• 40 YEARS SELLING PRACTICES
• BANK FINANCING AVAILABLE
• CASH OUT AT CLOSING
• OVER 45,000 QUALIFIED BUYERS WAITING!
• CONSULTING FROM LISTING TO CLOSING
• SAMPLE PURCHASE AND SALE AGREEMENTS PROVIDED
• NO LONG TERM LISTING AGREEMENTS
• RECENT REFERENCES AVAILABLE
• FOLLOW UP ASSISTANCE DURING TRANSITIONING
• YOUR CONFIDENTIALITY ASSURED
99% Graduation Rate
96% Matriculate to Higher Education, Trade School, or Military Service
1000s of Service
Hours Provided to the Community
Through Arizona Tax Credits and traditional donations, underserved families can access quality education that best meets the unique needs of their children.
Redirect your AZ tax liability to CEA and receive a dollar-for-dollar tax credit! Tax Credit contributions are used exclusively for tuition scholarships at K-12 Diocese of Phoenix Catholic Schools.
AZ Corporate
Contribute any amount up to:
Contribute By 4/15/2026
Arizona S & C Corporations, and Insurance Companies that pay Arizona premium tax may direct 100% of their Arizona liability through the Low Income and Disabled/Displaced dollar-for-dollar tax credits! Join hundreds of corporate contributors investing in future leaders!
We accept cash donations, gifts of stocks and bonds, Donor Advised Fund grants, IRA charitable rollover, bequests, charitable gift annuities, and more.
Add
Tax
The Arizona Society of Certified Public Accountants
President & CEO Oliver Yandle
Editor Rosa Hernandez
Advertising Heidi Frei
Board of Directors
Chair Eugene Park
Chair-Elect Joe Heidleburg
Secretary/Treasurer Lisa Parke
Directors Tahir Alhassan
Daliah Bui
Nate Eggman
Jay Ganesan
Marissa Graves
Jessica Iennarella
Malia James
Sarah Lauzon-Jones
Donnie Neves
Coulson Painter
Anne Rogers
Helen Stewart
Immediate Past Chair Lauren Murro
AICPA Council Members Kelly Damron
Tom Duensing
AZ CPA Editorial Committee
Alli Byrne, Andrea Levy, Ashlea Perron, Becky Pusch, Jennifer Greening, Mike Nyman, Ted Bartlett
AZ CPA is published by the Arizona Society of Certified Public Accountants (ASCPA) to provide information, news and trends to the accounting profession. It is distributed six times a year as a benefit to ASCPA members. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in articles or advertisements within this publication. Opinions expressed by contributors are not necessarily those of the ASCPA.
Arizona Society of CPAs 410 N. 44th St. Ste 205 Phoenix, AZ 85008
Telephone
Rosa Hernandez
Private Business Owner
Eugene Park, CPA Chair, Arizona Society of CPAs
Consulting Partner
Heinfeld, Meech & Co., P.C.
“Pipeline, pipeline, pipeline.”
It’s a word we’ve all heard countless times, and as a recruiter in the accounting profession for nearly a decade, it’s been top of mind throughout my career –regardless of whether we’re facing a shortage of accounting graduates or not.
Back in 2017, I was asked to take over recruiting efforts for our Phoenix office due to some internal turnover. At the time, our externship and internship programs had been running the same way for years. Since I joined the firm in 2007, we had been offering a very limited externship experience – typically 10 to 12 students per year. The opportunity was intentionally designed to be immersive: students would shadow a real audit team in the field, experiencing firsthand what an auditor does.
While the experience was meaningful, it simply wasn’t scalable. We couldn’t convert enough students into full-time hires to meet our firm’s growing needs, and we struggled to build brand awareness. Most students didn’t know who we were until we showed up at their school’s recruiting events.
In 2019, we changed direction. We restructured the externship to allow up to 25 students to participate. By 2025, that number has grown to nearly 40. Our goal was to cast a wider net – not only to increase our hiring potential, but also to give more students exposure to the CPA profession and our firm’s culture.
We removed our in-the-field component which might have been a tradeoff, but we leaned into developing strong personal connections and offering a realistic, if simulated, experience. Today, our program includes a mini mock audit, giving students a glimpse of the work we do while also engaging them with staff across all levels. In fact, around 45% of our firm now participates in supporting the program.
And here’s the thing: even if students walk away realizing that auditing isn’t for them, we still consider it a win. They leave with a stronger understanding of the CPA profession, relationships they can carry forward and hopefully, a positive impression of our firm.
