33 minute read
Message from ASCPA Chair, Jon Heath
GRATITUDE! My heart is humbled and grateful to serve as your 2022-2023 chair. I want to thank our outgoing chair, James Moody, for his years of service and leadership out of our virtual world and back to in-person meetings and events. James’ leadership made that transition both productive and successful. As immediate past-chair, James will continue to serve in various roles and on several committees. I also want to thank Jeannine and her outstanding team. The ASCPA team works tirelessly to educate us, advocate for us, and engage us in ways that enhance the profession in Alabama and nationally. I want to share my gratitude to the Board for all of their teamwork and dedication to the profession. And finally, a heaping helping of appreciation is shared with you – our members. You, your firms, your organizations, your teams, and your families give so much to serve the public interest, your clients, and many other stakeholders with high quality and integrity. You inspire all of us on the board to serve with that same passion. We thank you for being the most trusted advisors in the most trusted profession. That reputation is built on, earned through, and maintained by your service. It’s because of you that this tag line is true – America Counts on CPAs… Alabama Counts on CPAs! I’ll introduce myself to those of you with whom I haven’t had the pleasure to meet. I was born and raised in Enterprise, Alabama. My maternal grand-parents were farmers from the metropolis of Black, Alabama. My paternal grand-parents served in the military and law-enforcement. My parents were a civil-servant at Fort Rucker and a policeman in Enterprise and Ozark. In fact, law enforcement and service run deep in my family with an older brother and nephew who are also law enforcement officers. My twin brother and I graduated from Enterprise High School, and I was blessed to earn academic and athletic scholarships to Troy University (the artist formerly known as Troy State University). After graduating with my undergrad and Masters from TROY, I worked with PricewaterhouseCoopers in Atlanta for almost a dozen years. In 2005, I was blessed with the opportunity to return home to Enterprise as a partner with Carr, Riggs, & Ingram, LLC – where I’m now a partner in our Corporate office. In that role, I focus on all of the services the firm offers in terms of process, process improvement, quality, training, and client service. I am the very, very proud father of two amazing daughters – I promise there’s no dad brag in that comment, really. PJ is an incoming Junior at TROY University and working to earn her degree in Multimedia. Maddi is an incoming Junior at Spanish Fort High; her passions are dance and cheer. Both of them are kind enough to join me at – read “put up with” – TROY and Enterprise football games. I enjoy football, physical fitness, faith, and family time. Education is at the core of our profession, the ASCPA, and this issue of Connections. I told myself when I passed the CPA Exam in 1995 that I wasn’t going to study again. WRONG! As I look back with much more clarity, I’m so happy that my youthful pining was incorrect. I’ve heard at least one well-known speaker say that change is one of the profession’s super-powers. At the heart of that change is continuous learning and education. In fact, the older I get, the more important continuous learning and education seem. Learning is all around us. Our colleges and universities work so diligently to prepare their students, who become our candidates, teammates, and (hopefully) partners and leaders. Our clients are learning new skills and technologies to advance their teams and businesses. Our stakeholders such as clients, customers, regulators, financial institutions, investors, etc. count on us to be well-informed regarding every financial topic including, but not limited to taxes, auditing, personal finance, systems and processes, cybersecurity, supply chain, and government programs. How do we stay informed, relevant, and ready to serve those stakeholder needs?
The answer is Professional Education!
Jon with daughters PJ (left) and Maddi (right) before a Troy football game.
Today, it primarily starts in our colleges and universities. It continues through our firms, businesses, or organizations. The AICPA and ASCPA provide us with excellent course offerings to keep us informed, up-todate, and ready for the next challenge. It’s demonstrated via the current CPA Exam and other badges or certifications. Just like the rest of the world, Professional Education is being re-imagined. Both the AICPA and ASCPA are working on initiatives to go deeper into the pipeline – into junior colleges, community colleges, high schools, and early education arenas – to share about the opportunities the profession provides people of all backgrounds. We need volunteers to share their stories of success with the next generation or two of CPAs – to inspire a diverse group of people to enter the profession and serve. Those changes continue in new curricula in colleges and universities to broaden skill sets to include information technology, analytics, process, personal finance, sustainability, governance, etc. After several years of exploring changes through the CPA Evolution Initiative, the new CPA exam is scheduled to take effect in 2024. While the exam will remain four parts, it will be administered via three core sections and a chosen discipline section. These changes are reflective of the AICPA, State Societies, and National State Boards of Accountancy (NASBA) joint efforts to address the ever-evolving responsibilities CPAs undertake.
