In this episode with Dan O’Hare, CPA, CGMA, Principal at Glenn Burdette, we explore why CPA firms might choose to implement an Employee Stock Ownership Plan (ESOP).

With Dan's insights and expertise, we explore how ESOPs can facilitate smooth succession planning, boost employee retention and engagement and offer significant tax benefits. Additionally, we discuss how this alternative practice structure can improve performance and make the firm more attractive to potential hires. This conversation will help you understand the potential power of ESOPs in reshaping your firm’s future.  

To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. 

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

Are you curious about how to empower your employees and fuel your firm’s growth? Listen as we explore employee stock ownership plans (ESOPs) with Mike Bannon, vice president at CSG Partners. You’ll discover how this powerful tool can help your firm achieve its long-term goals and implementation plans, from planning and financing to valuation and ownership transition.

This episode offers insights into the benefits of leveraged ESOPs, which include not only tax advantages but also the ability to boost employee engagement and create lasting value for accounting firms. Discover why more firms are turning to this innovative ownership model and how it can shape the future of your business. Tune in and unlock the potential of shared ownership.

To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. 

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

This episode of the Small Firm Philosophy podcast unveils a pair of powerful toolkits designed to help accounting firms reshape and optimize their business. PCPS manager Erin Hartman, CPA, and Carrie Steffen, the president of growth consulting firm The Whetstone Group, introduce the Revenue Modeling and the Right Sizing Your Client Base toolkits, which are exclusive to PCPS members: 

SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA.

For more on the series, check out the Transforming Your Business Model landing page. 

How did Chris Farmand, CPA, CITP, become the CPA of choice to so many craft breweries across the country? Lindsey Curley of the AICPA talks to Chris, CEO of Small Batch Standard and Managing Shareholder of Chris Farmand + Company in Jacksonville, Florida, about how he built up his CPA practice among such a niche industry.

Johanna Sweaney Salt, CPA, CGMA, partner at Gray, Salt & Associates LLP in Claremont, Calif., talks with Lisa Simpson, CPA, CGMA, of the AICPA about how supporting a strong firm culture is one of the keys to a successful practice. Johanna believes it's important to listen to and trust not only your partners, but your staff, too. Empowering your associates to offer and initiate innovative ideas can be very rewarding. Johanna's small firm also taps into the many local colleges to seek seasonal help for busy season. Listen to these topics and more.

Gabby Luoma, CPA, owner of GMLCPA in Tucson, Ariz., talks with Heather O'Connor of the AICPA about her philosophy on building a strong culture for her virtual firm.

The AICPA's Small Firm Philosophy shares big ideas about small firms. You'll hear from leaders of small accounting firms about their philosophies on running a successful practice in today's rapidly changing environment.

From engaging high schoolers to partnering with community influencers, discover how Grossman Yanak & Ford cultivates future accountants.

This episode of the Small Firm Philosophy podcast features a discussion with GYF's Colleen Febbraro about the firm's freshman forum program, the importance of promoting the accounting profession, changing stereotypes, and more.

SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. 

For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast features an interview with David Wurtzbacher and Erin Stahmer of Ascend, a platform firm that is employing unique strategies in its business model. Join us to discuss people strategy, offshoring tips, and how to own the value of firm services.

SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. 

For more on the series, check out the Transforming Your Business Model landing page. 

This episode of the Small Firm Philosophy podcast features an interview with Dennis Sherrin, CPA, CGMA, chief value officer and strategic consultant at Avizo Group, Inc., an Alabama-based CPA firm with 35 team members in the United States and India.

Sherrin discusses how Avizo implemented Lean Six Sigma (LSS) to streamline the firm’s tax practice and slash overtime hours, even during tax season.

“Have we eliminated overtime hours? Absolutely not,” said Sherrin. “But have we drastically reduced overtime during our busiest seasons and eliminated it outside of those seasons? We absolutely have.”

SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview, which is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. 

For more on the series, check out the Transforming Your Business Model landing page. To learn more about Sherrin and his firm, go to the Avizo Group website. For more on Avizo’s Project 40 initiative to reduce overtime, read the AICPA & CIMA Insights article “How this firm made 40 the new standard for the 70+ hour week."

This episode of the Small Firm Philosophy podcast features an interview with Chet Buchman, CPA, CGMA, managing partner of Kansas-based accounting firm Swindoll, Janzen, Hawk and Loyd, LLC (SJHL). In this discussion, Buchman describes his firm’s multi-year journey to offering more advisory services, including the big mistake they made at the beginning and what they learned from it. He also explains SJHL’s strategy for reducing busy season hours for staff and partners.   

SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). PCPS manager Erin Hartman, CPA, conducted the interview. This episode is part of an ongoing content series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. 

For more on the series, check out the Transforming Your Business Model landing page. To learn more about Chet Buchman and his firm, go to the SJHL website. 

This episode of the Small Firm Philosophy podcast features an interview with Carl Peterson, CPA, AICPA & CIMA’s vice president of small firm interests. Peterson addresses the new beneficial ownership information (BOI) reporting requirements and also shares his biggest takeaways from the 2023 AICPA & CIMA National Management of an Accounting Practice (MAP) Survey.

The MAP Survey, like this podcast, is produced by AICPA & CIMA's firm practice management section, better known as the Private Companies Practice Section (PCPS). Jeff Drew, editor-in-chief of the Journal of Accountancy and lead author of the MAP Survey Executive Summary, is the host of SFP.

Also see:

·       BOI Client Letter

·       MAP survey resources

Small Firm Philsophy is published the fourth Wednesday of each month. 

This episode of the Small Firm Philosophy podcast features an interview with Sandy Johns, owner of Revolution Financial, a small accounting firm based in the Atlanta area. Johns discusses how she culled her firm's client roster to a manageable size and how doing so affected her well-being professionally and personally. 

SFP is produced by the AICPA & CIMA's firm practice management section, better known as the Private Companies Practice Section (PCPS). Erin Hartman, a manager with PCPS, conducted the interview. This episode is part of a ongoing content series on accounting firm business model transformation that PCPS is spearheading for the AICPA & CIMA. 

For more on the series, go to the Transforming Your Business Model landing page. For more on Sandy Johns and her firm, check out the Revolution Financial website. 

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses and has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. She also never worked in public accounting before launching her firm, Butler Davis Tax & Accounting. 

How has Davis done all of this and what has she learned along the way? She shares her story in this episode of the Small Firm Philosophy podcast, produced by the AICPA's Private Companies Practice Section in partnership with the Journal of Accountancy podcast. 

Topics covered in this episode: 

• Why Davis changed her firm's business model after the first year
• How she uses video to communicate with clients and staff
• How she shifted her firm away from taxes to accounting bookkeeping and advisory services
• How price increases helped her firm right-size its client base
• How she uses social media to connect with her peers and also land clients

There’s been a buzz around artificial intelligence for years, but nothing like the swarm of interest generated by ChatGPT.

Microsoft-backed research laboratory OpenAI launched ChatGPT in November 2022. By January, the large language generative AI chatbot had attracted more than 100 million users, making it the fastest-growing customer software application ever – but far from the only one.

What makes ChatGPT so compelling and how does it compare to other generative AI chatbots like Google’s Bard? What tasks can generative AI handle for accounting firms and what precautions should CPAs take when using this technology? Hear the answers to those questions and much more from accounting technology expert Roman H. Kepczyk CPA.CITP, CGMA, in this episode of the Small Firm Philosophy podcast, produced by AICPA & CIMA’s Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy.

Things you’ll learn in this podcast:

·                How generative AI is different from personal assistants like Siri or Alexa.  

·                How a lawyer got himself in hot water after using ChatGPT-4

·                Where accountants can expect to see AI tools tailored for them

·                What Google’s Bard does better than ChatGPT

·                What accountants should never do with generative AI

Also see:

·       Getting onboard with ChatGPT safely (for PCPS members)

·       Writing advanced Excel macros with ChatGPT-4 (JofA)

·       Can ChatGPT answer your clients’ questions? (JofA)

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates, LLP, she believed it was her responsibility to put in the time needed to make her small firm a success.

Today, Joanna remains a full-time partner at the firm, but her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make some changes to make busy season less crazy.

She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy season hours almost in half. What changes did they make and how have they kept the firm running profitably? Find out from both Johanna and Dalton in this episode of the Small Firm Philosophy podcast, produced by the AICPA’s Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast.

Things you will learn in this podcast:

·       How a new software application increased capacity by reducing time spent in meetings

·       How another new application made the engagement process pay off instantly

·       How a hard minimum helped to maximize profits

·       When, how and why the firm fires clients.

