Meet Our Members - SumNews March 2024

MEET THE NEW CHAIRS:

Blockchain & Cryptocurrency Committee

MassCPAs’ Blockchain and Cryptocurrency Committee meets quarterly to discuss a variety of technical, accounting and regulatory issues impacting the blockchain and cryptocurrency industry.

We spoke with new co-chairs Anthony Aniello, CPA, tax principal of financial services and east tax leader for digital assets at BDO USA, P.C., and Matt Lepley, CPA, partner at Connor Group about their goals and vision for the committee, how they anticipate it will shape the future of accounting and more. To learn more, visit masscpas.org/blockchain-crypto .

How has your background prepared you to take on this leadership position?

LEPLEY: For the last five years, I’ve been working with companies in the blockchain and cryptocurrency space, either auditing them or advising them on accounting implications. I am used to working with companies that are always changing, and as the industry continues to evolve and grow, I’m looking forward to where it will go in the next five years and beyond.

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

Anthony Aniello, CPA, and Matt Lepley, CPA

Anthony Aniello, CPA Tax principal, financial services; East tax leader, digital assets, BDO USA, P.C.

Matt Lepley, CPA Partner, Connor Group

ANIELLO: In my current role, I direct the practice in assisting companies and taxpayers in the digital asset space facing tax and compliance issues. On a broader scale, I also work closely with assurance and advisory digital asset leaders to provide a holistic set of services to our digital asset clients as they navigate changing and new regulatory landscapes across different industries. Having been in public accounting for close to 25 years and focusing on digital assets since 2018, I have a deep understanding of the accounting profession and the digital asset industry, with a passion for the convergence, growth and advancement of both. I am very excited to co-chair the committee and help accounting professionals better understand and participate in the growing sector of digital assets.

How do you envision blockchain technology shaping the future of the profession, and what key challenges do you anticipate along the way?

ANIELLO: The effect of blockchain advancement, which is a smart distributed ledger, would be two-faceted. On onehand, it can transform the way data is entered, stored and processed, affecting the core of accounting by enhancing transparency, streamlining reconciliation and reporting and improving fraud detection and prevention. On the other hand, smart self-executing contracts will drastically transform forecasting, audit and reporting requirements by automating these processes, reducing the need for intermediaries and monitoring. I believe it will be essential for accounting professionals to learn about the use of blockchain technology because as technologies like this and artificial intelligence (AI) start to increase efficiency through automation, new opportunities will surface for all accounting professionals as trusted advisors to their companies and clients as long as they remain fluent with technology advancements.

LEPLEY: I see it helping accelerate the profession to allow critical thinking and challenges to really take shape. I hope that it will help facilitate more of the blocking and tackling of the day-to-day job, to enable more strategic thinking. The challenge will be accepting changes in the process.

How do you plan to foster collaboration and knowledge sharing in the committee?

LEPLEY: The previous co-chairs built a great foundation for the committee. I look forward to building upon that and getting even more individuals involved by continuing to bring interesting topics to the table.

ANIELLO: I look forward to creating a calendar of regular networking events that will bring committee members to together to mingle, discuss developments in the industry and learn from each other. I’d like to see these open to members of other committees as well, who are interested in learning more about the blockchain and digital asset space. It would be great to also include Boston-based companies focused on digital assets and blockchain to participate, host or sponsor events dedicated to raising awareness of this growing industry.

What's the most creative or unusual use of blockchain technology you've come across?

ANIELLO: From blockchain apps allowing you to grow virtual cats to virtual worlds where you can buy land in form of non-fungible tokens (NFTs) and build customdesigned homes in the Web3 realm. Something I heard more recently was a company that created a decentralized marriage platform, where blockchain is used to create and store smart contracts for marital agreements, ensuring transparency, security and automation of certain aspects of the relationship. These self-executing contracts could

be used to manage shared finances, insurance, property ownership and even the division of assets in the event of a divorce. The selling point is that there is no middleman or governmental involvement in a personal relationship, allowing for an automated agreement between two individuals that cannot be lost, destroyed or modified.