You may be in Business and Industry, Government, Academia, a university, or a firm. You may be looking for traditional CPE topics like Tax, Accounting, and Auditing. You may be looking for emerging topics like Environmental, Social, and Governance (ESG), analytics, controls, or cyber. You may want to demonstrate that knowledge with a license, badge, or certificate. You may want to take courses in-person, on-line, or selfstudy. You may want to take the course via your firm or on your own. You may want to know more about “soft skills” (which seem, ironically, very hard to master) or other initiatives in the profession such as diversity, equity, and inclusion (DEI). You may want to know more about mental health or working from home. You might need an accountant to help you keep track of all of the topics and options. Better yet, I offer you the ASCPA; they engage us, advocate for us, AND they educate us. The ASCPA team is dedicated to positioning you and your firm, business, government, or organization to serve today and into the future. I speak not only for myself, but also the ASCPA Board and staff, when I say THANK YOU; we are grateful to serve you. We would love to hear from you to learn how we might better serve you and your team.
In the spring of 2014, with a staff of six and a line of credit, Mike Woeber and Dawson Fercho started a new company called Corporate Tax Advisors, Inc. Like many new startups, the road was not always paved or smooth.
“In the first three or four months three of those six people left the company,” said Woeber. “Back in those days Dawson and I didn’t have a big travel budget, but we would go to trade shows and meet with people. We were headquartered in Huntsville, but we did a lot of travel to Atlanta, Knoxville, all over Alabama, Tennessee, ventured out to Texas - all in an effort to start some brand recognition.”
Their efforts paid off, as three months into their business venture CTA secured their first client.
“It was a company out of Denver, Colorado, and we worked for them for a couple of years,” said Woeber. “The first year was difficult. I can remember at the end of 2014, we were waiting on a couple of checks to come in right at the end of the year and we really had to have those to keep going. It was stressful, but I think that is how a lot of the startups feel.”
Fortunately, those checks did come in and for CTA 2015 began with plenty of traction and new clients.
CTA SERVICES
According to Fercho, the body of tax law is the largest body of law in the world. So large, in fact, he compares it to modern medicine.
“If you have an issue with your knee, your general physician would know the anatomy well enough to identify it, but if you have something going on, you are probably going to venture into the orthopedic, or the specialty realm,” explains Fercho. “Well, we are no different. There are over 9,000 code sections, and though the CPA might know and have some awareness around certain sections, they are going to stick with their bread and butter - what they do day in and day out. The accounting and financial statements, 1040s, 1120-Ss, 1120s, etc.. and we fill in the gap in the specialty tax realm.”
When Woeber and Fercho started the company their goal was to build a firm that would be an augment, or an addition – a true value-add for their clients, which to them included their clients’ CPA relationship.
“We want to work with your accountant,” said Woeber. “This is our expertise, we are highly focused on a couple of areas within the Internal Revenue Code. We are going to work with your CPA, we are going to make your CPA’s life a little bit easier, knowing that this burden of calculating these items is not resting on the CPA’s shoulders. That should make their life during busy season a lot easier.” “So, the elevator pitch is simply, ‘we focus on those tax specialties that garner huge benefit in areas where traditionally a CPA is not equipped to take or handle it, or be comfortable with it,’” said Fercho.
“We can put together a model that delivers this at a better price,too,” added Woeber. “Not only a better price, but also at a higher level of service.”
CELEBRATING CTA’s HISTORY
Embarking on their ninth year in business, CTA has nearly 30 employees - half are located in their Huntsville headquarters and the other half work remote in various states, such as Kansas, Georgia, California, South Carolina, Texas, and Arkansas.
