THE OFFICIAL MAGAZINE OF THE VIRGINIA SOCIETY OF CPAs
SUMMER 2021
VSCPA.COM/DISCLOSURES
PUT THE ‘SUCCESS’ IN succession
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Pandemic benefits Government financials Meet new chair Anne Hagen, CPA
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CONTENTS
Features 16
22
Columns
Put the ‘success’ in succession
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Innovation Providing connection and calm
Firms need to define the succession plan that best suits their needs and then live that plan well.
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Wellness Do you know your workplace hazards?
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Technology Last rites for technology
Checking the nation’s financial pulse Is there any hope of a turnaround for the U.S.’s financial position?
Departments 4
From the CEO
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Line Items
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VSCPA News
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Foundation
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Classifieds
FIND US... WEBSITE vscpa.com CONNECT connect.vscpa.com TWITTER @VSCPANews LINKEDIN tinyurl.com/ LinkedInVSCPA FACEBOOK facebook.com/VSCPA INSTAGRAM instagram.com/VSCPA PODCAST vscpa.com/ LeadingForward
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FROM THE CEO
4309 Cox Road Glen Allen, VA 23060 (800) 733-8272 vscpa.com
disclosures vscpa.com/disclosures disclosures@vscpa.com SUMMER 2021 Volume 34, No. 3 Managing Editor Jill Edmonds disclosures@vscpa.com Editorial Task Force Olaf Barthelmai, CPA Cheri David, CPA Melisa Galasso, CPA Genevieve Hancock, CPA Karen Helderman, CPA Harold Martin Jr., CPA Anthony Otaigbe, CPA David Peters, CPA Mark Plostock, CPA Zach Shoaf, CPA Barbara Sukramani, CPA Disclosures is published six times a year by the Virginia Society of Certified Public Accountants (VSCPA). The magazine’s mission is to communicate information of value to VSCPA members, including professional issues and VSCPA initiatives. The materials and information in Disclosures are offered as material only and not as practice, financial, accounting, legal or other professional advice. Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of VSCPA officers, members or editorial staff. Publication of an advertisement in Disclosures does not constitute a VSCPA endorsement of the product or service. Copyright © 2020 Virginia Society of CPAs.
VSCPA Preferred Providers
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The new world of work It was no surprise that many CPA
leaders around the state began asking this question over the past year: When will we or will we ever return to the office? What will the future workplace look like? Indeed, it may look different for different companies. Some CPA firms never sent workers home, instead opting for safe distancing measures in the office. Other CPAs, many working in various industries, went home in the spring of 2020 and have yet to return to a physical office building. As you navigate a wide range of reopening plans, we wanted to know: What does the future of work look like for you and what are some key considerations? We had a huge response to our survey, with 683 members partaking. Here are four main takeaways: 1. Remote working is now mainstream. More than one-third of respondents will make remote work a permanent option if the role allows it. 2. Hybrid of remote and on-site work will continue over the next year. As full-time remote working begins to decrease, hybrid work arrangements will shift from mostly remote with some onsite work to mostly onsite with some remote work. 3. Offices will get smaller. A full 40% of respondents said they will reduce their office footprints, which is directly in response to increasing remote operations for 65% of respondents. 4. Staffing is your No. 1 concern. Among all these changes, VSCPA members are most worried about maintaining staff connectivity, engagement and morale; recruitment and retention; onboarding; and staff mental health and well-being.
Armed with this data, we know how to help you most. Luckily, we began addressing many of these issues when we launched the Center for Innovation in 2018, which focuses on building the workplace of the future — particularly via technology and talent. You can find programs and resources there at vscpa.com/Innovation. In June, we held a free roundtable to discuss the survey results. We know you want more training to tackle the challenges raised by the above issues and you want to hear success stories and best practices. We are planning now to bring you more programming and information to meet these needs, and we will continue our large slate of virtual CPE options. Our revamped online Career Center at careercenter.vscpa.com can help address your staffing needs. What else would you like from the VSCPA? We are all ears. Contact me anytime! n
Stephanie Peters, CAE, has served as VSCPA’s president and CEO since 2007. speters@vscpa.com @StephPeters
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LINE ITEMS
Lock down customer data — It’s the law On March 2, 2021, Gov. Ralph Northam signed legislation making Virginia the second state behind California to pass data privacy protections. While the Virginia Consumer Data Protection Act (VCDPA) will not go into effect until Jan. 1, 2023, your company should begin to assess how you handle consumers’ information now. It will apply to all businesses that control or process data for at least 100,000 Virginians, OR companies that derive at leave 50% of revenue from selling or processing data of 25,000 customers or more.
This means the law will apply mainly to for-profit and business-to-business corporations who interact with Virginians. CPAs working in private industries in the Commonwealth may find their companies falling under the VCDPA’s purview.
REMIND YOUR CLIENTS
Electronic tax payments to TAX This is just a reminder that taxpayers making estimated tax payments to the Virginia Department of Taxation (TAX) of more than $2,500 must submit all income tax payments electronically. This rule also applies to extension payments that exceed $2,500 and any taxpayer making more than $10,000 in estimated tax payments over the taxable year. The new requirement applies to all payments made on or after July 1, 2021. Need more info for your clients? Check out the individual income tax payment options listed at tax.virginia.gov or call TAX customer service at (804) 367-8031.
In addition, Virginia citizens are granted rights to access, correct and delete personal information in secure environments as well as opt out of the sale of their personal data for targeted advertising or consumer profiling. Learn more in this FAQ from Williams Mullen, the VSCPA’s lobbying firm, at tinyurl.com/VADataPrivacyAct.
Show Virginians why they can #CountOnCPAs Plan now for Virginia CPA Week: Sept. 20–26, 2021. We know you and your organizations are the cornerstone of
our economy, so let’s remind Virginians of the importance of CPAs during Virginia CPA Week next month! How can you join in? All the details are available at vscpa.com/CountOnCPAs, and here are a few ideas to get started! • Use our branded social media graphics on your social platforms (downloadable from the VSCPA website), along with the #CountOnCPAs tagline. Tell your clients and other followers what you do and why it’s important! • Donate children’s books promoting accounting. Join us as we spread the word about accounting careers to children around the state! The VSCPA purchased 1,000 copies of “When I Grow Up I Want To Be … An Accountant” by Dr. Adrian L. Mayse, CPA, the department chair of accounting
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at Howard University, to donate to schools and libraries across the Commonwealth. We’re encouraging CPAs to do the same if you desire! Find the book at tinyurl.com/ GrowUpAccountant, and if you donate, let us know! Use the #CPAsGiveBack hashtag on social media. • Recognize your CPAs on staff. This could be a calling out CPAs during staff meetings, buying your teams lunch, giving them a small gift, or anything else they would enjoy! • Take part in a service activity. We all know #CPAsGiveBack, but it’s a great week to take part in a community service project or activity as a team-building activity. Don’t forget to let us know what you do and send pictures to communications@vscpa.com.
LINE ITEMS
TICKER 97 The percent of human resource professionals who plan on using video during this year’s hiring processes.
80 The percent of college seniors who prefer in-person interviews.
$19.7 BILLION Predicted year-end sales for the cannabis industry.
$37 BILLION Projected cannabis industry sales by the end of 2024.
1,283 The number of associations in Virginia.
$1.7 BILLION The amount in wages paid annually by Virginia associations.
Hot topic: PPP & peer review Are Paycheck Program Protection (PPP) loan forgiveness service engagements
subject to peer review? The peer review staff at the American Institute of CPAs (AICPA) is frequently fielding this question. The answer: It depends. 95 The percentage of tax pros who believe their clients want business advisory services.
41 The percentage of tax pros who do not feel comfortable taking on a business advisory role.
38 The percentage of professionals who said their career stalled since the start of the pandemic.
Firms may be asked by clients to check their calculations on loan forgiveness for accuracy and then issue a report — so an agreed-upon procedures engagement may be needed. If the firm is not otherwise subject to peer review, the performance of an agreed-upon procedures engagement under the Statements on Standards for Attestation Engagements (SSAEs) would require the firm to undergo an engagement review. To help you determine how to handle loan forgiveness questions and engagements, check out the AICPA’s PPP Loan Forgiveness Services Matrix at tinyurl.com/ LoanForgivenessMatrix.
Three areas in or near Virginia are among the best for women’s success, according to a study by SmartAsset. Washington, D.C., Arlington and Alexandria ranked second, third and 13th, respectively. The survey considers factors like education, earnings and business ownership. Other areas in Virginia were on the list, too: Richmond at 27th and Chesapeake at 45th. No. 1? Cary, N.C.
