CPA Trendlines Podcasts

Transformation TalksWith Bill Penczak<a href="https://improvetheworld.net/">Center for Accounting Transformation</a></em>After 16 years of working in firms, Mike Maksymiw, CPA, CGMA, was done. Or, so he thought.Maksymiw discussed his career path in the latest episode of Transformation Talks with Bill Penczak, the chief transformation officer for the Center for Accounting Transformation. Maksymiw, who is now the leader of Aprio's Alliance-Firm Foundation, offers career advice for new CPAs and those considering succession planning.More here: https://cpatrendlines.com/2022/09/12/secret-to-success-a-growth-and-abundance-mindset/

<b>The Disruptors</b><em>With Liz Farr</em><em>for CPA Trendlines</em>Jason Staats started doing videos at the beginning of the pandemic to quickly share information about the PPP and other relief programs with as many clients as possible. Now, he has an entertaining and informative YouTube channel where he shows how to use his favorite tech tools and a new mission to drive accountants into the future with collaborations and vision.

Innovation Insights: Paving the way for ESG reporting. Innovation InsightsWith Donny Shimamoto, CPA, CITP, CGMACenter for Accounting TransformationThose who hesitate to adopt mature technologies could find themselves too far behind to easily catch up, according to tech experts Pete Myers, CEO of Auvenir, and Donny Shimamoto, founder and managing partner of IntrapriseTechKnowlogies.More here: cpatrendlines.com/?p=100196

Transformation TalksPaul Mueller, CPA, is the managing director of Mueller Pye & Associates, CPA LLC in Loveland, Colorado.with Bill PenczakCenter for Accounting TransformationPaul Mueller was at a crossroads. As a national manager for the tax group of a large firm, he should have felt like Leonardo DiCaprio, yelling, "I'm the king of the world!" Yet, something just wasn't right. Today, he is the managing director of his own firm, Mueller Pye & Associates, CPA LLC in Loveland, Colo. His is a story of a late-life career transformation.

With Liz Farrfor CPA TrendlinesThe accounting profession has faced staffing issues for years now and, especially post-pandemic, the problem has compounded. Penny Breslin, CPA Trendlines contributor and the founder of MoneyPenny, talks about how firms are facing the hiring challenges and popular solutions that seem to be working, including using predominantly cloud-based apps for collaboration and engagement and taking a true evaluation of the talents and skills needed for each position.More here: https://cpatrendlines.com/?p=98359

The intersection of technology and intentionality.The DisruptorsWith Liz Farr for CPA TrendlinesAn explosion of new tech tools is giving accounting firm owners the opportunity to improve efficiency, attract and retain talent, and serve their clients better, tech guru Byron tells Liz Farr in this exclusive interview.Not only do these tools help ease the pressure of capacity problems, but they may also provide firms with a new revenue stream when they extend that expertise into their clients’ businesses.The greatest benefits will accrue to leaders who exercise intentionality across many areas of their firms: in their adoption of tech, in making changes to processes, in communication with clients and team members, in accepting the right clients, and in setting aside time for marketing.For Key Takeaways and more,  go here.

Innovation InsightsWith Donny ShimamotoCenter for Accounting TransformationToday's Take-aways:Accountants were the pioneers of business use of database software with the accounting systems—the first wave of accounting technology. The second wave was the move into the cloud, and the third wave now uses AI in accounting technology.AI uses Optical Character Recognition (OCR), and Natural Language Procession (NLP) can be used to read documents like PDFs and Excel and extract the relevant data like lease dates into the database where they can be used for computations or searching.Because you’re starting with the source document (e.g. PDF, Excel) and extracting the data from there to then put the data into the system, you can trace data back all the way to the source document all within the same system (not just to the point where someone keyed the data into the system).The goal isn’t for the machines (AI) to do everything,, but instead to complete 70-80% of the grunt work and allow the accountant or auditor to focus on the analytics and strategic work.Small and regional firms can gain an advantage by partnering with accounting technology vendors, enabling them to innovate and incorporate technology into their services more quickly than the larger firms.

Say Goodbye to Traditional AuditInnovation InsightsWith Donny ShimamotoCPA Trendlines presents a Center for Accounting Transformation productionBecause audit work is nonlinear and highly complex, disparate workflow systems in the audit are not only an IT risk, but they're also a project nightmare. Jin Chang, the founder of Fieldguide, explained to Donny Shimamoto that the end-to-end project has many workflows that need to be templatized and automated along the project life cycle.More here

Innovation Insights, with Donny Shimamoto.CPA Trendlines presents a Center for Accounting Transformation productionInnovation Insights: Five clicks in five minutes? Sounds too good to be true – but automation can be simple and life-changing.With everyone going remote, it’s presenting auditors with new challenges. But technology can help, according to Colleen Knuff and Stefan Davis, in this interview with Donny Shimamoto.Part of Wolters Kluwer, which was recently accepted to the ASC X9 (American National Standards Institute or ANSI), the industry setting body for financial institutions, Knuff and Davis explain not only how some solutions allow real-time collaboration versus working in silos, but also how data-driven audits increase capacity and allow more profitability while reducing risk and maintaining high peer-review standards.(Recorded February 2022)More here

Jamie Lopiccolo with Steven Sacks for CPA Trendlines Lopiccolo is the owner of a small Midwest firm that has been employing a subscription-based model to invoice clients for services rendered. The approach manages expectations by the client and ensures a normalized cash flow for the firm. Additional benefits include a more strategic approach to dealing with new clients because they are getting the full picture of their business’s needs. KEY TAKEAWAYS ·      One of the goals of the subscription pricing model (aka minimum level of service agreement) is to manage client expectations while managing the firm’s cash flow. ·      CPAs can position themselves as the client’s partner for success.·      CPAs are too fixated on getting as much money as possible from clients rather than providing real value in each client interaction.·      Make sure the client onboarding process is consistent from one client to the next with certain necessary customization during the initial client meeting and CPA research.·      There will be more competition for client accounting services and advisory services and more revenue opportunities, which is why firms should reduce the amount of time allocated to administrative functions.·      The subscription model also helps to determine which clients are not profitable, potentially leading to the firing of clients.·      More strategic planning can be offered to clients so they understand and better appreciate the services they are going to get.