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FIRM SUCCESSION: AN OPPORTUNITY FOR NEW CPAs THE NYSSCPA’S PROFESSIONAL DEVELOPMENT GUIDE SPRING/SUMMER 2020 Meet Steven Goldgrab helps provide Sean Stein Smith affordable housing A MILLENNIAL to those in need PROFESSOR preparing for Media the future of Engagement accounting As a Career ALSO: Booster CPA exam changes due to COVID-19 Challenges in working from home Conversations about diversity and inclusion | NEXTGEN

Brighter Days Are Ahead– FAE Is by Your Side to Move You Forward Earn CPE Online from Your Home or Office Advancement in Your Career Is at Your Fingertips ALL CONFERENCES AVAILABLE VIA LIVE WEBCAST—REGISTER TODAY! June 4, 2020 October 29, 2020 December 3, 2020 January 14, 2021 Employee Benefits Estate Planning Conference IRS Practice and 43rd Annual Nonprofit Conference Webcast Register: nysscpa.org/estate20 Procedures Conference Conference (NYC) Register: nysscpa.org/ebweb20 Early Bird Expires 10/8/20 Register: nysscpa.org/irs20 Register: nysscpa.org/ *4 CPE Credits Early Bird Expires 11/13/20 nonprofitnyc21 November 5, 2020 Early Bird Expires 12/24/20 July 22-23, 2020 Auditing Standards December 8, 2020 Buffalo Chapter Annual Conference Trust and Estate/Family January 28, 2021 Summer Symposium Webcast Register: nysscpa.org/ Office Conference International Taxation Register: nysscpa.org/bcss20 auditing20 Register: nysscpa.org/ Conference Early Bird Expires 7/2/20 Early Bird Expires 10/15/20 trusttax20 Register: nysscpa.org/ Early Bird Expires 11/17/20 international21 July 29, 2020 November 11, 2020 Early Bird Expires 1/7/21 NextGen: Closely Held and December 9, 2020 The Conference for YCPAs Flow-Through Entities/ New York and Tri-State (Rochester) Partnerships and LLCs Taxation Conference Register: nysscpa.org/ Conference Register: nysscpa.org/nystax20 nextgen20 Register: nysscpa.org/ Early Bird Expires 11/18/20 Early Bird Expires 7/8/20 closelyheld20 Early Bird Expires 10/21/20 December 15, 2020 8 CPE September 17, 2020 Exempt Organizations CREDITS The 2nd Annual Qualified November 12, 2020 Conference Opportunity Funds, Tax and Financial Planning Register: nysscpa.org/ *unless otherwise Opportunity Zones and ESG for Individuals Conference exemptorg20 specified Investing Conference Register: nysscpa.org/ Early Bird Expires 11/24/20 Register: nysscpa.org/ taxplan20 oppfunds20 Early Bird Expires 10/22/20 January 7, 2021 Early Bird Expires 8/27/20 43rd Annual Nonprofit November 19, 2020 Conference September 24, 2020 Alternative Investment (Rochester) Health Care Conference Fund Conference Register: nysscpa.org/ Register: nysscpa.org/ Register: nysscpa.org/aif20 nonprofitroch21 healthcare20 Early Bird Expires 10/29/20 Early Bird Expires 12/17/20 Early Bird Expires 9/3/20 December 2, 2020 January 12, 2021 October 21, 2020 Real Estate/Construction Taxation of Financial Business and Industry Contractors Conference Instruments and Conference Register: nysscpa.org/ Transactions Conference Register: nysscpa.org business20 realestate20 Register: nysscpa.org/tfi21 Early Bird Expires 9/30/20 Early Bird Expires 11/11/20 Early Bird Expires 12/22/20 REGISTER ONLINE OR BY PHONE 800-537-3635

THE NYSSCPA’S PROFESSIONAL DEVELOPMENT GUIDE Making it through a Publisher challenging time Joanne S. Barry, CAE The working life of accounting profession- In addition, an article about how sole practi- Associate Publisher als changed dramatically in mid-March, tioners and small firms achieve work-life balance Emily Frizzell as most of us began social distancing in examines how working from home makes the response to the COVID-19 crisis. Not only did equation more complicated, and how practi- Editor-in-Chief we have to adjust to working from home, but we tioners and firm managers are adapting their work Ruth Singleton also had to learn the ins and outs of