Accounting High

Episode 252

FACULTY: Ron Baker

CLASS: #TheGuide

Scotty’s back in the Office with our Principal, Ron Baker, and he has a copy of "The Creative Act: A Way of Being" by Rick Rubin. In this book report, they cover a wide range of topics, including creativity in art and accounting, the quest for efficiency, the role of humor in art, and the importance of paying attention to your surroundings. The conversation also touches on the challenges of being an entrepreneur and artist, the subjective nature of value, and the evolution of an artist's work. This engaging and thought-provoking discussion is a must-listen for anyone interested in creativity, art, or entrepreneurship. Tune in to hear more from Scott and Ron on "The Creative Act" and its many insights.

All the Shoutouts:

Greg Kyte, CPA, Rick Rubin, Broken Record, Jason Ackerman, CPA, CFP®, CGMA, Times up, Jasper, Conversations with Tyler, South Park, Arthur Schopenhauer, John Wooten, James Clear, Simon Sinek, Tim Williams, Nikole Mackenzie, David C. Baker, Caddyshack, Dave Chappelle, Terrell A Turner, CPA, Kenji Kuramoto, James Ashford, Michelle Weinstein, Tim Ferriss, Leonard Cohen, Bob Dylan, John Lennon, Eminem, Paul McCartney, Beatles, Elvis Presley, Sage, Thriveal, The Crux, Momentum Accounting, Inc, Mortimer J. Adler

Episode 251

FACULTY: Paul Dunn

CLASS: #TheGuide

Join Scott as he sits down with Paul Dunn, an author and a veteran in the accounting profession with over 30 years of experience. From the eye of a cyclone in Brisbane, Paul shares profound insights on finding purpose and creating a lasting impact. They delve into the importance of driving businesses beyond mere tools to creating significant outcomes, leveraging AI in transformation, and reframing business strategies to enrich the lives of both clients and team members. Paul also introduces B1G1, his initiative for making a social impact with every business transaction. Tune in for a compelling discussion that aims to inspire accountants and business owners to stand for something bigger than themselves.

📣 Shout Outs: Ron Baker, Rick Payne, James Clear, Daniel Preistly, Joseph Pine II, Substack, Steve Jobs, Mr. Rogers

📚 Books Referenced 📚

“Times UP” by Paul Dunn and Ron Baker

“Firm of the Future” by Paul Dunn and Ron Baker

“Atomic Habits” by James Clear

“The Experience Economy” by Joseph Pine II and James H. Gilmore

“The Transformation Economy” by Joseph Pine II

Chapters:

00:00 Teaser

01:29 Introduction

03:38 Purpose and Legacy

13:23 The Accountants Bootcamp

14:17 Creating History, Not Reporting It

23:35 The Power of Small Changes

25:12 The Importance of Punctuality

26:07 Reframing Proposals as Plans

28:36 Chat GPT

33:17 Transforming Lives Through Accounting

48:50 The Role of Storytelling in Business

52:33 Creating a Positive Work Environment

🔗 Connect With Us On Linkedin! 🔗

Paul Dunn

📎 https://www.linkedin.com/in/paulb1g1/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: The Guide, Accounting High, Accounting, Podcast, Guidance, Vision, Firm Owners, Advice, Purpose, Legacy, Accounting Profession

Episode 250

FACULTY: Ryan Bakke, CPA

CLASS: #Shoperations

In this episode, Ryan Bakke, CPA discusses his incredible journey of building a $3 million accounting firm by the age of 26. Ryan shares insights on the importance of a good hook in marketing, strategies for running a successful firm, and leveraging social proof through platforms like Facebook. He also delves into his motivations for leaving Deloitte, the value of mentorship, and his future goals for rapid growth and acquisition within the accounting profession. Ryan's story is a testament to how far standing on the shoulders of giants can get you.