LEPLEY: Blockchain is being used in the tokenization of shutting down low producing and abandoned oil and gas wells, where a company is partnering with project developers, tokenizing the remaining resources and selling tokens on the carbon markets to finance the shutdown. It’s truly incredible how blockchain is being used to help the world become a better place. 

Don't miss the next meeting on March 27! Register at masscpas.org/blockcrypto327

Rising Star

Rebecca Nardi, CPA, CFE

Rebecca Nardi, CPA, CFE, is an active member of MassCPAs currently pursuing her Certified Financial Forensics (CFF) credential. Read on to learn about her professional background in fraud examination, her most cherished memory with MassCPAs, advice for young women aspiring to pursue a career in accounting and more.

What sparked your decision to switch from public accounting to industry?

My time in both public accounting and industry have provided me with invaluable experiences and meaningful connections. It was simply that the right role presented itself at the right time.

What inspired you to pursue the Certified Fraud Examiner (CFE) certification?

Continuous learning is essential to professional development. After researching various accounting courses/certifications and consulting my mentors, I decided to pursue the CFE certification to further develop my anti-fraud knowledge. The CFE is recognized internationally, making it particularly valuable as businesses navigate the global economy. I was also excited by the prospect of joining the Association of Certified Fraud Examiners (ACFE), which provides a global network of anti-fraud professionals and a wealth of resources to continually build expertise. Paired with my existing forensic accounting knowledge and professional experience, I utilize the skills learned while obtaining my CFE credential to best serve my clients on matters such as accounting investigations, legal disputes involving financial litigation and alternative dispute resolutions.

What is your favorite memory with MassCPAs?

My favorite memory is participating in MassCPAs’ 2023 Accounting Career Exploratory (ACE) Leadership Program – a free one-week, non-residency college and career readiness program for underrepresented high school students who

are interested in learning more about a career in accounting and business. I was so impressed by the students. Their eagerness to learn and push themselves outside of their comfort zones was inspiring, and I’m so thankful for this rewarding (and incredibly fun) opportunity to grow and diversify the accounting pipeline. I look forward to supporting the ACE Leadership Program in future years!

Why is it important to celebrate Women's History Month?

It serves as an important reminder to celebrate women and women’s often under-recognized achievements. Highlighting the accomplishments of women, especially those who have overcome barriers and challenges, inspires future generations and reinforces that there is no limit to what women can achieve. Additionally, it shines a light on historical and current issues related to women in society and the workplace. Only through the recognition of women and the unique challenges they face, can we hope to achieve gender equality.

What women have influenced or motivated you?

To name a few, Eleanor Roosevelt, Ruth Bader Ginsberg and Gloria Steinem. As an early adolescent, I developed an appreciation for Jane Austen’s novels. Her heroines acknowledged gender inequality, defied gender norms and advocated for self-agency. This was my first introduction to feminist literature, which developed into my current passion for gender equality advocacy. As an adult, I am inspired and motivated by women who challenge the status quo, hammer away at the “glass ceiling” and dedicate themselves to the service of others.

What advice would you give young women aspiring to make a difference in accounting?

Developing a diverse network, inclusive of women in leadership positions, is crucial for young women looking to go into accounting. Young professionals should seek mentorship from those who can offer support and guidance to help navigate challenges, set career goals and gain insights from experienced professionals. I would also tell them to be confident by believing in yourself and your abilities. Confidence, paired with a strong work ethic, will contribute a great deal to your success. 

K now someone up-and-coming in the profession? Nominate them by emailing Hannah Naranjo at hnaranjo@masscpas.org or by visiting masscpas.org/risingstar

BREAKING THE MOLD: Exploring the Diverse Career Opportunities in Accounting

SPECIAL SECTION:

March is Industry Month

Industry CPAs make up 11% of our membership, representing large corporations, small nonprofits and everything in between. This group is an important part of expanding the diversity and reach of the Society and the accounting profession, and we appreciate your dedication and commitment to the accounting profession.