the Corona- policies to maximize both flexibility and efficiency. virus Aid, Relief, and Economic Security (CARES) Art Direction & Layout Act and to advise our clients about the complex- Like you, the Society staffers who put out Sandra Lawrence ities of the extended tax deadlines. NextGen magazine have learned to adapt to working remotely. When a campus cover shoot Contributors Since young CPAs are pretty tech-savvy, most of for Stein Smith was no longer possible, they Chris Gaetano us have adapted well to working remotely. Many adapted and made use of existing photos and Zach Simeone of us had already become accustomed to meet- those he arranged to be taken from home. Fortu- ing with clients through Skype, Microsoft Teams nately, the technology exists for our editors, writ- Senior Copy Editor and Zoom while working from the office, and we ers and designer to collaborate on a magazine Gene Cioffi are now using these tools more than ever before. while no longer in one physical space. Copy Editor The pandemic crisis may well lead firms to be- I hope all of you have been able to adjust well Christopher Davis come more flexible, once accounting profession- during this difficult time. It’s been hard to go for als are able to return to an office setting. Now that weeks without seeing our colleagues, friends and NYSSCPA NextGen firms, large and small, have been forced to imple- even family members. Program Administrator ment remote-working protocols quickly and on a William Titus larger scale, they have laid the groundwork for of- While many of us have missed being able to fice policies that are more accommodating of the attend the Society’s networking events, I want C - 71.5 R-46 needs of their professionals and staff members. to let you know that the NYSSCPA’s NextGen M -17 G-166 Conference is still scheduled to take place at the Y - 7 B -211 Several articles in this issue of NextGen explore Hyatt Regency Rochester on July 29. The confer- K-0 the impact of the COVID-19 crisis on the work- ence will feature experts in the profession who ing lives of CPAs. The cover story spotlights Sean will offer tips on making the most of the early C - 51 R-140 Stein Smith, a millennial accounting professor stages of your career. The Society will also hon- M -5 G-190 who specializes in blockchain, cryptocurrency or the recipients of its first-ever Forty under 40 Y - 98 B -65 and other forms of technology. When his cam- Awards. We are hopeful that circumstances in K-2 pus closed due to the crisis, Stein Smith shifted New York state will allow this event to go forward to distance learning, using Zoom to teach his in person, but, in any case, it will proceed as a C -51 R-131 classes, and discussion boards to foster class par- webcast. I hope to see many of you there. For M -43 G-131 ticipation. Because he had already established more information, go to nysscpa.org/nextgen20. Y - 40 B- 134 a strong media and social media presence, he K-6 G-50 has been able to continuing voicing his views on I hope you are all staying safe and healthy. these tech topics throughout the lockdown. An- FONTS USED other article in these pages makes it clear that Michael R. Durant, CPA there is a range of options for young CPAs who Chair, NYSSCPA NextGen Committee Logo want to develop a media presence— from social [email protected] Gill Sans customized media to podcasts to traditional media, includ- ing television and publications. There is no rea- Name son why the pandemic crisis should hinder these Futura Heavy opportunities. 18pt. Spring/Summer2020. The Let us know what you think reader should not construe the content included in Tweet us at: @nysscpa #NextGen NextGen as accounting, legal or other professional advice. If specific profes- sional advice or assistance is required, the services of a competent professional should be sought.

