Accounting High

Episode 252FACULTY: Ron BakerCLASS: #TheGuideScotty’s back in the Office with our Principal, Ron Baker, and he has a copy of "The Creative Act: A Way of Being" by Rick Rubin. In this book report, they cover a wide range of topics, including creativity in art and accounting, the quest for efficiency, the role of humor in art, and the importance of paying attention to your surroundings. The conversation also touches on the challenges of being an entrepreneur and artist, the subjective nature of value, and the evolution of an artist's work. This engaging and thought-provoking discussion is a must-listen for anyone interested in creativity, art, or entrepreneurship. Tune in to hear more from Scott and Ron on "The Creative Act" and its many insights.All the Shoutouts:Greg Kyte, CPA, Rick Rubin, Broken Record, Jason Ackerman, CPA, CFP®, CGMA, Times up, Jasper, Conversations with Tyler, South Park, Arthur Schopenhauer, John Wooten, James Clear, Simon Sinek, Tim Williams, Nikole Mackenzie, David C. Baker, Caddyshack, Dave Chappelle, Terrell A Turner, CPA, Kenji Kuramoto, James Ashford, Michelle Weinstein, Tim Ferriss, Leonard Cohen, Bob Dylan, John Lennon, Eminem, Paul McCartney, Beatles, Elvis Presley, Sage, Thriveal, The Crux, Momentum Accounting, Inc, Mortimer J. Adler

Episode 251FACULTY: Paul DunnCLASS: #TheGuideJoin Scott as he sits down with Paul Dunn, an author and a veteran in the accounting profession with over 30 years of experience. From the eye of a cyclone in Brisbane, Paul shares profound insights on finding purpose and creating a lasting impact. They delve into the importance of driving businesses beyond mere tools to creating significant outcomes, leveraging AI in transformation, and reframing business strategies to enrich the lives of both clients and team members. Paul also introduces B1G1, his initiative for making a social impact with every business transaction. Tune in for a compelling discussion that aims to inspire accountants and business owners to stand for something bigger than themselves.📣 Shout Outs: Ron Baker, Rick Payne, James Clear, Daniel Preistly, Joseph Pine II, Substack, Steve Jobs, Mr. Rogers📚 Books Referenced 📚“Times UP” by Paul Dunn and Ron Baker“Firm of the Future” by Paul Dunn and Ron Baker“Atomic Habits” by James Clear“The Experience Economy” by Joseph Pine II and James H. Gilmore“The Transformation Economy” by Joseph Pine IIChapters:00:00 Teaser01:29 Introduction03:38 Purpose and Legacy13:23 The Accountants Bootcamp14:17 Creating History, Not Reporting It23:35 The Power of Small Changes25:12 The Importance of Punctuality26:07 Reframing Proposals as Plans28:36 Chat GPT33:17 Transforming Lives Through Accounting48:50 The Role of Storytelling in Business52:33 Creating a Positive Work Environment🔗 Connect With Us On Linkedin! 🔗Paul Dunn📎 https://www.linkedin.com/in/paulb1g1/Scotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: The Guide, Accounting High, Accounting, Podcast, Guidance, Vision, Firm Owners, Advice, Purpose, Legacy, Accounting Profession

Episode 250FACULTY: Ryan Bakke, CPACLASS: #ShoperationsIn this episode, Ryan Bakke, CPA discusses his incredible journey of building a $3 million accounting firm by the age of 26. Ryan shares insights on the importance of a good hook in marketing, strategies for running a successful firm, and leveraging social proof through platforms like Facebook. He also delves into his motivations for leaving Deloitte, the value of mentorship, and his future goals for rapid growth and acquisition within the accounting profession. Ryan's story is a testament to how far standing on the shoulders of giants can get you.📣 Shout Outs:  Dominic Piscopo, Big 4 Transparency, Brandon Hall, Deloitte, Tax Strategy 365, Bilal Mehanna, Becker, Bill Faith, Billy Mays, Driven, Logan Graf, Jason Staats📚 Books Referenced 📚“How to Win Friends and Influence People” by Dale Carnegie“48 Laws of Power” by Robert GreeneChapters:00:00 Teaser00:17 Introduction01:17 Early Influences and Career Choices03:30 Journey Through Deloitte08:55 Building a Community and Brand15:20 The Importance of Email Marketing22:29 Attention as the New Oil26:24 Building a Community Funnel26:41 The Power of a Hook27:28 Real-Life Hook Examples29:01 The Importance of Community32:37 Understanding Customer Motivation38:08 Avoiding Feature Vomiting48:14 Acquisitions and Future Goals50:21 Parting Wisdom for Success🔗 Connect With Us On LinkedIn! 🔗Ryan Bakke, CPA📎 https://www.linkedin.com/in/ryanbakkecpa/Tax Strategy 365📎 https://www.linkedin.com/company/tax-strategy-365/Scotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Taxes, Sales, Marketing