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LINE ITEMS
VSCPA mission update reflects focus on inclusion As the VSCPA continues to enhance its focus on diversity, equity and inclusion, the Society’s leadership looked at the VSCPA’s mission, vision and bold strategies. While the VSCPA mission, to empower our members to thrive, remains unchanged, the Board of Directors has approved a new vision statement: The CPA profession will be known for its dynamic culture of innovation and inclusivity, visionary leadership, trusted expertise and stellar reputation. The statement has been altered with the addition of “inclusivity” to demonstrate that accounting is a welcome profession to all individuals, cultures and perspectives. Additionally, VSCPA’s four bold strategies in the VSCPA2025 strategic plan now include the addition of “increase diversity, equity and inclusion in the profession.”
The changes are reflected in the graphic on the next page or check out vscpa.com/mission for more. Questions
or feedback? Reach out to VSCPA President & CEO Stephanie Peters, CAE, any time at speters@vscpa.com.
Demand grows for ESG reporting As companies become more aware of clients’ and customers’ desire for data on their environmental and social impacts, accounting and finance teams are being asked to conduct environmental, social and governance (ESG) reports.
ESG data in mainstream financial reports is accelerating, according to the American Institute of CPAs (AICPA), and many conversations about sustainability standards are taking place among standard setters. Here are a few key developments surrounding ESG: • In 2018, the Sustainability Accounting Standards Board launched standards to help businesses manage and report on sustainability topics that matter most to their investors.
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• In October 2020, the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures issued a status report that supports greater consistency in climate-related risk disclosures by companies. • In November 2020, the AICPA & CIMA released a report exploring the finance professional’s key role in sustainability and business and explaining SASB standards. (Find that report at tinyurl.com/ SASBStandardsExplained.) • In February, the AICPA Center for Audit Quality released a roadmap for auditors on ESG reporting and attestation.
• Also in February, the acting chair of the U.S. Securities & Exchange Commission (SEC) directed the SEC’s Division of Corporation Finance to enhance its focus on climate-related disclosures in public company filings. Then in March, the SEC published a request for public comments about ESG disclosures. • In June, SASB and the International Integrated Reporting Council announced a merger into the Value Reporting Foundation to institute consistency in ESG and sustainability reporting. • In September, the International Financial Reporting Standards Foundation will release its proposal to create a new international global sustainability reporting standards board.
THE VSCPA EMPOWERS
our members
TO THRIVE.
VISION: The CPA profession
will be known for its dynamic culture of innovation and inclusivity, visionary leadership, trusted expertise and stellar reputation.
INCREASE diversity, equity and inclusion in the profession INFLUENCE students to become CPAs
DRIVE innovation and vision
CREATE a culture of learning
ADVOCATE for CPA’s interests
BOLD
strategies Innovation and adaptability
Values:
Continuous growth and learning Exceptional service Diversity, equity and inclusion DISCLOSURES
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INNOVATION
Providing connection and calm When the coronavirus arrived, CPA firms had to develop new ways to show their employees that their wellness and mental health were important. These three firms tackled the challenge head on with innovative employee outreach. BAKER TILLY
DHG
Tysons
Multiple offices in Virginia: Chesterfield, Norfolk, Richmond Tysons
Jaime Westerfeld, senior manager of people solutions Promoting wellness: The Silver Linings Collection has multiple programs and resources for team members. The “Silver Line-up” is a carefully curated lineup of digital events and timely articles designed to improve the total mind, body and spirit wellness of team members and their families. Events included yoga and meditation, trivia nights, comedians, cooking classes, fitness activities, sing-alongs for children and more. Fostering connection: The firm encouraged local offices and teams to stay connected in the ways that made the most sense for them. Some had virtual working sessions to replicate in-person conference rooms via Zoom. The Baker Tilly CEO hosted monthly livecasts with employees and the D.C. market had monthly “connect” calls to share good news, provide firm updates, showcase great work and recognize team members. Asking for feedback: Baker Tilly asked employees for feedback as they approached a year of remote work and discovered “an overall theme of gratitude and appreciation,” Westerfeld said. “One team member commented how, despite the challenges and unknowns of the last year, Baker Tilly had still provided them with career growth opportunities, and they appreciated the sense of positivity and transparency.” Future support: Baker Tilly learned what worked over the past year and will continue evaluate and provide a wellness program with offerings that support the whole self.
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Jana Panneton, human resources manager Easy info access: The DHG intranet contains a COVID site — a one-stop-shop for all employees for all things COVID-related. The site emphasizes health as a top priority and contains many resources for employees around both mental and physical health and well-being. Solutions to promote life and work: A program DHG had in place before the pandemic proved useful. “Energy for Life” sessions on energy management were given to all employees as a part of their annual learning requirement. The firm also offered a benefits suite of solutions like backup dependent care, concierge caregiver support, a robust employee assistance program including online counseling sessions, virtual doctor’s visits, a health and wellness program, access to a meditation app, and financial planning and coaching. Maintaining connections: DHG had regularly scheduled, transparent communications from leadership; meetings among individual markets, service lines and industry groups; and many other opportunities to connect like Zoom coffee chats, trivia nights, Pictionary, step challenges, fantasy football leagues, workouts and more. Discussion groups on serious topics like mental health and diversity and inclusion were also offered. Planning for the future: The firm will continue its Life-Work Solutions suite of benefits, which has been a huge success among employees. “Hey, life happens, and our employees are people with families and varying obligations and responsibilities,” Panneton said. “The more we can support them in their full and complete lives, the better. Our people are our most valued asset!”
INNOVATION
“The more we can support our employees in their full and complete lives, the better. Our people are our most valued asset!” — Jana Panneton, DHG KEARNEY & COMPANY Alexandria Diane Jackson, human resources director Pandemic-prepared: When the pandemic hit, Kearney was on the verge of implementing new systems and was immediately able to implement Microsoft Teams. Because the firm works on federal contracts, when the government closed, employees went remote immediately. “Teams absolutely turned out to be the best solution for us,” Jackson said. “We did not feel behind the curve at all.” Saying thanks: The leadership at Kearney wanted their employees to know how valued they were, so they went out of their way to send care packages and thank-yous. Team members received quarterly postcards in the mail letting them know how pleased management was with their performance. When the pandemic began, everyone received a care package with hand sanitizer, a stress ball, playing cards and other goodies. Other perks included a link to order custom Kearney swag, food delivery gift cards for celebrations or busy season work, and home office stipends. True connection: When doing work remote, Jackson said it was important that managers were truly checking in with team members to ensure there was no feeling of disconnection and that mental health and well-being were priorities. In addition, the firm realized it needed to offer unprecedented flexibility and expected its managers to allow that among their teams. “When faced with adversity, we definitely came to the challenge,” Jackson said. “We were able to make a lot of changes we didn’t expect. We’re really pleased with what we’ve been able to do.”
Zach Shoaf models some of his DHG swag he received during the pandemic.
Zach Shoaf, CPA, is a senior associate at DHG in Tysons and a member of the Disclosures Editorial Task Force. zachshoaf@hotmail.com
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WELLNESS
Do you know your workplace hazards? Workplace hazards go far beyond the physical space. Recognize areas that can cause stress in team members so you can brainstorm solutions. It’s no surprise that mental health symptoms
increased during COVID, especially with an economic downturn, political and social conflict, and other stressors. But did you realize that there may be workplace hazards lurking in plain sight that cause you — and your direct reports, if you’re a manager — undue stress?
Job content • Monotonous, under-stimulating, meaningless tasks • Lack of variety • Unpleasant or aversive tasks • Workload and work pace • Having too much or too little to do • Working under time pressures Participation and control • Lack of participation in decision-making • Lack of control (such as over work methods, work pace, working hours and the work environment)
Role in the organization • Unclear role • Conflicting roles within the same job responsibility for people • Continuously dealing with other people and their problems
Organization culture • Poor communication • Poor leadership • Lack of clarity about organizational objectives a nd structure
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Cathy Nugent, a licensed clinical professional counselor who conducted a VSCPA roundtable on stress hardiness last February, revealed these stressrelated workplace hazards. Want more resources like this? Visit vscpa.com/wellness. n
Working hours • Strict and inflexible working schedules • Long hours • Unpredictable working hours • Badly designed shift systems
Career development, status & pay • Job insecurity • Lack of promotion prospects • Under-promotion or over-promotion • Work of “low social value” • Piece-rate payment schemes • Unclear or unfair performance evaluation systems • Being over-skilled or under-skilled for the job Interpersonal relationships • Inadequate, inconsiderate or unsupportive supervision • Poor relationships with co-workers • Bullying, harassment and violence • Isolated or solitary work • No agreed procedures for dealing with problems or complaints Home-work interface • Conflicting demands of work and home • Lack of support for domestic problems at work • Lack of support for work problems at home
FIND VSCPA ethics courses AT CPAETHICS.COM
In-house
Webcast
On-demand
We all like a little variety in our lives, so why wouldn’t we want the same variety when choosing our required ethics course? The VSCPA has you covered with a Virginia Board of Accountancy (VBOA)-approved roster of ethics courses based on practice areas and other hot topics, all written by expert state, national and international authors. We’re proud to have produced high-quality, engaging ethics courses for the past 15+ years, and this year you can look forward to even more offerings to choose from. The VSCPA promises to deliver fresh content to keep you on the pulse of the profession while also satisfying your two-hour ethics CPE requirement. Options include:
Ethical Considerations in Diversity, Equity & Inclusion: Foundations for Our Profession Virginia’s Regulatory Landscape for CPAs: What You Need to Know Tax Ethics: Navigating Client Needs & the Law Government Ethics: Theory & Application Corporate Finance Ethics: How to Ensure Zombie Ethics Won’t Kill Your Business Corporate Finance Ethics: What a Virginia CPA in Business or Government Needs to Know About Professional Ethics More courses will be added throughout the year. Visit CPAethics.com to register and learn more. DISCLOSURES
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TECHNOLOGY
Do your electronics need last rites? Use these guidelines to figure out if it’s time to replace your tech.
