MACPA Statement // Fall 2021

STATEMENT MACPA’S

FA L L 2 0 2 1

Learning from

Black CPA

career role models A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession.

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ALSO INSIDE Maryland Association of Certified Public Accountants, Inc.

Profession's year-long celebration of pioneering Black CPAs continues

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CONTENTS Fall 2021 | Maryland Association of Certified Public Accountants, Inc.

CHAIR’S COLUMN.............................................................................. 3 FEATURES

Learning from Black CPA career role models........................................................ 6

Profession's year-long celebration of pioneering Black CPAs continues............ 11

DEPARTMENTS

News and Views................................................................................................... 14 Business and Industry.......................................................................................... 25 Public Practice...................................................................................................... 30 High-Tech Solutions............................................................................................. 33 From Our Partners............................................................................................... 38

MEMBER NOTES................................................................................ 45 CLASSIFIEDS........................................................................................... 46 MEMBER SERVICES Lauren Baker Sydney Glen PEER REVIEW

2021–2022 BOARD OF DIRECTORS Lexy Kessler, CPA Chair

Cora Edwards

Herbert J. Geary III, CPA, CGMA Vice Chair

E-LEARNING

Christine Aspell, CPA Secretary/Treasurer

Emily Trott SEMINARS/CONFERENCES

Avonette Blanding, CPA Immediate Past Chair

Dee Sullivan

Maxene M. Bardwell, CPA, CIGA, CIA, CFE, CISA, CITP, CRMA

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Elise Brouillette, CPA

Amy Puente Krislyn Suljak

Leon Katsnelson Kimberly Mustard, CPA, CGMA Dave Ryan, Esq., CPA (retired) Tim Samuel, CPA Thomas White, CPA, CGMA Jeff Wilson II, CPA, PFS, CFE, CGMA, CDFA

SENIOR STAFF Jackie Brown CEO Skip Falatko, CPA CFO Bill Sheridan, CAE CCO Rebekah Brown, CPA Director of Development Mary Beth Halpern Director Technical Services/ Regulatory Affairs Dee Sullivan Director of Learning

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Bill Sheridan | MACPA Dulaney Center II 901 Dulaney Valley Road Suite 800 Towson, MD 21204 FOR CONTENT SUBMISSION: bill@macpa.org feedback@macpa.org TO ADVERTISE IN THE STATEMENT: krislyn@macpa.org P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036 The MACPA reserves the right to edit all submissions for grammatical style and / or length.

Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA. The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc. Bill Sheridan, Editor Krislyn Suljak, Advertising Sales

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We’re renewing our commitment to the future of the CPA profession.

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CERTIFIED PUBLIC ACCOUNTANTS

CHAIR’S COLUMN Building a Foundation for the future of our profession

BY LEXY KESSLER, CPA / PARTNER, ARONSON LLC

We’ve been using the #MarylandCPAProud hashtag in MACPA social posts for years now, but rarely have we been as proud of Maryland’s CPAs as we are today.

Flip through the pages of this magazine and you’ll see why.

It’s filled with news about the extraordinary accomplishments of some of our profession’s best and brightest members.

On page 15, you’ll read about the 16 newest graduates of the MACPA’s annual Leadership Academy, a three-day crash course on leading yourself, leading others, and leading organizations. The 2021 class was a diverse gathering of young professionals from every corner of the profession — and even one who isn’t a CPA at all. His mentor is a previous Leadership Academy graduate who didn’t want him to miss out on the opportunity to learn some valuable new skills.

On page 18, you’ll find details about Maryland’s “Women To Watch” for 2021. Three winners were selected in each of the “Emerging Leaders” and “Experienced Leaders” categories, and they were honored during an in-person gala held on Sept. 24 in Hanover, Md. The event, which was also simulcast to a virtual audience, was one of the first large-scale MACPA events to be held in-person since the pandemic struck in early 2020, and it was a joy to gather with our fellow CPAs and pay tribute to these six amazing leaders.

And on page 12, you’ll find more about the six Maryland CPAs who have been included among the "40 Under 40 Black CPAs" in America, a list announced on Sept. 16 by the organizing partners of the Black CPA Centennial.

You didn’t misread that. Fully 15 percent of the nation’s "40 Under 40 Black CPAs" are from Maryland. In a year in which we are celebrating the 100th anniversary of John W. Cromwell Jr. becoming the first Black CPA in the United States, that makes us doubly proud.

These three tributes — Leadership Academy, Women to Watch, and the 40 Under 40 Black CPAs — serve as proof that the future of our profession in Maryland has never been brighter. We are filling our pipeline with experienced, talented, and forward-looking young leaders who are eager to make a difference. We are proud of each of them and offer them our best wishes as they continue their professional journeys.

They also point to the importance of the work being done by groups like the MACPA Foundation, whose mission is to help build Maryland’s section of the CPA talent pipeline in an effort to secure a bright future for our profession. The Foundation’s work includes:

• Supporting initiatives that help build diversity, equity, and inclusion in the profession.

• Providing critical training for future leaders.

• Granting scholarships for next-generation CPAs. • Facilitating mentorship connections that increase growth, engagement, and retention.

Given the continuing struggle among firms and organizations to recruit, reskill, and retain talented CPAs, the Foundation’s work is more important than ever.

In the 2021 edition of its annual CPA Firm Top Issues Survey, the AICPA’s Private Companies Practice Section found that issues related to talent are among the top concerns for nearly every firm in the country. Those concerns include: • Recruiting and retaining staff.

• Training next-generation leaders.

• Succession planning.

• Keeping up with changing skill sets.

• Issues related to culture, including diversity, equity and inclusion, leading teams in remote / hybrid work environments, protecting employees’ mental health, and other people issues that have arisen out of the pandemic.

These concerns point to the critical nature of the MACPA Foundation’s work. As that work continues, you can expect to see more of Maryland’s best and brightest young CPAs honored for the career paths they are paving. The more they learn and grow, the stronger our profession becomes.

You can lend a hand in that effort as well. The Foundation depends on donations from MACPA members to fund scholarships, provide training, and supply firms and organizations with the resources and insights they need to become future-ready. I’ll hope you’ll join us in building a better profession by donating to the MACPA Foundation today. For details on how you and your organization can get involved, visit MACPA.org/Foundation.

As the honorees from Leadership Academy, Women To Watch, and the Black CPA Centennial can attest, we are building some serious momentum for the future of our profession.

The MACPA and its Foundation are committed to seeing that momentum grow even further.

• Offering resources for future CPAs and educators.

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LEARNING FROM

Black CPA career role models A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession.

Editor’s note: The following article originally appeared on July 26 on the Journal of Accountancy’s website. It is reprinted with permission.

BY A N ITA DENNIS A century has passed since John W. Cromwell Jr. became the nation’s first Black CPA. During that time, he and other trailblazers, such as Mary T. Washington Wylie and Elmer J. Whiting Jr., opened new doors for Black people in the profession. This article looks at a few of the Black CPAs who are continuing to break down barriers and offer advice to young professionals, as well as suggestions for strengthening the pipeline of Black CPAs. BECOMING A CPA Exposure to the profession and all it has to offer is a significant factor in whether a young person becomes a CPA. Here’s how it worked for one group of successful CPAs.

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STATEMENT

Kimberly Ellison-Taylor, CPA, CGMA — founder and CEO, KET Solutions LLC. During a career discussion in her thirdgrade classroom, Ellison-Taylor learned that an accountant was someone who “managed the money.” She decided that accounting was the career for her and went on to take accounting in high school. Her college did not offer accounting as a major, so after getting degrees in information systems management and an MBA, she attended community college at night to take the courses she needed to be eligible for the CPA credential. Now the head of her own consulting firm, Ellison-Taylor has worked in global leadership roles at Oracle and was the first Black person to be the chair of the AICPA and the Association of International Certified Professional Accountants, and also the first Black woman to be the chair of the Maryland Association of CPAs. Steven Harris, CPA, CGMA — partner-in-charge, RubinBrown's Entrepreneurial Services Group and a partner in its Assurance Services Group. Harris started out studying engineering, but a foundational college accounting course piqued his interest. His father ran his own drapery installation business, and seeing the good and bad advice that he received along the way helped Harris appreciate the value of a knowledgeable business adviser.

