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CPA - medium firm
CPA - large firm
2020 was a challenging year for everyone, CPAs included. For one CPA firm though, it was their most productive, profitable, and efficient year ever. In 2020, this firm experienced its highest realization ever with over 140% across all clients for the firm, despite not charging clients extra for their PPP loans and loan forgiveness. They also did more work for more clients in less time with less people and gave better client service with higher satisfaction, with no last-minute filings or surprises.
This was all possible because this firm successfully adapted a “touch it once philosophy” to every possible task. This philosophy begins with an efficient gathering of client data and then integrating that data into a firm standard workflow that combines engagement letters and billing into one task, once a year. Streamlining tasks have allowed this firm to focus on client services and be more efficient in filing tax returns. Doing so has made them more productive and more profitable, navigating COVID-19 and PPP services' obstacles with ease.
Learning Objectives:
- Recognize how “touch it once” paid off in unexpected areas
- Name unique opportunity-based approaches to common deadlines and many of the issues that plague the industry.
- Identify how to properly assess and maintain the collective value of their client base over exceptions based on individual preferences
- List third-party applications and how to maximize their perceived AND actual value
Ford Baker, CPA, has over 35 years of experience in the public accounting industry, with over 20 of experience running a firm, BaCo Group, PLLC. In that role, Ford constantly sought to improve the efficiency of his firm through technology and forward-thinking. His passion was built out of a unique backstory; in 2012 he weighed almost 400 pounds, but by 2014 he had changed his life and rode a bicycle from Canada to Mexico down the Pacific Coast Highway. He had a passion and focus on eliminating the clutter in his practice that created the 400-pound version of himself that he did not want to see return. Ultimately, Ford developed an in-house transaction-based workflow using Excel and various other off the shelf utilities that make gathering data and working with data more real-time. This workflow concept can change the industry from a reactive service from putting last year’s balances on last year’s returns to proactive services, teaching clients the impact of this year’s numbers on their business, its exit value, and next year’s tax bill, today.
Joe Abesamis
BaCo Group
Tax and Client Services Director
joe.abesamis@bacogroup.com
Joe Abesamis is a redemptive CPA who exists to fix what is wrong in the public accounting profession. Since 2007, he has worked in various firms where billable hours were valued over outcomes, profits came before people, and men became machines. He wants to reverse the curse and provide hope for a brighter future to the profession. Joe aims to inspire the next generation by example through BaCo Group, PLLC, a boutique tax and accounting firm, and BaCo Tech, an accounting tech company that will eliminate “busy” season from our vocabulary. Joe enjoys writing thought leadership articles for Intuit and Sage and is an active member of the innovative accountant's group, Thriveal. Additionally, he is an active member of a CEO peer advisory group of executives who challenge and inspire each other to make better decisions, Vistage International.
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