Episode 67

Accounting High (aka Sons of CPAs) 

Episode 66 | Recorded March 21, 2022

Guest: Adam Markowitz, EA

Hosts: Jason Ackerman and Scott Scarano

Sponsor: Karbon - Karbon firms are connected firms - check em out at https://karbonhq.com/

Join Scott, Jason, and Adam as they talk about tax, branding, software apps, social issues, #TaxTwitter, finding your purpose, and everything in between.  Find out how Adam, a Bachelor of Arts who majored in Music and History ended up in the Tax/Accounting space and why he’s here to stay. It’s about keeping in mind what’s really important to each of us, and finding our purpose.  What’s yours?  For Adam, it’s to help out his local community and really help out those who need it the most.

3 - Dad started the business back in 1993

5 - The best thing that ever happened to me was telling me they couldn't give me an extra buck and 50 an hour.

7 - I was into sports gambling and it was a miserable, miserable crutch for a college kid who thought he knew much more about sports than he did

Shoutout to Mike Rose

8 - You're not paying me because I'm dressed in a suit. You're paying me because I've got a good brain on my shoulders

11 - A writer disguised as an accountant

13 - Having done maybe 20 returns and probably f*cked up half of them, that’s when Adam decided he’s buying into the family business

17 - I'll promise you, the name Markowitz, it ain't going to be in there anywhere. I want this business to be a lot bigger than me and I want this business to live on a lot longer

Shoutout to AJ Campo

21 - How the f*ck do we think we're going to help these people when we don't offer them any help?

Shoutout to Netflix, Adam Project, WeCrashed, Adam Newman, TV+

25 - Does any accountant or tax preparer love themselves on March 21st?

Shoutout to Karbon

28 - Why is Adam using Karbon? It keeps his team on task and its automators are absolutely the secret sauce

29 - Adam and his dad’s only argument in the 15 years they’ve been working together was overpaying him

Shoutout to Jim Costello

32 - #TaxTwitter

Shoutout to Kelly Phillips Erb aka @taxgirl, Jason Staats aka @jstaatscpa, Andrea @andreacpa0, Ed Zollars aka @edzollars, Glen Birnbaum

38 - So what really is an EA?

Shoutout to Drake Software, KanyeTax, EasyACCT

42 - Adam’s horrible confession re: general ledger

Shoutout to Intuit QuickBooks, Xero

44 - By doing the actual manual entry, even though it took more time, I have a lot better understanding about what the client has going on in their business

49 - 2020 was about helping everyone, 2021 was about survival, and 2022 is about the last push of growth

53 - We’re headed to a firm that is going to be less about me and more about the community

57 - What is your purpose?

60 - Adam’s advice? treat the person on the other side of the table like they’re your grandmother

Episode 65 | Recorded March 14, 2022 (π day)

Guest: Lindsay Stevenson, CPA, CGMA

Hosts: Jason Ackerman and Scott Scarano

Join Jason and Scott in getting to know more about Lindsay, BPM LLP’s Chief Transformation Officer. What does that role do? We weren’t too sure ourselves until Lindsay gave us a glimpse of what she does. Listen to how she started out as a staff accountant until becoming an integral part of a large firm and how she was able to go through a midlife crisis in identifying what she really wanted to do with her career. Lindsay also shares her experience on how these big innovative changes happen at a large firm and how being a CPA makes you a “hot thang” that most businesses all over the country would want to work with.

0 Accounting can be sexy to young people

3 Chief Transformation Officer - the strategy behind being innovative, forward-thinking, and actually moving the needle so that we can get traction on all the cool ideas that our team has

4 Lindsays journey from a public accountant to Chief Transformation Officer

Shoutout to Sarah Elliot, CPA, PCC, Brian Kush, PCC, CPA

8 What would a job look like for you?... And he said, let’s do it! Let’s do it at BPM

Shoutout to Dan Griffiths

10 I was overwhelmed to think that there was just sort of this written rule about CPAs. You come into the profession, you put your head down, and you do your work. Then you keep doing that until you make partner. It just felt I wasn’t that

14 If your foundation is built on time and that billing structure, you can't just build something else on top of that. It's a shaky foundation

16 The real magic in my role is it’s really fun to think about the big things

Shoutout to Apple

19 What you should care about the most is every client interaction and how to make that better

23 Lindsay’s and Jason’s POV on how small and large firms adapt and innovate their processes

Shoutout to Thompson Reuters, CCH, Workday

27 When you become the big fish in the pond, there is less motivation to innovate

30 Is this due to the general mindset shift of the digital age or people being more open to sharing?

Shoutout to Squadcast

34 Niche Accounting, the next big shift for the accounting space. Or have we already shifted into it?

Shoutout to Tate Henshaw, CFP

39 What are some of the things that Lindsay’s looking forward to changing with her new role?

40 Accounting can be sexy

42 If you were to sell the CPA firm or the CPA profession to your kids, how would you do it?

Shoutout to Dave Emmerman

43 You come out of school and you say, I'm a CPA. Near every business in this country would be like, come work for me because I need somebody that understands finances

