Digital CPA by CPA.com

Trusted Business Advisor with Bill Reeb The accounting profession is undergoing a seismic transformation. Firms that have traditionally thrived on compliance services—tax preparation, audit, and financial reporting—are finding that their clients expect more. Today’s business owners don’t just need accountants; they need trusted advisors who can guide them through complex financial landscapes, strategic decisions, and future growth. In this episode of the Digital CPA Podcast, we sit down with Bill Reeb, an industry thought leader, former chair of the AICPA, and co-founder of the Succession Institute, to explore how CPAs can evolve into the role of strategic business advisors. Drawing from his extensive experience and insights from the 2024 CAS Benchmark Survey, Bill breaks down the opportunities and challenges of shifting from a compliance-based model to an advisory-first approach. The Shift to Advisory: Why It Matters Now More Than Ever The push toward advisory services isn’t just a trend—it’s a necessary evolution. CPAs who embrace this shift position themselves at the forefront of the profession, strengthening client relationships, increasing firm revenue, and future-proofing their business. Bill highlights some of the key drivers of this transformation, including: The increasing commoditization of compliance services Technological advancements that automate transactional work Rising client expectations for strategic guidance The profitability and scalability of advisory services In short, firms that fail to adapt risk losing relevance in a rapidly changing profession. But while the need for change is clear, execution remains a major hurdle for many firms. Lessons from the 2024 CAS Benchmark Survey As a major contributor to CPA.com’s 2024 CAS Benchmark Survey, Bill shares exclusive insights into how firms are adopting Client Accounting & Advisory Services (CAS) and what the most successful ones are doing differently. CAS has been the proving ground for advisory services, allowing firms to move beyond bookkeeping and offer deeper financial insights. Key takeaways from the survey include: CAS practices continue to grow at a rapid pace, demonstrating the demand for high-value advisory services. Firms investing in CAS are seeing higher profitability per client compared to traditional compliance work. The most successful firms have well-defined governance structures that support advisory services. Bill emphasizes that firms looking to expand their advisory footprint should look at CAS as a model for growth, leveraging their existing client base while refining the skills necessary for higher-level consulting. Overcoming the Barriers to Advisory Transformation Many firms understand the importance of advisory services, yet struggle with implementation. Bill outlines the biggest challenges preventing firms from making this transition, including: ✅ Lack of Clear Leadership & Governance – Moving to an advisory-first model requires restructuring leadership roles, assigning clear responsibilities, and ensuring accountability at all levels. ✅ Resistance to Change – Many partners and team members are accustomed to traditional compliance work. Shifting firm culture to embrace advisory services requires strong change management strategies. ✅ Defining & Communicating Value – Firms need to rethink how they present their services to clients. Many business owners still see their CPA as just a tax preparer or auditor. Communicating the value proposition of advisory services is critical. ✅ Upskilling & Hiring – Advisory services require different competencies than traditional accounting. Firms must invest in upskilling their current teams while also recruiting talent with consulting, technology, and strategic planning expertise. The Skill Set of a Trusted Business Advisor To successfully transition into an advisory-first firm, CPAs must go beyond technical accounting knowledge and develop new soft skills and consulting competencies. Bill outlines some of the most important skills professionals should focus on: 🔹 Strategic Thinking – Helping clients plan for the future, beyond just compliance needs. 🔹 Data Analytics & Interpretation – Turning financial data into actionable insights. 🔹 Consultative Selling – Learning how to package and position advisory services effectively. 🔹 Technology & Automation – Leveraging tools that enhance efficiency and create new advisory opportunities. 🔹 Client Relationship Management – Shifting from transactional engagements to long-term strategic partnerships. Bill emphasizes that becoming a trusted advisor isn’t about replacing compliance work—it’s about enhancing it. CPAs who successfully integrate advisory services into their existing offerings create more value for clients and establish deeper relationships. Practical Steps to Start the Advisory Journey For firms eager to make this shift, Bill provides a roadmap for success, focusing on the following key areas: 📌 Assess Your Current State – Identify which services you already provide that could be enhanced with advisory elements. 📌 Develop a Clear Service Offering – Create standardized advisory packages that clients can easily understand and invest in. 📌 Train & Upskill Your Team – Invest in training programs to help CPAs develop consulting, communication, and strategic advisory skills. 📌 Redefine Internal Governance – Establish accountability structures that prioritize advisory services. 📌 Educate Clients on the Value of Advisory – Move away from selling “hours worked” and start selling solutions and insights that help clients grow their businesses. What’s Next for CPA Firms? Looking ahead, Bill predicts that advisory services will become the defining feature of successful CPA firms. Firms that fail to embrace this evolution will struggle to remain competitive in an industry where clients expect more than just financial reporting and tax returns. Some of the biggest opportunities on the horizon include: ✅ Expanding into industry-specific advisory niches ✅ Leveraging AI and automation to enhance advisory capabilities ✅ Creating subscription-based advisory models for recurring revenue ✅ Strengthening partnerships with third-party technology providers Final Takeaways: The Future of the Trusted Business Advisor The Digital CPA Podcast closes with Bill offering his top advice for firms looking to start (or accelerate) their advisory journey: 1️⃣ Start Small, but Start Now – Firms don’t need to overhaul their entire business overnight. Instead, start by integrating advisory conversations into existing client interactions. 2️⃣ Leverage CAS as a Launchpad – If your firm already offers CAS, use it as a stepping stone to deeper advisory services. 3️⃣ Prioritize Client Education – Clients won’t understand the value of advisory services unless firms actively communicate how these services will help them grow. 4️⃣ Build a Strong Leadership Structure – Advisory success isn’t just about services—it’s about having the right governance, culture, and mindset within the firm. 5️⃣ Invest in Your Team – A firm’s greatest asset is its people. Upskilling, hiring strategically, and fostering a culture of innovation will drive long-term success. This episode is a must-listen for any accounting professional who wants to stay ahead of the curve in an industry that’s rapidly evolving. Becoming a trusted business advisor is not a luxury—it’s a necessity. To dive deeper into Bill Reeb’s insights, check out his book Trusted Business Advisor and explore the resources available at the Succession Institute. Additional Resources:  https://www.cpa.com/insights   www.CPA.com   🔊 Subscribe to the Digital CPA Podcast for more conversations on the future of the accounting profession!