Erin Hartman from the AICPA & CIMA PCPS section introduces a special compilation of conversations on the evolution of accounting firms and the modernization of accounting practices through the "Transforming Your Business Model" initiative. It contains valuable insights and motivation for accounting professionals looking to innovate and create sustainable business models while maintaining a healthy work-life balance.

In these condensed exerpts from previous podcasts, the conversation features insights from Chet Buchman, managing partner of Swindell, Jansen Hawk and Loyd, and Sandy Johns, a small firm owner based in Atlanta. Chet shares his firm's journey towards reducing work hours to 45 hours per week, highlighting the challenges and successes along the way. He emphasizes the importance of maintaining a balance between reducing hours, increasing profitability, and having more fun at work. Sandy discusses her firm's transition to a fully remote team and their focus on subscription-based client accounting services, sharing her experience of eliminating one-off tax returns to reduce stress and improve work-life balance.

Both practitioners highlight the importance of understanding what you want for yourself and your firm, committing to a common vision, and being willing to make changes and learn from mistakes. They also stress the value of networking and seeking support from peers and professional groups. 

For the full episodes from both Chet Buchman and Sandy Johns and other articles and resources regarding right-sizing and hours reduction, check out the following resources:

• PCPS Right-Sizing Your Client Base Toolkit,
• A Revolution in ‘right-sizing’ a client base,  
• Why and how: right-sizing client base and revenue modeling,  
• Business model transformation - advisory and hours,  
• Is right-sizing the right move for your firm?, and
• Right-sizing your firm: A commitment to clients and staff.

To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes.

 This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

A firm in a box.

A franchise on steroids.

The Uber (or Lyft) of CPA firms.

To say that the business model of Dark Horse CPAs is difficult to describe is an understatement of the highest order.

So exactly does Dark Horse do? What makes it unique? And what prompted CEO and co-founder Chase Birky to try a radically different business model? Find out as Lisa Simpson, the AICPA’s vice president of Firm Services, interviews Birky in a special edition of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast.

Things you'll learn in this episode

• What a platform CPA firm is
• How Dark Horse's business structure differs from a traditional firm's
• How setting client expectations can help ease compression

The Small Firm Philosophy podcast is produced by the AICPA's Private Companies Practice Section (PCPS). It is published monthly on the third Wednesday. 

Related PCPS resource

• Transforming Your Business Model

Roman Kepczyk, CPA.CITP, CGMA, director of firm technology strategy for Right Networks and author of the AICPA & CIMA’s CPA cybersecurity checklist, joins the Small Firm Philosophy podcast to discuss current cyberthreats and what CPA firms should be doing to protect their data and networks. Host Jeff Drew also asks Roman a fun question about that technology he is most excited about, and Roman respond with an intelligence answer.

In this podcast you will learn:

•      The biggest new cyberthreat for firms of all sizes
•        What a zero-day vulnerability is and why patches are important
•        A three-pronged approach to smart security management
•        Best security practices for remote workers
•        How one data breach fine reached over $900,000
•        Why ChatGPT and A.I. are so exciting for CPAs

Data breach websites mentioned: itgovernance.com, idtheftcenter.org

The Small Firm Philosophy podcast is published monthy on the third Wednesday of each month by the AICPA & CIMA's Private Companies Practice Section (PCPS). 

Incentivize the behaviors you want. That was the theory behind GRF CPAs & Advisors’ decision to change its partner compensation model several years ago. Firm leaders knew that if they wanted their partners to operate as a cohesive team, they needed to stop paying partners in ways that drove individualistic behaviors.

More than five years later, GRF President and Managing Partner Jackie Cardello, CPA says that while the process was a lot of work, the results “absolutely” have been well worth it.

What did GRF change and how have the firm’s fortunes improved? Find out from Cardello and GFR partner Elinor Litwack, CPA, in this episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast.

Things you will learn in this podcast

• The limitations of formulaic, eat-what-you-kill compensation models.
• Other goals that can be added to the model other than financial metrics
• The advantages to bringing in a third party to help with the process
• What behaviors the new compensation model incentivized
• How a compensation committee works
• What firms should know before they start on this path

Chat bots that can write Excel macros. The internet’s first evolutionary leap since the 1990’s. And whatever happened to blockchain?

Those are just a few of the topics covered by three top accounting technology experts during a special edition of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast. This double-length episode features the first gathering of the JofA accounting technology roundtable since the early days of the pandemic. Participants Donny Shimamoto, Amanda Wilkie and Wesley Hartman share their expertise on topics ranging from automation and digital assets to cybersecurity and Web 3.0.