Episode 249FACULTY: Shane Mason, CPA/CFPCLASS: #ShoperationsJoin us in this Shoperations episode as we learn from Shane Mason of Brooklyn FI and his venture into software. Shane shares insights into the company's growth, handling rapid expansion, and the importance of predicting the future over dwelling on the past. Discover how Brooklyn FI is navigating industry shifts, introducing new partners, and staying ahead with innovative solutions like Gemifi. Perfect for students and professionals eager to learn about financial planning, startup struggles, and the evolving landscape of tech-driven advisory services.📣 Shout Outs: Brooklyn FI, Inc5000, Palantir, Siri, CDF, Spotify, John Owens, Caitlin Fastiggi, Dan Beyer, Ally Jane Ayers, Live Oak Bank, Acuity, Intuit, PWC, Apple, The Liquidity Event, Gemifi, Tallyfor, Ignition, Ryan Embre, Guy Pearson, Craft Impact, Core Weave, Webber Grills, Peter Theil, Alex Karp, Backbone Planners, Deep Work⬇️ Videos Referenced ⬇️051 Numbers and Love Letters (feat. Shane Mason, CPA/PFS, CFP, CPWA)(https://youtu.be/Pkn_JPfwl0k)083 Tallyfor Product Review (feat. Shane Mason, Megan Justice, and Nikole Mackenzie )(https://youtu.be/xd2Zn9u1mRI)Chapters:00:00 Teaser00:28 Welcome Back Shane and BrooklynFI09:59 Team Structure and Remote Work13:04 Client Services and Financial Planning22:28 The Liquidity Event Podcast25:36 New Ventures: Gemify Software34:50 BrooklynFI's Continued Success35:30 Marketing Strategies and Partnerships40:26 Investment Strategies and Market Insights46:41 Final Thoughts and Advice🔗 Connect With Us On LinkedIn! 🔗Shane Mason, CPA/CFP📎 https://www.linkedin.com/in/shanemasoncpacfp/Brooklyn FI📎 https://www.linkedin.com/company/brooklyn-fi/posts/?feedView=all📎 https://www.brooklynfi.com/Gemifi📎 https://www.gemifi.co/The Liquidity Event Podcast📎 https://www.brooklynfi.com/podcastAJ’s Substack: Money Changes Everything📎 https://substack.com/@moneychangeseverythingScotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Client Advisory Services, CAS, Financial Planning, Tax Planning, Tech Forward, Firm Owner