In this episode of the Digital CPA Podcast, host Kalil Merhib is joined by Kim Blascoe from CPA.com and Beth Allen from GreerWalker to discuss the 2024 CAS Benchmark Survey findings. They dive deep into the evolving landscape of Client Advisory Services (CAS), highlighting trends in growth, pricing strategies, profitability, and technology adoption. The conversation explores how firms are leveraging efficiency, industry specialization, and dedicated CAS staff to drive success. Whether you're just starting your CAS practice or looking to refine your strategy, this episode is packed with actionable insights to help firms stay ahead in the evolving advisory landscape. 🔗 Download the 2024 CAS Benchmark Survey Report ⭐ Enjoying the show? Don't forget to like, subscribe and leave a review!

In this episode of The Digital CPA Podcast, Jen Wood from The Bonadio Group shares her key insights from chairing the 2024 Digital CPA Conference. We explore how firms are leveraging AI to tackle capacity challenges, the rapid growth of CAS practices, and the transformative impact of cloud-based audit tools. Jen also discusses innovative strategies for firm leaders to evolve their business models, retain top talent, and embrace technology to drive success in 2025 and beyond. Don’t miss this conversation packed with actionable takeaways for firm transformation! For more episodes and resources, visit www.CPA.com. Stay tuned for our upcoming episodes featuring industry leaders driving innovation and transformation in finance and technology. Don't forget to subscribe to our podcast on your favorite listening platform! For additional resources check out: Listen and find out more at digitalcpa.com/podcast. Jennifer Wood LinkedIn

Join host Kacee Johnson on the Digital CPA Podcast as she dives into the world of AI-powered solutions with Jeff Seibert, Founder and CEO of Digits. Discover how Jeff’s entrepreneurial journey, from co-founding Crashlytics to his work at Twitter, shaped his approach to innovation in accounting technology. Learn about achieving 100% AI accuracy, balancing responsible AI regulation with innovation, and overcoming barriers to tech adoption in public accounting. Jeff also shares his philosophy on dynamic user interfaces and his vision for the future of AI in the accounting profession. For more episodes and resources, visit www.CPA.com. Stay tuned for our upcoming episodes featuring industry leaders driving innovation and transformation in finance and technology. Listen and find out more at digitalcpa.com/podcast. Don't forget to subscribe to our podcast on your favorite listening platform!    

Allan Koltin, CEO of Koltin Consulting Group, is a leading voice in accounting mergers and acquisitions. He discusses the rising influence of private equity in the accounting sector, emphasizing how it transforms operational strategies and firm cultures. Koltin delves into the challenges of the traditional partnership model and highlights the evolution of accountants into vital business advisors. He also shares insights on current trends in mergers and acquisitions, offering strategies for firms to thrive amid these rapid changes.