Features 12 What’s Trending A millennial in academia 3 CHALLENGES TO WORKING FROM HOME Accounting professor Sean Stein Smith, 4 DIVERSITY AND INCLUSION: who specializes in CONVERSATIONS WITH technology, embodies MELINDA BRIANA EPLER change within the AND VERONICA DAGHER profession 6 CPA EXAM CANDIDATES GET CONTENTS RELIEF OVER COVID-19- RELATED CLOSURES 8 Work-life balance for sole NEXTGEN CONFERENCE practitioners and small firms ON JULY 29 Now that the COVID-19 outbreak has required most CPAs to work from home, they’ve faced new challenges in successfully “It’s so easy to let your separating work life from family life. work take over because that’s your priority. But 16 Firm succession: a challenge for smaller you have to be your firms—and an opportunity for new CPAs priority.” Leadership succession remains a major challenge for CPA firms nationwide, although the problem is particularly acute for smaller —Karen Webber, sole practices contending with the changing nature of the profession practitioner, Webber itself. For new and aspiring CPAs, this circumstance presents CPA, PLLC opportunities, but they will need to develop the right combination of knowledge and skills. See work-life balance story on page 8. 19 Media engagement as a career booster As director of finance at Habitat for While many CPAs have traditionally eschewed the spotlight, some Humanity New York City, Steven have found that engaging in media, both old and new, can be a Goldgrab enables the organization to potent avenue for career advancement and growing their client build affordable housing throughout base. In fact, in a world increasingly awash in media, some are the city. even creating their own platforms. Left: Governmental officials and other dignataries 22 breaking ground at Sydney House, a cooperative for low- to moderate-income households, in the Bronx. 2 | NEXTGEN

twrheant’sding NEWS AND INFORMATION FOR YOUNG PROFESSIONALS Working from home tests closing procedures, raises questions about productivity By Chris Gaetano The global pandemic has dramatically shifted millions of people into work-from- NYSSCPA member survey home employees, as social distancing continues to rule. This arrangement has led about impact of COVID-19 to a number of questions, ranging from pragmatic ones about how to close out the books at the end of the month, to more abstract ones, such as how to remain The NYSSCPA surveyed 360 of its members in in a productive mood while wearing pajama bottoms and a hoodie. April about the impact of COVID-19 on their professional lives. Here are some of the results: On the former question, The Wall Street Journal reported that finance depart- ments across the country were contending with how to do the end-of-month Job security: About 18 percent have closings without actually being in the office. While, technically, most finance de- experienced reduced employment, job fur- partment are set up to allow people to work remotely, many professionals are lough or job loss. unused to doing so. Working from home will not stop professionals from doing their normal tasks, such as account reconciliations and financial reviews, but the Work arrangements: Half said they were Journal said that it has certainly slowed them down. Furthermore, while most working fully remotely (51 percent), while finance departments have teched up over the years, the type of technology avail- 17 percent said they were working mostly able can further affect the ease with which staff can work: Those that use VPNs remotely, and 22 percent had not changed (virtual private networks) will have a more difficult time, since they are built more their working situation. for security than for speed; conversely, those that use cloud computing will prob- ably have less friction. Impact on work: Over half (57 percent) indicated that work is more difficult as a result Regardless of the technology, however, companies are concerned about the of the virus, and 27 percent note that the de- need to report their financials to auditors—who themselves are also switching to mand for their work has declined. Slightly less remote work—and to investors. According to the Journal, many firms, in light of than half (42 percent) said they were concerned the difficulties with auditing remotely, are warning investors that their quarterly about the outlook of their employers. Over or year-end guidance will likely be flawed.  one-third (38 percent) were concerned about being exposed to the virus on the job, but On the question of working from home productively, Fast Company cites several only 4 percent have taken time off work. scientific studies that have found that the most important factor is to maintain a sense of normalcy and routine. Based on these research papers, Fast Company Source: McKinley Advisors recommended that remote workers do the following: Create and follow consis- tent work habits; make sure to eat right and exercise; and keep in contact with co-workers, in order to avoid a feeling of isolation. NEXTGEN | 3