Episode 248FACULTY: Jason Ackerman, CPA aka J-Rabbit aka the Accounting High Lunch LadyCLASS: #ShoperationsIn this episode, Jason Ackerman, CPA, co-founder of WealthRabbit, discusses the importance of accountants providing advisory services and setting up retirement plans for clients. Ackerman explains the challenges and opportunities in offering simple IRAs, SEPs, and other retirement plans, and emphasizes the need for accountants to evolve from mere compliance work to value-driven services. The conversation delves into the development of WealthRabbit, the integration with payroll systems, and the importance of customer service in both accounting and software businesses.📣 Shout Outs: Bernie Ackerman, BNA CPAs & Advisors, Gusto, Ron Baker, Fidelity, Guideline, Human Interest, ADP, Finch, Intuit, Paychex, OnPay⬇️Videos Referenced⬇️$6M Tax Firm, Building a CAS Practice, Implementing EOS, with NO Timesheets! | Jason Ackerman, CPA(https://youtu.be/PkI8FW7lozU)Chapters:00:00 Introduction00:35 Jason Ackerman's Career Update02:01 Firm Updates and New Hires04:05 Combining Wealth and Tax Services06:17 Retirement Planning Advisory18:37 Understanding Simple IRA Compliance19:14 Revenue Sharing for Accountants20:50 Setting Up Retirement Plans with WealthRabbit21:37 Employee Engagement and Education24:17 Managing Investments and Portfolios27:52 WealthRabbit's Dashboard and Integrations34:40 Customer Support and Service37:27 Jason Graduates from Accounting High🔗 Connect With Us On LinkedIn! 🔗Jason Ackerman, CPA📎 https://www.linkedin.com/in/jasonlackerman/Scotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, investing, wealth management, IRA, SEP, retirement planning

Episode 247FACULTY: Principal Ron BakerCLASS: #TheGuideIn this episode, Scott is in the office again with Accounting High Principal Ron Baker to discuss the future of accounting and the shift towards the transformation economy. Ron outlines the evolution of economic eras and how firms can position themselves to offer superior value by focusing on transformations rather than just services. They also touch on examples from various industries, and discuss the potential of subscription models.📣 Shout Outs: Nikole MacKenzie, James Ashford, Ben Stein, Joe Pine, James Gilmore, Scaling New Heights, Betty Crocker, Duncan Hines, Bench, Angus Barn, Ruth’s Chris Steakhouse, Chuck E Cheese, Nike, Mayo Clinic, Profit First, GoProposal, Intuit, Apple, Disney📚 Books Referenced 📚“The Experience Economy” by Joe Pine and James Gilmore“ Trends in the Transformation Economy” by Christophe JacqueChapters:00:00 Teaser02:54 The Evolution of Economic Eras05:46 The Experience Economy06:44 The Transformation Economy09:29 Decommoditizing Services15:27 Real-World Examples of Transformation22:26 Fender Play: A Case Study25:05 The Future of Professional Services35:22 The Future of Accounting Firms36:37 Creating Transformative Experiences39:49 Specializing in Transformations42:23 Challenges and Opportunities in the Profession43:50 The Subscription Model and Transformations49:28 The Future of Healthcare and Parallels to Accounting01:06:33 Burnout vs. Moral Injury in the Profession01:07:52 Conclusion and Final Thoughts🔗 Connect With Us On Linkedin! 🔗Ron Baker📎 https://www.linkedin.com/in/ronbaker1/Scotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, Transformation Economy, Service Offerings, Future of Accounting, Economics, Experience Economy, Transformation Economy

Episode 246 FACULTY: Ed Mendlowitz, CPA  In this episode, Scotty interviews Edward Mendlowitz, a storied CPA and author, sharing his extensive experiences and insights on the accounting profession. Mendlowitz discusses the evolution of accounting practices, the importance of passion in one's career, and the necessity for CPAs to adapt to new technologies and trends. Highlighting his personal journey, he speaks on the significance of building relationships and offering valuable advice to clients. The episode also covers Mendlowitz's prolific writing career, his teaching endeavors, and his perspective on the future of the accounting industry. 📣 Shout Outs: Jason Ackerman, Ron Baker, Martin Edelston, Bill Hagerman, Gino Malmacci, CPA Academy, WithumSmith+Brown, QuickBooks, Microsoft ⬇️ Videos Referenced ⬇️ 063 So Many Things to Learn (feat. Ed Mendlowitz, CPA) (https://youtu.be/eKG2GgYYzMQ) 190 Transitioning from CEO to Chairman of the Board (feat. Ed Mendlowitz, CPA) (https://youtu.be/UNobaMGSQaY) 198 The Timesheet Debate Ed Mendlowitz vs Ron Baker (An Epic Tale in the Saga of Time) (https://youtu.be/BP1Yq8oa_es) 📚 Book Referenced 📚 “Memoirs of a CPA” by Edward Medlowitz Chapters: 00:00 Teaser 00:52 Introduction 02:52 What Makes a Successful CPA 03:30 Inspiring the Next Generation 07:12 Career Transitions and Mergers 09:14 Innovative Practices and Marketing 14:43 Writing and Publishing 26:25 Mentorship and Internships 31:50 Discovering a Better Insurance Deal 32:21 Lawsuits in Accounting 32:59 The Evolution of Technology 36:17 The Future of Social Media 40:39 The Changing Landscape of Medicine 45:57 Teaching and Learning 51:58 Stamp Collecting Stories 56:16 Parting Wisdom for CPAs 🔗 Connect With Us On Linkedin! 🔗 Edward Mendlowitz, CPA 📎 https://www.linkedin.com/in/edward-mendlowitz-a6a1305/ Scotty OKR Scarano 📎 https://www.linkedin.com/in/scottscarano/ Accounting High 📎 https://www.linkedin.com/company/accounting-high/ 📎 https://www.accountinghigh.com/ Tags: The Guide, Accounting High, Accounting, Podcast, Guidance, Vision, Firm Owners, Advice