“We can support anyone geographically in the country,” says Woeber. “We do a lot in the architectural and engineering business space and are looking to grow in the software and pharmaceutical industries - always looking to grow by increasing awareness.”
BUILDING RELATIONSHIPS, ONE RV TRIP AT A TIME
Woeber and Fercho often reflect on their early days and reminisce on hard work that certainly paid off. One example they enjoy sharing is from 2015 – when, having been in business for just over a year, Fercho had an idea to meet people in a very efficient manner.
“The genesis to this idea has real life messaging around it,” said Fercho. “It was a new environment. I saw things flip flop almost overnight from relational to transactional. From a very client-centric fee approach, to just a fee-centric approach. No relationship.”
Fercho knew the ‘X-factor’ was not only building the business relationship, but also the relationship in-person. When he looked at his travel schedule, he realized he was spending close to 220 days on the road. (Almost missing his middle child’s second year of life!) So, what did the Fercho family do?
“My wife quit her job, we homeschooled the kids, we rented out our house and got an RV. We traveled to these different places for me to build relationships with clients,” said Fercho. “It worked out because I was more efficient in my travel. I had 200+ people on a webinar at once teaching them R&D from my master bedroom - but the participants didn’t know it at the time.”
RV tracks from 2015 - 2016
This client-centered strategy truly propelled CTA, and by 2016 they were able to pay off their line of credit - and have been debt-free ever since. But that’s not what sticks out in Fercho’s mind.
“Now I have great relationships,” said Fercho. “Our growth has been great.”
While Fercho is no longer on the road in the RV, client relationships are still a priority for CTA.
“The incentives that CTA can help clients with all have a scientific element to them,” said Woeber. “And by ‘scientific’ I mean that someone has to make a scientific evaluation of what that client is doing.” “We have the people on staff that are full time employees to take that science, evaluate it, and translate it into a tax credit or tax deduction,” said Woeber. “And that is all we do. If you call us and say we need this done now, we can jump in and do it. We aren’t bound by due dates, and that is one reason we are so helpful to accountants.”
CTA credits their success to their relationships with clients. Because they listen, align, and solve.
“Ultimately, it isn’t extravagant,” said Woeber. “We just want to build relationships with our clients, not just be transactional.”
CTA is partnering with ASCPA to sponsor August’s Member Appreciation Series Webinar. This CPE is free for all members. Register at alabama.cpa. Webinar will be held Aug. 25 at Noon.
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CTA does not provide other accounting or audit services. Instead, we act as an extension of your firm to bring value to your clients.
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TOPIC 606 DISCLOSURES ARE HAUNTING THE PROFESSION
Topic 606, formally called “Revenue from Contracts with Customers,” is now in effect for all entities. While the numerical impact and changes to timing of revenue recognition as a result of adopting the standard is typically minimal, the revenue recognition disclosures are a little more voluminous. The purpose of this article is to try and clarify exactly what disclosures are necessary on an ongoing basis to comply with Topic 606.
First, a brief review of the workings of Topic 606. It is a five-step plan of revenue recognition with the 5 steps as follows:
1. Identify the contract with the customer. This involves determining if there is an enforceable contract between the parties. The buyer and seller each have obligations and collectability of consideration is probable.
2. Identify the “performance obligations” under the contract.
Most transactions involve a single performance obligation, which is defined as a distinct good(s) or service(s) being transferred to the customer. For example, the performance obligation behind the sale of one gallon of paint from a Benjamin Moore store would be characterized as the transfer of control of a gallon of paint. The performance obligation behind the painting of a house would be transfer of control of the painting service to the buyer.
3. Determine the transaction price. The “transaction price” is the amount that the seller expects to be entitled to when or as it satisfies the performance obligation (s)).
4. Allocate the transaction price to each performance obligation.
This is usually done by reference to a stand-alone selling price associated with the good or service.
5. Recognize revenue when or as the performance obligations are satisfied. There are two ways to satisfy a performance obligation: at a point in time or over time. Most sales of an inventory item are satisfied at a point in time (usually point of sale or fob shipping point or destination), whereas most sales of services are recognized over time (usually as service is provided).
