CPAmerica ADVANTAGE News From Your Accounting Association
September 2022 IN THIS ISSUE: ► Creating a “powered up” firm with the Power BI Dashboard ► Preferred Provider Spotlight - QuickFee ► Upcoming Events / International Meeting ► Member News ► CPAmerica Insights - Art Winstead, CPA
Creating a “powered up” firm with the Power BI Dashboard
Interview with Rich Craig, CPA, Managing Partner, 415 Group
Earlier this year, the 415 Group implemented a new tool that so far has helped their firm productivity to skyrocket. It’s called the Power BI Dashboard and it can be integrated with various software to create one easy-to-use dashboard to meet your firm’s needs. The Power BI Dashboard is a fully customizable tool powered by Microsoft. It allows the user to Rich Craig 415 Group create a dashboard with tiles and panels selected specifically for your firm’s needs. Categories such as Year-to-Date Realization, Production, Billable Amounts, Hours Goals vs Actual, and more can be added into the canvas to allow for robust reporting at your fingertips. Rich Craig, CPA, 415 Group managing partner, explained that at their firm they were using many different programs and tools to run their day-to-day business. However, they found that the reporting elements included with those tools were “abysmal” and left much to be desired. “The goal was to get everything that moves the needle for the firm on a daily basis into one dashboard,” said Craig. “That’s where Power BI came in, it integrated all the dashboards, spreadsheets and everything else we use to see the big picture, and ultimately allowed us to run the firm more proactively.” Craig explained that the 415 Group worked with their IT director
to implement Power BI at the beginning of 2022, and they have already been seeing the many benefits. Including having the ability to gain all the information he needs to start the day in a quick 5-to-10-minute review of the dashboard. “The Hours Goal vs Actual section is one I really like. It tells how many hours, both billable and nonbillable, the staff is working each week versus the goal,” said Craig. “It also helps show which employees may have missed a timesheet submission deadline and will automatically send an email to staff members missing timesheets.” With a few clicks around the dashboard, Craig can view which team members need to submit timesheets, which clients are missing documentation, check on the accounts receivable for a client live on the phone, and even bring in QuickBooks data for a snapshot of the firm’s daily working capital. “Having all the information about the firm at our fingertips has been amazing for the way we run the firm, which is why our productivity has skyrocketed,” said Craig. “If I had this tool during the beginning of COVID, we really would’ve been able to help ourselves a lot!” 415 Group has created customized dashboards for their team members at different levels, including versions for partners, managers and staff. The eventual goal is for all 92 of their team members to have access to their own information, which gives the employees more ownership over their own roles and productivity. “The greatest impact this dashboard has had on our firm is the ability to look into the future, rather than the past, and the ability to get answers to questions in less than three clicks,” said Craig. When asked if he had any advice for firms thinking of implementing this tool, he said “be patient and be sure to spend See Powered Up, continued on page 2
Continued from Powered Up, on page 1
some time thinking and planning for specifically what you want and need for your firm.” If your firm is interested in implementing a Power BI Dashboard, the 415 Group is here to help. For more information or to set up a demo, you can reach out to Rich Craig at RCraig@415group.com. If you’re planning on attending the CPAmerica Leading Partners Retreat in White Sulphur Springs, West Virginia later this month, Rich Craig has graciously offered to demo their Power BI Dashboard live at the retreat. Feel free to reach out to Rich beforehand or keep an eye out for him at The Greenbrier!
SPECIAL THANK YOU TO OUR 2022 PREMIER ANNUAL SPONSOR!
Tri-Merit Specialty Tax Professionals turn a complex process into a refreshingly straightforward cashgenerating experience for your clients.
For more, visit www.tri-merit.com
Upcoming Event Dates Scan the QR code to the right for complete event information, a full list of events and to complete your registration.
2022 International Group Meeting
November 29 - December 2 | Fort Lauderdale, Florida
CPAmerica’s 2022 International Group Meeting will be hosted at the luxurious, oceanfront Ritz-Carlton in Fort Lauderdale, Florida. This meeting brings together professionals from CPAmerica and Crowe Global to discuss international business development, get the latest updates on international tax & trade policy, network and share best practices. Engage in member sharing of best practices and strengthening your firm’s position with international clients utilizing CPAmerica’s resources and the strategic relationship with Crowe Global. Scan the QR code above to register.
