CPA Trendlines Podcasts

Donny Shimamoto, CPA.CITP, CGMA, says that one of the COVID pandemic’s benefits is accelerating technology adoption.With the ongoing talent crunch, technology is one of the ways firms can get the work done with fewer people, as firm owners seek to create a sustainable balance “because we can’t keep going the way that we’re going.”

 The silver lining of the pandemic is that it forced accountants to move to the cloud and to develop distributed labor models, changes that are here to stay, Hitendra Patil, author of Client Accounting Services: The Definitive Success Guide, tells CPA Trendines in the latest episode of The Disruptors. 

Produced by the Center for Accounting Transformation. Presented by CPA Trendlines. Entrepreneurs in the accounting profession are rare, according to Chase Birky, president and CEO of Dark Horse CPAs. And he should know. More here: https://cpatrendlines.com/2023/04/10/chase-birky-paralysis-by-analysis-plagues-the-profession/ He had to take an uncomfortable step outside of his own comfort zone to become one.After starting out in audit at a Big 4 right out of college, he decided it was no longer what he wanted to do."I started an audit specifically, you know, not really having a great idea of what audit truly was, you know, because you take the courses in your undergrad, and you know, you have a section of it on the CPA exam," Birky explained. "But what that material is versus what the job is, you know, are two very different things."That motivated Birky to begin a partnership in a firm that specialized in tax and client accounting services (though he added it probably was not called CAS then).Unfortunately, that didn't work the way he hoped, either.However, as Birky reminds us, necessity is the mother of invention.

Transformation TalksWith Donny ShimamotoCenter for Accounting TransformationMany accounting graduates dream of joining large firms right out of college. That dream became a reality for Dustin Wheeler. However, it didn't last long.MORE: Dustin Verity: Keep an Open Mind and Constantly Learn | Secret to Success? A Growth and Abundance Mindset | O.D. Lanier: Stepping Into Advisory | From Tax to Transformation | Early Adopters Gain an Edge in Audit | Why the Future is in Risk Advisory | Four Strategies for a Future Ready FirmMany accounting graduates dream of joining large firms right out of college. That dream became a reality for Dustin Wheeler. However, it didn't last long. "Right out of college, I moved to Las Vegas and got a job with the largest local firm," Wheeler explained. "And my job there was pretty much strictly tax.""After a short stay there, I left for an opportunity with a smaller firm of about 16 people, which was a good change for me. It gave me an opportunity to develop some other talents that I wasn't able to use at the previous firm," he explained.Wheeler's growing interests in technology--and a growing family--led him to a larger firm in Utah, where he continued his obsession with cloud software, paperless office, client portals and more.But then, Eide Bailly came along.

The DisruptorsWith Liz FarrHeather Smith has loved accounting since she was 14 and loves the flexibility the profession offers. Since the mid-2000s she has been one of the original cloud accounting nomads, with an accounting business that she says fits in a lovely Italian handbag.More here: https://cpatrendlines.com/2023/03/27/heather-smith-try-not-growing-your-business/In 2022, the ANISE Consulting founder based in Brisbane, Australia, demonstrated that nomadic lifestyle by attending all three live Xerocon events: London, New Orleans and Sydney. Heather is a tireless advocate for her small business clients and a fan of technology to improve our lives, including staffing.

Jackie Meyer is a fan of value pricing and niching your practice. Her favorite area is tax planning, which doesn’t require a huge investment of time to provide huge financial benefits for clients. Her own firm tripled revenues by focusing on tax planning. Firms that focus on low-volume, highly-niched areas solve several problems at once. 

Dustin Verity admits to being cautious. He also admits to being a technophile.In the latest episode of Transformation Talks, the CPA explained being conflicted between his obsession with playing with the latest technology and finding the right fit for his firm."I've always been interested in technology and, and you know, efficiencies," Verity said, always wanting to know how his firm could produce more and work more efficiently. "That means less hours that we have to spend in the office ourselves." 

“We’re ultimately in the people business. We’re in the relationship-building business. We just happen to do accounting.”That's how Clayton Oates, the founder of QA Business, views the accounting profession.Oates also believes accountants can choose whether they are playing a finite, zero-sum game with clients or the infinite game, which continues forever and results in an abundance forever mindset with clients, who will then be your clients for life. 

Ron Baker has been on a crusade to transform accounting firms for decades, first by pushing us to kill the billable hour and to implement value pricing. Today, he’s advising accountants to switch to a radically different business model. His new book, co-authored with Paul Dunn, "Time’s Up! The Subscription Business Model for Professional Firms," explains the subscription model and why moving to this model aligns the values of firm owners with those of their customers. 

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