Most businesses who adopted the Topic 606 standard determined that it did not have a significant impact on the amount or timing of recognition of revenue. Apparently, as a result, entities did not (are not) mentioning the change in the financial statements in the year of adoption citing materiality. The entity (and accountant) should note that ASC 250-10-50-1 requires that an entity shall disclose, among other items, the following in the year in which a change in accounting principle is made:
1. The nature of and reason for the change in accounting principle.
2. The method of applying the change, including a description of method of adoption and impact of the change on individual financial statement line items.
The accountant should also note that AU-C Section 708 requires an emphasis of a matter paragraph be placed in an auditor’s report (and the AR-C discusses emphasis of matters paragraphs in non-audits) in the year of change if the change in accounting principle has a material impact on the financial statements. See comment on materiality later in this article.
Topic 606 also requires several more revenue disclosures than had previously been required under Topic 605. According to peer reviewers, many practitioners have apparently been neglecting these disclosures.
Topic 606 has over 10 pages of disclosure requirements. FASB was kind enough to allow most disclosures to be optional for private businesses. However, there are several that are still required with the major ones as follows:
1. Revenue disaggregated based on the timing of transfer of goods or services (point in time versus over time)
What this means is that on the face of the income statement, or in the notes, the reporting entity has to break down how much of their “revenue from contracts” (which means revenue from what they do for a living) is from performance obligations satisfied at a point in time (typically, sales of inventory) and those satisfied over time (typically, service revenue). Simply put, a single line called “Sales” or “Revenue” no longer suffices if you have sales and service revenue.
2. Beginning and ending balances of the following items from contracts with customers:
a. Receivables b. Contract assets c. Contract liabilities
What this means is that the beginning and ending balance of accounts receivable (which represents claims against customers only waiting for payment to be made) or contract assets, which are generated recorded when the entity recognizes revenue from a contract with a customer but is not yet entitled to collect it, or contract liabilities which are generated when the entity has received cash or assets related to contracts which the entity has yet to recognize in revenue, have to be disclosed. While this might seem to be satisfied by showing the ending balance of accounts receivable for each period, please note that many are not disclosing the beginning balance as of the start of the earliest period presented in the financial statements. Some present this disclosure in words (narrative), others do it in a table and still others do it in a roll forward schedule.
3. Information about performance obligations in contracts with customers, including a description of the following items:
a. When performance obligations are typically satisfied (fob shipping point, at sales kiosk, as service is rendered, etc.)
b. Significant payment terms (upon transfer of control, or financing component, if the consideration amount is variable, etc.)
c. The nature of the goods or services the entity has promised to transfer, highlighting any performance obligations where the entity is serving as an agent
d. Obligations for returns, refunds and similar obligations
4. Significant judgments affecting the determination of the amount and timing of revenue from contracts with customers and any changes in those judgments. This includes judgements related to the timing of the satisfaction of performance obligations and transaction price and amounts allocated to performance obligations.
5. For performance obligations that are satisfied over time, the methods used to recognize revenue (i.e., input or output methods used and how they were applied).
6. Amount of bad debt expense related to contracts with customers.
Please note that these disclosures are qualitative (written) disclosures for the most part and since revenue is a material item in the financial statements, they are required regardless of the quantitative impact of Topic 606.
To summarize, Topic 606, even when it doesn’t materially impact net income, still has reporting and disclosure issues that need to be addressed. Happy A&A to all!
JAMES (JIM) MARTIN, CPA, CGMA has specialized
in both income tax and accounting and audit areas for 35 years. In addition to serving the accounting and tax needs of his clients, he performs almost 100 continuing education seminars per year for CPAs and attorneys throughout the United States. Jim’s philosophy of CPE is simple: spend the class time on topics of applicability and relevance to all and present the topics in an entertaining and fast-moving manner. Jim also regularly consults with CPA firms throughout the United States on a variety of accounting and auditing technical issues and serves as expert counsel in litigation matters.