47 Be brave and be bold. There are ways to take risks and be bold and be brave in very small ways that carry very little risk

Episode 64

#FreshBookReports @ Accounting High (the miniseries)

Recorded May 22, 2022

Still, with us today is Twyla Verhelst, CPA. Twyla is the distinguished director of the Accountant Channel and the FreshBooks Accounting Partner Program Leader. She supports and empowers other accounting professionals as they help small businesses flourish.

Thank you to our sponsor, Freshbooks!

Part 3 of 3

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear. Scott and Twlya conclude this mini-series by giving us their final take on the book. What are our key takeaways? How can we get back our lost identities or gain new ones? Finding that delicate balance as we muddle through everything. Come ride along as we finish this ride and get prepared for what else might come

0 - Don’t judge a book by its cover, or should we?

3 - Our genes (genetics) are related to our habits

5 - Identify yourself and know what’ll work for you

7 - CBE: Career Best Efforts, the real little things that compound over time

10 - When you can’t win by being better, you can win by being different

Shoutout to Scott Adams, Zachary Call, CPA, Mike Michalowicz

13 - Measure what matters and improve on that

14 - Peak motivation: How do we get there?

17 - Finding the balance in getting there and not losing yourself

Shoutout to Ron Baker

18 - Who knew sparkling water gives you variable rewards?

21 - We got your accounting and we’re not gonna judge, Accounting Vice!

Shoutout to David Leary

22 - The downside of creating good habits

25 - Autopilot: not being as mindful or aware of your habits and how it becomes boredom

26 - Advantages of having an accountability buddy

30 - There’s always light at the end of the tunnel

Shoutout to Nikole Mackenzie, CPA

32 - Why this book is being reread and how it’s been an instrument to reset or to check-in

35 - Success is not a goal to reach or a finish line to cross

36 - Lack of self-awareness is poison

39 - Self-control is difficult because it’s not satisfying

41 - Being curious is better than being smart

42 - Your actions reveal how badly you want something

45 - We can only be rational and logical after we have been emotional

48 - Capping of this mini-series, we hear what are Scott and Twyla’s final thoughts on it.

Shoutout to Kenji Kuramoto

52 - We’ll grow into AccountingLife

55 - Be careful with control

57 - Is Atomic Habits worth a 5-star rating?

Season 3 BONUS | Recorded March 22, 2022

Welcome to the resurrection of the #5minLy

We’re back for another chat and your regular dose of quick-and-easy information. Today, our hosts go through the 7 micro habits to be a better leader. Although short compared to our usual episodes, this ain’t short on helpful tips on how we can better mange our firm and our employees. Listen in for more…

#5minLy is co-hosted by Michael Ly, an accounting and fintech entrepreneur whose exposure to the startup accounting ecosystems has given him insights into the opportunities around the data sitting in accounting systems

7 micro habits that’ll help you become a better leader at your firm

Shoutout to Twyla Verhelst, CPA Karbon Earmark Xero Nikole Mackenzie, CPA Chewy

Episode 63 | Recorded February 22, 2022

Guest: Edward Mendlowitz, CPA

Hosts: Jason Ackerman, CPA and Scott Scarano, EA

Sponsor: Dark Horse CPAs - visit abetterway.cpa to learn more

Hosted by Scott and Jason, Ed shares the story of his accounting life. Not familiar with who Edward Mendlowitz is? He’s an accountant who has been in practice since 1974 and is now a Partner at Withum. This episode is a collection of stories about his practice and how he was able to adapt, innovate, and take on the challenges of the accounting space. Not a minute goes to waste as he shares his personal tips and tricks in running his business so be sure to give your 101% attention or you might miss the greatest tip you’ll ever need.