Episode 245FACULTY: Alex Drost, CPACLASS: #AccountingHighJoin us in this insightful episode of Accounting High as we sit down with Alex Drost, a consultant with a background in investment banking and business consulting, and a licensed CPA. Alex shares his unconventional path into the accounting world, discusses the current trends in the accounting and private equity (PE) industries, and offers invaluable advice for both young professionals and established firm owners. Don't miss out on understanding the seismic shifts happening in the industry and how you can be a part of it.📣 Shout Outs:Matt Kidd, Randy Crabtree, Steve Hoffman, Brandon Hall, Connection Builders, Summit CPAs, Dark Horse CPAs, HD Growth Partners, Ascend, H&R Block, American Express, RSM, EY, Eisner Ampner, Cherry Becker, Fahrenheit Advisors, Smith Co, Smith Howard, Anders, PE Summit in Chicago, BDO, Notion⬇️ Videos Referenced ⬇️Getting Stuck at $1.2M and How I Got Out of the Way to Grow from Accountant to Entrepreneur Part 1(https://youtu.be/PFEeE3hAkec)Dismantling Pyramid Schemes with Selfish Motivations | Chase Birky, Tim Petrey, and Kenji Kuramoto(https://youtu.be/cw51hauqtyA)$10M Firm, Offering CAS, Implementing EOS, & backed by Private Equity! | Steven Hoffman, CEO(https://youtu.be/TvlqZQfRchA)Chapters:00:00 Teaser01:57 Alex Drost's Journey to Becoming a CPA05:02 Connection Builders and Business Development06:55 Private Equity in Accounting11:01 Impact of Private Equity on Middle Market Firms24:45 Profit Distribution Challenges25:23 Private Equity and Investment Decisions26:53 Building Enterprise Value29:08 Retirement and Succession Planning33:13 Technological Advancements in Accounting42:14 Millennials vs Gen Z🔗 Connect With Us On Linkedin! 🔗Alex Drost, CPA📎 https://www.linkedin.com/in/adrost/Connection Builders📎 https://www.linkedin.com/company/connectionbuilders/📎 https://www.connection.builders/Scotty OKR Scarano📎 https://www.linkedin.com/in/scottscarano/Accounting High📎 https://www.linkedin.com/company/accounting-high/📎 https://www.accountinghigh.com/Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, Private Equity, Firm Structure, Future of Accounting

