CPAmerica Advantage The CPAmerica Advantage newsletter will be going electronic during the pandemic. We will continue to evaluate whether to return print copy or remain electronic only,
News From Your Accounting Association
CPAmerica's Upcoming Series on Business Consulting Services
R
ight now, business growth is more important than ever, and a growing number of eager firms are expanding to either develop or acquire business consulting services in order to augment their compliance client offerings. Over the next several months, CPAmerica will feature articles from three of our member firms that are developing business consulting niches for their work places. These firms represent various evolving ways in which our members are setting up and running these services. With the changes in the global economy and as
May 2020 16 CPAmerica Firms in Accounting Today
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Member News P. 3 rules and regulations continue to make clients’ businesses more complex, the From Member Services - Grace Horvath P. 4 CPA’s role is evolving with the goal of becoming more of a trusted advisor to their clients. While compliance will always be important, becoming a business advisor May 19 Sharing Call increases the value of the accountant/client Opportunity In Crisis: relationship. Building Firm Loyalty
In June, we will start with our interview with Hank Wolfson, chief operating officer of member firm Gray, Gray & Gray, LLP. Wolfson will talk about how the firm’s business consulting services help provide clients with a road map to their business goals. He also mentions some of the metrics, such as revenue growth, used to measure success and how their business advisory an management consulting services help clients improve their performance and profitability.
Our May 19 sharing call has been changed. The time, date, and presenter stays the same, but the content has been updated to reflect today's environment. Instead of Surviving Busy Season Burnout, it is now Opportunity In Crisis: Building Firm Loyalty. For more info or to register, go to https://tinyurl.com/y9hxezt6
We are excited to share these stories and being able to present them with more depth. Our motto “Improving Through Sharing” is exemplif ied w it h t he goa l of helping you r f ir m g row.
Coronavirus Technology Overview: Insights on Work at Home
By Randy Johnston, executive vice president, K2 Enterprises Technology now plays a significant role in virtually every type of business. During the COVID-19 pandemic, many companies had to work at home, including professional accounting firms. During a posttax season debriefing, it was interesting to learn what worked and what didn’t work during this time. Remote meetings became common. Collaboration tools like Microsoft Teams, Slack, and workflow became critical, too. Firms that used outsourcing wound up with work at home advantages. Companies that provided cloud services like Microsoft and Amazon stepped up their game to handle the extraordinary volume reported to
be as high as a 770% increase. What worked and what didn’t work for you? Fortunately, you don’t have to know everything there is about tech-related tools to get the job of remote work at home done. For pretty much every task that calls for technology, there is an opportunity to outsource. Outsourcing tasks when you don’t have the expertise is wise. Yes, you want to be able to do simple things like checking your email and working on documents. Work at Home, continued on page 2
Work at Home, continued from page 1
Still, there are many things that a CPA firm should consider outsourcing—even if it’s solely to save time. However, some technologies made the difference for firms that had to work at home. Here are a few of the most common examples:
Video Meetings
Few things are more important for keeping your firm running smoothly than the ability to communicate between team members and with clients. Tools like these video conferencing tools made all the difference for video conferencing: • Google Hangouts • GoToMeeting • Microsoft Teams • WebEx • Zoho Meeting • Zoom Video conferencing became so common that new words were added to our vocabulary. Zooming, meaning to have a Zoom meeting, or Zoom-bombing, anticipating to have your web conference broken into by bad actors became commonly used. Further, learning to use creative backgrounds to convey place and space became common since this feature was in Zoom and added to Microsoft Teams during the crisis. The most creative firms created a virtual background from their firm, often using a picture of their lobby showing their logos as a background. Microsoft claimed that in their Teams product, that 38% of the meetings included video, up twofold, which was still about half of the rest of the world.
Workflow
A second claim made during a post-tax season debrief was that workflow made all the difference in working effectively. One firm said, “we were so fortunate that we had implemented XCM last summer. I don’t know how we would have functioned without it.” Another stated that they had used XCM for several years because of the coordination between offices and for controlling work processes in multiple areas of the firm. It was clear that firms that didn’t have workflow also suffered inefficiencies during this time. Another firm noted that they had to work around their manual workflow system and try to do their new work at home strategy work by handing off tasks via email. In effect, they said that they were using old methods trying to work in the new remote way. It was clear that this problem had to be addressed soon. If the “new normal” became work at home, optimizing workflows was a must.
