Welcome to the Standard Operating Procedures (SOP) handbook of GWCPA. This document represents the culmination of our collective expertise, dedication, and commitment to excellence in the field of accounting and tax. It is with great pride that I introduce this comprehensive guide, designed to streamline our processes and ensure the highest standards of service for our clients.
The creation of this SOP handbook has been a dream of mine and on the back burner until we uniformed our processes in January, 2024. It was a team effort, reflecting the wisdom and contributions of each member over the years. Your insights and hard work have been instrumental in shaping the efficient and effective practices that define our firm today. Together, we have established a foundation of excellence that sets us apart in the industry.
This document is not set in stone. As we continue to grow and adapt to new challenges, it is essential that we revisit and refine our procedures annually. Continuous improvement is at the heart of our firm's philosophy, and this handbook will evolve alongside us, incorporating innovative ideas to enhance our service delivery.
I am humbled and honored to lead such an amazing team! Your unwavering dedication and collaborative spirit inspire me every day. Thank you for your invaluable contributions and for your commitment to maintaining the standards that our clients expect and deserve.
Together, we will continue to build on our successes, embracing change and striving for excellence in all that we do. Thank you!
Samantha Bowling, CPA, CGMA, CFE Managing Partner
HUMAN RESOURCES
Recruitment and Hiring
Introduction
To ensure that all recruitment and hiring activities are conducted in a fair, consistent, and legally compliant manner to attract qualified candidates who fit our culture and needs.
1. Responsibilities
• Firm Administrator : Oversees the recruitment process, ensures compliance with legal requirements, and coordinates hiring activities.
• Managers/Partners : Identify staffing needs, provide input on job descriptions, and participate in the interview and selection process.
2. Recruitment Process
• Identify Staffing Needs
o Managers submit a staffing request to the Managing Partner.
o The request should include the reason for the request and the preferred start date.
• Develop Job Description
o The Firm Administrator collaborates with the Managers to create or update the job description.
o The job description should include key responsibilities, required skills, educational qualifications, experience, and any necessary certifications (e.g., CPA).
• Approval to Recruit
o The Firm Administrator submits the job description and staffing request to the Managing Partner for approval.
o Upon approval, the recruitment process begins.
3. Job Posting and Advertising
• Internal Announcement
o The job posting is announced internally to encourage staff to share the posting with known prospective candidates.
• External Posting
o Job advertisements are placed on relevant job boards, professional association websites (e.g., AICPA, local CPA societies), LinkedIn, and other relevant platforms.
o Ensure the job ad complies with equal opportunity employment laws.
• Use of Recruitment Agencies
o If necessary, the Firm Administrator may engage a recruitment agency specializing in accounting professionals.
4. Application Process
• Application Submission
o Candidates submit their resumes, cover letters, a brief video introduction, and any required documentation through the firm’s designated application portal or via email.
o The video introduction should briefly outline the candidate's background, qualifications, and reasons for applying to the firm.
• Initial Screening
o The Firm Administrator reviews applications, including the video introduction, to ensure they meet the minimum qualifications.
o Qualified candidates are shortlisted for further evaluation.
5. Interview Process
• First - Round Interview
o The Firm Administrator and Managers conduct initial interviews to assess candidates' qualifications, experience, and cultural fit.
o A standardized set of questions is used to ensure consistency and fairness.
• Second- Round Interview
o Managers/Partners interview shortlisted candidates.
o Focus on technical skills, problem-solving abilities, and fit within the team.
o May include practical assessments or case studies.
• Final Interview (if needed)
o A final interview may be conducted with the Managing Partner for senior positions.
6. Selection and Offer
• Candidate Selection
o The Managers and Partners review interview feedback and select the best candidate based on qualifications, experience, and Firm values.
• Reference and Background Checks
o The Firm Administrator conducts reference checks and, if necessary, background checks.
• Job Offer
o Managing Partner extends a formal electronic offer letter to the selected candidate, including details on salary, benefits, start date, and other terms of employment.
o Candidate electronically signs and returns the offer letter.
7. Onboarding
• Pre - Employment Documentation
o The Firm Administrator collects necessary pre-employment documents (e.g., signed offer letter, tax forms and welcome letter with links to appropriate documents).
• Orientation
o New employees are provided with an onboarding process, including an introduction to the firm’s policies, procedures, and culture.
• Training and Development
o New hires receive job-specific training and are introduced to their teams and mentors.
Employee Onboarding
Introduction
To ensure all necessary employment documents are completed, and the new employee is familiarized with the firm’s policies, culture, and expectations.
1. Prior to Start Date Procedures
• Collec t Employment Information (Firm Administrator)
o Create New Hire in Trinet.
o Add Employee to Workflow/Time Tracking Software and Create Onboarding Project.
o Collect employment forms (W-4, I-9, direct deposit form, etc.).
o Deliver welcome letter via Trinet.
o Order SWAG and office supplies.
o Welcome letter should include links to:
Welcome to GWCPA Welcome Video
Managing Partner Profile IPA Profile Link
Employee Handbook Employee Handbook Link
GWCPA Brand Book GWCPA Brand Link
Emergency Procedures Emergency Link
Dress Code Dress Code Link
Office Etiquette Office Etiquette Link
Organizational Chart Meet our Team Link
1st Week Experience Outline 1st Week at GWCPA
• Security Setup, Order Equipment and Technology Access (Operation s Specialist)
o Order necessary tools and equipment for in office and home office (if applicable) and coordinate locker setup with Firm Administrator.
o Establish access to LastPass, GWCPA Server, applicable software and building.
Introduction and Welcome Event (Firm Administrator)
o Introduce new hire to GWCPA via Teams message.
o Schedules first day welcome event.
o Schedules timeline planning meeting for onboarding team.
o Schedules new hire’s 1st week timeline in Outlook.
• Coordinate External Announcements (Firm Administrator and Marketing)
o Social Media Posts
o Website Updates
o Business Card Setup (Full-time Employees Only)
2. Upon Arrival Procedures
• Customer Service Training (Firm Administrator)
o Building Tour and Illustrate how we work at GWCPA and what a typical day looks like.
o Conduct a training session on customer service principles and schedule Feedback (MACPA) training.
o Schedule follow-up meetings to discuss progress and address any questions.
• Orientation Training - Technology Access and Cyber Security Procedures (Operations Specialist)
o Discuss firm’s guidelines on using technology and AI tools.
o Answer questions regarding Computer and IT Security Procedures.
o Provide training on access to computer, GWCPA server and where to get technical support.
o Provide guidelines for setting up a home office (if applicable).
• Orientation Training - Time Tracking , Payroll and Operating Procedures (Firm Administrator)
o Provide training on how to track hours, leave and holidays.
o Explain how payroll is processed and when employees are paid.
o Introduce SOP Document and signature form.
o Obtain signed confirmation for receipt and understanding of GWCPA operating procedures and supporting documents.
• Orientation Training - Work Schedule Management and Processes (Manager)
o Provide training on managing work schedules.
o Conduct a walkthrough of key processes and workflows.
o Verify employees access to all required software.
3. After Settled - in Proc edures
• Training for Growth, Promotion, and Advancement (Managing Partner)
o Discuss the annual review process.
o Discuss pathways for growth and promotion.
o Provide resources for professional development.
o Provide training sessions focused on developing leadership skills.
4. GWCPA Typical 1 st Week Outline
• Day #1 - Work with Firm Administrator and Operations Specialist Day
o Building Tour and Locker Presentation
o Discuss firm’s policies on independence, quality control and confidentiality
o Review professional liability training (Camico). Camico Training Video
o Receive additional guidance on office etiquette, dress code and communication guidelines for internal teams and external emails.
o Provide acknowledgment of understanding and certification of independence.
o Receive training on customer service principles and schedule Feedback (MACPA) training.
o Provide access to all necessary technology and server.
o Attend new employee lunch celebration and meet the team.
o Receive training on how to track work hours, leave and holidays. Time Ticket Training
o Receive access to SOP Document, Overview Video and Signature Document and complete acknowledgment checklist.
• Day #2 - Work with your Buddy Day
o Receive an overview of how we work at GWCPA and what a typical day in accounting looks like.
o Training on managing work schedules and a walkthrough of the firm’s key processes and workflows.
o Employee and Manager will verify access to necessary software applications
• Day #3 - Work with Admin istrative Team Day
o Illustrate how we work at GWCPA and what a typical day in payroll looks like.
o Illustrate how we work at GWCPA and what a typical day IT looks like.
o Illustrate how we work at GWCPA and what a typical day in admin support looks like.
o Ask Questions Day
• Day #4 - Work with Managing Partner Day and Lunch with Partners
o Discuss the annual review process.
o Discuss pathways for growth and promotion.
o Provide resources for professional development.
Employee Offboarding
Introduction
To ensure all necessary employment termination documents are completed for offboarding, all equipment is returned, employee access has been removed from GWCPA server, related technology and office locations.
• Collect Employment Termination Information and Notifications
o Create Off-boarding Project
o Obtain written signed termination of employment letter.
o Notify team members after Partner meeting.
o Notify clients via e-mail and coordinate with Marketing for a social media post and website removal.
o Schedule exit interview.
o Non-Disclosure Agreement (NDA):
Have the employee sign a new NDA.
Ensure understanding of confidentiality obligations.
• Termination of Benefits
o Explain benefits terminating and final paycheck.
o Terminate in 401k Plan
o Terminate in Payroll
o Terminate insurances (provide cobra information)
• Return of Outstanding Money Owed
o Settle any outstanding financial matters with the employee.
2. Technology and Location Access (Operations Specialist)
• Remove Access
o Revoke access to all company software, systems and office space.
o Update the access log to reflect the removal of access
o Change shared passwords and alarm code.
• Initiate Return of Equipment and Notification
o Collect all company equipment (laptops, phones, building keys, etc.).
o Add auto response to e-mail address.
3. Conduct Exit Interview ( Managing Partner
)
• Conduct meeting with terminated employee and firm administrator to request feedback and answer questions.
Employee Handbook
Introduction
Our Employee Handbook is your essential guide to understanding the general policies, procedures, and expectations at our firm. It clearly communicates our standards, defines roles and responsibilities, and outlines the resources available to support you. We encourage you to read it thoroughly to ensure a smooth and productive experience as part of our team.
1. GWCPA Employee Handbook – Please use link below to access.
GWCPA Employee Handbook - Updated 8/2024
Employee Benefits
Introduction
Our Employee Benefits Handbook provides comprehensive information about the benefits available to you as a valued member of our team. This guide covers everything from health and wellness programs to retirement plans and other benefits. By understanding your benefits, you can make the most of the opportunities and resources we offer to support your well-being and professional growth. We encourage you to review this handbook thoroughly to fully appreciate the advantages of being part of our team.
1. GWCPA Employee Benefits Booklet – Please use link below to access.
GWCPA Employee Benefits - Updated 8/2024
Emergency Preparedness Policies
Introduction
To ensure the safety and security of all employees, visitors, and assets within the office building during emergencies.
o Ensure all employees are trained on emergency procedures.
o Conduct regular emergency drills.
o Maintain and inspect emergency equipment and supplies.
o Ensure clear communication channels during an emergency.
o Lead evacuation or lockdown procedures.
o Provide first aid and emergency assistance.
o Coordinate with external emergency services.
• Employees
o Familiarize themselves with emergency procedures.
o Participate in emergency drills.
o Follow instructions during an emergency.
o Report potential hazards or suspicious activities.
3. Emergency Procedures
• Fire
o Activate the nearest fire alarm – nearest alarm to GWCPA office is located on the wall adjacent of the elevators.
o Evacuate the building using the nearest exit; do not use elevators Use the staircase located at the back of GWCPA offices near lockers.
o Gather at the designated assembly point. GWCPA assembly point is across the parking lot from the stairs on the sidewalk.
o Management assists in ensuring all individuals have evacuated.
• Medical Emergencies
o Call 911 and provide the necessary information.
o Provide first aid if trained to do so. First aid kit is in the supply closet.
o Management coordinates with medical personnel upon arrival.
• Natural Disasters
o Follow specific procedures for each type of disaster.
o Earthquake -Evacuate the building using staircase to designated assembly point.
o Tornado warning – Evacuate the building using staircase to the parking garage (far back wall).
o Flood – Remain in the GWCPA office until flood waters have receded.
o Management ensures all individuals follow the safety procedures.
• Hazardous Material Incidents:
o Evacuate the immediate area and assemble at the designated assembly point.
o Report the incident to management.
o Management assesses the situation and coordinates with external emergency services.
• Power Outages:
o Remain calm and stay where you are and wait for emergency lights to activate.
o Follow instructions from management.
o Management ensures essential systems are supported by backup power, if available.
• Workplace Violence or Active Shooter:
o Alert: If you hear gunshots or see an active shooter, immediately alert others in the vicinity. Call 911 as soon as it is safe to do so, providing details about the shooter’s location, physical description, and type of weapon.
o Ru n: If there is a safe path, evacuate the building. Leave belongings behind, keep your hands visible, and follow police instructions.
o Hide: If evacuation is not possible, find a place to hide where the shooter is less likely to find you. Lock and barricade doors, turn off lights, silence your phone, and remain quiet.
o Fight: As a last resort, and only if your life is in imminent danger, attempt to disrupt or incapacitate the shooter. Act aggressively, use improvised weapons, and commit to your actions.
4. Communication
• Utilize public address systems, emails, or text alerts to communicate during an emergency.
• Management is responsible for disseminating accurate and timely information.
5. Training and Drills
• Conduct annual emergency preparedness training for all employees.
• Perform quarterly emergency drills for different scenarios.
• Review and update emergency procedures regularly.
6. Emergency Equipment and Supplies
• Maintain first aid kits, fire extinguishers, and emergency exit signage.
• Ensure all emergency equipment is inspected regularly.
• Keep an inventory of emergency supplies such as flashlights, batteries, and water.
7. Post - Emergency Procedures
• Conduct a headcount at the designated assembly point.
• Provide first aid or call for medical assistance if needed.
• Document the incident and review the response for continuous improvement.
• Offer counseling services if necessary.
8. Review and Update
• Review this policy annually or after any significant incident.
• Update procedures based on lessons learned and changes in regulations or building layout.
Office Etiquette
Introduction
Our Office Etiquette Guidelines are designed to foster a respectful, productive, and harmonious work environment. These guidelines outline the expected behavior and practices that help maintain a positive and professional atmosphere. By adhering to these standards, we ensure that everyone can work efficiently and comfortably. We encourage you to familiarize yourself with these guidelines to contribute to a pleasant and cooperative workplace.
1. GWCPA Office Etiquette Booklet – Please use link below to access.
GWCPA Office Etiquette - Updated 8/2024
Dress Code
Introduction
Our Dress Code Policy is established to promote a professional and respectful work environment. This policy outlines the attire expectations for all employees, ensuring that we present ourselves in a manner that reflects the professionalism of our firm. By adhering to this dress code, we maintain a cohesive and polished appearance that fosters a positive image for our clients and colleagues. We encourage you to familiarize yourself with this policy to ensure compliance and contribute to our professional atmosphere
TECHNOLOGY & SECURITY
Technology and Data Security – Basic Guidelines
Introduction
This policy outlines the technology and data security policies. All employees must adhere to these guidelines to ensure the protection of company and client data.
1. Computer Usage Guidelines
• Office Workstations
o External IT Support Company will install the necessary applications for remote server access.
o An endpoint protection program will be installed and must always remain active.
o Each employee is provided the following personal equipment: keyboard, mouse, headphones and a Remarkable.
o Store all work-related files on designated company servers or cloud storage. No files should be stored on the physical machine hard drive.
o All training videos and virtual meetings are accessed via your workstation outside of ECAP.
o All continued education that is more than 2 hours should be done at your home office.
o Storing personal files on GWCPA computer equipment is prohibited.
o The only item allowed to be plugged into your computer are your headphones. Use the charging station at your desk for charging all devices.
o No paper printing from your workstation – All printing is performed by the Administrative Team via requests in the “To be Printed” channel under the “GW IT Support” team (Microsoft Teams).
o End of Day Procedures:
Log Out of ECAP (Cloud Sever)
Log out of all software that you are personally signed into on the physical computer.
Restart the computer and leave it on per External IT Support Company (External Computer Support Company) guidelines.
• Home Office Computers
o External IT Support Company will install the necessary applications for remote server access.
o An endpoint protection program will be installed and must always remain active.
o Installation of personal applications on GWCPA computers is prohibited.
o Use of GWCPA computers for personal activities is not permitted.
o If using your own personal computer for GWCPA work, caution must be taken when downloading anything onto the computer. GWCPA will accept no liability for damage or loss of data to personal computers.
o End of Day Procedures:
Log Out of ECAP (Cloud Sever)
Log out of all software that you are personally signed into on the physical computer.
Restart the computer and leave it on per external IT support company guidelines.
• Field/Travel Laptops
o Equipment must be requested at least 2 weeks prior to use.
o All computer equipment must be returned to IT in the condition that it was received. Failure to comply will result in employee liability of equipment.
o Connect ONLY to the GWCPA-provided hotspot when working remotely. Connection to public networks (ethernet or Wi-Fi) is prohibited.
o Never leave laptops unattended in public spaces.
o Use privacy screens (provided by GWCPA) when working in public areas.
• Power Outage Protocol
o Ensure computers are always plugged into external batteries.
o In the event of a power outage, you have approximately 30 minutes to:
Save all open work.
Close all applications.
Shut down the computer.
2. E - mail Security
• E- mail P olicy
o Always confirm the sender's identity before clicking links.
o No attachments should be accessed via e-mail; you must adhere to GWCPA’s communication guidelines for sending and receiving documents and appropriate email content.
o Be cautious of emails requesting sensitive information or immediate action.
o External IT Support Company conducts monthly phishing email tests to assess employee vigilance.
o Employees who fail these tests will be required to complete security training.
o Within Outlook there is a ‘Catch Fish’ button. Click this on any suspicious emails. DO NOT forward suspicious emails to IT or External IT Support Company.
o Do not respond to or interact with suspected phishing attempts.
3. Cell Phone Policy
• Mandatory Applications:
o Phone lock with a strong password or biometric authentication
o DUO, Guarding and any additional company-specified authentication apps.
o RingCentral for business phone communications
• Optional Applications:
o Outlook and Teams for mobile access to work email and collaboration tools.
• Lost Phone or New Phone:
o When activating a new phone, ensure the old device is completely wiped of all data.
o Set up cloud saving for authentication apps as a fail-safe in the event of phone loss. This will make the transition to a new phone much easier.
o Report lost or stolen devices to IT.
4. Cloud Server Usage
• Passwords
o All passwords are required to be at least 12 characters long and include at least one of the following: upper case letter, lower case letter, number, distinctive character.
o Passwords must be changed regularly (usually every 90 days). When prompted you must create a new password based on the requirements listed above.
o Passwords are private and must not be shared with anyone.
o Passwords are stored in LastPass.
• Sign Out or Disconnect
o Always “sign out” to be fully removed from all applications within the server at the end of each workday.
o When moving between office and home, you may “disconnect” to keep your apps on.
o Note that disconnected sessions will remain active for up to 4 hours before automatic logout.
o Always sign out from ECAP if you expect to be away from your computer for more than 30 minutes to maintain system security and performance.
• Server Down
o The employee who first notices the server is down should post a message in the “GW IT Support” team in the “ECAP Issues” channel and alert operations specialist directly with urgent chat message.
o Management will contact External IT Support Company and pass along information to operations specialist if not available at time of server crash.
o Notification of status and instructions will be posted in the “ECAP Issues” channel by operations specialist.
o You can successfully access software outside of ECAP for applications hosted on vendor cloud servers. Ex. QuickBooks Online, GoSystem, Office 365 (e-mail, teams, etc.)
• Operating
o Save work frequently to prevent loss of unsaved changes
o Contact Operations Specialist about issues and follow instructions.
5. Suspected Computer Hacks or Ransomware Attacks
• Immediate Response
o Isolate the Threat:
Disconnect from Network: Immediately disconnect the affected computer(s) from the network (both wired and wireless) to prevent the spread of the threat.
Power Down: If necessary, power down the affected device(s) to halt any ongoing malicious activity.
o Notify IT Department:
Contact IT: Inform the IT department or designated cybersecurity personnel immediately about the suspected breach. Provide details about the incident, including the time of discovery, symptoms, and any suspicious activities.
o Avoid Interaction:
Do Not Open Files: Do not open any files, emails, or applications that might be linked to the suspicious activity.
Avoid Clicking Links: Do not click on any links or pop-ups that might have appeared during the incident.
• Assessment and Containment
o IT Department Actions:
Contact Cyber Security Insurance Carrier Agent:
• Breach Coach (First Responder): 855-643-2821
• Email At Bay: claims@at-bay.com
• Contact: Dan Hudson 443-254-1511 / Joe Brunsman 443-949-5228
Incident Assessment: The IT department with external IT company will assess the scope and nature of the attack, identifying affected systems and data.
Containment Measures: Implement containment measures to prevent further spread of the threat, such as blocking malicious IP addresses, disabling compromised accounts, and deploying network segmentation.
o Communication:
Internal Notification: Notify all employees about the incident, instructing them to be vigilant and avoid interacting with suspicious emails or links.
External Communication: If necessary, inform clients, partners, and other stakeholders about the incident, providing reassurance and information on measures being taken.
Identify Improvements: Identify areas for improvement in the incident response process and update SOPs accordingly.
o Training and Awareness:
Employee Training: Conduct training sessions to educate employees on recognizing and responding to cybersecurity threats.
Awareness Programs: Implement ongoing awareness programs to keep employees informed about best practices and emerging threats.
6. Software and Artificial Intelligence (AI) Usage Guidelines
• Approval
o All software and AI tools must be approved by GWCPA before use.
• Mitigating Risk
o GWCPA must obtain SOC reports for all new software.
• Data Protection
o No client information is to be used with software or AI tools without explicit GWCPA permission. This includes names, financial data, and any personally identifiable information.
o Ensure all data used by AI systems is handled in compliance with our data confidentiality and protection regulations.
o Implement data anonymization and encryption to protect sensitive information.
7. Policy Compliance
• Employee Responsibility
o All employees are expected to read, understand, and comply with these policies.
o Consequences of Non-Compliance
o Violations may result in disciplinary action which may result in termination.
o Serious breaches may lead to legal action if company or client data is compromised.
Technology Used and Training
Introduction
In today's rapidly evolving business environment, the effective utilization of technology is paramount to the success of our firm. Our commitment to leveraging state-of-the-art software and tools ensures that we deliver high-quality services efficiently and accurately. The link below outlines the technology platforms we employ across various functions and the comprehensive training programs designed to equip our staff with the necessary skills to maximize these tools' potential.
GWCPA Software List
Technology Support and Guidance
Introduction
Our goal is to provide clear, consistent, and effective guidance for all technology-related matters, ensuring that every team member can access the support they need to perform their roles efficiently. It is important to remember that this document is not static. As we grow and our technological landscape changes, we will revisit and update these procedures annually to incorporate new insights and advancements.
1. Overview of Support Resources
• Technology Support
Most software support is accessible via the respective technology websites. Additionally, we have phone support for specific services: Thomson Reuters (GS, GFR, EM, PCS, etc.) : https://www.thomsonreuters.com/en - us/help.html
o Minor Issues : Attempt initial troubleshooting steps such as restarting the device, checking connections, and consulting the user manual.
o Serious Issues: For significant hardware problems and access issues, contact our operations specialist directly. These should also be reported in the Teams GW IT Support channel under the relevant technology.
2. Procedures
• Accessing Software Support
o Identify the Issue: Determine the nature and specifics of the issue you are experiencing.
o Consult Online Resources: Visit the respective support website for the technology you are using and search for a solution in their knowledge base or FAQs.
o Contact Phone Support: If the issue is not resolved through online resources, contact phone support for Thomson Reuters or NTVIA as needed.
• Reporting Issues in Teams
o Post in GW IT Support Channel: For all major technology issues, post a detailed description in the Teams GW IT Support channel under the respective technology section.
o Include Relevant Information: Provide as much detail as possible, including screenshots, error messages, and steps taken to resolve the issue.
• Serious Hardware and Access Issues
o Contact Operations Specialist: For serious hardware issues and access problems, contact the operations specialist immediately.
o Post in Teams: Additionally, post the issue in the Teams GW IT Support channel, tagging the operations specialist for visibility.
• Communication Protocols for Operations Specialist
o Documentation: Document all support interactions, including ticket numbers, support personnel names, and resolutions.
o Follow-Up: Ensure that any unresolved issues are followed up regularly until they are resolved.
o Escalation: Escalate issues to higher levels of support or management if they are not resolved within a reasonable timeframe.
WI SP Procedures Required by IRS
Introduction
In today's digital age, safeguarding sensitive information is paramount to maintaining the trust and confidence of our clients. Our Tax & Accounting Practice is committed to protecting the personal and financial data of our clients, as well as the integrity of our internal systems. To this end, we have developed a comprehensive Written Information Security Plan (WISP) that outlines our policies and procedures for securing sensitive information.
This WISP serves as a foundational document to guide our firm's efforts in preventing data breaches, ensuring compliance with relevant regulations, and promoting a culture of security awareness among all employees. It is designed to identify and mitigate risks associated with the collection, storage, transmission, and disposal of confidential information.
Our commitment to information security is not only a regulatory requirement but also a core value that supports our reputation as a trusted provider of tax and accounting services. This plan applies to all employees, contractors, and third-party service providers who handle sensitive information on behalf of our firm.
The WISP covers the following key areas:
1. Data Classification and Handling : Guidelines for categorizing and managing different types of data based on their sensitivity.
2. Access Control : Procedures for granting, monitoring, and revoking access to sensitive information.
3. Physical and Environmental Security : Measures to protect physical assets and environments where sensitive information is stored or processed.
4. Network and Communications Security : Protocols for securing electronic communications and protecting network infrastructure.
5. Incident Response : Steps to take in the event of a security breach or data compromise.
6. Employee Training and Awareness : Ongoing education initiatives to ensure all staff are aware of security best practices and their role in maintaining data security.
7. Monitoring and Auditing : Regular reviews and assessments to ensure compliance with the WISP and identify areas for improvement.
By adhering to the policies and procedures outlined in this WISP, our firm demonstrates its dedication to maintaining the highest standards of information security. This proactive approach not only protects our clients but also strengthens our firm's overall resilience against potential security threats.
GWCPA 2024 WISP
Confidentiality and Non - Disclosure Agreement
Introduction
Our Confidentiality and Non-Disclosure Agreement (NDA) is crucial in protecting the sensitive information and intellectual property of our firm and our clients. This agreement outlines your responsibilities in maintaining confidentiality and the protocols for handling proprietary information. By adhering to the terms of this NDA, we ensure the integrity and trust necessary for our business operations. We encourage you to review this agreement thoroughly to understand your role in safeguarding our confidential information. Employees are required to read and acknowledge your understanding and receipt of this document.
1. Confidential Information
• Acknowledgment of Proprietary Rights
I acknowledge that GW CPA LLP is the exclusive owner of its Confidential Information, which includes all information, regardless of its form of recording, not in the public domain, relating to:
o Information on clients of GW CPA LLP: names, addresses, telephone numbers, contact persons, medical information, and banking information.
o GW CPA LLP business methods, practices, strategies, and related information, including marketing and advertising, indices, techniques, and data retention methodologies by which GW CPA LLP maintains information regarding its clients.
o Information received by GW CPA LLP from third persons to whom it owes a duty of confidence.
o All secrets, trade secrets, know-how, ideas, and processes of GW CPA LLP.
• Proprietary Rights
I acknowledge that all Confidential Information constitutes a proprietary right which GW CPA LLP is entitled to protect.
2. Confidentiality Obligations
• Non - disclosure
I agree that upon termination of my employment with GW CPA LLP, I will not disclose any Confidential Information to any person, including any competitor of GW CPA LLP, or future employer of mine. I will not use the confidential information for any purpose other than those permitted by GW CPA LLP.
• Security Compliance
I agree to comply with all security precautions and measures of GW CPA LLP intended to maintain the confidentiality of its Confidential Information and to limit its distribution to instances of a legitimate need-to-know basis that are intended to promote the best interests of the Firm.
• Handling of Confidential Information
I agree that upon termination of my employment with GW CPA LLP, I will not make copies, summaries, or extracts of Confidential Information, nor will I remove any Confidential Information from the place of business unless authorized by GW CPA LLP.
• Protection of Firm’s Interests
I agree that upon termination of my employment with GW CPA LLP, I will not disclose any Confidential Information concerning GW CPA LLP which could adversely affect the Firm’s image, reputation, or value.
3. Return of Property
• Return of Employer’s Property
I agree that upon termination of my employment with GW CPA LLP to promptly deliver all memoranda, notes, records, reports, manuals, and any other hard copy documents or electronic data belonging to GW CPA LLP, or containing Confidential Information, including all copies of materials I may possess or have under my control.
• Exit Interview Requirements
I agree that upon termination of my employment with GW CPA LLP I will provide GW CPA LLP with my computer password, voicemail passwords, alarm code, and any other passwords I may possess.
• Software Licenses
I agree that all software licenses purchased by GW CPA LLP are appropriately titled to GW CPA LLP or one of its owners and that no software purchased by GW CPA LLP is licensed to me or held in my possession. If this is not the case, I will perform whatever necessary means to correct this oversight.
4. Non - solicitation
• Non - solicitation of Clients
I agree that upon termination of my employment with GW CPA LLP, I will not directly or indirectly solicit competitive business from any client or customer of the Firm (including any potential client of GW CPA LLP) that was contacted, solicited, or served by me or about which I received confidential information while I was employed by GW CPA LLP. I will not perform services or accept any business, competitive with that of GW CPA LLP, directly or indirectly from any of the clients described above, which involves me performing similar functions or acting in a similar capacity as when employed with GW CPA LLP.
• Non - solicitation of Employees
I agree that upon termination of my employment with GW CPA LLP, I will not directly or indirectly recruit, solicit, or otherwise induce or attempt to induce any employee of GW CPA LLP to terminate his or her employment with the Firm or otherwise to act contrary to the interests of GW CPA LLP.
5. General Provisions
• Necessary Protections
I acknowledge that the restrictions contained in this Agreement are necessary for the protection and goodwill of GW CPA LLP, and I consider them to be reasonable for that purpose. I agree that any breach of the terms of this Agreement is likely to cause GW CPA LLP substantial and irrevocable damage and irreparable harm. In the event of any such breach, I agree that GW CPA LLP, in addition to other remedies which may be available, shall be entitled to specific performance and other injunctive or marketing relief, including interim or interlocutory relief, if demanded.
• Severability
If any provision of this Agreement or part thereof shall be deemed void, invalid, illegal, or unenforceable in whole or in part, the remaining provisions or parts shall remain in full force and effect.
Team and Client Communication
Introduction
This policy outlines the standards for communication to ensure client confidentiality, improve efficiencies and maintain a respectful and professional work environment.
1. Communication with Clients
• Confidentiality
o External Communication: Outlook E-mail should be used for external communications. If sensitive information is included in the body of the e-mail, then you should “encrypt” the e-mail prior to sending. No attachments should be sent or received through E-mail. The acceptable platforms for secure document sharing are:
SafeSendExchange (Single Documents)
Inflo (Business Clients)
TaxCaddy (Individual Clients)
o Information: All client information must be treated as confidential and should not be disclosed to any unauthorized person or entity without client consent.
o Secure Communication Channels: Use secure methods for communication, including encrypted emails, secure client portals, and direct phone calls. Avoid using personal email accounts and unsecure messaging apps and be mindful of discussions in public with team members.
o Data Protection: Ensure all client documents and communications are stored securely, whether digitally or physically. Follow the firm's data protection protocols as outlined by our Code of Professional Conduct and our Technology and Data Security Policies.
o Authorization: Only share client information with those within the firm who have a legitimate need to know. Ensure all employees understand their role in maintaining confidentiality.
o Client Consent: Obtain written consent from clients before sharing their information with third parties, unless required by law.
• Professionalism
o Tone and Language : Maintain a professional and courteous tone in all communications. Avoid jargon and ensure clarity, especially in written communication. Please refer to GWCPA brand book for the appropriate tone of voice protocols.
o Response Time : Aim to respond to client inquiries within 24 hours. If a detailed response is not possible within this time period, acknowledge receipt and provide an estimated time for a full response. In addition, your response time should be within GWCPA business hours. We do not want to create expectations that we are available 24/7.
o Documentation : Keep a record of all significant communications with clients, including emails, phone calls, and meetings. This ensures consistency and accountability.
o Out – of - Office Notifications: To ensure continuity of service and clear communication with clients and colleagues, all team members are required to follow the procedures outlined below when they are out of the office.
o Calendar Schedule:
Update your calendar to reflect your out-of-office status:
• Create an event titled "Out of Office - [Your Name]" for the entire duration of your absence.
• Mark the event as "All Day" and ensure team member visibility.
Make sure your absence is also reflected on the Firm Administrator’s Calendar
o Phone Notification:
Set up an out-of-office voicemail greeting that includes:
• A statement that you are out of the office.
• The dates of your absence.
• Instructions for urgent matters, including an alternate contact person’s name and phone number.
• Example:
"Thank you for calling GWCPA. I am currently out of the office and will return on [Return Date]. Please leave your name, phone number, and a brief message, and I will return your call upon my return. If you require immediate assistance, please contact [Alternate Contact Name] at [Alternate Contact Phone Number]. Thank you."
o E- mail Notification:
Set an automatic out-of-office reply in your email that includes:
• A statement that you are out of the office.
• The dates of your absence.
• Instructions for urgent matters, including an alternate contact person’s name, email, and phone number.
• Example:
Subject: Out of Office - [Your Name] Thank you for your email. I am currently out of the office and will return on [Return Date]. During this period, I will have limited access to my email. If your matter is urgent, please contact [Alternate Contact Name] at [Alternate Contact Email] or [Alternate Contact Phone Number]. Otherwise, I will respond to your email as soon as possible upon my return. Thank you for your understanding.
Best regards, [Your Name]
GWCPA Business Card
o Alternate Contact:
Ensure that an appropriate colleague is informed and available to handle urgent matters in your absence.
Provide alternate contact with any necessary information or instructions to manage
client needs effectively.
2. Communication with Co - Workers
• Respect and Politeness
o Professional Courtesy: Address colleagues with respect and courtesy in all communications. Use polite language and maintain a collaborative tone.
o Constructive Feedback: Provide feedback in a constructive and respectful manner. Focus on the issue, not the person, and offer suggestions for improvement.
o Conflict Resolution: We encourage an open dialogue where team members feel comfortable discussing their concerns and suggestions in a professional manner. Team members should refrain from complaining or gossiping about colleagues. Instead, any concerns or issues should be addressed directly with the appropriate team member or supervisor where the problem can be resolved constructively.
o Inclusivity: Ensure all team members feel included and respected. Avoid language or behavior that could be interpreted as discriminatory or exclusionary.
• Prohibition of Toxic Behavior
o No Tolerance for Bullying: Bullying, harassment, or any form of toxic behavior will not be tolerated. This includes verbal, physical, and psychological abuse.
o Inclusive Environment: We are committed to fostering an inclusive and supportive work environment where diversity is respected, and everyone feels valued.
o Reporting Mechanisms: Any instances of bullying, harassment, or other toxic behaviors should be reported to the firm administrator immediately. We will take appropriate action to address and resolve such issues.
• Collaboration
o Internal Communication: Teams should be used for all Internal communication.
o Clear Communication : Clearly communicate tasks, expectations, and deadlines. Ensure that all team members have the information they need to complete their work effectively.
o Active Listening : Practice active listening during meetings and discussions. Acknowledge others’ viewpoints and contributions.
o Supportive Environment : Foster a supportive environment where team members feel comfortable sharing ideas and asking for help.
3. Enforcement
• Violations
o Reporting : Employees who become aware of any violations of this policy should report them to their supervisor or the firm administrator.
o Disciplinary Action : Violations of this policy may result in disciplinary action, up to and including termination of employment.
4. Review
• Policy Review : This policy will be reviewed annually to ensure it remains current and effective. Employees are encouraged to provide feedback for improvements.
For more detailed guidelines and specific standards, you can refer to the AICPA Code of Professional Conduct and the AICPA Statements on Auditing Standards (AICPA & CIMA) (AICPA & CIMA) (AICPA & CIMA)
OFFICE ADMINISTRATION
General Administration
Introduction
This document aims to ensure consistency, efficiency, and quality in the administrative processes, contributing to the overall effectiveness and professionalism of the firm. It serves as a reference for administrative staff to perform their duties in alignment with the firm's standards and regulatory requirements. it covers a wide range of administrative functions, including office management, client interactions, document management, equipment use, and operational procedures. Administrative duties are designed to be comprehensive, yet flexible enough to accommodate updates and improvements as the firm grows and evolves.
• Client Drop Box
o Internal access is located behind the barn doors, should be checked every morning.
• Mail
o (Eta is between 10am – 12Pm) regular mail that needs to go out that day should be done first thing in the morning or ASAP.
o Incoming Mail –
Scan mail into respective pdf folders -> name file -> notify them that they have mail via Team’s chat.
Client Payment Checks – These are scanned with our remote deposit machine.
o Out Going Mail – United States Postal Service (USPS) Pickup is between 10am – 12Pm.
Mail that needs to go out that day should be done first thing in the morning or ASAP.
Mailbox is located in the parking lot, box #12, key is a mini USPS car kept in the top cabinet with stamps.
All mail must have postage
1. Birthday Cards = Birthday Stamp
2. Postcards = Postcard Stamp
3. Regular GW envelopes = Use Quadient Machine
Quadient Machine - Turn on machine -> enter code *** ->weight envelope -> press
green button-> run through machine -> red button to stop then turn off.
• Delivery
o All packages (Tax Returns, source docs, etc. must have a routing slip)
o FedEx deliveries – FedEx website w/ proper packaging and print label on plain paper.
o USPS (Priority)- done on USPS website with special packaging and USPS sticky label
May require special pickup if package will not fit in mailbox drop off.
To schedule a pickup, click the option ->verify our current address -> choose for next day pickup
Pickups should not be scheduled on Thursdays because office is closed Fridays
• Telephone
o “Thank you for calling GWCPA, how may I direct your call?”
o On ring central app click green button to call before transferring.
o If a person is unavailable inform them and transfer them to voicemail.
• Scanning
o Make sure there are no staples or paperclips or folded papers.
o Paperstream capture is for Sureprep (Individual and Trust Tax Returns) and documents saved in “SurePrep Scans Folder”
o Scandallpro is for all other scanning and stored in team member “Local PDF Folder”
o VISSIAN takes pictures and can be in color, can be used for overly large or hard to go through a scanner documents.
• Printing – Only A dmin may P rint
o All requests are posted in the Team channel “To be Printed”
o Printer in the admin office is ADMIN_M6030z
o Printer in scanner room is Staffcolor_7740
• Shredding, Document Management and Retention
o Source document is sent back or shredded at discretion of Partner in charge (End of tax
season or upon completion of tax return).
o Client payment checks are held for 30 days and then shredded.
o Mail retained for 1-2 weeks and then shredded.
Financial Management
Introduction
Effective financial management is essential to the success and stability of our firm. This section outlines the key components of our financial management processes, ensuring that we operate efficiently, maintain compliance, and achieve our financial goals. The following subsections provide detailed guidelines and procedures for each area of financial management:
1. Billing, Invoicing, and Collections
Managing our billing and collections process ensures timely payments and accurate financial records. This section covers the procedures for issuing invoices, tracking payments, and handling overdue accounts.
• Responsibilities
o Firm Administrator: Responsible for initiating the billing process, ensuring accuracy, sending invoices, following up on outstanding invoices, and managing collections.
o Admin istrative : Responsible for recording payments and preparation of invoices.
o Managing Partner: Oversees the invoicing and collections process, ensures compliance with policies, and handles escalated issues.
• Preparation of Invoices
o Receive and start the billing project. Print (PDF) client WIP report and share with the engagement partner.
o Engagement partner will select clients to be invoiced on client WIP report.
o Admin will generate the invoice.
o Verify the following details:
Client’s name and contact information
Description of services provided
Dates of service (if applicable)
Amount Due and Invoice Number
Payment terms and due date
• Approval and Issuance of Invoices
o Admin will complete the “invoice prepared” task.
o Engagement partner will review, make corrections to the invoice and complete the reviewed task.
o Admin will review corrections, make changes to amount due if applicable and complete the corrections task.
o Once approved by the Engagement partner, the Firm Administrator sends the invoice to the client via email or postal mail, as per the client's preference.
• Follow - Up on Invoices
o Firm administrator tracks aging accounts receivable and sends statements and reminders to clients.
o Engagement partner will contact clients that are 90 days or more overdue.
o All work will stop on clients that are 90 days or more overdue until payment has been received.
o Document all communications with clients regarding invoice follow-ups.
• Monitoring Accounts Receivable
o Managing partner and Firm administrator will review the accounts receivable aging report weekly to identify overdue invoices.
o Categorize overdue invoices as follows:
1-30 days overdue
31-60 days overdue
61-90 days overdue
Over 90 days overdue
• Collection Steps
o For invoices 31-60 days overdue:
Send a polite reminder email or call the client.
Confirm that the client received the invoice and there are no issues.
o For invoices 61-90 days overdue:
Send a formal demand letter.
Schedule a meeting with the client to discuss the outstanding payment and payment options
o For invoices over 90 days overdue:
Consider involving a collections agency if no response is received.
• Payment Processing
o Upon receiving a payment, Admin will:
Record the payment in time and billing software insuring payment is allocated to the correct outstanding invoice.
If payment is in the form of a check, check will be scanned into the online banking system.
2. Financial Reporting
Preparing financial reports are critical for strategic planning and decision-making. This section provides an overview for the preparation of regular financial reports to monitor our financial health.
• Responsibilities
o Firm Administrator: Responsible for monthly close of Practice CS, reconciling financial accounts and preparing financial reports.
o Managing Partner: Oversees the reconciliation process, cash disbursements, reviews financial reports, monitors and projects future cash flows and reports financial condition at monthly partnership meeting.
o 1 st Day Each Month :
Managing Partner downloads all bank, loan and credit card statements and saves to Firm Administrator pdf folder on secure server drive (W).
Managing Partner Pays Truist CC Payment.
Firm Administrator Begins Monthly Close Process and reconciliation in QuickBooks Online (QBO) and Engagement Manager.
o 10 th Day Each Month :
Firm Administrator completes monthly close and alerts Managing Partner
Managing Partner reviews and makes necessary adjustments in QBO and provides an overall analysis of changes in Teams “GW Internal Accounting” channel.
o 15 th Day Each Month :
Firm Administrator makes additional changes and prepares final financial statements and enters closing date in QBO.
Managing Partner completes additional schedules and adds to Partnership Agenda int Teams “Partnership Meetings”.
3. Expense Management
Controlling and monitoring expenses is vital for financial stability. This section outlines the policies and procedures for expense approvals, reimbursements, and reporting.
• Pre - Approval of Expenses
o Employees must obtain prior approval from their direct supervisor or the designated approver for any expenses anticipated to exceed $100.
o Travel expenses must be pre-approved regardless of the amount.
• Eligible Expenses
o Business travel (transportation, lodging, meals)
o Office supplies
o Client-related expenses (meals, entertainment)
o Professional development (training, seminars)
o Other expenses as deemed necessary and approved by the supervisor
• Ineligible Expenses
o Personal items
o Non-business-related travel
o Unauthorized purchases
o Fines or penalties
• Submission of Expense Report
o Employees must submit an expense report within 30 days of incurring the expense.
o The expense report should include:
Date of the expense
Description of the expense
Amount
Business purpose
Original receipts (scanned copies are acceptable)
o Use the firm’s designated expense report form or software.
• Expense Report Approval Process
o Submit the completed expense report to the immediate supervisor for review.
o The supervisor will review the report for accuracy and completeness and verify that all expenses are reasonable and necessary.
o Approved reports are forwarded to the accounting department for processing.
• Processing of Reimbursement
o The accounting department will process approved expense reports within 10 business days of receipt.
o Reimbursement will be made through direct deposit or added to the employee's next payroll.
• Documentation and Record Keeping
o The accounting department will maintain records of all expense reports and receipts for a minimum of 7 years.
o All records should be easily accessible for audit purposes.
• Audits and Compliance
o The accounting department will conduct periodic audits of expense reports to ensure compliance with this SOP.
o Any discrepancies or misuse of funds will be reported to management for further action.
4. Credit Cards Policy
Using company credit cards responsibly is important for maintaining financial integrity. This section covers the guidelines for issuing, using, and monitoring company credit cards.
• Issuance of Firm Credit Cards
o Firm credit cards will be issued to employees based on their job responsibilities and the necessity for a credit card to perform their duties.
o Requests for firm credit cards must be approved by the Managing Partner.
o Employees must sign a Cardholder Agreement acknowledging their understanding and acceptance of this policy before receiving a firm credit card.
• Authorized Use
o Firm credit cards are to be used exclusively for business-related expenses. Personal use is strictly prohibited.
o Examples of authorized expenses include:
Travel and accommodation for business trips.
Meals and entertainment for business purposes.
Office supplies and equipment.
Client-related expenses.
o Unauthorized expenses include, but are not limited to:
Personal purchases.
Cash advances.
Non-business-related travel and entertainment.
Personal subscriptions or memberships.
• Cardholder Responsibilities
o Cardholders must:
Use the card responsibly and only for authorized business expenses.
Get Managing partners approval for purchases over $500.
Keep the card secure and immediately report any loss or theft to the issuing bank and the finance department.
Retain and submit receipts for all transactions.
Review and reconcile monthly statements promptly.
Report any discrepancies or unauthorized charges to the finance department immediately.
• Expense Reporting
o Cardholders must submit an expense report for all credit card transactions on a monthly basis via Expensify.
o Expense reports must include:
Receipts for all transactions.
A detailed description of each expense, including the business purpose.
Appropriate approval from a supervisor or manager.
o Expense reports must be submitted in Expensify by the 5th of each month.
• Monitoring and Compliance
o The Firm administrator will review and reconcile all credit card statements on a monthly basis.
o Any discrepancies or unauthorized charges will be investigated promptly.
o Cardholders who violate this policy may face disciplinary action, up to and including termination of employment.
5. Payroll Processing
Ensuring accurate and timely payroll processing is essential for employee satisfaction and compliance. This section details our payroll procedures, including salary calculations, tax withholdings, and payroll distribution.
• Responsibilities
o Firm Administrator: Responsible for collecting required tax withholding forms, updating employee address and benefit information, computing annual commissions, processing payroll on the 15th and last day of each month and uploading 401k information for transfer.
o Managing Partner: Oversees the payroll process, transfers funds to cover payroll, transfers sect 125 funds and verifies employee pay for each payroll processing.
o All Employees and Partners : MUST enter time each day BEFORE signing off for the day and confirm pay reports prepared by Firm Administrator before each payroll processing.
• Time - Line
o Daily :
Everyone enters time in time tracking software.
Administrative Assistant verifies that all time is entered daily.
Firm Administrator Begins Monthly Close Process and reconciliation in QuickBooks Online (QBO) and Engagement Manager.
o 10 th Day and 24 th Day Each Month :
Firm Administrator provides time reports to employees for approval.
Employees review and approve time allocations.
Firm Administrator process preliminary payroll reports for employees and contractor pay.
Managing Partner reviews, transfers funds to cover payroll, uploads transfer confirmations to engagement binder, updates workflow project and alerts Firm Administrator in Teams
Firm Administrator process payroll, files final reports and submits file for
transfer.
6. Tax Filings
Proper tax filing is necessary to meet legal obligations and avoid penalties. This section outlines our process for preparing and submitting tax returns, including deadlines and documentation requirements.
• Business Income Tax Returns :
o Federal Form 1065 and Maryland
Due 9/15 – Normally Extended (401k), but completed in November
Year-End Tax Workpapers Prepared by Managing Partner
Tax Returns Prepared by Tax Partner
Reviewed by Managing Partner
E-filed by Firm Administrator
K-1s Delivered to Retired Partners with Cover Letter
o MD PTE Estimates
Due: 10/15, 12/15, 3/15 and 7/15 (Paid by 6/30)
Prepared by Tax Partner
Paid by Firm Administrator
o Federal Form 8752 – Required Tax Payment
Due 5/15
Prepared by Managing Partner
• Payroll Tax Returns and 1099s
o Quarterly Filings
Due: 4/30, 7/31, 10/31 and 1/31
Prepared and E-filed by Firm Administrator
Reviewed by Managing Partner
o Annual Filings
Due: 1/31
Prepared and E-filed by Firm Administrator
Reviewed by Managing Partner
7. Pension Plan Administration
Administering our 401k pension plan effectively ensures that employees receive the benefits they are entitled to. This section details the management of our pension plan, including contributions, distributions, and regulatory compliance.
• Responsibilities
o Firm Administrator: Responsible for notifying employees about plan features, providing access to resources and training, updating deferrals requests, completing annual census, disclosing fees and updating participant information.
o Managing Partner: Oversees the 401k pension plan process by reviewing census information, working with third party administrator (TPA) to ensure plan compliance, reviewing census reports, notifying participants of Firm annual contribution amount and reviewing and signing the Federal form 5500.
• Due Dates
o Annually - July
Notification to Participants:
1. Fee Disclosure
2. Employer Contribution
3. Submit Census to TPA
o Annually – January
5500 Due 1/31
Administrative Procedures Manual
1. Introduction
Detailed guidance related to GWCPA administrative procedures can be found using link below –they are updated annually by the administrative team and we meet each January to discuss what is new
Project in Process – Link Coming Soon.
MARKETING AND BUSINESS DEVELOPMENT
Marketing and Promotional
Introduction
GWCPA has been built on client referrals for most of our 75 year history and has never had a regular need for consistent marketing. Our clients have been local clients needing a broad range of accounting and tax services based on the interests of their partner-in-charge.
In 2023, when we went through our rebranding, we identified our ideal client as a multigenerational business. Approximately 70% of family-owned businesses do not survive to the second generation, and only 10-15% make it to the third generation. And it is estimated that in the next 10 years, as the Baby Boomers retire, 2.4M small businesses will change hands. This “succession phase” of our target client creates a unique opportunity for an accounting firm to deliver:
• Tax and strategy projects
• Leadership and legacy planning
• Systems development and business value optimization
The marketing team is responsible for staying current on B2B marketing trends and new platforms, and building our marketing engine with long-term, helpful problem solving rather than short-term, high pressure sales tactics.
1. Client Avatars
Client avatars are used in our marketing to envision our target client, and their pain points and values. Any marketing effort should be primarily targeting one of these three avatars.
• Paul is a 58-year-old CEO of a $15M small business in the mid-Atlantic, facing retirement within the next decade. As a second-generation owner, Paul is deeply invested in preserving the company’s legacy while ensuring its continued growth. His main goals include finding a successor from within the company, balancing the focus between highvalue services and diversification, and navigating a complex tax landscape. In addition, he aims to embrace digital transformation, expand into new markets, develop his employees, and maintain strong financial stability. Paul's pain points include leadership transition, service strategy, and operational efficiency, and he seeks an accounting firm with proven expertise in succession planning, comprehensive services, and long-term reliability.
• Lauren is a 38-year-old Operations Manager at a $15M small business with less than 100
employees. She has been with the company for 12 years and is a top candidate to buy into the business and eventually take over from the current owner who is within ten years of retiring. Lauren's goals include professional growth, ensuring company stability, preserving the company’s legacy, securing financial health, and driving innovation and expansion. Her pain points include managing the financial risk of buying into the business, navigating the complexities of succession planning, balancing increased responsibilities with personal life, making strategic decisions, and maintaining employee morale. When selecting an accounting firm, Lauren values expertise in succession planning, comprehensive and customized services, strong communication, reputation, costeffectiveness, and a proactive, culturally aligned approach.
• Rachel, a 32-year-old Senior Tax Accountant with 9 years of experience, is searching for a smaller CPA firm that prioritizes work/life balance, allowing her to maintain a fulfilling personal life while deepening her client relationships and making meaningful contributions. Frustrated by long hours, leadership that won’t innovate, and limited growth opportunities at her current firm, she seeks a more collaborative environment where her expertise is valued and where she can see a clear path to ownership, or opportunity to dive deep into a highly specialized technical role to serve the client base. Outside of work, Rachel enjoys hiking, reading, and volunteering at her local animal shelter, and she's looking for a firm that supports both her professional and personal aspirations.
2. Platform Strategy
GWCPA produces and distributes content on various platforms to provide value to our client avatars, based on the audience we expect will engage on those platforms. Questions on style and substance should refer to our Brand Book. The Marketing Partner is responsible for setting the tone of the various efforts, and monitoring the performance.
We do not set requirements for posting or engagement with company content for our staff via their personal accounts, but we do remind them that they are professionals even outside work, and ask they provide us feedback if they feel the company posts something that doesn’t align with our stated Core Values.
• Company Facebook Page GWCPA on Facebook
Expected audience: Friends and family of staff, Rachel, Lauren. 3-4 posts per week, sharing our blog and podcast content, helpful resources, and a heavier emphasis on our community engagement activities (as many as 1-2 fun posts per week)
• Company LinkedIn Page GWCPA on LinkedIn
Expected audience: Rachel, referral sources. 1-2 posts per week, sharing our blog, podcast, and helpful resources.
• Company YouTube Channel GWCPA on YouTube
Expected audience: Paul, Lauren. 1 video per week, plus podcast episodes. Due to the complexity of the YouTube recommendation algorithm, the YouTube channel is exclusively focused on attracting and engaging future clients. It is our primary source of search/discovery traffic, and emphasis should be on increasing total watch time.
• Company Podcast GWCPA Podcasts
Expected audience: Lauren. The Art of Succession Podcast is our official podcast, and features interviews with business owners that have acquired or sold their companies. Emphasis is on exploring their succession story. Posted the 1st and 3rd Tuesday of each month, on YouTube and Transistor.fm.
• Company Blog GWCPA Blogs
Expected audience: Paul, Lauren, Rachel. Our blog is our platform to communicate with our existing clients, primarily. Blog posts may be written on any topic relevant to their needs, or relevant to GWCPA processes and announcements. 3-5 blog posts per month.
• Lead Magnet & Mailing List
Expected Audience: Paul, Lauren. A mailing list will be developed and nurtured, as the primary funnel for leads who are interested but not quite ready to buy.
• Client Email
Expected Audience: Paul Lauren. A monthly roundup of existing resources sent to our entire client list with 3-4 blog posts, podcast episodes, or videos we want to draw their attention to. Occasionally, we might send an additional alert email to the client list in a given month, but this should be targeted towards a specific segment that has been set up in Mailchimp (employers, Maryland businesses, retirees, etc.).
• Client Birthday Cards/Holiday Cards
Expected Audience: Paul, Lauren. Sent monthly to clients whose birthdays are indicated in PCS. Signed by their partner.
• Holiday Flowers
Expected Audience: Paul, Lauren. Sent in December to business clients, as indicated in PCS.
• Community Sponsorships and Volunteering
We want to be active where our physical office is located and in our CPA profession. GWCPA will occasionally sponsor and/or attend local events, with a goal of also encouraging participation among the team. Some examples have included 5Ks, sponsoring of community theater, diversity and inclusion events, cultural festivals, and golf outings. Additionally, one of our employee benefits includes a volunteer day, where a team
member may volunteer for a cause that is important to them, on the condition they share pictures and an update internally within the team. Occasionally, and with the team member’s permission, we may also choose to feature this activity and cause on our social platforms.
• Additional Experiments
It is the marketing team's responsibility to evaluate, execute, and track additional marketing efforts throughout the year, based on our onboarding season and current capacity. These may include postcard mailers, paid ads, cohort groups/coaching courses, etc.
Client Onboarding – Accounting Services
Introduction
GWCPA purposes to bring on 2-4 clients each year, primarily between May and September. The Marketing Partner works directly with the onboarding manager who oversees document collection, project deliverables, meeting scheduling, and client communication. The goal is to ensure a smooth transition for new clients and establish a strong financial rhythm for ongoing collaboration and client success.
1. Initial Contact and Welcome Email
• Timing: The welcome email is sent within 24 hours of receiving the signed proposal.
• Action: Send a personalized welcome email to the client, introducing key team members and outlining the next steps.
• Email Template:
Subject: Welcome To GWCPA - [Client Name]
Good afternoon, [Client Name]!
I received your signed proposal and wanted to send you this welcome email. We’re thrilled to be working with you!
Our Onboarding roadmap can be viewed on our website.
I wanted to introduce my partner, Samantha Bowling, along with your onboarding manager, Michelle (who you met on our inquiry call). We will be joining you on your kick-off call, as we implement our Onboarding process and identify your dedicated accounting team. Please reach out to any of us if you have any questions along the way.
As soon as you are ready, your next steps can be found on our Onboarding
roadmap, with our intake form that will lead to our kickoff call. That intake form does take some time to complete and includes a mix of software details and thoughtfulness that will inform our planning. So I wanted to prepare you to be in a good headspace without interruption when you go to complete it.
Your first payment draft will be processed this week, with the second payment [specific date, 30 days later].
IMPORTANT: I would like to review your tax returns (Business and personal) for 2022 and 2023, so I can advise on your 3rd quarter estimate due 9/15. I’ve included my secure link here [insert link], and it’s also in each of our signatures if you need to find it again.
Our calendars are also always available to our clients (also found in my signature) if you ever want to schedule a call to discuss any questions. We are looking forward to working with you!
Responsible: Marketing Partner.
2. Completion
of New Client Form
• Action: The client completes the New Client Form, which collects essential information required for onboarding.
• Tools: Online form submission via the link provided in the welcome email.
https://gwcpas.com/accounting-info
https://gwcpas.com/culture-info
https://gwcpas.com/operations-info
• Follow-up: Confirm receipt of the 3 forms and ensure all required fields are completed.
• Responsible: Onboarding Manager and Staff Accountant.
3. Kick - Off Meeting
• Action: The client schedules a kick-off meeting with the GWCPA team.
• Attendees: Key decision-makers from the client’s side and the GWCPA team.
• Agenda:
o Review timelines and set meetings for coming year, including close of onboarding 4-6 weeks out.
o Discuss key deliverable deadlines and any immediate client needs.
o Set initial 3-5 year big picture goals
• Responsible: Onboarding Manager to coordinate schedules and confirm the meeting.
• Documentation: Record meeting minutes, action items, and any additional information gathered during the meeting.
4. Document Collection and Data Entry
• Action: Collect all necessary documents from the client, including financial statements, tax returns, and other relevant records.
• Data Entry: Supervise the staff in entering the collected data into the firm’s tax and accounting systems.
• Responsible: Onboarding Manager oversees the process.
5. Overseeing Technical and Official Processes
• Action: Address any technical setup issues, ensure all official processes are completed, and fill in any gaps identified during the onboarding process.
• Involvement: Include the client in decisions or processes where necessary, keeping them informed of progress.
• System Checks: Ensure all connections to accounting software, tax software, bank accounts, and any third-party tools are functioning correctly.
• Responsible: Onboarding Manager, with assistance from IT and the Staff Accountant.
6.
Final Onboarding Close - Out Meeting
• Action: Conduct the final onboarding close-out meeting, signaling the completion of the onboarding process.
• Review: Ensure that all client needs have been met and that they are satisfied with the setup.
• Next Steps: Discuss the transition to regular service delivery and ongoing support.
• Documentation: Provide the client with a summary of the onboarding process and any remaining action items.
• Responsible: Onboarding Manager.
7. Post - Onboarding Review
• Action: Conduct an internal review of the onboarding process for each client to identify any areas of improvement, and any areas of concern with new client.
• Report: Document lessons learned and suggest enhancements for future onboarding.
• Responsible: Partners, Onboarding Manager, and relevant team members.
8. Milestones (for Future Development)
• Action: We need to develop a rhythm for the first six months of a new client’s education. What do we want clients to understand about their finances? Ex: Month 1 - Monthly Close. Month 2 - Financial KPIs. Month 3 - Tax Projections. Month 4 - Emergency Succession Planning etc.
• Responsible: Partners and Onboarding manager
9. Transition to Maintenance Mode
• Action: After the first year, and no later than 8/31, the onboarding manager’s role ends, and the client is transitioned to one of the firm’s accounting managers to handle ongoing maintenance.
• New Manager Introduction: Introduce the client to their new accounting manager and provide a clear outline of the next steps for ongoing service.
• Request For Review: Make sure the client doesn't have any nagging concerns, and request a published review for the website/Google
• Proposal for Monthly Subscription: Marketing Partner to send a proposal for a monthly subscription service starting on October 1st, with increases for inflation and reevaluated every three years, targeting specific strategic goals based on business lifecycle.
• Responsible: Onboarding Manager (for transition) and the new Accounting Manager.
Client Onboarding – Payroll Services
Introduction
The Marketing Partner works directly with the Payroll Specialist who oversees document collection, project deliverables, meeting scheduling, and client communication. The goal is to ensure a smooth transition for new clients and establish a strong relationship for ongoing collaboration and client success.
1. Client Onboarding
• Initial Consultation: Meet with the client to understand their payroll needs, including employee classifications, pay schedules, and any specific requirements.
• Data Collection: Gather necessary information such as employee details, tax forms, direct deposit information, and any additional deductions or benefits.
• System Setup: Input client and employee data into the Payroll Processing Software, ensuring all settings are configured according to the client’s specifications.
2 . Payroll Setup
• Determine Schedule: Agree on a payroll schedule with the client (e.g., weekly, bi-weekly, semi-monthly).
• Approval Process: Establish deadlines for the client to provide payroll data, typically 3 days before the pay date.
• Communication Plan: Set up regular communication channels to address any payroll questions or updates from the client.
Client Offboarding
Introduction
GWCPA does not want to see client’s go, but there are times where we are no longer the best fit for each other. The goal is to ensure a smooth, professional, and organized transition while maintaining positive relationships and ensuring all legal and financial obligations are met.
1. Initial Offboarding Notification
• Receive Offboarding Request: Obtain the client’s formal request to terminate services, either via email, letter, or in a documented conversation.
• Acknowledge Request: Send an acknowledgment of the offboarding request to the client within 24 hours, confirming receipt and outlining the next steps.
• Internal Notification: Inform relevant internal teams (accounting, legal, IT, etc.) of the client’s impending offboarding
2. Review of Contracts and Obligations
• Contract Review: Review the client’s contract to understand any terms related to termination, notice periods, outstanding obligations, and final deliverables.
• Final Deliverables: Identify any outstanding work or deliverables that must be completed before the client’s account can be fully closed.
• Obligations Fulfillment: Ensure all contractual obligations, including final reports, document transfers, or other required services, are fulfilled before offboarding.
3. Financial Reconciliation
• Final Invoice: Prepare and send a final invoice to the client, detailing any outstanding fees or charges, including work completed up to the termination date along with an official termination letter.
• Payments Collection: Ensure all outstanding payments are collected, and confirm with the accounting team that the client’s financial account is settled.
• Refunds: If applicable, process any refunds due to the client.
4. Data and Document Transfer
• Data Backup: Backup all client-related data before initiating the offboarding process.
• Document Transfer: Transfer all relevant documents and data to the client, either electronically or physically, as per their preference. If sending to succeeding accounting firm, then written authorization must be obtained.
• Acknowledgment of Receipt: Obtain confirmation from the client that they have received all necessary documents and data.
• Data Deletion: After confirmation, securely delete or archive client data from the firm’s systems, in accordance with data protection policies and legal requirements.
5. IT and System Access
• Access Termination: Revoke the client’s access to any of our systems, software, or online portals, ensuring all security protocols are followed.
• System Cleanup: Remove the client’s data from our active systems while ensuring compliance with any data retention policies.
6. Communication and Follow -Up
• Client Exit Survey: Optionally, send a client exit survey to gather feedback on their experience with our firm and identify areas for improvement.
• Thank You and Closure: Send a formal thank-you note to the client, acknowledging the end of the relationship and wishing them well in their future endeavors.
• Internal Debrief: Conduct an internal debrief with relevant team members to discuss the offboarding process, lessons learned, and any issues that arose.
7. Record Keeping
• Documentation: Ensure all steps of the offboarding process are documented and filed appropriately for future reference.
• Legal Compliance: Confirm that all actions taken comply with legal requirements, and retain records as required by law.
Marketing Procedures Manual
Introduction
Detailed guidance related to GWCPA marketing procedures can be found using link below – they are updated annually by the marketing team and we meet each January to discuss what is new.
Project in Process – Link Coming Soon.
QUALITY MANAGEMENT
Mission and Values
Introduction
Our mission and values are the cornerstone of our professional practice and guide every aspect of our work. Our commitment to excellence, integrity, and client service drives us to provide the highest quality accounting and advisory services. We believe that upholding these principles not only ensures our success but also fosters trust and long-lasting relationships with our clients, colleagues, and the community.
1. GWCPA Brand Book – Please use link below to access.
GWCPA Brand Book 2023
Code of Conduct – General Overview
Introduction
We are committed to maintaining the highest ethical standards in our professional practice. Our Code of Conduct aligns with the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct and provides guidelines to ensure integrity, objectivity, confidentiality, and professional behavior in all our services.
1. Integrity and Objectivity
• Integrity : We shall perform our professional responsibilities with the highest sense of integrity, ensuring honesty and transparency in all our actions and communications.
• Objectivity : We shall maintain objectivity and be free of conflicts of interest in discharging our professional responsibilities. We shall not knowingly misrepresent facts or subordinate our judgment to others.
2. Confidentiality
• Client Confidentiality : We shall protect the confidentiality of all client information obtained during our professional services. We shall not disclose any confidential information without the client's explicit consent unless required by law or professional standards.
• Data Security : We shall implement appropriate measures to secure client data, ensuring it is protected from unauthorized access and breaches.
3. Professional Competence and Due Care
• Competence : We shall maintain professional competence by continually enhancing our knowledge and skills. We shall only undertake engagements that we can reasonably expect to complete with professional competence.
• Due Care : We shall exercise due care in the performance of our professional services, ensuring the quality and thoroughness of our work.
4. Compliance with Laws and Regulations
• Legal Compliance : We shall comply with all relevant laws, regulations, and standards applicable to our professional practice.
• AICPA Standards : We shall adhere to the AICPA Code of Professional Conduct and other applicable professional standards.
5. Independence
• Independence in Fact and Appearance : We shall maintain independence in both fact and appearance when providing attestation services. We shall avoid any relationships or situations that could impair our independence or appear to impair our independence.
• Disclosure : We shall disclose any conflicts of interest and refrain from providing services that could compromise our independence.
6. Professional Behavior
• Ethical Conduct : We shall conduct ourselves in a manner that upholds the reputation of the profession. We shall avoid any actions that discredit the profession or our firm.
• Respect and Fairness : We shall treat all clients, colleagues, and stakeholders with respect, fairness, and courtesy.
7. Quality of Services
• Quality Assurance : We shall implement and adhere to quality control policies and procedures to ensure the highest standard of services.
• Continuous Improvement : We shall strive for continuous improvement in our services, seeking feedback and making necessary adjustments to meet client expectations.
8. Enforcement and Accountability
• Compliance Monitoring : We shall monitor compliance with this Code of Conduct through regular annual reviews.
• Disciplinary Actions : Any violations of this Code of Conduct shall be subject to disciplinary actions, which may include termination of employment or client relationships.
9. Reporting Violations
• Whistleblower Protection : We encourage reporting of any violations or unethical behavior to the firm administrator. We shall protect whistleblowers from retaliation and ensure that reports are handled confidentially and investigated promptly.
For more detailed guidelines and specific standards, you can refer to the following:
1. AICPA Code of Professional Conduct : The primary source for the ethical guidelines and standards referenced in this document is the AICPA Code of Professional Conduct. The AICPA provides comprehensive guidelines for ethical behavior and professional standards for CPAs.
o Website : AICPA Code of Professional Conduct
2. AICPA Quality Control Standards : For quality assurance and continuous improvement policies, the AICPA's Quality Control Standards provide relevant guidance.
3. AICPA Independence Standards : The AICPA's standards on independence were referenced to ensure compliance in fact and appearance when providing attestation services.
4. Confidentiality and Data Security Guidelines : Best practices for client confidentiality and data security were informed by general industry standards and the AICPA's guidelines on confidentiality.
5. Professional Competence and Due Care : Guidelines on maintaining professional competence and exercising due care were based on the AICPA's ethical standards. These sources ensure that the Code of Conduct policy aligns with the highest standards of the accounting profession as outlined by the AICPA.
Attest Services
Introduction
As accounting professionals, adhering to the American Institute of CPAs (AICPA) requirements for quality management is crucial to ensure the integrity, reliability, and trustworthiness of our services. The AICPA has established comprehensive standards and guidelines that accounting firms must follow to maintain high-quality control, independence, effective risk assessment, and ongoing monitoring and peer review processes. This document outlines the key components of these requirements and the necessary standard operating procedures (SOPs) to comply with them.
1. Quality Control Document
The Quality Control Document serves as the cornerstone of a firm’s quality management system. It encompasses policies and procedures designed to ensure that the firm and its personnel comply with professional standards and regulatory requirements. The Quality Control Document should address the following elements:
• Leadership Responsibilities: Clear communication of the importance of quality control and the commitment of leadership to uphold these standards.
• Ethical Requirements: Policies to ensure compliance with ethical standards, including integrity, objectivity, and confidentiality.
• Acceptance and Continuance of Client Relationships and Specific Engagements: Procedures for assessing the risk and compatibility of new and continuing client relationships and engagements.
• Human Resources: Recruitment, development, and retention of personnel with the competence, capabilities, and commitment to ethical principles.
• Engagement Performance: Policies to ensure that engagements are consistently performed in accordance with professional standards and regulatory requirements.
• Monitoring: Ongoing evaluation of the quality control system to ensure its effectiveness.
2. Independence
Independence is a fundamental principle that underpins the credibility of the accounting profession. The AICPA mandates that firms and their personnel must maintain independence in both fact and appearance when performing attestation engagements. Key SOPs around independence include:
• Independence Policies: Clear guidelines to identify and manage threats to independence.
• Independence Training: Regular training for personnel on independence requirements and potential threats.
• Independence Monitoring: Procedures for ongoing monitoring and documentation of independence compliance.
In the context of the accounting profession, "independent" refers to the state of being free from influences that compromise professional judgment and objectivity. Independence is crucial for maintaining the credibility and trustworthiness of accountants and their work. There are two primary aspects of independence:
• Independence in Fact
This refers to the actual state of mind of the accountant, which allows them to perform their duties without being affected by any biases, conflicts of interest, or undue influence. Independence in fact ensures that the accountant's professional judgment is not compromised.
• Independence in Appearance
This relates to how the accountant's independence is perceived by others, particularly by third parties such as clients, regulators, and the public. Even if an accountant is independent in fact, they must also avoid situations that could lead others to believe their independence is compromised. This helps maintain the public's confidence in the integrity and objectivity of the accounting profession.
• Key Elements of Independence
o Objectivity : Accountants must perform their duties with an unbiased perspective, free from personal interests or external pressures that could influence their judgment.
o Integrity : Upholding high ethical standards and honesty in all professional activities.
o Confidentiality : Safeguarding sensitive client information and not using it for personal advantage.
o Avoiding Conflicts of Interest : Not engaging in relationships or activities that could create a conflict between the accountant’s interests and their duty to their clients or the public.
• Examples of Independence Threats
o Financial Interests : Holding a direct or material indirect financial interest in a client.
o Business Relationships : Having a close business relationship with a client, such as joint ventures or partnerships.
o Family Connections : Close family members holding key positions or financial interests in a client.
o Provision of Non - Audit Services : Providing certain non-audit services that could impair an auditor's objectivity and impartiality.
o Familiarity : Developing a close or long-term relationship with a client that might create a bias.
GWCPA’s independence compliance is handled by our Firm Administrator annually each January by educating team members on independence requirements, reviewing client lists and having team members report and certify independence. Documents are stored within engagement manager software with our peer review workpapers.
Risk Assessment Process ( New 2025)
Effective risk assessment is critical to identifying and addressing potential threats that could impact the quality of services. By 2025, firms are required to have a robust risk assessment process in place. This involves:
• Risk Identification: Systematic identification of risks associated with client engagements and firm operations.
• Risk Evaluation: Assessment of the significance of identified risks and their potential impact on the firm’s ability to meet professional standards.
• Risk Response: Development of strategies to mitigate or manage identified risks, including the implementation of control measures.
• Documentation and Reporting: Comprehensive documentation of the risk assessment process and regular reporting to firm leadership.
Overview of our risk assessment process:
GWCPA’s risk assessment compliance is handled by our Managing Partner annually each January. Processes and Clients are evaluated using the above criteria and documents are stored within engagement manager software with our peer review workpapers
Monitoring and Peer Review
Monitoring and peer review are essential components of a firm’s quality control system, ensuring ongoing compliance with professional standards and continuous improvement. The AICPA requires firms to establish SOPs for:
• Internal Monitoring: Regular internal reviews of engagement performance and compliance with quality control policies.
• External Peer Review: Participation in the AICPA’s Peer Review Program, which involves periodic external reviews by independent reviewers to assess the firm’s adherence to professional standards.
• Feedback and Improvement: Mechanisms to address findings from monitoring and peer reviews, including corrective actions and updates to policies and procedures.
GWCPA’s compliance with monitoring is handled by our Firm Administrator and Managing Parter. Internal monitoring is performed during the years where no external peer review occurs. External peer reviews are conducted every three years. All accounting team members are involved with internal monitoring processes, and they are normally performed in November/December.
Ov erview of the internal monitoring process:
• Client Engagements are Selected for Review and Assigned to accounting team members.
• The accounting team meets in the morning to review the process, and each team member performs a review of their assignment engagement based on these guidelines.
• These are the guidelines prescribed to the team:
The Accounting Staff will review the work papers, permanent files and reports generated for their assigned client.
The review will take no longer than four hours. Compilations with no disclosures should take very little time and reviews of audited reports will probably take the entire four hours. The Reviewer will note any deficiencies or any questions they may have. At 2:30 p.m. the entire accounting team will again gather via zoom to hear the questions, comments, findings and so forth of the client reviewed.
This is an educational process that we all hope to learn from. The Managing Partner will answer any questions and, if presented with a finding or deficiency, will, along with the help of the group, determine what actions, if any, should be taken to prevent the recurrence of the deficiencies noted.
Guidelines by level of Service
Compilation Engagement
• Engagement Letter Signed
• Appropriate Checklists based on GW “Recommended Year End Procedures” and all signed off
• Routing Slip or Documentation of Financial Statement Delivery
• Copy of Signed Financial Statement
• Accountant Letter Appropriate for Financial Statement
• Financial Statement Makes Sense
• Summarized Disclosure Checklist, if applicable
• Trial Balance Signed off
• Dates within engagement, on reports and routing slips make sense
• Engagement Wrapped Up and in GFR
Review Engagement
• Engagement Letter Signed
• Management Letter Signed
• Appropriate Checklists based on GW “Recommended Year End Procedures” and all signed off
• Routing Slip or Documentation of Financial Statement Delivery
• Copy of Signed Financial Statement
• Accountant Letter Appropriate for Financial Statement
• Financial Statement Makes Sense
• Summarized Disclosure Checklist, if applicable
• Trial Balance Signed off
• Dates within engagement, on reports and routing slips make sense
• Engagement Wrapped Up and in GFR
Prep aration Engagement
• Engagement Letter Signed
• Appropriate Checklists based on GW “Recommended Year End Procedures” and all signed off
• Routing Slip or Documentation of Financial Statement Delivery
• Copy of Financial Statement
• Financial Statement Makes Sense
• Summarized Disclosure Checklist, if applicable
• Trial Balance Signed off
• Dates within engagement, on reports and routing slips make sense
• Engagement Wrapped Up and in GFR
Overview of the external peer review process:
Our external peer review is performed every three years by an external auditor and coordinated by our Firm Administrator with Managing Partner oversight. The report issued by the auditor is delivered to the AICPA and MACPA peer review board.
Potential Litigation or Misconduct Issues
Introduction
Our Policy on Potential Litigation or Misconduct Issues is designed to address and manage any legal or ethical concerns that may arise within the firm. This policy outlines the procedures for reporting, investigating, and resolving instances of misconduct or potential litigation. By adhering to these guidelines, we ensure a fair, transparent, and accountable process that upholds the integrity of our firm. We encourage you to familiarize yourself with this policy to understand your role in maintaining our ethical standards and legal compliance.
1. Reporting Potential Litigations or Misconduct
• Immediate Reporting: Any employee who becomes aware of potential litigation or misconduct must report it immediately to Firm Administrator and/or Managing Partner who will contact our insurance company.
• Documentation: Provide detailed documentation of the issue, including dates, times, involved parties, and any relevant evidence or witnesses.
• Confidentiality: Ensure that the information is kept confidential and shared only with those directly involved in the investigation process.
2. Liability Protection and Resources Available
• Insurance Broker:
Daniel W. Hudson, CPCU
Chesapeake Professional Liability Brokers, Inc dhudson@cplbrokers.com 443-254-1511
• Legal Support and Resources :
o CAMICO is an early intervention program coupled with robust loss prevention services.
o All employees have login access to training and resources at this location Camico Resources
3. Risk Management Service Highlights Provided by CAMICO
Proactive loss prevention is a CPA firm’s best weapon against professional liability exposure. CAMICO’s risk management consulting and education programs have set the standard for the profession. The following are samples of services that are particularly popular with our policyholder firms:
• Advising and Consulting (Advice Hotlines)
• Consult directly with in-house CPAs and other experts who deal exclusively with the concerns and issues facing CPA firms.
• Receive advice on a wide range of issues, including:
Confidentiality agreements/situations
Conflict of interest situations
Ethical dilemmas
Expansion into a new practice area for the firm (industry or niche)
Disengagement issues
Fraud risk management guidance
High-risk estate, gift and corporate tax work
Outsourcing
• Also, consider utilizing a CAMICO specialist for potential claim advice as an alternative to seeking outside counsel.
• Subpoena and Consultation Services
• CAMICO may provide comprehensive representation and counsel to policyholders when responding to legal processes such as:
Civil subpoenas
Criminal or grand jury matters
Regulatory or third-party requests for information
• Education - In addition to in-firm and online CPE events, CAMICO offers additional education opportunities for large firms:
Participate in a partner retreat
Provide a speaker for association meetings
• Practice and Risk Management Tools
• CAMICO has a wealth of tools available, many of which are on the Members-Only Site:
Sample engagement and disengagement letter templates for a wide variety of scopes of practice
Sample engagement letter language for potential conflict of interest, mediation and arbitration, and fees/billing/retainers
Internal control warning letters
Claims trends and analyses
Client screening and retention tools
Organizational Structure
Introduction
At GWCPA, our organizational structure is designed to foster collaboration and ensure the delivery of high-quality services to our clients.
Organizational Structure Overview
The firm is led by a Managing Partner who oversees strategic leadership, develops processes and provides financial oversight. A Marketing Partner focuses on developing and executing marketing strategies to attract and retain clients.
The Firm Administrator manages daily operations, including HR and administrative functions, while the IT Operations Specialist ensures robust IT infrastructure and support.
The Administrative Team handles client support and office management, enabling the Accounting Staff to focus on financial reporting, bookkeeping, and tax preparation. Accounting Managers review staff work, manage client accounts, and provide technical expertise. Lastly, the Payroll Processing Specialist manages payroll services, ensuring compliance and accuracy.
This structure ensures that each team member contributes effectively to the firm’s mission of empowering family-owned businesses and building lasting legacies. For more details, please visit our website.
Roles and Responsibilities
Introduction
The success and efficiency of our firm depend on the clear definition and execution of roles and responsibilities within our team. This section outlines the key positions within our firm and provides a detailed description of the duties and expectations associated with each role. By clearly delineating responsibilities, we aim to foster a collaborative work environment, ensure accountability, and provide high-quality services to our clients. Understanding these roles will help each team member contribute effectively to the firm’s goals and maintain the high standards of excellence that we strive for in our professional practice. These are general roles and responsibilities.
Managing Partner
• Strategic Leadership: Develop and implement the firm's strategic plan.
• Client Relations : Maintain relationships with key clients and handle major client accounts.
• Financial Oversight : Oversee the firm's financial performance, budgeting, and financial planning.
• Compliance and Risk Management : Ensure compliance with regulatory requirements and manage risk.
• Decision Making : Make high-level decisions regarding the firm's operations and growth.
Marketing Partner
• Marketing Strategy : Develop and implement marketing strategies to promote the firm’s services.
• Brand Management : Maintain and enhance the firm's brand image.
• Client Acquisition : Drive efforts to attract new clients through various marketing channels.
• Content Creation : Oversee the creation of marketing materials, including blogs, newsletters, and social media posts.
• Market Research : Conduct market research to identify new opportunities and trends.
Consulting Partners
• Client Relationships : Facilitate relationship-building between accounting managers, other partners, business owners, and key stakeholders.
• Project Management : Oversee projects and ensure they are completed on time and within budget.
• Team Leadership: Lead, mentor and transfer knowledge to the accounting team.
Firm Administrator
• Operational Management : Oversee daily operations of the firm, including office management, HR, and administrative functions.
• Policy Implementation : Ensure firm policies and procedures are followed.
• Staff Coordination : Coordinate staff activities and support team members in their roles.
• Vendor Management : Manage relationships with vendors and service providers.
• Financial Administration : Assist with budgeting, billing, and financial reporting tasks.
IT Operations Specialist
• IT Infrastructure : Manage and maintain the firm's IT infrastructure, including hardware, software, and network systems.
• Technical Support : Provide technical support to staff and resolve IT issues and tax return processing.
• Security Management : Ensure data security and manage cybersecurity measures.
• System Upgrades : Oversee system upgrades and technology implementations.
• Documentation : Maintain documentation of IT systems and procedures.
Administrative Team
• Client Support : Provide support to clients, including scheduling appointments and answering inquiries.
• Document Management : Handle document preparation, scanning, and filing.
• Office Support : Assist with office duties such as mail handling, supply management, marketing and reception.
• Data Entry : Perform data verifying tasks and maintain accurate records.
• Coordination : Coordinate meetings and assist with event planning.
Accounting Managers
• Review Work : Review the work of accounting staff to ensure accuracy and compliance.
• Project Management : Oversee accounting projects and ensure they are completed efficiently.
• Training and Development : Train and mentor accounting staff.
• Technical Expertise : Provide technical accounting expertise and resolve complex accounting issues.
Accounting Staff
• Financial Reporting : Prepare financial statements and reports for clients.
• Bookkeeping : Perform bookkeeping tasks, including maintaining general ledgers and reconciliations.
• Tax Preparation : Assist in the preparation of tax returns for individuals and businesses.
• Client Communication : Communicate with clients regarding their financial matters.
• Support Tasks : Provide support to accounting managers and partners on various projects.
Payroll Processing Specialist
• Payroll Management : Process payroll for clients accurately and timely.
• Compliance : Ensure compliance with federal, state, and local payroll regulations.
• Record Keeping : Maintain accurate payroll records and documentation.
• Client Support : Provide support to clients regarding payroll-related inquiries and issues.
• Reporting : Prepare payroll reports and summaries for clients and regulatory authorities.
• Learn as much information as possible about all departments at GWCPA.
• Provide support with data entry, tax preparation, and financial record maintenance.
• Assist with administrative tasks, client correspondence, and front desk duties.
• Participate in training and contribute to projects while supporting various departments as needed.
For more detailed roles and responsibilities use the following link.
GWCPA
Roles and Responsibilities Updated 2024
Partner Pathway s
Introduction
We have established structured pathways for career progression, from staff accountant to partner, ensuring that our team members have clear goals and support in their professional development. For partners nearing retirement, we have a comprehensive transition plan that begins at age 55 and culminates in a well-supported retirement at age 60. We believe that transparency in our operations and clear communication of roles and pathways are crucial to our success and the success of our team members.
1. Staff Accountant to Partner
At GWCPA, we are committed to fostering the growth and development of our team members. Here is an overview of the pathway for advancing from Staff Accountant to Partner:
• Staff Accountant to Accounting Manager:
o Develop expertise in financial reporting, tax preparation, and client communication.
o Take on leadership roles in projects and mentor junior staff.
o Promote and support Firm goals and culture.
o Innovate Firm and client processes.
• Accounting Manager to Non - Equity Partner:
o Achieve CPA designation.
o Demonstrate strong client management and technical accounting skills.
o Engage in business development and contribute to the firm’s strategic goals.
o Engage in CPA profession and actively support its initiatives by serving on a committee or board.
• Non - Equity Partner to Equity Partner:
o Serve as a non-equity partner for three years, gaining deeper insights into firm operations and client management.
o Buy-in to Partnership - The buy-in amount is based on the total partner equity at the time of the buy-in.
o The Firm supports new equity partner in obtaining financing, but the obligation to repay is managed through deductions from his/her draw.
2. Importance of Becoming a CPA
Becoming a Certified Public Accountant (CPA) is a crucial milestone in an accounting professional's career. It signifies a high level of expertise, dedication, and commitment to ethical standards. CPAs are trusted advisors who provide critical financial analysis, tax planning, and strategic guidance to clients. The CPA designation opens doors to advanced career opportunities, including higher earning potential and leadership roles. At GWCPA, obtaining your CPA is essential for advancing to partner and ensuring the highest quality of service to our clients.
• This way to CPA Resource – Please use this link to access guidance.
MACPA Guide to Becoming a CPA
• CPA Scholarships – Please use this link to access guidance on financial support.
MACPA Foundation Related Scholarships
3. Partner to Retired Status
At GWCPA, we are dedicated to creating a retirement pathway that ensures seamless knowledge transfer and effective client relationship management. This approach maintains the firm's stability and client satisfaction throughout the transition period. Here is an overview of the pathway for advancing from Partner to retirement:
• Age 55: Initial Transition Phase
o Begin transferring knowledge and expertise to designated successors.
o Delegate more significant client accounts and responsibilities.
o Gradually introduce clients to their new primary contacts.
o Focus on mentoring the next generation of firm leaders.
• Age 57: Increased Delegation Phase
o Begin transferring internal roles to designated successors.
o Reduce personal workload and focus on strategic oversight.
o Serve as a consultant for complex cases and important client matters.
• Age 59: Final Transition Phase
o Complete the transition of all roles and responsibilities
o Focus on special strategic projects or Firm initiatives.
o Finalize retirement plans, including financial arrangements.
• Age 60: Retirement
o Officially retire from the Firm, handing over all remaining responsibilities.
o Remain available for occasional consultations.
o Start receiving capital account loan pay-outs.
o Start receiving goodwill equity pay-outs
Operational
Client Services and General Workflow
Introduction
GWCPA provides a range of accounting services, including 1099 preparation, payroll tax returns, individual tax returns, personal property returns, consulting, business tax, personal financial statements, compiled financial statements, reviewed financial statements, bookkeeping and live and after-the-fact payroll services. Each December 1st, we send out engagement letters with a minimum 5% increase in fees. We utilize various software applications to streamline our processes – these are just a few:
• Practice CS : For tracking time and project management. Each team member is responsible for monitoring both projects and tasks assigned to them.
• Microsoft Teams : Internal Team Communication
• Outlook Email : External Client Communication
• Inflo : For receiving electronic workpapers that feed into our engagement manager software for business clients.
• TaxCaddy and SafeSend Applications : For individual clients electronic workpapers that feed into Sureprep.
• Sure P rep: For organizing individual tax workpapers.
• GoSystem: For preparing business and individual income tax returns.
• Payroll Relief: Live and after-the-fact payroll processing
• Other Technology : See Technology and Security section for details.
Paper documents are discouraged, but if they are received, the admin team scans them into an accountant's PDF folder for business clients and SurePrep for individual clients. After scanning, the documents are either destroyed or returned to the client. No paper leaves the scanning office.
1. Bookkeeping Services Workflow
Step 1: Receipt of Documents
• Electronic Documents: Received via Inflo and uploaded to the engagement manager software.
• Paper Documents: Scanned by the administrative team into accountant's PDF folders.
Step 2: Data Entry and Organization
• Accountants: Enter/Verify data in the accounting software, categorize transactions, and reconcile accounts.
Step 3: Monthly Review
• Accountants: Review bookkeeping entries, ensure accuracy, and make necessary adjustments.
Step 4: Financial Reporting
• Accountants: Prepare monthly financial statements and other required reports.
• Managers: Review monthly financial statements and other required reports.
Step 5: Client Communication
• Managers: Communicate with clients regarding any discrepancies, provide reports, and offer recommendations after Partner approval.
2. Business Tax and Financial Services Workflow Overview
Step 1: Receipt of Workpapers
• Electronic Workpapers: Received via Inflo and uploaded into engagement manager.
• Paper Documents: Scanned by the administrative team into accountant's PDF folders.
Step 2: Organizing Workpapers
• Accountants: Organize workpapers, tie in trial balance (Corporate Tax and Financial Statements), and prepare related documents.
Step 3: Review Process
• Managers: Review the organized workpapers and related documents.
• Partners: Perform final sign-off on higher level services, but some items go out with manager oversite only (1099s, payroll returns, personal property, etc.).
Step 4: Electronic Delivery
• Admin Team: Processes business tax returns, prepares invoices and delivers to client using SafeSend applications after Partner final review, if applicable.
• Accounting Team: Processes financial statements and other documents like payroll returns, 1099s etc. and deliver to client using SafeSend applications. Financial Statements require Partner signature/final review.
3. Individual Tax Services Workflow Overview
Step 1 : Receipt of Workpapers
• Electronic Workpapers: Received via TaxCaddy or SafeSend Applications and uploaded into SurePrep.
• Paper Documents: Scanned by the admin team into SurePrep.
Step 2: Organizing Workpapers
• Sureprep: Uses OCR to organizes workpapers for individual tax returns.
Step 3: Verification Process
• Admin Team: Verifies the organized workpapers.
• Partner: Perform a second verification and review amounts.
Step 4: Exporting and Final Review
• Export to GoSystem: Verified amounts are exported to and reviewed by Partner.
Step 5: Electronic Delivery
• Admin Team: Processes individual tax returns, prepares invoices and delivers to client after Partner final review.
4. Payroll Services Workflow - Live Payroll
Roles and Responsibilities
Payroll Specialist
• Responsibility: Manage the entire payroll process for assigned clients, ensuring accuracy, compliance, and client satisfaction.
• Receive Timesheets: Collect employee hours, overtime, deductions, and bonuses from the client by the agreed-upon deadline.
• Enter Data: Input the provided data into the Payroll Processing Software.
• Verification: Cross-check all entries to ensure accuracy and identify any discrepancies.
Step 2 : Data Entry and Verification
• Receive Timesheets: Collect employee hours, overtime, deductions, and bonuses from the client by the agreed-upon deadline.
• Enter Data: Input the provided data into the Payroll Processing Software.
• Verification: Cross-check all entries to ensure accuracy and identify any discrepancies.
Step 3 : Direct Deposit and Checking Processing
• Direct Deposit: Ensure direct deposit information is accurate for all employees.
• Check Processing: If applicable, prepare live checks according to client specifications. Ensure checks are printed and ready for distribution as per the client’s instructions.
Step 4: Payroll Finalization
• Final Review: Conduct a final review of all payroll entries and correct any identified issues.
• Payroll Submission: Finalize and submit payroll for processing in the Payroll Processing Software.
• Payment Confirmation: Ensure all payments are scheduled correctly and confirm with the client that payroll has been processed.
Step 5: Reporting and Compliance
Tax Filing
• Prepare Reports: Generate necessary tax reports, including withholdings, contributions, and any other required filings.
• Client Review: Send tax reports to the client for review and approval.
• File Taxes: Submit all required tax filings to the appropriate authorities by the deadlines.
Record Keeping
• Documentation: Maintain detailed records of all payroll transactions, including timesheets, payroll summaries, and tax filings.
• Retention Period: Store payroll records securely for at least 4 years as required by law.
Client Reports
• Regular Reporting: Provide the client with regular payroll reports, including summaries of each payroll cycle, year-to-date earnings, and tax withholdings.
• Custom Reports: Generate custom reports upon client requests to meet specific needs, such as departmental cost analysis or benefit tracking.
Step 6 : Handling Payroll Exceptions
Issue Identification
• Monitoring: Continuously monitor payroll processing for any issues, such as missing data, incorrect calculations, or processing errors.
• Client Communication: Notify the client immediately if any issues are detected and work together to resolve them.
Resolution Process
• Corrective Action: Take prompt action to correct any identified issues before payroll is finalized.
• Documentation: Record all exceptions and the steps taken to resolve them for future reference.
Step
7: Client Communication and Support
Ongoing Support
• Dedicated Contact: Assign a dedicated payroll specialist to each client for ongoing support and communication.
• Regular Check-ins: Schedule regular check-ins with clients to address any payroll-related concerns or updates.
Client Feedback
• Feedback Collection: Regularly solicit feedback from clients to improve payroll processing services.
• Continuous Improvement: Use client feedback to refine processes and enhance service delivery.
5. Payroll Services Workflow – After - the - Fact Payroll
Step 1: Receipt of Documents – Accounting Staff
• Manual Client: Receive pay cards, check registers, bank statements, and payment confirmations monthly; Admin scans documents.
• QB Client: Receive QuickBooks file via Secure Email quarterly; extract payroll and tax information.
Step 2 : Data Entry and Organization – Accounting Staff
• Manual Client: Enter payroll data into Excel; confirm with bank statements; input data into Payroll Processing Software as a lump sum per employee for the quarter; fill out payroll summary.
• QB Client: Use QuickBooks payroll summary; enter data into Payroll Processing Software as a lump sum per employee; fill out payroll summary.
Step 3. Tax and Liability Entry – Accounting Staff
• Manual Client: Enter quarterly tax payments and liabilities (Federal and State).
• QB Client: Enter quarterly tax payments and liabilities (Federal and State) by pay date.
Step 4. Reporting and Finalization – Accounting Staff
• Pull reports from Payroll Processing Software (Employee Payroll History, Federal Taxes, State Taxes).
• Complete payroll summary and ensure it matches tax returns.
• Review by a manager, make corrections, and e-file tax forms.
Step 5. Client Notification – Accounting Managers
• After e-filing, electronically send clients copies of the forms and notify them of any tax payments required.
Accounting Procedures Manual
Introduction
Detailed guidance related to GWCPA accounting procedures can be found using link below –they are updated annually by the accounting team and we meet each January/February to discuss what is new.
2023 Accounting Procedures Manual
Payroll Procedures Manual
Introduction
Detailed guidance related to GWCPA payroll services can be found using link below – they are updated annually by the payroll team and we meet each January to discuss what is new.