We’ve also found that some students initially view the externship as a resume booster, but those same students often become some of our strongest advocates. They talk about their experience with classmates, share it with professors, pay attention to our social media posts and help build our firm’s presence on campus in ways we couldn’t manufacture through traditional marketing.
Programs like this are how we help address the pipeline issue – not just by recruiting more students, but by building relationships, increasing awareness and showing the human side of what we do.
That’s why I’m so excited about initiatives like the ASCPA’s free student memberships which open the door for students to explore various CPA career paths, whether in audit, tax, industry or consulting. I’ve watched the student membership grow from its infancy to over 350 members today, and it’s clear we’re moving in the right direction.
Ultimately, the pipeline doesn’t get stronger just by offering more jobs. It grows when we invest in relationships, embrace change and make space for the next generation to see themselves in our profession. l
Warm Regards, Eugene Park
Emily A. Zamora, CPA, and Kalkin Stransky, CPA, were promoted to audit manager at Heinfeld, Meech & Co, P.C.
Laura S. Leopardi, CPA, ABV, CFF, CGMA, CEPA, MBA, was a featured speaker at the 2025 Women’s Leadership Luncheon, hosted by her alma mater, Case Western Reserve University’s Weatherhead School of Management.
With
CPACharge has made it easy and inexpensive to accept payments via credit card. I’m getting paid faster, and clients are able to pay their bills with no hassles.
Trusted by accounting industry professionals nationwide, CPACharge is a simple, web-based solution that allows you to securely accept client credit and eCheck payments from anywhere. – Cantor Forensic Accounting, PLLC
22% increase in cash flow with online payments
65% of consumers prefer to pay electronically
62% of bills sent online are paid in 24 hours
By Rosa Hernandez
With 75% of CPAs over the retirement age, student initiatives promoting the CPA profession are more important than ever to fill in the gap. While most current CPAs are concerned about the pipeline, students today see the demand as something to get excited about and are motivated to act.
The Arizona Society of CPAs (ASCPA) solidified its student programming a little over two years ago, increasing the membership rapidly to over 350 students today. Following are details about some of those students – all in different stages of life and school, but united in their love for numbers and accounting.
Continued on next page...
Conner Nicola: The Accountant
Ben Affleck had no idea just how powerful his role in The Accountant would be. It resonated with a group of professionals and aspiring professionals, including Conner Nicola.
Nicola graduated from Northern Arizona University this past May. He obtained his MBA with an emphasis in accounting. His journey to accounting began in high school when he realized that he was good at math and had an aptitude for numbers. Later, he took an accounting class where a professor encouraged him to consider switching majors (at the time he was pursuing economics). As if it was meant to be, The Accountant was out during
this class, giving the accounting profession an edge. Nicola knew accounting was where he should be.
“Initially, when you take principal classes, it’s really black and white. There is a correct answer and a wrong answer. That’s kind of people’s perception of accounting from the outside – that it’s a perfect world where there is only one answer,” says Nicola. “I really like how wrong that is.”
Nicola loves that accounting has many gray areas, allowing him to figure out the best approach to the different situations that come up.
As he steps into the next season of life for himself – which includes a job and fishing in South Carolina, he expressed how excited he is to be in a field with such a demand for new talent. It has been both inspiring and motivating.
Before Nicola and I wrapped up our conversation, we talked about his time as a student member of the ASCPA. Originally, Nicola became connected with the ASCPA when he was awarded a scholarship. His favorite thing about being a member has been the member digests from our Connect site. He loved to go through the conversations that CPAs were having that discussed realworld situations, which were not as integrated into his classes.
“I really like the initiative that the ASCPA is putting into students,” says Nicola. “There are so many different things to do, get involved with, ask questions about and opportunities to talk to professionals. I love the effort they put into their communications and engagement.”
Darrin Ellison: A Second Life
“I like numbers. I’m the person that when we get a receipt at a restaurant, I’ll look at the breakdown and taxes paid just for the fun of it.”
Darrin Ellison has always been naturally curious about financials and the market. He understands how important financial literacy and money management can be in one’s personal life, but he wasn’t always on the path to becoming an accountant.
Ellison originally graduated with his undergrad in microbiology with aspirations of becoming a doctor, but life had other plans that took him into the workforce. He’s worked as a health inspector and in logistics for supply chain businesses. Through his experiences, he realized how important it is for businesses, especially small ones, to have good financials and bookkeeping to succeed. With that in mind, Ellison took the leap and entered a bridge program
at Arizona State University to help prospective students with nonaccounting bachelor’s degrees segue into a master’s program in accounting or taxation. He’s completed the preliminary courses and starts his master’s in tax and data analytics this coming fall.