An internship at RubinBrown LLP while he was in college “made it real,” he said. “I began to love the profession.”

Dorri McWhorter, CPA / CITP — incoming president and CEO, YMCA of Metropolitan Chicago. “I was always good at math, but I hadn’t associated it with a career,” McWhorter said, until she read a book about successful accountants when she was in the seventh grade. She studied bookkeeping in high school and got an internship at a local corporation’s accounting department. “I loved school, and hearing about these opportunities allowed me to focus my energy,” McWhorter said. She went on to become the first Black partner at what is now Crowe LLP, the CEO of the YWCA of Metropolitan Chicago, and the first Black person and first woman in her upcoming role at the YMCA. She was also the first Black chair of the Illinois CPA Society.

JOINING THE PROFESSION What advice do these role models have for potential Black CPAs? Reach out to other Black professionals. Harris, a former chair of the National Association of Black Accountants, said that organization gave him a sense of belonging when he started out, while a local networking group for young minority professionals introduced him to people from all backgrounds. “I was able to grow and learn with people who looked like me,” he said. In addition, a diverse group of mentors — what he calls a personal board of advisers — is valuable because it can offer different perspectives, “but you need one mentor who can relate to what you’re facing” as a minority, he said.

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Start networking early. “Surround yourself with people who have similar goals because they will energize you,” Ellison-Taylor said.

She suggested having vision sessions with other young professionals to chart your path forward. When it comes to career planning, “you can’t take it for granted,” she said. She also recommended sharing your goals with a mentor or coach so they can help you achieve them. “Remember that networking is powerful and to celebrate your achievements along the way,” she advised. “Also, we can’t forget about those amazing leaders who paved the way for us as Black CPAs. Acknowledging that we are standing on the shoulders of giants is non-negotiable.”

Be relentless in seeking feedback. It can help you see your blind spots and address them, Harris said. It’s also critical to recognize the value of a sponsor. “Understand that many important decisions about your career will be made when you’re not in the room, so consider who will advocate for you in those situations,” he said.

Recognize that there’s more than one way to be a CPA. “There are so many different aspects to the profession,” McWhorter said.

She has spent much of her career using her skills in corporations and management consulting. “If you understand the business drivers, you can apply them to any business,” she said. While at the YWCA, she led an effort to create an exchange traded fund that invests in companies that advance women’s empowerment and gender equality. The fund donates its asset management fees to the YWCA. “We need to use every lever available in the marketplace to create change,” she said.

PROMOTING INCLUSION As these CPAs’ stories demonstrate, career decisions can often be made very early based on what may be a random introduction to the profession. Opening the door for more Black CPAs may require a more intentional effort to include them, since they are less likely to be introduced to an accounting career through family and community due to the low percentage of Black CPAs in the profession.

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“One disadvantage in recruiting is that accountants are behindthe-scenes heroes,” Harris said. “It will take a collaborative effort among firms, professional organizations, and colleges to get potential Black CPAs more exposure to the profession at an early age.”

“The making of a Black CPA is not done in one step,” Ellison-Taylor said. “There are multiple people, steps, and factors involved.”

Looking back on her own journey to AICPA chair, she traced its beginnings to having a vision; plenty of mentors, coaches, and sponsors; getting into college; pursuing her CPA; becoming a volunteer and then senior leader in her state society; becoming the chair of the Maryland State Society and serving on the AICPA’s council; serving on the Horizon 2025 project and the Business and Industry Executive Committee; being selected for the AICPA board of directors and being successfully nominated for AICPA vice chair and then on to chair. This is just one path. Studying the many paths and barriers to success can help to identify the best ways to introduce Black students to the profession and to support them on their journey, she said.

get the second and third, and on and on until you can stop counting.”

The Black CPA Centennial is a yearlong effort to honor, celebrate, and build upon the progress Black CPAs have made in shaping the accounting profession. The celebration is a collaborative effort of the AICPA, Diverse Organization of Firms, Illinois CPA Society, National Association of Black Accountants, and National Society of Black CPAs. Anita Dennis is a freelance writer based in New Jersey. To comment on this article, contact Ellen Goldstein, the Association’s director of communications and special projects, at Ellen.Goldstein@aicpacima.com.

“We have to open those doors so we can be at the table and participate,” McWhorter said. “If you are the first, the goal is then to

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FROM STAFF REPORTS In 1921, 25 years after the first CPA certificate was granted in the U.S., John W. Cromwell Jr. became the first Black CPA. He opened a door through which thousands of Black accountants would eventually pass.

With 2021 marking the 100th anniversary of Cromwell’s landmark achievement, the American Institute of Certified Public Accountants, the Diverse Organization of Firms Inc., the Illinois CPA Society, the National Association of Black Accountants, and National Society of Black CPAs are continuing a year-long national awareness campaign that recognizes Black CPAs in the U.S. and that pushes for greater progress to be made in achieving diversity, inclusion, and equity in the CPA profession.

Following Cromwell, it took a staggering 45 years for the first 100 Black accountants to be licensed as CPAs. Black CPAs account for fewer than 1 percent of all CPAs in the U.S., according to estimates by the National Association of Black Accountants.

“As we work to continue building a more diverse and inclusive profession, it’s important that we recognize the efforts of those who broke down barriers,” says Crystal Cooke, the AICPA’s director of diversity and inclusion. “By earning his CPA license, John Cromwell helped pave the way for future generations of Black CPAs and fuel the profession’s journey toward greater diversity and inclusion.”

The 2021 Black CPA Centennial campaign will “honor, celebrate, and build” upon the rich history and progress Black CPAs have made in the profession. Activities include a series of articles and videos that bring to life and preserve the inspiring stories of success against the odds of some of the most prominent and trailblazing Black accountants — like Mary T. Washington Wylie, who became the first Black female CPA in 1943 and played a pivotal role in the advancement of Black CPAs in Illinois and throughout the nation.

Throughout 2021, each of the partner organizations and other stakeholders have helped advance the following shared goals: • Honoring the past: Educate accounting and finance professionals as well as the public about the barriers the first Black CPAs overcame by sharing their stories.

• Celebrating the progress: Recognize Black CPAs for influencing the profession, engendering trust, and breaking barriers.

• Building the future: Highlight Black CPAs who are blazing trails and creating legacies by becoming the first achievers in significant areas in the profession and society. Also, support Black student enrollment in accounting programs; provide opportunities to prepare them to enter the CPA profession; and encourage the recruiting and retention of more Black CPAs in firms and organizations of all sizes.

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The year-long celebration will culminate with a special celebratory event in November. Further details about that event will be announced at BlackCPACentennial.cpa.

MACPA RESOLUTION CELEBRATES BLACK HISTORY The MACPA, too, has joined the profession’s chorus of voices celebrating the achievements of Black Americans.

At a meeting in early 2021, the MACPA’s Board of Directors passed a resolution in honor of Black History Month and the Black CPA Centennial. The resolution reads: WHEREAS 2021 marks the 100th anniversary of the first Black CPA and February is Black History Month; and WHEREAS John W. Cromwell, Jr., became the first Black CPA in the United States of America in 1921, and Mary T. Washington Wylie became the first female Black CPA in 1943 and provided the opportunity for many African Americans to pursue their dream to become CPAs; and

through celebratory and educational events, culminating with a special event November 11-12 in Chicago.

NOW, THEREFORE, BE IT RESOLVED, that the Maryland Association of CPAs recognizes 2021 as the 100th anniversary of the first Black CPA and February as a month honoring Maryland’s rich history of Black CPAs and expresses its deepest appreciation for those who paved the way for diversity in our profession.

“Accounting and finance professionals the world over are committed to building a more diverse, equal and inclusive profession.

To do that, though, we have to recognize where we’ve been and how far we still have to go,” said Avonette Blanding, chair of the MACPA’s 2020-21 Board of Directors. “This resolution pays tribute to those who came before us and took the first steps toward making our profession more inclusive and welcoming. We can’t get where we need to be without recognizing what they did to bring us here.”