One of the perks of a career in accounting is that it doesn’t have to be traditional. In fact, CPAs and accounting professionals can hold many unexpected roles across diverse industries. If you’re wondering what some of your options are outside of working at a firm or in corporate finance, we rounded up five personas’ accounting professionals can adopt and the job roles they fill every day.

The Crime Fighter Potential Titles Include: Forensic Accountant, Forensic Auditor, Special Agent

Maybe they’re not the lead in the next Marvel movie (yet), but CPAs and accountants play a role in helping to bring down financial criminals.

In this role, they frequently work in law enforcement (like the FBI, which has approximately 700+ accountants among its special agents) or alongside lawyers to help with cases of suspected illegal financial activities like embezzlement, money laundering, extortion and other cases of fraud. They spend most of their time diving deeply into financial documents and interviewing the individuals involved to assess the situation, helping to determine if fraud occurred, how it occurred

“ I love working in forensics at a large firm like EY because I’m able to manage a diverse client portfolio. Each day is unique depending on the engagement and the particular client I’m serving.”

–Erik White, CPA/CFF, CFE Forensic Accountant and Senior Manager, EY

and what the financial damages look like. Forensic accountants and auditors can also be used as expert witnesses in court. In addition to directly helping to solve financial crimes, this type of accountant and CPA can also work with companies and organizations to help solve complex compliance issues, problem-solve financial disputes and accusations and help assess fraud risk. They can even navigate divorce and bankruptcy cases.

The Environmentalist

Potential Titles Include: Environmental Accountant, Sustainability Accountant, ESG Accountant, ESG Consultant

Environmental, social and governance (ESG) reporting is growing in significance for companies – especially those who seek to get capital from investors. Accountants and CPAs are primed to take on a significant role with ESG, flexing their advanced accounting skills to help businesses make a difference in the world while also boosting their financial performance.

But why are accountants ideal for this work? The University of North Carolina explains, “Just as with financial reporting, accountants are being called upon to handle these tasks because of their analytical skills, knowledge of business and ability to understand and apply reporting standards.”

Because ESG is still relatively new, there are few frameworks or standards, but that’s likely to change. In general, those who work in ESG reporting will cover the three main pillars:

￭ Environmental: How a company is managing resources like land and water; sustainability practices like using recycled materials; emissions and pollution risks

￭ Social: How a company manages its labor force and its impact on people, including health and safety risks

￭ Governance: Corporate behavior, including diversity, anti-fraud and corruption efforts, employee compensation and more

“I ’m a mission driven individual and enjoy being part of a team that contributes to the greater good and makes a positive impact in the community and on the lives of others.”

–Norma Mendilian Chief Financial Officer, Boston MedFlight

Potential Titles Include: COO, CFO, CEO, President, Vice President

CPAs are truly leaders of the business world, which is why it’s not surprising to see so many in the C-Suite of companies and organizations.

While they’re a natural fit for CFO and many go on to become CEO or president, their organizational skills and business acumen also make them ideal candidates for the COO role.

Mark Rosen, CPA, CFP® Managing partner at Rosen & Associates, LLP

Typically known for managing day-to-day operations, the COO role is going through a shift, growing from one that’s often taken the backseat to CEO to one that’s “a catalyst for technology-driven growth, strategic expansion and employee empowerment,” explains McKinsey & Company.

This transformation means the COO is often the internal face of the company. Their key tasks often include:

￭ Ensuring the company’s systems are running smoothly

￭ Developing strategic goals and tracking the data to see their progress

￭ Working with finance teams to develop budgets

￭ Strategizing how to deal with foreseeable risks and disruptions

￭ Managing company culture, including making sure employees have what they need

￭ Engaging with boards, fellow C-suite executives and other stakeholders

CPAs’ finance skills are integral to many of these roles, helping to set them up for success.