Things you will learn in this podcast

•        What ChatGPT is and whether it is ready for business use.
•        Specific uses and tools for robotic process automation (RPA).
•        Why tax preparers without a written information security plan could soon be in trouble  
•        What the FTX implosion really means for digital assets and blockchain.
•        What Web 3.0 is and why it’s going to be such a big deal.
•        The importance of applying certain information security frameworks.
•        And a whole lot more!

Related resources

•        “Using ChatGPT with Excel,” JofA article with video walkthrough
•        SFP #71: How RPA paid off for this accounting firm
•        PCPS Cybersecurity Checklist
•        AICPA’s Auditing Blockchain & Digital Assets webpage

Many small accounting firms may not have heard much about digital assets beyond bitcoin and the FTX bankruptcy, but accountants have two big reasons to learn more about the topic.

First, the acceptance of digital assets as payment has steadily grown among accounting firms and especially their clients. Second, cyberattacks are increasingly targeting digital assets. The combination of these trends means that even small firms should learn about digital assets, gain an understanding of the cybersecurity threats, and be prepared to discuss safeguards with clients.

In this episode of the Small Firm Philosophy podcast, produced by the AICPA’s Private Companies Practice Section (PCPS) in partnership with the Journal of Accountancy podcast, JofA host Neil Amato discusses digital assets and cybersecurity with Steve Ursillo, CPA/CITP, CGMA, a partner in the Risk & Accounting Advisory Group at Cherry Bekaert and the firm's national leader of information assurance and cybersecurity. Ursillo explains the threat landscape and offers advice on the safeguards that organizations should have in place.

Things you will learn in this podcast

• Why digital assets are enticing to hackers.
• The reputational effect of suffering a cyberattack.
• Common attack vectors related to digital assets.
• Ursillo's specific advice on the importance of protecting mobile phones.
• An explanation of cold and hot wallets.
• The importance of applying certain information security frameworks.

A transcript of the conversation is available on journalofaccountancy.com.

Related resources

• PCPS Cybersecurity Checklist
• Q&A: Two cyberattacks CPA firms should fear
• AICPA’s Auditing Blockchain & Digital Assets webpage

Orumé Hays, CPA, CGMA, didn’t exactly follow a traditional path to owning an accounting practice. From Africa to the Big Apple, she blazed a trail all her own.

Raised in Nigeria, Hays moved to Miami with a college degree in sociology and anthropology and a budding career in modeling and acting. Her pursuit of Hollywood stardom peaked with a couple of appearances in the 1996 movie “The Birdcage”. She then discovered a new passion.

Trading in the silver screen for spreadsheets, Hays embarked on a new journey as an accountant. Pursuing education and experience, she built her accounting career and then launched her own firm in New York City. Today, Hays CPA provides tax and client advisory services (CAS) to small businesses, startups and entrepreneurs. And Hays has emerged as a star in her chosen profession.

So how does someone go from modeling and acting to being named among the 25 most powerful women in accounting? What lessons has Hays learned owning an accounting firm as an immigrant, black woman in the United States?

Hays answers those questions in the latest installment of the Small Firm Philosophy podcast, produced by the AICPA’s Private Companies Practice Section in partnership with the Journal of Accountancy podcast. The chair of the PCPS Executive Committee and also an adjunct college professor, Hays also offers insights into the pipeline and other challenges confronting small firms.  

Resources mentioned

• 2023 PCPS Busy Season Fun Calendar
• 2022 PCPS CPA Firm Top Issues Survey

Things you will learn in this podcast

• How and why Hays transitioned from modeling and acting to accounting
• The key and ongoing role of education in Hays’ life and career
• What Hays sees as the top issues facing small accounting firms.
• What she has learned about college students during her years as an adjunct accounting professor
• What CPAs can do to help bolster the recruitment of students into accounting careers

The CPA’s guide to technology (and tech gifts)

There are few, if any, people in the accounting space who know more about technology than Inspector Gadget.

No, not the cartoon character with the go-go arms from the 1980s. The man wearing the trench coat in this case is David Cieslak, CPA.CITP, CGMA, executive vice president and chief cloud officer for RKL eSolutions and a popular speaker whose Inspector Gadget keynote session has been a highlight of accounting conferences for many years.