twrtwherahneta’sdtn’sidnigng Q&A Diversity and inclusion initiatives A conversation with Melinda Briana Epler about changing workplace culture By Zach Simeone Workplace culture has founder and CEO of Change standing that it’s a business pretty quickly that we’d left out become an important Catalyst, which promotes diver- problem. That diverse and in- people with disabilities. From topic in discussions of sity and inclusion within the tech clusive teams are more produc- that kind of learning, we ended diversity and inclusion (D&I) ini- industry. Epler, an entrepreneur tive. They are more profitable. up creating an event focused on tiatives, as corporate leaders in and allyship activist, served as They are more innovative. And people with disabilities in tech. fields ranging from accounting the keynote speaker at the so, having a board, having a It helped shift the industry—it to law to technology now recog- NYSSCPA’s Women’s Leadership leadership team that’s diverse helped shift diversity and inclu- nize that they need to address Forum on Jan. 29. makes a big difference in terms sion conversations in tech to unconscious bias in order to of profitability, in terms of how focus on people with disabilities. help create a new culture of true What is allyship, and why your company is going to do. And ever since then, we’ve been inclusion in the workplace. is it important? much better allies for people Were there any situations with disabilities. Allyship, in particular, has Allyship is using your privilege where you could have been a become an important part to help someone else become better ally? For many companies, D&I is of the conversation, as these more privileged. It’s helping lift just a bullet point— leaders come to understand that each other up, supporting each When I first started, I was something they need to be women and members of other other in becoming leaders, and focused on women, and only perceived as working toward. underrepresented demograph- also correcting some systemic women. And it took me a bit How can people know if ics can often go further in their inequities in our society, in our to realize that it’s much more their company is really doing careers with the support of their workplaces. It takes all of us, powerful to focus on all under- something about it? colleagues. together, working to create represented people, because change around diversity and if we fundamentally shift the In order to really know if The following are edited inclusion, rather than seeing culture to be more inclusive for your company is creating excerpts from an interview with diversity and inclusion as a everyone, everyone wins. So, at change around diversity and Melinda Briana Epler, the side project that diversity our first tech inclusion confer- inclusion, you actually have to teams are working on. It’s all ence back in 2015, we focused be a part of the diversity and of us, together, working to on women, LGBTQIA, and race inclusion efforts. So you have create change. and ethnicity, and the underrep- to work with the diversity and resentation that revolved around inclusion team and identify There are more allies—and those groups, and realized yourself and volunteer and more people—who are under- 4 | NEXTGEN

work with them together to they’re not able to even see you’re not going anywhere, if companies that are more diverse create change. what changes they’re making. you’re just being beaten down, to begin with. get out of that situation. If that The other thing is data. If In accounting, members of un- means finding a new job and What’s a question that people your company is not actively derrepresented groups often finding a new career, [do] that. If should be asking in this con- releasing demographic data reach a point where “enough it means starting your own com- versation, but aren’t? around not just hiring, but also is enough” and decide to pany because you’re not being promotion, pay equity, leader- strike out on their own as supported in the company that What can I do to make a differ- ship, board diversity—all those small business owners. How you’re working for, that’s great, ence? You don’t have to change things are very important to can one know when it’s time to too, because women leading the world as a whole. Change measure. So, if they’re not mea- make that decision? companies are more likely to your part of the world. Change suring it, it’s highly likely that create more diverse teams, and one thing about that world. And they’re not creating a whole lot The key is to know yourself, so we have this new wave of then another. And then another. of change within it, because and to know if you’re stuck. If Take one step at a time. A conversation with Veronica Dagher on knowing your worth By Zach Simeone Veronica Dagher is an important to you, and that will you some general career ad- them are giving up. They keep award-winning senior help inform your discussion. vice, but sponsors are people pressing on. wealth management re- who work in your organiza- porter for The Wall Street Jour- How can we know our tion, who are higher up than How can people know if their nal. She is the co-creator, host worth? you. And these people have companies are really dedicat- and co-producer of the Journal’s power—these people have an ed to advancing the cause of “Secrets of Wealthy Women” A lot of people try to avoid ability to influence who gets D&I? podcast. The following are ed- their HR department. Get to promotions, who gets pay ited excerpts from an interview know your HR person, because raises; perhaps they’re on your Look at who’s getting with Dagher, who spoke at the maybe he or she will give you compensation committee. And promotions. Look at who’s NYSSCPA’s Women’s Leadership better insight into your salary they’re in the room advocating in the management suite. Forum on Jan. 29. band. You can get a sense if for you to say, “Hey, she de- Are there people of color? you’re paid at the high end or serves a significant raise, and Are there women? Is there What does it mean to know the low end. And if you know this is why.” They’re your voice diversity—not only within the your value? that, then you have something when you’re not in the room. executive ranks, but also the to negotiate with. Getting that middle management, too? It’s who I am as a core person. information is super important What’s the biggest common- The executives can talk about If I have a job, or if I don’t have a for women, because it helps ality you see among these diversity all they want, and job, if I’m paid well, or if I’m not us take the emotion out of the women on your podcast? that’s wonderful. But if middle paid well, I still have value as an conversation. I think we can get management is only going to individual, especially if I’m using a little emotional because we’re Resilience is one of the big hire people exactly like them, my skills, and my passions, and frustrated. And that frustration is commonalities. So, whether and that message isn’t getting the gifts I’ve been given. I mat- completely founded for so many they’re CEOs, whether they’re communicated, or for some ter to this world, and I can make women because of the pay gap entrepreneurs or celebrities, reason, those people aren’t a difference to this world. And many people are facing—espe- many of them, like all of us, taking action, then maybe sometimes, I don’t even know cially women of color. I think if have had setbacks. And they that’s a firm you don’t want to how I’m making a difference. you have the data, you do your have failures—bankruptcies, work at. You need to see the market research, and you tie that divorce, whatever you want proof in the promotions. You need to take a more to all of the accomplishments to consider as a setback in holistic look, sometimes, at what you’ve made at a company that life. They accept it and they What’s a question that people you mean by “worth.” Does that tie into its goals, you have a deal with it. But then, they should be asking in this con- mean just salary? Does it mean pretty strong case for getting move on. They fall down, but versation, but aren’t? bonus? Does it mean time off? paid what you’re worth. what’s interesting about so Does it mean a flexible sched- many of the incredible women I would ask a firm, “What kind ule? Does it mean travel op- The women out there who I’ve interviewed is [that] when of training do you have when portunities? Get clear on what’s are successfully getting into they fall down, they don’t stay it comes to unconscious bias? leadership and management down. They don’t let it stop How are you making sure you’re positions—what are they them. They bounce back up— diversifying your workforce? doing differently? and some of them bounce What are those opportunities back up really quickly and for women in leadership? Do The successful women that I are ready to tackle the next you feel like everyone’s voice is have interviewed on my pod- challenge. Maybe they don’t heard?” I think those questions cast have pretty much all told stay in the field that they were can be helpful for people. And me they have sponsors in the initially working in. Maybe they then just celebrate those small workplace. They’re different pivot their career. But none of steps. from mentors. Mentors give NEXTGEN | 5