The Educator

Potential Titles Include: Accounting Teacher, Business Teacher, Lecturer, Professor

As accounting programs face decreasing enrollments, amazing educators are more important than ever. What better educator to teach the ins and outs of accounting than a CPA?

In addition to teaching technical skills, CPAs who have previously worked in the profession make fantastic educators because of their real-world experience. They can share with students what the accounting and CPA profession is really like and provide guidance on licensing and other key components of the career.

The Creator & Influencer

“M y passion for accounting started with my college professors. Now, teaching students and being the catalyst of their excitement for a career in accounting is incredibly rewarding.”

– Donna Abelli, CPA Associate Professor, Ricciardi College of Business, Accounting & Finance, Bridgewater State University

Potential Titles Include: Podcaster, Blogger, Writer, Content Creator, Founder

Maybe there isn’t a CPA as well known as the Kardashians, but that doesn’t mean they can’t still make their mark as content creators!

There are a growing number of accounting and CPA personalities online, including TikTok personalities who dedicate their videos to sharing more about the career and podcasters like The Accounting Twins, who share their journey to the license.

While many of these personalities are turning to content creation for fun or to build a content-creation side hustle, others are busy building their empires. For example: Riley Adams, a California-based CPA who left a finance job at Google to grow his media company, Young and the Invested, and A'Shira Nelson, an Ohio CPA who built Savvy Girl Money through blogging, podcasting and selling digital products and consulting.

If you have a passion for getting creative and sharing your knowledge with others, content creation could be a path for you! It’s also a great way to share why the CPA license has value and can open doors. 

Reprinted with permission of the Indiana CPA Society.

CPA Pathways

March is INDUSTRY Month

Michael Wheeler, CPA, MBA, MST

Our CPA Pathways series highlights the different careers and career paths in both industry and public accounting. For this issue, we spoke with Michael Wheeler, CPA, MBA, MST, cofounder and managing partner of Volhawk Property Investments LLC, about his career path, real estate investing, advice for accounting students and more.

Can you describe your career path?

I started my career as a proud “tax geek” at EY in Boston before earning my MBA at The University of Chicago Booth School of Business, where I was inspired to pursue a career in private equity. Returning to Boston, I joined The Bollard Group’s private investments practice and for 20 years I managed private investments in start-ups and private equity funds for ultra-high-net-worth families. I also led refinancings of our clients’ shopping center portfolio, which gave me insight into real estate due diligence. In 2019, I launched Volhawk Property Investments LLC.

What initially interested you in real estate investing?

Growing up in rented duplexes, I saw owning real estate as having “made it” in life. I was inspired by my high school history teacher and two of my landlords who built wealth by owning and operating apartment buildings. Real estate is a hard asset with intrinsic value, like a commodity, but unlike a commodity, it can be developed and managed to increase its value.

What inspired you to start your own company? Is this something you always wanted to do?

Not always, but as I approached my 50s, my career stagnated, and I was burnt out. Balancing the complexities of advancing a career, fulfilling family obligations, planning for retirement and seeking a meaningful life was made more manageable, in part, by the benefits of private investments that alleviated some of the associated burdens. My purpose with Volhawk is to leverage my experience in private investments to empower other accounting, finance and legal professionals facing those challenges to live life on their terms with cash-flowing real estate investments that facilitate wealth-building with low volatility and no time commitment.

How has your involvement with MassCPAs helped your career?

MassCPAs is a supportive community of bright and energetic members diversified across age groups and professions. At MassCPAs’ networking events, I’ve met people in financial services, banking, tax, accounting and marketing, and that collaborative environment has fostered idea exchange and business referrals.

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

It’s been said many times, but accounting is the language of business. I’ve used my accounting background throughout my 30-year career, and beyond qualifying for accounting and tax positions, it opens doors to finance, investments and executive roles. Accountants are needed everywhere, from nonprofits, to government, to established companies, to start-ups. The accounting profession is both intellectually rewarding and potentially lucrative, with the demand for accountants exceeding supply. My accounting background kickstarted a career that led me to build a company that not only provides me with fulfilling and purposeful work that I enjoy, but also opportunities to develop lasting relationships. 

