Meet Our Members - SumNews January 2024

SumNews JANUARY 2024

Meet our members from the January 2024 issue of SumNews

SOCIETY NEWS

Get to Know MassCPAs’ New President and CEO

Zach Donah, CAE

L

ast year, a selection committee of the Society’s Board of Directors unanimously elected Zach Donah, CAE, to succeed Amy Pitter as president and CEO, effective January 1, 2024. Read on to learn more about Zach’s career path, his vision and goals for the Society, and what he likes to do outside of the office.

Can you tell us about your career path?

After graduating from college in 2010, I began working at the Massachusetts State House as a legislative director and later as a chief of staff to a state senator. I joined MassCPAs in 2013 to help build out our government affairs and advocacy program. Over the last 10 years, I’ve had the opportunity to enjoy several roles in our government affairs and pipeline/workforce development areas and on our leadership team.

What skills have helped you ascend in your career?

I’ve always had a strong work ethic and have been open to new opportunities and challenges.

Just raising my hand has propelled me into new roles and presented different opportunities. Over time, I’ve developed more confidence and gained a sense of my leadership style, and part of that is built on open communication and trust. I’ve also been incredibly lucky to have

2

M A S S C PA S .O R G

SC O AC I RE T EY EN ERW SS

mentors, colleagues and a family that have pushed and encouraged me. Any success I’ve had, both at work and beyond, can be attributed to those around me.

What are your goals in your new role?

I feel fortunate that as I come into this role, there isn’t anything to “fix.” We have a great organization, a strong membership and a talented staff, so my focus will be to continue to partner with our Board to set strategic priorities that build on our strong foundation and ensure that both the profession and the Society remain strong and relevant long-term. A few priorities include addressing our pipeline and workforce development challenges, expanding our impact on advocacy issues and ensuring our learning and development programs remain nimble and responsible to the changes in the profession and in your workplace.

With regard to the pipeline, we need to embrace new thinking and strategies to our long-term workforce development and demographic challenges. In addition to a number of barriers to entry, the reality is demographics are working against us. There are fewer people entering the workforce, so we need to develop and support programs and advocate for policies that directly address the labor shortage and supply side issues.

With your help, we’ve built a government affairs program that is respected and impactful. As we look ahead, we’ll continue to leverage your expertise to provide better insight into public policies’ impact on taxpayer behavior.

We’ve also made meaningful investments in our learning and development team and program. Ensuring CPAs and accounting professionals are equipped with a healthy mix of technical and nontechnical information is critically important for firms and organizations to thrive, to support your staff and increase retention and to ensure your clients and the public are protected.

All of these priorities will require continued strategic investment.

Like our members, we also need to keep pace with changes in our environment, so investing in our own infrastructure to ensure we’re able to continue providing value to members is something that’s top of mind for me.

JAN UARY 202 4

3

SOCIETY UPDATE

Where do you see the Society in the next five years?

Projecting out five years may be a bit of a fool’s errand these days, but one thing is certain, our values as an organization will remain, and members are at the center of everything we do. One of the changes I’ve seen during my tenure at MassCPAs is the growth of collaboration among firms and organizations in our membership and among our peers at state societies across the country. I think there are enormous opportunities to work together in different ways to meet the evolving needs of our members and the profession.

What do you like to do when you’re not at work?

I try to be active as much as possible. I enjoy golf, running, hiking, skiing – really any excuse to spend a few hours outside. I have a two-year-old chocolate lab who helps in that area. I also have a big, tightknit family and a great crew of lifelong friends, so spending time with them is always high on my list.

What is your favorite vacation spot?

I’m partial to a nice beach vacation, but I’m in the process of planning a trip to Italy for next year that I’m really excited about.

What is your favorite sports team?

I love all the Boston sports teams and Notre Dame football – go Irish!

What’s your favorite type of food?

Anything Italian.

4

M A S S C PA S .O R G

Client Advisory Services (CAS) Committee

M C EA M RB EE R ES HR I SP

MEET THE NEW CHAIRS:

Jeff Walch and Jean Zick

Jeff Walch Edelstein & Company LLP

M

Jean Zick Juna Financial Solutions

assCPAs’ Client Advisory Services (CAS) Committee launched last fall and meets quarterly to discuss hot topics and trends in CAS, share best practices and learn how to best serve individual clients. We spoke with co-chairs Jeff Walch, senior manager of CAS at Edelstein & Company LLP and Jean Zick, partner at Juna Financial Solutions, about their goals and vision for the committee, opportunities for members and more. To learn more, visit masscpas.org/cascommittee.