If you want to be clued in to what’s going on with technology, both in accounting and with consumer products, Cieslak is the man to talk to. So that’s what we do in the latest episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast

Topics covered in the conversation include:

• The three steps accounting firms can take to make the most of their technology spending.
• Why CPAs should not wait too long to update their laptops and desktops
• What true cloud is and what to look for in cloud-based applications
• What tech products could be great holiday gifts for CPAs to give or receive.

SFP episode referenced

• “The payoffs of RPA for one accounting firm”

Products mentioned

• CPE through podcasts: Earmark, lumiQ
• Apple IPad Pro
• Apple Watch, Apple Watch Ultra,
• Samsung Galaxy Watch5
• Google Pixel Watch
• Amazon Echo

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

It's the holidays, that special time of the year when children wish for their dream gift and CPAs pray that the looming busy season won't be another nightmare. 

Rabecca Eunis, CPA, knows the feeling. As a new accountant working for her father’s firm, Eunis learned to dread and despise tax season. The mad, miserable dash to Tax Day was so stressful that Eunis launched her own practice vowing that her team wouldn’t suffer the way she did. Fun, she believed, should be a key part of busy season.

Eunis put her new approach into practice, and it paid off for both her and, eventually, her father.  How did she make busy season less stressful and more fun? And how did that benefit her father as well as her firm? Eunis explains all in this episode of the Small Firm Philosophy podcast, produced by the AICPA’s Private Companies Practice Section in partnership with the Journal of Accountancy podcast.

Things you will learn in this podcast

• Avoidable practices that make busy season harder than it needs to be
• Ways to preserve as much family and free time as possible for team members
• Tips for injecting fun into the most taxing time of the year
• What bowling in the dark is and how it applied to busy season
• The impacts of these policies on staff productivity and firm growth.

Reference mentioned

• PCPS busy season fun calendar

Ghosts, goblins and ghouls aren't the only scary things to watch out for this Halloween season. Hackers and criminal organizations are up to their old tricks -- and some new ones -- in their tireless efforts to breach your cyberdefenses and treat themselves to your computer networks and data.  

So what kinds of spooky schemes are haunting CPA firms? And what can practitioners do to protect themselves and their clients? The Small Firm Philosophy podcast addressed those questions with Sarah Ference, CPA, a risk control director at CNA, the underwriter of the AICPA's professional liability insurance program. 

Ference advises firms of all sizes on how they can manage their professional liability risk. In this episode, she identifies two cyberthreats being seen more often in accounting firm cyber-insurance claims and discusses ways firms can lower their risk of being victimized. 

The Small Firm Philosophy podcast is produced by the AICPA's Private Companies Practice Section (PCPS). PCPS members can see an edited transript at https://www.aicpa.org/news/article/q-and-a-2-cyberattacks-cpa-firms-should-fear. 

This episode of SFP provides information, rather than advice or opinion. It is accurate to the best of the author’s knowledge as of the publish date. This article should not be viewed as a substitute for recommendations of a retained professional. Such consultation is recommended in applying this material in any particular factual situations. Examples are for illustrative purposes only and not intended to establish any standards of care, serve as legal advice, intended to constitute a contract, or acknowledge any given factual situation is covered under any CNA insurance policy. The relevant insurance policy provides actual terms, coverages, amounts, conditions, and exclusions for an insured.

Launching an advisory firm after 20 years in public accounting requires courage, confidence and commitment. It also helps to get some business coaching and to focus on changing customer needs.

Those are some of the lessons Zack Ryan, CPA, shares in this episode of the Small Firm Philosophy podcast. The founder of Value Forward Advisory explains how meeting regularly with business owners on a fixed-fee basis has relieved workload congestion and produced much improved revenue and profit per client.  

Resources from this episode

• Starting Your CPA Practice – Planning Checklist
• “On Your Own! How to Start Your Own CPA Firm (note: links to Amazon.com)
• Client acceptance evaluation tool

To learn more about Ryan, connect with him on LinkedIn.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

How are forward-thinking firms adapting to the profession’s changing landscape? We're joined by Abbey Bemis and Mike Miller from Payne Nickles & Company to hear their transformative insights.

They investigate how firms adapt to shifts in tax seasons and the broader profession because of new technology and AI. Abbey and Mike also tackle the talent shortage challenge, sharing strategies for attracting top talent and positioning their firm as a desirable workplace. 

From discussions on the evolving role of the COO and the importance of effectively communicating value to clients, tune in for a fresh take on how to navigate changes in the profession and leverage innovation for firm growth. 

