Small Firm Philosophy

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 communicate 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