When purchasing a new electronic device, we
seldom think deeply about its EOL (end of life). This is unsurprising because we usually focus on how the device will make our lives easier. Over time, however, we must deal with the issue of when to discard the device. The question gains steam as the device ages because we’ve already made a financial and, for some, an emotional investment in it. (Didn’t we have a U.S. president who “loved” his Blackberry and didn’t want to give it up?) Anthony Mongeluzo, PCS
Here are several guidelines that will provide clarity about when to replace your devices. It’s getting funky on me. When your device fails to perform the task(s) for which it was intended, it’s probably replacement time. Rare is the cost of repair worthy of the effort. And that presumes you can find a repair person who will fix it. Occasionally, sentimentality overrides common sense, so just be sure that you understand that reasoning is from the heart and not the head. Obsolescence. Sometimes your device simply doesn’t deliver what a newer model will. I know a journalist who switched to a different cell phone because he claims the newer model has the best telephoto lens, a frequent job requirement and a feature his current phone apparently lacks. The “hidden” life cycle. I’m referring to outdated software. It’s out of sight, though its effects are visible when operating your device. I started warning clients years ago that Microsoft would no longer support Windows 7. (Yes, some accountants are still on the system.) That day has arrived. Of course, you can get the support, but only if you’re willing to pay. The warning signal is simple. If the software company no longer supports the software on your device, I strongly urge you to consider an upgrade. I have discovered that if the software is performing as it should regardless
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of age, most accountants are unwilling to switch unless they know a peer who has a newer version that allows them to complete tasks with more efficiency. That’s when the light bulb goes off, and they suddenly consider “retiring” their current version. Give me the numbers. There is no perfect timeline for devices. Yet I get the question frequently, and here is my rule of thumb: • Servers, networks, any infrastructure devices: Five to seven years • Laptops, desktops, tablets: Three to five years • Cell phones: Every two years (True confession: I get a new one annually because I live off of it, but I don’t recommend following my practice.) My simple solution. There is an uncomplicated answer to a device’s life cycle: Buy the most extended warranty possible when purchasing it. You now have a fixed cost — the price of the item and any insurance costs. Then you no longer have to think about any expenses for the life of the warranty. I have a friend who also just did it. He purchased the longest warranty — four years — and every day the device works after the warranty expires is a plus. If it fails before the warranty expires, it’s fixed or replaced for free. If this happens after the expiration, he buys a new one. Business versus personal. Who pays for the device affects the life cycle. As a general rule, I would venture the opinion that if it’s a personal device, we tend to hold on to it longer. If the boss pays for it, you might decide to upgrade sooner. If the boss buys the device, the way to a quicker upgrade is to convince him or her that a newer device will save money, increase efficiency and produce faster results. Always give examples when making this pitch. Last rites. This is the end game that many forget. DON’T just toss your device into the garbage. Each
TECHNOLOGY
product has a safe and environmentally sound way of disposal. Your product information should give you an option. Call2Recycle provides dropoff locations for batteries and cell phones, for example. You can also often donate to a nonprofit, such as the World Computer Exchange, or sell it on eBay for charity. n
Anthony Mongeluzo is the CEO and president of Moorestown, N.J.-based IT company PCS. Anthony@helpmepcs.com helpmepcs.com @PCS_AnthonyM Reprinted with permission of the New Jersey Society of CPAs, njcpa.org.
NEW VSCPA CAREER CENTER: AMPLIFIED FOR next-level success CareerCenter.vscpa.com
The VSCPA is excited to launch a new, enhanced Career Center loaded with resources and opportunities to take you and your organization's success to the next level. New features include: Improved job seeker features Upgraded employer features Enhanced technology Access to job listings and resources
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PRACTICE MANAGEMENT
PUT THE ‘SUCCESS’ IN succession Firms need to define the succession plan that best suits their needs and then live that plan well.
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PRACTICE MANAGEMENT
Firms are constantly changing. Technology
advances. Legislation gets rewritten. Client services are added or removed. And, of course, team members join and leave. With all of the change, the dependence on quality talent to lead and sustain the firm remains. Hiring and retaining quality staff members usually ranks as one of the top 10 critical factors firm leaders face when they are asked about challenges. Ira Rosenbloom, CPA
That’s why perpetuating the success and continuity of a CPA firm requires a plan and process to create and replenish leaders if the firm wants to continue to stand strong. Succession planning is critical for firms of all sizes — and that need is the same whether or not the firm is looking toward a merger. With a deep bench of talent and varied skills, a practice can be better positioned to continue independently and can be more desirable to a potential external partner.
firms say they are facing, only about 56% of all firms surveyed say they had a written, approved succession plan in place — and that number dwindled in smaller firms, which may not have the talent, resources or time to focus on it. While most firms have an idea about how to manage an expected retirement of a line partner, few have a formal plan. Fewer have a process for a managing partner transition. And only an elite few have plans in place for an uncontrollable event, such as death or long-term disability.
GETTING STARTED Succession planning efforts should start with understanding your firm. Knowing more about your own values and culture — and the client services you deliver and have become known for — is a great first step in identifying the future leaders of your practice.
The optimal approach for transition is to have in place a real-time written, approved succession plan that includes a process for periodically reviewing and updating it.
Are you open to particular vulnerabilities, such as a high percentage of leaders reaching retirement age or strong players in danger of being recruited by competitors? This will help you build your succession strategy, which should also be tied to or echo your business strategy.
Depending on the size of the firm, a succession plan may need to address a varied landscape of players, including line partners, managing partners, niche leaders, department heads or operations leaders.
Decide how deep you want your succession plan to go. Do you want to create a structure for everyone in the firm, or just for top leadership positions and other key roles?
What is most important? Think through and strengthen some essential elements at your firm to make sure you’re ready to facilitate leadership change — no matter the internal or external conditions. The following are some points to consider.
Put together a formal succession planning team with responsibilities, targets and deadlines. Enlist the help of counselors, including mentors, retired/retiring leaders and/or external consultants to be part of the planning team.
DATA AND CHANGING DEMOGRAPHICS
DEVELOP A PROGRESSIVE CULTURE
In the 2020 Succession Survey from the American Institute of CPAs (AICPA) and Succession Institute, more than half of multi-owner firms said they were currently experiencing succession challenges, up drastically from 26% in 2016. Based on other data, the AICPA posited in 2018 that about 75% of all CPAs would retire in the next 15 years (26% of firms with single owners and sole practitioners said they planned to retire in five years).
Ownership and management have to be driven to create a culture that promotes growth in knowledge, responsibility, ingenuity and leadership. Job descriptions should exist for every level of team member, and they should be clear as to how people will evolve and grow as they move from level to level.
According to the 2020 Rosenberg Survey, despite the aging profession and the succession challenges
Starting with the first-year anniversary at your firm, entry-level and less-experienced people should be groomed for partner responsibilities. Experienced people (four years or more) should start grooming u
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PRACTICE MANAGEMENT
for partner responsibilities within six months of their hire. The job descriptions for partners and leaders should be common knowledge. Partners should be transparent as to the highs and lows of being an owner/partner, and should be in direct contact with the team members routinely. Delegation is relevant for tasks but not for grooming talent, relationships and teamwork.
Understanding the competitive forces in your market is also crucial for strong continuity. Are there firms at risk and, therefore, talent ready to flee? Are there firms that could be more compelling to your current staff and clients and, therefore, may require a pivot to keep your firm stronger?
Every team member should have a professional development plan that includes what it would take to reach partner — whether or not that is a common goal. While building owners internally is a necessity, not all people are cut out for those roles. Therefore, the sooner the desired status is determined, the better management can direct the needs and progress of the leadership channel.
Clients place a high level of trust in their accountant. When those accountants retire, it is imperative that it be handled strategically and thoughtfully. A potential successor to the retiring team member has to be able to earn and enjoy client trust. Greater lead time for successors to build those relationships translates to better outcomes. Having the ability to broaden the client service team as much as three to five years ahead of the projected retirement will be beneficial.