As an aspiring tax professional, Ellison is excited about delving into the nuances of different types of tax policies and strategies, helping people and businesses save money while working toward larger responsibilities within a mid-tier firm.
Before stepping onto this path in tax, he was only aware of the annual individual tax return form 1040, which meant he had a lot of learning to do in terms of general accounting principles and strategies. That’s why he joined the ASCPA within the first month of making his decision to pursue this profession.
Ellison has already been able to meet with CPAs at events like our Behind the Scenes at Insight, access resources, and find mentors within
the ASCPA to start growing his knowledge base and professional network.
He noted how quickly CPAs interact with students, introduce themselves, ask questions and truly get to know the young professionals who will be stepping into the profession.
“It’s really cool that the ASCPA is forming the bridge between students and current CPAs,” Ellison notes. “Being a non-traditional student, I realize how important it is to join these networking opportunities up front.”
It is never easy to start over, but with his initiative, Ellison is well on his way to achieving his dream of becoming a CPA. I asked him what his motivation was to take this path head-on.
First, he knows it’s time to move on from his current career. Second, his family which includes his college sweetheart wife and an almost-twoyear-old daughter – both of whom inspire and keep him moving in the right direction.
Sameer Shah: From Bookkeeper to Tax Associate
You’re hired.
Sameer Shah is a University of Arizona student who recently accepted an entrylevel position as a tax associate at Eide Bailly to start in 2027. How did he do this?
It started with the ASCPA. Shah joined as a student member in the fall of 2024. The ASCPA was hosting organizations for Accounting Careers Exploration Day programs and one of them was Eide Bailly. That was his first encounter. He liked what they did and what they stood for. So, he kept showing up. He drove from Tucson to Phoenix for events – always connecting with Eide Bailly anytime he could.
Then he inquired about an internship, but it didn’t work out. Instead, they offered him an entrylevel position after he graduated. He asked if he could finish grad school first and they agreed.
When he’s not studying for classes or exams like the CPA, CMA or the Enrolled Agent exam, Shah works as a part-time bookkeeper for a local barbershop.
Accounting was not his first major, similar to the other students I spoke with. He started out in neuroscience, but after a year he knew it wasn’t for him. After talking with friends and family, he decided to give accounting a try because of his love for math.
His intro class was challenging, but he realized how “beautiful and logical” accounting can be. Between his studies and the barbershop, Shah knew “this is it.”
When I asked him what he has taken away from being a student member of the ASCPA, he stressed the importance of networking. Even with the barbershop, he was a client for 15 years and told his barber his aspirations, asking if he could help with the shop’s books.
“Getting involved and taking advantage of membership with the ASCPA is one of the best things a student can do,” says Shah. “You never know where that networking will take you. I realized it really doesn’t matter what you know or how much you know if you don’t have people to connect with. You need connections. The ASCPA is a building block for that.”
Michaela Bowles: Determined
Growing up, Michaela Bowles moved around a lot. Originally from Iowa, she lived in Indiana, North Carolina and Texas before she came out to Arizona. Her father was a textile engineer and his job had him moving around quite a bit. Bowles was fascinated though by the way her father’s mind worked as an engineer. Coupled that with her love for math, Bowles’ choice of accounting is not surprising, but her route to accounting has been filled with a few stops along the way.
David Epstein writes in his book Range, “Everyone needs habits of mind that allow them to dance across the disciplines.”
With that in mind, Bowles is fluent in German, sings for her church and has been playing the violin since she was 11. She’s also currently learning Chinese. The flexibility between
creative and analytical as well as her inexplicable drive to learn are some of her greatest assets.
Currently, she is finishing up her associate at Chandler-Gilbert Community College and will be transferring to ASU to complete her bachelor’s degree until she eventually obtains her MBA and CPA license.
Her goal is to land a job at a big firm with a large client base and collaborative culture.
When I asked what’s her favorite part about accounting, she said, “When it all comes together … when everything is balanced … it’s like a puzzle. When it doesn’t all fit? That just motivates me more to not stop until I figure it out.”
She is excited for the future and to move forward in this career. Bowles has her extroverted husband and her two kids that help her stay focused on the future and find her purpose in accounting.
