09 2023 CPAmerica Advantage Newsletter

CPAmerica ADVANTAGE

News From Your Accounting Association

September 2023

IN THIS ISSUE:

► Workplace culture and remote teams

► Preferred Provider Spotlight - Wolters

Kluwer

► Congratulations Member Firms

► Member News

► CPAmerica Insights - Art Winstead, CPA

Keeping workplace culture in mind while managing remote teams

Interview with John Pace, CPA, CVA, Partner & Director of Outsourced Accounting and Advisory Services, GRF

GRF CPAs & Advisors (GRF), headquartered in Bethesda, Md., and a 2023 Accounting Today Best Firm to Work For, has been working with remote employees since before it became “trendy” in March 2020. With a department of about 40 employees located all over the country, John Pace, CPA, CVA, partner and director of outsourced accounting and advisory services, always keeps GRF’s “people first” mentality top of mind when managing his team.

Being people first has shaped much of Pace’s team culture and GRF’s culture as a whole. The firm knows that people are their biggest asset, and they work hard to get them there. When an individual joins the firm, it’s stressed that they have a team-based environment and open-door policies to really make their success their own.

They also share their people-first mentality with their clients. Explaining their approach to staffing, expectations of work hours, the importance of work-life balance and more are all expressed to clients throughout their relationships.

Although managing a fully remote team can be somewhat challenging, Pace shared that keeping everyone engaged is crucial to their success. Through their collaborative environment, individual check-ins, all-staff meetings, manager/supervisor meetings, partner meetings and the use of Microsoft Teams, the entire Outsourced Accounting Department stays motivated, and

the culture stays positive.

“About 45% of our department lives outside of the metro Washington, D.C.-area, so it’s important for us to be flexible with our work schedules,” said Pace. “We haven’t found a scenario yet that we weren’t able to work with. We were even able to accommodate one of our senior managers working from Turkey for about six months with no issues.”

In addition to individual chats and on-camera meetings using Microsoft Teams, Pace shared that they also utilize the tool for non-work purposes, like sharing photos of employees’ children starting their first day of school or Halloween costumes on their general chat. They also share a healthy amount of humor as a team. Pace joked that he utilizes a “management by humor and chats” technique.

“Because of the nature of our work, it’s already a collaborative environment, but we make sure to check in with team members on a more personal level. Asking how they are doing each day and how their life is going is important in maintaining those relationships,” said Pace.

When building a great culture within his department and the firm, Pace stressed that the most important thing is to be sincere, say what you mean and do what you say.

“A lot of firms say things, but they don’t execute and they don’t mean them. Many firms have a real credibility issue, and when they don’t follow through with their promises, their people will leave,” said Pace.

Through a recent GRF employee survey, they found that their flexible work schedules and environments were highly appreciated by staff members. Respondents also reported that if the hybrid/ remote policies were to change or be removed, they may rethink their employment.

They work hard to build a culture of transparency with constant See Culture, continued on page 2

John Pace

Preferred Provider Spotlight: WOLTERS KLUWER

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Continued from Culture, on page 1

and consistent feedback across every position level and person on the team. Ensuring everyone gets what they need to improve as fast as they can and to be a really good team member, said Pace.

Pace also shared that DEI (diversity, equity and inclusion) efforts are a priority for GRF. “We have to constantly evaluate our teams to make sure we’re fulfilling our commitment to them to be diverse, equitable and inclusive. We must be treating everyone fairly and giving them the shot they need to excel.”

Pace is candid when he shares that onboarding fully remote employees is still a work in progress. They’ve learned from past mistakes and are continuously working to improve the process. Pace has also implemented his own 30, 60 and 90-day check-ins with new employees to help ease the transition and the onboarding is getting better and better.

Pace stressed a lesson he learned from Jennifer Wilson (ConvergenceCoaching), that it’s about the intentionality of how you do things and what works for your people. Pace’s team is constantly reflecting on what works and tweaking the policies that don’t work to ensure their team is set up for success.

For more information about GRF’s remote employees, please contact John Pace at jpace@grfcpa.com.

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For more information, contact Tammy Nickels at tammy.nickels@wolterskluwer.com or visit taxna.wolterskluwer.com.