twrheant’sding NEXTGEN CONFERENCE ON JULY 29 The NYSSCPA’s Foundation for Accounting Education will present its NextGen Conference on July 29, both in-person at the Hyatt Regency Rochester and as a webcast. The conference will focus on how servicing clients will change after the world emerges from the global pandemic. Technology will still be a pressing issue, but so will a new business model for some clients. They will depend on their CPAs as trusted professionals to help navigate the challenges ahead. Featured speakers will include leadership consultant Suri Surinder (above left), who will speak about resilience, resolve and resourcefulness, and Spencer Horn, who will address the neuroscience of effective leadership. A representative from the AICPA will present “Evolution of the CPA,” providing a forward look at skills and opportunities that will help to cultivate a progressive practice. There will also be a session on emerging tech trends. For more information and to register, go to nysscpa.org/nextgen20. CPA exam candidates get relief over COVID-19-related closures By Chris Gaetano In early March, Prometric, which administers the CPA exam,  announced the closure of all U.S. and Canadian test centers in re- sponse to the COVID-19 pandemic. It has most recently extended the closure of test centers in the United States and Canada until May 31. For additional updates, see prometric.com/corona-virus-update. In late March, the National Association of State Boards of Ac- countancy (NASBA), along with the AICPA and Prometric, an- nounced an emergency period that would allow candidates to take the CPA examination outside the normal testing window. “In In addition, the New York State Education Department announced anticipation of the reopening of Prometric test centers and in re- on April 6 that it will “accept passing examination scores from Public sponse to the COVID-19 situation, NASBA, AICPA and Prometric Accounting applicants that are outside the required 18-month exam- have made the decision to invoke an emergency testing period,” ination window where such examinations could not be completed said the NASBA announcement. “We understand candidates are within 18 months due to the State of Emergency declared by the concerned about their testing options and, therefore, we are im- Governor.” plementing this emergency testing period to provide additional NASBA is still intending to go ahead with continuous testing, as pre- testing opportunities. As part of this procedure, the 20Q2 [sec- viously planned, in the second half of 2020: “Continuous Testing for ond quarter of 2020] testing window will be extended from June CPA Exam candidates will begin July 1, 2020. Under the new Contin- 10, 2020, to June 30, 2020.” NASBA plans to release scores for uous Testing model, candidates will have the ability to take the Exam that window on July 8. year-round, without restriction, other than waiting to receive scores NASBA reminded exam candidates that it will also extend all Notices from prior attempts of the same section or when there is a major to Schedule (NTS) that are set to expire between April 1 and June 30 change to the Exam. Continuous Testing will replace the existing CPA of this year until Sept. 30, 2020. An NTS lists the section(s) of the exam Exam Testing Window model, which only permits candidates to test that a candidate is approved to take, which allows the candidate to during designated time frames each calendar quarter.” contact Prometric in order to begin the scheduling process. Prometric New York state is one of jurisdictions that have completed the transi- will waive all rescheduling fees. tion to continuous testing. See nasba.org/exams/continuous-testing/. 6 | NEXTGEN

5 LITTLE KNOWN TIPS TO PASSING THE CPA EXAM CPA candidates have faced numerous challenges brought on by the recent COVID-19 pandemic. But life is not on pause. Now is the time to refocus on professional goals and pass the CPA Exam. Here are some tips to help get you back on track. by Megan Burke, CPA Assistant Professor of Accounting at Marist College, NY Content Writer for UWorld Roger CPA Review START AS SOON AS POSSIBLE 1 Research shows that candidates who take the CPA Exam closer to graduation have a drastically higher pass rate than those who wait. Why? Because information learned in school is still fresh, candidates are still in the student mindset, and there are fewer life distractions. PLAN EVERY MINUTE 2 Having a plan and sticking to it is key to passing. Write out how you will spend each day. Make sure you set aside ample, uninterrupted time to focus on your studies. You will probably have to decline some events. However, if you do miss a day, make it up! USE A REVIEW COURSE 3 Taking the exam without a guided review is like putting on a blindfold, being turned around a few times and then handed a dart to throw at a target. As a Content Writer for a review course, I can tell you firsthand that we ensure students are fully prepared to demonstrate the exact skills and knowledge laid out in the AICPA Blueprints. DON'T OVER-STUDY 4 There is a notion that in order to pass, one must drill question after question after question. But this is undeniable cause for burnout. In our program, we’ve implemented tools to help students know when they’ve reached a point of exam-readiness on a topic and can move on. STAY POSITIVE 5 2020 has already been a tough year, but we will persevere and come back stronger on the other side. Remember, if you study, you will pass! NEXTGEN | 7