📣 Shout Outs:  Dominic Piscopo, Big 4 Transparency, Brandon Hall, Deloitte, Tax Strategy 365, Bilal Mehanna, Becker, Bill Faith, Billy Mays, Driven, Logan Graf, Jason Staats

📚 Books Referenced 📚

“How to Win Friends and Influence People” by Dale Carnegie

“48 Laws of Power” by Robert Greene

Chapters:

00:00 Teaser

00:17 Introduction

01:17 Early Influences and Career Choices

03:30 Journey Through Deloitte

08:55 Building a Community and Brand

15:20 The Importance of Email Marketing

22:29 Attention as the New Oil

26:24 Building a Community Funnel

26:41 The Power of a Hook

27:28 Real-Life Hook Examples

29:01 The Importance of Community

32:37 Understanding Customer Motivation

38:08 Avoiding Feature Vomiting

48:14 Acquisitions and Future Goals

50:21 Parting Wisdom for Success

🔗 Connect With Us On LinkedIn! 🔗

Ryan Bakke, CPA

📎 https://www.linkedin.com/in/ryanbakkecpa/

Tax Strategy 365

📎 https://www.linkedin.com/company/tax-strategy-365/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Taxes, Sales, Marketing

Episode 249

FACULTY: Shane Mason, CPA/CFP

CLASS: #Shoperations

Join us in this Shoperations episode as we learn from Shane Mason of Brooklyn FI and his venture into software. Shane shares insights into the company's growth, handling rapid expansion, and the importance of predicting the future over dwelling on the past. Discover how Brooklyn FI is navigating industry shifts, introducing new partners, and staying ahead with innovative solutions like Gemifi. Perfect for students and professionals eager to learn about financial planning, startup struggles, and the evolving landscape of tech-driven advisory services.

📣 Shout Outs: Brooklyn FI, Inc5000, Palantir, Siri, CDF, Spotify, John Owens, Caitlin Fastiggi, Dan Beyer, Ally Jane Ayers, Live Oak Bank, Acuity, Intuit, PWC, Apple, The Liquidity Event, Gemifi, Tallyfor, Ignition, Ryan Embre, Guy Pearson, Craft Impact, Core Weave, Webber Grills, Peter Theil, Alex Karp, Backbone Planners, Deep Work

⬇️ Videos Referenced ⬇️

051 Numbers and Love Letters (feat. Shane Mason, CPA/PFS, CFP, CPWA)

(https://youtu.be/Pkn_JPfwl0k)

083 Tallyfor Product Review (feat. Shane Mason, Megan Justice, and Nikole Mackenzie )

(https://youtu.be/xd2Zn9u1mRI)

Chapters:

00:00 Teaser

00:28 Welcome Back Shane and BrooklynFI

09:59 Team Structure and Remote Work

13:04 Client Services and Financial Planning

22:28 The Liquidity Event Podcast

25:36 New Ventures: Gemify Software

34:50 BrooklynFI's Continued Success

35:30 Marketing Strategies and Partnerships

40:26 Investment Strategies and Market Insights

46:41 Final Thoughts and Advice

🔗 Connect With Us On LinkedIn! 🔗

Shane Mason, CPA/CFP

📎 https://www.linkedin.com/in/shanemasoncpacfp/

Brooklyn FI

📎 https://www.linkedin.com/company/brooklyn-fi/posts/?feedView=all

📎 https://www.brooklynfi.com/

Gemifi

📎 https://www.gemifi.co/

The Liquidity Event Podcast

📎 https://www.brooklynfi.com/podcast

AJ’s Substack: Money Changes Everything

📎 https://substack.com/@moneychangeseverything

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Client Advisory Services, CAS, Financial Planning, Tax Planning, Tech Forward, Firm Owner

Episode 248

FACULTY: Jason Ackerman, CPA aka J-Rabbit aka the Accounting High Lunch Lady

CLASS: #Shoperations

In this episode, Jason Ackerman, CPA, co-founder of WealthRabbit, discusses the importance of accountants providing advisory services and setting up retirement plans for clients. Ackerman explains the challenges and opportunities in offering simple IRAs, SEPs, and other retirement plans, and emphasizes the need for accountants to evolve from mere compliance work to value-driven services. The conversation delves into the development of WealthRabbit, the integration with payroll systems, and the importance of customer service in both accounting and software businesses.

