in the labyrinth of financial intricacies, the collapse of a bank sends shockwaves through the economic landscape, leaving stakeholders scrambling for answers. in this episode, “accounting arc: unraveling the collapse of silicon valley bank” dissects the demise of silicon valley bank to unravel the intricate web of factors that precipitated its downfall.
hosted by seasoned financial experts, this accounting arc episode, featuring terry sherrill, cpa, a managing director with tps thayer in sugar land, texas, dives deep into the underlying causes of bank collapses while offering invaluable insights for cpas, auditors, and financial professionals to fortify against such catastrophes.
disruptors wiley, deshayes, satterley, etienne, penczak and vanover offer their takes on staffing in the accounting profession.
by amy welch
in a post-pandemic gig economy, the rest of the world laments the staffing crisis. however, while the solutions may not be easy, they seem to be pretty simple.
in the 卡塔尔世界杯常规比赛时间 disruptors one-on-one interview series with liz farr, some of the profession’s most innovative thinkers suggest solutions ranging from re-examining your firm’s culture to tapping into two-year colleges for new talent. here, several weigh in on what they see as the potential answers to one of the most troubling issues in the accounting profession.
accountants on a mission: accounting, reaction, and maybe a little fun. accounting arc with donny shimamoto, liz mason, and byron patrick center for accounting transformation
in the latest episode of transformation talks, renowned international speaker, leadership coach, and business consultant scharrell jackson emphasizes the pivotal role of diversity, equity, and inclusion (dei) in ensuring the sustainability of businesses across diverse industries. jackson delves into the profound benefits of dei, extending beyond business culture to impact recruiting and the overall bottom line.
the discussion unveils a critical factor contributing to the failure of many organizations in implementing dei initiatives – the lack of a clear definition of success. according to jackson, organizations often struggle because they fail to articulate specific outcomes tied to business success. she advocates for a shift from merely increasing diversity percentages to a more focused approach, urging organizations to identify and commit to the desired outcomes.
randy crabtree, perhaps best known as the host of the unique cpa podcast, tells seth fineberg in this episode of tax chat ’24 that tax practitioners can avoid tax-season burnout with just a few simple shifts in their workflows.
when jason blumer and julie shipp joined forces to build blumer cpas more than a decade ago, they eschewed the traditional partnership structure, where decision-making power depends on ownership percentage. instead, blumer says, “we figured out the ownership is a legal reflection of the companies, but they do not reflect anything we do together in our roles.”
together, they also formed thriveal, a support community for accounting firm owners. blumer is the ceo and visionary for the firm and shipp is the coo and integrator. this separation of ownership from roles allows them both to be, as shipp says, “100% in my role and have 100% the authority of my role.”
brandon hall says that the reason accountants have such long and grueling busy seasons is that “firms try to make way too much money at tax prep.” firms don’t have enough capacity to deliver on services, so everyone – including the partners – ends up working a ton of hours.
because partner pay isn’t included in payroll, the margin on tax prep is likely much worse than the 30-35% that shows up on the income statement. hall’s target for the 2024 filing season is just 10-15% margin on tax prep.
amber setter, the chief enlightenment officer for conscious public accountants, started out as a type a overachiever cpa, but after a few busy seasons, she realized that she “didn’t want to be an accountant anymore.”
the cpa profession, or just plain old accounting profession, is currently facing challenges of getting more people to become cpas or even having young people think about accounting as a career.
we hear about the slow drip of the professional pipeline; all sorts of remedies or suggestions have been offered. is it because the profession still suffers an identity crisis exacerbated by an additional (if questionable) fifth year? there are those already in the profession who are bemoaning low pay, long hours, and doubts about whether gaining a partnership is achievable (or worth it).
oh, yes, there is the extra tuition load that must be taken on. so, higher debt, stagnant pay, long hours, and increased competition (think mbas, cfas) is a perfect storm.
james graham’s firm, richtr financial studio, gave up the billable hour 10 or 15 years ago, and graham points to that choice as making the biggest difference in his firm.
he said it’s because “it really changes the nature of your relationship with the client” when the client is no longer looking at the clock with “that dollar per hour in the moment, always hanging over any interaction.” by removing the focus on time, “it allows everyone to move forward better because the focus is on running the business.”
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disruptors wiley, deshayes, satterley, etienne, penczak and vanover offer their takes on staffing in the accounting profession.