Meet Jon Heath
The Alabama Society of Certified Public Accountants is proud to introduce to you our 101st Board Chair Jon Heath of Enterprise. As Chair, Heath will lead strategic efforts of our 15-person board to support the profession, and continue working with the Society to move our initiatives forward. Heath will serve a term as President for one calendar year, then will move into a past-president role. Dedicated to spending this year working strategically on leadership, growth, talent and technology, Heath has objectives in place and is ready to go to work for ASCPA Members.
Where did you grow up?
Enterprise, AL
When did you decide on accounting as a career?
During my first year in college. One of my teammates introduced me to Dr. Ratcliffe at TROY. And my roommate (and teammate at the time) attended Principles I with me. All of us are now partners at Carr, Riggs, & Ingram, LLC.
What advice would you give to a smart, driven college student about to enter the “real world”?
My boss, Mr. Carr, has this saying that we sometimes look at things as being done TO us rather than being done FOR us. He also says, “where there’s chaos, there’s opportunity”. My advice is two-fold. My boss is basically saying that our perspective makes a huge difference. So for the first piece of advice, I’ll borrow from him. Look for the positives in life, and you’ll probably find them. The second piece of advice is to find someone wiser than you and listen – a lot.
What prompted you to enter public accounting instead of another sector?
I thought public accounting could teach me a lot about a bunch of different industries, companies, processes, cultures, etc. I could use that knowledge to figure out what I wanted to be or what I wanted to do. Turns out that helping people grow and finance their business via public accounting is exactly what I want to do.
In the last five years, what new belief, behavior, or habit has most improved your life?
There are several. Spiritually, I ’m a very faith-based person. I meditate on scripture and share a prayer with family and friends most every day. Mentally, I’ve centered on this book “Can’t Hurt Me” by David Goggins, a former Navy SEAL. He shares his life story and many lessons that can be applied. And physically, breathing and cold therapy (e.g., jumping into my unheated pool when it’s 27 degrees outside) are things that I’ve applied from “The Wim Hof Method”.
What is one of the best or most worthwhile investments of time, money or energy you’ve ever made?
My children. I try to be present with them and supporting them as much as possible. They are definitely the best investments of my time, money, AND energy.
When you feel overwhelmed or have lost your focus, what do you do? I slow down and breath. Box breathing, which is a technique that Navy SEALS use, is a great way to get focused.
What’s your greatest take-away from 2021?
The importance of acceptance and agility. Accepting both people and situations as they come to us. Exercising the agility to make the most of the relationships and situations presented to us.
What prompted you to become a member of the ASCPA?
What benefits have you seen from being a member? If I’m completely honest, I “became” a member because that’s what we do, right? But seeing benefits from membership required something of me, my time and effort. Like most things in life, when I started investing, I started reaping significant benefits. I’ve been part of AICPA Council; it helped in becoming part of the Auditing Standards Board. Through the ASCPA, I’ve also met and worked with senior partners and young, talented professionals across the state. I would recommend investing in the ASCPA. If you sew, then you’ll definitely reap many rewards and gain much insight.
Tell us about yourself.
