Transforming: Tales of Business Evolution

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. 

Sandy Johns, owner of Revolution Financial, discusses how she right-sized her firm's client roster for better work-life balance. Transitioning to a subscription model increased revenue and efficiency. She highlights the benefits of remote work and video meetings. Starting the client base transition early, raising prices, and finding fulfillment outside of work were key strategies. Expresses gratitude for networking groups.

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.  

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