What are your goals for the committee?

WALCH: To create an information-sharing ecosystem within the CAS industry, so we can evolve as a whole. I’d also like to address challenges and identify new opportunities for this community.

ZICK: CAS is the fastest growing segment of the accounting profession with offerings ranging from outsourced accounting and controllership to forecasting and management advisory. I'd JAN UARY 202 4

5

M E M B E R S H I P

like to bring together members who are connected to CAS to collaborate with their peers on concerns and issues related to this industry. We want to share the good and the bad and see each other succeed.

How has your background prepared you for this leadership role?

ZICK: Growing up in a family business sparked my interest in small companies. Throughout my career, I’ve worked in a variety of industries, including automotive, retail, banking, investment and real estate in both large corporations and small companies.

As both a business owner and a service provider, I bring a unique perspective to this committee.

WALCH: I spent the first five years of my career in public accounting doing a broad range of services, followed by five years in private accounting working in a finance department.

Now, I am back in public accounting performing the finance function for small- to medium-size businesses. Working to bring the finance department function to the public is something I’m particularly excited about and I’m eager to help lead the charge.

What areas within CAS do you think should be prioritized?

WALCH: I think that leveraging technology is key, and if done right, it can provide new opportunities. We should focus on how to incorporate the role of advisory services on top of the traditional bookkeeping to help manage the demand, workflow and even billing.

ZICK: I believe the biggest priorities include technology and the use of artificial intelligence (AI), staffing and client service (what services are offered and how they are offered). I'd also like to address firms that want to offer CAS but don’t have the resources internally.

6

M A S S C PA S .O R G

M C EA M RB EE R ES HR I SP

How do you plan to navigate challenges and opportunities for the committee?

ZICK: This committee has the opportunity to bring together members who are currently at different points on the CAS spectrum to collaborate and share ideas. I’m excited to learn from peers and share my knowledge. The challenge may be to end our meetings on time!

WALCH: A challenge will be narrowing the focus to solve a common problem with a practical solution. At this point everyone seems to be doing things differently, and the jury is still out on what works best. Since there isn’t a strong industry standard within CAS yet, a solution may work great for one firm, but may fail to solve the problem at another. An opportunity is to bring in experts from both accounting and other fields to help us better service our clients.

JAN UARY 202 4

7

RISING S TAR

Rising Star Jessica Yu, MSA, MBA

J

essica Yu, MSA, MBA, is a 2023 MassCPAs scholarship recipient, a current tax associate at LGA, LLP and a former MassCPAs employee.

Read on to learn about her inspiring career journey, her unwavering passion for accounting and more.

What inspired you to study accounting?

I didn’t know much about accounting before I started working at MassCPAs in 2017. When I was in the academic and career development specialist role, I attended high school and college events where I learned about the numerous career paths of CPAs and accountants. Hearing their stories was inspiring, and I believed I had the skills and qualities to become a successful CPA.

What did receiving a MassCPAs scholarship mean to you?

Going back to school was a difficult decision for many reasons, but the financial commitment was my biggest hesitation. The program was an accelerated, in-person, full-time program, so I needed a way to pay my expenses and attend school at the same time. I had a part-time job as a bartender, but it was extremely difficult to juggle school and work. When I learned I won the Dave Clarkson Memorial Scholarship, it felt as if a huge weight had been lifted and all my hard work was paying off. I could relieve some of the stress of paying tuition and wouldn’t have to rely as much on loans. Dave Clarkson was an inspiring and admirable accounting professional, and I hope that I can be just as inspirational to future accountants as I progress in my career.

The article is authored by or features a MassCPAs member or staff person.

8

M A S S C PA S .O R G

I wouldn’t have been able to get to this point without the people at Northeastern’s Graduate School of Professional Accounting (GSPA). This includes my classmates, professors, advisors and the alumni of GSPA. It really was a collective effort to get the entire cohort through the program, and I am grateful for all the connections I made. Additionally, MassCPAs played a crucial role and my colleagues were extremely supportive every step of the way. I started my career a few months ago working at LGA, LLP as a tax associate, and everyone is so genuine. It has allowed for a smooth transition as I continue this journey.

CR I AS IRN GE ES TRA RS

Are there any mentors or resources that helped you along the way?

How do you see yourself contributing to the profession as you grow in your career?