CPAmerica Advantage | News From Your Accounting Association | SEPTEMBER 2022 | 2
Member News MHCS announces new shareholder MHCS, a certified public accounting and business advisory firm, announces the promotion of Nick Finkenauer, CPA from tax principal to shareholder. Finkenauer joined MHCS in November 2012 and leads the construction and real estate practice. With over 15 years of experience in the industry, Finkenauer specializes in partnership taxation, state and local tax (SALT), and closely held businesses. “We would like Nick Finkenauer to congratulate Nick and welcome him to the shareholder group at the firm. He is a valuable member of our construction and real estate niche and tax department. We are excited to watch him use current industry knowledge to proactively assist our clients and their needs. We are also proud to have another leader at the firm that shares the service and dedication that MHCS values,” said Managing Shareholder, Dave Farnsworth, CPA.
Dennis, Gartland & Niergarth announces five promotions Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest locally owned, full-service public accounting firm, recently announced the promotions of five staff members. Jenifer Carmody-Stiebel, CPA has been promoted to tax manager. CarmodyStiebel joined DGN in Jenifer Carmody-Stiebel 2012, and graduated from Ferris State University with a Bachelor’s Degree in Accounting. Atesha Sedlacek, CPA has been promoted to small business manager. Sedlacek joined DGN in 2015, and Atesha Sedlacek graduated from Ferris State University with a Bachelor’s Degree in Accountancy. Gretchen Cleary has been promoted to small business supervisor. Cleary joined the DGN team in 2019, and attended Michigan State University and earned a Bachelor of Arts Degree. Ryan Shively Gretchen Cleary has been promoted to a senior tax accountant. Shively joined DGN in 2021 and graduated from Northern Michigan University with a Bachelor’s Ryan Shively Degree in Accounting.
Emma Pierson has been promoted to a senior small business accountant. Pierson joined DGN in 2020, she attended Lake Superior State University and earned a Bachelor of Applied Science Degree with a focus in Emma Pierson Accounting.
Kentner Sellers announces three promotions Kentner Sellers, LLP (KS) recently promoted three employees: Betsy Courtright and Kathryn Tolbert were promoted to managers and Elizabeth Ovel to senior. Courtright joined the firm in 2018 and brought with her over ten years of experience in public and private accounting. In addition to providing services to clients in the construction, Betsy Courtright manufacturing, and distribution industries, she specializes in employee benefit plan audits and leads the firm’s employee benefit plan audit group. Courtright said, “I appreciate this recognition and I’m excited to grow my career with the great team at Kentner Sellers.” Tolbert provides accounting and tax services to various business types such as construction, manufacturing, Kathryn Tolbert distribution and not-forprofits. Tolbert said, “I am looking forward to continuing my professional career at Kentner Sellers and am interested in seeing what the next few years bring.” Ovel’s skills from ten years in private accounting have been a great addition since she joined the firm in 2019. Ovel said, “I’m grateful for the opportunity to expand Elizabeth Ovel my responsibilities. I enjoy working at Kentner Sellers and am excited for this new role.”
Thompson Greenspon announces staff promotions Thompson Greenspon, a full-service CPA firm in the Washington, D.C. Metro-area, is pleased to announce the continued growth of their firm with the following staff promotions: Eric R. Goble, JD, EA has been promoted to tax manager; Mike R. Ioffredo, CPA has been promoted to tax manager; Alex B. Scott, CPA has been promoted to tax manager; Nick G. Bilyeu, CPA has been promoted to audit supervisor; Agnes Tajat, CPA has been
promoted to audit supervisor; Allison M. Swanberg, CPA has been promoted to tax supervisor; Andrew K. Venzke, CPA has been promoted to tax supervisor; Brandon T. Davis has been promoted to tax senior; Steve D. Phillips, CPA has been promoted to audit senior. Thompson Greenspon is delighted to have so many team members moving ahead in their careers. Please join them in congratulating these team members and wishing them continued success in their new positions.
Bell & Company, PA promotes three to principal Bell & Company, PA, a certified public accounting firm with offices in North Little Rock and Conway, Ark., has announced the advancement of Nadine Grady, CPA, Abagail Freeman, CPA and Pancho Espejo, CPA, CVA to principals of the firm. Bell & Company is fortunate Nadine Grady to have Grady join the leadership team and continue providing excellent client service. She has more than 15 years of experience, specializing in attest work. Bell & Company is fortunate to have Freeman join the leadership team and continue managing the Conway location. She has more than 15 years of Abagail Freeman experience, specializing in small business and tax work. Bell & Company is fortunate to have Pancho join the leadership team and continue serving clients in the North Little Rock. Pancho’s number one goal is making sure clients are satisfied with the services Pancho Espejo that we provide. He has more than 35 years of experience in accounting and has been with Bell & Company 24 years.
Kassouf launches podcast network Kassouf’s trusted advisors are offering their expertise in a new format with the Kassouf Podcast Network. “Podcasts continue to be a popular and easy way to consume content. We’re excited to offer tips in a new and accessible way for our clients and colleagues, truly meeting them where they are,” said director, Gerry Kassouf. The channel is comprised of two monthyl shows, the Kassouf Podcast Network and Kassouf Healthcare Solutions’ Revenue Radio. Both shows are available on all major listening platforms.