📣 Shout Outs: Bernie Ackerman, BNA CPAs & Advisors, Gusto, Ron Baker, Fidelity, Guideline, Human Interest, ADP, Finch, Intuit, Paychex, OnPay

⬇️Videos Referenced⬇️

$6M Tax Firm, Building a CAS Practice, Implementing EOS, with NO Timesheets! | Jason Ackerman, CPA

(https://youtu.be/PkI8FW7lozU)

Chapters:

00:00 Introduction

00:35 Jason Ackerman's Career Update

02:01 Firm Updates and New Hires

04:05 Combining Wealth and Tax Services

06:17 Retirement Planning Advisory

18:37 Understanding Simple IRA Compliance

19:14 Revenue Sharing for Accountants

20:50 Setting Up Retirement Plans with WealthRabbit

21:37 Employee Engagement and Education

24:17 Managing Investments and Portfolios

27:52 WealthRabbit's Dashboard and Integrations

34:40 Customer Support and Service

37:27 Jason Graduates from Accounting High

🔗 Connect With Us On LinkedIn! 🔗

Jason Ackerman, CPA

📎 https://www.linkedin.com/in/jasonlackerman/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, investing, wealth management, IRA, SEP, retirement planning

Episode 247

FACULTY: Principal Ron Baker

CLASS: #TheGuide

In this episode, Scott is in the office again with Accounting High Principal Ron Baker to discuss the future of accounting and the shift towards the transformation economy. Ron outlines the evolution of economic eras and how firms can position themselves to offer superior value by focusing on transformations rather than just services. They also touch on examples from various industries, and discuss the potential of subscription models.

📣 Shout Outs: Nikole MacKenzie, James Ashford, Ben Stein, Joe Pine, James Gilmore, Scaling New Heights, Betty Crocker, Duncan Hines, Bench, Angus Barn, Ruth’s Chris Steakhouse, Chuck E Cheese, Nike, Mayo Clinic, Profit First, GoProposal, Intuit, Apple, Disney

📚 Books Referenced 📚

“The Experience Economy” by Joe Pine and James Gilmore

“ Trends in the Transformation Economy” by Christophe Jacque

Chapters:

00:00 Teaser

02:54 The Evolution of Economic Eras

05:46 The Experience Economy

06:44 The Transformation Economy

09:29 Decommoditizing Services

15:27 Real-World Examples of Transformation

22:26 Fender Play: A Case Study

25:05 The Future of Professional Services

35:22 The Future of Accounting Firms

36:37 Creating Transformative Experiences

39:49 Specializing in Transformations

42:23 Challenges and Opportunities in the Profession

43:50 The Subscription Model and Transformations

49:28 The Future of Healthcare and Parallels to Accounting

01:06:33 Burnout vs. Moral Injury in the Profession

01:07:52 Conclusion and Final Thoughts

🔗 Connect With Us On Linkedin! 🔗

Ron Baker

📎 https://www.linkedin.com/in/ronbaker1/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, Transformation Economy, Service Offerings, Future of Accounting, Economics, Experience Economy, Transformation Economy

Episode 246

FACULTY: Ed Mendlowitz, CPA 

In this episode, Scotty interviews Edward Mendlowitz, a storied CPA and author, sharing his extensive experiences and insights on the accounting profession. Mendlowitz discusses the evolution of accounting practices, the importance of passion in one's career, and the necessity for CPAs to adapt to new technologies and trends. Highlighting his personal journey, he speaks on the significance of building relationships and offering valuable advice to clients. The episode also covers Mendlowitz's prolific writing career, his teaching endeavors, and his perspective on the future of the accounting industry.

📣 Shout Outs: Jason Ackerman, Ron Baker, Martin Edelston, Bill Hagerman, Gino Malmacci, CPA Academy, WithumSmith+Brown, QuickBooks, Microsoft

⬇️ Videos Referenced ⬇️

063 So Many Things to Learn (feat. Ed Mendlowitz, CPA)

(https://youtu.be/eKG2GgYYzMQ)

190 Transitioning from CEO to Chairman of the Board (feat. Ed Mendlowitz, CPA)

(https://youtu.be/UNobaMGSQaY)

198 The Timesheet Debate Ed Mendlowitz vs Ron Baker (An Epic Tale in the Saga of Time)

(https://youtu.be/BP1Yq8oa_es)

