08 2022 CPAmerica Advantage Newsletter

CPAmerica ADVANTAGE News From Your Accounting Association

August 2022 IN THIS ISSUE: ► Succession planning for your firm’s successful future ► Preferred Provider Spotlight - Botkeeper ► Meet the new CPAmerica team members ► Member News ► CPAmerica Insights - Grace Horvath

Succession planning for your firm’s sustainable future Succession planning and having a pipeline of potential partners in place is a common challenge for accounting firms, and our member firms are no different. At CPAmerica, we plan programming and events to help you and your team members feel comfortable stepping up into these new roles. Through our Next Generation (NextGen) conference, New Partner Group and New Leading Partner meetings, the goal is to set our members up for success in these areas. These groups work together to prepare you and your team for the next step in your careers.

The first part of this process is the NextGen conference. Currently in its ninth year, NextGen continues to provide your successful seniors and managers the skills and knowledge they need to begin their rise into firm leadership. Since NextGen features both an intermediate and advanced track, attendees are able to use everything they gained in their first and second years to expand and build on that knowledge in the second and third years. Sessions are designed to help them begin thinking about the firm differently, including topics related to firm management, relationship building, performance metrics and becoming a trusted advisor.

One of the most highly regarded sessions during the NextGen conference is the “Ask a Partner” panel. Through this session, attendees have the opportunity to hear from, and ask questions of, current partners from other CPAmerica member firms. This no-holds-barred question and answer session format allows seasoned firm leaders to share their experience and provide insight for the evolving requirements in firm leadership today.

One NextGen conference attendee said, “The topics were very applicable to my career. The sessions were interactive, kept my interest and were not ‘death by PowerPoint.’ It was also great to have all of the interaction at the tables and among the groups; it was a great way to meet people.”

Once you have become a partner in your firm, the next step in your CPAmerica training path is to attend our annual New Partner Group meeting. This meeting is specifically designed to provide skills needed to be an effective owner or future shareholder in the firm. Topics related to firm cohesion, retaining and recruiting talent, being an agent of change and the crucial “I Wish Someone Told Me That!” partner panel.

One New Partner Group meeting attendee said, “It was so nice to be there in person and to network with others in this group. The member panels and group sharing were definitely my favorite part.

The content was relevant, and I have some great takeaways from the meeting.”

Finally, our New Leading Partner Group meetings are designed with content dedicated to your new role. These semi-annual meetings bring together new leading partners from across the country to learn and share together. Session topics are curated to provide this group with insights related to succession planning, leadership skills, compensation structures and firm ownership.

All of these programs have been designed to meet the needs of our members, to ensure the success of their people and their firms.

The relevant content, industry-leading speakers and first-hand experience from fellow CPAmerica members provides an invaluable asset, and truly embrace our “improving through sharing” mission.

To learn more about these meetings, and other training available to our members, please visit our CPE & Training Center at tinyurl.com/mry93rtn, you can also scan the QR code on the back of this newsletter.

Meet the new CPAmerica team members

Dom Lamar, Office Coordinator Dom joined the team as office coordinator in February 2022 and has hit the ground running ever since. If you’ve called We have recently added three new members to the CPAmerica office, the CPAmerica team! Continue reading to get to you’ve probably already know your new CPAmerica senior member services gotten a friendly “hello” manager, member services manager and office from Dom. He works with coordinator! member firms to update staff rosters and sets up Linda Portner, Senior Member Services Manager new member accounts.

Linda is excited to be working with our firm SPECIAL THANK YOU administrator and human TO OUR 2022 ANNUAL resources groups. She’ll also be heading up CPAConnect, SPONSOR our alliance group.

Ryan Dunne, Member Services Manager Ryan is the main contact for all things related to the Visitation Improvement Program (VIP). He will also manage the event logistics for regional meetings and provide event support to the team.

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Member News Gray, Gray, & Gray promotes eleven team members

Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of 11 team members to new positions in the firm’s Audit & Assurance and Tax Departments, and Transaction Advisory Services practice: Richard Frizzell, CPA, MSA, has been promoted to director in the Transaction Advisory Services Practice. He joined the firm in 2012. Katelyn Correllas has been promoted to manager in the Audit & Assurance Department. She joined the firm in 2015. Francis McCarthy, MSA, has been promoted to manager in the Audit & Assurance Department. He joined the firm in 2015. Kathryn Page, CPA, MBA, has been promoted to manager in the Audit & Assurance Department. She joined the firm in 2016. Lisa Sullivan has been promoted to manager, bookkeeping.