“We can’t get where we need to be without recognizing what they did to bring us here.”

— Avonette Blanding, chair of the MACPA’s 2020-21 Board of Directors

WHEREAS Six Black CPAs from Maryland are included in the first 100 list, including Benjamin L. King, Sr. the first Black CPA in Maryland in 1956, and Christanta Ricks-Johns, the first female Black CPA in Maryland in 1970, who together with the Black CPAs after them, paved the way as mentors and role models for today’s Black CPAs; and WHEREAS we recognize and reflect on the influence and impact Black CPAs have had in shaping our profession in Maryland and our country; and WHEREAS Maryland has played an important role in advancing African Americans in the CPA profession and in state society and AICPA leadership, including the first Black state society MACPA Chair, Graylin Smith in 2002, the first Black Maryland State Board of Accountancy Chair, Benjamin L. King, Sr. in 1969; and the first Black AICPA Chair, Maryland’s own Kimberly Ellison-Taylor in 2016; and WHEREAS the Maryland Association of CPAs is committed to increasing diversity in the CPA profession, and together with the Illinois CPA Society, American Institute of Certified Public Accountants, Diverse Organization of Firms Inc., National Association of Black Accountants Inc., and National Society of Black CPAs Inc., recognizes the importance of celebrating and honoring the 100th anniversary of the first Black CPA; and

LOOKING BACK … AND AHEAD In a quieter reflection, George Willie, managing partner at the Washington, D.C.-based Bert Smith & Co. and one of the profession’s most influential CPAs, sat down with the MACPA's Bill Sheridan recently for a conversation about how far our profession has come in terms of diversity and inclusion — and how far it still has to go.

“There was a drive, a feeling of, ‘You know what? We’ve come this far, and we’re not going to be defeated,'” Willie said of his early experiences and those of other young Black CPAs. “I often tell people that if you put your mind to it, if you’re driven and you have the support of those at home, you can do it. A large number of us decided early on that we could do it.”

The conversation is included in an episode of the MACPA's “FutureProof” podcast. Listen to it in its entirety at bit.ly/WillieDEI. The examples set by John W. Cromwell Jr., and Mary T. Washington Wylie -- as well as by Maryland's own Benjamin L. King Sr., and Christanta Ricks-Johns, and George Willie, and so many others -paved the way for those who followed. The examples we set today will help build the blueprint for our profession’s future.

Let’s build that future on a foundation of diversity, equality, and inclusion.

WHEREAS in February and throughout 2021 we will acknowledge some of the first Black CPAs and share their stories

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NEWS AND VIEWS Six Marylanders are among America’s ‘40 Under 40 Black CPAs’ FROM STAFF REPORTS dent and CEO of the Maryland Association of CPAs. "These six leaders are among a new generation of CPAs who are building the blueprint for a more diverse, equal, and inclusive profession, and the future of our profession is brighter because of the work they do."

The select group of 40 Under 40 Black CPA Award winners will be formally honored at the virtual Black CPA Centennial Celebration on Nov. 12.

The Black CPA Centennial is a year-long celebration in recognition of the 100th anniversary of John W. Cromwell Jr. becoming the first Black CPA in the United States. The celebration is led by a consortium of organizing partners, including the AICPA, the Diverse Organization of Firms, the Illinois CPA Society, the National Association of Black Accountants, and the National Society of Black CPAs.

Six Maryland CPAs have been included among the "40 Under 40 Black CPAs" in America, a list announced on Sept.

16 by the organizing partners of the Black CPA Centennial.

The Maryland honorees are: • Jessica Lewis of Riveron Consulting LLC • Jessica McClain of Brand USA • Renee Rawlins of KPMG LLP • Aaron Slaughter of Withum Smith+Brown PC • Nicholas Tatum of Under Armour • Jeff Wilson II of The W2 Group LLC Wilson is a member of the Maryland Association of CPAs' Board of Directors. Raw-

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lins is an MACPA member, and McClain and Tatum are members of the MACPA Foundation, which works to build a strong and diverse talent pipeline by providing resources, training, scholarships, and mentorship connections in order to increase growth and engagement.

"We're tremendously proud that Maryland is so well represented on the '40 Under 40 Black CPAs' list," said Jackie Brown, presi-

“We’re extremely excited to recognize the next generation of Black CPAs who’ll build on the success of those who came before them,” said Todd Shapiro, president and CEO of the Illinois CPA Society. "It’s our hope that recognizing the success of this diverse group of accomplished young CPAs will help drive momentum, encouragement, and support for others to continue to overcome adversity and inspire positive change in their personal and professional communities.

"These remarkable individuals are active mentors and leaders, untiring advocates, driven changemakers, and an inspiration to others," Shapiro added. "They demonstrate determination, innovation, and professional success. Building upon the leaders who paved the way for others, these 40 award recipients are serving their communities and advancing diversity in the profession."

Learn more about the celebration by visiting BlackCPACentennial.cpa.

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NEWS AND VIEWS 16 emerging leaders graduate from MACPA’s 2021 Leadership Academy

BY BILL SHERIDAN, CAE

Sixteen emerging accounting and finance leaders learned the skills they’ll need to take their teams, their careers, and their profession to the next level during the Maryland Association of CPAs’ 2021 Leadership Academy.

Held Aug. 18-20 in Towson, Md., the annual event is designed to help emerging leaders make the transition from individual contributors to leaders in their organizations.

“Our profession is facing an increasing talent shortage. Investing in and developing our next generation of leaders is critical not just to our organizations’ success, but to the vitality and relevance of our profession going forward,” said Rebekah Brown, CPA, the MACPA’s director of development and one of the event’s three facilitators.

“Spending time with these 16 emerging leaders gave me great pride in Maryland

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CPAs and great hope for our future.”

This year’s class learned leadership skills in three critical areas: • Leading yourself, including strengthsbased leadership, personal and professional branding, and how to give and receive feedback.

• Leading others, including the arts of collaboration, facilitation, and delegation.

• Leading organizations, including anticipation, strategic and critical thinking, and inclusive leadership.

Graduates of the MACPA’s 2021 Leadership Academy are:

• Jason Andrews of French, Shepley & Strong, LLC, in Hunt Valley, Md. • Addie Blickenstaff of DeLeon & Stang in Gaithersburg, Md. • Ginny Bolton of Gardiner & Appel Group, Inc., in Severna Park, Md. • Nicole DeJarnette of Weyrich Cronin and Sorra in Hunt Valley, Md. • Will Eastham of Bridgeway Community Church in Columbia, Md. • Jenna Frosio, Askey, Askey & Associates, CPA, LLC, in Leonardtown, Md. • Timothy Hart of Grandizio, Wilkins, Little & Matthews, LLP, in Sparks, Md. • Bryan Hughes of Saggar & Rosenberg in Rockville, Md. • Tricia Katebini of GRF CPAs & Advisors in Washington, D.C. • Michael Maile of Rosen, Sapperstein & Friedlander, LLC, in Towson, Md. • Joseph O’Meara of GRF CPAs & Advisors in Washington, D.C. • Leah Shiffman of Gardiner & Appel Group, Inc., in Severna Park, Md. • Cortney Stitt of Clark & Anderson, P.A., in Glen Burnie, Md. • Corey Tappan of Weyrich Cronin and Sorra in Hunt Valley, Md. • Ryan Welling of Weyrich, Cronin & Sorra in Hunt Valley, Md. • Rychele Works of Withum in Washington, D.C. The MACPA’s 2021 Leadership Academy was facilitated by MACPA Director of Development Rebekah Brown, MACPA Chief Communications Officer Bill Sheridan, and Tom Hood, the MACPA’s former CEO and current executive vice president of business growth and engagement for the Association of International Certified Professional Accountants.

Bill Sheridan, CAE, is editor of The Statement and chief communications officer for the Maryland Association of CPAs.

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NEWS AND VIEWS Six CPAs honored as Maryland’s ‘Women to Watch’ for 2021

BY BILL SHERIDAN, CAE

Six outstanding business leaders have been honored by the Maryland Association of CPAs as Maryland’s “Women to Watch” for 2021.