2 A lot of wisdom with Ed, none with Jason, and a little with Scott

Shoutout to CPA Journal

4 Ed, a legit Sons of CPA: I wanted to be a CPA like my father

5 It seemed to me that my father was a very powerful person because he had all these people who couldn't make decisions without getting his advice

7 Ed has been fixed price billing even before it was the hype

14 You gotta just look for the cracks

16 I have to charge you for what I did and it's pretty high

17 I love accounting, believe me. I love it, but it's not a hobby, it's a business and I gotta make money from it

19 Any client that paid me a fee was a good client… the fact whether I liked them or didn't like them was not relevant. I did a great job for them, they appreciated it, and they paid me my fees

24 You don't wanna put your fortune, your life at risk by dealing with people that are dishonest or out there breaking the law. That’s stupid

Shoutout to Ron Saharyan, Profit First Professionals

25 HOT STUFF!: How Ed made a big company not pay taxes for 7-8 years

30 Ed’s first partnership: Siegel Mendlowitz & Rich, PC

Shoutout to Seymour G. Siegel, The Wall Street Journal

32 On to the next ones: Mendlowitz Weitsen LLP and Withum Smith + Brown, PC

Shoutout to Peter Weitsen, Frank Boutillette, Withum, Paul Rich

35 You wanna grow, you gotta build infrastructure, you gotta do it right

37 If I could hold onto what I got, I'm never gonna do bad. I may not do great, but I'm never gonna do bad

40 You gotta give the salary that the people are worth. Not what they were worth when you hired them, but their worth after you made your investment in them. They now own that value

45 What has changed is the things that haven’t changed. What hasn’t changed is the attitude towards staff

49 Ed’s favorite part of accounting? Every single thing he’s done, Everything!

51 Ed’s advice on starting a firm? Get a client where you could get a check every month, get that annuity business

Shoutout to AICPA, Sidney Kess, Bill Hagaman

55 Ed’s parting tip for this episode? You gotta raise the fee every year. Your expenses go up every year. When you raise the fee, you're not increasing the fee, you're passing on your increased costs

shout out to all my CPAliens, you know who you are...

[Verse 1]

It’s the accounting firm owner, podcaster, amateur rapper

first time on the mic so listen close and hold your laughter

so, what’s hotter than a million-dollar cloud firm,

with low churn, there i go again, talking about myself, and

track, indicators, to perform on this platform

And now you ‘bout to see a southern EA reborn

I said i’m not a public certified accountant

and they say it’s not the tax you pay but what bracket you in

You got mail? send electric or post-dated to the I-R Service

Cause if we file a return that’s late, they all get nervous

So go get your Panda signed docs, and listen close bitches

the riches, come when you’re deeply penetrating niches

scar-a-no got taxed but i’m here and still alive

a felony for selling cocaine in two thousand five

and now i thrive, took a nosedive, but didn’t go to prison

i’ve said this all before, but i don’t think ya’ll even listen

[Hook]

Now toss your hands in the air

And wave 'em like you’re in despair

if your tax staff quits and you’re sick of this shit

Then everybody let me hear you say No Fa-ir

[Verse 2]

fixed asset depreciation or study cost segregation

For the property owner, and not the loaner

let me know when it’s time for print toner

If not I'll wait, because the future of the profession is gone

If the children of CPAs gon' be a daughter or son

Or are they the smartest regardless the platform they on?

I feel that if we take a break, it might just start to be fun

Or will they run out of funds and grab a p-p-p loan?

They wanna consult us on leadership, and finding your Why

Like Simon Sinek when you find it that’s a natural high

Land of Ron Baker or an acre of a cloud in my sky

Now banker, banker no more can I get Relay-Fi?

[Verse 3]

Foolish is how i act, but you know i ain’t no fool

Thinking about how a Podcast about accounting can be cool?

Like A-J to the E-S, cause we adjust the journal entries and

Homie, i think i made it, but i’m not automated,

finally ended client engagements that we tolerated

And now I'm rapping on a track that OutKast created

is it a Debit or a Credit?

are balance sheet numbers killing you softly?

intro the C-P-Aliens, and debit inventory

So Sorry, as I trade Scarano to Earmark

Found how to dismantle my anchor, and then depart

Then turned the page, now everybody's trying to find their spark?

A-R clerks stay serious even when they fart

a facade of being hilarious Shakespeare with no fear

protect vulnerable PCs but Macs are in the clear, okay?

I wasn’t locked away, i got a longer rep in this endeavor,

not low on ambition so I'm ready explore and get paid!

Episode 62 | Recorded March 7, 2022

Guest: Rachel Fisch

Hosts: Jason Ackerman, CPA & Scott Scarano, EA

Sponsor: Dark Horse CPAs - visit abetterway.cpa to learn more

Welcome! Our guest today is the one, only and always Rachel Fisch. Rachel has over 20 years of experience in bookkeeping and accounting, with a number of those years running her own practice. She previously served as National Bookkeeping Lead for Deloitte and most recently was the Accountants Group Leader for Sage. She is also a dynamic speaker, and accounting vanguard, and presents at prestigious international conferences.

