CPA Cathro Goes 90% Cannabiz in the Bay State

Portrait of Charlotte Cathro

“I am making the industry better at following the rules.”

By CPA Trendlines Research

Massachusetts has always been at the forefront of social and legal progress. It’s where the Pilgrims signed their Compact. It’s where the first shots of the American Revolution were fired. In 1911, it became the first state to outlaw possession of “Indian hemp.”

MORE CannaBizCPA.Pro: Cannabis CPA Readies for When Maine ‘Goes Recreational’ | New to Cannabis? Maybe a Joint Venture Is the Answer | Cannabiz Meets Intellectual Property Protection | Green Bits: Helping Cannabis Retailers Stay Compliant | Silver Leaf CBC: An ERP Platform for Cannabis Companies | CohnReznick Goes National on Cannabis | Minorities, Women & Cannabis
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And 101 years later, it became one of the first to allow sales of cannabis for medical purposes.

In that auspicious year of 2012, Charlotte Cathro was a CPA with a regional firm in Holyoke, an hour and a half west of Boston. The firm started getting inquiries and referrals from attorneys. They had clients applying to open dispensaries of medicinal weed, but they weren’t quite sure how the tax, finance and business entity rules were going to work.

And no wonder. It was complicated – a new frontier in accountancy.


Expensify Launches Corporate Spending Card

With the Expensify Card, employees no longer need receipts for business purchases, admins save time processing expenses with continuous reconciliation and realtime compliance notifications.

via Expensify

Expensify is launching the Expensify Card, a free corporate card for companies of all sizes.

The company says the corporate card is a natural extension of the Expensify platform, which it says is used by more companies than any other expense software in the world. READ MORE →

Cannabis CPA Readies for When Maine ‘Goes Recreational’

Portrait of Karla Brannen

Karla Brannen spends a lot of time explaining §280E to cannabis clients.

By CPA Trendlines Research

Maine, a.k.a. Vacationland, is gearing up to “go recreational,” and CPA Karla J. Brannen, senior tax manager at Albin, Randall & Bennet CPAs, is on the crest of the cannabis wave.

MORE at New to Cannabis? Maybe a Joint Venture Is the Answer | Zach Gordon CPA: “The level of guidance out there is just nonexistent.” | Why Jax Wheatley Shifted from LBGTQ to Cannabis Clients | Ron Seigneur Blazes New Trails in Cannabis |  More
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Nobody knows quite yet when the Pine Tree State will allow the sale of recreational marijuana. In 2016, the people of Maine approved a referendum to legalize the sale of recreational marijuana. The governor signed the recreational marijuana rules on June 20, 2019. On September 19, 2019, LD719, an Act to Amend the Adult Use Marijuana Law, went into effect. Final adoption of these rules will happen within the next 60 days.

Cannabis products have been legal in Maine for medicinal purposes for years. Licensed medical cardholders are allowed to purchase cannabis through a registered dispensary or through certified caregivers. Almost four years ago – even before the referendum – Brannen predicted a need for better accountancy in an industry that comes with its own set of complications. READ MORE →

CPA Firm Incomes Gain 8% in New MAP Survey

Annual growth rates (via The Rosenberg Survey)

Firms gear up for advisory, grapple with retirements, and take aim at bigger competitors.

By CPA Trendlines Research
The Rosenberg MAP Survey

In the new 2019-2020 edition of the annual Rosenberg MAP Survey, the leading national benchmarking study for firms of all sizes, the average firm is growing at 7.7 percent, up from 7 percent in last year's study and reversing a two-year decline.

Meanwhile, organic growth, excluding mergers and acquisitions advanced to 5.9 percent from 4.3 percent, "proving that the accounting profession is really cultivating a focus on business development efforts," according to the authors, led by Charles Hylan of The Growth Partnership and Marc Rosenberg of Rosenberg Associates, who founded the study 21 years ago, making it the longest-running such benchmarking project in the profession. (And available from CPA Trendlines here.)