📚 Book Referenced 📚

“Memoirs of a CPA” by Edward Medlowitz

Chapters:

00:00 Teaser

00:52 Introduction

02:52 What Makes a Successful CPA

03:30 Inspiring the Next Generation

07:12 Career Transitions and Mergers

09:14 Innovative Practices and Marketing

14:43 Writing and Publishing

26:25 Mentorship and Internships

31:50 Discovering a Better Insurance Deal

32:21 Lawsuits in Accounting

32:59 The Evolution of Technology

36:17 The Future of Social Media

40:39 The Changing Landscape of Medicine

45:57 Teaching and Learning

51:58 Stamp Collecting Stories

56:16 Parting Wisdom for CPAs

🔗 Connect With Us On Linkedin! 🔗

Edward Mendlowitz, CPA

📎 https://www.linkedin.com/in/edward-mendlowitz-a6a1305/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: The Guide, Accounting High, Accounting, Podcast, Guidance, Vision, Firm Owners, Advice

Episode 245

FACULTY: Alex Drost, CPA

CLASS: #AccountingHigh

Join us in this insightful episode of Accounting High as we sit down with Alex Drost, a consultant with a background in investment banking and business consulting, and a licensed CPA. Alex shares his unconventional path into the accounting world, discusses the current trends in the accounting and private equity (PE) industries, and offers invaluable advice for both young professionals and established firm owners. Don't miss out on understanding the seismic shifts happening in the industry and how you can be a part of it.

📣 Shout Outs:

Matt Kidd, Randy Crabtree, Steve Hoffman, Brandon Hall, Connection Builders, Summit CPAs, Dark Horse CPAs, HD Growth Partners, Ascend, H&R Block, American Express, RSM, EY, Eisner Ampner, Cherry Becker, Fahrenheit Advisors, Smith Co, Smith Howard, Anders, PE Summit in Chicago, BDO, Notion

⬇️ Videos Referenced ⬇️

Getting Stuck at $1.2M and How I Got Out of the Way to Grow from Accountant to Entrepreneur Part 1

(https://youtu.be/PFEeE3hAkec)

Dismantling Pyramid Schemes with Selfish Motivations | Chase Birky, Tim Petrey, and Kenji Kuramoto

(https://youtu.be/cw51hauqtyA)

$10M Firm, Offering CAS, Implementing EOS, & backed by Private Equity! | Steven Hoffman, CEO

(https://youtu.be/TvlqZQfRchA)

Chapters:

00:00 Teaser

01:57 Alex Drost's Journey to Becoming a CPA

05:02 Connection Builders and Business Development

06:55 Private Equity in Accounting

11:01 Impact of Private Equity on Middle Market Firms

24:45 Profit Distribution Challenges

25:23 Private Equity and Investment Decisions

26:53 Building Enterprise Value

29:08 Retirement and Succession Planning

33:13 Technological Advancements in Accounting

42:14 Millennials vs Gen Z

🔗 Connect With Us On Linkedin! 🔗

Alex Drost, CPA

📎 https://www.linkedin.com/in/adrost/

Connection Builders

📎 https://www.linkedin.com/company/connectionbuilders/

📎 https://www.connection.builders/

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, Private Equity, Firm Structure, Future of Accounting

Episode 244

FACULTY: Matthew Cordes, EA and Adam Markowitz, EA

CLASS: #AccountingHigh

In this episode of Accounting High, Scott Scarano, EA invites the EA team for a discussion about the importance and impact of Enrolled Agents (EAs) in the tax and accounting world. Joined by EAs Adam Markowitz and Matthew Cordes, the conversation dives into their journeys, experiences, and the misconceptions surrounding EAs. The episode also features the premiere of a new OKR track “Smells Like EA’s”.

