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Touch It Once: How Transactions Transformed our CPA Firm

TOUCH IT ONCE: HOW TRANSACTIONS TRANSFORMED OUR CPA FIRM

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 18, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Course LevelBasic
Course Description

The public accounting industry has jumped through hoops to serve clients proactively, and 2020 hasn't made life more comfortable. Being proactive requires the constant gathering of client balances—a daunting task! When submitting balances and data, clients often use inconsistent formats or are not pulled together in one centralized place. This results in CPAs having to do many redundant tasks in a very short amount of time, all while juggling frustrated clients. These issues are all caused by a balance-based workflow. 

In this course, participants will learn how the balance-based workflow creates inefficiencies for the public accounting industry. However, by implementing a transaction-based workflow, CPAs no longer need to wait on client balances and can finish all their work (tax and audit) by the beginning of the year. 

Learning Objectives:


  • Identify, define, and inform the problems of a balance-based workflow 

  • Identify, define, and inform the solution of a transaction-based workflow

  • Recall how implementing a transaction-based workflow avoids the need to gather client balances and allows finishing client numbers by the beginning of the year

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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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 always 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 gather data and work with data more real-time. This workflow concept can change the industry from a reactive service switching from putting last year’s balances on the previous 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.

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Joe Abesamis

BaCo Group
Tax and Client Services Director
joe.abesamis@bacogroup.com

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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.

About Our Presenter

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BaCo Group, PLLC is a full service, boutique-style, accounting, tax and attestation firm that partners with entrepreneurs and owners to provide high-quality service. It provides a full range of tax planning and preparation services, accounting consulting and attestation services, outsourced ‘CFO’ related services, and more. BaCo Group utilizes a patent-pending process that seamlessly integrates client accounting records into our workflow. That integration allows us to provide automated and consolidated online financial reporting, and eliminate redundancies on a readily available command center. We see the relationship between a business and its accountant as a partnership. We achieve this relationship in many ways, first and foremost, by working side by side with our clients throughout the year instead of a reactionary basis.