Transforming: Tales of Business Evolution

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...

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 succe...

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...

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...

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:...

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 o...

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 Pla...

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 Pla...

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....

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 checkl...

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 check...

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 Ph...

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...

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...

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 Cl...

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 to...

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: Cli...

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 Report...

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...

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 comment...

"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 f...

"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. Resou...

The AICPA's Private Companies Practice Section ( PCPS ) CPA Firm Top Issues Survey has identified developing the next generation of firm leadership as a pressing concern for practitioners. Hear how Brent Forbush, CPA Managing Partner of Forbush and Associates, leads the way with staff development in his small firm and how you can start today in your practice. Resources mentioned: PCPS Firm Compete...

The International Auditing and Assurance Standards Board (IAASB) has issued an exposure draft on auditing the financial statements of Less Complex Entities (LCEs). Listen to the latest episode of the Small Firm Philosophy podcast as Samantha Bowling, CPA, CGMA Partner with Garbelman Winslow CPAs provides a high-level overview of the exposure draft, the potential implications for small firms, and w...

As highlighted in the Succession Planning Survey, small firms know they need a Practice Continuation Agreement (PCA) yet less than 10% have one in place. Listen as Mike Shost, CPA discusses key takeaways and best practices from his experience constructing and executing PCAs in his small firm. PCPS resources mentioned in this episode: Practice Continuation Agreements: A Practice Survival Kit PCPA S...