Intentionality can bring freedom and joy.

The Disruptors
With Liz Farr

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 said, “We figured out the ownership is a legal reflection of the companies, but they do not reflect anything we do together in our roles.”

• 10 MORE TAKEAWAYS: Blumer CPAs show notes here
• MORE: Disruptors
• MORE CPA TRENDLINES PODCASTS and VIDEOS: James Graham: Drop the Billable Hour and You'll Bill More | Karen Reyburn: Fix Your Marketing and Fix Your Business | Giles Pearson: Fix the Staffing Crisis by Swapping Experience for Education | Jina Etienne: Practice Fearless Inclusion | Bill Penczak: Stop Forcing Smart People to Do Stupid Work | Jason Deshayes: What We're Doing Isn't Working | Heather Satterley: You've Got To Meet People Where They Are | Bill Penczak: Stop Forcing Smart People to Do Stupid Work

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 to both to be, as Shipp said, “100% in my role and have 100% the authority of my role.”

In their first year of working together, Shipp said, “We were crossing in and out of each other's lanes,” as visionary and integrator, which, she explained, “diluted the work we could do together.” They found that becoming clear on their roles allows them both to leverage their best gifts and abilities.

Transformation Talks
With Donny Shimamoto
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.

• MORE: Scharrell Jackson show notes here
• MORE CPA TRENDLINES PODCASTS and VIDEOS: Harper & Company CPAs: The Perspective of a Non-Accountant is Imperative | Jason Deshayes: What We're Doing Isn't Working | Heather Satterley: You've Got To Meet People Where They Are | Bill Penczak: Stop Forcing Smart People to Do Stupid Work | Sandra Wiley: Staffing Problem? Check Your Culture | Scott Scarano: First, Grow People. Then Firm Growth Can Follow | Jody Padar: Build a Practice that Works for You, Not Vice-Versa | Ira Rosenbloom: With M&A, Nobody Wants a Fixer-Upper | Peter Margaritis: The Power Skills Every Accountant Needs | Joe Montgomery: Find the Sweet Spot of the Right Clients, Right Services and Right Prices | Marie Green: Your Bad Apples Are Ruining You | Megan Genest Tarnow: Hire for Curiosity Rather Than Compliance | Clayton Oates: One Way to Keep Clients for Life | Randy Crabtree: Follow These Three Rules to Keep Employees Happy | Erik Solbakken: Yes, You Can Work Less and Make More | Donny Shimamoto: Future Firm Growth Requires a Mindshift

"It's the living experience of what works and what doesn't, and also understanding the broad positive impact that it can have on businesses that choose to get comfortable being uncomfortable," Jackson explains.

Try for a 10-15% margin.

The Disruptors
With Liz Farr

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.

• 14 MORE TAKEAWAYS: Brandon Hall show notes here
• MORE: Disruptors
• MORE CPA TRENDLINES PODCASTS and VIDEOS: James Graham: Drop the Billable Hour and You'll Bill More | Karen Reyburn: Fix Your Marketing and Fix Your Business | Giles Pearson: Fix the Staffing Crisis by Swapping Experience for Education | Jina Etienne: Practice Fearless Inclusion | Bill Penczak: Stop Forcing Smart People to Do Stupid Work | Jason Deshayes: What We're Doing Isn't Working | Heather Satterley: You've Got To Meet People Where They Are | Bill Penczak: Stop Forcing Smart People to Do Stupid Work | Sandra Wiley: Staffing Problem? Check Your Culture |

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.

To eliminate tax season, firms should overhire, “set a lower margin target for tax prep,” and “create a flywheel of services and businesses that our tax preparation clients can utilize. And we’ll make our money there.”