To find out more about transforming your business model, explore our business model transformation resources at aicpa-cima.com/tybm. You'll also see a link there to all of our previous podcast episodes. 

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcome via email to podcast@aicpa-cima.com

Terrence Putney, CPA, managing director with Whitman Transition Advisors, is among the top advisers on accounting firm mergers nationwide. Over his 44-year career, Putney has been involved with hundreds of accounting firm M&A deals and also co-written more than 20 articles on succession-related issues for the Journal of Accountancy.

In this episode of Small Firm Philosophy, Putney addresses succession and related M&A issues including: 

• Three trends besides succession that are driving accounting firm M&A
• Is the current firm M&A market favoring buyers or sellers?
• What small firm partners should be doing today so they can retire in a few years.
• What a two-stage deal is and why it’s well suited for solo practitioners and small firms.

Resources mentioned in the conversation:

• The JofA “Succession Series”.
• JofA article on “The Culture Test” in accounting firm mergers
• JofA article on “A two-stage solution to succession procrastination”.
• PCPS and Succession Institute 2020 Succession Planning Survey results, analysis and resources

Click on the link to contact Terry.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The Private Companies Practice Section’s National Management of an Accounting Practice (MAP) Survey gathers key metrics from thousands of U.S. firms of all sizes. In this episode of the Small Firm Philosophy podcast, Steven Bankler, CPA, shares how he and his small firm break down the survey results to build a better practice.

Resources mentioned in this episode:

• National MAP Survey

To learn more about Steven, please visit bankler.com.  

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Robotic Process Automation, or RPA, has been a buzzword in the accounting profession for several years. Despite that, many practitioners don’t have a great grasp of what RPA is and what it can do for accountants.

Wesley Hartman has spent much of the past eight years developing RPA solutions for midsize firm Kirsch Kohn Bridge (KKB), where he serves as director of technology. In this episode of the Small Firm Philosophy podcast, produced in partnership with the Journal of Accountancy podcast, Hartman shares how he has used RPA, how RPA can help accounting firms address key pain points, and why he and his firm are so bullish on the technology they have launched an RPA startup.  

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Click on the links to learn more about KKB or Automata or to contact Wesley.  You can access an edited transcript of this episode on the JofA website. 

Resources mentioned in the conversation:

AICPA & CIMA ENGAGE Conference

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

CPA firms and the clients they serve often view the world through a different lens. Tom Hood, the AICPA’s executive vice president of business engagement and growth, recently had the rare opportunity to engage both groups. In this episode of the Small Firm Philosophy podcast, Hood explores the common challenges – and shared solutions -- that CFOs and CPA face.

Resources mentioned in this episode:

• Top Issues Survey
• Business Learning Institute
• ENGAGE 2023
• CAS 2.0
• AICPA Town Hall

To learn more about Tom, follow him on LinkedIn or Twitter.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The AICPA’s Private Companies Practice Section has been asking accounting firms to rank their top issues since 1997. But never has there been a list of concerns quite like the one produced by the 2022 CPA Firm Top Issues Survey. Listen in as two AICPA executives, Carl Peterson, CPA, CGMA, vice president of small firm interests, and Lisa Simpson, CPA, CGMA, VP of firm issues, offer their insights on the top takeaways from the 2022 Top Issues Survey. 

Resources mentioned in this episode:

Resources mentioned

• AICPA Town Hall
• Succession planning center
• CPA cybersecurity checklist
• Hybrid work best practices

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, visit aicpa.org/pcps or email pcps@aicpa.org for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Loretta Tubiello-Harr, founder of Tubiello-Harr & Associates, LLC, was approaching retirement and set out to create an exit plan. What did it take for her to get her practice attractive to buyers, vet those potential sales, and finally execute a successful sale? Find out in this episode of the Small Firm Philosophy podcast from the AICPA’s Private Companies’ Practice Section (PCPS).

• Succession Planning Survey
• Succession Planning Guide & Tools

To learn more about Herbein + Company, Inc., please visit their website at herbein.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Dedicated volunteers play an essential role in helping the AICPA provide a more robust member experience. How can you get involved and what can you gain from the experience? Find out in this episode of the Small Firm Philosophy podcast as Erin Roche, CPA, CGMA, team leader with Elliott CPA Group, shares the personal and professional development opportunities she’s experienced through volunteering.