At the ASCPA we have several ways to get involved with student initiatives through volunteering, becoming a sponsor, donating to fund scholarships and more. Connect with our Student & Member Engagement Manager, Jamar Jones at jjones@ascpa. com
Berkshire helps CPA principals exit their practice. We exclusively specialize in the valuation, preparation, packaging, and nationwide marketing of CPA firms to find an ideal successor. We have extensive experience in acquisitions, mergers, and partnership transitions. We pride ourselves on helping clients move through the complex decisions to reach their goals. Ryan Gipple will personally handle every deal that comes into our office.
Ryan is, without question, the best broker I’ve ever worked with. I’ve acquired firms through the three largest brokerages in Arizona, including Ryan, and when it came time to sell my own firm, I chose him again. He sold it for more, and with more cash out at close than I ever imagined. In an industry where ethical shortcuts can be prevalent, Ryan’s commitment is unwavering: "Be honest. It will all come out in the end." Unlike most brokers who passively wait for buyers, Ryan actively and strategically pursues them. His expertise in the accounting industry is unparalleled!
Expertise in the nuances of selling traditional, multidiscipline, and virtual CPA firms
Experience in navigating the complex and ever changing buyer marketplace
Fiduciary to the seller with pre-sale consultation, valuation and a strategic marketing plan
National, regional and local exposure to a robust and active buyer network
Excellent reputation & confidential process
Ranked in the top echelon for CPA practice sales in Arizona
Industry leader with award-winning success
Broker of the Year, Presidents Club, Award of Excellence
15 years of M&A experience with CPA firms
Accomplished speaker, blogger, and strategist for CPA exit Local to Arizona
Principal Ryan Gipple
(602) 614-3583
berkshirebsa.com
ryan@ryangipple.com
By Laura S. Leopardi, CPA, ABV, CFF, CGMA, CEPA, MBA
According to the Exit Planning Institute’s (EPI) premier issue of its Annual Exit magazine, published earlier this year, “75% of business owners would like to exit their businesses within the next 10 years … and it’s personal.” Arizona Society of CPAs members may be well aware from conversations with their clients that baby boomer private business owners have built their legacies, funded their lifestyles, employed their families and supported their communities, but now they are becoming increasingly ready for their “next act.”
Whether the topic arises naturally in client conversations, or you are forced to discuss it due to what EPI refers to as the “Five D’s” – death, disability, divorce, disagreement, or distress, welcome to the business owner exit planning space. Here are just a few astonishing exit planning industry statistics, reported by EPI:
• Generational wealth transfers in the next decade are estimated to be a $14 trillion opportunity.
• Only 30% of business owners have an updated estate plan.
• Only 24% of business owners have a will.
Harvard Business Review states that the M&A failure rate is between 70% and 90%. Accordingly, business owner exit planning should be a current state of mind to avoid business liquidations to pay estate taxes or unwanted takeovers by opportunistic buyers. Both of these circumstances unnecessarily leave chips on the table.
EPI refers to its three-pronged approach of business, personal and financial as the “three legs of the stool” when it comes to business owner exit planning. To be saleable, businesses must be both attractive and ready. The attractiveness of a business refers to how attractive a business is to a third party outside the business. The readiness of a business refers to whether or not value has been created that is actually transferable. The business owner’s personal readiness to exit refers to how satisfied they will be in their next act and what that looks like.
The business owner’s personal readiness is the most important element to address to ensure a successful exit. Does the business owner have purposeful personal goals and plans? Are they written down? Have those goals and plans been shared with family members? Many business owners think it’s time to leave their business now, and they may even verbalize it. The reality is that a business owner’s identity,
sense of purpose and stature in the community can be quite tied to the business. This fact contributes greatly to deal failure rates caused by owners ultimately deciding not to sell or leaving them dissatisfied upon an eventual exit (seller’s remorse).
Selling a business is most likely the largest transaction they will ever complete. A business owner’s personal financial readiness refers to whether their accumulated wealth will be able to actually fund their next act. I refer to this as “Can you afford yourself?” Will the exiting business owner be able to afford their lifelong dreams of world travel, to leave a legacy through charitable giving, or to continue to maintain multiple residences and expensive hobbies?
The attractiveness and readiness of the business, the personal psychological readiness and the personal financial readiness of the owner dictate what exit options are viable. Exit options are considered internal or external and may involve a combination.
1. A family business dependent upon its founder, having only a few customers and with limited infrastructure may only be transferable over time to a family member working in the business or interested in doing so.
2. An established business with tenured C-suite executives who are interested in taking over the business from its founder describes a potential management buyout exit option.
3. Employee Stock Ownership Plans (ESOPs) are a cultural tool used to reward employees with ownership over time, provide the selling owner(s) liquidity over time and can provide significant tax benefits allowable by the Internal Revenue Code. It is important that a business owner has a thorough understanding of the many nuances of ESOP transactions which can be accomplished through a feasibility analysis. These include:
• Characteristics that make a company a good candidate for an ESOP transaction.