Firms that have an operational leader, such as a firm manager/administrator or chief operating officer, must be sure to update the job description every two to three years for those leaders. They must be motivated to continue to grow and adapt to changing circumstances. Financial incentives may be very relevant for their performance success. The less that line partners need to cover operationally, the stronger the firm will be — and the happier the clients and staff.
MARKETPLACE INTELLIGENCE Awareness of the needs and concerns of clients and potential clients will allow for better client continuity and better comprehension of the kind of team that needs to be available. Traditional CPA firms generate the majority of their revenue from compliance, but even the clients who are compliance-oriented expect certain value, protection, security and intelligence from the compliance. The expectations of your clientele will impact the professional profile and skills you need to deliver on client service. Survey your clients formally and informally. Mine data and be ready to evaluate trends and project needs. Armed with that intelligence, evaluate your staff for the personality and skills needed to be resourceful to clients. Conduct evaluations with standard and customized testing administered by experts. The testing will likely impact the timing and readiness factors for a viable succession of leaders.
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TRADITIONAL RETIREMENT
Top clients (above a certain dollar level of billings) should be contacted personally by the successor, ideally with the introduction of the retiring team member. The conversations — which should include an agreed-upon number of independent client exchanges — must be guided by an agenda, agreed upon by management. Document results. Create follow-up actions. Put an impact plan in place. Invite and record feedback. The client’s billing structure should continue in the same fashion as before to minimize impact. Of course, over time billing may change. In all, the role of the successor should be understood and sketched out well in advance (sometimes years) of the retirement date.
MANAGING PARTNER TURNOVER Firms typically have a plan and process to elect a managing partner, but few plan for the turnover in this role. If it’s not already in place, create a job description for the managing partner and make sure to update it at least every two years. Analyze the actual functions performed by the role and discuss whether or not they’re viable at least two years ahead of a turnover. It’s important that the role of the managing partner be transparent and accountable, if for no other reason than the firm can more effectively handle an unexpected transition of the role.
PRACTICE MANAGEMENT
Make sure your firm has consensus on what it takes to lead the firm and how the change in leadership will impact operations moving forward. A committee may be appropriate to develop the process for turnover, including the timing and the transparency. Alternately, an outside expert may be the right choice to guide the process.
safety and continuity must be maintained for clients and team members. Most of the time, business leaders plan for natural disasters or other severe external events that demand an alternate way to do business in that crisis. But what about when there’s a critical internal event, such as the death or disability of key leaders in your firm?
Certain skills are necessary for leadership, and they may require coaching and mentoring. Dedicate sufficient time in advance to have worthy candidates and to have the current managing partner get comfortable navigating away — if the luxury of that time to plan is present.
A practice continuation agreement (PCA) should be developed to help the practice continue operating in the event of an illness, disability or death of a firm principal. While some large CPA firms do this, PCAs are extremely impactful in small- to mid-sized firms where there aren’t enough people or skills to cover for an absent leader.
SUDDEN AND UNEXPECTED TRANSITION Many businesses create contingency plans for how they will handle an interruption in business in which
A PCA is an arrangement through which another firm — or another leader — steps in to ensure there is service consistency and competency. Sometimes the change u
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PRACTICE MANAGEMENT
in leadership is temporary; sometimes it’s longer term, as is the case when a leader will not be returning. Typically created by a consultant and documented by an attorney, a PCA helps maintain service continuity in unsettling times. It is important that all parties are comfortable in the agreement. After all, there are risks and rewards — and often high emotions — for everyone involved. A PCA should be tested periodically, much like a fire drill or burglar alarm. Firms should check in to make sure both (or all) parties are still interested, are still comparable in their perspectives, and can provide the services necessary to meet the firm’s current client needs.
LIVE THE SUCCESSION PROCESS The results of any succession plan will be optimized by a vigorous and disciplined approach. Initiatives that will be part of your approach need to be monitored quarterly and the overall plan should be reviewed every two years at a minimum. Feedback should be gathered from internal and external centers of influence. An effective succession process must be integrated with a strategic plan and a business plan. Firms of all sizes will be best positioned to perpetuate the firm by emulating the best practices of businesses, and that means being much more structured and more open to perspectives. Solo practitioners have to be ready to move up to being a small firm by adding a partner or adding management roles so as to be stronger and deeper. All firms must continue to pivot and study trends and to recalibrate their team and service offerings.
There are practical and powerful steps practices can take to handle the most common kinds of transitions through both anticipated and unanticipated events. You can always anticipate that leadership will need to change—and that the firm needs to be prepared for change no matter the conditions. If your firm is as important as you would like your clients and staff to believe, then perpetuating it is top priority. Firms have common succession concerns, and each firm will have its own path. Define your process and live it well. You, your clients and staff deserve it. n
Ira S. Rosenbloom, CPA (LR), is the chief operating executive (COE) of Optimum Strategies, LLC, a niche CPA practice management advisory firm that specializes in guiding firms to greater success with methods that include viable practice combination efforts such as mergers and acquisitions (M&A), profit enhancement programs, and helping firm owners create the right leadership engagement and succession plans for long-term business continuity and success. A well-known and respected leader in the accounting community across the Mid-Atlantic region, Ira works with dozens of clients each year to help them build stronger CPA firms designed to improve profitability, accountability, and client satisfaction. He is known for his ability to motivate internally and externally for strong bottom-line results. ira@optimumstrategies.com optimumstrategies.com
Success at succession is not about mapping out a solution to every what-if scenario. It is about being prepared to handle situations and navigating the unknown and the predictable.
WANT MORE FROM IRA? Check out his June 2021 VSCPA Leading Forward podcast episode. He discusses why it’s important to start succession planning and developing talent early. Subscribe to Leading Forward wherever you listen to podcasts or check out the episodes and transcripts at vscpa.com/podcast.
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SPONSORED CONTENT
HOW ACCOUNTING FIRMS CAN USE FREELANCERS TO grow Building an accounting business is challenging. Growing that business might be even harder.
auditor, etc., if your talent pool is the entire United States. You’ll have a harder time finding the right fit if your search is limited to Tuckahoe, Va.
The rise of remote accounting workplaces and the “gig economy” offer accounting firms a new path for growth: freelance accountants.
That said, there are basically two options for finding a freelance accountant:
More firms than ever include freelance accountants in their strategic plans. Used correctly, freelance accountants can help your accounting business grow in a low-risk, cost-effective way that can benefit both your clients and your current team.
A LOW-RISK PATH TO LONG-TERM GROWTH The classic small firm growth problem is too much business for the current team but not enough year-round work to justify the cost of additional permanent hires. Take a public accounting firm with a full-time staff of 5–10 people. This type of firm often has more client demand during tax season than the existing team can handle. As a result, the firm either turns down business or burns out current staff, leading to turnover. By bringing on tax freelancers, the firm can precisely calibrate cost (freelancer hours) to revenue (client demand), without incurring unnecessary staff carrying costs and without stressing out the current team. That’s a low-risk path to long-term growth.
WHAT TO LOOK FOR IN A FREELANCE ACCOUNTANT Simply put, look for a reliable, vetted specialist, not a “temp.” The ideal freelancer is already familiar with your software and the subject matter. Typically, this means: • A verifiable track record of employment and a background check; • Demonstrated experience in completing relevant projects; • Experience doing freelance work with CPA firms; and, • If you’re hiring remotely, previous remote work experience.
HOW TO FIND THE RIGHT FREELANCE ACCOUNTANT The odds of finding the right freelancer(s) grow exponentially if you hire remotely. You can easily find a great tax reviewer,
• DIY: Tap your firm alumni and retirees, post your job directly on job boards, and check gig economy platforms like Upwork.com. • Assisted (the easy way): Some specialized placement agencies (including Accountingfly.com) have a pool of experienced, vetted freelance accountants and can provide a freelancer to fit your exact needs and budget.
BEST PRACTICES FOR MANAGING FREELANCE ACCOUNTANTS First, remember that every freelancer is a potential long-term strategic asset, so treat them like a client, not a hire. Second, invest the leadership time necessary to manage freelancers effectively: • Communicate the exact scope of work upfront — be very clear about project requirements, deadlines, and expected results. • Deliver a clear and thorough onboarding and training program with written documentation and/or video material to support your freelancers. • Implement an ongoing communication and management plan. Review progress regularly, schedule weekly check-ins, and make sure you reach the freelancer quickly should the need arise.
LAST WORD Want a low-risk, high-reward path to growth? Freelance accounting specialists might be the right solution for your firm. n
WANT MORE? Watch the webinar on which this article is based: accountingfly.com/ stop-turning-away-work-by-hiring-freelanceaccountants.
GOVERNMENT
CHECKING THE NATION’S FINANCIAL pulse The U.S. government sets a record loss. Is there any hope of a turnaround?
You’ve likely heard that you should
save for a “rainy day” when times are good. Who hasn’t also been told to start saving for retirement as early as possible so you can build a nice nest egg? Apparently, neither the federal government nor the U.S. Federal Reserve got those memos.