Member News

VonLehman CPA & Advisory Firm has announced the launch of VL Private Wealth, LLC , effective as of June 1, 2023. The introduction of the wealth management practice supports VonLehman’s commitment to provide specialized, full-service accounting and advisory services to the individuals, businesses, and organizations throughout the region. The relationship between VL Private Wealth and VonLehman CPA & Advisory Firm benefits clients via a coordinated service offering that provides the combined knowledge of experienced wealth advisors and specialized tax professionals. The wealth management company operates as a boutique, providing CEO level guidance for high-net-worth families, while also offering retirement planning, investment management, estate planning, 401k, insurance, among other services. Managing director, Diego Vallota, has over 25 years’ experience in wealth management and serves his clients as a fiduciary, building personal relationships through individualized planning that seeks to target and attain strategic financial goals.

clients once again this year. ClearlyRated’s Best of Accounting Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. Thompson Greenspon received satisfaction scores of 9 or 10 out of 10 from 84.7% of their clients, significantly higher than the industry’s average of 50% in 2022. Furthermore, the firm received a Net Promoter Score of 77.9%, more than double the industry’s average of 39% in 2022.

Thompson Greenspon is a certified public accounting firm providing financial reporting, tax and advisory services for businesses and individuals in the United States. Located in Fairfax, Va., Thompson Greenspon has been serving the Washington, D.C. metropolitan area for more than 65 years. They are pleased to announce the continued growth of their firm with the following staff promotions, effective August 1, 2023. Casey B. Johnson, CPA, has been promoted to tax supervisor. Megan I. Law, CPA, has been promoted to audit senior. Nickolas G. Louvros has been promoted to tax senior. Thompson Greenspon is delighted to have so many of our people moving ahead in their careers. Additionally, Thompson Greenspon is happy to announce they have won the Best of Accounting Award for providing superior service to their

LMC Advisors is thrilled to share that managing partner and founder, Lee M. Cohen, CPA , has been chosen as one of Accounting Today’s esteemed 2023 Managing Partner Elite and one of the 2023 Notable Leaders in Accounting, Tax & Audit by Crain’s New York. The annual MP Elite report identifies 10 of the best leaders of public accounting firms. Candidates are evaluated based on their successful growth & expansion strategies, their ability to cultivate talented and dedicated staff, their proactive approach to technology, and their commitment to innovation within their firm. Cohen has successfully guided the firm through periods of remarkable growth. The Crain’s New York Notable Leaders recognition, recognizes prominent and accomplished New Yorkers who pave the way in their respective fields and demonstrate unparalleled expertise in their industry.

LMC Advisors is proud to announce that Jason Beda, CPA , and Elina Bass have both been promoted to tax supervisor. Beda has consistently demonstrated exceptional knowledge, proficiency and technical expertise, since joining the firm in 2017. His keen ability to communicate complex tax concepts to clients in a clear and concise manner, has helped him build lasting relationships with both peers and clients, based on trust and reliability. Bass joined the firm in 2020, and has played a pivotal role in servicing their clients and resolving complex tax matters. She has an in-depth knowledge of tax regulations and her ability to devise innovative solutions has been an invaluable asset to the firm.

Anglin Reichmann Armstrong P.C. (Anglin) has merged in Adamson + Co, P.A., effective August 1, 2023. The combined firms will operate under the name Anglin Reichmann Armstrong and expand the firm’s presence in the U.S. Southeast region and nationally. This merger strengthens Anglin’s commitment to serve existing and new clients throughout Central Florida and grow with them, adding extensive knowledge and community investment through the Adamson team. “Central Florida has been on our radar for a long time, and we already have existing relationships and clients there,” said Anglin managing partner Brandon Smith. “We looked thoroughly at the culture and client service approach of Adamson + Co., and we saw that Eric Adamson and the team there shared our vision along with the industry knowledge to be a great fit.”

Beth Gosciminski was named manager at Harper & Whitfield, P.C (H&W). She works in both the Farmington and Simsbury locations and was promoted twice since joining the H&W team in January 2002. Having more than 30 years of experience, Gosciminski focuses on tax preparation and planning for small businesses, high-net-worth individuals, trusts and estates. She is also involved in assisting clients with various income tax compliance matters.

