can do for accountants. Wesley Hartman has spent much of the past eight years developing RPA solutions for midsize firm Kirsch Kohn Bridge (KKB), where he serves as director of technology. In this episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast, Hartman shares how he has used RPA, how RPA can help accounting firms address key pain points, and why he and his firm are so bullish on the technology they have launched an RPA startup.   This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Click on the links to learn more about KKB or Automata or to contact Wesley.   Resources mentioned in the conversation: AICPA & CIMA ENGAGE Conference Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

CPA firms and the clients they serve often view the world through a different lens. Tom Hood, the AICPA's executive vice president of business engagement and growth, recently had the rare opportunity to engage both groups. In this episode of the Small Firm Philosophy podcast, Hood explores the common challenges – and shared solutions -- that CFOs and CPA face. Resources mentioned in this episode: Top Issues Survey Business Learning Institute ENGAGE 2023 CAS 2.0 AICPA Town Hall To learn more about Tom, follow him on LinkedIn or Twitter. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The AICPA's Private Companies Practice Section has been asking accounting firms to rank their top issues since 1997. But never has there been a list of concerns quite like the one produced by the 2022 CPA Firm Top Issues Survey. Listen in as two AICPA executives, Carl Peterson, CPA, CGMA, vice president of small firm interests, and Lisa Simpson, CPA, CGMA, VP of firm issues, offer their insights on the top takeaways from the 2022 Top Issues Survey.  Resources mentioned in this episode: Resources mentioned AICPA Town Hall Succession planning center CPA cybersecurity checklist Hybrid work best practices This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, visit aicpa.org/pcps or email pcps@aicpa.org for a free web tour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Loretta Tubiello-Harr, founder of Tubiello-Harr & Associates, LLC, was approaching retirement and set out to create an exit plan. What did it take for her to get her practice attractive to buyers, vet those potential sales, and finally execute a successful sale? Find out in this episode of the Small Firm Philosophy podcast from the AICPA's Private Companies' Practice Section (PCPS). Succession Planning Survey Succession Planning Guide & Tools To learn more about Herbein + Company, Inc., please visit their website at herbein.com. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Dedicated volunteers play an essential role in helping the AICPA provide a more robust member experience. How can you get involved and what can you gain from the experience? Find out in this episode of the Small Firm Philosophy podcast as Erin Roche, CPA, CGMA, team leader with Elliott CPA Group, shares the personal and professional development opportunities she's experienced through volunteering. PCPS resources mentioned in this episode: AICPA Volunteer Central PCPS CPA Firm Competency Model To learn more about Erin and Elliott CPA Group, please visit elliott.cpa. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Patrice Mills, CPA, was sunning herself on a Florida beach when she received an alarming phone call. All of her client files had been seized in a ransomware attack, and cybercriminals were demanding payment to release them. Listen in as Mills recounts this experience and shares best practices for keeping your firm's data safe. PCPS resources mentioned in this episode: PCPS CPA cybersecurity checklist To learn more about Patrice, please visit https://www.millscpa.com. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Phishing schemes, ransomware attacks, and data breaches are on the rise. CPA firms and their client's data are prime targets. Listen in as Roman Kepczyk, director of Firm Technology Strategy with Right Networks and author of Digitally Speaking, a PCPS exclusive publication, shares how you can protect your firm's data from cybercriminals. Resources mentioned in this episode: CPA cybersecurity checklist Digitally Speaking To learn more about Roman, please visit https://www.rightnetworks.com. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

The AICPA's Private Companies Practice Section Succession Planning Survey finds that 44% of solo and sole practitioners plan to retire soon. David Shealy, CPA, Founder of the Shealy Group, was approaching retirement age and set out to find an exit plan. Brandon Miller, CPA, President & CEO of HW&Co, was actively seeking growth through smart acquisitions. Listen to this episode of the Small Firm Philosophy podcast as David shares how he prepared his firm for an exit and what Brandon and HW&Co consider when acquiring a practice. PCPS resources mentioned in this episode: Succession Planning Survey Succession Planning Guide & Tools Work on your firm now, retire well later To learn more about HW&Co, please visit their website at hwco.cpa. This episode is brought to you by the AICPA's Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour. Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.