3 How Rachel got into accounting? Not intentionally ...?

Shout out to Liz Mason and High Rock Accounting

5 The accounting trajectory

Shout out to Winnipeg, Fisch Financial and FischBooks, AND FreshBooks

8 On NOT being lazy

Shout out to John Garrett and Green Apple Slices

11 Best part of connecting with other accountants?

Shout out to Accounting Salon

12 Mother Stories – Raising Adolescents

14 Rachel knows EV-ER-Y-BOD-Y!

Shout out to Sage, QB, and Xero

16 The role at High Rock and in accounting – moving people forward

17 What challenges?

19 The Holy Grails of accounting

Shout out to Hubdoc and Relay

21 Tax accounting in Canada

Shout out to TaxCycle, Canada Revenue Agency

24 The implosion of a firm

Shout out to the QuickBooks Training, QuickBooks Desktop, Peachtree, and Sage 50, Deloitte

30 Big Four bookkeeping foibles and mindset adjustments

Shout out to MNP

34 Some woulda-coulda-shouldas when you’re being bought out

37 Spiraling up (and down) at Sage and landing at High Rock

Shout out to Jay Kimmelman and Digital CPA, and Megan Tarnow, and Mobius

42 From both sides now ... balancing user feedback and product dev

45 Build, buy or partner?

46 High points of High Rocking

49 Scott Unchaperoned – What Sesame Street character would you be?

Shout out to Grover, Big Bird, and The Count

51 What chess piece are you? (Rachel = Knight)

54 On being remembered ...

Shout out to Liz Mason, Megan Tarnow, Chris Geno, and anyone who doesn’t know #TaxTwitter

62 Hackathon Talk

Shout out to Earmark Accounting Podcast, Blake Oliver, David Leary, Peter Wen

64 Visions of a successful year

Shout out to Rebel Rock Accounting

Connect with Rachel:

LinkedIn: https://www.linkedin.com/in/rachelfisch/

Twitter: https://twitter.com/Fischbooks

To set the stage for our first cage match our first Friday Night Fight...

Accounting High presents... QuickBooks Online versus Xero, the cage match. Round one

nobody paid us for this product comparison

it was recorded on January 19, 2022

In the Xero Corner, we have 

Zachary Call, CPA Partner & CPA at Weaver Call & House LC

In the QuickBooks Online Corner, we have 

Michael Ly Fintech Entrepreneur | Cloud Accounting Executive | Online Bookkeeping | Speaker | Coach | Advisor

and

Paul Glantz, CPA Co-Founder and Director of Tax at Walker Glantz PLLC

Episode 61

#FreshBookReports @ Accounting High (the miniseries)

Recorded March 4, 2022

Back with us today is Twyla Verhelst, CPA. Twyla is the distinguished director and leader of the FreshBooks Accounting Partner Program. She supports and empowers other accounting professionals as they help small businesses flourish.

Thank you to our sponsor of this miniseries, Freshbooks!

Atomic Habits for Accountants Part 2 of 3

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear. Whether you’ve read the book or you haven’t, this series of episodes will definitely open you up as to why it has been a favorite among our peers.  Scott and Twyla give us an in depth look at what the four laws of behavioral change are and how we can use these laws to make or break our habits. Let’s hear how they applied these laws in their professional and personal affairs.

Shoutout Dhruv & Vimal (vic) Bava, CPA

4 It's a great book, an easy read. It’s something that changes based on your perspective and worldview at the time

Shoutout James Clear

8 1st law of behavioral change: Make It Obvious (Make It Invisible)

9 Scott shares a personal shift that he did in breaking a bad habit

12 Travel season: How can we keep up with our habits as we move away from our usual spaces

14 2nd law of behavioral change: Make it Attractive (Make It Unattractive)

15 Good habits can be very difficult to keep up with in the short-term

16 Ensuring that you do the things that are working towards your future self and where you’re going

18 Making “rewards” work towards our habit building

Shoutout to LuluLemon & MeetUp

21 3rd law of behavioral change: Make It Easy (Make It Difficult)

23 When a habit get easy and it gets automatic, that’s when it gets Atomic

27 It’s finding the time for that action and making that action easier and automated

31 Make the bad habits difficult

34 4th law of behavioral change: Make It Satisfying (Make It Unsatisfying)

35 What is rewarded is repeated

36 Habit tracking is part of the rewards. It’s obvious, attractive, and satisfying.

39 What should we track? Scott gives us an example of how tracking habits became beneficial to his accounting firm

42 It’s better to do less than you hoped than to do nothing at all

44 Scott and Twyla wrap up the 2nd part of this series with the 4 laws of behavioral change, building good habits and breaking bad habits as follows: