Exploring the issues that shape today’s business world.
Navigating the Uncertain Future of Workplace Culture
How to Coach Your Accounting and Finance Team
Strategies for Charging Your Firm’s Worth
Tips for Navigating Treasury Management in 2025 Is Remote Work Driving Performance Bias?
4 Steps for Paving Your Path to Growth
The Case for Pressing the Pause Button And More!
ceooutlook
Geoffrey Brown, CAE President and CEO, Illinois CPA Society
Will You Stand Up When Others Step Down?
As diversity, equity, and inclusion programs fall to scrutiny, we need to stand up for what’s best for the future of the accounting profession.
Earlier this year, Chicago’s very own Mary T. Washington Wylie was announced as the 124th inductee into the American Accounting Association’s Accounting Hall of Fame, cementing her legacy as a certified public accountant (CPA) that’s “made a significant contribution to the advancement of accounting.” Her recognition is especially meaningful because she was the first Black female CPA in the United States (and just the 13th Black CPA overall), is heralded as a trailblazer for her record of helping so many aspiring CPAs enter the profession, and was instrumental in turning Chicago into a prosperous hub for Black CPAs and businesses to thrive.
Throughout her life, Wylie exhibited unwavering commitment in her mission to support young Black CPAs and create opportunities for them in a profession that was still largely inaccessible to the Black community. Her firm became a vehicle for Black accountants to gain the experience necessary for CPA licensure. I highlight this not only because of Wylie’s remarkable achievements but because, without even knowing it, she was doing her part to address the profession’s earliest human capital needs.
Fast forward to today, and countless organizations essential to our profession’s future workforce are making changes to their talent development programs and initiatives in response to Trump administration executive orders. In the face of this, I contend that we can’t afford to lose sight of what’s at stake. As I previously shared, our profession is facing two steep demographic cliffs carved out of a sustained period of declining U.S. birthrates and an unprecedented number of working Americans reaching retirement age each year. The former is setting us up for lower college enrollment rates and likely even fewer accounting graduates, while the latter positions the profession to experience a knowledge deficit driven by the growing number of professionals that are expected to retire in the coming years.
Given these cliffs we’re quickly approaching, and the accounting profession’s current talent shortage, we can’t lose sight of the
importance of efforts to recruit and retain the next generation of talent—including individuals from underrepresented populations who’ll be essential for serving an increasingly diverse population. For the sake of the profession, we must continue intentionally focusing on solidifying and supporting thoughtful opportunities that address the trickling talent pipeline.
In its final report, the National Pipeline Advisory Group (NPAG) recommended “prioritizing strategies to expand access for the underrepresented at every stage.” NPAG believes (and I agree) that we can increase awareness of accounting careers among underrepresented populations through targeted messages, scalable college-bound and early career experiential programs, and closer relationships between the profession and academic institutions with high minority populations.
However, with diversity, equity, and inclusion programs facing increased scrutiny, and many organizations quickly stepping away from them, the profession’s efforts to successfully address its human capital challenges may be in jeopardy.
Our profession simply can’t afford to lose the positive momentum and stakeholder alignment it’s developed in recent years. Instead, we need to embrace Wylie’s legacy and create more opportunities that make the profession accessible to the next generation of talent. We need to champion addressing the talent issues within our organizations by continuing to create space for those that haven’t historically had it. We need to find our passion for mentoring and hiring young and aspiring CPAs from all backgrounds to help them gain the experience they need to earn their CPA licenses—a license that can only be earned on merit.
At a minimum, I implore those in positions of influence to stand up and do what’s best for the future of our profession.
ILLINOIS CPA SOCIETY
550 W. Jackson Boulevard, Suite 900, Chicago, IL 60661 www.icpas.org
Publisher | President and CEO
Geoffrey Brown, CAE
Editor
Derrick Lilly
Assistant Editor
Amy Sanchez
Senior
Creative Director
Gene Levitan
Copy Editor
Mari Watts
Photography
Derrick Lilly | iStock
Circulation
Jeff Okamura
ICPAS OFFICERS
Chairperson
Brian J. Blaha, CPA | Beacon Horizon Advisors LLC
Vice Chairperson
Mark W. Wolfgram, CPA | Bel Brands USA Inc.
Treasurer
Jennifer L. Cavanaugh, CPA | Grant Thornton LLP
Secretary
Lindy R. Ellis, CPA | Ernst & Young LLP
Immediate Past Chairperson
Deborah K. Rood, CPA | CNA Insurance
ICPAS BOARD OF DIRECTORS
Amy M. Chamoun, CPA | Cherry Bekaert Advisory LLC
Pedro A. Diaz de Leon, CPA, CFE, CIA | Sikich LLP
Kimi L. Ellen, CPA | Benford Brown & Associates LLC
Monica N. Harrison, CPA | Tinuiti
Joshua Herbold, Ph.D., CPA | University of Illinois
Enrique Lopez, CPA | Lopez & Company CPAs Ltd.
Kimberly D. Meyer, CPA | Meyer & Associates CPA LLC
Girlie A. O’Donoghue, CPA | Portillo’s Inc.
Matthew D. Panzica, CPA | BDO USA PC
Jennifer L. Rada, CPA | PwC LLP
Leilani N. Rodrigo, CPA, CGMA | Galleros Robinson CPAs LLP
Richard C. Tarapchak, CPA | Verano Holdings Corp.
Andrea Wright, CPA | Johnson Lambert LLP
Stephanie M. Zaleski-Braatz, CPA | ORBA
BACK ISSUES + REPRINTS
Back issues may be available. Articles may be reproduced with permission. Please send requests to lillyd@icpas.org.
ADVERTISING
Want to reach 20,700+ accounting and finance professionals? Advertising in Insight and with the Illinois CPA Society gives you access to Illinois’ largest financial community. Contact Mike Walker at mike@rwwcompany.com.
Insight is the magazine of the Illinois CPA Society. Statements or articles of opinion appearing in Insight are not necessarily the views of the Illinois CPA Society. The materials and information contained within Insight are offered as information only and not as practice, financial, accounting, legal or other professional advice. Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication. It is Insight’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin. The Illinois CPA Society reserves the right to reject paid advertising that does not meet Insight’s qualifications or that may detract from its professional and ethical standards. The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within Insight, and makes no representation or warranties about the products or services they may provide or their accuracy or claims. The Illinois CPA Society does not guarantee delivery dates for Insight. The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering Insight. Insight (ISSN1053-8542) is published four times a year, in spring, summer, fall, and winter, by the Illinois CPA
chair’sview
Brian J. Blaha, CPA
Chairperson,
Illinois CPA Society Founder, Beacon Horizon Advisors LLC
How Are You CPAing?
No matter which chapter of your career you’re in, don’t wait to innovate or explore your entrepreneurial spirit.
“New Ways to CPA.” What does this phrase spark for you? For me, it brings forward a lot of positive thoughts about our profession and the opportunities available to those of us with the certified public accountant (CPA) credential. While the phrase originally referred to the new pathways to earn one’s CPA licensure that are being explored nationally, I see it as a phrase we can adopt to turn our coveted credential into a verb.
With all the changes in our profession being driven by technology, corporate governance, ownership structures, regulation, and more, it’s not a time to be passive or pessimistic. On the contrary, it’s a great time to be a CPA, and I’m very excited about the future of our profession. After all, there are so many ways to CPA, and I'm excited to explore and share these with both current and prospective Illinois CPA Society (ICPAS) members as this year’s chairperson.
In many ways, my career has embodied the “New Ways to CPA” phrase. I always wanted to do something in business, but coming out of a small high school in central Wisconsin, I didn't really know what that meant. I’m grateful Sister Susan suggested I take a selfstudy accounting course she moderated. Who would’ve known that one small decision would set the course of my career?
After attending St. Norbert College in De Pere, Wis., I completed an internship with Wipfli’s client accounting services (or client advisory services) practice. This turned out to be the best internship I could’ve had, as I learned about all the financial areas of a small business. This experience gave me an appreciation for where the future of advising clients was headed.
Since then, my full-time career has had three distinct chapters. I began as an auditor in Wipfli's financial institution practice. Being industry-focused during a time when focusing on just one industry was uncommon had unique advantages. Not only did I become an expert in that industry quickly, I also gained opportunities to
help Wipfli venture into adjacent advisory services that clients were demanding, such as loan review, internal audit, regulatory compliance, and IT auditing. These were new ways to CPA back then.
The second chapter began with a big move, trading the security of Green Bay, Wis., for the opportunity to move my family to Chicago to start Wipfli's new office from scratch. With a focus on financial institution clientele, I learned through experience what it meant to start something from nothing. I coined the term “Intrapreneurism” as I learned the ins and outs of growing the firm. During this time, I also joined ICPAS’ board of directors thanks to the recommendation of my good friend and your former chairperson, Sara Mikuta, CPA, CGMA, CIA, CRMA.
This board service, along with a term on Wipfli’s board, led to my third chapter as Wipfli's chief growth officer. I spent the last eight years in that role, helping grow Wipfli on the national stage from a firm generating $200 million to $600 million in revenue.
In the spirit of finding new ways to CPA, I’m currently an independent consultant helping private equity and accounting firms achieve their growth and value creation aspirations.
As you can see, I’ve truly embodied new ways to CPA. Now, as I embark on serving as this year’s chairperson, I look forward to helping ICPAS elevate the CPA brand, assisting students and young professionals realize the benefits of obtaining their CPA licenses, and encouraging seasoned CPAs to find new ways to CPA in this ever-changing and evolving profession. As I interact with you this year, I look forward to hearing how you’re CPAing!
ILLINOIS CPA SOCIETY LEADERSHIP
The Illinois CPA Society thanks its volunteer leaders for their service and contributions. They play an essential role in helping to achieve our core mission of enhancing the value of the CPA profession. Their leadership term runs from April 1, 2025 to March 31, 2026.
Board of Directors
CHAIRPERSON
Brian J. Blaha, CPA Beacon Horizon Advisors LLC
VICE CHAIRPERSON
Mark W. Wolfgram, CPA Bel Brands USA Inc.
TREASURER
Jennifer L. Cavanaugh, CPA Grant Thornton LLP
SECRETARY
Lindy R. Ellis, CPA Ernst & Young LLP
IMMEDIATE PAST CHAIRPERSON
Deborah K. Rood, CPA CNA Insurance
DIRECTORS
Amy M. Chamoun, CPA Cherry Bekaert Advisory LLC
Pedro A. Diaz de Leon, CPA, CFE, CIA Sikich LLP
Kimi L. Ellen, CPA Benford Brown & Associates LLC
Monica N. Harrison, CPA Tinuiti
Joshua Herbold, Ph.D., CPA University of Illinois
Enrique Lopez, CPA Lopez & Company CPAs Ltd.
Kimberly D. Meyer, CPA Meyer & Associates CPA LLC
Girlie A. O’Donoghue, CPA Portillo’s Inc.
Matthew D. Panzica, CPA BDO USA PC
Jennifer L. Rada, CPA PwC LLP
Leilani N. Rodrigo, CPA, CGMA Galleros Robinson CPAs LLP
Richard C. Tarapchak, CPA Verano Holdings Corp.
Andrea Wright, CPA Johnson Lambert LLP
Stephanie M. Zaleski-Braatz, CPA ORBA
Chapter Presidents
CHICAGO METRO
Rebecca Babowice, CPA HSBC North America
CHICAGO SOUTH
Valicienne A. Arnold, CPA Arnold Knox CPA Advisory LLC
FOX RIVER TRAIL
Kurt L. Schneider, CPA CentralOffice LLC
FOX VALLEY
Aaron E. Ruswick, JD, LLM Huck Bouma PC
O’HARE
Diane L. Bobel, CPA
Committee and Advisory Council Chairs
ACCOUNTING PRINCIPLES
Jason K. Plourde, CPA Grant Thornton LLP
AUDIT & ASSURANCE SERVICES
Amber Sarb, CPA RSM US LLP
AWARDS SELECTION
Christopher P. Daugherty, CPA, CIA, CGMA Kirkland & Ellis LLP
CPA EXAM AWARD SELECTION
Pawel J. Szeliski, CPA Aprio LLP
ETHICS
Mark S. Glochowsky, CBM Schuler Shook Inc.
GOVERNMENTAL EXECUTIVE
Kent A. Sorenson, CPA Sauk Valley Community College
GOVERNMENTAL REPORT REVIEW
Matthew A. Geerdes, CPA Sikich LLP
ILLINOIS CPAs FOR POLITICAL ACTION
Edward J. Hannon, CPA, JD, LLM Polsinelli
LEGISLATOR TAX GUIDE
Luis V. Plascencia, CPA
Luis V. Plascencia CPA
NOT-FOR-PROFIT ORGANIZATIONS
Izabela Poludniak, CPA Sassetti LLC
PEER REVIEW REPORT ACCEPTANCE
Joseph Beck, CPA, CITP Jones, Pounder & Associates PC
SCHOLARSHIP SELECTION
Kimberley A. Waite, CPA CBIZ CPAs PC
TAX ADVISORY GROUP
Gary S. Hart, CPA Mowery & Schoenfeld LLC
TAXATION ESTATE, GIFT & TRUSTS
Kamal K. Battu, CPA FGMK LLC
TAXATION EXECUTIVE
Charlene D. Rhinehart, CPA GoodRx
TAXATION FLOW-THROUGH ENTITIES
Jay M. Levine, CPA
TAXATION INDIVIDUAL
Lori S. Helmantoler, CPA
TAXATION INTERNATIONAL
Caroline A. Kraus, CPA RSM US LLP
TAXATION PRACTICE & PROCEDURES
Phillip A. Levsky, CPA FGMK LLC
TAXATION STATE & LOCAL
Eric Fader, CPA, JD Duane Morris LLP
WOMEN’S
Danielle I. Ciechanski, CPA Porte Brown LLC
YOUNG LEADERS
Reuel Brumell, CPA Henry Crown & Co.
capitolreport
Senior
Martin Green,
ESQ
Vice President and Legislative Counsel, Illinois CPA Society @GreenMarty
Keeping Up With Legislation in the Information Age
These resources can help you stay ahead of the timely issues impacting the profession.
We’re living in a time known as the “information age,” where all of us can easily consume news anytime, anywhere, and from many different sources. Of course, while it’s easier to get information, knowing who to get it from and who to trust has become overwhelming. Fortunately, the Illinois CPA Society (ICPAS) Government Relations team is here to make it a little easier, as we monitor legislation, share important updates on legislation, and advocate on behalf of our members and the profession.
With the busy spring legislative session, I thought this would be a good time to highlight all the curated information and news we make available. Since ICPAS serves members across the spectrum of the accounting profession, we attempt to cover legislation and topics of interest to certified public accountants (CPAs) regardless of their practice areas, in addition to legislation impacting CPAs and their clients. That said, here’s a rundown of government-related information and services available to you as ICPAS members.
GOVERNMENT RELATIONS LANDING PAGE
EXPLORE
• Capitol Insight: This monthly e-publication includes legislative and regulatory news. Most members automatically receive this publication, but opting-in or out of receiving it can be managed through the “My Email Preferences” section of members’ online profiles when logged into the ICPAS website.
• Legislative Tracking Reports: These live, 24/7 reports reflect legislative items of interest (both general and tax), bill statuses, and working annotations on bills.
• Capitol Recap: This video series provides an update on legislative activities taking place under the State House Dome.
• Advocacy Toolbox: On occasion, we send grassroots action alerts when we need your help contacting state and federal legislators on an ICPAS legislative priority. These alerts direct you to a webpage with a preformatted message to send to your state or federal legislators asking them to vote for or against legislation. (You can also customize messages with your own words.) Notably, these alerts are sent sparingly so as not to run the well dry on your end or inundate legislative offices with messages. However, contacting your legislators through this page takes as little as two minutes to complete, and it’s important that legislators hear from constituents on issues of importance.
www.icpas.org/gov
The Government Relations landing page is maintained as a one-stop shop for you to access information on state and local government. It details whether the Illinois General Assembly is in session, includes live legislative tracking reports, and provides access to other important updates. We also post state and federal legislative and regulatory news—in some instances cumulative information to capture the evolution of issues. Information on the nonpartisan Illinois CPAs for Political Action committee, as well as an overview of ICPAS’ legislative accomplishments, is also posted.
We also provide the following resources:
• Legislative Morning Report: This morning report is posted each day the General Assembly is in session, providing an anticipated rundown of activities for the day.
Additionally, we’ll send out all-member messages or segmented communications on significant issues impacting the profession. Keep a lookout for these emails.
As you know, the legislative and regulatory environment is dynamic, and our No. 1 priority is keeping you informed. Hopefully these resources and tools can help you stay ahead in the information age as it relates to issues impacting your practice areas and clients.
2024 | NEW CPAS CONGRATULATIONS!
A
Santino G. Abbinanti
Joseph M. Ackeret
Samantha M. Acuesta
Sarah R. Ade
Beatrice O. Adelakun
Abigail S. Adelman
Kiran M. Ahluwalia
Ekerete E. Akpan
Mark A. Alber
Daniel Alexander
Allin A. Alibegovic
Spencer M. Allen
Toqa M. Alnatsheh
Masarrah Alsagher
Delia Alvarez
Branislav Andelkovic
Andrew S. Anderson
Chay H. Anderson
Daniel D. Anderson
Riley D. Anderson
Erik R. Anfenson
Paige A. Antczak
Chad Antosik
Joseph R. Appelhans
Michael J. Arteaga
Janel M. Arters
Shereen Ashraf
Nicole A. Asta B
Zachary G. Backiewicz
Taranpreet Bagga
Joshua Bagger
Drew E. Bails
Jack T. Ballard
Thomas J. Balle
Ethan J. Bank
Luke Banwart
Jan G. Barkalow
Dean P. Barkoulies
Joseph B. Barnaby
Kimberly A. Barnett
Stephen M. Barrett
William H. Bartenhagen
James T. Bashall
Randall J. Basilio
Nicholas Baskin
Christopher D. Basso
Hans P. Battle
Ryan M. Bausman
Armando M. Becerril Sierra
Richard C. Beck
Ross D. Behrends
Nicholas C. Behrendt
Kevin E. Belter
Hope M. Benefield
Laura K. Benoit
William W. Benton
John Bergeron
Mathilde A. Berthier
Vivian S. Betouni
Oleksa J. Bindas
Alexander E. Blashewski
Patrick A. Bocken
Scott R. Bonebrake
Matthew W. Bosley
Elise Boudart
Tyson J. Bouldin
Lawton Bouwer
Joseph G. Bove
Aidan Bowen
Grace Bozzo
Shannon Brannick
Reed R. Branom
Alexander Braxton
Justin W. Brestal
Lindsey T. Brettmann
Lauren Brezina
Blake A. Brinkman
Dominic J. Brisson
Ella M. Bristow
Paul C. Brobst
Jacob Brocato
Ryan W. Brockschmidt
Ashley L. Brown
Nathan H. Brown
Jennifer L. Bryan
Marco A. Bucciarelli
Jacob Bulthuis
William Butzke
Claire T. Byrne
CAvery B. Cadet
Xiaoming Cai
Michael R. Campanile
Kelsey Campbell
Dylan L. Capp
Seth P. Carlile
Alexander S. Carolan
Alvaro Carrillo Marcano
Clarissa K. Cavanaugh
Thanchanok Chaiprasit
Yung-Han Chang
Raphael R. Charbit
Ricardo Chavez
Tienan Chen
Wei-Yu Chen
Yu Chen
Michael Chernawsky
Eric Chou
Hsia-Yu Chu
Paige E. Cicciarelli
Claire C. Cirrincione
Alexander M. Clanton
Shelby L. Clarahan
Jessica L. Clark
Patrick C. Clark
Karly B. Coffey
Madison E. Coffey
Alexander Colella
Braden M. Conroy
Timothy J. Constertina
John Coolidge
Grace L. Cooper
Christian J. Cops
Arly Cortez
Joshua P. Costo
Matthew H. Crawford
Nathan Crees
Thomas E. Cubit
Kevin L. Cunningham
Clara Cupuro
Jack T. Curcio
Brandon A. Curtis
Bridget K. Curtis
Anna E. Cutillo
Jakob A. Czupek
DMichael W. Daas
Amyn Damji
Kevin M. Danaher
Domenic A. D’Andrea
Nicholas L. Daniele
Vitaliy Danilyuk
Sydney A. Darnill
Andrew D’Astice
Nathaniel S. David
Erik A. de Groot
Blake A. De Luca
Elise de Parcevaux
Peter DeBiase
Louis D. DeGuentz
Dominik D. Del Ghingaro
Ralph DeLeon
Sonia G. Delm
Conor C. DeMichele
Panagiotis N. Demogerontas
Yajing Deng
Blythe C. Denny
Michael C. Deters
Michael Devitt
Dino P. DeVivo
Samuel L. DeVooght
Keagan J. DeVries
Jacob H. Dewar
Gurraj Dhami
Joseph J. Diesen
Christina Dimarakis
Matthew R. DiMillo
Samuel F. Dina
Brian J. Dini
Rabell Diro
Nicholas R. Dispensa
Aniket A. Divekar
Bryce A. Dixon
Jacob S. Dodson
Nicholas A. Donato
Twila H. Dovas
Clara R. Dramm
Daniel P. Drees
Bryce J. Drezek
Jorden E. Drought
Nathan D’Souza
Nancy Dudzik
Megan Duenser
Spencer G. Dunckley
John P. Dunham
Justin A. Durnavich
Misty J. Durov
Caitlin E. Dyer
Katarzyna Dziabala E
Meygan E. Echols
Charles F. Elbert
Christopher M. Eldridge
Kane L. Elkins
Cameron D. Erickson
Jace M. Etchechury F
James M. Fadden
Michelle Fafard
Andrew Fan
Kexin Fan
Stephanie A. Fara
Simon J. Farber
Jessica A. Farkas
Katherine E. Feely
Sarah C. Felvey
Grace E. Finegan
Steven Fishman
Ryan Fitzpatrick
Thomas R. Fitzsimons
Margaret M. Flavin
Caroline R. Flood
Nicholas A. Floretta
Alexander D. Fogel
Ryan W. Force
Ryan P. Ford
Grace Foxen
Drew M. Friedlander
Rachel F. Froemel
Xiaoxu Fu
Zhengkai Fu G
Christopher S. Gaertner
Kennedy R. Gahan
Priya N. Gandhi
Caroline M. Gard
Aaron B. Gaspardo
Lucyna L. Gast
Johnathan C. Gavin
Ashtyn E. Gee
Halena Gehrke
Joshua C. Geoppo
James George
Carson W. Gerhardy
Anna E. Giardina
Adam Giaudrone
Alex S. Giuliano
Jack Glazer
John D. Glode
Kamila K. Glowa
Avery M. Glunt
Franco Miguel Go
Gregory M. Gould
Eric Gradilla
Allison C. Graff
Nicholas Graff
Emory T. Grayson
Mark C. Graziani
Lauren Greshak
Madelynne P. Griffith
Matthew J. Groark
Annie Guier
Nancy Guzman H
Bryan C. Haage
Michael Hagerty
Annie M. Hair
Victoria L. Halls
Mary E. Hansen
Molly L. Harding
Paul E. Harrington
Zachary H. Harris
Michael Harrison
Cole P. Haugh
Jiayin He
Siyuan He
Xirui He
Ashley L. Heagy
Clare E. Heintel
Natalie H. Heisser
Justin M. Hemings
Grace Hennessy
Abby D. Hentz
The Illinois CPA Society congratulates the following individuals who earned their CPA certificate in 2024.
Jessy Hernandez
Liam C. Hill
Anne C. Hillhouse
Alexander J. Hilt
Barrett N. Hindman
Margaret Hines
Bhaveshkumar Hirpara
Anna Y. Ho
Man Lai David Ho
Hanh Nhu Mai Hoang
Yen Hoang
William E. Hochman
Noah A. Hogue
Kenyth P. Holdefer
Andrew Holland
Sydney Hollett
Ashley B. Holmes
David W. Hooker
Makayla Horn
Ashley L. Houser
Katelyn M. Howley
Chiyu Hu
Hsin-Yun Hu
Xiaoqing Hu
Jing Wen Huang
Yujing Huang
Emily F. Huber
Michael C. Hucek
Timothy V. Huff
Kaitlyn N. Hughes I
Johnathan K. Imerman
Amanda R. Ipema
Shaaf Iqbal
Paul A. Isaac
Umer Izhar J
Klaudia Jablonska
Faris Jafar
Abhishek Jain
Nicholas A. James
Kristen M. Janda
Frank Jang
Mary E. Jenkins
Melanie S. Ji
Jack Jiang
Pinyan Jiang
Susan H. Jiang
Ella K. Joaquin
Ashley C. Johnson
David T. Johnson
Juliana N. Johnson
Kellie L. Johnson
Taryn M. Johnson
Zebulen R. Johnson
Sydney N. Johnston
Emily S. Jossart
Carter D. Josund
Pyunghwa Jung K
Frank L. Kalemba
Patrycja Kaminska
Megan G. Kaminski
Lia D. Kaminsky
Andrew T. Kammerer
Emily J. Kamper
Jason Kang
Adam Karar
Katherine E. Karnosh
Alexandra M. Katen
Kevin T. Kato
William D. Katranis
Andrew Kaufmann
Gita Kava
Tara A. Keane
Patrick N. Kelly
Brandon Kennedy
Emily R. Kennedy
Nicole Kenner
Jason P. Kenny
Muhammad T. Khan
Tarannum Y. Khatri
Luke J. Kidwell
Katelyn A. Kiel
Kelly Kiel
Young Woo Kim
Bethany R. Kindt
Matthew J. King
Ryan King
Samuel Kinnaman
Christina E. Kirmis
Kate Kirschbaum
Michael K. Klazura
Thomas H. Kline
Samuel Klineman
Marco Knauf
Rudolfo O. Knight
Jared T. Knightly
Jonathan Z. Knott
Morgan L. Knuckey
Anna E. Kobrzak
Matthew M. Kocsis
Eleanor A. Kohlberg
Ashlyn V. Koob
Jacob T. Kotopka
Christopher L. Kovacevich
Bogumila Kozak
Artur A. Kozlowski
Tyson R. Kralis
Sydney L. Kruto
Luke Kubicek
Vito A. Kuelling
Nathan J. Kuryla L
Matthew Lach
Samuel E. Ladd
Marco A. Lagos
Isaac LaLuzerne
Patrick V. Lam Po Yuen
Maya R. Lambert
Savannah J. Lambrick
Luke M. Lamm
Mairghread A. Langston
Ivan N. Lanski
Tineke Larasati
Charles R. Larenas-Leach
Grant E. Leader
Jessica L. Leasher
Alex H. Lee
Kwan Seok Lee
Luke Lee
Yoomi Lee
Erin L. Lenschow
Andrew W. Lestingi
Sherman Y. Leung
Nathan M. Levin
Zhongxia Li
Tiancheng Liang
M. Lin
Ethan T. Lind
Kari M. Linders
David Z. Linek
Carrie Liu
Chen-Chun Liu
Huilin Liu
Tengkun Liu
Xiaoli Liu
Yi-Hsuan Liu
Jon M. Livezey
Luten Loca
McKayla P. Lockwood
Ahsan M. Lodhika
Jakob W. Loerop
Robert K. Logan
Joseph X. Looney
Marcos Lorenzo
Ari Losoff
Horia Lucaciu
Meghan V. Ludorf
Micaela N. Lugo Romero
Sam Luo
Xiao Luo
Cade Lussow
Tyler J. Lussow
Isabel Lutz
Thomas T. Lyons
Elina X. Ma
M
Mingyang Ma
Qiwen Ma
Erik G. Mackey
David A. Macks
John P. Madison
John P. Maher
Jordyn Malis
Kevin M. Mallady
Brittney A. Mamon
Junyi Man
Pramod M. Manivel
Anna T. Manova
Anel Marais
Alexander P. Maraval
Abigail M. Markley
Sydnee E. Marks
Michelle
2024 | CERTIFICATE RECIPIENTS
Michael S. Marschall
Angela Marseille
Nicholas A. Marsh
Christian S. Marshall
Sarah N. Martich
Daniel Martinez
Isabella M. Martinez
Andrew H. Masciotra
Mohammed Master
Julia A. Matusevicius
Bradley M. Maurer
Madison R. McBride
Emmett D. McCoy
Michaela R. McCracken
Kyle E. McElyea
Kelly E. McGee
Madeleine McGuire
Alex A. McKenzy
Taidgh S. McManus
Shaylin T. McNamara
Camden Meade
Mallory J. Meinke
Maxim Meleshko
Bilal K. Memon
Mackinley T. Menard
Benjamin R. Mendes
Benjamin J. Mewhinney
Carol R. Michaels
Joseph A. Michalakes
Patrick A. Mikulski
Daniel G. Miller
Valerie L. Miller
Velina T. Minkova
Madaline Minor
Natalie Miodowski
Laura Miramontes
Gregory R. Miranda
Justine E. Misch
Atsushi Miyazaki
Roth J. Mizell
Erik Monarrez
Sydney Moore
Jack T. Moran
Kaitlyn M. Moran
Jeremy M. Morgenstern
Jacob A. Moza
Laura C. Mueller
Zhaukhar Mukametkhan
Joseph P. Mullan
Benjamin T. Murdock
Christina M. Murgiano
Cameron D. Myers
Parker Myers
Reese M. Myers
Jessica Myjak N
Asha N. Nagar
Prashant H. Naik
Seth Narr
Michael D. Nash
Anna M. Nawrocka
Hubert Nawrot
Amanda J. Nelson
Katherine A. Nelson
Jessica C. Nena
Adam J. Newmyer
Kimberly L. Neydon
Colton C. Ngumoha
Lovelyn F. Nguyen
Matthew L. Nickrent
Rhona Nicol
Kaitlyn P. Nock
Sabrina Norton
Alba Note
Alexander R. Novak
Justyna M. Nowak O
Lyle C. Ochs
Adam E. Oelrich
Kelan O’Flaherty
Chie Ogawa
Alexandra W. O’Grady
Yesul Oh
Ryan C. O’Hara
Catherine O’Hea
Ethan C. Ohlhausen
Dean C. Oliver
Matthew R. Oliver
Emme L. Olson
Jacob H. Olson
Matthew J. Olson
Mariah R. Onken
Jillian L. Oportus Kick
Samuel V. Ortiz
James Ost
Kendra N. Osuoji
Owen O’Toole
Zachary F. O’Toole
Nadia Oumata
Jacob C. Overton
Raven M. Overton-Price
Kathryn E. Owen P
Christian K. Pablo
Tushar Padhi
Tyler J. Padilla
Juan P. Palomino
Brooke E. Papageorgakis
John J. Park
Justin Park
Kevin Park
Alexandra M. Parramore
Michael P. Parzynski
Hetal V. Patel
Jigar Y. Patel
Lisa R. Patel
Mitvaben M. Patel
Neelkumar K. Patel
Sagar A. Patel
Vanessa Patino
Sean P. Paton
Alyssa Pedersen
Neli I. Peeva
Anthony Pellikan
Peter James D. Pendowski
Cecilia Perez
John Peters
Lindsay P. Peters
Matthew Peters
Dante J. Petrone
Trey Petty
Michelle Phung
Mark C. Pinner
Trevor Piotrowski
Carly Pisano
Oleg Pitchuk
Justin Placko
Vitas Polikaitis
Shane I. Pollard
Araya Polpila
Tymothy Pomykala
Mirela Paula G. Popescu
Derek Pottebaum
Meagan Powers
Laxana Pragasam
Spencer Prine
Grace K. Prior
Michael Prorok
Krishma PunjabiGheewala
Q
Hao Qin
Anthony R. Quinn
Katherine B. Quinn
R
Marlena Rachieru
Sophia M. Radetic
Junaid R. Rakhangi
Juan C. Ramirez
Irving R. Ramirez-Lopez
Judy Ramos
Grant W. Rasmussen
Nolan J. Rasmussen
Chaitanya G. Rathod
Stefan I. Rebic
Christian A. Reczek
Jeremy Reda
Ritika R. Reddy
Colton A. Reed
Dustin L. Reed
Jacob I. Reed
Volodymyr Regush
Meryem Rehich
Bryn K. Reimer
Ashley Reinhart
Vanessa R. Renteria
Rachel C. Repke
Jordan Richert
William J. Riordan
Tyler Rist
Jacqueline J. Rivera
Maria F. Rodarte
Eduardo Rodriguez
Michelle Rodriguez
Ethan Roemmich
Jacobus H. Roets
Kevin Rogers
Elena F. Rollinger
Vincent Romanelli
Leonard Romangsuriat
Meredith Ross
Adam Roudabush
Victor A. Rubio Mora
Jenna E. Ruccolo
Timothy M. Ruch
Osvaldo Ruiz
William Ruiz Mireles
Raymond Rushing
Joseph M. Russell
Lauren A. Russmann
Anna Rutkowski
Kaitlyn G. Ryan S
Shawn Sachdeva
Hossein Sadeghian
Shalini Sahgal
Shilpi Sahi
Nabil Saiyed
James Salerno
Kevin Salinas
Ari M. Salkin-Weiss
Elizabeth A. Salter
Jose J. Sancen
Joel Sanchez
Samuel A. Sapien
Julianna A. Savage
Michael L. Saylors
Dominique E. Schauer
Dru Schenk
David E. Schillmoeller
Sarafina M. Schimek
Elizabeth C. Schini
Mitchell G. Schneider
Emily R. Schrader
Christopher C. Schuette
Carrie D. Schultheis
Zehava J. Schuman
Luke M. Schutt
Alexandria R. Schweikle
Elizabeth A. Scott
Lauren N. Seibel
Jovan Selakovic
Hansol Seo
Anuj M. Shah
Disha Shah
Nikesh Shah
Mariia Shaniuk
Brett A. Shannon
Patrick A. Shannon
Aiman Sharif
Eaman Shebley
Samuel J. Sheedy
Jennifer A. Sheehan
Yueying Sheng
Azezat K. Shewu-Bobade
Fumeng Shi
Zaid Siddiqui
Karoline Siqueira Eichhorn
Joseph Skrabacz
Dariusz K. Slowikowski
Matthew R. Smearman
Maclain Smigielski
Brendan A. Smith
Emily M. Smith
Jasmine M. Smith
Wenjie Song
Andre M. Sosa
Amanda A. Sowske
Gregory Spaven
Mary A. Stall
Keely B. Stanton
Elizabeth Starkey
Constantine N.
Stavropoulos
James G. Stein
Thomas Steinhaus
Yiorgos E. Steryiannis
Erik C. Stiegman
Ryan W. Stoakes
Nicholas E. Stokes
John M. Stoltz
Kyle Streelman
Rebecca L. Streit
HaSherria Strong
Shravanthi Subramani
Michael J. Sudol
David M. Sudyka
Ann L. Sullivan
Erin C. Sullivan
Shane Svec
Lily P. Swanson
Erin D. Swope
Maciej Szuster T
Montaser Takrouri
Kirti Talwar
Tariro R. Taruvinga
Martin Tatosian
Avery J. Taylor
Cameron Teel
William T. Teichman
Ryan Templeton
Nisarg Thaker
Daniel J. Thomas
Heidi Lian Hwa Tiong
Brandon J. Tomczyk
Emily Tonin
Patrick Toronjo
Rolando Torrellas
Mary K. Toyne
Nathalie Tran
Wade Tripp
Huy Truong
Michael Tucker
Daniel J. Turkewitz
Briana M. Turner
Rashidat N. Turner U
Mia F. Ullmer
Chi Lok Un
Tanzila M. Upama
Emma C. Urchell
Kush Uttamchandani V
Chandni F. Vaidya
Marguerite K. Vassos
Juan C. Vela
Elizabeth Velazquez
Jordan Veldman
Antuela Visha
Brooks Von Deylen W
Grant Wackerman
Luke P. Waldman
Maddison K. Walker
Matthew D. Wallace
Beverly Wang
Daniel X. Wang
Jia Wang
Junyao Wang
Yihang Wang
Yu-Fan Wang
Thomas M. Ward
Derek J. Warnstedt
Matthew D. Watanabe
Kayla Weede
Jennifer L. Wei
Ming-Fu Wei
Yining Wei
Joy K. Weinzapfel
Nolan C. Weis
Michael Wengert
Rheanna Wey
ILLINOIS CPA SOCIETY
Nathan P. Wheeler
Matthew M. Wiertel
Katherine B. Williams
Matthew C. Williams
Paul C. Williams
Ryan M. Wis
Nathan S. Witte
Nicholas Wojtan
Andrew S. Wolf
Michael J. Wolf
Spencer Woll
Christopher Wood
Savanna Woodall
Joshua S. Wright
Grace Y. Wu
Raymond Wu
Rick M. Wu X
Liyao Xiong Y
Beity Yang
Samuel Yang
Tzu-Yi Yang
Yubing Yang
Lydia S. Yap
Seung Ho Yeom
Seung Won Yeom
Kaitlyn W. Yu
Shiyue Yu Z
Tanzeel S. Zakria
Magda Zarebski
Stephen Zaremba
Briana Zegler
Emily W. Zeko
Yu Zeng
Johnny Zhang
Ronghao Zhang
Yiru Zhang
Yuzhe Zhang
Zenghui Zhang
Jie Zhao
Liai Zhao
Shiyu Zhao
Nanxue Zhou
Yuansong Zhou
Feng Zhu
Huilin Zhu
Yilin Zhu
Noah Zimmerman
Brandon E. Zisman
Michael F. Zuffante
Matthew S. Zurlo
Lucas R. Zwerenz
2024 EXCEL AWARD RECIPIENTS
The Excel Award is granted to Illinois CPAs who achieved a total average score of 90 or more on the CPA exam and were in the top five percent of the scores of those who completed all the requirements in 2024 in Illinois.
GOLD MEDAL RECIPIENT
Matthew R. DiMillo, CPA
Illinois Wesleyan University Mowery & Schoenfeld LLC
Maclain Smigielski, CPA
University of Nebraska–Lincoln Deloitte LLP
SILVER MEDAL RECIPIENTS
Jeremy Reda, CPA
Indiana University Bloomington Ernst & Young LLP
BRONZE MEDAL RECIPIENTS
Anna Rutkowski
Loyola University Chicago PwC LLP
Yuzhe Zhang
University of Illinois Urbana-Champaign KPMG LLP
Every attempt was made to acknowledge all individuals who earned their CPA certificate from the Illinois Board of Examiners in 2024. If a discrepancy is noted, please call 312.517.7632.
Charging Your Worth: Why It Might Be Time to Update Your Firm’s Pricing Structure
By moving beyond hourly billing rates and embracing innovative pricing models, accounting firms can generate revenue growth and create more value for their clients. Here are some strategies to get started.
BY TERI SAYLOR
MOVING BEYOND HOURLY BILLING
THE ACCOUNTING PROFESSION has long been built on the stability of hourly billing rates for tax filings, audits, and financial reporting services. But for some firms, that tried-and-true pricing structure is starting to look stagnant, hindering their ability to increase revenue and meet evolving client expectations.
As more firms move beyond traditional compliance services and add client advisory services to their offerings, some are looking for innovative pricing models that better capture the true value of all the services they provide.
Here, four experts share strategies for ensuring accounting firms’ fee structures are adequate, demonstrate client value, and position them for success.
Despite the evolving pricing landscape, many firms are still content with charging hourly rates, says Kristen Rampe, CPA, managing partner at Rosenberg Associates, a firm in Grand Rapids, Mich. that provides management consulting services for accounting and financial services firms. However, she notes that some of her client firms are starting to convert to flat fees.
To convert to a flat fee, Rampe recommends “firms scope an engagement, calculate what they believe a fair price should be for the engagement, and quote that to their client.”
Some firms are also employing a value-pricing model, which considers the value their services bring and the client’s return on investment. In this case, the value fee is determined by the positive impact the accountant’s expertise will have on the client’s business, rather than basing it merely on the time spent on tasks. This allows for more customized pricing packages based on individual clients’
needs and goals. For example, some clients place a high value on monthly brainstorming sessions with their certified public accountants (CPAs) and are willing to pay a higher premium for the consultative services versus the typical bookkeeping, tax, and audit services.
Susan M. Tillery, CPA/PFS, president and CEO of Paraklete Financial Inc. in Kennesaw, Ga., exclusively employs a value billing model. She starts by estimating how much time and effort the engagement will take, including all the intangibles that go into servicing a client, like phone calls, emails, meetings, etc. She also factors in the expertise of the accounting professional assigned to service the client.
“We don’t track our hours because we’ve already built in a higher fee than what our hourly rate would be,” Tillery says. “We never change that fee during the course of the engagement, and if it falls short, we take that into account and make adjustments when we quote future engagements.”
Chris Benson, CPA/PFS, principal at L.K. Benson & Company, a small wealth management firm in Laurens, S.C., bills his clients based on a quarterly fixed fee that accounts for the complexity of their financial situation. Additionally, the firm applies an hourly rate for project-based services.
“Our approach to pricing is to walk through a full financial planning engagement with every client, tracking the hours, and then estimating the total cost of the engagement based on those discussions,” he says. “The engagement meeting includes a full review of the prospective client’s investment portfolio, including their tax returns, business model, and financial management and auditing needs.”
THE PERILS OF NOT CHARGING ENOUGH (AND WHAT TO DO ABOUT IT)
Amanda Aguillard, CPA, CISD, chief operating officer at Padgett Advisors, says that firms must upgrade their pricing models to thrive in today’s market.
This is especially true for smaller firms that tend to underprice their services based on their size. However, Aguillard suggests smaller firms would be wise to implement market rate pricing—aligning their prices with the prevailing market rate to remain competitive.
“All firms should consider their local market when establishing prices no matter what size their firm is,” she says. “For instance, the market for financial and accounting services in Gainesville, Ga. isn’t going to be the same as for Palm Beach, Fla. Unfortunately, firm owners don’t always have the confidence to raise their rates to market level because they feel they owe their clients.”
In her view, firms that don’t price correctly do a disservice to themselves, their staff, and their clients: “When services are underpriced, staff often feel overwhelmed because they have to take on more work to cover the overhead—and when firms underprice their services, they’re not building value for their future.”
When accounting teams are overworked, clients often get the short end of their service agreements. Instead of taking time to think about their clients’ bigger pictures, overwhelmed accountants tend to become task-oriented and move through their engagements by simply checking the boxes and moving down the to-do lists.
“When you’re operating with under-profit-margin pressure because you don’t charge enough or the right way, you’re not giving your best selves to your clients,” Aguillard stresses. “Charging hourly is self-limiting because you only have a certain amount of capacity. Instead of getting paid for what you do, you should get paid for what you know.”
Charging too little has also been part of Benson’s own experience. When he joined his father in business, he noticed the firm was long overdue for a pricing overhaul.
“We still had clients who had been on the same fee schedule for 15-20 years,” he explains. “That shouldn’t happen.”
Now, Benson’s firm implements a 3% baseline fee increase annually and reviews their client roster every couple of years to gauge whether they need to raise rates further.
In addition to implementing regular price increases, Tillery says firms should practice regular strategic planning to stay ahead of the curve and increase profitability.
One signal that it’s time to make a change is when the volume of the lowest paying clients reaches 30% of the total client base, Rampe suggests. That’s when most profit-oriented firms fall back on their strategic plans and examine their profit goals for guidance on rate increases.
FINDING YOUR COMFORT ZONE
When it comes time to adjust prices, firm leaders often become paralyzed with indecision and worry about the impact it’ll have on their client base and bottom line.
“They don’t know where to start, how to approach their clients, or how to implement a new pricing structure,” Aguillard says.
For firm owners who are apprehensive about making changes, Aguillard recommends targeting clients with the lowest profit margins first, as this will help build confidence and make the process of raising prices easier: “First, choose the clients you may be losing money on or those who are the most demanding—start by raising their fees and see what happens.”
Benson’s team found success with another approach: culling legacy clients who pay lower rates for limited services to make room for those seeking the higher value financial services the firm offers.
“The hardest part for us has been offloading the limited-service clients we’ve had for 20 years or more,” he admits. “Even after we’ve raised their fees and told them we’re no longer a good fit for them, they continue to ask us to make exceptions, and sometimes we do.”
One of those exceptions was for an 85-year-old woman who’s been a longtime, simple tax return client. In a gesture of goodwill, the firm continues to file her tax returns. “We will for as long as she needs us,” Benson says.
Importantly, Rampe says keeping it professional and giving clients choices about their future with the firm will help lead to a win-win for both the firm and its clients.
“Often firms allow their clients to self-select whether to pay higher fees or look for a new accounting firm,” Rampe says. “Some of them stay while others leave, and either choice can result in a net positive for both parties.”
Overall, Rampe has never met a firm leader who’s regretted raising fees or converting clients to more profitable pricing structures, even if that means losing some business to start.
“The ones that stay lead to higher profitability, and that can feel really rewarding,” she says. “And what’s life changing about all of this is the mental affirmation that you’re charging what you and your people are worth.”
Teri Saylor is a business and lifestyles writer in Raleigh, N.C.
How to Navigate Treasury Management in 2025
Market volatility and the propensity to sit on extra cash “just in case” are creating some significant opportunities and challenges in the current marketplace.
BY BRIDGET MCCREA
NAVIGATING the current financial landscape demands a proactive, adaptable treasury management approach (and a stomach for ongoing uncertainty and volatility). Both minefields and opportunities are weaved throughout the landscape, but with some careful planning and an eye for optimizing liquidity, corporate finance teams can ensure that their organizations can continue to make smart money moves this year.
Here, three finance experts share a mix of short- and long-term treasury management strategies to consider.
BE STRATEGIC WITH EXTRA CASH
Many organizations are sitting on high cash levels right now, which means 2025 could be the year to allocate some of those reserves to higher-yield investment opportunities.
Mike Heneghan, CFA, CAIA, senior vice president and senior investment strategist at Bernstein Private Wealth Management, says if interest rates trend lower this year, organizations may want to think beyond keeping cash in accounts susceptible to falling rates like money market funds. Instead, he says organizations with extra cash should consider moving some of the funds into bonds: “As you map out your cash needs for the next 9-12 months, moving any leftover cash into a safe, investment-grade bond portfolio will provide better returns over time.”
Heneghan says bonds are a strategic option to consider right now because they’ll offer a “good yield” if and when interest rates are lowered again. On the other hand, interest rates on money market accounts will naturally decline as the Federal Reserve lowers rates.
During this period of volatility and uncertainty, Sepora Makabeh Badower, vice president and wealth advisor at Bernstein Private Wealth Management, says it’s important for corporate finance leaders to watch the exposure they’re taking on. For example, if your organization has ample reserves and cash to invest, think
strategically about whether the various investment buckets are sized appropriately. Additionally, she says to pay particular attention to any checking or savings accounts where money may be accumulating but not earning any or not enough interest.
“Take advantage of opportunities where you can earn additional income or interest,” Badower stresses. “There’s definitely an opportunity right now to take a step back, evaluate where you’re at, and consider what the next few years could look like.”
TO CRYPTO OR NOT TO CRYPTO?
While the potential for high returns when investing in cryptocurrency like bitcoin may be alluring, experts say it’s generally not recommended for treasury or short-term investments due to associated volatility and valuation challenges. Instead, companies that want to dip a toe in the crypto waters should keep it limited to a small, diversified allocation.
“We don't recommend crypto in cash management or treasury type allocations,” Heneghan says. “However, if an organization has longterm capital that can withstand some volatility, it may be appropriate for them to use a 1% or 2% weighting of their allocation.” Ultimately, Heneghan says to approach cryptocurrency holdings like you would a venture capital investment, where there’s potential to either lose it all or have an outsized gain.
If you’re looking for some non-crypto, higher-yield investment options, Derek Sasveld, CFA, director of investment strategy and research at Busey Wealth Management, recommends exploring international or emerging market opportunities. He also notes there may be more attractive valuations in small- and mid-cap companies both in and out of the United States right now.
KEEP SOME POWDER DRY
Sasveld says 2025 is shaping up to be a year to “keep some powder dry” (i.e., maintaining some readily available cash or liquid assets) and taking on less risk. He explains that credit spreads are tighter than usual and are “priced for perfection right now.” Put simply, the difference in yield between corporate bonds or other debt, and a risk-free benchmark (e.g., U.S. Treasury bonds) is smaller than usual.
“It’s been quite a while since we’ve seen this low level of spread,” Sasveld says. “With that in mind, we recommend being careful about how much credit risk you take on, knowing that any sign of economic weakness will move the credit spreads out.”
Of course, with the Fed now not expected to move rates within the next few months, Sasveld also urges teams not to “venture too far out in terms of maturity, because you’re not getting a whole lot more payment in exchange for taking on more risk.”
CREATE A ROADMAP TO SUCCESS
Regardless of market conditions, smart treasury management isn’t just a series of reactive decisions—it starts with a roadmap. This approach is especially critical during times of volatility, when erring on the side of caution may return lower yields and jumping into speculative opportunities can dramatically increase risk. With this in mind, Heneghan tells corporate finance teams to plan their treasury strategies with the same rigor they’d use with any other critical business initiative.
First, he suggests organizations start with a clear articulation of objectives by asking these four questions for 2025 and beyond:
1. What are our organization’s key financial priorities?
2. Do we want to maximize liquidity?
3. Is minimizing risk our biggest goal right now?
4. Do we want to do a better job of optimizing returns?
“Defining these goals upfront provides a framework for all subsequent planning,” Heneghan stresses.
Next, Heneghan recommends performing a comprehensive assessment of the current financial landscape by focusing on analyzing cash flows, evaluating existing debt structures, and identifying potential risks and opportunities. “Understanding the company’s current financial position provides a baseline for developing effective strategies,” he adds. For example, if cash reserves are ample—and if the company itself won’t need to tap those reserves within the next year—then start looking for some higher-yield, longer-term investments.
On the flip side, Badower says some organizations may need to “resize and rethink their current, shorter-term options, ensuring that they’re properly sized and invested with their broader portfolio goals in mind.”
Overall, Sasveld recommends corporate finance teams carefully evaluate their organization’s treasury management strategies every year, not only when market volatility and uncertainty threaten to upend their portfolios and investment approaches. “There’s nothing wrong with turning this into an annual exercise,” he stresses. “In fact, it should be done on an ongoing basis, depending on what opportunities are available in the markets at any given point.”
Bridget McCrea is a Florida-based freelance writer specializing in business and technology.
Is Remote Work Driving Performance Evaluation Bias?
A new study highlights how remote and hybrid workplace settings can create unintentional performance evaluation bias. Here’s what accounting firms can do to fix it.
BY JOSHUA HERBOLD, PH.D., CPA
targets, evaluations for telecommuting mothers and fathers were similar, but when remote workers fell short of their performance targets, managers tended to rate telecommuting mothers more harshly than telecommuting fathers on their evaluations.
REMOTE WORK has become an integral part of the accounting profession. What was once primarily an emergency adaptation during the COVID-19 pandemic has now evolved into a preferred way of working for many current and prospective certified public accountants (CPAs). Flexible work arrangements offer benefits like increased productivity, better work-life balance, and access to a broader talent pool. But much like in-person work, remote and hybrid work practices have their limitations.
According to recently published research from University of Illinois Urbana-Champaign faculty Laura Wang, Ph.D., and Michael Williamson, Ph.D., and Ph.D. student Li Yang, accounting and finance professionals who work remotely may be subject to unintended bias—especially telecommuting mothers. Specifically, their study found that when remote workers met their performance
HIDDEN BIAS FOUND IN REMOTE PERFORMANCE REVIEWS
Accounting is an industry driven by metrics, but performance evaluations are often still highly subjective. Although managers consider output, such as utilization or staying within budget, they also assess an employee’s effort, commitment, and work ethic. This is where bias can creep in, even unintentionally.
Wang says this research project was inspired by a conversation from a colleague at another school during the pandemic: “She was frustrated that her male colleagues always scheduled remote meetings in the afternoons, coinciding with school pick-up times. She attended the meetings using her phone without turning on her video. However, her male colleagues were unhappy about this, assuming she wasn’t fully engaged in work.”
The study, which included four separate case-study type experiments, revealed that when telecommuting parents failed to meet a goal, managers subconsciously assumed that working mothers spent less time on work-related activities than working fathers. These assumptions are based on long-standing gender stereotypes: Mothers are seen as more likely to be distracted by household responsibilities, while fathers are presumed to be focused on work.
“The male-career/female-family stereotype is a deeply ingrained belief that men are, and should be, the primary breadwinners, while women are, and should be, the primary caregivers. This stereotype persists across cultures, age groups, and genders,” Wang explains.
Wang also says that before the pandemic, “this stereotype was largely dormant in work settings and had little impact on employees’ performance evaluations because most people worked in the office.” But as remote work has become more common, Wang says this bias can have greater influence on performance evaluations for two key reasons:
• “When working from home, household responsibilities are always present. For example, it’s easy to step away from your computer to do a load of laundry, reinforcing the perception that telecommuting workers (especially mothers) are distracted by caregiving duties.
• Unlike in-office settings where work hours are visible, remote work makes it harder to track work duration. As a result, people rely on stereotypes to fill in the gaps, assuming that working mothers work less when they’re at home than working fathers.”
The bias was particularly evident when performance outcomes in the team’s research setting were unfavorable. Evaluators attributed missed performance targets to a lack of effort from telecommuting mothers but were more lenient toward telecommuting fathers in the same situation and with the same performance outcomes.
“Our experiments show that even when the outputs of telecommuting mothers and fathers are identical and fully measurable, managers still penalize telecommuting mothers, perceiving them as having worked less hard than their male counterparts,” Wang says.
A SIMPLE YET EFFECTIVE SOLUTION
As Wang and her colleagues’ research suggests, this hidden bias in performance evaluations could have serious long-term consequences, including stalled career progression, reduced bonuses, and even job losses for working mothers in accounting. However, there’s some good news.
The researchers discovered a surprisingly simple solution to the problem: providing managers with objective data on remote workers’ total work hours eliminated this bias. When researchers provided managers with information showing that telecommuting mothers worked just as many hours as their male colleagues, the performance evaluation gap vanished.
“Remote work can unintentionally activate gender-based stereotypes that aren’t commonly activated in traditional office settings,” Wang explains. “One way to mitigate this bias is through remote monitoring tools that objectively track work duration, provided that such tools are implemented transparently and with minimal invasiveness.”
This finding underscores the power of transparency in performance management. As noted in the study, “[if] employees are not clearly informed about how their company collects information about employees’ total work time, or if some companies use remote monitoring tools to track employees’ work activity more intrusively … (e.g., video monitoring, real-time screenshots, website views, keyboard activities),” remote workers will experience more stress. Thus, “the benefits of remote monitoring tools will outweigh the costs only when they are implemented in ways that respect employees’ privacy.” Many accounting firms already use time-tracking software to manage billable hours and ensure compliance with client service agreements. Therefore, expanding the use of these tools to inform remote work evaluations could be a game changer.
WHAT CAN ACCOUNTING FIRMS DO?
For accounting firms committed to fairness, here are three actionable steps to help reduce bias in remote work evaluations:
1. Implement Fair Evaluation Policies: Many firms have already established hybrid work guidelines, but how many have revisited their performance evaluation criteria? Ensuring that managers consider total work hours—not just outcomes—can help level the playing field. Firms could review existing evaluation frameworks to identify potential biases, integrate time-tracking data into performance assessments, and establish clear guidelines for remote and hybrid workers to ensure consistency.
2. Train Managers to Recognize Bias: Even well-intentioned managers can fall into the trap of unconscious bias. Providing training on how gender stereotypes can influence performance evaluations is a crucial step in promoting fairness. For example, firms can offer bias-awareness workshops as part of leadership development programs. Firms can also encourage managers to assess employees based on objectively measurable data rather than assumptions.
3. Use Remote Monitoring Responsibly: While tracking total work hours can mitigate bias, firms must balance transparency with trust. Overly invasive monitoring, such as real-time screenshots or keystroke tracking, would likely erode employee morale and engagement. Instead, firms should clearly communicate how and why time-tracking data is used and focus on work outcomes rather than micromanaging daily activities.
As remote work continues to evolve, so too must the ways accounting firms measure performance. This study’s findings highlight the importance of data-driven decision-making, reinforcing the idea that transparency leads to fairness. By leveraging timetracking technology, training managers, and refining evaluation policies, firms can ensure that all employees are given equal opportunities to succeed. For firms looking to attract and retain top talent, build inclusive workplaces, and enhance employee satisfaction, addressing performance evaluation bias isn’t just the right thing to do—it’s a smart business decision too.
Joshua Herbold, Ph.D., CPA, is a teaching professor of accountancy and associate head in the Gies College of Business at the University of Illinois Urbana-Champaign and sits on the Illinois CPA Society Board of Directors.
Thank You
Losing my father to cancer has been one of the hardest challenges I’ve ever faced, both emotionally and financially. At times, finishing college and pursuing my CPA credential seemed impossible. But your support gave me the strength to keep going and fueled my determination to excel in my studies and prepare to begin my career. By lifting the financial burden, you’re really giving students like me the opportunity to succeed.
Taylor O’Malley
President’s Pavers
$100,000
Dempsey J. Travis Foundation
$15,000 - $20,000
Illinois CPA Society
Joan Moore
$10,000 - $14,999
Deloitte Services LP
Forvis Mazars LLP
Kenton Klaus PricewaterhouseCoopers LLP
Topel Forman LLC
$5,000 - $9,999
Crowe LLP
Debicki Foundation
Jason Parish
Catherine Villinski
Wipfli Foundation Inc.
$500 - $999
Anonymous
Patricia Alvino
Michael Amoroso
Gary Anetsberger
Arthur Barrett
Joseph Bigane
John Bird
Kimi Ellen
Anthony Fuller
George Bagley & Co. LLC
Anna Gomez
Edward Hannon
Lisa Hartkopf
Margreatha Hein
David Laske
(April 1, 2024 - March 31, 2025)
$2,000 - $4,999
Alverin M. Cornell Foundation
Baker Tilly Advisory Group LP
Brian & Jill Blaha
Jennifer Cavanaugh
Cameron Clark
Mary Fuller
Mark Glochowsky
Lee Gould
Mardel Graffy
Scott Hurwitz & Kelly Austin
ICPAS Women’s Committee
David & Darlene Landsittel
Michael J. Singer & Co. PC
Miller Cooper Charitable Foundation
Thomas Murtagh
Belverd Needles Jr. & Marian Powers
Leilani Rodrigo
Jeffery & Julie Watson
Enrique Lopez
Alex Martinez
Kristin & Henry McGill
Kenneth & Kathleen Naatz
Laura Naples
Paul Oetter
Gilda & Jeffrey Priebe
Elizabeth Roghair
Marites Sy
Michael Wenzel
Mark Wolfgram
Andrea Wright
$250 - $499
Anonymous (5)
Brian Amoroso
The CPA Endowment Fund of Illinois, the charitable partner of the Illinois CPA Society, graciously thanks our generous donors for their contributions.
These individuals and organizations help make a significant, life-changing impact on the lives of the most deserving accounting students and aspiring CPAs across the state.
1,050
$1,000 - $1,999
Anonymous
Brent Baccus
Wayne Barbier
Geoffrey Brown
Martrice Caldwell
Rose Cammarata
Roxanne Chow
CNA Insurance
William Condon
Jan & Wayne Ebersberger
Lindy Ellis
Sandra Gentry
Lawrence Gill & Christine Albright
Geoffrey & Ginny Harlow
Jonathan Hauser
Sheldon Holzman
Jeffrey & Stacy Janiak
Beth Jevitz Pagnotta
Jonathan Acevedo Foundation
Jon & Katie Assell
Owen Bailitz
John Barsella
BDO USA LLP
Nancy Cash
Brian Chapin
Christopher Daugherty
Jenny Deloy
Arlene & David DeMotte
Catherine Faber
Michael Frigo
Robert Giblichman
Janet Godbold
William Graf
Gary & Carol Hart
Joshua Herbold
Arla Lach
Damien & Charise Martin
Lester McKeever Jr.
Sara Mikuta
Elizabeth Murphy
Prado & Renteria Foundation
Melody Ragan
Charlene Rhinehart
Jennifer Roan
Deborah Rood
Stella Marie Santos
Todd Shapiro
Elizabeth Sloan
Scott Steffens
Myra Swick
Richard Tarapchak
Leslie Van Wolvelear
Kimberley Waite
Lawrence & Nancy Wojcik
Donna & Phillip Zarcone
Bernard Hicks ICPAS Young Professional’s Group
John Kaiser
Wendy Kelly
Kirkland & Ellis LLP
Jason Klein
Rita McConville
National Association of Estate Planners & Councils
William O’Malley
Matthew Panzica
Sam & Becky Phillips
Amanda Pictor
Elizabeth Pittelkow Kittner
Richard Shapiro
Laurence Sophian
Claire Stevens
Warren Stippich Jr.
Richard Walden
Catherine Wasylenko
Adriane Wong
$100 - $249
Anonymous (9)
Gus Antonopoulos
Sanford Bokor
Jared Bourgeois
George Boyle
James Brennan
Mark Broutman & Sandra Simon
Inspir e Suppor t Reward
Margaret & Kevin Brown
Robert Burgess
Ashley Carboni
Michelle Carrothers
Margaret Cartier
Gerald Catalano
Deborah Catchings-Smith
Danielle Ciechanski
Bridget Coleman
Peter & Barbara DeBerge
William Dexter
Pedro Diaz de Leon
David Divine
Jill Donaldson
Michael Ericksen
Sharon Ferrin
Gary Fish
Sara Flaherty
William Flowers
Michael Freedman
Jessica Friedel
Kathryn Garlow
Gary Genenbacher
Robert Gibson
Jenn Goettler
Governors State University
Robert Grecco
Andrew & Allison Guerrero
Mark Guziec
Monica Harrison
Noel Hastalis
James Haugh
Morgan Hawley
Barry Hertzberg
Russell Holmgren
Kathy Horton
Kathleen Howe-Hrach
Krista Kapsa
Thomas Kelly
David Knutsen
Steve Latreille
Paul Lau
Margaret Lawlis
Sara Leone
Glinda LoVerde
William Malsch
Laura Maniola
Sigma Gamma Rho Sorority Inc., Delta Sigma Chapter Chicago
Christine Smith
Dorothy Sobocinska
Matthew Spering
St. Katharine Drexel Parish Sisters in Spirit
Stein Certified Public Accountants PC
Marcy & Harry Steindler
Carl Swanson
Lee Ann Swanson
Michael Tadla
Harold Thompson & Shirley Hubert Thompson
Richard Thompson
Jerry Turner
Steven Wente
Jay Wilensky
WJS Consulting
DeLeon Wright
Doyoung Yong
Kenneth Yu
Stephanie Zaleski-Braatz
Zeta Xi Sigma Alumnae Chapter
Julie Zielke UP TO $99
Anonymous (8)
Timothy Abbott
Deborah Aboudara
Annabelle Abueg
Sandra Adam
John Adams
Kazeem Adedamola
Beatrice Adelakun
Keshav Agrawal
Dirk Ahlbeck
Naveed Ahmed
Jude Alagna
John Albrecht
Michael Aleckson
Karin Alfors
Hester Alfred
Elias Alkhouri
Paul Alpern
Katie Manning
Randy & Hadrian Markowitz
Kenneth Mason
Harold McCormick
Joseph McDonnell
Nichole Miksa
Karla Morgan
John Mulkerin
Ryan Murnick
David & Karen Murphy
Kari Natale
Michael Nawrocki
Kirk Openchowski
Whitey Patton
Marianne Phelan
Charles Phillips
Ivory Pineda
Ernest Potter
James Quaid
Deborah Ringer
Richard Rizzo
Bert Rosenberg
Elizabeth Rosenthal
Jeffrey Schroeder
Beth Seidman Smetana
Dan Siegert
Sharon Behme
Bashir Bello
David Bengston
Curtis Bennett
Christopher Beranek
John Berg
David Bergman
Jane Berry
Terry Bishop
Jonathan Blake
Carla Blanchard
Rick Blanchette
Alexander Blashewski
William Bledsoe
Anna Bluhm
Howard Blumstein
Sarah Ann Bohnsack
Christopher Bokhart
Steven Bokiess
John Boncuore
Kayla Booker-Lindsey
Basil Booton
Greyson Borden
Ronald Borden
Kelly Borgardt
Dan Bosworth
Burton Bowen
Gary Bowen
Robert Braico
Thomas Breecher
Dominic Brisson
Arnold Brookstone
Christopher Brothers
David Broutman
Barbara Brown
Gregory Brown
Linda Brown
Marcia Brown
Patricia Brown
William Bruno
Bryan Bruns
Matthew Bruns
Karla Bryk
Albert Buabeng
Lauren Buccola
Kymberly Buchanan
Elizabeth Buffardi
Michael Bullman
Loren Bult
Tyler Amodeo
Margaret Amoroso
Susan Anderson
Valerie Anderson-Jones
Dawn Andrey
Christopher Antwi-Nsiah
Ronnie Archie
Gregory Arnold
Sherry Ashcraft
Phillip Austin
Richard Ave Maria
Donna Babarskis
Bolanle Babatunde
Janet Babbitt
David Balderson
Maria Balita
Subir Banik
Michael Bansley
Lauren Baran
Gerardo Barron
Amarinder Bartkoske
Cynthia Bass
Charles Baygood
Karl Becker
Gregory Bednar
Anthony Bednarek
Mitzi Calhoon Moore
Russell Cannizzo
John Caraher
Eileen Carrero
Joseph Carroll
Patrick Carter
Stacey Carter
Dominic Cascino
Alan Caughey
Daniel Charleston
Harpreet Chawla
Chawla & Associates Inc.
Kaitlyn Chen
Theresa Chen
Eun Soo Choe
Marcel Chudoba
Marc Chudy
David Ciasto
Ramune Cibas-Siniakovas
Ted Cirals
Eleanor Clanahan
Susan Clarke
Ayala Clinkman
Douglas Close
Larry Cohen
Adrienne Cole
Patrick Condon
Scott Conidi
Joe Connelly
Larry Cook
Joy Coombes
Jason Coon
Michael Copher
Ronald Cornell
Ria Coronel
Kristi Corpin
David Corradino
James Costabilo
Kenneth Coulter
Sheila Coyle
Randy Crabtree
Paul Cronin
Joann Cross
Harold Cutler
Edwin Czopek
Leslie Dailey
Richard Dale
Angie Dallam
Dana B. Davidson CPA
Lucy D’Avanzo
Brian Davidson
Mark Davis
Paul DeFiore
Pablo de Leon
Wendy Diamond
James Dickey
Patrizia Di Cunto
Anthony Divito
Scot Dobbs
Julija Dobrasinovic
Danielle Dodson
Deidra Doerr
James Dollard
Bruce Domash
Nancy Dombrowski
Brenda Douglass
Michael Doyle
Benjamin Drizin
Jonathon Drury
Kevin Duffy
Gregory Dunham
Ann Dzuranin
Joseph Dzurinko
William Eagan
Peter Eberle
Norman Edelcup
Sheila Edelstein
Yolanda Edwards-Tyler
Jonathan Eessalu
Mary Ann Egizio
Rolf Eilhauer
Barton Eilts
Godfrey Ekhomu
Timothy Elafros
Christopher Elder
Cheryl Engle
Robert Engstrom
Eric Ephraim
Susan Esa
Jaime Escobar
Elizabeth Estrada
Judith Evans
Margaret Evans
Wanda Evison
Cheryl Fabis-Allemand
Ayodele Famewo
Steve Fang Yen
Sara Farina
Michele & Wayne Buttermore
Josephine Cabanos
Nicholas Caccamo
Milburn Cain
Christopher Calabria
Company PC
Christopher D’Andrea
Brian Daniell
Warren Dassinger
Matthew Dausch
Since I was 17, I’ve balanced academics with part-time jobs to help my family overcome financial challenges. The struggles we faced taught me the value of persistence and education, but I knew earning my CPA was key to unlocking real stability. Preparing for the exam while working was overwhelming, but the support I received from this award provided the resources and encouragement I needed to focus on my goals and build a brighter future.
Aliyan Rizwan
Craig Farmer
Jennifer Feld
Gregory Feltz
Sarah Ference
Bridget Fergus
Megan Fergus
Cynthia Fitch
Graciano Flores
Jacqueline Flores
Jere Fluno
Patrick Flynn
Darcy Foley
Jennifer Foley
Michael Fontana
Stacy Forcum
Vincent Forgione
Kevin Foster
Christine Franco
Hope Franklin Pierce
Jacqueline Freeman
Martin Freeman
Hugh Frisbie
Victoria Fritz
Juan Fuentes
Fred Fugate
Sierra
Richard Fugiel
Satoshi Fujino
Annette Fulcher
Norma Gamalinda
Maria Garcia
James Gavin
Nancy Geary
Hayley Gebhardt
Jana Gehrke
Steve Gerol
Jason Ghera
Tracey Gibbons
Sidney Gilberg
Michelle Gingras
Faye Gisi
Jamie Gisi
William Gladden
Thomas Glavin
Ben Golden
Matthew Golland
Elva Gonzalez
Craig Gordon
Marla Gordon
Dianne Goren Radtke
Dennis Gorman
Phillip Goslawski
Ryan Goulding
Richard Grafton
Thomas Grant
Susan Gray
Douglas Green
Bradley Greenberg
Daniel Greenman
Tom Greenway
Growing up around financial struggles made me determined to change my future. When I started college, I knew I wanted to become a CPA, but I wondered, ‘How will I afford it?’ Instead of letting my worries hold me back, they pushed me to work harder. Thanks to the scholarships and opportunities you provided, I’m now on the path to earning my CPA license and building a meaningful career. Thank you for believing in me and helping make this a reality.
Martha Pierre-Louis
Gurinderpal Grewal
Michael Griffin
Jayda Grissett
Chad Grosam
Laura Grunwald
Anita Grzebien
John Guilfoile
Andrew Gund
Margaret Hacus
Kathryn Hairston
Harold Hale
Pauline Halgas
Ethel Hall-Langworthy
Kathleen Hamilton
James Hamlin
Georgann Hanna
James Hannan
Rebecca Hannan
Roger Hannan
Robert Hannigan
Matthew Hansen
Paul Hansen
Richard Hanson
Glenn Hardesty
Laura Hardy
James Hare
Dawn Harrelson
Norris Harstad
Patrick Hart
William Hartwig
Patsy Hasty
Mariko Hayashi-Hall
Paul Hayden
Kevin Hayes
Paul Hecimovich
Robert Hedrick
David Heidt
Hallie Heinold
Richard Heinz
Rebecca Helkowski
Kristy Hendry
Barbara Henley
Lonnie Hensley
John Hepp
Marianne Herff
Jessy Hernandez
Scott Hickam
Cheryl Hild
Joshua Hill
Keishee Hill
Alan Ho
Dawn Hogan
William Holbrook
Rexesha Hollis
Charla Hollowell
Bradley Homan
Thomas Hood
John Hopkins
Adam Hopper
Michael Horst
Shawn Horwitz
Eric Hott
Melvin Houston
Robert Hriszko
David Hughes
David Hutchison
Robert Iannotta
Kenneth Iwanicki
Edward Izzi
Kenyetta Jackson
Rahulkumar Jain
Neil Jansen
Michael Jefvert
Joseph Jimenez
Christopher Johnson
Katherine Johnson
James Johnston
Paul Johnston
Paul Jones
Rob Jonker
Dale Jordan
Paul Julien
Kaori Kameya
Erika Kane
Howard Kaplan
Joseph Karczewski
John Kavalunas
Robert Kavanaugh
Karl Keane
Brian Kearns
Robert Keeley
John Kellen
Timothy Kelly
Jean Kennedy
Chakyah Kessouagni
Alex Kibrit
Donald Kieso
Michael Kilbane
Chee Kim
Jeffrey King
John Kintner
David Kipp
Hal Kirby
Gary Kleinrichert
Diane Klocke
Sarah Knapp
Alison Knysh
Brent Kochel
Alex Kogen
Alicja Kolendo
Christina Kottoor
Katherine Kovic
William Kresse
Debra Krillenberger
Elizabeth Kroger
Thomas Kron
Kathleen Krysiak
Paige Kucer
William Kulanda
John Kulczewski
Joseph Kusper
John Kustes
Karolina Kwasniak
Phillip Labak
Edward Labuda
Kathleen Lakowski
Sarah Landeros
Thomas Larchey
Cheryl Laska
Jeffrey Lasky
Lydia Lau
Dwayne Leach
Lucas Leak
Thomas Lechowicz
Alan Lee
Shelly Lee
Lisa Leemans
Cheryl LeeVan
Michelle Lehmann
James Lelko
John LeMay
Jeffrey Lemerman
William Lemna
Karl Lerch
Debra Lessin
Lawrence Lewandowski
Julius Lewiel
Susan Lewis
Michael Liccar
James Limna
Juiyuan Lin
Lin Lin
Caroline Linton
Michael Lockett
Brendan Loftus
Steven Lombardo
Daniel Lorenty
Aerica Love
Joanna Low
Robert Lowe
Kenneth Loy
Eric Lundstrom
Dianne Lystlund Scharding
Hi Choi Ma
Thomas Macciaro
Timothy Mackowiak
Nicole Magara
Louis Mago
Michael Mahoney
Nicole Maimon
Abbas Mamdani
Lawrence Manelis
Gregory Mannie
Michael Manning
Scott Manson
Ngaatendwe Mantiziba
Kristin Marano
Norman Mareci
Norman Margolin
Jennifer Mark
Lynda Marlett
Margaret Martin
William Marutzky
Patricia Marzullo
Anthony Massaro
Bruce Matson
Alan Maty
Karl Maurer
JoAnn May
Joan Mazurek
Steven McCoin
Jamie McCorkle
Andrew McCormick
Betty McCormick
Jeffrey McCutcheon
Mark McDonnell
Jessika McGarvey
Kyle McGinnis
Kathryn McIntyre
David McKeand
William McKenna
Danielle McMahon
Terence McMahon
Dorri McWhorter
Auden Meal
Nicholas Mechales
Linda Medina
David Meimers
John Meister
David Meltz
Richard Meltzer
Brandon Meredith
Kevin Metke
Thomas Michael
Anne Mieleszuk
Emmanuel Mijares
Glenn Mikell
Randall Miller
Stuart Miller
Linda Minnich
Paul Miscinski
Lawrence Mish
James Mitchell
Matt Mitzen
Ericka Mixon
Omar Mohammed
Bethaney Mojsoski
Mile Momcilovic
Robert Monahan
Pablo Montalvo
Cynthia Moody
Donna Moore
Margaret Morahan
Matthew Moran
Thomas Moran
L. Joe Moravy
Matthew Morcio
Lyle Morris
Richard Morris
Schmetta Morrow
Charles Motl
Gregory Mudd
John Mudro
Carmen Mugnolo
Anne Mullen
Sean Mulroe
Amindri Munasinghe
Matthew Murray
Edward Nadler
Tomoaki Nakamura
Jeffrey Narcisi
Susan Nash
Thomas Nath
John Naughton
Lawrence Neal
Michelle Neal
Leonardus Neggers
Roger Nelson
Sandra Nelson
Gary Neumayer
Alexander Nicanor
Andrew Nichols
Matthew Novak
Armando Nuricumbo
Janice Nyarko
Robert O’Brien
Morris Oldham
Lawrence Ollearis
Isaiah Olmos
Karen Olson
Timothy Olson
Wendi Olson Ramsay
William O’Neill
Suet Ching Ong
Gerard Oprins
Vincent Osaghae
Barton Osher
Thomas Ottenhoff
Thomas Ouseph
Alberto Panzeca
Bruce Paradise
Hyunick Park
Kevin Parker
Thomas Parker
Wayne Parsons
Rob Pasquesi
Mitvaben Patel
Vanessa Patino-Guevara
Kady Patterson
Amy Patton
Michael Paulin
Alarik Paulsen
Steven Pawlan
Joseph Peck
Dominic Pedota
Jonathon Peek
Diane Pejkovich
Ann Pelant
Anthony Pendleton
Lilia Pereira
Margarita Perez
Maria Perez
Floyd Perkins
Carla Peterson
Kenneth Peterson
Kurt Peterson
Dana Phillips
Tania Phillips
Pamela Piarowski
Catherine Pickhardt
Samuel Pincich
Sandra Pinter
William Piotrowski
Peter Recchia
Marvin Reinglass
Hilda Renteria
Kathryn Rice
Robert Rich
Neal Richardson
Jack Richter
Kevin Richter
Catherine Riddick
Rochelle Riffer
Leonid Rikels
John Ritt
Sandra Ritter
Elliott Robbins
Jack Robertson
Dennis Robin
Tyler Roesler
Carol Roglin
Robert Rogowski
Stanley Rosen
Sharyl Ross
Linda Rossi
Peter Ruane
William Ruddy
William Rudolphsen
Mark Rusch
Robert Rush
Kathrine Rushefsky
Mark Rusiewski
Krista Piwonka
Jason Pizza
Michael Polcyn
Matthew Polczynski
Richard Pollina
Adam Pollock
Martin Pomrehn
Mark Porst
David Post
Joshua Poucher Bellas
Rebecca Powell
Richard Powell
Maria Prado
Lawrence Prazak
Cheryl Presswood
Clyde Proctor
Steve Ptasinski
Sheridan Pulley
Kyle Putnam
Richard Putz
Patricia Quinlan
Connor Quinn
Geoffrey Quinn
Donna Rebeck
Martin Schwartz
Benjamin Schweers
Nicholas Schwingbeck
Victor Sciborski
Julie Scott
Hardeep Sekhon
David Semmelman
Allen Sered
Howard Serlin
Barry Shaw
Janaya Shaw
Mark Shaw
Becky Sheehan
Michael Sheffieck
Mustafa Sherwani
Sarah Shewan
Grace Shipp
Walter Shriner
Pradeep Shukla
Marvin Siegel
John Simcoe
JoAnna Simek
Arlen Simon
Paul Smit
Dayton Smith
Kodiak Smith
Mark Smith
Nick Snopek
Kent Sorenson
Cliford Sakutukwa
Alan Sanchez
J. Bradley Sargent
Everett Sather
Scott Sattler
Kathryn Sauder
Mark Sauser
Julie Savastio
Denise Schaaf
Marvin Schaar
Margaret Schaefer
Michelle Scheffki
William Schirmang
Laurie Schmidgall
Martin Schmidt
Kurt Schneider
Mendel Schneider
William B. Schneider
William M. Schneider
Robert Schroeder
Kristin Schultz
Robert Schuman
John Schwager
Francine Schwartz
Ralph Sorice
Paula Sorrentino
Andre Sosa
Robert Soule
Stephen Spanola
Vincent Sparrow
Michael Spoden
Joseph Spokas
Zachary Sprague
Thomas Stack
Daniel Stanovich
Kurt Starovich
Joseph Steck
James Stern
Christina Stevens
Jeff Stojak
Mark Stortz
Thomas Story
Lawrence Strass
Leland Stratman
Megan Sullivan
Heather Svast
Steven Swan
Raymond Swapa
Steven Swidler
Thomas Swihart
Kim Szalkus
Anna Talac
Donna Tam-Perez
Heather Targo-Birkett
James Taylor
Lynette Taylor
Charles Teel
Joel Teglia
Daniel Tews
James Theis
Kenneth Thomalla
Hubert Thomas
Jeffrey Thomas
Sandra Thomas
Cynthia Timmerman
Christie Tipton
Leslie Toepfer
Stephen Tomei
Colleen Torzala
Rees Treaster
Iliana Trifonova-Ingram
Joseph Trindl
Robert Tuider
Brian Unger
Anthony Uroni
Maria Divina Valera
Mathew Vanderkloot
John Vant Hoff
Patricia Vardalos
Downey Varey
Elizabeth Varma
Mario Villan
Maxwell Vinik
Frederick Vogel
Mark Vottero
James Vourvoulias
James Waclawik
Anthony Waelter
Jacqueline Wagner
Ernest Walker
Regina Walker
Cathy Wallace
Kyle Wallace
Robin Walovitch
Bradley Walton
Chan-Yu Wang
Xueke Wang
Matthew Wangard
Jeffrey Waters
Lenore Waters
James Watson
Timothy Watson
Sheila Weinberg
Michael Weisberg
James Welge
Nicole Wells
James Werner
Jonathan Wernick
Ekaterina West
Maureen Wheeler
Katie White & Angela White-Randolph
David Williams
Diane Williams
Jennifer Williams
Jerald Williams
Adam Wilson
Marti Wind
Brian Wold
Adam Wolf
Charles Wolf
Dennis Wolff
Steven Wood
Gregg Woodruff
Scott Woodward
Scott Worthem
David Wright
Jeffrey Wunderlich
Fredia Wynne
Hang Xie
Leiyang Xin
Aimee Yang
Holly Yang
Jon Yarusso
Ramez Younan
Cristy Young
Carl Yudell
Junichi Zenimoto
William Zink
Howard Zodikoff
Kevin Zubor
Catherine Zurek
Donors with a multi-year pledge are recognized for the full amount of their pledge in the first year and for their pledge installment amount paid in the remaining years of the pledge. Every attempt was made to acknowledge all donors who have given during this period. If you see a discrepancy, please call 312.517.7656.
The Rise and Retreat of DEI Navigating the Uncertain Future of Workplace Culture
As major companies scale back or abandon their DEI initiatives, four experts weigh in on what it means for the accounting profession’s ever-changing landscape.
BY CHRIS CAMARA
Over the course of just five years, we’ve witnessed dramatic shifts in workplace attitudes on diversity, equity, and inclusion (DEI) initiatives. In 2020, following widespread protests and public outcry for change related to the police killing of George Floyd, support for DEI initiatives surged to a seeming all-time high. At that time, corporate America, including certified public accounting (CPA) firms, publicly pledged their commitment to create more inclusive workplaces for marginalized groups.
Today, however, that commitment has seemingly taken a 180-degree turn, with some of the world’s largest companies—Amazon, Boeing, Meta, Target, and Walmart, among others—rolling back or completely abandoning their DEI programs. In Illinois, Moline-based John Deere announced that it would no longer sponsor “social or cultural awareness” events, and McDonalds, headquartered in Chicago, concluded after a civil rights audit that it would end “aspirational representation goals.”
Unsurprisingly, CPA firms are also questioning their next move on DEI initiatives and programs. Some firms have fired their DEI leaders without replacing them, some are continuing quietly, and others are re-energized and doubling down on their commitments.
So, What’s Changed?
The reality of today’s changing DEI landscape can likely be attributed to several key events taking shape in the United States over the past couple of years. In June 2023, DEI support suffered a major blow following the U.S. Supreme Court ruling that colleges can’t consider race as a factor in admissions. Though not directly targeted, some businesses faced legal challenges that claimed their diversity programs were in fact discriminatory. Other organizations preemptively backed off, perhaps in fear of what could come next.
Notably, worries surrounding DEI ratcheted up during the U.S. 2024 presidential campaign, when then-candidate Donald J. Trump made it clear he would target these initiatives and programs if elected. Soon after his inauguration in January 2025, the Trump administration terminated federal DEI programs, required only male and female gender options on federal forms, and tasked government agencies via executive order to “enforce our longstanding civil rights laws and to combat illegal private sector DEI preferences, mandates, policies, programs, and activities.” Additionally, the Trump administration’s recent action requiring federal employees to report any colleagues they believe are furthering DEI efforts in disguise under a different name has heightened fear.
“People are scared—pure and simple,” says Bonnie Buol Ruszczyk, a DEI consultant and president of the Accounting MOVE Project, which works to advance women and people of color in accounting.
“What started as an effort to even the playing field and expand opportunities to those who haven’t traditionally had them has been turned into a political flashpoint, weaponized by opponents who frame DEI as a form of preferential treatment rather than its true purpose—creating equitable opportunities for all.”
Andrés Tapia, senior client partner and global diversity and inclusion strategist at Korn Ferry, anticipated this outcome: “I’ve been telling my audiences since the election to get ready for DEI— both the words and the most visible programs around it—to be decimated, and they’re being decimated.”
Flaws Enhancing the Backlash
Some of the backlash against DEI may be a result of miscalculated messaging early on, Tapia suggests. For example, many DEI efforts were built on the foundation of social justice, but corporations aren’t social justice organizations, they’re for-profit businesses. “Diversity programs should’ve been promoted as the means to an end—a more innovative workforce—not an end in itself because it’s ‘the right thing to do,’” Tapia says.
Donny C. Shimamoto, CPA.CITP, CGMA, founder and managing director of IntrapriseTechKnowlogies LLC, authored a comprehensive study on DEI in the accounting profession. Shimamoto admits that even he felt that some of the early DEI programs he encountered in his research missed the mark: “It started to not make sense, not just the business sense, but it started to not make common sense to me in the way a lot of these things were being pushed through.”
To put it frankly, initiatives that negatively focused on majority populations or alienated those in leadership positions were ripe for creating rifts.
Support, Not an Embrace
Overall, research has found that most organizations still support DEI but an outward embrace of it is faltering due to the current political and social climates.
A 2024 corporate DEI study by executive search firm Bridge Partners, which surveyed 400 C-suite and HR executives, showed widespread support of DEI, with 72% of respondents expecting to expand their DEI programs in the next 24 months. However, more than half of the C-suite executives surveyed said the political climate has had some impact on their DEI efforts. The study also showed that one in four executives aren’t on board with DEI, as they have questions about its fairness, value, and longevity.
Additionally, a 2024 study by global asset management firm Ariel Investments reports similar findings, including declines in directors’ willingness to boldly champion DEI in the boardroom, the number of directors of color appointed to boards, how often boards are focusing on race in operational and risk discussions, and the amount of corporate capital committed to diversity initiatives.
Bucking the Backlash
On the other side of the divide, there are notable organizations who are expressing unwavering support and commitment to their DEI programs. More than 98% of Costco shareholders in January 2025, for example, shot down an anti-DEI proposal, with the board stating that the programs “enhance our capacity to attract and retain employees who will help our business succeed.” Apple and Microsoft have also steadfastly defended their DEI programs.
Among the Big Four accounting firms, Ernst & Young has expressed its continued dedication to DEI practices in recruitment and hiring— at least for now. Notably, however, the Financial Times reported that PwC US dropped some of its stateside diversity goals and altered its criteria for internships and scholarships following the Supreme Court’s ruling against affirmative action and a request by conservative activist group America First Legal for the U.S. Equal Employment Opportunity Commission to investigate the firm’s racebased practices. Further, Deloitte US dropped its broader diversity and inclusion programs and asked employees working on government contracts to remove gender pronouns from their email signatures. As reported to the Financial Times, Deloitte’s change is “to align with emerging government client practices and requirements.” Yet, despite the shift in policy, Deloitte says it’ll continue some initiatives, including heritage month events, internal ethnic networks, inclusion councils, and improving hiring practices to make them fair and nondiscriminatory. Additionally, in February 2025, KPMG rolled back its DEI commitments, including ending its Accelerate 2025 program—an initiative that aimed to have half of its partners and managing directors be from underrepresented groups by this year.
The Consequences of Abandoning DEI in Accounting
Support for increasing DEI in the accounting profession, particularly among the CPA population, has long been part of stakeholder discussions. For decades, the profession has encouraged minority groups to study accounting, join public accounting firms, earn the CPA credential, and strive to move up the ladder to partnership. In fact, the AICPA has been working on diversity initiatives since the 1960s, and many state-based associations and CPA firms alike developed programs decades ago. The Illinois CPA Society (ICPAS) has long advocated for greater intentional DEI efforts in the profession, citing it as a business imperative to address the declining CPA talent pipeline. Additionally, ICPAS has advocated for expanding the discussion on DEI, noting that it’s about more than just race and gender.
Nevertheless, representation of marginalized groups in accounting remains stubbornly low, especially as it relates to racial background. For example, only 2% of CPAs in U.S. accounting firms are Black as of 2020, according to the AICPA’s “2021 Trends” report released in spring 2022.
On the corporate level, board diversity is also slowing. A 2024 Conference Board study showed that while boards of directors have become more diverse than ever, racial representation declined significantly. From 2022-2024, the share of new Russell 3000 directors who are non-white dropped from 48% to 31%. The share of new directors who are Black fell from 26% to 12%.
Shimamoto’s research has revealed similar findings. According to a 2024 study he wrote for the Center for Accounting Transformation, all ethnic categories showed considerable improvements on representation from 2010-2020. However, when looking at the same time period, diverse hires didn’t reach partner level at the same rate as their white colleagues.
“Based on the analysis, there appears to be a significant lack of equity in the CPA firm pipeline,” Shimamoto writes in the study. “We can’t keep improving our ability to draw students into the pipeline if they end up hitting glass ceilings or other roadblocks that cause them to leave CPA firms.”
Like Shimamoto, other experts warn there are consequences to the accounting profession pulling back on DEI initiatives, including:
• Fewer Recruits and Lower Retention: According to a Glassdoor survey, 76% of job seekers and employees report that a diverse workforce is an important factor when evaluating companies and job offers. Additionally, a May 2020 McKinsey & Company report found that companies who invest in DEI training see an 18% boost in employee retention rates.
• Less Innovation and Profitability: Multiple studies have shown that organizations with diverse leadership teams and boards financially outperform their peers. “If we don’t have diversity of background and experiences, we’re not going to be able to innovate because we’re not going to be able to think outside the traditional boxes,” Tapia warns.
• Lost Connections: It’s difficult and time-consuming to rebuild networks of prospects and ties to underrepresented communities if they’re neglected, says Mary Bennett, CEC, CIA, MBA, owner of MLBennett Consulting LLC, who consults with accounting firms on DEI and organizational behavior. She recalls the 2008 financial crisis when firms hunkered down, pulling back on recruitment, hiring, and talent development. “For many of those organizations, it took 10, 12, 15 years to recover.”
Where Does the Profession Go From Here?
No doubt, the complexities of navigating DEI in today’s landscape will continue to evolve. But experts say there are steps leaders in the accounting profession should consider before deciding on what their next move should be.
• Remember Your Why: Leaders need to be crystal clear on why they embarked on DEI programs in the first place and communicate it throughout the organization. It’s unlikely those reasons have changed.
• Manage Risk: “The most successful organizations—not just accounting firms—have risk management and governance practices that help them in any business strategy, and if a firm is
involved in anything related to DEI, it should be aligned and structured as part of the organization’s overall business strategy,” Bennett says.
• Consult With Legal Counsel: Request legal reviews of DEI programs, especially if federal contracts are involved, Ruszczyk says. “Of course, it’s crucial to monitor any changes in the law to ensure you don’t put yourself at risk of legal action from disgruntled employees too.”
• Keep What’s Working: Ruszczyk says if firms and organizations are seeing the benefit of using a resume anonymizer to eliminate conscious bias, for example, there’s no reason to discontinue it. The same goes for a DEI committee—if it’s doing good work, keep it.
• Don’t Argue With Demographics: Regardless of race, the pool of accounting graduates is rapidly evaporating. The number of students who earned a bachelor’s degree in accounting in the 2021-2022 school year was down 7.8% from the previous year, according to the AICPA’s “2023 Trends” report. What’s more, the U.S. population is becoming more diverse, and U.S. Census Bureau estimates that white people will become the minority by 2045.
EXPLORE
www.icpas.org/ cpadiversity
• Remember the “I” in DEI: Without creating safe workplace cultures where everyone is welcomed, recruitment and retention will continue to be a challenge for organizations. For example, in 2022, ICPAS surveyed graduates of its Mary T. Washington Wylie Internship Preparation Program, which is designed to ready minority college students for their first internships or full-time jobs in the accounting profession. Many survey respondents said they see the profession’s overall lack of DEI as a barrier, they believe they received inadequate feedback and development, and they felt their personal backgrounds and life experiences put them on unlevel ground.
• Revisit the Business Case: Understand why DEI matters to your business and diagnose what your organization does well and where it falls short. Bennett suggests looking at performance management processes as one very relevant area. Are they equitable in the way staff access information to succeed? Is anyone lost in the system? Are we playing favorites due to natural unconscious affinities?
• Take the Long View: “I think we have to wait and see what shakes out here on the legal front and practical application front,” Ruszczyk notes. “Let’s look at what DEI really means and the benefits it has for individuals and organizations as a whole rather than jumping on any bandwagon.”
Perhaps, another way forward in regard to DEI is to bring it back to the simple act of talking to one another, no matter how uncomfortable or challenging it may be.
“Both sides of the DEI argument are now doubling down on their positions, which isn’t healthy,” Shimamoto says. “It’s really creating a broader rift and no one’s coming to the table and having the discussion—and that’s what’s needed.”
Chris Camara is a Rhode Island-based freelance writer who has covered the accounting profession for more than 20 years.
HOW TO COACH YOUR ACCOUNTING AND FINANCE TEAM
Here’s how accounting and finance leaders can step up to the plate to create and keep a team that can withstand the highs and lows of every season.
BY KASIA WHITE
Strong, effective leadership is the backbone of any successful business team. Good leaders set clear goals, establish a sense of purpose, build consensus, and empower their team members to tackle the many challenges at play.
Much like sports teams, accounting and finance teams have to adapt to their ever-changing environments to be successful. For sports teams, it’s adapting to losses, injuries, weather conditions, etc. For accounting and finance teams, it’s adapting to earnings, economic conditions, mergers and acquisitions, staffing shortages, and more. Of course, no matter the challenge, good leaders know it’s the roster of players that keep the momentum moving toward the goal.
Here, four C-suite executives—including three from Chicago’s prominent sports teams—share their advice for how to lead like a champion.
Build Consensus—There’s No “I” in Team
“When we think about winning in the business sense, I focus on building consensus and trying to bring everyone together—even if there’s going to be disagreements,” says Kieran Kelliher, CPA, vice president of finance and administration for the Chicago Bulls and adjunct lecturer at Northwestern University. “At some level, everyone has to unite behind the final decision and move forward together.”
According to Kelliher, it’s imperative for leaders to gather input from many different voices across the organization, including seeking perspective from people outside of their specific team, such as stakeholders or partners. Then, as leaders build consensus, they can start identifying specific targets and planning details.
“You can’t just dive right in—you have to discern purpose and set that vision not only for yourself but for your team,” Kelliher advises. “At that point, it’s not just the leader’s view on how to do things, it’s the team’s view. Leaders should empower everyone to solve problems and work toward a vision as best as they see fit.”
Pawel Szynalik, CPA, CFO and senior vice president of program revenue at the Chicago Fire Football Club, echoes this sentiment and sees extraordinary value in building consensus as a team: “Just like on a soccer pitch, a winning team goes well beyond the score. It’s a group of individuals, with different skills and varying levels of experience, that continually strive to improve and work together cohesively toward the ultimate goal. A winning team is very much committed to the overall team’s success, not individual accolades.”
Protect, Guide, and Support
Bill Waters, vice president of finance for the Chicago White Sox, says he’s fully open to brainstorming and listening to ideas from staff as part of his decision-making process, but it’s ultimately up to him, and other leaders like him, to take action and be fully accountable for all outcomes—positive or negative.
“I always try to protect my staff,” Waters says. “If something goes wrong, that’s my responsibility, not theirs, and I’ll take the fall for it.”
That said, Waters stresses the importance of clear, constructive feedback: “You got to give good news where good news is due, and sometimes you got to give bad news. It can’t just be one-sided, so tell them when they’re doing something right and guide them when they’re doing something wrong.”
Waters’ straightforward and supportive leadership style has translated into something he’s very proud of—strong staff retention
in an industry where high turnover is the norm. Waters, who’s been with the White Sox for 36 years himself, has staff members that’ve been by his side for as long as 34 years, with 10 years being the shortest.
What’s helped Waters build and retain his team is that fact that he’s been in their shoes. He first joined the White Sox as a controller in 1989 but quickly moved up the ranks.
“I’ve always been open to taking on more responsibility, learning new things, getting involved, pitching in when others may not want to,” he explains. “Everything my staff is doing, I’ve done and had to learn at some point. So, I can relate to what they’re doing.”
When asked what makes a good leader, Waters says it comes down to being someone who’s available, actively involved, encourages their team, and challenges their capabilities.
“Leaders get most of their work done through their staff, so if you’re not available to them, they can’t get their work done, which means you don’t get your work done,” he explains. “Encourage your staff to come forward. Don’t make them think they shouldn’t be bothering you.”
Szynalik adds that a good leader is someone who creates a positive and productive work environment.
“They must have high integrity and lead by example,” Szynalik says. “Be someone who shows empathy and can easily relate to each team member’s challenges and aspirations.”
The Importance of Humility
Similarly, Kelliher says being humble plays a large role in effective leadership: “I’m a big fan of preaching humility. To be a great leader, you have to know your gifts and strengths. You owe it to your teammates, company, peers, and staff—you owe it to all the people around you to use those gifts, offer that perspective, and speak up
when you know you have something that’s important to share. Conversely, you have to know your limits, weaknesses, and when to hang back, listen, and learn more.”
Notably, research backs Kelliher’s claim on the importance of humility in leaders. Nearly 200 studies in the last decade have shown that humble leadership can boost productivity, lead to higher employee satisfaction and retention, and improve a company’s overall performance. Further, a study published in Human Resource Management in January 2024 looked at 610 leaders across 18 industries and found that those who displayed humble behavior typically engaged in frequent, informal mentorship, which in turn helped them gain favorable status and opened doors to corporate opportunities.
Humble leaders are able to self-reflect, acknowledge mistakes, notice others’ strengths and contributions, and are open to feedback, according to the study. “Some leaders take a dominance track to the top, characterized by inflicting costs on others, but we suggest humble leaders naturally take a status track to the top, which involves benefitting others,” the study’s researchers stated.
According to the researchers, there are three ways organizations can encourage humble leadership:
• Incorporate humility as a key employee performance metric and when evaluating potential candidates for leadership roles.
• Encourage humility and mentoring in leadership, in turn, creating a learning-focused culture.
• Offer training programs or workshops that highlight humility.
Harnessing the Art of Storytelling
While leadership virtues like humility and integrity are powerful tools, communication is equally critical. Successful leadership simply requires communication. In fact, all three seasoned Chicago
sports executives said that having frequent and transparent faceto-face conversations among all team members is essential.
“Interpersonal communication helps build trust and alignment and ensures that any roadblocks that come up can be dealt with timely and efficiently,” Szynalik says.
Another way to build trust and culture as a leader is to harness the art of storytelling, according to Reena Kansal, chief operating officer and story facilitator at Leadership Story Lab, a women-led business storytelling consultancy firm based in Chicago.
“Storytelling can be an effective way for leaders to communicate to their team—it’s an opportunity to share your point of view and persuade your team to take some form of action,” Kansal says, who’s coached hundreds of corporate clients across industries. “We define leadership storytelling to be the strategic sequencing of facts and emotion.”
Kansal says one fundamental storytelling framework that leaders can use goes by an acronym any accounting and finance professional can remember—IRS. In this case, IRS is short for intriguing beginning, riveting middle, and satisfying ending.
• Intriguing Beginning: The goal is to capture your audience’s attention.
• Riveting Middle: This is where you want to translate the data and information into meaning for your team.
• Satisfying Ending: As the storyteller, this is your opportunity to assert your point of view. Kansal stresses: “Make sure you have a clear takeaway for your team so they know what action should be taken next.”
When it comes to connecting with your team in a meaningful way, Kansal recommends taking a step back and tailoring stories appropriately.
“Perhaps you don’t have the luxury of getting to know every team member better or spending time with them. In these situations, try putting yourself in their shoes and think about what’s important to them,” Kansal suggests, adding that being a good listener and asking questions will help with your storytelling.
“We believe everyone can become a good storyteller—it just takes practice,” Kansal says. “The more you do it, the better you get.”
Avoiding the Common Leadership Mistakes
On a larger scale, one common mistake leaders tend to make is micromanaging their teams, which can lead to burnout, Szynalik stresses.
“You have to trust your team, otherwise it’ll lead to frustration on both sides,” he warns. “It’s essential to give team members the autonomy to carry out their work. Give them the freedom to approach problems in their own way, and if they feel stuck on an issue, provide the necessary guidance and feedback to get them back on track.”
Another way teams may lose momentum toward their goal is when leaders make rash, ill-informed decisions, likely the result of not building the necessary consensus with the team. As Kelliher says, “Remember the old adage: ‘If you want to go fast, go alone; but if you want to go far, go together.’”
Kasia White is a freelance writer who specializes in profiling leaders of globally renowned companies.
Claire Burke, CPA CFO and Treasurer, Dearborn Group claire_burke@mydearborngroup.com
4 Benefits of a Winning Finance Team
Building and nurturing high-functioning finance teams is a win-win for organizations and their employees.
If you’re like me, you’ve had the privilege of being on high-functioning (or winning) teams and the misfortune of being on poor-performing (or losing) teams—the impacts of each couldn’t be more different. Whether for good or bad, each type of team not only affects the organization as a whole but also every team member. Any corporate finance leader knows that a winning team is a good thing for their organization, but assembling a team that delivers exceptional results isn’t something that happens on its own—it takes intentional leadership and development. From my perspective, there are four main reasons corporate finance leaders must focus on building and nurturing high-functioning (or winning) finance teams.
1. HAPPIER EMPLOYEES
While employees value compensation, they also value their work environment and what they’re getting out of the time they spend on their jobs every day. Being part of a highfunctioning team provides an environment where employees can share honest feedback, build mutual respect, and create strong camaraderie with each other, which can all lead to greater emotional well-being.
Being part of a strong team can also help fulfill our human desire for belonging and contributing to something greater than ourselves. When a team’s energy is positive, employees have fun together and feel less stressed in their day-to-day work. Happy employees won’t only spend less time complaining, they’ll also find better ways to work (and work together) and will be more willing to go the extra mile for their employers.
According to some studies, happy employees can be up to 20% more productive than unhappy employees. I can attest to this. When I’ve been on high-functioning teams, I looked forward to working with my teammates and helping the team, and I felt energized and inspired by those around me.
www.icpas.org/retention
When I’ve been on not-so-great teams, I definitely felt more disengaged and dissatisfied with my work. I also felt more stressed and was more inclined to consider seeking other career opportunities. Supporting this point is the Illinois CPA Society’s 2023 Insight Special Feature, “Righting Retention,” which aimed to shed light on what’s driving the accounting profession’s higher-than-average turnover rates. The report’s findings indicated that about 36% of employees left an employer because of their “workplace culture” and about 16% said it was because of an “issue with their direct manager.”
2. A HIGHER LEVEL OF INNOVATION AND COLLABORATION
A team is more likely to generate new ideas and take more creative risks when they work well together. There’s generally more collaboration among the team, including sharing diverse thoughts and ideas. Additionally, in our more virtual and hybrid environments, employees on high-functioning teams tend to still be more collaborative with teammates even if they’re not having in-person interactions. This strong collaboration can lead to better decision-making and problem solving among the team.
Importantly, there’s security in knowing that you can take risks with the support of your team. Leaders should foster a culture where there’s less fear in asking a “dumb” question, which in turn creates an environment welcoming of more “radical” ideas and constructive feedback.
With finance and accounting teams facing more and more change driven by new technology, for example, having employees who are willing to embrace change by being innovative and supportive of one another is critical to the success of the organization. Effective collaboration can also lead to streamlining work processes, leading to more efficient and effective workflows, optimizing output, and reducing waste. A downstream benefit of this is that it can lead to opportunities for teammates to learn from one another. This enables them to expand their skill sets, enhance their expertise, and advance in their careers, which fosters a sense of personal growth and achievement.
3. MORE MOTIVATION, LESS BURNOUT
Personal accountability is the hallmark of a strong, high-functioning team, and it’s a great motivator. Members of a high-functioning team typically don’t want to just meet expectations—they want to exceed them. They’re motivated by their teammates and don’t want to let them down, so they’re more likely to embrace the “greater good.” They also stay more motivated because they suffer from less burnout (i.e., chronically feeling overwhelmed and unable to meet the demands of the job). A strong team is helpful in preventing burnout since the team supports one another in completing work, solving problems as they arise, and providing a network of social support. Team members are more apt to pick others up when they see a teammate struggling.
Considering about 49% of employee respondents from “Righting Retention” said “too many hours/burnout” was the reason they left an employer, organizations would be wise to nurture a highfunctioning team.
4. STRONGER EMPLOYEE ENGAGEMENT
“Righting Retention” also highlights the importance of keeping employees engaged. The report found that about 25% of employees said they left an employer because of “lack of advancement opportunities” and about 21% left because “work is uninteresting/ mundane.” These stats further highlight the importance of a culture that prioritizes employee engagement. In doing so, organizations can expect fostering a high-functioning team to lead to higher employee engagement, which then leads to better retention and the ability to attract talent.
With the changes the profession has seen in the workplace over the past five years, and the struggle for many companies to attract and retain talent, making investments in building winning teams is a no-brainer. High employee turnover is costly for employers and places additional burdens on existing staff and management. In fact, according to “Righting Retention,” just over 67% of employers said they’ve seen workloads increase for staff at the leadership level due to their retention challenges, while 65% said workloads increased for remaining staff at similar levels. Therefore, building a winning team will likely yield financial benefits from lower turnover and greater productivity. Of course, a bonus is the ability to attract strong talent, which gives organizations a competitive advantage. After all, who doesn’t want to be part of a great team?
Most employees want to feel a greater sense of meaning and purpose in their work. Considering the amount of time that we spend working, having the benefit of being part of a high-functioning team can help bring meaning and purpose to life. So, while it takes intention to assemble and nurture a winning team, the effort will ultimately have advantages for employees and employers alike.
Brian J. Blaha, CPA Founder, Beacon Horizon Advisors LLC brian.blaha@cpa.com
ICPAS member since
2011
Advisory Services Are the CPA’s Path to Growth
Looking to grow your practice this year? Here are four key things to consider.
In today’s rapidly evolving business landscape, advisory services have become a crucial component to sustainable growth for certified public accountants (CPAs) and their firms. The truth is, the modern CPA needs to act as a multifaceted advisor across all their service offerings and develop a deep understanding of their clients’ needs.
That said, I believe there are at least four steps CPAs can take to help pave their path to growth.
1. UNDERSTAND YOUR CLIENTS’ NEEDS
To effectively advise clients, it’s essential to understand who they are and what they care about. A recent Clearly Rated survey of accounting firm buyers identified key trends that are considered when selecting a service provider. What they found was that clients today are looking to “de-risk” their buying decisions by seeking reputable professionals with strong performance metrics, referrals, and testimonials from current clients. What’s more, the survey found that industry specialization and timely thought leadership play a significant role in attracting and retaining clients.
Consider a CPA or firm that caters to the chief financial officer (CFO) or an equivalent role within an organization. In many small- and medium-sized entities, for example, the CFO is responsible for a myriad of functional areas, such as accounting, payroll, human resources, information technology, risk management, security, and financial planning and analysis. Because CFOs are pulled in so many directions, there are dozens of priorities that consume their time and energy. Therefore, CPAs advising CFOs must diligently stay curious and ask questions to uncover what those priorities are to better understand and serve them.
2. MASTER YOUR CROSS-SERVING SKILLS
One of the significant challenges firm leaders face in executing their growth strategies is “cross-serving,” or providing multiple services to a client. It’s often said that it should be easier to extend an additional service to an existing client rather than obtain a new client, yet I’d bet most of us that have led a firm would suggest that our cross-serving efforts have been largely ineffective.
Cross-serving clients requires different skills than providing a single, high-quality, technical service, which is what the typical CPA has been formally trained to do. Beyond the technical skills demanded of the service, effective cross-serving requires curiosity, strong listening skills, and patience, with touches of creativity and vulnerability.
To extend a new or additional service offering into a relationship, it’s critical to understand your client’s priorities for the next 12-18 months. If you’re trying to offer a product or service to a client that doesn’t address one of their priorities, it’ll be an extremely tough sell. This is
why getting curious about your clients’ needs, brainstorming how you can help them, and offering solutions that align with those needs is critical. Unfortunately, this doesn’t always happen.
In his book, “Getting Naked: A Business Fable About Shedding the Three Fears That Sabotage Client Loyalty,” author Patrick M. Lencioni addresses what may be getting in the way of building and maintaining such a thriving client relationship:
• Fear of losing the business.
• Fear of being embarrassed.
• Fear of feeling inferior.
These fears manifest themselves when we don’t bring a certain amount of vulnerability and empathy into our client interactions. We feel we need to, or are expected to, have all the answers to a client’s problems on the spot. Rather, I’d suggest growth-minded CPAs should be asking clients more questions, even if it’s uncomfortable, to better understand them and their needs. Only then can we adapt our skills and offerings and cross-serve effectively.
3. INVEST IN NEW TECHNOLOGIES
I’d be remiss to not mention technology’s role along the path to growth. Many firms are already adopting new technological solutions to help identify client needs, such as Introhive and Propense.ai. These solutions are aimed at improving client relationships and increasing the number of services per client. They also provide insights into what services a client may be interested in based on the buying habits of other clients with similar profiles and other market intelligence. If you struggle to cross-sell and then cross-serve, perhaps these tools or others like them could help. Of course, to be effective, these technologies require accurate client data and proactive learning and utilization of the tools. In short, adopting technologies that support your growth are critical to building a sustainable practice in today’s marketplace.
4. ADVANCE YOUR FIRM’S SERVICE OFFERINGS
Lastly, to stay competitive, firms must continue exploring and implementing new and advanced service offerings to support their growth. For example, private equity investments and value creation plans that focus on both organic and inorganic growth strategies are becoming more prevalent. Organic growth could involve enhancing existing services and client relationships, while inorganic growth could include mergers and acquisitions to expand your firm’s capabilities and market reach.
But growth doesn’t have to come at the expense of a merger, acquisition, or private equity investment. By reshaping your firm’s traditional CPA service offerings—whether through increased use of technology or deploying a global talent mix, among other relevant strategies—your firm can free up valuable time for providing better, and more personalized, client service. After all, clients are increasingly expecting proactive and thoughtful advice from their CPAs. Therefore, your service model must change to meet these expectations, which may require additional investments in learning and development to deepen your, or your team’s, industry specialization.
All in all, the shifts that are occurring in the marketplace demand growth-minded CPAs to act now and expand into more advisory offerings. By honing your advisory skills and strategies, you’ll not only create more opportunities for your firm’s sustainable growth, but you’ll also open yourself to “new ways to CPA.”
Jon Lokhorst, CPA, CSP, PCC
Executive Leadership Coach, Your Best Leadership LLC jon@yourbestleadership.com
Pressing the Pause Button on Leadership Goals
Though it may seem counterintuitive, slowing down to take a pause can have you moving further and faster toward your professional development and leadership goals.
“The pace of change will never again be as slow as it is today.”
I’ll never forget the first time I noticed this quote (said famously by Matthew Bishop at the Economist’s Innovation Forum in 2015). I was attending a keynote presentation at a major industry conference when the quote showed up on the big screen. I immediately recoiled at the idea. I thought, “Shoot—I was hoping to catch a break sometime along the way.”
But Bishop is right—the pace is quickening, and there’s no end in sight. Emerging new technologies, elevated client and customer demands, changing demographics, labor shortages, and economic uncertainties are just a few of many dynamics we face at a macro level. Add the stress of running a business, leading a team, or meeting deadlines, and it’s like we’re running nonstop on a gerbil wheel. It’s no wonder many leaders are left gasping for air.
Of course, there’s great danger in riding on an adrenaline-charged high or getting swept up in the whirlwind of a fast-paced, high-change environment. I see this often in my work as an executive leadership coach. Unfortunately, fatigue, anxiety, burnout, and dysfunction are rampant in many organizations, especially at the manager level. That, in turn, has a damaging impact on the rest of the organization.
A report from meQ, an organization that describes itself as the world’s leading workforce resilience expert, found that managers are 36% more likely to report feelings of burnout than non-managers. In the same study, managers were found to be 24% more likely to consider quitting their jobs than non-managers. Additionally, employees of those managers feel less supported, making them 4.5 times more likely to be a turnover risk.
This then begs the question: How can you prevent yourself from being on the wrong side of these statistics while still accomplishing your most important goals as a leader? I believe it starts by hitting the pause button.
PAUSE TO RECALIBRATE
I know it seems counterintuitive, but sometimes you need to slow down or pause to go faster toward something—in this case, your leadership goals. I recommend scheduling a personal off-site meeting that allows you to get away from your office and normal routines for a bit. Also, make sure to leave behind the distractions of electronic devices and grab a notebook and pen to recalibrate.
As you break away, fight the “tyranny of the urgent” to focus on what’s truly important by asking yourself these three questions:
1. What’s most important in my life? The best leaders start with self-leadership, built on a strong personal foundation. Get clarity about your vision (Where are you going?), purpose (Why do you do what you do?), and values (What’s most important to you?). According to Daniel Pink, author of “Drive: The Surprising Truth About What Motivates Us,” a compelling purpose is the most potent source of motivation and fulfillment.
2. What’s most important in my business? Whether you’re an owner or an employee, think of your job as a business. Ultimately, your success comes from how well you serve your customers (internal and external). Consider what these customers need, the problems they have, and what you have to offer them. Explore new and better ways to serve your customers without them asking. That’s the starting point for innovation and strategic thinking.
3. What’s most important in my work? Assess whether you devote enough time and attention to high-value, high-impact endeavors, as opposed to letting your email inbox or other distractions run your workday. To get better as a leader, find ways to delegate, automate, or eliminate low-value tasks so you can focus on what’ll be transformational to your business, employees, and customers.
Before you wrap up your time, review your notes, highlighting the most significant insights and takeaways. Identify those areas where you need to make changes in your leadership approach, work-life decisions, and daily routines. Share them with a trusted colleague, friend, coach, or mentor, asking them to hold you accountable to those actions.
INCORPORATE THE PAUSE BUTTON INTO YOUR ROUTINE
According to a recent Forbes article, Apple CEO Tim Cook starts each day around 5 a.m. with a period of intentional solitude. As Cook says, the early morning is “the part of the day that I can control the most. As the day starts to unfold, it becomes less predictable.” For Cook, that moment of solitude and silence provides critical focus time before he jumps into the demands of running one of the world’s largest and most successful companies.
How can you build Cook’s practice into your leadership? It’s easier said than done, right? Here’s what I often suggest to my coaching clients: If a daily routine doesn’t seem feasible, schedule a weekly appointment with yourself. Insert it on your calendar and guard it like you would your most important meeting of the week. Further, enlist your team’s help to preserve this uninterrupted time for highvalue work.
This is a great application for what I call the “branch office.” Find a quiet, comfortable place where you can get away, such as your favorite coffee shop, public library, hotel lobby, or local park. For example, I once spent a highly refreshing afternoon sitting at a picnic table in one of Chicago’s amazing public parks. During this time, reflect on the three questions I mentioned earlier and record your thoughts in a notebook or journal. Put the ideas that emerge from these sessions into action.
Remember, be patient with yourself throughout the process—you won’t discover something profound every time you step away and pause. However, using the pause button from time to time to give consistent, focused attention to the important versus the urgent will fuel incremental change. And, in some cases, it’ll lead to significant breakthroughs. Over time, you’ll find that you’re moving further and faster toward your goals.
Elizabeth Pittelkow Kittner CPA, CGMA, CITP, DTM
CFO and Managing Director, Leelyn Smith LLC ethicscpa@gmail.com
ICPAS member since 2005
Ethics: Your Competitive Edge for Organizational Outperformance
Cultivating integrity and accountability builds the foundation for high-performing teams to thrive and achieve lasting success.
Organizations and leaders strive to build and sustain successful businesses through high-performing teams. Of course, for organizations to achieve this goal, they need more than talent—they need ethical and responsible behaviors to exist at all levels within the organization.
While individual integrity and behaviors may be helpful in some instances, promoting these components as part of a team amplifies the impact across the whole organization. To foster an ethical and successful culture, consider these strategies.
THE EFFECTS OF ETHICAL LEADERSHIP ON TEAMS
Researchers at John Hopkins Carey Business School studied the effects of ethical leadership on team performance. The researchers contend that ethical leadership is a key component to creating and preserving high-performing teams and maintaining team connectedness and trust, even when performance may dip at times. In fact, they say a team’s perception of their ethical leadership and connectedness affects the team’s performance—meaning, if they believe the ethics and connectedness are strong, the team will more likely perform well consistently.
With this research in mind, it is essential for leaders to hone these following values to build confidence and trust in their ethical leadership:
• Honesty: Honest leaders who share appropriate transparency with their team members engender trust and help colleagues understand the bigger picture of organizational strategies and decisions.
• Fairness: Fair leaders operate without bias and favoritism; they celebrate the process and results. Results are important, and it is just as important to achieve those results honorably. Even if outcomes are suboptimal, a fair leader celebrates the journey a team takes and identifies model behavior as part of the experience.
• Respect: Respectful leaders ensure voices are represented across the team to encourage diversity of opinions, resulting in stronger problem solving and decisionmaking. Notably, this value takes intention and patience, as it takes longer to include more people in the processes.
ADDRESSING ETHICAL CHALLENGES IN TEAMS
Many of the ethical challenges teams experience stem from interpersonal dynamics (i.e., the ways in which people interact with each other—behaviors, emotions, and communication styles). Let’s look at a few behavioral-related scenarios and see how we might address them.
Scenario No. 1: An individual on a team prioritizes being recognized for their own contributions instead of fostering positive relationships within the team or caring about the overall outcome for the team.
One way to address this challenge is to recognize team wins and promote team goals over individual goals. Consider involving highperforming individuals in team development, including mentoring others and serving as role models for how to collaborate with others. These strategies may also be effective in curbing unhealthy individual competition within the same team.
Scenario No. 2: A team member is not working as much as others on the team. They are consistently benefiting from the efforts of others on the team while not contributing at the same level.
To address this behavior, leaders should clearly define roles and workload needs among team members and design accountability and feedback mechanisms to review their contributions (e.g., peer feedback, regular meetings with the team and individuals, etc.).
Scenario No. 3: A team member engages in untruthful behavior, including providing inaccurate information, exaggerating a positive or negative aspect, or withholding critical details.
To reduce this behavior, organizations can establish a process of verifying information communicated by the team members to ensure leaders can be confident in making decisions based on that information. For example, require communication methods like chat and email to have clearly documented records of communicated decisions. Leaders may also verify information received with additional team members. Additionally, organizations can enable whistleblowing opportunities without retaliation. When individuals feel safe to report harmful behaviors, leaders are more likely to learn from individuals about harmful behaviors occurring.
CHARACTERISTICS AND MINDSETS OF ETHICAL TEAMS
Organizations can shape their cultures to live with integrity by talking about ethics, communicating openly, and praising teams to promote positive team relationships.
Talking About Ethics
It is important for organizations to foster a culture that allows ethical behaviors to be regularly highlighted and discussed. To create this environment, leaders can conduct trainings on the values they want to see permeated throughout the organization. Additionally, organizations can prioritize incorporating ethics into their values and company documents (e.g., a code of conduct or employee handbook).
According to a June 2023 Think With Google article, there are five dynamics of effective teams. For organizations wanting to get people talking about ethics, they can work to implement these characteristics into their cultures:
• Psychological safety: People should feel comfortable around others within the organization, especially around asking questions, discussing mistakes, and speaking about their ideas and opinions.
• Dependability: Individuals want to consistently rely on their team members for responsibility, quality, and effectiveness.
• Structure and clarity: People want to know how the organization and team leaders define success for themselves and their teams and how they are expected to achieve goals.
• Meaning: Effective teams and individuals need to find a sense of purpose in their work, and this sense of purpose may vary from person to person and from team to team.
• Impact: Individuals and teams perform well when they know their work is creating a positive effect on others, including their team members, organization, customers, and/or overall community.
Communicate Openly
Encouraging open communication throughout an organization is one of the most influential ways to promote ethical standards and high-performing team characteristics. Importantly, it is good practice to encourage two-way communication by soliciting feedback from team members regarding how people throughout the organization are handling ethical behaviors. Once feedback is received, thank people for their feedback and communicate with the organization how that feedback is being addressed. Additionally, make sure to hold people accountable for ethical behavior, including those in leadership roles.
Praise Teams to Promote Positive Team Relationships
Genuinely thanking people for their work goes a long way toward making people feel valuable and motivated to do more and live up to ethical behaviors. As the Google article highlights, meaning and impact are significant factors in team dynamics, which can be worked into thanking teams for their work. Further, supporting a culture of peer recognition helps to encourage team member cohesion and connectedness. When a team navigates through a difficult project together, leaders can recognize the team’s effort, even if the results are not as expected. Further recognition should be given when actions illustrate company values. For instance, if innovation, collaboration, and resilience are behaviors the organization wants to see, acknowledge the people and teams demonstrating these behaviors.
Fostering high-performing individuals and teams demands a deeply embedded ethical culture that is upheld by everyone within an organization—and leadership dedicated to ethics sets the tone. Maintaining ethics may cost money, especially in the short term when making tough decisions like terminating a top contributor for unethical behavior; however, this focus on integrity is crucial to maintaining an enduring culture of ethics and growth. The most successful businesses are often those with leaders whose unwavering commitment to ethics ultimately create lasting and transformational impacts on the organizations and the people they serve.
Art Kuesel President, Kuesel Consulting art@kueselconsulting.com
Accounting for Value: Unlocking the Power of Pricing
Two thought leaders share their insights on why more accounting firms should embrace new pricing models.
These days, more public accounting firms are reviewing their pricing models to stay ahead and power growth. Whether it’s shifting from hourly billing to value-based pricing, embracing subscription models, or having upfront pricing conversations with clients, firms are leveraging a myriad of strategies to drive profitability, recruit and retain talent, and improve client relationships. And, for firms willing to take the leap, the rewards can be substantial.
Recently, I had the pleasure of chatting with Ronald J. Baker and Ed Kless, both co-founders of THRESHOLD, a company that specializes in helping businesses transition from transactional to transformational, and co-hosts of “The Soul of Enterprise” podcast, which explores topics on business, economics, and professional knowledge. Here, Baker and Kless share their insights into the pitfalls of traditional billing practices, the opportunities available to firms, and actionable steps they should take to improve profitability.
WHY ARE MORE FIRMS TALKING ABOUT PRICING THESE DAYS?
Baker: After I left a Big Eight accounting firm and started my own practice, the answer to this question became more clear. Overall, I realized that billing by the hour created pretty lousy customer experience. So, in 1989, my firm began experimenting with fixed pricing, and the customers loved it. I’ve been a convert ever since.
Kless: I think the reason the profession is talking about it more is because two major studies have looked into this and found value in strategic pricing—one by McKinsey & Company and another by AT Kearney. The studies show that, by far, the leading driver in profitability is pricing. In fact, both studies arrive at a similar conclusion: A 1% increase in pricing power yields a 7%-11% increase in profit. Compared to cost-cutting measures, like reducing fixed or variable costs, it’s double or triple the profitability increase—and that’s just from improving pricing power by 1%.
WHAT ARE THE BIGGEST PRICING OPPORTUNITIES AVAILABLE TO FIRMS?
Baker: One of the biggest opportunities is shifting away from the billable hour to valuebased pricing. Hourly billing forces firms to sell time rather than outcomes—and clients don’t buy time, they buy results. When firms price based on value, they align their incentives with their clients’ success.
Kless: Another major opportunity is the subscription model. The accounting industry has been stuck in a transactional mindset for decades. But when you look at other industries—whether it’s software, entertainment, or even health care—there’s a move toward subscription-based services. If accounting firms embrace this model, they can create predictable revenue streams and build deeper client relationships.
WHERE DO YOU SEE FIRMS FALLING SHORT ON PRICING THEIR SERVICES?
Baker: The biggest mistake I see firms make is relying on costplus pricing. They figure out their costs, slap on a profit margin, and call it a day. But cost-plus pricing ignores the customer’s perception of value. Pricing should be determined by what the service is worth to the client, not by internal cost structures.
Kless: Another common pitfall I see is that firms are afraid to talk about pricing upfront with their clients. They avoid the conversation and then hit the client with a surprise bill at the end. This erodes trust and creates friction in the relationship. Upfront pricing discussions set clear expectations and foster transparency.
CAN YOU SHARE SOME SUCCESS STORIES OF FIRMS THAT GOT IT RIGHT?
Baker: There’s a firm that transitioned from hourly billing to value pricing that saw their revenue per partner increase by 30% in just one year. They focused on packaging their services, clearly communicating their value, and standing firm on their pricing.
Kless: One firm I know implemented a subscription model for tax planning services. Instead of billing hourly, they offered tiered
membership plans. Not only did their client retention improve, but their annual revenue became more predictable and resilient. FOR FIRMS LOOKING TO REVAMP THEIR PRICING STRATEGY, WHERE SHOULD THEY START?
Baker: First, abandon the billable hour mindset—stop tracking time and start thinking about outcomes. Next, engage in value conversations with clients—ask them what success looks like to them and price accordingly. Finally, experiment and iterate. Pricing isn’t a “set-it-and-forget-it” exercise; it requires continuous refinement.
Kless: I think mindset is key. Firms need to recognize that pricing is a skill—one that can be learned and improved. Therefore, invest in training, read about pricing psychology, and most importantly, test new approaches.
After speaking with these two thought leaders in the accounting profession, I believe it’s clear that many, if not most, firms are leaving money on the table by not understanding the value placed on their services by clients. So, here’s your homework: If you aren’t going to ask your clients what their perception of value is, allow one of your other partners or associates to do so—then reprice your work.
Andrea Wright, CPA Partner, Johnson Lambert LLP awright@JohnsonLambert.com
ICPAS member since
2010
Are You Evolving With the Evolution of Fraud?
As fraudulent activities become more sophisticated, organizations must be vigilant of the latest threats.
Fraud will always be a persistent challenge in the financial world. With rapid advancements in technology, fraudsters now, and will foreseeably, have an arsenal of sophisticated tools to outpace regulators and investors.
Looking at some of the most notorious fraud cases from the past decade, it becomes evident that deception today is more complex, global, and difficult to detect than ever before. The collapse of FTX in 2022, for example, underscored the risks of unregulated cryptocurrency markets. Founded by Sam Bankman-Fried, FTX was once one of the largest cryptocurrency exchanges before revelations of misappropriated customer funds led to a catastrophic loss of billions. Similarly, the 2020 Wirecard scandal in Germany exposed major gaps in financial oversight when it was discovered that the fintech company had fabricated earnings, claiming to hold over €1.9 billion that never existed.
The fraud surrounding Theranos, led by Elizabeth Holmes between 2015-2018, further demonstrated how hype in the tech sector can mask fraudulent activities. Holmes claimed that Theranos had developed revolutionary blood-testing technology, only for investigators to uncover that the company had falsified test results, deceiving investors and patients alike. Meanwhile, the 1Malaysia Development Berhad scandal, which surfaced in 2015, revealed large-scale corruption and money laundering within Malaysia’s sovereign wealth fund, implicating high-profile individuals, including the country’s former prime minister.
Additionally, cases such as the Wells Fargo fake accounts scandal in 2016 and the collapse of Archegos Capital Management in 2021 illustrated how excessive risk-taking and unethical corporate cultures continue to play a role in modern financial fraud. Wells Fargo employees, under immense pressure to meet unrealistic sales targets, created millions of unauthorized accounts, while Archegos’ misuse of leverage led to disastrous losses for major banks.
When comparing these recent scandals to the frauds that shook the early 21st century, clear similarities emerge. Fraudsters across both periods exploited regulatory weaknesses, manipulated financial data, and capitalized on investor trust. For example, the early 2000s saw some of the most infamous cases in financial history, including Enron’s massive accounting fraud, WorldCom’s revenue inflation scandal, and Bernie Madoff’s recordbreaking Ponzi scheme that defrauded investors of $65 billion. Each of these cases illustrates how deception thrives when oversight is weak and greed overshadows integrity.
WHAT DOES FRAUD LOOK LIKE TODAY?
While earlier fraud cases relied heavily on traditional accounting manipulation, contemporary schemes leverage digital assets, artificial intelligence (AI) automation, and the anonymity of decentralized finance (DeFi). For reference, let’s look at some recent examples:
• In 2024, three cryptocurrency companies—Gotbit, ZM Quant, and CLS Global—and 15 people were charged with engaging in widespread fraud and market manipulation. According to an October 2024 Reuters’ article, the companies engaged in sham trades to artificially inflate the trading volume of various cryptocurrency tokens before selling them off, leaving innocent investors “holding the bag.”
• In early 2024, an employee of UK engineering firm Arup was tricked into paying $25 million to fraudsters using deepfake technology, posing as the company’s chief financial officer in a video conference call. As a February 2024 World Economic Forum article warns, “[t]his wasn’t a traditional cyberattack, the kind that compromises a company’s digital systems. This attack used psychology and sophisticated deepfake technology to gain the employee’s confidence.”
• In February 2025, a Canadian man was charged with exploiting vulnerabilities in two DeFi protocols to fraudulently obtain about $65 million from investors. According to a United States Department of Justice press release, from 2021-2023, the fraudster allegedly borrowed hundreds of millions of dollars in digital tokens, which he used to engage in deceptive trading that he knew would cause the protocols’ smart contracts to falsely calculate key variables.
RISING SOPHISTICATION
With rapid advancements in technology like never before, financial crime will become more sophisticated over time, creating even more unique challenges for organizations to consider. For instance, biometric security (once seen as a safeguard) may even become a
new target for fraud, as criminals find ways to manipulate facial recognition and fingerprint authentication.
With advancements in quantum computing, cybersecurity threats with the potential to break existing encryption protocols are also expected to escalate. Meanwhile, social media has already become a powerful tool for financial deception, allowing fraudsters to manipulate markets and public perception with ease. Meme stock manipulation, for instance, has demonstrated how viral trends can be exploited for financial gain, while deepfake-generated financial announcements could further destabilize markets.
Another growing concern is the rise of environmental, social, and governance-related fraud. As demand for sustainable investments increases, fraudulent greenwashing schemes may become more prevalent, misleading investors into supporting companies that falsely claim eco-friendly or ethical practices.
Of course, there’s some good news in all of this: As fraud continues to evolve, so do detection methods. AI and machine learning are now being deployed to detect anomalies in financial transactions, while regulators have tightened compliance measures through enhanced Know Your Customer and anti-money laundering laws. Improved whistleblower protections have also played a role in exposing fraudulent schemes.
Overall, the past decade has shown that financial crimes are no longer confined to traditional manipulation, making vigilance, regulatory adaptation, and forensic accounting expertise more critical than ever. Understanding these latest trends will be essential for businesses, regulators, and investors to stay ahead and protect themselves in an increasingly digital world.
Brian Kearns, CPA, CFP, RIA Founder, Haddam Road Advisors brian@haddamroad.com
ICPAS
member since 1989
A Tale of Two Money Mindsets
Understanding each of our clients’ unique needs and goals is how we help them build a meaningful life with their money.
As those in the financial planning space know, not all clients are created equal. They all have different motivations, goals, lifestyles, and financial habits. Some are happy to take risks, some hold their money safely at arm’s length, while others fall somewhere in the middle. Of course, like our clients, we too have our own unique experiences that shape the way we navigate the financial world, including how we offer financial advice and influence our clients’ decisions.
In the spirit of Charles Dickens’ “A Tale of Two Cities,” let's look at two very different scenarios. Instead of comparing London and Paris during the French Revolution, we’ll be comparing a gambler and an anonymous millionaire. We’ll call this story “A Tale of Two Money Mindsets.”
THE GAMBLER
Let’s start with Archie Karas, a legend in the gambling world. In 1992, he was down to his last $50 playing high-stakes poker, so he borrowed $10,000 from a friend and accomplished the most successful parlay in history, winning somewhere near $40 million in just under three years (no one knows the exact amount). Then, in three of the worst possible weeks in gambling history, he lost it all.
At the time, Karas said: “Gamblers enjoy both winning and losing. I’ve been a millionaire over 50 times and dead broke more than I can count, probably a thousand times in my life. But I sleep the same whether I have $10 or $10 million in my pocket. You’ve got to understand something. Money means nothing to me. I don’t value it. I’ve had all the material things I could ever want. Everything. The things I want, money can’t buy: health, freedom, love, happiness. I don’t care about money, so I have no fear. I don’t care if I lose it.”
In September 2024, Karas died of complications related to a brain aneurysm at the age of 73.
THE ANONYMOUS MILLIONAIRE
Now, let’s look at Ronald Read. Born in 1921 in Dummerston, Vt., Read was a World War II veteran, married for 10 years with two stepchildren, and widowed in 1970. He worked at, then bought, a gas station which he later sold in 1979. A year later, he started working as a janitor until he retired in 1997. Every day, he ate the same breakfast at the same local coffee shop and read The Wall Street Journal at the library. Read died in 2014 at the age of 92 at the Brattleboro Memorial Hospital, six miles from Dummerston.
In a February 2015 Boston Globe article, journalist Nik DeCostaKlipa called Read “the epitome of Yankee frugality, according to those who knew him.”
One might ask, “Why was Read—a seemingly average Joe—the subject of a Boston Globe article to begin with?” Well, because when Read died, his estate was found to be worth $8 million, mostly in dividend paying stocks. He bequeathed $1 million to the local Dummerston library and $5 million to the hospital where he died— an exceptional and generous act.
It seems only his lawyer knew of his material wealth. Even his stepson commented: “He was a hard worker, but I don’t think anyone had any idea he was a multimillionaire.”
UNDERSTANDING THE TWO MINDSETS
Dickens would appreciate the contrasts of these two men: Someone who had every material possession they could ever want, living only for the single moment of uncertainty between the wager and the outcome (Karas), and someone who spent only on basic needs, living for the certainty of repetition (Read).
When I first read about Karas, I thought of my time in the futures/options trading world, where some of the biggest risk-taking traders I knew would invest a portion of their profits in the safest, most boring investments like Treasury bonds. These traders understood the risk was in the job, so investments needed to balance out and ensure the financing of their lifestyles.
With this experience in mind, my first questions to Karas as his financial planner might have been: “Does your family feel the stress of your job? Do they feel the same way about money? Also, money can help maintain health, how important is that to you?”
Perhaps, just a 10% allocation to Treasury bonds (in a spendthrift trust) would’ve financed a completely different lifestyle for Karas.
As for Read, the “anonymous millionaire,” I’m left with so much intrigue and questions about his donation to the local library. (Perhaps he felt indebted, as his time there reading The Wall Street Journal led to his prolific stock portfolio?) This is likely related to my own unanswered questions about my late frugal grandfather. You see, after my grandfather died, we found $10,000 in cash hidden in the garage behind a woodpile. My family also discovered his notes that mentioned he always wanted to visit Pearl Harbor. Notably, my grandfather was a veteran of the Pacific theater in World War II, where he was awarded two purple hearts for his injuries. So, I've always wondered—was he looking for permission to spend the money on his dream of visiting Pearl Harbor?
This experience frames my first question for Read: “You spend a lot of time at the library, is there anything you’ve read about that you’d like to see or do?” I’ve always been curious what Read’s answer might’ve been if I could’ve asked.
So, I’m curious, what questions would you have asked Karas and Read if given the chance? Do their two very different money mindsets bring up personal comparisons on your end?
As financial fiduciaries, we have guidelines and best practices regarding what our clients “could” or “should” do, but the two tales of Karas and Read remind me that listening to clients’ stories, asking questions, and listening again to their answers can help us better serve them in using their money to build a meaningful life.
9.19.25
A good day for doing good!
Be part of the Illinois CPA Society’s 16th annual CPA Day of Service.
Participating is easy:
Visit www.icpas.org/CPADayofService for more information. 1 2
Choose a community organization or charity to help and register your event as an individual or group at www.icpas.org/CPADayofService.
Order your free CPA Day of Service T-shirt using the link from your registration confirmation email. (while supplies last; free to ICPAS members)
Volunteer as an individual or get a group together and volunteer as a team any day this fall.
Keith Staats, JD State Tax Attorney keith.staats@outlook.com
ICPAS member since 2001
Traversing the Murky Waters of Illinois’ New Sales Tax on Leases
Changes to Illinois’ sales tax on leases of tangible personal property have created a sea of anticipated and unanticipated complications.
Legislation modifying the sales taxation of most leases of tangible personal property (TPP) became effective Jan. 1, 2025. The legislation conformed the Illinois sales taxation of leases of TPP to the manner in which all other states tax such leases.
Under the old law, when a lessor of TPP purchased an item for lease purposes, the lessor paid tax on the purchase price of the item to the seller—no sales tax was imposed on the subsequent lease of that TPP.
Now, purchases of TPP to be leased are no longer subject to an upfront tax on the purchase price. The items are purchased tax free by providing a certificate to the seller attesting that the purchase is for lease purposes. Notably, this certificate is a modified version of existing form CRT-61, which is also used for purchases for resale. The lease payments by the lessee to the lessor are now subject to tax.
Makes sense, right? The incidence of the tax is just shifted. Well, as with everything related to sales tax in Illinois, it’s not quite that simple—here’s why.
WHAT TAX RATE APPLIES TO LEASE PAYMENTS?
The Illinois Retailers’ Occupation Tax (ROT) is imposed at the state level at a rate of 6.25%, along with the various locally imposed ROTs that are administered and collected by the Illinois Department of Revenue (IDOR). Tax rates vary by city, sometimes even within a city because of unincorporated areas.
In general, Illinois is an “origin” state when it comes to sales tax. In Illinois, the tax rate imposed is the combined state and local tax rate in effect at the selling location—and now the leasing location. For example, if I go to a copier company to rent a printer or photocopier for my office and pick up the machine at the company, the tax rate is the rate in effect at the copier company’s location—because that’s where the lease transaction “occurred.”
However, IDOR made a last-minute amendment to the leasing legislation that made things more complicated for certain lessors. The amendment provides that if the lessor (copier company) delivers the machine to me (the lessee), and there are periodic payments for the rental, the tax rate charged is the tax rate in effect at my location. Therefore, instead of charging the tax rate in effect at the copier company’s location, they have to determine the tax rate in effect at the location of each of their customers, charge that tax, and report the proper tax amount on a Schedule ST-2 form attached to their sales tax return.
RELATED PARTY TRANSACTIONS
Further complicating matters are related-party lease transactions. Let’s consider a business that has multiple legal entities. If one legal entity, Company A, purchases items of TPP and leases those items to another related legal entity, Company B, the lease transactions between related parties are now subject to sales tax on the lease payments.
This result isn’t a glitch—it’s a feature of Illinois’ sales tax law. Unlike corporate income tax, where there’s a unitary theory of taxation and intercompany activities are disregarded
between related companies that are unitary in nature, sales tax has always been different. The general rule in sales tax is that legal entities are respected in the case of transactions between related companies. Transactions between related entities are subject to the normal sales tax rules. As a result, Company A, a lessor of construction equipment to related Company B, is required to charge sales tax on the rental charges to Company B. And similar to my copier company example, if Company A delivers the equipment to Company B, the tax rate will be the rate in effect at the location where the equipment is delivered.
Under the old law, Company A, the lessor of equipment, would’ve been required to pay sales tax on the acquisition cost of the equipment. However, under the new (current) law, Company A will no longer have to pay sales tax on the acquisition cost of the equipment.
Of course, this explanation always raises the question: Shouldn’t there be a credit against the tax that Company A paid before Jan. 1, 2025, when it acquired the equipment that’s being leased after that date? In my opinion, the answer should be yes. In fact, the version of the legislation I drafted had a one-time credit to deal with items purchased before Jan. 1, 2025, that are being leased after that date. However, IDOR rewrote my draft legislation and eliminated the credit, likely because of what they perceived as the fiscal impact of the credit in the first year.
You see, there’s a limited credit under the existing regulations. Under this credit, when Company A decides to sell off the equipment in its inventory that it acquired before Jan. 1, 2025, and upon which it paid tax upon acquisition, it can keep the sales tax it charges on that subsequent sale up to the amount of the sales tax paid when the equipment was acquired. Obviously, that limited credit isn’t going to fully compensate Company A for the amount of sales tax paid on acquisition of the property.
LEASE VS. SERVICE: WHAT’S THE TRUE OBJECT OF A TRANSACTION?
Now, let’s talk trash (not trash talk). Specifically, let’s discuss trash containers—the containers that my trash service provides me as part of my trash collection service, or the dumpsters that an apartment building, restaurant, or other business is provided for their trash. Knowing what we know under the new law, do trash companies now have to charge tax on the “rental” of the trash containers by figuring out how much is paid each month for trash service and the portion of the charge for the containers? In unofficial conversations I and other members of the Illinois CPA Society’s State and Local Tax (SALT) Committee had with folks from IDOR’s legal staff, we were provided with an answer that, in my opinion, is both legally correct and practical.
IDOR’s lawyers stated that customers are purchasing a service (trash collection) and containers and dumpsters are the collection vessels used in the provision of that service. In looking at the nature of, or true object of, the transaction, people aren’t renting containers—they’re obtaining a trash disposal service. So, because Illinois generally doesn’t tax services, there’s no taxable rental in those situations.
No doubt, there will be other issues and questions like this that come up as the new law is implemented. Currently, IDOR is working on rules, has issued information bulletins, and begun publishing general information letters in response to inquiries about specific situations. I’d advise checking IDOR’s website regularly for answers. Also, if you’re faced with a question you’d like addressed, please reach out to me directly or post the question on ICPAS Connect, as the SALT Committee monitors that online forum.
insights from the profession’s influencers
Randy Crabtree, CPA
With a storied career built on the success of chasing his passions, this specialty tax expert and podcast host advocates for finding another way forward for the profession.
BY AMY SANCHEZ
“I have a hard time not acting on ideas that I get excited about,” admits Randy Crabtree, CPA, co-founder of Tri-Merit Specialty Tax Professionals and host of “The Unique CPA” podcast.
Fortunately for the accounting profession, Crabtree would get one of those ideas while driving down North Ave. in Melrose Park, Ill. one day: “I had this brainchild, light-bulb moment where I suddenly thought, ‘I need to be a certified public accountant (CPA).’ I pulled over to a phone booth, called my wife, and said excitedly, ‘I’m going to quit my job, go back to school full-time, and become a CPA.’”
Pursuing accounting was never part of Crabtree’s original plan. In college, he graduated with a degree in computer science, worked as a programmer for about a year, and then pivoted into sales: “I got a job with a food brokerage selling food—and while I like food, I’m not passionate about talking about it or selling it.”
However, that day on North Ave., Crabtree remembered an accounting class he took as an undergraduate: “It was a dead-end class for me, but I remember enjoying it lot.” Also on that drive, Crabtree recalled the time he did his taxes for the first time on his own after he and his wife got married. “It was the first time I had done a tax return because my dad always did it for me—and I realized I really enjoyed working on taxes. It was fun!”
Just like he said he would, Crabtree earned his CPA and would later start his own firm. While working for the firm, he also pursued another passion project, a real-estate opportunity with one of his clients. However, Crabtree soon learned his limitations.
“I got to the point where I couldn’t do both,” Crabtree explains. “I think it’s partly because I created a firm that was built for burnout— I built it really tax heavy.”
That’s when Crabtree decided to sell the firm and concentrate on real estate exclusively—though it wouldn’t last, and in May 2006, Crabtree’s partner bought him out. That August, Crabtree found a new passion through the research and development tax credit: “When I realized I could create a firm that just focused on this tax credit and concentrate my time on this one area that I’m passionate about, that was exciting.”
Not soon after, Crabtree started Tri-Merit Specialty Tax Professionals, with the goal of learning from his previous mistakes: “I never set boundaries with clients. I was reactive to what they wanted rather than being proactive to what they needed. And now, I see so many people doing it so much better—that’s why I’m so passionate about helping the profession move forward in a different way.”
Another big part of Crabtree’s passion for changing the profession’s traditional approach to work stems from being both a stroke and mental illness survivor.
“Physically, I recovered very fast from my stroke. Mentally, I struggled for about four-and-a-half years,” Crabtree says. “Four days after the initial stroke, I ended up back in the hospital with another stroke— very minor but another. So, every single time something started happening, my head would think I’m having another stroke. It was causing post-traumatic stress disorder and panic attacks, which ultimately turned into depression.”
With help, Crabtree was able to learn that a lot of what he was experiencing was just his mind playing tricks on him: “I realized it was just me—it was internal. I realized we do this as a profession too. We put all this undue stress and pressure on ourselves, and we get into this chronic stress area, especially during tax season, where we really feel like we have no control—but we do.”
For Crabtree, talking about his experience with depression has been an important part of his recovery. In fact, he continues to talk about it at accounting conferences and meetings: “After every presentation I give, multiple people come up to me and say, ‘I just assumed this is how it had to be. After listening to you, I feel like there’s hope—there’s something I can do about it.’”
Today, Crabtree continues to advocate for finding a better way forward for the profession through talking with other professionals on his podcast and bringing small and large firms together for the Bridging the Gap conference, which he describes as a “wellness retreat combined with an accounting conference.” He believes helping others see how integrating someone’s passions into their work—just like he’s been able to do throughout his career—is the key to changing the profession: “I live at the intersection of my passions and my skills, and it’s an unbelievable place to be. I want everyone to get to that intersection.”
Growing up in the Philippines, my parents owned an upholstery shop and a sari-sari store, and my sister and I would help out when we could. I remember peeling countless garlic cloves, preparing vegetables for pancit, and buying and crushing ice for the fruit shakes we sold to thirsty high schoolers. Back then, we had a rolling store, which we would park wherever there were a lot of people, especially during fiestas. I remember feeling ashamed when my schoolmates saw me working. Of course, looking back, I now feel immense pride in those experiences and challenges. They honed my work ethic, taught me the value of business, and shaped me into the certified public accountant (CPA) I am today.
During my last year of high school, I took an accounting class that opened my mind to a whole new world of possibilities of what my life could be someday—not just for me but also for my family. Although I wanted to pursue a career in the arts, I had to be practical. After all, I wanted my life to be different, and I wanted more for my family.
With the support of my parents, family, friends, and scholarships, I was able to pursue my accounting studies at Far Eastern University in Manila. It was there that I learned more about accounting and its complexities—it’s not just about numbers and math, there’s so much more to it.
After graduating magna cum laude, I enrolled in a formal CPA school, passed the CPA exam, and joined one of the Big Four accounting firms. It was one of the best decisions I’ve ever made. Starting my career in public practice was challenging, but it offered invaluable learning opportunities.
After a few years, I applied for an opportunity to work in the United States via the H-1B lottery system. I still remember the moment I found out I got selected. One morning, while thinking about how I could help my family finance the house we were building, I
sat down and checked my email. There was a message from Edilberto C. Ortiz, CPA, owner of E.C. Ortiz & Co. LLP, congratulating me on my job acceptance—it felt surreal.
When I arrived in Chicago, I knew I’d have a whole new set of challenges to overcome. I’d be starting from scratch, beginning anew. Adapting to a new country wasn’t easy, but I kept my head high, remembering my main motivation: a better life for me and my family.
One significant challenge I had to overcome right away was retaking the CPA exam, as my CPA license from the Philippines wasn’t recognized in the U.S.
Earning my CPA license in the U.S. connected me with organizations like the Illinois CPA Society (ICPAS) and International Society of Filipinos in Finance and Accounting (ISFFA). As an ICPAS member, I now serve as a Young Professional Ambassador and sit on the Young Leaders Advisory Council. This allows me to volunteer my time with high school students, raising awareness about the accounting profession and debunking the myths I once falsely believed about accountants. As a member and officer of ISFFA, I serve as vice president of marketing, which has allowed me to help future CPAs back home who were just like me—Filipino students dreaming of becoming CPAs for a better life.
To this day, the accounting profession has given my life mobility, continuous growth, learning, and diverse opportunities. From helping my family financially, traveling to many places, and exposing me to different businesses and industries, accounting has changed my life for the better.
While there have been many struggles along the way, these experiences shaped me and will continue with me throughout my life. You too may face many challenges or rejections, but remember, it only helps you find a different path—a redirection! If faced with setbacks or failures, just keep going—I promise, with accounting, there’s a better life awaiting you.