PCPS resources mentioned in this episode:

• AICPA Volunteer Central
• PCPS CPA Firm Competency Model

To learn more about Erin and Elliott CPA Group, please visit elliott.cpa.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Patrice Mills, CPA, was sunning herself on a Florida beach when she received an alarming phone call. All of her client files had been seized in a ransomware attack, and cybercriminals were demanding payment to release them. Listen in as Mills recounts this experience and shares best practices for keeping your firm’s data safe.

PCPS resources mentioned in this episode:

• PCPS CPA cybersecurity checklist

To learn more about Patrice, please visit https://www.millscpa.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Phishing schemes, ransomware attacks, and data breaches are on the rise. CPA firms and their client’s data are prime targets. Listen in as Roman Kepczyk, director of Firm Technology Strategy with Right Networks and author of Digitally Speaking, a PCPS exclusive publication, shares how you can protect your firm’s data from cybercriminals.

Resources mentioned in this episode:

• CPA cybersecurity checklist
• Digitally Speaking

To learn more about Roman, please visit https://www.rightnetworks.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

The AICPA’s Private Companies Practice Section Succession Planning Survey finds that 44% of solo and sole practitioners plan to retire soon. David Shealy, CPA, Founder of the Shealy Group, was approaching retirement age and set out to find an exit plan. Brandon Miller, CPA, President & CEO of HW&Co, was actively seeking growth through smart acquisitions. Listen to this episode of the Small Firm Philosophy podcast as David shares how he prepared his firm for an exit and what Brandon and HW&Co consider when acquiring a practice.

PCPS resources mentioned in this episode:

• Succession Planning Survey
• Succession Planning Guide & Tools
• Work on your firm now, retire well later
  
  

To learn more about HW&Co, please visit their website at hwco.cpa.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The look and feel of your podcast is about to evolve. We’re excited to share that the Small Firms Philosophy podcast is becoming "Transforming, tales of Business Evolution". New episodes start later in November 2024.

Public accounting Diversity, Equity, and Inclusion (DEI) initiatives are gaining momentum. Oftentimes, it can be the larger firms making the headlines, but small firms need not be overlooked. Listen to this episode of the Small Firm Philosophy podcast as Orume Hays, CPA, managing director of Hays CPA LLC, shares her first-hand experiences promoting diversity in a small firm.

Resources mentioned in this episode:

• PCPS Diversity and Inclusion Toolkit
• Establish the next generation of diverse CPAs
• Advancing diversity, equity, and inclusion in small firms
• McKinsey & Company: Delivering through Diversity

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

On this episode of the Small Firm Philosophy podcast, you’ll hear a clip from the AICPA’s November 18th Town Hall series featuring the AICPA’s Lisa Simpson, VP of Firm Services, Carl Peterson, VP of Small firms, Bill Pirolli,  AICPA Chair and CPA.com’s CEO Erik Asgeirsson. This panel of experts discuss client acceptance and continuation decisions small firms can make before busy season.

Resources mentioned in this episode:

• Surviving Tax Season Checklist
• Client continuance evaluation tool
• Client acceptance evaluation tool
• Client termination practitioner checklist and notification letter

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Register for the next AICPA Town Hall series.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The 2021 tax season is fast approaching. Is your firm ready? Listen to this episode of the Small Firm Philosophy podcast as Deb Rood, CPA and Risk Control Consulting Director at CNA shares best practices and resources to help your firm prepare for a successful tax season, this year and beyond.

Resources mentioned in this episode:

• Surviving Tax Season Checklist
• Client continuance evaluation tool
• Client acceptance evaluation tool
• Client termination practitioner checklist and notification letter

To learn more about AON, please visit cpai.com or call 800.221.3023.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org and schedule a free webtour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Burned out? Not enough hours in the day? In this episode of the Small Firm Philosophy podcast, Carrie Steffen, Co-Founder and President of the Whetstone Group, discusses how client acceptance and continuation policies can right-size your client base and positively impact your firm's people and profitability.

PCPS resources include:

• Client acceptance evaluation tool
• Client continuance evaluation tool
• Client termination practitioner checklist and notification letter

To learn more about Carrie, please visit www.thewhetstonegroup.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Creating a successful practice that meets your clients’ needs while providing satisfying and meaningful work for you and your staff requires focus, discipline, and time. Listen to this episode of the Small Firm Philosophy podcast as Jack A. Heil, CPA shares lessons learned while journeying from the Big 8 to a sole proprietor that loves what he does.   