I joined the accounting profession a little later than my peers, so I want to use my past experiences to provide insights to my team and make contributions. I enjoy that there is a clear trajectory, so as I progress in my career and learn from those above me, I can pass it down to those I supervise to help them advance. Eventually, I would love to be a partner, and although I have a long way to go and a lot to learn, I am looking forward to making my mark along the way.

What is the most important thing you’ve learned in the last five years?

You can do anything you put your mind to. I participated in my first body building competition in 2021, and while I started off with motivation and drive, it was discipline that got me to the end. There were many times I wanted to quit, and I felt out of my comfort zone, but I took it day by day and stuck with it because I knew I could push myself. I believe doing this competition helped play a role in going back to school because I knew it was going to take a lot of discipline and I knew I had it in me. I learned a lot about myself through both of these experiences.

Know someone up-and-coming in the profession? Nominate

them by emailing Hannah Naranjo at hnaranjo@masscpas.org or by visiting masscpas.org/risingstar.

JAN UARY 202 4

9

T H E

P U L S E

THE PULSE:

Strategies for Differentiating Your Business

By Zach Donah, CAE

Mark Rosen, CPA, CFP®

Managing partner at Rosen & Associates, LLP

David McLaren, CPA, CGMA, CRFAC, ABGOV, RFI, CRFAU

Founder and managing partner at McLaren & Associates CPAs, PC

Matthew Dyment, JD, LLM

National managing principal, State and Local Tax, and national tax leader for the Technology Industry group at BDO USA, P.C.; MassCPAs board member

The Pulse is a series designed for

our members to meet leaders in accounting and get a glimpse into the thought process behind some of the important decisions they face.

In each issue, President and CEO Zach Donah, CAE, asks a panel of members to respond to a hot topic in the profession.

10

M A S S C PA S .O R G

L

ast issue, we discussed how the Society can support the future of the accounting profession.

For this issue, we spoke with Matthew Dyment, JD, LLM, national managing principal, State and Local Tax, and national tax leader for the Technology Industry group at BDO USA, P.C., and MassCPAs board member, David McLaren, CPA, CGMA, CRFAC, ABGOV, RFI, CRFAU, founder and managing partner at McLaren & Associates CPAs, PC and Mark Rosen,

T H E P U L S E

CPA, CFP®, managing partner at Rosen & Associates, LLP, about differentiating their firms by establishing an Employee Stock Ownership Plan (ESOP), becoming B-Corp certified and pursuing a niche specialization, respectively.

How has your firm differentiated its practice?

DYMENT: The decision to establish an ESOP stems from our

unwavering commitment to being a people-first and purposedriven organization. We’re proud to be the first large public accounting firm to have implemented an ESOP, which marks the next chapter of our strategic vision. The ESOP is about building a strong, resilient firm while living out our purpose and contributing to the economic well-being of our employees today and in the future. It also supports our efforts to be an employer of choice by ensuring that the more than 10,000 team members who contribute to our success also benefit from it. We believe this will translate to long-term commitment and heightened engagement among our people.

MCLAREN: Pursuing B-Corporation (B-Corp) certification –

a designation of our commitment to environmental, social and governance standards (ESG) – fits our belief system and what we were already doing. Personally, I’ve overcome some incredible hardships, and while I had to fight and sacrifice to succeed, I was also given some great opportunities that got me where I am today. I believe in giving back to help others, and our firm’s focus is on making a positive difference for our team, clients and community. Last year, we were recognized in the top 5% of companies of our size in the world for monetary and in-kind donations. That does not mean we don’t make a profit and do well, but our main goal is to do well by doing good.

ROSEN: Our expertise and specialization in the dental industry

began when my father, Larry Rosen, CPA, had a vision of

JAN UARY 202 4

11

P U L S E T H E

creating a niche accounting practice focused exclusively on the dental industry in the late 1970s. He recognized that this would enable him to focus on the rules, regulations and key metrics of just one industry to better service these clients, and he became one of the first “Dental CPAs” in the country. Sadly, he passed away in 2021, but his influence and enduring legacy lives on through the 750 dental practices we support today.

What impact has this had on your recruitment and retention?

MCLAREN: At our firm, every employee has an equal vote on

our policies and procedures, who we hire, what clients we hire and what clients we terminate. Retention has significantly improved because our team is its own cohesive community, supporting one another. We believe in not only professional growth, but also personal growth. Our mentoring program and internships have done extremely well, and in the last year, we have hired 12 new employees, bringing our team to 26 employees between our two locations. The number one reason for improved retention that we hear from our team is that they love working together.