The honorees are: • Tamara Bensky, CPA, a member and partner at Myers and Stauffer LC in Baltimore, in the “Experienced Leader” category.

• Sharon Gary Finney, Ph.D., CPA, a professor and chairperson with Morgan State University, in the “Experienced Leader” category.

• Karen Syrylo, CPA, sole practitioner and owner of Karen T. Syrylo, CPA, in the “Experienced Leader” category.

• Stacy Gretz, CPA, a principal at SC&H Group in Sparks, Md., in the “Emerging Leader” category.

• Jessica McClain, CPA, CISA, PMP, CITP, CGFM, controller with Brand USA in Washington, D.C., in the “Emerging Leader” category.

• Tricia Katebini, CPA, MBA, senior manager at GRF CPAs & Advisors in Bethesda, Md., in the “Emerging Leader” category.

Launched in 2014 by the American Institute of CPAs, the awards

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“We are incredibly proud of this year’s winners — indeed, of all the honorees for this year’s awards."

— Jackie Brown, MACPA Executive Director

highlight the accomplishments and contributions of women in the CPA profession and demonstrate to emerging female leaders that success is not out of reach.

“We are incredibly proud of this year’s winners — indeed, of all the honorees for this year’s awards,” said MACPA CEO Jackie Brown.

“They represent the best this profession has to offer, and they serve as role models not only for other women in the profession, but for every accounting and finance professional on the planet.”

CONTINUED ON PAGE 22

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NEWS AND VIEWS CONTINUED FROM PAGE 20

“We had 22 honorees for this year’s awards,” said Lexy Kessler, CPA, chair of the MACPA’s 2021-22 Board of Directors. “This symbolizes a commitment on the part of every person in this room and once again sets Maryland CPAs apart in a way that makes me proud.”

Here’s a closer look at the winners and honorees in each of the two “Women to Watch” categories: EXPERIENCED LEADERS This year’s winners are: Tamara Bensky, CPA, a member and partner at Myers and Stauffer LC in Baltimore. She is partner-in-charge of numerous engagements across several engagement teams at the firm, including Cost Report / Disproportionate Share Hospital Auditing, Managed Care, and Benefit-Program Integrity.

Tami has a long history of volunteerism within the profession.

She served as a member of the MACPA's Board of Directors from 2003-08; her tenure included a year as chair of the board from 2006-07. She continues to be an active volunteer for both the MACPA and the American Institute of CPAs and has served on numerous committees and task forces for each organization.

Most recently, she is serving as a member of the Maryland State Board of Public Accountancy.

Sharon Gary Finney, Ph.D., CPA, professor and chairperson of the Department of Accounting and Finance at the Earl G. Graves School of Business and Management at Morgan State University in Baltimore.

Dr. Finney was one of the earliest minority females to pass the CPA Exam in 1977. She went on to earn a Doctorate in Accounting and had dedicated more than 32 years to teaching, mentoring students, doing research for many publications, and actively participating in national organizations such as AACSB, NABA, AICPA, MACPA, and the American Accounting Association.

Karen Syrylo, CPA, sole practitioner and owner of Karen T. Syrylo, CPA. She has specialized in multi-state tax consulting services for more than 35 years, working with clients in a wide variety of industries on matters of multistate tax planning, compliance, and audit defense and appeals, in income tax, sales tax, property tax,

22

unclaimed property, and other taxes. The highlight of her tax career saw her initiate the constitutional argument for the Wynne v. Comptroller case, which was ultimately successful in front of the United States Supreme Court.

Karen is a long-time member and former chairperson of the MACPA’s State Tax Committee, and a member of the planning committee for the annual Advanced Tax Institute. She has been recognized as one of Maryland’s Top 100 Women by The Daily Record.

Other honorees in the Experienced Leader category are: • Christina Bowman, CPA, principal at CliftonLarsonAllen LLP in Baltimore • Marie Caputo, CPA, CGFM, CGMA, principal at CliftonLarsonAllen LLP in Greenbelt, Md. • Pamela Chelden, CPA, principal at SC&H Group in Sparks, Md. • Lisa Ingram, CPA, sole practitioner and founder of Lisa D. Ingram, CPA, P.A. in Severn, Md. • Alla Kashlinskaya, CPA, executive director of tax at KPMG LLP in Baltimore.

EMERGING LEADERS This year’s winners are: Stacy Gretz, CPA, a principal at SC&H Group in Sparks, Md. She assists the firm's clients through the entire process of administering an estate – from the probate process, to gathering and retitling assets, and even the taxes and distribution of assets.

Stacy is a member of the AICPA and the MACPA, and is also a member of the Baltimore Estate Planning Council. She is the lead representative of SC&H’s volunteer initiative with the Ronald McDonald House Charities of Baltimore. Stacy also volunteers regularly with Junior Achievement of Central Maryland and participates as a mentor in the Towson University Accounting Mentorship program.

Jessica McClain, CPA, CISA, PMP, CITP, CGFM, controller with Brand USA in Washington, D.C. She is an accomplished, award-winning, and credentialed accounting and audit leader with more than 12 years of experience and a deep understanding of financial reporting, financial statement and information technology auditing, business process evaluation and improvement, internal control and risk assessment, and audit remediation.

STATEMENT

NEWS AND VIEWS Jessica serves on several AICPA volunteer committees, as a board member of the newly restructured MACPA Foundation and with the Greater Washington Society of CPAs as a board member. She is an appointee to the Board of Maryland 529, where she serves on the Audit and Governance committee. She has been recognized as a 2020 Leading Women award-winner

by The Daily Record, a 2020 CPA Practice Advisor 40 Under 40 Professional, and as a 2020 Top 50 Women in Accounting by Practice Ignition.

Tricia Katebini, CPA, MBA, senior manager at GRF CPAs & Advisors in Bethesda, Md. Tricia has worked in public accounting for more than 14 years, specializing in serving the nonprofit sector. As a senior audit manager, her main responsibilities involve overseeing the preparation of financial statement audits and single audits.

A seasoned speaker on technical accounting and tax topics affecting non-profits, Tricia has presented at AICPA, MACPA, GWSCPA, TXCPA, and other accounting and non-profit industry conferences. She has built a strong reputation for serving as a key advisor to non-profit organizations in the Greater Washington, D.C. and Baltimore areas.

Other nominees in the Emerging Leader category are: • Addie Blickenstaff, CPA, senior auditor with DeLeon and Stang, CPAs & Advisors in Frederick, Md. • Kelli Cobb, CPA, MBA, member with Smith Elliott Kearns & Company, LLC, in Hagerstown, Md. • Mary Kathryn Demarest, CPA, adjunct lecturer and faculty advisor to Beta Alpha Psi at the University of Baltimore • Samantha Fisher, CPA, CVA, manager of the Forensic Investigations and Litigation Support Services Group with BDO USA, LLP, in Owings Mills, Md. • Kristy Gold, CPA, audit director with PricewaterhouseCoopers LLP in Baltimore • Samantha Haines, CPA, senior manager of tax services at Rosen, Sapperstein & Friedlander, LLC, in Towson, Md. • Andrea Imhoff, CPA, PHR, human resource manager and EEO officer at M. Luis Construction Company, Inc., in Silver Spring, Md. • Kori Pitts, CPA, tax manager with RSM US LLP in Baltimore • Rachel Reiter, CPA, assurance supervisor with RSM US LLP in Baltimore • Jeanette Stillwagner, CPA, signing director with CliftonLarsonAllen LLP in Baltimore • Marietou Yao, CPA, staff accountant with Garbelman Winslow CPAs in Upper Marlboro, Md. The 2021 MACPA “Women to Watch” awards were made possible by the MACPA Foundation, which is committed to building a diverse CPA talent pipeline to secure the future of our profession.

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BUSINESS AND INDUSTRY Finance transformation: How exactly do you start?

Getting internal stakeholders’ buy-in is the first and often most challenging hurdle in kick-starting a finance transformation. Here are three strategies to consider.

Editor's note: The following article was originally published in January 2021 by Financial Management Magazine. It is reprinted here with permission. To receive weekly updates, sign up for the CGMA Advantage newsletter at fm-magazine.com/newsletter.html.