CPAmerica Advantage | News From Your Accounting Association | SEPTEMBER 2022 | 3
CPAmerica Insights The CPA Evolution In 2017, The National Association of State Boards of Accountancy (NASBA) and the American Association of Certified Public Accountants (AICPA) initiated a joint Art Winstead, CPA effort called The CPA Evolution Project, which Director of A&A aimed to “evolve the profession’s licensure model to reflect the technological and data analytics skills and knowledge CPAs increasingly need in today’s marketplace.” The necessity of this project was based on the rapidly changing environment CPAs operate in. Innovations in artificial intelligence, automation and data analytics are creating new opportunities for CPAs to provide high-quality services that are more effective and efficient. At the same time, clients and organizations are demanding services that require skills and knowledge in technical areas, such as information technology, cybersecurity, SOC reporting, IT governance and data analytics. NASBA and the AICPA stated at the initiation of the project, “we must embrace this disruption if we are to maintain a strong profession and be prepared to support changing business needs. That’s why NASBA and the AICPA are evolving CPA licensure to better meet the public’s, organizations’ and employers’ needs.” As part of the CPA Evolution Project, the CPA licensure model is changing due to the evolving skills and competencies the practice of accounting requires today and may be required in the future. This Evolution is taking place throughout the profession. As with NASBA and the AICPA, state associations and societies, state boards of accountancy, educational institutions, firms and my fellow CPAs are playing a significant role in each of our respective areas of practice nationwide. These combined efforts and support in the evolving CPA licensure model is intended to assist our profession play a significant role in the ever-changing, technologydriven marketplace. More often than not, IT and IT literacy are listed as the most challenging issue for CPAs and CPA firms today. One of the most substantial changes
being discussed is to the CPA exam. The four sections on the current exam are audit and attestation (AUD); financial accounting and reporting (FAR); regulation (REG), which includes tax and regulation; and business environment and concepts (BEC). Beginning in 2024, the new CPA Exam will test candidates on three core sections covering accounting, audit and attestation, and taxation. These core sections, which all candidates must pass, will test concepts newly licensed CPAs are routinely exposed to as they start their careers. It has been termed — “‘the essentials’ that a CPA will need to know to protect the public interest.” Additionally, candidates will choose a discipline section to pass. The content of the discipline sections is more defined and specific as it relates to one of three areas: business analytics and reporting (BAR), information systems and controls (ISC), and tax compliance and planning (TCP). The candidate will choose which discipline they want to take. This will indeed allow them to show greater knowledge and skills specific to that discipline, and the candidate will only have to pass one of the discipline sections. The concepts of each discipline section should be familiar to newly licensed CPAs who work in the relevant areas of practice. Regardless of a candidate’s selected discipline, the CPA Evolution Project licensure model leads to the same CPA license with all the rights, privileges and responsibilities consistent with the present license. It is important to note, technology concepts will also be incorporated into all core and discipline sections, as the impact of advances in technology on our profession continues to grow. Earlier this year, the AICPA published a stakeholder survey to get initial feedback on draft content for each new core and discipline section. The survey is open to all licensed CPAs. While there is a lot more to be done regarding the final CPA exam content, the AICPA does want to know if they are on the right track. Does certain content make sense in the core as opposed to adding it to a discipline? While we may agree or disagree with what’s presented, the results of this survey will help the AICPA continue developing the new CPA
Exam. The survey is open until September 7, 2022 and will take about 20 minutes or so to complete. Our professional experience and expertise is needed and will provide necessary feedback as to what we believe should be the competencies in which a new licensee will need to start their career. In addition, in preparation the AICPA has already worked with CPAs who are subject matter experts through interviews, focus groups and surveys. The AICPA has also sought input from the NASBA and the Board of Examiners. Today’s CPA is increasingly becoming more and more of a financial advisor. As financial forecasting, financial analysis and cash flow projections continue to evolve, these are the areas of expertise and experience high-performing financial professionals will need. For those of us focused on compliance, those evolving areas of focus will gather more cause for compliance. There will be a continuing trend for us to be less focused on the quantitative numbers and more focused on qualitative areas of compliance. Yes, more change is coming. I firmly believe that as a profession we are high performing “change agents.” I believe that is one of the fundamentals as to why this profession continues to excite a lot of us CHANGE!
Contact us at: 7555 W. University Ave. Gainesville, FL 32607 (352) 727-4070 www.cpamerica.org Follow us on social:
Send feedback and member firm news to: advantage@cpamerica.org
CPAmerica Advantage | News From Your Accounting Association | SEPTEMBER 2022 | 4