Know a MassCPAs member we should feature? Contact Hannah Naranjo at hnaranjo@masscpas.org .

who have contributed to addressing racial inequality accounting and

Ian Riley

Sandra Balogun, CPA, CISA Audit and Assurance Senior Deloitte LLP

“I n the future, I envision robust diversity and inclusion initiatives in the accounting field, going beyond token gestures to tackle systemic barriers faced by Black accountants. This could involve mentorship programs, outreach efforts and inclusive policies for a supportive environment."

Graduate Student Westfield State University Class of 2024

Class of 2024 2023 ACE Graduate

“L ooking ahead, I envision increased Black representation at all levels of accounting, from small firms to executive roles. Additionally, I hope to see Black accountants leading in AI, merging tech expertise with accounting to innovate, create opportunities and open doors for new careers and advancements.”

“B lack History Month is a source of comfort for me. Though it can't resolve racial inequality, it's reassuring that there are efforts to spotlight the achievements of those who paved the way for the rights I enjoy today. This is crucial amid attempts to erase the struggles of Black individuals, and I hope others find a way to uplift our past voices."

Internal Audit Senior

& Company, P.C.

“B lack History Month holds a special place in my heart. It honors the resilience and determination of those who paved the way for the rights I cherish today. My father, born in 1942, faced discrimination and violence due to his race, yet persevered. This month strengthens my connection to him and others who overcame adversity for future freedoms. May we, in our generation, keep advancing progress for those who will follow.”

The first Black CPA, John Wesley Cromwell, Jr., was licensed in 1921, just over 100 years ago.

hope to see greater inclusion of Black professionals at every level of the accounting and professional service sector. My vision is for Black professionals to achieve their career aspirations and ascend to leadership, ownership or entrepreneurial roles. Ultimately, I envision a future where our contributions, ideas and perspectives are fully recognized and embraced within the accounting industry.”

To read the full interviews, visit masscpas.org/bhm

Austen Moye, CIA

Wolf

Udoka Obiora Manager of Transaction Advisory Services RSM US LLP

Member Spotlight

Christie Marotta, CPA

Christie Marotta, CPA, is a partner at Jardim & Marotta LLC, with over 15 years of accounting experience. Read on to learn more about owning her own firm, work-life balance, advice for accounting students and more.

What initially interested you in accounting?

I was initially interested in how accounting involves analyzing financial data using critical thinking and problem-solving skills. The accounting profession offers such a wide range of career opportunities, and with experience and the appropriate qualifications, I knew I could progress into managerial positions, pursue specialized areas or even run my own business.

How do you balance your work and personal life with running your own business?

I always believed a career in accounting would give me the opportunity to own my own firm and that autonomy was something that appealed to me from a young age. At this point in my career, I find balance by setting clear boundaries to keep my work and my personal life separate. I also find that having specific goals I’m working towards and practicing self-care, including daily exercise, help keep me motivated both personally and professionally. I currently

enjoy training for half marathons, and I’ll be participating in the Society’s annual Fitness Challenge, which has also become a fun team building exercise.

How has your involvement with MassCPAs impacted your career?

MassCPAs has provided me with valuable resources to help me in my career, including an outstanding network of dedicated professionals that work with each other through various committees and roundtables. These resources have aided in our firm’s success by providing continuous professional guidance in a dynamic environment.

What advice would you give to someone interested in studying accounting?

I would encourage anyone interested in studying accounting to talk to as many people as possible to learn about their work experiences and career journey. This is one of the best ways to learn about the many opportunities that an accounting degree can offer, and the different accounting specializations and career paths you can pursue. 

Know a member we should spotlight? Contact Hannah Naranjo at hnaranjo@masscpas.org or nominate them at masscpas.org/memberspotlight .