BY C.F. WONG, ACMA, CGMA

Businesses today face many of the same challenges: commoditization of products; eroding margins and sales volume due to continuous price wars; and customers’ failure to see differentiated value beyond price, customer relationship, and service reliability. To stay competitive, companies become “consumer-centric” by building close relationships with customers and solving customers’ pain points and problems.

As such, it is important that finance and accounting (F&A) be part of the business value-creation process and provide business advisory solutions on top of debits and credits, knowledge of accounting standards, and financial management.

I’ve found in my time observing high-performing F&A teams that successful companies expect the finance function to do more than just the basics and to develop business partnering capabilities.

F&A teams are expected to: 1. Identify value-creation activities. (What kinds of activities create value and what activities don’t?)

2. Develop future strategies. (Where should the business be headed?)

3. Suggest ideas to execute and drive those goals. (How can the business achieve its goals?).

However, many F&A departments fall short as advisers. Two common features prevent

them from doing so: being backwardlooking and relying too heavily on spreadsheets.

• Backward-looking: In the F&A departments I’ve worked in, there was much criticism that the function was backward-looking and thus didn’t add any real business value. The F&A departments provided past-month historical reports and explained what happened in the past month versus last year and versus budget, financial ratio, and so on. Variance analysis explanation is based on what already happened. It’s like reading last month’s newspaper today.

CONTINUED ON PAGE 26

FALL 2021

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BUSINESS AND INDUSTRY CONTINUED FROM PAGE 25

• Over-reliance on spreadsheets: Spreadsheet programs like Excel are very powerful and user friendly.

However, when all of a company’s financial information is compiled using Excel and spreadsheets are used to consolidate business results, employees have to spend a lot of time sieving through data and performing regular reconciliation to check for possible errors. And these Excel files tend to grow in size and complexity as the business grows.

If F&A departments are to spend a huge amount of time compiling historical financial information using a clunky and ineffective method, it is just a matter of time before existing competitors or new entrants eat up the differentiated value created by the business.

Understanding these problems, how does one transform traditional F&A into a function with business-partnering capabilities?

Drawing from my past experience, I found these three strategies useful.

DIVE DEEP TO UNDERSTAND THE VALUE-CREATION PROCESS In a transformation project I was part of, I examined the internal value-creation process of the organization. I knew I needed to understand who our customers were, the key activities to generate customer value, and how the business delivered such value to its customer.

An example of this is in an article I wrote about an instant noodle manufacturer.

First, I identified that students were the primary customers of the business. Then I learned how the business processes along the entire supply chain worked to make the product. Lastly, I identified how the business delivered its product to its customers via its distribution network, from factory to distributors or retail store to customers.

You can find more details and examples of how to leverage this perspective in the CGMA Business Model Framework and value-chain analysis.

GATHER INFORMATION AND BUILD TRUST AND EMPATHY The next step is to collect information from other internal stakeholders and build trust and empathy in those relationships. This information collection exercise can help to identify fresh issues.

For instance, in one finance transformation project, I learned that the F&A function was very tied up with daily routine tasks using spreadsheets and constantly preparing many reports. There was no time to invest in improvement projects. F&A also didn’t have the right tools to reduce these daily workloads. There was a general fear of job security as well; if spreadsheet work were to be automated, would some staff be retrenched?

I concluded that the general readiness was very low to embark on a finance transformation journey. I figured I had to first build relationship and trust by: • Establishing myself as a reliable person within the organization who would do what I said and deliver results. It’s very

LOOK BEYOND INTERNAL BUSINESS MODEL AND VALUE CREATION It’s important to look externally beyond the business model and the value-creation process of the business. In the same transformation project, I compared business models and value-creation processes of direct competitors and top global companies to identify emerging trends. This helps identify where the organization has done well and where there are opportunities to improve. I call this “state-of-the-art” information gathering. Knowing emerging trends will help raise discussion pointers as a finance business partner and key considerations for the business in its strategic plans.

WHAT DOESN’T WORK Many textbooks and models advocate for going after the “low-hanging fruit.” However, the idea of going after the easiest option and hoping to produce results did not work in my experience. Many such options could not bring significant enough

Finance transformation projects are really change management projects that will not yield results if you’re working on an easy option. important to demonstrate reliability and gain trust, especially if you are new to the business.

• Listening without passing judgment and understand the challenges that they faced from their point of view.

• Building relationships by offering help and gaining “social credit” that I could use further down the road.

These three points, simple as they may seem, are difficult to implement in real life.

It’s key to persevere, exercise patience, and cultivate a never-say-die attitude.

impact to the business and move F&A closer to being a finance business partner.

Research shows that 70% of finance transformation projects fail to deliver forecasted benefits to the business.

Finance transformation projects are really change management projects that will not yield results if you’re working on an easy option. Finance transformation projects are multifaceted, and a project manager must first secure senior management support, plan the implementation in phases, and ace the people factor that comes with project implementation.

CONTINUED ON PAGE 29

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STATEMENT

U N D E R S TA N D T H E E V O LV I N G T R E N D S I N

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Nicole Schuyler, Gary R. Bozel & Assoc., P.A. CPA Candidate and MACPA Champion

Complimentary CPE for MACPA members STATEMENT

BUSINESS AND INDUSTRY CONTINUED FROM PAGE 26

Let me share a more concrete example of what didn’t work from a transformation project. I started a project with engagement sessions with the finance team. I tried to create a sense of urgency by sharing a vision for the finance department and where the business wanted the F&A to go.

I used some best-performing companies and competitors as examples and hoped that the team would see the vision and the future we should be aiming for.

However, key F&A managers pointed out

the company shortly after I joined the organization. I had done my homework beforehand and prepared short points to share.

My ideas resonated in his mind and an executive committee meeting was called shortly after, and I sat in to present my idea.

A steering committee was swiftly set up to drive the finance transformation, and I was appointed as the project manager. The powerful key stakeholders were also on the steering committee to give direction and support.

Building relationships with internal customers and gaining their trust is crucial in getting buy-in for any transformation. that the function was too busy with routine work, that business partnering was not the culture of the organization, and that the finance team did not know enough about the other functional areas to give strategy recommendations.

That was when I realized that implementing finance business partnering is a change management project. So, I asked myself, how do I get support? Who can I approach?

How can I get the team on board?

MANDATE FROM THE TOP Support from the top is crucial to kick-start a transformation in F&A, and I realized this the hard way. The background research and preparation using the three strategies above need to be in place, and when the right time comes along, you will be ready to present your ideas.

In my case, an opportunity came when a member of the senior leadership asked if there were any improvement pointers for

FALL 2021

I learned that the concept of low-hanging fruit does not work in practice. Tailoring finance transformation to what the business wanted, especially to powerful stakeholders in the organization, enabled me to move mountains.

FINAL WORD ON THE PEOPLE FACTOR Building relationships with internal customers and gaining their trust is crucial in getting buy-in for any transformation. Such projects must create value and provide services to solve their pain points, in the same way any business provides products or services to their customers, before internal stakeholders see the benefit of a finance transformation.

and ad hoc report preparation workload.

(The second article in this series will cover more details on the vendor selection process and implementing automation.)

I once listed all routine and ad hoc reports prepared by various F&A teams and focused on reports that took the longest time to prepare. Through this exercise, I concluded that about 20 to 40 percent of reports could be eliminated, automated, or simplified. The F&A teams saw how they would benefit from a transformation and how their workload could be lightened.

I hope the points shared here will be useful for the scoping phase of your F&A transformation project. In upcoming articles, I will share on the specifics of implementing automation and building business knowledge to enable finance business partnering.

C.F. Wong, ACMA, CGMA, is a member of the North Asia regional advisory panel for CIMA and a principal–Greater China at the CFO Centre in Hong Kong. Previously, he led the finance digital transformation of a multinational manufacturer, listed in Singapore and Hong Kong, involving all its 70 entities globally. He has more than 20 years of experience in finance, including strategic finance business partnering and mergers and acquisitions. To comment on this article or to suggest an idea for another article, contact Alexis See Tho, an FM magazine associate editor, at AlexisSeeTho@aicpa-cima.com.