I grew up in Enterprise, Alabama – the son of a retired policeman and retired civil-service worker. I have an older brother, who is also a retired policeman. I am a twin; sadly, my twin brother passed away four and a half years ago. He did power plant and airframe work on aircraft. I’m father to two daughters. PJ, who will be 20 by the time this is published, is a multimedia major and incoming Junior at TROY. Maddi, who is 16, a competitive dancer and cheerleader, and an incoming Junior at Spanish Fort High School. My favorite role in life is “Dad” to those amazing young ladies; I am truly blessed to be their dad. I am a huge college (Go TROY) and high school (Go Wildcats) football fan. I enjoy working out and giving back to those programs that shaped my life. I am a member of the First United Methodist Church in Enterprise and have
Summer Education Conference (SEC) Gulf Shores 7/18/2022 (8:00AM-3:30PM) Various | 6 AA, 4 TX, 10 Other
Peer Review Update Hybrid | Gulf Shores 7/19/2022 (12:30PM-4:00 PM) Brand, Michael L. | 4 AA
2022 Ethics Course for CPAs in Public Practice - A Case Study Approach (ETHPSEC) | Gulf Shores 7/20/2022 (1:00PM-2:40PM) Oestriecher, Kurt G. | 2 Ethics
2022 Ethics Course for CPAs in Business & Industry- A Case Study Approach (ETHISEC) | Gulf Shores 7/21/2022 (1:00PM-2:40PM) Oestriecher, Kurt G. | 2 Ethics
Governmental Auditing Update: Yellow Book & Uniform Guidance What You Need to Know | Virtual 8/10/2022 (8:30 AM-12:00PM) Galasso, Melisa | 4 AA
Buying and Selling a Business: Tax and Structuring Overview | Virtual 8/18/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX Succession Planning for the Small Business Owner: Finding the Exit Ramp Virtual 8/18/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX
Independence and Recent Developments in Professional Ethics Virtual 8/19/2022 (8:30 AM-10:10AM) Brand, Michael L. | 2 Ethics
Key Partnership and S Corporation Tax Planning Strategies | Virtual 8/19/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX
Revenue Recognition: Identifying the Contract & Performance Obligations Virtual 8/19/2022 (10:30AM-12:10PM) Brand, Michael L. | 2 AA
Surgent’s Individual Tax Planning Ideas Virtual 8/19/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX
Critical Issues That CPAs in Industry Will Need to Face This Year | Virtual 8/25/2022 (12:30PM-4:00 PM) Hamilton, Marc | 2 AA, 2 TX
Gaining a Competitive Advantage: Critical Skills for CFOs and Controllers Virtual 8/25/2022 (8:30 AM-12:00PM) Hamilton, Marc | 4 Other
Guide and Update to Compilations, Reviews, and Preparations | Virtual 8/25/2022 (12:30PM-4:00 PM) Brand, Michael L. | 4 AA
Small-Business Accounting, Audit, and Attest Update | Virtual 8/25/2022 (8:30 AM-12:00PM) Brand, Michael L. | 4 AA Accounting in Uncertain Times: A Closer Look at Pandemic Accounting Issues Virtual 8/26/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA
Conquering the New Leasing Standard - It’s Finally Here! | Virtual 8/26/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA
Technology Trends and Hot Topics Impacting the Accounting Profession Virtual 8/26/2022 (8:30 AM-12:00PM) Hamilton, Marc | 2 AA, 2 Other
Common Yellow Book & Uniform Guidance Deficiencies | Virtual 9/20/2022 (12:30PM-4:00 PM) Galasso, Melisa | 4 AA
What’s Going on at the GASB Virtual 9/20/2022 (8:30 AM-12:00PM) Galasso, Melisa | 4 AA
ASCPA’s 2022 Sales and Use Tax Workshop | Virtual 9/22/2022 (8:30 AM-12:00PM) Thistle II, William T. | 4 TX
Maximizing Your Social Security Benefits | Virtual 9/22/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX
Required Minimum Distributions: Compliance and Planning | Virtual 9/22/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX
Advanced Trust Issues: A Roadmap for Success in an Increasingly Complex Area Virtual 9/23/2022 (12:30PM-4:00 PM) Frost, Michael A. | 4 TX
Controller/CFO Update: Hot Topics Facing Today’s Financial Professional Virtual 9/23/2022 (8:30 AM-12:00PM) Hamilton, Marc | 4 Other
Planning and Strategy Formulation for Your Organization’s Financial Success Virtual 9/23/2022 (12:30PM-4:00 PM) Hamilton, Marc | 4 Other
S Corporation Taxation: Advanced Issues Virtual 9/23/2022 (8:30 AM-12:00PM) Frost, Michael A. | 4 TX
2022 Preparation, Compilation & Review (SSARS) Update for the Local Firm | Virtual 9/28/2022 (12:30PM-4:00 PM) Martin, Jim D. | 4 AA
Accounting & Auditing for Tax People Who Absolutely Detest Accounting & Auditing | Virtual 9/28/2022 (8:30 AM-12:00PM) Martin, Jim D. | 4 AA
2022 Real World Ethics Update for All Practitioners | Virtual 9/29/2022 (10:30AM-12:10PM) Martin, Jim D. | 2 AA
Peer Review Team Captain Part 2 Virtual 9/29/2022 (8:30 AM-12:00PM) Brand, Michael L. | 4 AA The New Auditing Standards Virtual 9/29/2022 (8:30 AM-10:10AM) Martin, Jim D. | 2 AA
ASCPA’s Financial Accounting & Auditing Conference (FAAC) Hybrid | Montgomery 9/30/2022 (8:00AM-3:30PM) Various | 8 AA
ASCPA’s Governmental Accounting and Auditing Forum ATTENDING BOTH DAYS (GAAF) Hybrid | Montgomery 12/8/2022 (1:00PM-4:00PM) & 12/9/2022 (8:30AM-12:00PM) Various | 8 AA
This CPE schedule is subject to change. Please refer to alabama. cpa for the most current list of offerings.