Lisa Simpson, Vice President of Firm Services at the AICPA, dives into the vital topic of business model transformation for CPA firms. She discusses the shifting landscape of public accounting and the cultural evolution needed to attract talent. Key challenges and opportunities emerge, driven by technology and governance changes. Lisa emphasizes the importance of innovative leadership and adapting compensation structures for success. The urgency of starting this transformation journey is highlighted, especially with 2025 on the horizon as a pivotal year.

In this episode of the *Digital CPA Podcast*, host Kalil Merhib, EVP of Growth & Professional Services at CPA.com, is joined by two industry leaders to dive into the transformative role of AI in auditing and the CPA profession. Our guests are Kevin Merlini, co-founder and CEO of Materia AI, and Jen Burns, Chief Auditor at the AICPA. We’ll explore how AI is reshaping the landscape of audit and financial reporting. Kevin shares his insights on using AI to unlock internal knowledge, reduce complexity, and drive efficiency in firms, while Jen provides an AICPA perspective on maintaining high-quality standards and ensuring public trust in financial reporting. From practical AI use cases to responsible data management, and strategies for smooth adoption of AI in firms, this episode covers the most pressing questions on the intersection of AI and the CPA profession. Tune in to hear how firms can balance AI-generated insights with professional judgment, the guidance AICPA is providing for AI implementation, and what the future holds for AI in accounting. Don’t miss this thought-provoking discussion on the future of AI and auditing! Listen and find out more at digitalcpa.com/podcast. Kevin Merlini LinkedIn: https://www.linkedin.com/in/kmerlini/ For additional resources check out: https://accelerator.cpa.com/ For more information about the Digital CPA conference, visit digitalcpa.com. To explore CPA.com's initiatives, visit www.CPA.com. Thank you for joining us and stay tuned for more episodes on your favorite podcast platform.

  Welcome to the *Digital CPA Podcast*, where we explore how technology is transforming the accounting profession. We're joined today with Dan Hood, Editor-in-Chief of *Accounting Today*, as we dive into insights from the recent AICPA and CPA.com Executive Roundtable in New York City.  This year’s roundtable focused on emerging trends impacting the profession, with topics ranging from responsible AI and its ethical implications to the growing influence of private equity in accounting firms. Dan and I discuss how AI is reshaping both traditional tasks and strategic advisory roles, the potential risks and opportunities presented by private equity, and the continued growth of advisory services fueled by new technologies like predictive analytics. Tune in for Dan’s key takeaways from the event and a look at what’s on the horizon for 2025. Don’t miss this insightful episode, and be sure to check out *Accounting Today*'s latest article on private equity for more in-depth coverage. Share your thoughts on social media with #DigitalCPA and #DCPA24. For additional resources check out: Harnessing transformation: Key takeaways from the 2024 AICPA/CPA.com Executive Roundtable https://accelerator.cpa.com/ Listen and find out more at digitalcpa.com/podcast. For more information about the Digital CPA conference, visit digitalcpa.com. To explore CPA.com's initiatives, visit www.CPA.com. Thank you for joining us and stay tuned for more episodes on your favorite podcast platform.

In this episode of the Digital CPA Podcast, hosts Kacee Johnson and Kalil Merhib sit down with Lisa Griffith, Head of Partnerships + Strategy for Accounting at Laurel, an AI Time Automation company. Together, they explore the evolving concept of time tracking in public accounting and how it's shifting from traditional billing methods to more productivity-focused, value-based approaches. Lisa shares her insights on the challenges firms face as they pivot away from billing by the hour, the role of AI in transforming time management, and the exciting trends in accounting technology for the second half of 2024. Tune in to learn how firms can unlock new levels of performance and profitability by rethinking the value of time. Don't miss this conversation with one of the trailblazers in accounting technology!   https://www.linkedin.com/in/lisagriffith3/  https://www.laurel.ai/  For additional resources check out: https://accelerator.cpa.com/ Listen and find out more at digitalcpa.com/podcast. For more information about the Digital CPA conference, visit digitalcpa.com. To explore CPA.com's initiatives, visit www.CPA.com. Thank you for joining us and stay tuned for more episodes on your favorite podcast platform.  

Chad Osgood, co-founder of Digilence and a digital evolution expert, shares his insights on transforming CPA firms in the digital age. He discusses the difference between true digital transformation and merely adopting new tech, emphasizing that it requires organizational change. Chad identifies common gaps in tech ecosystems, highlights the importance of system integration for compliance, and outlines actionable steps for firms. He also delves into the significant impact of AI and technology on the accounting profession, offering a hopeful vision for the future.