Most firms face “critical periods” as they grow in which new challenges appear, Karbon’s recent Practice Excellence Scorecard report finds. However, with some strategies firms can prepare for these stressful times and emerge unscathed, the report shows.
Is the U.S. ready to move to a third-party payer system for audits?
The author of an article in the influential New York State Society's CPA Journal magazine says the time has come to bring the discussion into the open.
In the article, Michael Doron, Ph.D, CPA, an associate professor in the department of accounting and information systems at California State University in Northridge, examines relationships between auditors and the public in countries which have more regulation, the results of an experiment with a third-party payer and how the United States government handles similar regulation in other industries.
Although he recognizes changing this process could be seen as “politically radical,” evidence shows it could work. Organizations such as the Public Accounting Oversight Board (PCAOB) already regulates the American auditing profession. In addition to being seen as radical, he acknowledges the shift would be a “tremendous change.” READ MORE →
Global trade wars, political winds buffet business.
By Kayleigh Padar CPA Trendlines
CPAs should be prepared to help their clients navigate an increasingly unstable global economy and burgeoning challenges with technology, particularly cyber threats, according to a new global study of C-level executives.
Only 57 percent said they were optimistic about the U.S. economy over the next 12 months, down from 69 percent in the previous quarter. CPAs cite trade issues and rising interest rates as the main reasons for their pessimism.READ MORE →
“As an industry, we need to be more careful about that. It’s not just moving money from one account to another. The second point I would say is design. It’s a very important element of this. We see people sometimes like to have more control. READ MORE →
Chris Hooper, the CEO and managing partner of Accodex, recently redesigned the firm’s business model to respond to clients’ changing accounting needs. The firm operates in four areas: the United States, the United Kingdom, Australia and the Philippines. It is made up of over 50 employees.
Jason Ackerman and Bernard Ackerman run the firm BNA CPA together as a dynamic family duo. Based in Rock Hill, SC, the firm consists of 20 employees and is modernized, offering flexible schedules to its employees and choosing value pricing over timesheets.
“The position makes the person,” said Carl Famiglietti, managing partner of Moody, Famiglietti & Andronico, a 160-person firm located in Tewksbury, MA. His firm has undergone Radical changes since he took the helm in 2004, a time that he calls “The Reset.”
Dean Quiambao, a CPA and business development partner at Armanino LLP, a Top 25 firm, works hard to incubate revolutionary ideas within his firm to help it grow and modernize as the world around him changes.
“Do your activity, because activity breeds activity,” said Quiambao. “And I say this all the time, you keep hitting singles and the next thing you know you're going to pop a triple out of nowhere. You're going to make your own luck, you're going to make something happen because you're constantly doing something.” READ MORE →
Ian Vacin is the cofounder and vice president of product marketing at Karbon, a software designed to help firms improve their processes. He described why process improvement is vital to a functioning firm.
Josh Zweig is the co-founder of LiveCA LLP, a Canadian chartered accounting firm of about 40 people that is run remotely, without a traditional office building. It's all virtual – a work anywhere business. Three years ago, the entire business was just a sole proprietorship; now it is bringing in millions of dollars of revenue.
The firm’s biggest challenge is recruitment. “For smaller firms that don't have 20 college reps to go down to every school and recruit, it becomes increasingly hard to get word out that there is an alternative here for people,” Zweig said.