Firms are using the new .cpa domain to supercharge their online presence. Here’s how.
By Chris Comer, Director of Operations, CPA.com
Put a good idea in the hands of CPAs, and they’ll find innovative ways to make it even better. That’s exactly what’s happening right now with the new .cpa web domain.
When .cpa was launched in fall of 2020, there were plenty of good reasons for firms to take notice. For starters, it’s a practical way to enhance client trust – when clients see a firm with a .cpa domain they know it’s a firm they can trust rather than some questionable fly-by-night operation. That’s because only individually-licensed CPAs and licensed CPA firms can obtain a .cpa domain through a verification process managed by CPA.com, a subsidiary of the AICPA. There’s also the issue of security: When firms adopt the .cpa domain, they’re better able to protect firm and client data from phishing and other security threats, since top-level domains like .cpa are more resistant to fraud than the less-regulated, more commonly used .com.
And then there are the brand benefits. When it comes to using the .cpa domain to support their brand and marketing strategies, firms have been steadily innovating, creating new opportunities and advantages that weren’t immediately obvious. As a result, in only a short time the profession has seen a host of new domain strategies take flight – and they’re just getting started.
If you’re wondering whether your firm should make the move to a .cpa domain, here are some domainbased brand strategies (in addition to the benefits of heightened security and trust) that your peers in the profession are already putting to work.
“Let’s use this as an opportunity to rebrand.”
Rebranding is perhaps the most obvious opportunity presented by the .cpa domain. If your firm feels tethered to a name or web address that it had outgrown, but couldn’t find a better option in the overcrowded realm of .com domains, the .cpa domain allows the firm to start fresh. Stuck with JonesCPA.com even though Jones retired five years ago? This is a rare chance to get the website address that fits the firm’s present and future ambitions.
As the internet matured, all the good domains were quickly snatched up. If you wanted to own the JonesCPA.com address, it was probably already held by some other Jones CPA, or by a squatter who bought it in the hopes of selling it at a higher price. This led to some very long domains that are virtually impossible for clients to remember. The .cpa domain offers the opportunity for firms to secure shorter, more memorable domains – a simple and effective boost to your brand and marketing efforts. That’s why Texas- based DWG CPA jumped at the opportunity to secure the dwg.cpa url, which is easy for clients and prospects to remember and supports the firm’s branding efforts.
“Over ten years ago, we secured dwgcpatx.com for our newly launched firm,” said Managing Director Darrell Groves, CPA, CGMA. “But as our firm grew and matured over the years, it became clear that our domain name was just too long and hard to remember. When we thought about the value of marketing our firm, and of having a shorter url, it didn’t take us long to decide we needed to make the move to a .cpa domain,” he said.
“Let’s target specific markets with our domain.”
Specialization continues to grow in importance as a tool for firms to distinguish themselves from the competition and tap into a deep well of clients. For example, some firms focus on serving the restaurant industry, or manufacturers. Others specialize in certain types of services – taxes, SOC audits, or client accounting services (CAS), to name only a few. Some focus on segments such as startups. Some firms distinguish by geography and are looking to market themselves within specific towns, regions, or states.