Additional highlights of the new report include: READ MORE →

FloQast Releases Bot-Powered Update

Floqast CEO Whitmire

Connects to Oracle, SAP, Workday and other on-premise ERP systems to accelerate closings.

via FloQast
FloQast, a provider of close-management software, is rolling out FloQast Connect 2.0 to provide organizations with frictionless connectivity between on-premise ERP systems and cloud-based close management software.

MORE in TECH:  When a Doorbell Raises Privacy Concerns  |  Farm-Aid for Accountants? |  Why Daily T/E Entry Should Be Required |  IRS Clamps Down on Unreported Cryptocurrency Profits |  A New Tool for Security Management |  OneNote: The Hidden Treasure in Office 365More...

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“Accounting teams that rely on FloQast for their month-end close typically close three days faster than they did without us,” says Mike Whitmire, CPA, co-founder, and CEO of FloQast.

“However, when general ledger data is locked away in on-premise ERP systems, organizations are forced to find workarounds for getting to the data, that can erode the efficiencies gained using a solution like FloQast. With Connect 2.0, FloQast is providing a secure, automated way to tap into on-premise data, ensuring accounting teams realize the full value of our close management platform.”


Formulating New Guidance for Cannabis Clients

Zach Gordon to speak at NYSSCPA's Cannabis Conference, Nov. 9.

By Liz Gold

A strong network in cannabis, staying up-to-date on all the moving parts of legislation and reading constantly keeps Zach Gordon, CPA well-informed as co-practice leader of Janover LLC’s Cannabis Industry Practice Group. He’s also the chair of the New York State Society of CPAs’ Cannabis Industry Committee and planning the upcoming NYSSCPA’s 2019 Cannabis Conference in conjunction with the Foundation for Accounting Education. He’s taken on these leadership roles as a senior manager in a firm that he’s been at for less than a year.

More at CannaBizCPA.Pro: Katye Maxson-Landis: Integrity Wins in Cannabis Accounting [Bonus Podcast]  |   Cannabiz Meets Intellectual Property Protection  |  Why Jax Wheatley Shifted from LBGTQ to Cannabis Clients  |  [PODCAST] The Cannabis CPA: Sean Robinson  |  iComply Helping Cannabusinesses Stay Ahead of the Curve  |  Green Bits: Helping Cannabis Retailers Stay Compliant  |  Ron Seigneur Blazes New Trails in Cannabis  |  [PODCAST] Laura Durham Finds Her Niche | [PODCAST] Matt Karnes, Greenwave Consultants |  [PODCAST] Cristina Garza, CannaComply  |  [PODCAST] Alex Glueckler, Silver Leaf CBC  |  Silver Leaf CBC: An ERP Platform for Cannabis Companies  |  Leveling the Playing Field for Cannabis Businesses  |  [PODCAST] Sean Robinson, Tebaja Consulting

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“I don’t sleep much,” he says with a laugh. “There’s a lot of reading going on. I subscribe to every resource you could possibly imagine. And honestly, it’s just on us as professionals to make sure that we’re as up-to-date as possible with all the legislation out there, the potential legislation. And it’s a matter of having a good network, as well.” READ MORE →

CPA Convene: Building the Future-Ready Firm

Click here to learn more
Click here to learn more

Join the conversation about the new opportunities for the profession on Oct. 3.

By CPA Trendlines Research 

CPA Trendlines founder & CEO Rick Telberg is joining the Maryland Association of CPAs, the Montana Society of CPAs, and a bevy of other through leaders and professional groups to host an online, international grassroots conversation about the future of the CPA profession on Thursday, Oct. 3.

Visit CPA Convene for more details on session topics, speaker panels and the registration procedure.