One way to respond to managers who need to see how a finance transformation would benefit them is to show them the possibilities for higher efficiency. You could identify a more powerful IT tool besides spreadsheets that will help reduce both routine

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PUBLIC PRACTICE How to prospect to your niche

BY KYLIE PRUSER Today, many accounting firms set themselves apart from the competition by focusing on a few niche markets or services, gaining a deep understanding of their ideal client, and becoming trusted advisors and consultants for that niche. In an ideal world, once you select your niche, your target clients would pop up and come to you. But in reality, you need to go to them.

As a solutions advisor for Boomer Consulting, a major part of my role is prospecting to our niche clients. So I thought I’d share the steps we take to prospect and tweak them to apply to a CPA firm’s ideal clients.

STEP 1: CREATE YOUR PROSPECTING LIST When we prospect, we start with a list of the Top 400 firms, readily available from INSIDE Public Accounting. Depending on your niche, you might start with a list of the top businesses in your niche, a list of members of a particular professional organization, or a simple Google search for businesses in a target industry.

This list is a good start, but it’s not complete. You’ll need to do a little bit of investigative work to gather all of the information you need.

First, visit the firm’s website to find names, phone numbers, and e-mail addresses for the business owner or executives you want to connect with. While you’re there, check out whether your target prospect is part of any other associations, and whether they’ve won awards. Next, check out the individual’s LinkedIn profile to see who they know and what groups they’re involved with. Finally, I also check our own database to see whether we’ve done any work for them in the past, even if it was a long time ago. These details may seem insignificant, but they can be useful for connecting with your prospect later.

Keep in mind that this step doesn’t have to be done by a busy partner, manager or staff member. You can delegate it to someone on your marketing team, an intern, or even a virtual assistant.

STEP 2: SEND A SHORT EMAIL Next, we send the decision-maker an introductory email with some high-level information about the service, community, or training we think might be of interest to them. These emails should be sent from the partner or manager’s email address, as they’ll tend to get more notice.

If the recipient replies to the email, the partner or manager can loop in your business development team to set up a phone call and get them further into the sales pipeline.

STEP 3: FOLLOW UP WITH A PHONE CALL If we don’t get a response from the email, we follow up with a personal phone call. During the call, I give them our short elevator pitch about our service, mention other firms we’ve worked with, and talk about our consultant’s experience and expertise.

Hopefully, this call ends with setting up a phone call between the consultant and the prospect to move them further into the sales pipeline. If they’re not quite ready to set up an appointment, we ask whether we can follow up later.

Prospecting in your niche needs to be a priority, so be consistent and set aside time each day for it. Of course, every email and phone call won’t result in a sale, but it’s still a chance to have prospects gain awareness of your firm and develop a relationship with you. Follow the steps above, and you’ll be well on your way to attracting prospects and growing your firm.

Kylie Pruser is a solutions advisor for Boomer Consulting. Learn more at Boomer.com.

We also include a scheduling link in our emails so prospects can schedule a meeting with us directly.

30

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HIGH-TECH SOLUTIONS What could your firm accomplish with increased IT investment?

BY MARC T. STAUT Taking on technical debt insn’t always a bad decision, but it can hinder a firm’s ability to grow because it has to pay off the debt before being truly innovative. A 1 percent increase in the IT budget could go a long way toward fixing what’s broken or what has been put off being addressed for too long for many firms.

PREPARE TO SCALE If you want to grow your firm efficiently, you need to take a strategic approach to scaling. Simply trying to hire more people isn’t effective, and it can actually slow you down.

To scale effectively, you need to track performance metrics across the firm to determine how to optimize your operations best. Without these metrics, it’s tough to get a good handle on your firm’s health, which requires understanding the impact of each service the firm offers and how technology and other resources are being used to improve productivity.

Investing in the integration of financial, talent and client data allows firm leaders to see the big picture and also zoom in on certain areas when needed.

According to Flexera’s 2021 State of Tech Spend Report, financial services firms spend, on average, 10 percent of their revenue on IT. Among accounting firms, that figure is closer to 5 or 6 percent, according to surveys of Boomer Technology Circles member firms.

Can you increase that number by at least 1 percent in the next year? I believe it’s not only possible, but it should be the goal of every IT and firm leader.

In this increasingly digital world, every firm leader should recognize the importance of investing in technology. In the past 18 months especially, technology has moved to the forefront of virtually every firm initiative, and firm leaders have recognized that tech is the engine that drives their firms.

In the meantime, we see potential cost-cutting opportunities in other areas because office space spending is down. What could you accomplish if you had an additional 1 percent of revenues in your firm’s IT budget? The answers will be unique to each firm, but I can think of a few places many should consider.

PAY OFF TECHNICAL DEBT Technical debt happens when firms choose to save money in the short term but increase complexity and costs in the long term.

Some examples include supporting several versions of desktop accounting software rather than transitioning all clients to a cloudbased solution or using servers or desktop computers that are no longer on support contracts or even skipping the regular refresh cycle to preserve cash.

Disparate systems limit the type of data your firm can analyze to increase efficiency and improve performance, both of which are crucial for scaling and growth.

UPGRADE YOUR TEAM’S QUALITY OF LIFE Technology plays a huge part in how employees feel about their jobs and whether they’re engaged with the firm. This includes everything from the hardware on their desks to the video conferencing tools and other software they interact with every day.

Last year, many people had to use whatever equipment was available to get up and running from a home office as quickly as possible. If you haven’t already, it’s time to replace any makeshift set-ups with higher-quality equipment. For example, if some members are still using old travel monitors, upgrade them to a 34-inch curved display. Or replace paper routing sheets and engagement-tracking spreadsheets with an automated workflow solution.

These can have a big impact on how employees experience their everyday work, and may even influence their decisions on how long they will want to stay with your firm.

LOOK FOR COMPETITIVE ADVANTAGES Emerging technologies, including robotic process automation (RPA), data analytics and blockchain, are increasingly accessible to firms of all sizes. If you haven’t yet invested in these technologies, consider allocating some of your increased IT budget here. Many of these technologies can have the dual purpose of creating value for your firm internally as well as being highly sought after new service offerings that your clients will appreciate.

CONTINUED ON PAGE 34

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HIGH-TECH SOLUTIONS CONTINUED FROM PAGE 33

INVEST IN INNOVATION Innovation isn’t something that just happens magically when someone comes up with a new idea. Sustainable innovation is a process and methodology that your firm needs to look at as an opportunity for long term investment. Assigning an innovation leader, dedicating resources to an innovation action committee, and developing a firm-wide culture of innovation are excellent first steps in preparing your firm to adapt for success in our rapidly changing world.

These technologies can help your firm internally and become a service you offer your clients down the road.

IT is the backbone of your firm, and the need to invest in technology to increase and protect your firm’s value is not slowing down.

The economy has picked up, and spending on office space is down. Take this opportunity to bolster your IT budget now while you have the resources and put your firm on the path toward greater engagement, future readiness and growth.

Marc T. Staut is a shareholder and Chief Innovation and Technology Officer with Boomer Consulting. Find out more by visiting Boomer.com.

IF YOU ARE READInG THIS...

So Is Your Buyer!

CONNECTING MORE SELLERS AND BUYERS

Delivering Results - One Practice At a time Bradley Holmes Bradley@APS.net

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800-397-0249 www.APS.net

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FROM OUR PARTNERS How exactly are firms deciding which payroll software to switch to?

BY HITENDRA R. PATIL take their payroll business and clients away.

In their search for alternatives, many have found solutions like Payroll Relief that do not compete with their firms.

2. EASY MIGRATION AND ONBOARDING Moving to another software solution creates anxiety and a one-time data migration / onboarding effort for firms. It’s a cost that involves time and effort.

But when it comes to the survival of the payroll business itself, it is not a cost at all.

It is an investment, provided that (a) the new payroll software is easy to migrate to, and (b) it protects the payroll business.

Both factors are critically important.

Once in a lifetime, a challenge arrives that changes everything — and no, we're not talking about the pandemic. Instead, we’re talking about the challenges that accounting and payroll firms face.

One such potentially business-threatening challenge impacts firms that offer payroll services — which software to use.

— unless you know what the firms that are similar to yours did before deciding upon a new payroll solution.

When your firm’s payroll software provider decides to offer full-service payroll themselves, you have a critical choice to make: either surrender your payroll practice to them or switch to another payroll solution to protect your payroll business.

Based on our studies and feedback, we have identified the most common concerns and objectives for firms, and their key decision criteria upon which they finally make payroll software decisions.

But how do you decide which payroll software to use?

On first glance, most payroll solutions look and feel similar. After all, we’re talking about payroll processing and related compliance work; how much can be different?

Maybe efficiency and pricing?

But the decision to switch is not that easy

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Here are five critical insights that can help you make your decision quickly and with great confidence.

1. SURVIVAL OF THEIR PAYROLL BUSINESS AND RETAINING THEIR CLIENTS Firm owners have told us they want to continue to provide payroll services to their clients. They don’t want to let someone else

3. PROFITABILITY The subscription price of software is not the true total cost. The tasks you have to perform manually using any software define your firm’s profitability from that software.

The biggest mistake firms have made in the past was to compare the price, not the total cost. Thanks to intelligent automation around payroll processes, many firms using Payroll Relief have grown their payroll business by 200 to 300 percent or more, without adding payroll staff.

4. PAYROLL COMPLIANCE CHALLENGES Perhaps the No. 1 reason business owners outsource payroll to your firm is the complexity and tight deadlines in payroll compliance. That is the real gap between your competencies and that of your clients, who are not payroll compliance experts.

But does the payroll software take the challenges out of payroll compliance without your firm needing to outsource that work to someone else? Did you know that you can retain more than 70 percent revenue from your payroll service fees by clicking just one button, which you could otherwise lose to someone else?

STATEMENT

FROM OUR PARTNERS One of the time-consuming and expensive aspects of payroll services is the need to service all the information needs of clients and their employees.

5. CLIENT COLLABORATION AND SERVICE COSTS One of the time-consuming and expensive aspects of payroll services is the need to service all the information needs of clients and their employees. This includes timely communications to clients to ensure their

payroll-related information and payments are lined up timely and accurately.

If your payroll software does not allow you to manage this from within the software, it is an added cost to your firm. Automation of client and employee services, including

self-service technologies, can significantly reduce such costs and also eliminate the stress associated with tight deadlines.

Never forget that you are the expert in payroll processing and compliance, not your clients — and certainly not a software company trying to service your clients themselves.

Here's to a sustainable, profitable payroll service!

Hitendra Patil is the head of customer success at AccountantsWorld. To learn more, visit AccountantsWorld.com.

CPE anywhere you are.

E- LEAR NING O P P OR T U N I T I ES F RO M MACPA MACPA’s e-learning options bring you high-quality learning in a convenient, online format. All of our online courses are developed by our roster of nationally-recognized instructors.

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Find your next online course at MACPA.org BUYING FOR YOUR TEAM? Contact our Group Sales Department to learn more about our special group pricing and service options.

FALL 2021

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The right payroll solution partner, the right payroll software.

Payroll is an important service for your firm. Naturally, you need and expect the full support of your payroll software provider behind you. But unfortunately, you are never going to get that from your current provider, since they themselves are in the business of providing payroll services to small businesses like your clients.

Obviously, their purpose is to use accountants to grow their own business, rather than to help accountants grow their payroll practices. You deserve better. So, do what thousands of your peers have done.

These accountants have found a better payroll software partner in AccountantsWorld - the only company that’s genuinely focused on helping accountants grow their payroll practices.

We created Payroll Relief® in 2004 with a single goal – to empower accountants like you to offer highly profitable payroll services without compliance headaches. No matter what payroll solution you are currently using, you’ll generate more profit from Payroll Relief while reducing your firm’s work. That’s our promise.

More importantly, we never compete with you or sell our payroll solutions directly to your clients. Instead, we have tied our success to what we can do to make you more successful.

So why stay with a software provider that does the opposite?

Attend our 30-minute webinar.

Visit AccountantsWorld.com/Payroll to learn more.

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FROM OUR PARTNERS The stories your clients’ financials tell about their business

BY BHAIRAVI PARIKH, CPA A recent study discovered that only 32 percent of small business owners expect their accountants to help with financial projections; the remaining have either not acknowledged the need or benefit of accurate financial statements, or believe it can be accommodated within their current role.

Only 32 percent of small business owners expect their accountants to help with financial projections.

In my experience, small- to mid-size businesses are attracted to solutions more than products – anything that drives revenue growth and motivates them to buy. They are more attracted to services that promise scalability.

I tell my prospective clients that a business health checkup is as important as an annual physical, and that analyzing a business’ health is similar to analyzing your personal health. In both cases, the numbers don’t lie. Just like lab reports, accurate financial statements contain significant information about a company's financial health. They help determine the current state of the business to make calculated and informed decisions in order to achieve a company’s financial goals.

Some examples include the following: • A lack of financial statements tells us the client may not be using any accounting software and will need our guidance.

• A balance sheet that shows no movement in the liability section may need a review of payroll and other current liability sections. It may also require accounting accuracy for all the financing activities.

• No movement in the inventory balance indicates that the client may need help with inventory and accounts payable management.

• An income statement that has just one income category, “sales,” may need help with income categorization, invoicing, sales tax, and overall accounts receivable management.

• Contractor and sub-contractor expenses categorized as an operating expense indicates the need for a chart of accounts restructure for proper gross margin evaluation.

I recall a recent onboarding of a new client. I asked for the current year’s financial statement as a standard document request.

In return, I received an Excel file that had a list of bank and cash transactions. He did not have the software to provide financial statements, and a lack of an accounting application indicated that the client was hesitant to use technology or did not have access to it. In addition, the merchant deposit bank transactions signaled the need for monthly reconciliations, while recurring debit transactions to financial institutions suggested the need for asset management and reconciling financing activities.

CONTINUED ON PAGE 43

I make our engagements more attractive by offering an interactive and periodical review of a client’s financial statements at all phases of an engagement. After all, accounting records of a business have a very different purpose at different stages. Let’s review the need and use for financial data at each phase of our client engagement.

ANALYZING FINANCIALS IN THE DISCOVERY PHASE Access to a client’s current financial statements is very important at the discovery phase to understand the project requirement and expand our service offerings.

FALL 2021

41

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FROM OUR PARTNERS CONTINUED FROM PAGE 41

In one of the conversations, the client mentioned long-term contracts. This also meant he should be using a billing application and would need AR management.

Based on my discovery, the client engaged me to provide these services: 1. Enable a QuickBooks® Online subscription.

2. Set up an industry-specific chart of accounts.

3. Rebuild the books of accounts for the last two years to help file taxes.

4. Provide a POS implementation that integrates with QuickBooks Online.

5. Deliver monthly bookkeeping services.

6. Provide monthly controller services, including cash, inventory, AR, and AP management.

ANALYZING FINANCIALS IN THE RECURRING SERVICE PHASE Once successfully onboarded, you already have the client’s attention. In return, they expect the same attention from you. During this phase, your goal is to establish a positive financial habit of frequently reviewing financial statements.

For all my clients, I insist on monthly joint reviews of financial statements. The month-end review feature in QuickBooks Online makes the process very smooth and ensures a shorter close period. In addition, with the help of the Performance Center, it is easy to review financial growth with clients.

Here are some of the key items to include in your monthly financial statement review with clients on monthly basis: • Confirm cash on hand balance to ensure that there are proper internal controls, and if there is any overage or shortage, it is either minimum or accounted for.

• Confirm inventory balances to determine if there is any need for control over inventory management.

• Review aged AR balances with the client to suggest a tighter collection cycle.

• Review expenses larger than the threshold with the client to confirm the need for capitalization.

• Review any financing activities during the month to understand and properly account for a business transaction.

• Review outstanding sales tax and payroll liability to ensure adherence to compliance.

• Confirm transactions of a personal nature to ensure proper accounting treatment to the equity section.

• Review gap in recurring expenses, such as utility, rent, or insurance in case there is a lapse in the contract period or a vendor change.

• Review sudden fluctuations in the gross margin that may indicate possible categorization mistakes or flaws in inventory management.

Your scope will be now expanded from accounting activities to cash management, spend analysis, budgeting, forecasting, data analytics, and other controller / CFO services. more thoroughly, you also gain their trust. This allows you to expand your accountant role into an advisor role. Now you will be reviewing financial statements that help your client plan for their growth. Your scope will be now expanded from accounting activities to cash management, spend analysis, budgeting, forecasting, data analytics, and other controller / CFO services.

Here are some of the review points that will help you scale along with your client: • Review revenue and earnings trends. Based on the client’s long- and short-term strategy, you can offer to help with financial planning, budgeting, and forecasting.

• You can help to determine the need for capital restructure and borrowing activities by analyzing the company’s current value and evaluating its growth plan.

• Your client may be adding multiple locations. It may even be operating in different countries. This may require class management, consolidated, and multi-currency financial statements.

• There are many applications and tools to provide necessary KPIs and create reporting packages. However, it is very crucial to interpret those management reports. You can offer this as part of your expanded service offerings.

With each phase of engagement, a review of the financial statements provides an opportunity to expand your role from tax accountant to controller or outsourced CFO. As soon as your clients adopt the change and identify the importance of their financials, it will be an easy task for you to become their long-term trusted advisor.

Bhairavi Parikh, CPA, is a fractional CFO and consulting controller for Analytix Solutions. With more than 15 years of experience in public and private accounting, Bhairavi is well versed in managerial accounting and CFO services for small- to mid-size organizations.

Find Bhairavi on Twitter at @Bhairavi_CPA.

ANALYZING FINANCIALS IN GROWTH PHASE As you start understanding your client’s business model and goals

FALL 2021

43

Follow the Path to Financial Data Bliss

Watch the demo

MEMBER NOTES Folahan Akinyemi has been promoted to senior accountant at Lanigan, Ryan, Malcolm & Doyle, P.C.

Chris Mathews has been promoted to partner at Lanigan, Ryan, Malcolm & Doyle, P.C.

Kaitlyn Bohrer has been promoted to in-charge accountant at Lanigan, Ryan, Malcolm & Doyle, P.C.

James Neveleff has been promoted to in-charge accountant at Lanigan, Ryan, Malcolm & Doyle, P.C.

Bryna Campbell, CPA, CGMA, Chaim Fine, CPA, CFP, and Jennifer Rock, CPA, CITP, have been elected partners at Gross, Mendelsohn & Associates, P.A.Campbell has more than 30 years of accounting experience and provides audit, accounting, tax and consulting services to businesses and non-profits. With 18 years of accounting experience, Fine provides a full range of tax and accounting services to small businesses, investment partnerships, high-net-worth families and real estate companies. Rock has more than 20 years of accounting experience and performs audit and accounting work for all kinds of non-profits, health and welfare organizations, and associations.

Angela L. Quigley, CPA, manager at SEK, CPAs & Advisors, has been named a "Forty Under 40" recipient for 2021 by the Central Penn Business Journal.

Carter Heim, CPA, CEO of HeimLantz CPAs and Advisors in Annapolis and former chair of the Maryland Association of CPAs’ Board of Directors, is one of four business leaders who will be inducted into the Anne Arundel County Chamber of Commerce’s Hall of Fame. The awards dinner is scheduled for Oct. 14 at the DoubleTree Hotel in Annapolis.

Lisa Keaner has been promoted to senior accountant at Lanigan, Ryan, Malcolm & Doyle, P.C.

Lexi Rose has been promoted to in-charge accountant at Lanigan, Ryan, Malcolm & Doyle, P.C.

FIRM NOTES Yount, Hyde and Barbour CPAs and Consultants of Winchester, Va., has merged with Rowles & Company, LLP, in Baltimore. The merger will make the Baltimore office YHB’s ninth location. The addition of Rowles to YHB also expands its expertise in serving credit unions as Rowles professionals provide a range of services to financial institutions of all types. The Rowles professional staff of 11 will join YHB and continue to serve clients out of their current 8100 Sandpiper Circle, Suite 308 location in Baltimore.

NEWLY-LICENSED CPA

Swearing-In Ceremony Celebrate our profession and honor its future.

November 18, 2021 6:00 – 8:30 pm Hanover, MD FALL 2021

VENUE:

LEARN MORE & REGISTER AT MACPA.ORG/CELEBRATE #MACPACELEBRATE

#MARYLANDCPAPROUD

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CLASSIFIEDS job openings E X P E R I E N C E D A C C O U N TA N T S For nearly 100 years, Grossberg Company LLP has been a premier provider of accounting, tax and business consulting services, specializing in services to the real estate industry. Grossberg Company LLP has a well-known reputation of unparalleled client satisfaction.

At the heart of this success, are professional staff members who possess the skills and training required to excel in the ever-changing world of new tax laws and regulations, advanced technologies and strategic business planning. Built on decades of hard work and timely responsiveness to clients, Grossberg Company LLP devotes a substantial amount of firm resources to training its people, keeping them apprised of the latest developments that may affect their client's business operations, tax planning strategies and their longterm business objectives. As a result, the employees of Grossberg Company LLP are some of the best and brightest in their field and the casual, laid-back working atmosphere lends itself to producing successful, satisfied professionals. This is an integral part of who we are, why we are successful, and how we have maintained our reputation as one of the best firms in the country.

Growth in our business has created opportunities for experienced accountants in our North Bethesda, Maryland office. If you are seeking to the move to the next level in your career, consider joining the Grossberg Team!

Requirements: • BS/BA degree in Accounting or related field • 3 to 10+ years of experience • Tax or audit and accounting experience in a public accounting arena

mergers & acquisitions MARYLAND PRACTICES FOR SALE:

gross revenues shown: NW of Baltimore CPA $660K; N Baltimore Co. CPA $200K; Montgomery Co./DC Metro Area CPA Tax $120K; Essex, MD CPA $575K; Frederick, MD CPA $230K. For additional information or to see nationwide listings and register for free email updates visit us at www.APS.net.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of tax and accounting practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. We welcome the opportunity to talk to you about our risk-free and confidential services. For more information please call Bradley Holmes with the APS Holmes Group at 1-800-397-0249 or email Bradley@apsholmesgroup.com.

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• Ability to research and apply concepts to clients’ situations • Proficiency in technical writing and research • Ability to communicate with staff at all levels • Comfortable with working in a team environment Grossberg Company LLP offers a competitive compensation package including training and opportunities for advancement; medical, dental, disability insurance, life insurance, retirement program including profit sharing; paid holidays and vacation, and summer half-day Fridays.

Qualified candidates should apply on-line at: grossberg.catsone.com/careers

HIGH QUALITY MID-SIZE TOWSON C PA F I R M seeks motivated professionals with experience in individual income tax preparation (or review). Flexible schedule, challenging work and excellent compensation.

Experience with ProSystem FX Tax is a plus.

Contact: Kenneally & Company 660 Kenilworth Drive, Suite 104 Towson, MD 21204 410-321-9558 E-mail: dmiller@jlkcpas.com

HOW TO SUBMIT A CLASSIFIED AD To submit a classified ad, contact Krislyn Suljak at krislyn@macpa.org, or 443-632-2307.

REPLIES TO ADS WITH FILE NUMBER: Email krislyn@macpa.org, or reply via mail: Krislyn Suljak MACPA, Classified Ads 901 Dulaney Valley Road, Suite 800, Towson, MD 21204

STATEMENT

MACPA COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR

PREFERRED PROVIDERS

L E AR N M O R E AT

www.macpa.org/preferred-provider-futureready-resources For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Amy Puente at 443.632.2323 or amyp@macpa.org.

FALL 2021

3

MARYLAND ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 901 Dulaney Valley Road, Suite 800 Towson, MD 21204 410.296.6250 | www.macpa.org

REDUCING WORKERS’ COMP RATES AGAIN BY

...and REWARDING

SAFE

BUSINESSES WITH A CORPORATE DIVIDEND *

5%2021... in Ask your agent for a quote or visit ceiwc.com *Minimum eligibility requirements apply.