She joined the firm in 2021. Heather Robertson, CPA, CIA, has been promoted to manager in the Audit & Assurance Department. She joined the firm in 2016.

Julia Nguyen, MBA, has been promoted to supervisor in the Audit & Assurance Department. She joined the firm in 2018.

Julianne Schwallie, CPA, MBA, has been promoted to supervisor in the Audit & Assurance Department. She joined the firm in 2018. Shelby Antonino, MSA, has been promoted to senior accountant in the Audit & Assurance Department. She joined the firm in 2019. Kayla Cromosini, MBA, has been promoted to senior accountant in the Audit & Assurance Department. She joined the firm in 2020. Corey Oliver has been promoted to supervisor in the Tax Department.

He joined the firm in 2021. “Talented, dedicated people like Rich, Katie, Frank, Kathryn, Lisa, Heather, Julia, Julie, Shelby, Kayla and Corey are at the heart of the work we do for our clients,” said Gray, Gray & Gray’s leading partner, James DeLeo, MBA, CPA/MST. “They are the engine that allows us to provide more information, more ideas, more attention and more solutions to the companies and individuals we serve, and we are elated to see them advance with the firm.”

Thompson Greenspon wins Best of Accounting award Thompson Greenspon (TG), a leading accounting firm, announced today that they have won the Best of Accounting® Award for providing superior service

to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of 2022 Best of Accounting winners are 60% more likely to be satisfied than those who work with non-winning firms. TG received

satisfaction scores of 9 or 10 out of 10 from 85.6% of their clients, significantly higher than the industry’s average of 50% in 2022. In addition, the firm received a Net Promoter® Score of 82.2%, more than double the industry’s average of 39% in 2022. Chip Helme, managing principal of TG, says “It is an honor to win the Best of Accounting® Award once again this year.

Our firm is always aiming to exceed client service expectations and we are proud to state that our Net Promoter® Score for 2022 was our highest yet.”

Thomas Howell Ferguson shareholder chair of FICPA Thomas Howell Ferguson P.A. CPAs (THF) and the Florida Institute of Certified Public Accountants (FICPA) proudly announce that Julian Dozier, CPA, ABV, CFF, CFE, began his tenure as the chair of the FICPA on July 1, 2022.

Julian Dozier “The FICPA has positively impacted every stage of my career, and I appreciate my fellow volunteers for entrusting me with this role,” said Dozier, a shareholder at THF and the director of the firm’s Assurance Services Department. “The FICPA exists to protect the value of the CPA license, promote the accounting profession, educate and enrich its members, and innovate through forward-thinking leadership. This is an exciting moment for our profession. As CPAs, we can each design our career to suit our own goals and values; we offer incredible opportunities for students and the newly licensed; and together we ensure CPAs thrive as we power the success of Florida businesses and the communities we serve.” Dozier joined the FICPA in 2006, started volunteering with the Accounting Principles and Auditing Standards Committee in 2010, and has been a member of its council since 2016.

He’s a member of the AICPA’s Council and a graduate of its Leadership Academy.

He was named to CPA Practice Advisor’s “40 Under 40” in 2021 and received the AICPA’s “Standing Ovation” recognition in 2016.

Baum, Smith & Clemens employee graduates from leadership program Baum, Smith, & Clemens, LLP, the Harleysville, Pa.-based accounting and business advisory firm, is pleased to announce that Brianna Ralston, CPA, MSA, has successfully completed the LEAD Indian Valley Community Leadership Institute Program, sponsored by the Indian Valley Chamber of Commerce. Designed for business and nonprofit executives or emerging leaders, the LEAD IV curriculum has a specific Brianna Ralston emphasis on developing self-awareness and identifying the skills needed to successfully lead teams. In addition to classes, Ralston completed a project that required her to lead a team at the firm to implement and improve one of their training program. The course lasted for eight months, starting in September 2021, and concluded with graduation in May 2022.