This virtual conference is designed to foster contribution from individual CPAs and initiate meaningful discussion around the themes that are most pressing for the future of the CPA profession. The event is crafted to give voice to the attendees as stakeholders of the profession and to share expertise and insight across the global community. READ MORE →

Trump, Tariffs, Brexit: CPAs Turn Negative on the Economic Forecast

CPAs blame U.S. trade war for impairing the economy. (via AICPA)

Expectations fall to their lowest level since 2016.

By CPA Trendlines Research

Citing U.S. political leadership, trade concerns and fears of a sustained global slowdown, CPAs in private practice have crossed from a generally positive view of the economy to decisively negative, their dimmest view of the business situation in three years. And they expect things to get worse.

Only 42 percent of survey takers express optimism about the U.S. economy’s outlook over the next 12 months, down from 57 percent, the level it held for the past three quarters.

Positive sentiment on the U.S. economy had been as high as 79 percent in early 2018 and had not fallen below 50 percent since the third quarter of 2016, when it stood at 38 percent, according to the AICPA survey READ MORE →

Mergers: What Could Go Wrong?

Deal-breakers: Culture, personalities, and values. (CPA Trendlines Research)

M&A veterans cite culture, personalities, and values as top deal-breakers.

By CPA Trendlines Research

Why do firms merge? Why do sellers want to sell, buyers to buy? What attracts them? What worries them? What can go wrong?

And how does that affect you?

The new CPA Trendlines Mergers & Acquisitions Survey, conducted in conjunction with Capstone Marketing, has some of the answers.

And who better to answer than practitioners who have been through the merger or acquisition process?

The survey, which delves into the attitudes and behaviors of the M&A phenomenon like no other study, is yielding a raft of surprising findings.
Join the survey. Get the results.


Most New College Grads Plan to Start Their Own Businesses

But first, they need to pay off their student loans. Bonus: What Millennials want in a first job.

By CPA Trendlines Research

As they prepare to enter the workforce, 70 percent of young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else.

Additionally, 53 percent say they are likely to start their own business in the future, according to new research from the AICPA, which took the opportunity to promote CPA services to the wanna-be entrepreneurs.

Although the new study has no data on CPA-bound graduates, it provides some insight into Millenials' plans both as potential clients and as staffers.


Why Firms Merge: Hint, It’s Not for the Clients

Survey shows few firms will be left untouched today's M&A tsunami.

By CPA Trendlines Research

Roughly 7 in 10 accountants have been through a merger.
Been through a merger yet? Roughly 7 in 10 accountants have, and the signs point to even more M&A activity.

The world of accounting firm mergers is churning, and whether you’re in the market for a deal or not, the frenzy will affect your practice.

A third of accountants see a very active or extremely active M&A market in the works, and more than half say the trend is accelerating, according to the new CPA Trendlines Mergers & Acquisitions Survey, conducted in conjunction with Capstone Marketing.

The survey, which delves into the attitudes and behaviors of the M&A phenomenon like no other study, is yielding a raft of surprising findings.
Join the survey. Get the results.

Your competition and client market are going to shift around, with smaller firms disappearing, then popping up inside bigger firms, and clients dragged here and there, some of them looking for new CPAs. And if you’re scouting for talent, it could get hard to rope them in.


Merger Mania: Hot and Getting Hotter

Half of all firms may be in play. Is yours?

New CPA Trendlines survey says: One-third of accountants term the M&A market more than just moderately "active."
77% of accountants term today's M&A market at least "moderately active," including 33% who say it's "very" or "extremely" hot. (CPA Trendlines Research)

By CPA Trendlines Research

Hold on to your hat! A new tidal wave of mergers and acquisitions is about to swamp the tax and accounting business from sea to shining sea.

Three-quarters of tax and accounting professionals are calling the current M&A market for accounting firms as “active,” with 33 percent of them terming it “very” or “extremely” active, according to the new CPA Trendlines Mergers & Acquisitions Survey, conducted in conjunction with Capstone Marketing.

The survey, which delves into the attitudes and behaviors of the M&A phenomenon like no other study, is yielding a raft of surprising findings.
Join the survey. Get the results.