ROSEN: Hiring and retaining good employees is tough, whether

you specialize in one area or not. We’ve been fortunate that many of our staff members have been with us for over a decade and others for more than 25 years. Until recently, recruiting and retention wasn’t an issue for us. Concentrating on one industry has helped us find new staff, but it can sometimes be a challenge to keep them around. Younger and newer staff often want to explore other fields but aren’t able to because of our focus. My job is to convince them that becoming an expert in one industry can lead to success and personal growth in the long run.

DYMENT: For many years we’ve invested in robust employee

benefit offerings to attract and retain top-tier professionals,

12

M A S S C PA S .O R G

T H E P U L S E

and the ESOP is added value on top of this benefit package.

Our staff will be able to access a retirement plan that requires no out-of-pocket contribution, helping them plan for their future financial well-being. By giving staff a direct financial stake in the company, it also instills a commitment to our overall success. In today’s dynamic work environment, we've seen that employees want to actively contribute to the direction of their organization and are seeking a greater sense of purpose, ownership and control over their careers.

We also hope that offering an ESOP will incentivize students to take a fresh look at the accounting profession as a field where they can build a career. By taking steps to shake up the traditional partnership model, we hope to contribute to a strengthened workforce interested in the accounting profession.

How has this changed your approach to managing your practice?

ROSEN: Managing a firm that specializes in the dental

industry allows my partners and I to put more energy into servicing our clients and understanding their business, rather than chasing new clients. The growth of our firm has come naturally as we are deeply involved in the dental industry and train our staff to understand the trends and key indicators that make a practice successful. This specialization also helped during the pandemic, as we were able to focus on the specific programs and rules that affected the dental industry and pass this information along to our clients, allowing them to navigate that difficult time. Managing any type of firm has its challenges, but I have found it easier to be successful by focusing on one area.

DYMENT: Our commitment to the firm’s core purpose of,

“helping people thrive every day,” remains unchanged and unwavering. It was our guiding principle in empowering our people and advising our clients before the ESOP and remains our beacon today. The implementation of the ESOP adds JAN UARY 202 4

13

P U L S E T H E

a new dimension of ownership and accountability, and it’s a powerful tool to support our one-firm approach – a mindset that ensures not just individual success but collective growth and prosperity.

MCLAREN: I manage my practice less than most managing

partners out there. The team does most of the managing – I see my role as being there to ensure we are following our core values, remove obstacles, ensure cashflow, plan for issues and focus on improvements for the team both personally and professionally. I truly care about my team, and while getting the team’s buy in about what we do, how we do it, who we do it with and who we do it for, is time-consuming and a big investment, it makes coming to work every day a joy and makes it easier to focus on making a positive difference. It also accelerates the growth of the team, which is great to watch and see. I don’t have many family members living so my team is like my family and I treat them that way.

What advice would you give to others who are considering this model/direction for their firm?

DYMENT: For those considering an ESOP, start by taking a

comprehensive look at your company's cultural, financial and operational goals to ensure it fits with the company’s vision, values and business model. Aligning the ESOP with a strategic vision that emphasizes shared ownership, long-term sustainability and a genuine commitment to employee wellbeing is fundamental, as is having the right team to implement this model. An ESOP is a transformational change, and when done correctly, it can have an immense positive impact on an organization. To be successful, it’s about more than just offering ownership, it's about integrating it within the core values and objectives of the organization to create a lasting impact.

MCLAREN: I think B-Corp certification is the way to go. While

incredibly hard and time-consuming, it’s absolutely worth it.

14

M A S S C PA S .O R G

T H E P U L S E

If done correctly, it should cause dramatic improvements in your firm – in our case increasing profits and improving recruitment and retention. These changes have had ripple effects not just in our firm, but through the community. We are now heavily involved with the Worcester school system, giving low-income students a better fighting chance. It’s incredibly rewarding, and I’ve never looked back on this decision.

ROSEN: Do it and don’t look back. Focusing on just one

industry helps you really understand what your clients need without trying to be an expert in everything. Your clients will appreciate that you understand their industry and can truly give them advice about their practice, its profitability and how to make it more successful. I love being a dental CPA and the specialization that comes along with it.

Zach Donah, CAE, is president and CEO of MassCPAs. Contact him at zdonah@masscpas.org.