PCPS resources mentioned in this episode:

• Client continuance evaluation tool
• Client acceptance evaluation tool
• Client termination practitioner checklist and notification letter

To learn more about Jack, please visit www.jackaheilcpa.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, email pcps@aicpa.org to schedule a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The AICPA’s Peer Review Board (PRB) is responsible for developing and issuing Standards for Performing and Reporting on Peer Reviews (standards). Listen as PRB Board Member Dawn Brenner, CPA breaks down the exposure draft proposing changes to the standards and discusses the potential implications for small firms.

Mentioned in this episode:

• Clarification of AICPA Standards for Performing and Reporting on Peer Reviews
• Template for comments and suggestions
• AICPA’s Peer Review homepage

To learn more about Dawn, please visit Grant Bennett Associates’ website at gbacpa.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

The Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey identified tax-related challenges affecting small firms. Listen as April Walker, CPA, CGMA Lead Manager, Tax Section and host of the Tax Odyssey podcast discusses these tax issues and what you can do to address these challenges.

Resources mentioned in this episode:

• Resources to address CPA firm top issues
•  Client Evaluation Tool.
• PCPS CPA Firm Top Issues Survey 
• Tax Odyssey podcast
• AICPA tax hub 
• IRS Hotlines Quick Reference Chart 
• Contacting the IRS FAQs 
• Client Termination Practitioner Checklist and Notification Letter 
• Extension Reminder Letter for Client Tax Return  

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, check out our membership information or sign up for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

Small firms face familiar challenges in unprecedented times

What’s keeping you up at night as a firm owner? Listen to this clip from the AICPA’s September 2nd Town Hall series as the AICPA’s Lisa Simpson, VP of Firm Services, Carl Peterson, VP of Small Firms, Barry Melancon, CEO, and CPA.com’s CEO Erik Asgeirsson discuss the results from the 2021 CPA Firm Top Issues Survey.

• 2021 Top Issues commentary: Familiar challenges in extraordinary times
• Resources to address CPA firm top issues

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, visit aicpa.org/pcps or email pcps@aicpa.org for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

“Technology: it’s just oxygen. It’s the tools that are available to us and some of us breathe it better than others.” Listen as Byron Patrick, CPA and Manager with Botkeeper shares his take on technology in public accounting and what you can do as a small firm to stay in the know.

Resources mentioned:

• 2021 Top Issues commentary: Familiar challenges in extraordinary times
• Resources to address CPA firm top issues
• Digitally Speaking with Roman H. Kepczyk, Director of Firm Technology Strategy at Right Networks.

To learn more about Byron, follow him on Twitter or connect with him on LinkedIn.  Find out more about Botkeeper at www.botkeeper.com.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, visit aicpa.org/pcps or email pcps@aicpa.org for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

“The average person spends about two hours per day in drama…and lack of accountability is one of the sources of drama”. Listen to this excerpt from the August 12th Town Hall Series as Reality-Based Leadership’s Alex Dorr joins Lisa Simpson, the AICPA’s VP of Firm Services and Eric Asgeirsson, CPA.com’s CEO, to discuss workplace drama and how to create an engaged and accountable firm culture.

Resources mentioned:

• Increase accountability in your firm
• Streamlining the “you got a minute?” meeting
• Gain insights for your firm with the Employee Value Self-Assessment

To learn more about Alex and Reality-Based Leadership, please visit their website at https://www.realitybasedleadership.com/.

This episode is brought to you by the AICPA’s Private Companies Practice Section (PCPS), the home of small firms. To learn more about PCPS, visit aicpa.org/pcps or email pcps@aicpa.org for a free web tour.

Note: If your podcast app does not hyperlink to resources, visit https://aicpasmallfirm.libsyn.com to access show notes with direct links.

In this podcast episode, we explore with Jonyce Bullock, CEO of Squire, how evolving governance structures can revolutionize your business model. Jonyce shares her journey through governance challenges, emphasizing the value of external support and diverse perspectives in navigating complex decisions.

You’ll discover strategies for enhancing decision-making, implementing changes effectively and creating alignment within your firm. If you want to address your firm’s unique needs, this can’t-miss episode will show you how to articulate the “why” behind governance changes and choose the right model to foster agility.

For more guidance on aligning your client base with your firm’s goals, check out the "PCPS Right-Sizing Your Client Base Toolkit" and other business model transformation resources.