Tom Visotsky, CPA
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The United States had record breaking losses in the Fiscal Year (FY) that ended Sept. 30, 2020, and will surely have huge losses in the current FY. COVID-19 had
a major impact on the financials, but the country was experiencing record losses before the pandemic. Now, those losses are on steroids. We last addressed U.S. financials in detail in the September/October 2019 issue of Disclosures and analyzed the FY 2018 financials. (You can find that article at vscpa.com/news/whats-america-reallyworth.) This condensed look highlights the largest issues and liabilities in the FY
GOVERNMENT
2020 report released on March 25, 2021. See the complete 265-page financial report at fiscal.treasury. gov/reports-statements. To get a big-picture view of the extent of our problem, our 2020 “losses” can be broken down into three primary buckets: Operating loss on an “accrual” basis (See Table 1) Off Balance Sheet Items (not included above) One-year increase in estimate of present value liability for Social Security &
$3.8T
$6.6T
Medicare One-year increase in Federal Reserve “balance sheet” (money printing)
Total
$3.2T $13.6T
Nobody can really relate to a trillion dollars, so let’s put some perspective on this. Last year’s operating loss of $3.8T equals $11,600 for every man, woman and child in America. The $13.6T represents a “loss” of $41,000 per person, or $128,800 per full-time worker. This equates to a “loss” of about 11% of all of the net worth in America, as the total net worth of households and nonprofit organizations was $123.5T as of Sept. 30, 2020. Yes, you read that right. We lost 11% of total net worth in America in one single year … and the pandemic only affected the last seven months of FY 2020. Interestingly, last year’s statement of the comptroller general included in the financial report of the United States for FY 2019 stated: “There are other risks, such as health pandemics, cyber-attacks, military engagements, and economic crises, that could affect the federal government’s financial position and … these risks are not fully accounted for in the government’s long term fiscal projections.” Clearly, the COVID pandemic is the No. 1 issue of the last year. It has impacted nearly everyone’s way of life. From a human perspective, there have been 33 million cases in the United States resulting in nearly 600,000 deaths (at press time). Financially, it’s also been devastating to many, including our government. In response to COVID, Congress passed clinical and relief bills totaling $4.7T ($2.9T in FY 2020 and $1.8T in FY 2021). Not all of these appropriations have been
spent, but they’ve already ballooned our worsening financial condition into a record loss. As shown in Table 1, we spent $2.07 for every $1 of revenue. Revenues were only down $49B or 1.4% compared to 2019, but were actually up $239B, or 5.6% above 2018 levels. The Net Operating Cost (loss on an accrual basis) was $3.829T, versus $1.446T last year and $1.159T in 2018. Clearly, our bottom line has been going in the wrong direction for quite a while, even before COVID. Our debt-to-GDP ratio in 2021 will almost certainly top the record of 106% set in 1946. That’s a record no one wants to break. The Department of Health and Human Services (Medicare) and the Social Security Administration continue to top the expense list at 39% and 32% of total revenues, while the Department of Veterans Affairs jumped to third at 27.6% due to a change in actuarial assumptions. The Department of Defense remained at 21%. Medicare and Social Security have strong public support and are unlikely to change dramatically. Even savings that could result from raising the eligibility age could be offset by actual increases in life expectancy. Defense spending not only consumes over one-fifth of total federal revenues, it also represents 39% of all military spending worldwide. According to the Stockholm International Peace Research Institute, the United States spends more than three times the second largest spender, China. In fact, we spend as much as the next 12 largest spenders combined. Why we spend so much more than other countries seems like a question that needs to be asked. The Federal Reserve spent $3.2T to purchase Treasury securities ($2.6T) and mortgage bonds ($0.6T), so there is some chance that they can recoup those funds. However, their track record is not encouraging. The Fed grew their “balance sheet” from $870B to $4.5T during the financial crisis of 2008 but had only been u
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GOVERNMENT
TABLE 1: U.S. GOVERNMENT FINANCIAL REPORT FYE 9/30/20
FYE 9/30/18
% OF
INCOME
REVENUE
Taxes & other revenues
$3,572
100%
$3,382
NET COSTS
9/30/2020
9/30/2018
Cash & other monetary assets
$1.9
$0.5
Loans receivable (principally student loans)
$1.6
$1.4
Property, plant & equipment
$1.2
$1.1
Other
$1.3
ASSETS
Health & Human Services (Medicare)
$1,407
39%
$1,143
TOTAL ASSETS
Social Security Administration
$1,157
21%
$1,038
LIABILITIES
Veterans Affairs
$985
28%
$347
Defense
$745
21%
$698
Treasury
$561
16%
$129
Small Business Administration
$559
16%
$1
Labor
$493
14%
$41
Interest on Treasury securities held by the public
$371
10%
$357
Other expenses
$1,123
$31%
$787
Total Costs
$7,401
207%
$4,541
Net (Loss) (Net Operating Cost)
($3,829)
-107%
($1,159)
Loss per $1 of revenue
($1.07)
($0.34)
Loss per person (331.4M population)
($11,600)
($3,500)
($36,400)
($11,000)
Loss per full-time worker (105.6M working 35+ hours)
NOTE: All amount in $ Trillions (T)
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TABLE 2: BALANCE SHEET FOR U.S. GOVERNMENT
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$6.0
$0.8 $6.0
$3.8
Federal debt & interest payable
$21.1
$15.8
Federal employee & veterans benefits payable
$9.4
$8.0
Other
$2.3
$1.6
TOTAL LIABILITIES
$32.8
NET POSITION
$32.8
$25.4
($26.8)
$3.8
$25.4 ($21.6)
OFF BALANCE SHEET LIABILITIES Social Security (OASDI)
($19.7)
($16.1)
Medicare (Parts A, B & D)
($45.8)
($37.7)
TOTAL OF OPEN GROUP LIABILITIES
($65.5)
($53.8)
Additional liability for closed group (i.e.: Don't confiscate younger workers' contributions to pay off older retirees.)
($21.5)
($19.7)
($87.0)
($73.5)
Intragovernmental debt [debt held as investments (e.g. Social Security Trust Fund purchases of Treasury Bonds)]
($6.0)
($5.8)
Additional liabilities for other noninterest net expenditures
($14.1)
$7.6
TOTAL SOCIAL INSURANCE LIABILITY FOR A CLOSED GROUP
SUBTOTAL: OFF BALANCE SHEET LIABILITIES
($107.1)
($107.1)
($71.7)
($71.7)
PRESENT VALUE OF TOTAL FEDERAL GOVERNMENT LIABILITIES (ON AND OFF BALANCE SHEET TOTALS)
($133.9)
($93.3)
TOTAL NET WORTH OF ALL AMERICANS & NONPROFIT ORGANIZATIONS
$123.5
$108.0
COMBINED NET WORTH OF THE GOVERNMENT AND ALL AMERICANS
($10.4)
$14.7
CURRENT BORROWINGS OF THE FEDERAL RESERVE
($7.8)
($4.1)
GOVERNMENT
able to reduce the $4.5T down to $4.2T over the following 12 years. Since the Fed was unable to unwind its purchases during the longest economic expansion on record, it’s hard to imagine this time will be different. As of Sept. 30, 2020, the Fed had bought 22% of all Treasury securities and all mortgage bonds in America, and they continue to buy $80B of Treasuries and $40B of mortgage securities every month. Their balance sheet has exploded to $7.8T as of May 2021. Housing prices have recently been reported as surging 12–15% year-over-year, so it seems reasonable to ask: Why is the Fed still purchasing mortgage securities? The Conference Board estimates that real U.S. GDP growth will be 6.4% in 2021, so why is the Fed still purchasing Treasuries? Government debt exploded by $4.2T in FY 2020, yet interest costs dropped by $32B. Interest expense stayed in check because the Federal Reserve lowered interest rates and “purchased” $2.6T of this debt. As of Sept. 30, 2020, 64% (about $13T of the $21T outstanding) was scheduled to mature in the next four years. This presents a huge rollover risk as not only is the amount of debt exploding, but should interest rates rise, each 1% would quickly add about $250B in interest costs, annually. Social Security and Medicare are a ticking time bomb. As shown in Table 2, the present value of the future liability for these funds, on a “closed group basis,” is $87T, up $6.6T in one year. The closed group only reflects current participants and is how any normal pension fund would operate. This compares with the “open group,” under which the government has promised to pay more than it has collected, so it takes funds from younger generations to pay current retirees. The government takes all of the Social Security and Medicare trust funds not spent on current benefits, issues Treasury Bonds to the funds, and then spends all of that money on annual operating expenses. This means that without changing how the trust fund assets are “invested,” there is no way to “fix” the shortfalls in funding for these two huge benefit programs. An example of how to permanently fix the funding of these two programs is Australia’s superannuation program, which was set up in 1992. Australia mandates employer contributions to employee retirement accounts, similar to that of individual retirement accounts in America. Corporations
pay 9.5% of employee earnings, and employees are allowed to make additional contributions. Employees then have options on investing those funds in stocks, bonds, etc., and get statements on the value of their retirement accounts. As of June 2019, the balance in those funds was $2.9T Australian (about $2.2T U.S.). To put that into perspective, the population of America is nearly 13 times that of Australia. An equivalent amount in the United States would be $28.6T ($2.2T x 13) invested in individual retirement accounts (stocks, bonds, annuities). Instead, all U.S. funds have been replaced by non-negotiable IOUs (special issue Treasury bonds). When the time comes to pay out those retirement benefits, the United States will have to resort to borrowing more and more money. As shown in Table 2, outstanding debt, federal employee retirement obligations, and unfunded off-balance-sheet obligations for Social Security, Medicare, intragovernmental debt, and other noninterest obligations totals in excess of $134T. The Federal Reserve has also printed nearly $8T. These amounts of debt and other obligations far exceed the estimated total net worth of American households of $123.5T. How to reverse this, if that is even possible, is a question we should be asking and studying. They say the best way to get out of a hole is to stop digging. It’s time for all Americans to recognize that there really is no such thing as a free lunch. Everett Dirksen, the former Senate Leader who passed away in 1969, is famously quoted as having said: “A billion here, a billion there, and pretty soon you’re talking about real money.” That is not true anymore. Now, it seems more appropriate to say, a trillion here, a trillion there, and pretty soon you’re talking about real money! n
Tom Visotsky, CPA, served as 1997–1998 president of the VSCPA Board of Directors and is currently retired in Richmond. tvisotsky@comcast.net
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VSCPA
2021 Outstanding Member: Alan Witt, CPA
Alan Witt, CPA, has worn many hats in his lengthy accounting career — partner, community champion and now college instructor, to name a few. But he’s proudest of those three letters after his name.
Witt, recently retired as partner at regional firm PBMares — he was the Witt in Witt Mares, one of the predecessor firms that created the firm with the merger with PBGH in 2013 — is the VSCPA’s Outstanding Member of the Year for 2021, in no small part thanks to his indefatigable support for the profession, its future, and his adopted hometown of Newport News. Witt grew up in New Jersey before his family moved to Newport News during his last year of high school. He never left the city, attending Christopher Newport College (now Christopher Newport University, or CNU), where he now teaches accounting, and spending his entire career there. Bit by the bug of civic service, he spent three years on the Newport News
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City Council, but his short political career barely scratches the surface of what he did for the city. “If you’re blessed with success, you have a responsibility to pay back to whatever community you’re in,” he said. “I always looked for avenues of service that would permit me to use my skills, as limited as they may be, to help advance the community.” Modesty aside, it’s hard to find a better champion for Newport News than Witt has been over the course of his career. He worked his way up to chairman of the Virginia Peninsula Chamber of Commerce in the late 1980s and had similar involvement with the Newport News Industrial Development Authority (NNIDA). Then-Gov. Chuck Robb appointed him to Christopher Newport’s Board of Visitors, where he eventually served as rector. Witt led the charge for several major changes that helped transform CNU from a small commuter school
VSCPA
“If you’re blessed with success, you have a responsibility to pay back to whatever community you’re in.”
to a full-fledged residential university — building the college’s first dorm, expanding the campus through the purchase of Ferguson High School and ultimately changing the name to Christopher Newport University. Now he’s in a completely new role at the university — executive in residence, teaching an accounting course, and working on projects within the master’s program at CNU’s business school. “It’s rewarding to come back here again at a completely different station in life,” Witt said. “What I’ve enjoyed the most was working with these bright young students.” Witt followed a well-trodden path when he was one of those bright young students (with an emphasis on “young,” as he graduated from college at the age of 20). He entered school as a non-accounting major (political science, in his case) before coming to terms with the reality of his employment prospects through that major and determining that accounting was the best path to a reliable, lucrative job. That job came with Newport News firm Eggleston Smith, a move that put Witt in contact with managing partner Bernard Smith, soon to become chair of the VSCPA Board of Directors. That contact led Witt to his lengthy volunteer path with the VSCPA, with stints on the Accounting & Auditing Advisory Task Force and the Ethics Committee, along with a year as president of the Society’s Peninsula Chapter. He was making moves in his own career as well, founding Rauch Witt, the firm that would become Witt Mares and eventually PBMares. There was never any doubt that his research led him to the correct profession. “Not only do you have the ability to exercise your expertise and really focus on what can be some complicated transactions and financial scenarios, the flip side is that you get to work with clients. You get to work with people,” he said. “The number of different relationships one builds throughout one’s career is never
less than rewarding. I found public accounting to be the perfect combination of practicing in an area of technical expertise and building relationships.” Those relationships helped him build the reputation he needed for one of his other proudest accomplishments — the development of City Center at Oyster Point in Newport News. During his chairmanship of NNIDA, the group engaged a consultant to help them determine how best to develop what was then an area full of warehouses and mixed-use buildings. “The consultant said we had to create a sense of place,” Witt said. “The city built a 5.5-acre fountain that was the focal point. I take a great deal of pride in being there and being part of the group that brought it to fruition and created the buildings around that fountain.” His dedication to service also led to his election as 2021 chair of the Virginia Chamber Board of Directors, after having served in the Chamber’s leadership for several years. Witt cites education and health care as the two most important pillars to a community, and he’s been heavily involved in both. He spent 21 years on the board of directors of Riverside Health System, which operates medical facilities on the Peninsula and the Eastern Shore. He also got involved with transportation and ended up as an appointee to the Commonwealth Transportation Board. Add it all up, and you get a remarkable life of service to a community and a university where Witt had barely lived before he decided to set down roots. That service extended to making the accounting profession, and the VSCPA, better equipped to serve their missions. “In my career, I have touched many organizations and endeavors, but my proudest career accomplishment is being a CPA,” he said. n
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VSCPA
2021 Ruth Coles Harris Award winner: Tyrone Dickerson, CPA
Tyrone Dickerson, CPA, references the décor
at the National Association of State Boards of Accountancy (NASBA) offices when discussing diversity in the accounting profession. Now NASBA has made progress on improving the profession’s diversity, led by Dickerson and inspired in part by those pictures on the wall. Dickerson, a 77-year-old sole proprietor from Richmond and the winner of the VSCPA’s 2021 Ruth Coles Harris Advancing Diversity & Inclusion Award, was the first chair of a working group that became NASBA’s Diversity Committee, charged with increasing diversity on state boards of accountancy and in NASBA itself. He was tapped for the role by NASBA President and CEO Ken Bishop, who was becoming more and
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more bothered by the preponderance of white men on the wall at the NASBA offices devoted to pictures of past association chairs. “Every time he walked out of his office, he would look at pictures on his wall, and he would see that everybody was pretty much old, white men,” Dickerson said. “He started talking about it more openly and wrote an article in our quarterly newsletter. When I saw the article, I called him, and we talked about it, and he said, ‘Tyrone, I don’t know what I want to do with this, but it’s been bothering me ever since I became president of the organization. I’d like to start a diversity group and see where we can take it,’ and he invited me to work on the committee.”
VSCPA
“Over the last couple of years, there really has been an increase in the number of minorities that have been appointed to the [state boards of accountancy]. That has been very, very encouraging.”
While increasing diversity within NASBA leadership was a personal priority for Bishop, the effort still could have died on the vine without adequate support from the association’s board of directors, which changes over its membership each year. Fortunately, the board agreed that the project was an important one and promised to keep it as an organizational priority. “I had a good relationship with the chairs and the past chairs and the people who were coming in,” Dickerson said. “The new vice-chairs who were coming in bought into our strategic plan to introduce more minorities to the organization and pledged to continue those diversity efforts.” That group started its work in 2014 and became a full-on committee a year later after working to define scope and goals. Since the launch of the Diversity Committee, the NASBA chairs have included two Black men and one Latino (current chair Carlos Barrera, CPA), as well as two women. It’s been an impressive shift for a group that has to pull its members and leadership from the relatively small pool of members of state boards of accountancy approved by the governors of their respective states. “Over the last couple of years, there really has been an increase in the number of minorities that have been appointed to the boards,” Dickerson said. “That has been very, very encouraging. It seems that the efforts of the committees to reach out to the different societies are really working.” Each year, the Diversity Committee sends a survey to the 55 NASBA jurisdictions, both to measure its progress in increasing diversity within state boards of accountancy and to identify potential leadership candidates. NASBA started holding informal cocktail receptions at its regional meetings to help educate members on potential leadership opportunities, leading to increased applications overall, but particularly among members of color.
When Dickerson served as NASBA’s mid-Atlantic regional director, he oversaw a region of seven states, and he spread the gospel of NASBA’s efforts to protect the profession (and need for volunteers) at VSCPA events and other CPE. There were no such efforts in place — nor, really, much in the way of a Black presence in the profession — when Dickerson started his career coming out of Central State University, a historically Black university in Ohio. He began his career as one of only a few Black CPAs in Philadelphia and eventually moved to Lucas, Tucker & Co., at the time the largest Black CPA firm in the country. His mentors at that firm included several of the first 100 Black CPAs in the country. “These guys were so inspirational,” Dickerson said “At that time, being a young, Black CPA, we were striving to become what they were. In terms of how they functioned, how they operated, how they met with clients, it was a lot of experience and a lot of exposure. They were the ones who really set me on my journey in terms of becoming a partner in the CPA firm.” Now Dickerson is working to create pathways for future Black partners. In addition to his work at NASBA, where he was reelected to a three-year term in 2018, he returns to Central State each year to discuss and promote the accounting profession with current students. He’s also been a member of the Virginia Union University Board of Trustees since 2005. “I came from an HBCU, and this is my way of giving back to those who helped me in my career path to become a CPA,” he said. n
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VSCPA
Congratulations, Top 5 Under 35 The VSCPA Top 5 Under 35 Award recognizes emerging CPA leaders under the age of 35 who have notable professional achievements, VSCPA accomplishments on the state or chapter level, community contributions and/or dedication to the CPA profession.
Amanda DiStasio, CPA Owner, Optimal Accounting, LLC, Suffolk
Victor Geagla, CPA Senior manager, Baker Tilly, Tysons
Hometown: Suffolk, Virginia Colleges: Virginia Tech and Old Dominion University VSCPA volunteer experience: VSCPA Young Professionals Advisory Committee, Educational Foundation Scholarship Committee, Disclosures magazine writer. I’m passionate about… “Educating others on the CPA profession and sharing study tricks and tips. I enjoy helping students navigate the different career paths of what being a CPA can offer. There are so many benefits to becoming a CPA and I love sharing different ideas on what you can do with the license.”
Hometown: Fairfax (via Romania) College: James Madison University Notable experience: Baker Tilly’s Diversity & Inclusion Steering Committee and National NextGen Committee, Greater Washington Board of Trade’s Emerging Leaders Network, Economic Club Emerging Leaders Network and Northern Virginia Chamber of Commerce. I’m passionate about… “Professionally, I have always been passionate about connecting with new clients and guiding our internal team members as they grow throughout their careers. Personally, I’m a big fan of fitness, traveling and anything outdoors.”
“I became a CPA to be able to speak the language of business. I wanted to be able to make informed decisions about investing. Being able to dissect a company’s balance sheet and profit and loss statements gives me insight into the company’s financial health.”
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“One of the reasons I have remained in the profession is the rewarding nature of continuously advising and providing value to clients on a variety of cutting-edge topics, as well as the ability to work with a diverse group of individuals.”
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Iris Laws, CPA Senior tax associate, DHG, Winston-Salem, N.C. Hometown: San Antonio College: Wake Forest University — Go Deacs! Notable experience: Several DHG leadership positions, including founding and chairing the Richmond Emerging Leaders Network. Currently serves as vice chair of the Political Action Committee Board of Trustees and received the inaugural VSCPA 2020 Women to Watch — Emerging Leader Award.
Why I became a CPA… “I wanted to find a challenging career that would allow for continual learning, while simultaneously helping those in my community. With the ever-changing landscape of this profession — I’ve found the right fit!” “I’m a firm believer in the power of friendship. Ultimately it’s the relationships with my coworkers, clients, family and friends that keep me going!”
Brad Lester, CPA Senior accountant, Brown Edwards, Roanoke Hometown: Conyers, Ga. College: Emory & Henry College VSCPA volunteer experience: Served as president and vice president of the VSCPA Roanoke Chapter, where he has worked to improve the chapter’s infrastructure, and passionate about promoting the accounting profession in Roanoke as well as educating students about the profession. Why I became a CPA… “I was inspired by one of my business/accounting professors while in college, who
helped me to realize that I excelled in accounting. I have always been interested in finances so the opportunity to combine this passion in my career led me to become a CPA.” “Since moving to Roanoke, our family has been welcomed to the area by everyone and I hope to continue to build relationships throughout the community and make our city an even better place to live.”
Evan Wrinkle, CPA Senior staff accountant, WellsColeman, Richmond Hometown: West Point College: Virginia Commonwealth University VSCPA volunteer experience: Started on the board of the VSCPA Richmond Chapter in May 2017 and now serving as president; also a member of the Young Professionals Advisory Council. I’m passionate about… “Improving the lives of people living with spinal cord injuries. One of the benefits of being a CPA is the ability to use my expertise to
benefit organizations like the United Spinal Association of Virginia. For the past several years, I’ve had the opportunity to serve on their board as treasurer.” “Since my early teens I found the idea of quantifying the activities of an organization and telling its story through numbers very interesting. After obtaining a degree in accounting, getting my license was a natural next step to prove that I was serious about the profession.”
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VSCPA
‘Let’s make the profession as inclusive as we can.’ New VSCPA Chair Anne Hagen, CPA, CGMA, on her priorities for the year.
VSCPA members: I am honored to serve as this year’s chair of the VSCPA Board of Directors to give back to a profession that has given so much to me during my career. Albert Einstein once said, “Try not to become a person of success, but rather try to become a person of value.” Our profession is often filled with demands and deadlines that we believe define success. I have found that those same challenges
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have paled in comparison to the diverse set of opportunities that have not only brought me joy but also made me a person of value.Many characterize accountants as being dull, due to the type of work they do; however, I have found this to be quite the myth. I began using accounting skills throughout my childhood as I grew up in our family’s grocery store. I then held a summer internship as a bookkeeper and went on to become an internal auditor,
then external auditor, then a director of finance and CFO, and finally CEO. My accounting skills have also provided a variety of volunteer opportunities allowing me to serve others through my church and in my community. From for profit to nonprofit, all roles have brought their own challenges, but each have been rewarding both personally and professionally. My career has also supported me financially
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and helped fulfill me as a loving wife, mother and most recently a grandmother. All of my unique roles have provided me with an ability to understand the full breadth and depth of our profession that have left an indelible mark on my life. Did it require work? Absolutely, but it was always meaningful work that has allowed me to build strong connections with co-workers while also strengthening organizations and businesses across our state. During this next year, I plan to promote the accounting and CPA profession to as many students as possible while also emphasizing the importance of continuous learning that doesn’t end after a CPA is attained. When I began my career, the profession was male-dominated and now there
are more females than males. I plan to encourage a more inclusive culture to ensure individuals from all walks of life, especially those of color, are successful within the profession.In recent years, the profession has offered even more for those students with a wide variety of talents — not only those in accounting, but data analytics, technology, and the like. The CPA Exam leading to a professional designation has ranked closely behind doctors and lawyers in terms of reputation and is still considered among the top as a trusted advisor. The CPA Exam is also evolving to better value the skills and talents beyond the two traditional core areas of audit and tax, to become more accepting of a broader range of professionals, and to respond the broader needs of today’s businesses.
If you are a student or employee interested in business, I would encourage you to explore the broadening field of accounting. Stay with it and give it your all, as it will be one of the best careers you could have. If you are a student or an employee considering a change, I would strongly encourage you to consider this field. There is a lot of opportunity for diverse experiences and I will guarantee you that if you give it everything, it will come back to you in many more opportunities and rewards — not only in your profession but in your personal life as well. And if you are a seasoned professional or even relatively new to the profession, I ask you to join me in support of our profession, one that can offer so much to benefit the personal and professional lives of so many. n
Meet Anne Anne Hagen, CPA, CGMA, is the chief executive officer for the Masonic Home of Virginia, a continuing care retirement community located in Henrico, where she has served for 12 years. She served as CFO before stepping into the CEO position. In her current capacity, she is responsible for the overall operation of the statewide facility of approximately 200 residents including 160 FTE staff, $13 million annual budget, and investments in excess of $50 million. She serves as the primary liaison between the Home’s staff and the board of governors, assisting in developing long-range plans and coordinating efforts of the Home’s staff to achieve the strategic and long-term goals established
by the Board. Anne manages all fundraising, marketing, communications and outreach efforts and she directly supervises the senior administrator, director of human resources, director of facilities, director of development and chief financial officer. Anne’s career has spanned over 30 years and has included internal audit, external audit, financial services, and various nonprofit sectors including human services and heath care. Anne has shared her experiences with the community as an adjunct professor with VCU in the Especially for Nonprofits Program as well as various seminars for other interested organizations at the local, state and
national levels. She currently serves on a variety of nonprofit and church finance committees, including the Virginia Credit Union Supervisory Committee. Before becoming VSCPA chair, she served in at-large director and vice chair positions on the Board of Directors. She currently resides in Moseley with her husband after raising four boys and is a graduate of Virginia Tech. She recently completed her master’s degree in business administration from Longwood University and spends her free time at Lake Gaston and elsewhere with her expanding family, including her two new grandchildren. Contact her at ahagen@mahova.com.
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VSCPA
New VSCPA
boards installed The VSCPA’s new leadership was installed at the VSCPA annual business meeting held virtually during the Leaders’ Summit on May 13. We’re excited to welcome the following leaders:
BOARD OF DIRECTORS Chair: Anne Hagen, CPA, CGMA, MBA (see more from Anne on page 32) Chair-Elect: George Forsythe, CPA, CGMA See the full board roster at vscpa.com/2021-2022-vscpaboard-directors.
EDUCATIONAL FOUNDATION BOARD OF DIRECTORS Chair: Nicholas Harrison, CPA See the full board roster vscpa.com/2021-2022-educationalfoundation-board-directors.
POLITICAL ACTION COMMITTEE BOARD OF TRUSTEES
Aubrey Layne, CPA, moves on from finance post After serving as Virginia secretary of finance since 2018, VSCPA member Aubrey Layne, CPA, began a new position on July 1 as senior vice president and chief of staff of Norfolk-based Sentara Healthcare. Over the past few years, the VSCPA worked with Layne and his staff on a variety of issues, including tax conformity, and Layne has made himself available to speak to VSCPA members regarding Virginia’s economy. Prior to his finance secretary appointment, he was secretary of transportation under Gov. Terry McAuliffe. Northam has appointed Joe Flores as the new finance secretary. He was previously a deputy secretary of finance.
Chair: T. Brett Sinsabaugh, CPA, CCA See the full trustee roster at vscpa.com/pac-board-trustees.
IN MEMORIAM Kenneth Huffman, CPA, of Harrisonburg, a lifelong proponent of the CPA profession in Virginia. His 40-year career began at Mitchell Wiggins in Richmond. He spent 33 years at Keeler & Phibbs in Harrisonburg and became a managing partner at PBGH. He served the VSCPA in many capacities, including as 1990–1991 president, VSCPA Blue Ridge Chapter president, and most recently on the Educational Foundation Board of Directors. He was also a member of the Virginia Board of Accountancy, serving as chair. Richard Troup, CPA, a Life member from Winchester. He spent 30 years as a tax specialist at Yount, Hyde & Barbour, PC, and also worked at Bruce, Renner & Co., PLC. Mervyn Wingfield, CPA, CGFM, a Life member from Richmond. A long-time educator, he retired from James Madison University, where he served four years as department head, and was also an adjunct accounting professor at the University of Richmond. He served on several VSCPA committees from the 1960s through the 1990s.
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VSCPA
Congratulations to the following members! NEW HIRES
APPOINTMENTS & AWARDS
Mike Bell, CPA, has joined John Marshall Bank in Reston as chief accounting officer.
Manisha Elhance, CPA, president & CEO of Vienna Tax & Accounting, was named to Practice Ignition’s Top 50 Women in Accounting 2020.
Rod Ferguson, CPA, is the new executive vice president of gaming and resort operations for the Pamunkey Indian Tribal Gaming Authority in King William. He will also serve in a senior leadership role at the tribe’s Norfolk casino resort. Lori Jones, CPA, is the new Patrick County finance officer.
PROMOTIONS Tracey Powell, CPA, was named a tax partner at PBMares in Baltimore. Lisa Rayne, CPA, CGMA, has been promoted to finance director for Montgomery County. Krista Smith, CPA, has been named emerging growth company practice leader for greater Washington at Deloitte in McLean.
Craig Giese, CPA, of Dehnert, Clarke & Co., PC, in Irvington, is the District 1 Board of Supervisors nominee. Juanita Parks, CPA, CFO at Williamsburg Landing, Inc., was named a trustee of the Williamsburg Health Foundation. Billy Robinson Jr., CPA, partner at Brown Edwards in Harrisonburg, was named to the Construction Financial Management Association’s 40 under 40 program.
FIRM NEWS RCG CPAs Advisors in Richmond has acquired Weir Consulting to build the firm’s advisory, fractional CFO, and forward-looking financial services.
Staff news ANNIVERSARIES July 7: Amanda Arnold, marketing specialist, six years July 14: Beth Bickford, CPA, CGMA, vice president, finance & administration, 12 years
July 26: Molly Wash, CAE, member & academic engagement director, 17 years
Aug. 13: Rocio Gibbs, member services coordinator, 23 years
Aug. 6: Laura Cobb, CAE, innovation & leadership director, nine years
Sept. 9: Jill Edmonds, communications director, two years
Aug. 12: Zané Mullins, PMP, senior manager, technology, eight years
Sept. 22: Jane Hayes, peer review coordinator, 18 years
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VSCPA
CONGRATS TO THE VSCPA’S NEWEST VIRGINIA CPA LICENSEES JoAnne Alston, CPA, Manassas
Shanice James, CPA, Tysons
Bradlee Simoneaux, Falls Church
Taylor Anderson, CPA, Hampton
Victoria Maston, CPA, Norfolk
Hayley Smith, CPA, McLean
Jayson Bales, CPA, Marion
Dustin Mays, CPA, Mt. Carmel, Tenn.
William Smith, CPA, Tysons
Tamara Barua, CPA, Woodbridge
John Murphy, CPA, Washington, D.C.
Ziyan Song, CPA, Fairfax
Isabella Bouffard, CPA, Winchester
Elizabeth Owusuwaa, CPA, Ashburn
Diming Sun, CPA, Richmond
Kevin Caceres, CPA, Bethesda, Md.
John Paterno, CPA, Reston
Alexander Taylor, CPA, Annandale
Jung Choi, CPA, Henrico
Michael Pettingill, CPA, Warrenton
List from Feb. 1, 2021, through April 30, 2021.
Jeffrey Erbes, CPA, Arlington
Louis Piscottano, CPA, Washington, D.C.
Jesse Gardner, CPA, Towson, Md.
Ellen Reilly, CPA, Arlington
Zachary Hazelwood, CPA, Norfolk
Katelyn Scott, CPA, Abingdon
Tiffany House, CPA, Sandston
Kevin Serrano, CPA, Fairfax
Gary Huff, CPA, Richmond
Brian Sheehan, CPA, Fairfax Station
Brag, please!
Send your member news to disclosures@vscpa.com.
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FOUNDATION
VSCPA Educational Foundation awards $59,250 in scholarships The VSCPA Educational Foundation has awarded 26 scholarships to accomplished and deserving accounting students around the Commonwealth! Thank you to everyone who donated. Your contributions help protect the pipeline of the CPA profession and provide a lifeline for many students to pursue accounting careers. Visit https://www. vscpa.com/donatefoundation today to contribute to next year’s winners. VSCPA Past President’s/Chair Scholarship ($2,000) Jamie Underwood, Virginia Tech VSCPA Minority Scholarship ($1,500–2,000) Jonathan Balan, George Mason University Jelani Herard, George Mason University Carissa Malone, Virginia Tech Melanie Osorio, University of Virginia VSCPA Undergraduate Scholarship ($1,500) Virginia Anderson, Christopher Newport University John Buckwalter, Virginia Tech Allison Gray, Virginia Tech Sarah Philips, Virginia Tech
Thomas M. Berry Jr. Scholarship (two awards at $3,000 each) Cindy Ly, University of Mary Washington Carol Pham, George Mason University Verus Financial Partners Scholarship ($3,000) Chad Antosik, College of William & Mary Virginia Tech Doctoral Scholarship ($3,000) Delia Valentine, Virginia Tech Wall, Einhorn & Chernitzer Scholarship ($3,000) Michael Viola, College of William & Mary Yount, Hyde & Barbour Scholarship ($3,000) Christian Kessinger, Virginia Tech
CST Group Scholarship ($3,000) Divya Kumaran, University of Virginia DHG Scholarship (two awards at $2,500 each) Tyler Spiers, Virginia Tech Kelsey Watlington, Virginia Commonwealth University H. Burton Bates Jr. Scholarship ($2,250) Tristan Savage, College of William & Mary Kearney & Company Scholarship (two awards at $2,500 each) Mariam Farzayee, Virginia Tech Camryn Tinsley, Christopher Newport University Michael E. Mares Scholarship (two awards at $2,250 each) Sarah Rackoski, Virginia Tech Justin Seymore, Virginia Tech MJW Scholarship (two awards at $2,500 each) Jordan King, Radford University Tatiana Montes, College of William & Mary
FIRST SAM DERIEUX SCHOLARSHIP AWARDED Elizabeth Michalowicz, a senior at Virginia Tech, receives the first Samuel A. Derieux, CPA, Memorial Scholarship. VSCPA past president and long-time member Samuel Derieux, CPA, died March 8, 2020. Derieux was a tireless champion of the accounting profession who helped shape the modern face of the VSCPA and American Institute of CPAs (AICPA). To learn more about Sam or donate to his scholarship, visit vscpa.com/news/vscpa-remembers-samderieux-cpa.
Samuel A. Derieux, CPA, Memorial Scholarship ($1,000) Elizabeth Michalowicz, Virginia Tech
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