• Compliance requirements.
• Parties involved before, during and after the ESOP transaction.
• Transaction costs, ongoing costs and income tax impact.
1. An established business challenged to fund aggressive growth or that lacks adequate infrastructure from not having scaled its processes may seek capital – financial and human capital, from outside investors.
2. Private equity (PE) firms and family offices seek business investment opportunities for their portfolio holdings. These buyers are capable of infusing both financial and human capital to create transferable value. Some PE firms and family offices have and maintain a buy and hold investment portfolio strategy enabling exiting business owners to leave their companies more intact. This differs from firms with a five- to seven-year timeframe to aggressively grow and flip their portfolio holdings as required by their investment mandates.
3. An established business’ competitor who seeks market share to increase its footprint in an industry is a prime example of a third-party strategic buyer.
In addition to the state of the business itself, the viability of selling a business is dependent upon economic and market conditions – inflation, interest rates, available financing sources, current or pending laws and regulations, etc.
Business owner exit planning typically involves an iterative approach to achieve a valuable, transferable entity, a ready and willing selling business owner, and sufficient liquidity to meet the exiting business owner’s goals and plans. The good news is that there is a plethora of experienced and credentialed professionals working
in the multi-disciplined private business owner exit planning space today who are both passionate and dedicated to assisting in business valuation, business attractiveness and readiness assessment, business owner personal and financial readiness, business value creation, and assessing appropriate and viable exit options. The timeliness and thoroughness of private business owner exit planning increases the probability of successful generational wealth transfers and satisfied sellers ready to take on their next act. l
Laura Leopardi is a champion member of the ASCPA and founder of Leopardi Valuation. Her professional practice of 23 years serves private business owners and their professional advisors in matters including private business valuation and owner exit planning, strategic, succession and estate planning, shareholder transactions and financial due diligence. Leopardi may be reached at lleopardi@leopardivaluation.com.
By Andrea Beth Levy, CPA, CFE, CGMA, MBA
Financial leadership during uncertain economic times requires balance. Whether you’re a CPA serving as a finance department leader or leading your own CPA firm – everyone is problem solving in real time. Financial leaders are focused on controlling expenses while keeping sustainable liquidity in a rapid decision-making environment. Continued on next page...
Everyday issues magnify overnight. You may even wish you had yesterday’s problems. In uncertain times our professional skepticism is heightened, and the need to pay attention to internal controls and risk increases exponentially overnight. This article decodes common elements during periods of uncertainty and provides guidance for support.
During periods of significant change, CPAs should remain focused without being attached to the outcome. With the environment changing quickly, speed becomes more important than precision, and our ability to make decisions and not get stuck in analysis paralysis when information is incomplete is important.
Financial leaders should define priorities and embrace action. Consider which key performance indicators are relevant for this new environment and focus on those specific outcomes. This may lead you to delaying significant planned projects and expenses that no longer fit the new environment.
Our requirement to maintain razorsharp focus may be the most difficult obstacle, especially during a period of increased workload and stressed leadership. As CPAs we are taught to remain calm during stakeholder or client-facing meetings, regardless of the topic, although periods of change and uncertainty can rattle the worst behavior in our clients and stakeholders. The news cycle is fast, and clients and stakeholders may be fearful.
Interacting with senior management during uncertain times can seem unpredictable, confusing and heated. We may see senior management frequently changing their minds or being unable to decide. In addition, we may see a variety of unprofessional behavior.
One former CFO I worked for would interrupt unprofessional
behavior in a conversation by saying, “No casualties!” when conversations moved into a heated battle. It was a verbal note for senior management to dial down from their passionate state. As mentioned in a recent Harvard Business Review article, “to reliably deliver, leaders must maintain their equanimity even when others are losing their heads. Stock up on energy, emotional reserves and coping mechanisms.”
Financial forecasts are predictions for future events. As financial leaders, we make the best predictions we can at the moment with information readily available. We use historical trends, key performance indicators, current economic factors, financial models and even AI. While it’s essential for management to have helpful information for making difficult decisions related to future economic trends, there’s an element of risk in predicting what will happen next.
In determining if financial forecasts are reasonable, evaluate the underlying context. This may require a feedback loop to senior management about the main assumptions and predictions used to create the forecast. Here are just a few questions to consider when analyzing forecasts:
• Are revenue predictions reasonable given the current circumstances?
• Do revenue predictions comply with revenue recognition standards?
• Are cash flow projections reasonable and in alignment with historical factors?
• What contingency plans are being considered given the possible changes in liquidity?
In times of uncertainty, we may receive an unreasonable number of new requests from senior management. It is a balancing act to determine whether a new request is value-added or extraneous.
It may seem easier to say “yes” to every request; however, this is a key time to choose your focus. Be aware of the time and effort required to appease senior management. Brainstorming ideas of what will help in the heat of the moment is solid work, but it’s our duty to ensure we can keep up with these requests and continue to move the company forward with existing transactional and compliance work; especially if no additional resources are available to your team.
If you must say “yes,” then you can always suggest modifying an original request to use an existing report or output, thereby meeting 80% of the request requirements and communicating this option as soon as possible to senior management. Another possibility is to break down deliverables into key project milestones, then determine if a team member can support with key project milestones.
It is important to discover, decipher and prioritize the most value-added work. Consider the following questions when collaborating with senior manager of C-suite executives:
• Can I create a visual aid of the new or heightened business risks?
• How can I ensure my message is clear, accurate and urgent, while maintaining the listener’s attention?
• To limit expenses incurred by the organization, are there significant projects which should now be delayed?
• Can team members support with specific requests on a key project objective?
Team leadership during periods of uncertainty can involve delivering tough decisions made by senior leaders.
As mentioned in Good Boss, Bad Boss by Robert I. Sutton, Ph.D., “when fear is in the air, your mantra [on communication] should be:
Simple, Concrete, Credible and Repetitive.” We may need to deliver a message we do not agree with or wish we did not have to give. Examples may include layoffs, adding more responsibilities to certain team members without additional pay, furloughs and pay reductions. Sutton goes on to say, even if leaders cannot stop employee changes from happening, “less damage will result when [leaders] carefully explain what will happen and why.”
Messages of employee changes should be delivered with compassion, concern and respect. A recent Forbes article recommends following clear steps after a major change in team composure.
First, complete an evaluation on morale. Meet with employees and see where they are most concerned. Allow employees to mourn and hold space for uncomfortable questions. Second, focus on your presence. “The worst thing you can do after layoffs is hide behind remote work, offices or artificial walls. Prioritize being as visible as possible with increased availability, access and communication. The higher your level, the more important this becomes. Visibility helps leaders build trust, provide comfort and elevate teams after this stressful event.” says Graham Peelle in “6 Strategies for Leading Teams After Layoffs.” Third, clear and consistent information is essential. Align yourself with management’s messaging to ensure there is no misunderstanding. Fourth and finally, consider how the team will fill the skill gaps or distribute workloads to ensure the daily work can be completed and the agency can move forward.
The following is a table of actions and questions to ask yourself as you lead a team through uncertain times and change. Remember, a team’s resilience is built during these pivotal moments and building team resilience during these transitions requires dedication, empathy and hard work. l
• Who will provide important monthly data if team members are no longer working for the company?
• How will the reduced labor force directly impact your team’s ability to complete their daily work?
• Consider providing employee assistance programs (EAP) or extra time off to alleviate stress for your team.
Maintain a high visibility to build trust and provide comfort to team members.
• Host roundtables, town halls or skiplevel meetings.
Focus on candid and honest responses to reduce stress.
• Consider adding a weekly team check-in meeting to promote morale and team cohesiveness.
• Align your messages with human resources and senior management even if you disagree with management’s actions.
Andrea Beth Levy, CPA, CFE, CGMA, MBA is the head of finance & operations with the Greater Phoenix Chamber. Levy currently serves on the ASCPA’s editorial committee and is an audit committee member of the Institute of Internal Auditors Phoenix Chapter. You can connect with her at linkedin.com/in/andrealevyfinance.
Resources:
“4 Behaviors that help leaders manage a crisis” Chris Nichols, Shoma Hayden, Chris Trendler, Harvard Business Review, April 2, 2020
“6 strategies for leading teams after layoffs” Graham Peelle, Forbes Human Resources Council, December 4, 2024
“Good boss, Bad boss” Robert I. Sutton Ph.D.
Share your story.
Participate in our Member Monday series on social media. Answer a few questions and we’ll create a post highlighting your story. Scan the QR code below to fill out the form.
The Arizona CPA Foundation for Education & Innovation supports the efforts of the Arizona Society of CPAs to attract and prepare individuals with the highest potential for contribution to the accounting profession in Arizona through initiatives in formal education.
Congratulations to our 2025-26 scholarship recipients.