Many firms have already started to adopt domain names that reflect their specific niche, making it easier for clients to find them in online searches and reinforcing their commitment to specific markets. Acosta Tax & Advisory’s MiamiBeach.cpa is one example of this hyper-targeted strategy in action, helping the firm appear prominently in the online search results of prospective clients looking for a CPA in the area. Another is SOCAudit.cpa. Guess what they specialize in?
Firms can even heighten the impact of these urls through a multiple domain strategy. By leveraging website redirects, they can advertise marketspecific or geotargeted url’s that stand out from the competition and then redirect web browsers to a primary website.
This enables firms to have a primary website, such as Cromer.cpa, but to advertise catchy, branded domains such as TaxGuru.cpa or BayArea.cpa, while not having to manage multiple websites.
The .CPA domain hasn’t been available for very long, so right now is the best time to secure your firm’s top pick. It’s easy to do – just visit Domains.cpa. You’ll find all the details you need to inform your decision, including a whitepaper, case studies, and video interviews with leaders at firms who have already made the switch. In these short videos, these leaders share their tips and best practices for transitioning to a .cpa URL.
The Alabama Society of Certified Public Accountants gathered at Birmingham’s The Club Tuesday, June 14 for the organization’s annual meeting. The day-long event included breakfast, keynote speaker Dr. Steve Robbins, multiple member recognitions, lunch and a full day of relevant and meaningful continuing education presentations.
Outgoing ASCPA Chair James Moody opened the 103rd annual meeting by reflecting on not only the past year, but the past three years. Moody recognized the two past presidents that came before him during the height of a global pandemic - Michael Brand (2020 Chair) and Dennis Sherrin (2019 Chair).
Dr. Steve Grice, recently retired from Troy University School of Accountancy and the Botts Professor of Accounting, was honored with the Lifetime Member Award. Also recognized were outgoing board members: Allison Guice, Jackson Thornton; Dustin Hornbuckle, ALFA; and Angela Hamiter, JamisonMoneyFarmer.
(Pictured Above) 2022 Board Chair Jon Heath with Lifetime Achievement Award Winner Dr. Steve Grice. (L-R) Sarah Propper, Joseph Wynn, James White, Jr., Amanda Paul, and Jon Heath. Mary Leslie provided a report for the Nominations Committee, and introduced new board members for 2022-23. These new members are: Sarah Propper, Pearce, Bevill, Leesburg, Moore, P.C. (Birmingham); Joseph Wynn, Wear, Howell, Strickland, Quinn & Law (Decatur); and Amanda Paul, Troy University (Troy). Leslie also recognized incoming Board Chair Jon Heath, of Carr, Riggs, & Ingram (Enterprise) and Chair-elect James White, Jr., of Banks, Finley, White & Co. (Birmingham).
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Sponsors!
Congratulations to Alabama’s newest CPA Licensees
The following individuals have successfully passed all four parts of the CPA exam - Congratulations!
Makenzie Rae Anthony, Wetumpka
Mariam Aslam, Latham, NY
Ani Oritsetsemaye Binitie, Huntsville
Austin Bradley Boothe, Madison Mark William Cantey, Fairhope Christopher William Clark, Montgomery Taylor Breanna Dean, Athens Collin Mitchell Hall, Birmingham Tiffany Ann Houser, Birmingham Bianca Danielle Ingram, Charlotte, NC Chelsea Monea Jones, Birmingham Lakeshia Danyell King, Union Springs Kaitlin Moye Miller, Columbus, GA
Marise Mostert, Warrior
Mary Catherine Norris, Montgomery Krista Dale Patterson, Clanton
Hope Katherine Reband, Antioch, IL David Michael Robinson, Gulfport, MS Ashtyn Hope Stinebaugh, Pelham Wilhelmina Tutu Stubblefield, Birmingham Shelby Reed Styron, Elba Mary Angela Watson, Roswell, GA Anna Marie Zahumensky, Birmingham
These individuals completed all four parts within the March 1, 2022-April 30, 2022 time frame.
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Kathy Brents, CPA, CBI: 501-514-4928 Christy Hudson, CBI: 501-499-4357 Office: 866-260-2793 kathy@accountingbizbrokers.com christy@accountingbizbrokers.com
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