Cg Tax, Audit & Advisory named top New Jersey workplace

Cg Tax, Audit & Advisory (Cg), a leading accounting and profitability consulting firm in New Jersey, is pleased to announce its recognition as one of the 2022 Best Places to Work in New Jersey by NJBIZ. Surveyed by Best Companies Group, Cg’s dedication to employees’ personal and professional development, quality of life and overall company culture placed the firm as a Best Place to Work in N.J. “We’re honored to be included again on this fantastic list of companies,” said Donald A. Cowan, CPA, PFS, PSA, CFP®, managing director, Cg. “Our firm is and always will be committed to providing a positive, supportive, and inclusive environment for all of our employees. We will continue to listen to and learn from our team members to implement new initiatives that continue to make Cg one of New Jersey’s Best Places to Work.” Best Places to Work companies are decided based upon participation with the Best Places to Work survey from Best Companies Group.

The program collects data confidentially, allowing employees to comfortably share feedback about their employers – and for those companies to interpret and act on what they’ve learned.

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CPAmerica Insights Two years later, reflecting and learning from today’s VIPs Hard to believe we are more than halfway through 2022 and halfway through this year’s Visitation Improvement Program (VIP) schedule, where we have been making up for the loss of 2020 visits Grace Horvath, and the irregularities President of 2021. 2022 has not been without its ongoing COVID-related hiccups, but we are close to meeting our goal of ensuring the newest firms have had the chance to host and catching up on the firms due for their next visit. It has also been imperative to include the many new managing partners among us on the visiting teams.

Participants continue to extoll the value of the visits for the deep sharing and opportunities to learn from one another; and the association continues to use the opportunities to understand the needs of the firms. Identifying trends ensures that programs and resources are relevant and spotting singular circumstances allow us to offer specific support. Here are some insights coming out of our visits so far.

The staffing and retention issues that were top concerns prior to 2020 seem to have reached new levels. The pandemic accelerated physical changes to the workplace now exacerbated by a clash of generations where the new generation of professionals will either be allowed to work on their terms or go elsewhere. We see firms capping busy season hours and standing firm on early deadlines that trigger automatic extensions.

While this is helping to reduce busy season burnout for younger staff, it is resulting in many partners working more hours than ever, not capitalizing on their highest and best use, and the feeling that the can is simply being kicked down the road on work.

The shortage of experienced staff and the need to not burn out the ones you do have has increased the number of firms actively culling clients. Additionally, many firms are turning down new work. The upsides to this are firms are truly focusing on more profitable work and more intentional client selection. Prior to the pandemic, we would hear from staff that they knew when they were working on

C and D clients, doing work that was not profitable, and then being beaten up on their realization, through no fault of their own. This year we hear more satisfaction about the quality of the work and the clients, which supports retaining talent and providing them with solid learning and growth opportunities.

Another area of concern is a narrowing pipeline of partners. Many factors play into this with common perceptions ranging from the superficial observation of partner workload, that appears heavier for owners than it is for staff, to a lack of understanding of what it means to be a partner.

VIP exit conference conversations have centered on how firms can address this, generally agreeing that the shroud of mystery cloaking partnership must be lifted earlier, especially with individuals that firms have identified as potential partners. Waiting for people to ask is often too late, with promises of higher compensation and a stress-free life in private industry luring staff away. We are pleased to see firms utilizing CPAmerica’s NextGen as a resource. It is encouraging to see the incredible concentration of talent at NextGen, where the intent is to shed light on what a rewarding and lucrative profession they have chosen.

CAS, as it goes by many different names across firms, is coming along, but continues to present challenges in staffing, client selection and fees. I am encouraged that most firms offering these services will be sending someone

to this month’s CAS conference in Louisville. Moreover, speaking of rates, VIPs are revealing there is still room for upward adjustments especially in light of compression and rising compensation demands.

The best part of the VIP continues to be the validation of the quality and the commitment of firms to their people and their clients. Individuals in firms regularly state the thing that keeps them there is the people who are often like family. Across the board, we are seeing the flexibility adopted in 2020 remains intact and is recognized as a top benefit of retention. It is not surprising that we hear consistently of the commendable reputation of the firms and exceptional partner talent. We are looking forward to the remaining VIPs and getting the most out of improving through sharing.

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