Learn about our outreach initiatives, sign up to volunteer and share your CPA story with the next generation. Visit ascpa.com/studentengagement to learn more.
Engage with our student members by becoming a student sponsor. Your commitment will support student activities and free student membership while receiving benefits like access to potential interns, and promotion of your firm or company. Learn more at ascpa.com/sponsorstudents.
Scholarship recipients like these are grateful for the financial support our members give. Your support not only covers tuition, books and supplies for students, but it also encourages them to continue to pursue an accounting career. Donate today and change tomorrow for future CPAs. Give at ascpa.com/ foundation .
Just like a good peanut butter and jelly sandwich, insurance and risk management work better together.
When you purchase CAMICO’s Accountants Professional Liability insurance , you are not just insuring your business. You also have access to CPA-focused risk management services and resources — such as unlimited guidance from in-house specialists, education and training, an online library of loss prevention resources (sample letters, articles, archived issues of CAMICO’s newsletter, alerts, and much more), and proactive claims support. With more than 39 years of experience protecting CPAs there is very little that CAMICO’s team of experts hasn’t seen. Visit www.camico.com to learn more. What CPAs say about CAMICO.
E:
By Bridget McCrea
Market volatility and the propensity to sit on extra cash “just in case” are creating some significant opportunities and challenges in the current marketplace.
Navigating the current financial landscape demands a proactive, adaptable treasury management approach (and a stomach for ongoing uncertainty and volatility). Both minefields and opportunities are weaved throughout the landscape, but with some careful planning and an eye for optimizing liquidity, corporate finance teams can ensure that their organizations can continue to make smart money moves this year.
Here, three finance experts share a mix of short- and long-term treasury management strategies to consider.
Many organizations are sitting on high cash levels right now, which means 2025 could be the year to allocate some of those reserves to higher-yield investment opportunities.
Mike Heneghan, CFA, CAIA, senior vice president and senior investment strategist at Bernstein Private Wealth Management, says if interest rates trend lower this year, organizations may want to think beyond keeping cash in accounts susceptible to falling rates like money market funds. Instead, he says organizations with extra cash should consider moving some of the funds into bonds: “As you map out your cash needs for the next 9-12 months, moving any leftover cash into a safe, investment-grade bond portfolio will provide better returns over time.”
Heneghan says bonds are a strategic option to consider right now because they’ll offer a “good yield” if and when interest rates are lowered again. On the other hand, interest rates on money market accounts will naturally decline as the Federal Reserve lowers rates.
During this period of volatility and uncertainty, Sepora Makabeh Badower, vice president and wealth advisor at Bernstein Private Wealth Management, says it’s important for corporate finance leaders to watch the exposure they’re taking on. For example, if your organization has ample reserves and cash to invest,
think strategically about whether the various investment buckets are sized appropriately. Additionally, she says to pay particular attention to any checking or savings accounts where money may be accumulating but not earning any or not enough interest.
“Take advantage of opportunities where you can earn additional income or interest,” Badower stresses. “There’s definitely an opportunity right now to take a step back, evaluate where you’re at, and consider what the next few years could look like.”
While the potential for high returns when investing in cryptocurrency like bitcoin may be alluring, experts say it’s generally not recommended for treasury or short-term investments due to associated volatility and valuation challenges. Instead, companies that want to dip a toe in the crypto waters should keep it limited to a small, diversified allocation.
“We don’t recommend crypto in cash management or treasury type allocations,” Heneghan says. “However, if an organization has long-term capital that can withstand some volatility, it may be appropriate for them to use a 1% or 2% weighting of their allocation.” Ultimately, Heneghan says to approach cryptocurrency holdings like you would a venture capital investment, where there’s potential to either lose it all or have an outsized gain.
If you’re looking for some noncrypto, higher-yield investment options, Derek Sasveld, CFA, director of investment strategy and research at Busey Wealth Management, recommends exploring international or emerging market opportunities. He also notes there may be more attractive valuations in small- and mid-cap companies both in and out of the United States right now.
Sasveld says 2025 is shaping up to be a year to “keep some powder dry” (i.e., maintaining some readily
available cash or liquid assets) and taking on less risk. He explains that credit spreads are tighter than usual and are “priced for perfection right now.” Put simply, the difference in yield between corporate bonds or other debt, and a risk-free benchmark (e.g., U.S. Treasury bonds) is smaller than usual.
“It’s been quite a while since we’ve seen this low level of spread,” Sasveld says. “With that in mind, we recommend being careful about how much credit risk you take on, knowing that any sign of economic weakness will move the credit spreads out.”