Cybersecurity
CPA firms are a big target for cybercriminals. Many cyberattacks focus on CPA firms. It’s difficult to overestimate the importance of having adequate security measures in place. And the truth is, software security is involved. This is Part 1 of 2 of the Insights on Work at Home article, to be continued in the next issue of the Advantage newsletter
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Sixteen CPAmerica Firms Recognized as National and Regional Leaders in Accounting Today’s Top 100 Firms Accounting Today, the premier publication of the certified public accounting industry, has named several CPAmerica, Inc. firms as national and regional leaders in their recent Top 100 listing. Three firms were featured in the Top 100, two firms were recognized as firms to watch, and 16 firms were recognized as regional leaders. Frazier & Deeter, LLC, headquartered in Atlanta, Ga., ranked 51 in the Top 100. Frazier & Deeter, also a leader in the Southeast region, saw revenue growth by almost 13 percent and their staff by 16 percent. Since joining CPAmerica in 1989, Frazier & Deeter has grown more than 98 million in revenue. Honkamp Krueger & Co., P.C., headquartered in Dubuque, Iowa, ranked 62 in the Top 100, and was also recognized as a regional leader in the Midwest region. Aldrich, headquartered in Salem, Ore., ranked 80 in the Top 100. Aldrich, also a leader in the West region, saw revenue growth of more than eight percent in the past year. Cg Tax, Audit & Advisory, headquartered in Tinton Falls, N.J., was recognized as a regional leader in the Mid-Atlantic region and saw revenue growth of more than nine percent. Cooper Norman CPAs, headquartered in Idaho Falls, Idaho, was recognized as a regional leader in the Mountain region and saw revenue growth of more than nine percent. EFPR Group, LLP, headquartered in Rochester, N.Y., was recognized as a regional leader in the Mid-Atlantic region. GRF CPAs & Advisors, headquartered in Bethesda, Md., was recognized as a firm to watch, and as a regional leader in the Capital region and saw revenue growth of more than 10 percent. Gollob Morgan Peddy PC, headquartered in Tyler, Texas, was recognized as a regional leader in the Southwest region and saw revenue growth of more than seven percent. Gray, Gray & Gray, LLP, headquartered in Canton, Mass., was recognized as a regional leader in the New England region. Kushner LaGraize, L.L.C., headquartered in Metairie, La., was recognized as a regional leader in the Gulf Coast region. Meyers Brothers Kalicka, P.C., headquartered in Holyoke, Mass., was recognized as a regional leader in the New England region. Maxwell Locke & Ritter LLP, headquartered in Austin, Texas, was recognized as a firm to watch, and as a regional leader in the Southwest region and saw revenue growth of more than 11 percent. McGowen Hurst Clark Smith, headquartered in West Des Moines, Iowa, was recognized as a regional leader in the Midwest region. Robinson, Grimes & Co., headquartered in Columbus, Ga., was recognized as a regional leader in the Southeast region. VonLehman & Company, Inc., headquartered in Fort Wright, Ky., was recognized as a regional leader in the Southeast region. Wegner CPAs, headquartered in Madison, Wis., was recognized as a regional leader in the Great Lakes region and saw revenue growth of more than 13 percent. For more information on Accounting Today’s 2020 Top 100 Firms and Regional Leaders, please visit: https://www. accountingtoday.com/the-top-100-firms-and-regionalleaders.