Episode 244 FACULTY: Matthew Cordes, EA and Adam Markowitz, EA CLASS: #AccountingHigh In this episode of Accounting High, Scott Scarano, EA invites the EA team for a discussion about the importance and impact of Enrolled Agents (EAs) in the tax and accounting world. Joined by EAs Adam Markowitz and Matthew Cordes, the conversation dives into their journeys, experiences, and the misconceptions surrounding EAs. The episode also features the premiere of a new OKR track “Smells Like EA’s”. 📣 Shout Outs: Sabrina Parris, Nancy McClellan, Jason Staats, Andrea McDonald, Jeremy Wells, Steadfast Bookkeeping, Luminary Tax Advisors, Florida Institute for Community Inclusion, Esteamed Coffee, Biddy and Bo’s, #TaxTwitter ⬇️Videos Referenced⬇️ 066 Licensed to Tax (feat. Adam Markowitz, EA) (https://youtu.be/QKDvKqGKM5Q) AH Debates - CPA vs EA  "The Battle of the Brands" (https://youtu.be/HomCak8tPa8) Tax Accountants' Anthem (an OK.Remix of Ruff Ryders' Anthem by DMX) (https://youtu.be/K6YfYMk0DyU) Scaling a Million Dollar Accounting Practice | Andrea MacDonald, CPA (https://youtu.be/pOQrJyQWce8) Chapters: 00:00 Teaser 01:09 Meet the EA Team 02:26 The Journey to Becoming an EA 03:17 Understanding the EA Credential 04:23 Personal Stories and Experiences 06:53 Challenges and Rewards of Being an EA 11:22 Representation and Advocacy 16:10 Dealing with the IRS 21:13 Challenges with IRS Form Submissions 21:41 Understanding IRS Service Centers 22:25 Issues with S Corp Elections 24:39 Experiences with S Corps During COVID 27:50 Intermission: "Smells Like EAs" Premiere 32:32 Transitioning to a New Practice 39:15 Innovative Firm Strategies 40:31 Neurodivergent Career Program 48:48 Conclusion and Final Thoughts 🔗 Connect With Us On Linkedin! 🔗 Matthew Cordes, EA 📎 https://www.linkedin.com/in/matthew-cordes/ 📎 https://www.linkedin.com/company/steadfast-bookkeeping-co/ Adam Markowitz, EA 📎 https://www.linkedin.com/in/adam-markowitz-ea-cslp-91b91b65/ 📎 https://www.luminarytaxadvisors.com Scotty OKR Scarano 📎 https://www.linkedin.com/in/scottscarano/ Accounting High 📎 https://www.linkedin.com/company/accounting-high/ 📎 https://www.accountinghigh.com/ Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, EA, Enrolled Agent, IRS, Taxes, Tax Accountant, CPA, Accounting Community, Tax Twitter

Episode 243 FACULTY: Nick Boscia, CPA, EA aka The Balanced CPA CLASS: #Shoperations In this episode, join Scotty as he talks with Nick Boscia, aka the Balanced CPA from New Jersey. Nick shares insights from his journey in accounting, taking over his father's firm, and running a family business with his brother. They explore the importance of balance in work and life, the evolution of their firm with technology, and the implementation of fair client pricing. Nick also discusses the challenges they faced and the aspirations for the future, all while maintaining a balanced approach to life and work. This engaging conversation offers a deep dive into the life of a modern CPA striving for balance and growth. 📣 Shout Outs: Dawn Brolin, PWC, SmartVault, LeCert, Bench, Financial Sense, Anchor ⬇️Videos Referenced⬇️ Melissa McCarthy for Accounting Professionals (feat. Dawn Brolin) (https://youtu.be/GkcEXTmEVSY) Chapters: 00:00 Teaser 00:11 Introduction and Guest Introduction 00:47 Family Business Background 01:07 The Concept of Balanced CPA 04:23 Personal Life and Balance 08:36 Professional Journey and Achievements 11:40 Business Operations and Growth 18:36 Pricing Strategies and Client Management 21:06 Future Plans and Innovations 25:28 Discussing Business Structures and Tax Strategies 26:07 Balancing Business Expenses with a Partner 28:26 Modernizing the Firm with Technology 33:41 Balancing Personal and Professional Life 42:50 Credit Card Points and Financial Strategies 45:49 Future Goals and Firm Growth 🔗 Connect With Us On LinkedIn! 🔗 Nick Boscia, CPA, EA 📎 linkedin.com/in/nickboscia/ Boscia & Boscia PC 📎 linkedin.com/company/bosciapc/ 📎 bosciapc.com Scotty OKR Scarano 📎 linkedin.com/in/scottscarano/ Accounting High 📎 linkedin.com/company/accounting-high/ 📎 accountinghigh.com/ Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Partnerships, Work Life Balance, The Balanced CPA, CPA, EA, Entrepreneurship