Kassouf recently earned three national awards recognizing both the firm’s business growth and inclusive company culture. The awards include INSIDE Public Accounting’s Top 300 Firms, Accounting Today and Best Companies Group’s Best Firms to Work For, and COLOR Magazine and Best Companies Group’s Inclusive Workplaces. “We’re thrilled to receive these honors from the accounting industry’s top publications and a top magazine for inclusiveness across industries. Our employees feel safe, supported, and empowered at Kassouf, which allows them to succeed professionally and personally,” said Managing Director Jonathan Kassouf, CPA, PFS.

Diego Vallota

Nickolas Louvros

Casey Johnson

Jason Beda

Elina Bass

Lee Cohen

Megan Law

Thompson Greenspon announces staff promotions

Kassouf earns three national awards

Eric Adamson

Anglin Reichmann Armstrong merges in Adamson + Co.

Harper & Whitfield announces manager promotion

LMC Advisors announces awards and promotions

VonLehman launches wealth management company

CPAmerica Insights

Is it audit and accounting or just ChatGPT?

ChatGPT? What is that?! First, I don’t have a clue. But there is no question that I do need to develop a clue and make myself gain an understanding of ChatGPT and its everchanging applications. What could change within the profession of public accounting as a result of reporting entities, banks, creditors, regulators, and other stakeholders applying ChatGPT? And ChatGPT is just the beginning, what about the additional applications being developed with even more robust artificial intelligence (AI)? The changes are endless, and the efficiencies are incredible.

It has been publicized that ChatGPT 3.5 (the free version) has passed both a practice version of the CPA exam and a simulated version of a law exam. Is it then inconceivable that AI could indeed complete all the duties of an accountant, auditor or tax preparer? And of course, that does nothing to help our current pipeline and staffing challenges.

Without question all of us should consider our knowledge levels as to all AI and more specifically ChatGPT. The AICPA, our state societies and associations, various for-profit CPE vendors, educational institutions, and firms are providing lengthy listings of courses available with respect to these topics. The need for education in this area, and related areas, is probably increasing at a speed greater than we realize. Currently,

it’s too easy for us not to be increasing our knowledge of AI or at least exploring an application such as ChatGPT.

For consideration only and using my favorite research tool, Google, the current developer/ owner of ChatGPT, OpenAI (founded in 2015) has an estimated market evaluation of $30B and an estimated current user population of 200 million. For us, unless we have a future opportunity to invest in OpenAI, those amounts mean very little as to our use or more importantly at this time, the use of ChatGPT by our clients.

But back to a tool such as ChatGPT performing the application of accounting policy and accounting principles. Could they be relied on to recommend, if not perform, the journal entries into the accounting data of a reporting entity. Of course, they could. Testing, including appropriate internal controls, would be required by both management and if required, the auditor. At some point though, could an application such as ChatGPT be universally accepted? Yep, just as we do not foot spreadsheets or batch data output anymore.

Will ChatGPT become a top-notch auditor as many of us are? That seems a bit more challenging. Judgment issues, application of quantifiable and qualitative judgment conclusions and a more demanding audit evidence documentation requirement provides concern in our current audit model.

Currently the ChatGPT 3.5 application is

free, while ChatGPT 4 requires user fees. The efficiency and accuracy of version 3.5 in a wide variety of knowledge bases are extraordinary. Its low cost provides a wide range of uses and has the potential to increase the efficiency of all firms; however, users must be aware that data within that version is only accurate up to September 2021. Specifically, does ChatGPT increase the ability of smaller firms to compete and hopefully remain in existence? It should not matter to any of us the type, cost or uses of knowledge becoming available, if it allows more of us to remain competitive. These advances can help smaller firms stay in business, and we should welcome such increases in technology and ability for any firm to perform and offer services.

I personally look forward with great anticipation as to where and how applications such as ChatGPT take us as a profession in the future. With proper care and due diligence, it will be beneficial to all of us.

Art Winstead, CPA Director of A&A