JAN UARY 202 4

15

CPA PATHWAYS

CPA Pathways Ben Palkowski, CPA

O

ur CPA Pathways series highlights the different careers and career paths in both industry and public accounting. For this issue, we spoke with Ben Palkowski, JD, CPA, co-owner of Old Colony Law, about his career path, advice for students, the impact of artificial intelligence (AI) and more.

What did you do before starting your own law firm?

Prior to establishing Old Colony Law, a boutique trusts and estates law office that I co-own with my wife, I spent most of my career in government relations.

Having previously been in the political space, working as a lobbyist after law school was a natural progression. The time I spent listening to testimony on tax legislation and analyzing bills and amendments now helps me understand the political and policy drivers behind tax legislation. This is especially helpful when drafting trusts and business documents for clients.

What made you decide to become both a lawyer and a CPA? I was fully committed to pursuing accounting in college but knew I didn’t want to pursue what I perceived at the time to be a “traditional” accounting career. It was the legal angle of accounting – mainly tax and business law – that interested me the most.

16

M A S S C PA S .O R G

CPA PATHWAYS

Did you always want to own your own firm?

Not at first, but while working at a firm a few years before the pandemic, I began taking on my own independent clients on the side. That experience helped inform my decision to later start my own full-fledged practice. It just felt like a better fit for me.

How has your involvement with MassCPAs helped your career?

I make a point of attending member social gatherings. In my work, I’m somewhat distanced from the day-to-day chatter of a typical accounting office, and while I do some ancillary accounting work, I’m not always situated to address certain client accounting needs.

Connecting with other CPAs across the state gives me a network to grow my own knowledge, and it provides high quality professionals to send my clients to as needs arise.

Do you have any advice for someone interested in studying accounting?

Accounting touches everything and there aren’t enough of us out there. Don’t lose sight of the opportunity a degree in accounting creates. There’s always an accounting angle and a need, regardless of the industry, and in most cases, you can pursue a career in any field that interests you. I’m not so sure that is a luxury exists in many other professions.

Do you have any thoughts about the impact of artificial intelligence (AI) on accounting?

There’s talk that AI is taking over accounting – I heard it when I was in college and nearly 20 years later, I’m still hearing it. I think the threat is overstated and the importance and necessity of interpersonal skills and the emotional connection with clients in our profession is understated. AI will continue to incrementally disrupt our profession, but we are not going anywhere.

Know a MassCPAs member we should feature? Contact

Hannah Naranjo at hnaranjo@masscpas.org.

JAN UARY 202 4

17

ME MBE R S P O T LI GH T

Member Spotlight Sean McNeil, CPA

S

ean McNeil, CPA, is an accounting and auditing manager at G.T. Reilly & Company and a six-time Boston Marathon runner. Read on to learn about how he trains, what keeps him motivated during busy season and more.

How do you mentally and physically prepare for a marathon?

Each marathon has unique challenges, and the training process is part of what excites me. I try to stay in shape year-round, so it’s not a huge adjustment for my body when marathon training starts.

How do you stay motivated during busy season?

It sounds crazy, but training for the Boston Marathon is what keeps me going during busy season. The longer work hours and days can wear on you, so having a goal to strive for outside of this helps clear my mind and keeps me motivated.

Do you have a favorite marathon memory?

I have so many great memories it’s hard to choose, but

18

M A S S C PA S .O R G

ME MBE R S P O T LI GH T

I would say the Berlin Marathon in 2022. My wife ran it with me, and our family and friends traveled to Germany to cheer us on. It was a great trip and a race I will remember forever.

It was also my fastest time, which made it even more memorable.

What's the most valuable lesson running has taught you?

If you are consistent and work hard, you will see positive results. I think this can be applied to anything in life. If you put in the time and effort, it will pay off in the end. Running is all about the process, as are most things in life!

If you could run any marathon in the world, where would it be?

There are six major world marathons, and my wife and I are trying to run them all. New York City, London and Tokyo are still on our list. I’ve heard great things about Tokyo, so if I had to choose one location, I would pick there!

K now a member we should spotlight? Contact Hannah

Naranjo at hnaranjo@masscpas.org or nominate them at masscpas.org/memberspotlight.

JAN UARY 202 4

19

105 Chauncy St. Boston, MA 02111

L E T ’S G E T S O C I A L !

hub.masscpas.org

@masscpas

masscpas.org/linkedin

/masscpas

@mass_cpas