Member News
Hawaii-based firm N&K CPAs, Inc. announces three promotions
Honolulu, Hawaii-based, recently announced three promotions. Aleli Fagaragan has been promoted to tax manager in the Business & Tax Services Division at N&K. She joined the firm upon graduation with her master's in accounting from the University of Hawaii at Manoa and has more than four years of public accounting experience. Aleli is responsible for overseeing accounting and tax engagements for corporations and pertnerships in various industries. She is also a member of the firm's retail, wholesale, restaurants & hospitality niche. N&K also welcomed back Anna Itoh as tax manager in the Business & Tax Services Division. She has more than eight years of experience in public accounting, is fluent in Japanese, and oversees accounting and tax engagements. Itoh is also a member of the firm's international niche. She received her bachelor's from the University of Hawaii at Manoa. The firm announced that Mieko Nakajima Gooch has returned to the firm after three years working on the mainland as a tax manager in its Business & Tax Services Division. She has more than 10 years of experience, is fluent in Japanese, and is responsible for overseeing accounting and tax engagements for clients in various industries. She is also a member of N&K's international niche and graduated from California State University, Fullerton.
Cg Tax, Audit & Advisory named one of New Jersey’s Best Places to Work by NJBIZ
Tinton Falls, N.J.-based member firm, , a leading accounting and profitability consulting firm in New Jersey, announced its recognition as one of the Best Places to Work in New Jersey by NJBIZ. Surveyed by Best Companies Group, Cg’s dedication to employees’ personal growth, quality of life and overall well-being placed the firm as a Best Place to Work in N.J. in the small companies category (15-49 employees). “We are thrilled to be named one of the Best Places to Work in New Jersey,” said Donald A. Cowan, managing director, Cg. “Our firm puts a strong emphasis on not only exceptional client service, but also providing a fun, inspiring corporate culture, and work life balance for our staff. Cg is honored to be among the list of such distinguished companies.” Best Places to Work companies are decided based upon participation with the Best Places to Work survey from sister company, Best Companies Group. The program collects data confidentially, allowing employees to comfortably share feedback about the companies they work for – and for those companies to interpret and act on what they’ve learned.
Kyle Kass joins Honkamp Krueger partner group
Dubuque, Iowa-based member firm, , has announced the addition of Kyle Kass, CPA, to the firm as partner. Kass joins the firm’s audit department with more than 10 years of experience at a Big 4 firm in accounting and assurance. Kass’ experience includes serving clients in the Kyle Kass industrial products, commercial services and supplies, and business services industries, with a focus in the areas of assurance, internal controls and SEC filings. He has specialized in the adoption of new accounting standards and assisting clients with U.S. Generally Accepted Accounting Principles (GAAP) compliance. He is a University of Northern Iowa alum. “We are thrilled to welcome Kyle to the firm and look forward to the experience and insights he will bring to our growing audit team,” HK Chief Executive Officer, Greg Burbach, said. “His experience with GAAP and the new accounting standards will be an asset to our clients going through these changes.” “I am excited to have returned to my hometown of Dubuque and to join the HK team. I am looking forward to getting to know the clients of HK and developing solutions to their most complex issues,” Kass said. “The HK audit team has a wealth of knowledge and experience, and I am excited to be a part of this group of talented professionals seeking out ways to improve the lives of our clients.
Nail McKinney Professional Association announce elections and promotions:
Member firm recently announed several elections and promotions to the firm. Richard D. “Ricky” Bullock, Jr., CPA, has been elected as president of Nail McKinney P A. Bullock, a native of Booneville, Miss., is a graduate of the University of Mississippi with a bachelor's of accountancy and master's of taxation. He joined the firm in 2000 after practicing public accounting in Memphis and became a shareholder of Nail McKinney in 2011. Matthew W. Oaks, CPA, has been elected as treasurer of Nail McKinney P A. Oaks, a native of Booneville, Miss., is a graduate of Mississippi State University with a bachelor's of accountancy and a master's of taxation. He joined Nail McKinney in 2010 and became a shareholder in 2019. Jon K. Pernell, CPA, has been promoted to senior manager. Pernell, a native of Greenwood, Miss., is a graduate of Delta State University with a bachelor's of
accountancy. Pernell joined the firm in 2005. Charles F. “Chase” Farmer, IV, CPA, has been promoted to manager. Farmer, a native of Columbus, Miss., is a graduate of Mississippi University for Women with a bachelor's in accounting.