📣 Shout Outs: Sabrina Parris, Nancy McClellan, Jason Staats, Andrea McDonald, Jeremy Wells, Steadfast Bookkeeping, Luminary Tax Advisors, Florida Institute for Community Inclusion, Esteamed Coffee, Biddy and Bo’s, #TaxTwitter

⬇️Videos Referenced⬇️

066 Licensed to Tax (feat. Adam Markowitz, EA)

(https://youtu.be/QKDvKqGKM5Q)

AH Debates - CPA vs EA  "The Battle of the Brands"

(https://youtu.be/HomCak8tPa8)

Tax Accountants' Anthem (an OK.Remix of Ruff Ryders' Anthem by DMX)

(https://youtu.be/K6YfYMk0DyU)

Scaling a Million Dollar Accounting Practice | Andrea MacDonald, CPA

(https://youtu.be/pOQrJyQWce8)

Chapters:

00:00 Teaser

01:09 Meet the EA Team

02:26 The Journey to Becoming an EA

03:17 Understanding the EA Credential

04:23 Personal Stories and Experiences

06:53 Challenges and Rewards of Being an EA

11:22 Representation and Advocacy

16:10 Dealing with the IRS

21:13 Challenges with IRS Form Submissions

21:41 Understanding IRS Service Centers

22:25 Issues with S Corp Elections

24:39 Experiences with S Corps During COVID

27:50 Intermission: "Smells Like EAs" Premiere

32:32 Transitioning to a New Practice

39:15 Innovative Firm Strategies

40:31 Neurodivergent Career Program

48:48 Conclusion and Final Thoughts

🔗 Connect With Us On Linkedin! 🔗

Matthew Cordes, EA

📎 https://www.linkedin.com/in/matthew-cordes/

📎 https://www.linkedin.com/company/steadfast-bookkeeping-co/

Adam Markowitz, EA

📎 https://www.linkedin.com/in/adam-markowitz-ea-cslp-91b91b65/

📎 https://www.luminarytaxadvisors.com

Scotty OKR Scarano

📎 https://www.linkedin.com/in/scottscarano/

Accounting High

📎 https://www.linkedin.com/company/accounting-high/

📎 https://www.accountinghigh.com/

Tags: Accounting High, Accounting, Podcast, Coaching, Accounting Tips, How To Run An Accounting Practice, Accounting Industry, Accounting Practice, EA, Enrolled Agent, IRS, Taxes, Tax Accountant, CPA, Accounting Community, Tax Twitter

Episode 243

FACULTY: Nick Boscia, CPA, EA aka The Balanced CPA

CLASS: #Shoperations

In this episode, join Scotty as he talks with Nick Boscia, aka the Balanced CPA from New Jersey. Nick shares insights from his journey in accounting, taking over his father's firm, and running a family business with his brother. They explore the importance of balance in work and life, the evolution of their firm with technology, and the implementation of fair client pricing. Nick also discusses the challenges they faced and the aspirations for the future, all while maintaining a balanced approach to life and work. This engaging conversation offers a deep dive into the life of a modern CPA striving for balance and growth.

📣 Shout Outs: Dawn Brolin, PWC, SmartVault, LeCert, Bench, Financial Sense, Anchor

⬇️Videos Referenced⬇️

Melissa McCarthy for Accounting Professionals (feat. Dawn Brolin)

(https://youtu.be/GkcEXTmEVSY)

Chapters:

00:00 Teaser

00:11 Introduction and Guest Introduction

00:47 Family Business Background

01:07 The Concept of Balanced CPA

04:23 Personal Life and Balance

08:36 Professional Journey and Achievements

11:40 Business Operations and Growth

18:36 Pricing Strategies and Client Management

21:06 Future Plans and Innovations

25:28 Discussing Business Structures and Tax Strategies

26:07 Balancing Business Expenses with a Partner

28:26 Modernizing the Firm with Technology

33:41 Balancing Personal and Professional Life

42:50 Credit Card Points and Financial Strategies

45:49 Future Goals and Firm Growth

🔗 Connect With Us On LinkedIn! 🔗

Nick Boscia, CPA, EA

📎 linkedin.com/in/nickboscia/

Boscia & Boscia PC

📎 linkedin.com/company/bosciapc/

📎 bosciapc.com

Scotty OKR Scarano

📎 linkedin.com/in/scottscarano/

Accounting High

📎 linkedin.com/company/accounting-high/

📎 accountinghigh.com/

Tags: Shoperations, Accounting High, Accounting, Podcast, Shop Class, Firm Operations, Systems And Processes, Partnerships, Work Life Balance, The Balanced CPA, CPA, EA, Entrepreneurship