Of course, with the Fed now not expected to move rates within the next few months, Sasveld also urges teams not to “venture too far out in terms of maturity, because you’re not getting a whole lot more payment in exchange for taking on more risk.”
Regardless of market conditions, smart treasury management isn’t just a series of reactive decisions—it starts with a roadmap. This approach is especially critical during times of volatility, when erring on the side of caution may return lower yields and jumping into speculative opportunities can dramatically increase risk. With this in mind, Heneghan tells corporate finance teams to plan their treasury strategies with the same rigor they’d use with any other critical business initiative.
First, he suggests organizations start with a clear articulation of objectives by asking these four questions for 2025 and beyond:
1. What are our organization’s key financial priorities?
2. Do we want to maximize liquidity?
3. Is minimizing risk our biggest goal right now?
4. Do we want to do a better job of optimizing returns?
“Defining these goals upfront provides a framework for all subsequent planning,” Heneghan stresses.
Next, Heneghan recommends performing a comprehensive assessment of the current financial landscape by focusing on analyzing cash flows, evaluating existing debt structures, and identifying potential risks and opportunities.
“Understanding the company’s current financial position provides a baseline for developing effective strategies,” he adds. For example, if cash reserves are ample—and if the company itself won’t need to tap those reserves within the next year— then start looking for some higheryield, longer-term investments.
On the flip side, Badower says some organizations may need to “resize and rethink their current, shorter-term options, ensuring that they’re properly sized and invested with their broader portfolio goals in mind.”
Overall, Sasveld recommends corporate finance teams carefully evaluate their organization’s treasury management strategies every year, not only when market volatility and uncertainty threaten to upend their portfolios and investment approaches. “There’s nothing wrong with turning this into an annual exercise,” he stresses. “In fact, it should be done on an ongoing basis, depending on what opportunities are available in the markets at any given point.” l
Bridget McCrea is a Florida-based freelance writer specializing in
Event Highlights: In Person 12 CPE credits! Workshops
Breakout sessions Flexibility – attend both days or just one.
Event Sessions: A&A Update AI Automation in Finance WISP Compliance Ed Zollars’ Tax Updates Financial Forecasting and more!
Platinum Sponsor:
Gold Sponsors:
AZ TAX CREDIT FUNDS | Bell Bank
BMO Bank N.A.
Jewish Tuition Organization | Paychex
Robert Half | SimplifyIT A-Z | TriNet USA Inc
WestPac Wealth Partners
www.ascpa.com/converge
On May 8, the ASCPA came together with partners and members to celebrate the past year. We congratulated award winners Gary Wayne Fleming, CPA (retired) for the Life Member Award, Michelle McAllister, Ph.D. for the Excellence in Teaching Award and the top CPA exam passers. We also recognized Lauren E. Murro, CPA, past chair of the ASCPA.
CPAs and Bankers came together on May 14 for a night of mixing and mingling. We thank the Risk Management Association – Arizona Chapter, for partnering with us to host the spring mixer. We are grateful to our sponsors as well for supporting the networking of our community: McGuire Sponsel, Wallace Plese + Dreher, Commonwealth Title, TMC Financing and Four Corners Valuations.
Thank you to Eugene Park, Oliver Yandle, Lauren Murro, Tom Duensing and Emily Webb for traveling to Washington, D.C. in May to advocate for Arizona CPAs. Our team met with Arizona’s congressional delegation to talk about the principles of sound tax policy, expanding the use of 529 plans, the pass-through entity tax and formally recognizing accounting as a STEM field.
Learn more about our advocacy efforts at www.ascpa.com/advocacy
Don’t miss our next networking event. Join us on November 19 at the Phoenix Country club for an evening of mingling with attorneys, bankers and CPAs. Register now at www.ascpa.com/abc
In partnership with the State Bar of Arizona and Risk Management Association Arizona Chapter.
Sponsors:
McGuire Sponsel Paychex
MDD Forensic Accountants
Arizona Escrow & Financial Corporation
410 N. 44th St. Ste 205
Phoenix, AZ 85008
Tucson, Arizona
Permit No. 271
Earn one hour of CPE credit in specialized knowledge by completing the AZ CPA Quick Quiz, available online. Receive a score of 70 percent or more about this issue’s articles for credit. It’s that easy!
Fees: Members: $25 Nonmembers: $40
Online Access
Go to www.ascpa.com/quickquiz to access links to all active quizzes. Once a quiz is purchased, a link and password will be emailed to you. Your results will be sent immediately after completion, and certificates are emailed within five business days.