New principal, promotions, and new hire at Coulter & Justus, P.C.
announced the promotion of Dawn Doucette to principal. The principal position at Coulter & Justus, P.C. represents the highest level of accomplishment and technical service responsibility. This distinction also recognizes Doucette for her experience, expertise and service to clients and the firm. Doucette has more than 17 years of public accounting experience and joined the firm in 2005. She has extensive experience in audits of defined contributions plans and 403(b) plans. She also has experience in audits of public companies, coal companies and manufacturing entities. Doucette is a CPA in Tennessee and Florida and a Certified Fraud Examiner. She is a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of Certified Public Accountants (TSCPA). She received her bachelor’s and master’s from Florida State University. The firm also annouced the following promotions: Ben Woods, CPA, has been promoted to senior manager in the Accounting and Assurance Department. Woods holds a bachelor's in business administration for both accounting and finance from The University of Tennessee at Martin. Spenser Tipton, CPA, has been promoted to manager in the Tax Department. Tipton holds a bachelor’s and master’s from The University of Tennessee. Matthew Esco, CPA, has been promoted to manager in the Accounting & Assurance Department. Esco holds a bachelor’s in accounting from Kennesaw State. Rebekah Damron, CPA, has been promoted to senior in the Tax Department. Damron holds a bachelor’s and master’s in accounting from The University of Tennessee. Lauren Larsen has been promoted to senior in the Tax Department. Larsen holds a bachelor’s in management from Tennessee Wesleyan University. Nick Frank has been promoted to senior in the Tax Department. Frank holds a bachelor’s and master’s in business administration from East Tennessee State University. Also, Amanda Mynatt, CPA, has joined Coulter & Justus, P.C. as a senior accountant in the Tax Department. Mynatt holds a bachelor’s in accounting From the University of Tennessee at Chattanooga and a master’s of business administration from Lincoln Memorial University.
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From Member Services: The Silver Linings: Versatility and Innovation Our event team has one rule everyone learns when they join CPAmerica: we do not stop with Plan B. We work on Plan C, and even Plan D (that we jokingly say is “drinking� if things have gone that far wrong). Grace Horvath Admittedly no one saw this Vice President of public health crisis coming; Services not to this extent. This pandemic is summoning Plans E through Z. Thankfully we have incredibly talented, dedicated people and we have been able to mobilize quickly. Although no official announcements have yet been made, all options are being considered and plans are being made to ensure we can deliver your CPE and provide opportunities to share. Repurposing a live meeting into a virtual experience is an interesting challenge but not impossible. What is posing a bigger dilemma to us are the binding hotel contracts. Most all of you have participated in the selection of live meeting destinations. Some of the wonderful places we have visited have been under contract for up to two years. Every possible consideration is made so we feel reasonably confident assuming the risk of contractually binding the association. Quality of guest rooms, location of meeting space, weather (when was the last time we had a meeting during hurricane season anywhere on the Southeastern coast of the country?), and logistics of travel, among many other variables that may affect your desire or your ability to attend are all taken into account. For the larger meetings, we can be financially obligated for hundreds of thousands of dollars. Fair to say planning for the facing unimaginable circumstances that could wipe out the world economy, much less
our meetings, was not on our list. Of course the hotels are dealing with the immediate urgency of the situation, laying off all but a few people to keep these multimilliondollar buildings operational, some housing medical professionals and even patients, moving future cancellation discussions far down their priority list. Unfortunately, force majeure is not as clear as one might think, but we are working diligently to negotiate compromises should travel remain largely impossible. Meanwhile, we had already begun the work of exploring virtual platforms to supplement your access to content year-round. That plan rapidly accelerated and we have been checking out a myriad of platforms that go beyond the basic webinar format and attempt to keep the relational element of live meetings intact. It is hard to imagine that any virtual platform will replace the joy of seeing one another and the dynamic energy of sharing and learning together in person. But in these times, we must consider alternatives. In the spirit of innovation that this crisis has spurred, we have decided we will not trade the in-person experience, but we will create new ones that bring education and alternative methods of sharing. Thankfully, we have relationships with the best speakers and professionals in the profession, and they are all well-versed in virtual engagement. They are excited to be working with us on new things. Honestly, we are unable to say without a doubt what the remainder of the year will look like. We suspect some cancellations will be inevitable and we are taking every measure we can to avoid cancellation fees. Many of you have already registered for some events this year, and we want to
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