BALANCE SHEET By Zach Simeone FOR SOLE PRACTITIONERS AND SMALL FIRMS As professionals in industries around the globe examine what a healthy work-life balance means to them—and what consequences a poor balance can have on their physical and men- tal health—NextGen is looking at how the accounting profession is handling the matter. Now that the COVID-19 outbreak has required most CPAs to work from home, they’ve faced new challenges in successfully separating work life from family life. An article in the previous issue looked at how the Big Four and midsize firms were incorporating practic- drive and relationships. What’s more, they hinder one’s ability to es such as mindfulness and meditation, teamwork even notice these effects, and have been scientifically compared exercises and flexible work schedules into the work to being drunk at work. According to a March 23 Bloomberg News article, “Working lives of their staff. But how do sole practitioners from Home Means Working Longer Hours for Many,” employees and small-firm owners manage, with far fewer resources and the across North America and Europe have extended their workdays weight of their businesses resting on their shoulders—especially by one to three hours since they started working from home. That during a global pandemic? data bolsters a 2012 study, “The Hard Truth About Telecommut- “The challenge as a sole practitioner is always being able to ing,” by Mary C. Noonan and Jennifer L. Glass in Monthly Labor step away from a job and say, ‘I need to do me right now,’” said Review. This study found that “the most telling problem with tele- Rumbi Bwerinofa-Petrozzello, a sole practitioner who worked at a commuting as a work-life solution is its strong relationship to long Big Four firm before starting her own forensic accounting compa- work hours and the ‘work devotion schema.’” Thus, CPAs may ny, Rock Forensics, LLC, in Queens. “[You must] have a belief in find that working from home increases the challenges of maintain- your talents and the fact that there will continue to be a demand ing a work-life balance. for what you do, so that when the time comes that you need to “If you’re not physically active, and if your diet isn’t the best—es- take time for yourself, you [can] do that.” pecially when you’re at your busiest—it just causes your body to Study after study has shown that overwork—and resulting dan- drain,” said Akshay Shrimanker, the sole practitioner at Shay CPA gerous habits, including sleep deprivation—have ripple effects P.C. in Queens. “Even if you are getting all your work done, you’ll that reach far beyond the office, potentially affecting employees’ crash after a while, either mentally or physically. ... You might cognitive abilities, immune and respiratory systems, health, sex make a mistake. You may overlook something.” 8| NEXTGEN

The professionals interviewed for this article discovered the and walk away from their computers. And having to work from importance of balance in their own ways, having reached their home during the COVID-19 outbreak has added a whole new lev- respective breaking points. These experiences caused them to el of complexity to addressing these issues. reevaluate their sleep and exercise habits; the time they spent with their families; the importance of open communication with Luckily for these small-business owners, they have the power to members of their staff, so that they wouldn’t burn out themselves; put positive changes into effect immediately, rather than waiting and the importance of knowing when to put down their phones for top-down implementation at a global organization with thou- sands of employees. GOOD HABITS “There was one early morn- developing a combination of “The weekend sometimes “It’s harder to drop a bad ing,” she said. “I was in a taxi, habits that focused on the sym- pops up in the middle of some- habit than to never have that and the cab driver said, ‘So, biosis between physical and thing I am doing, and I really bad habit in the first place,” have you been working the mental health—exercising con- want to get it out of the way, said Bwerinofa-Petrozzello. “It’s night shift?’ And I said, ‘No, sistently, meditating and using and I really like to be ahead of a challenge and a battle to get I’m just working late. I’m back a bullet journal (which included schedule to give me a cushion people to understand the value at work at 9 a.m.’ And he said, a habit tracker) to record her for unforeseen events,” said of taking care of yourself—that ‘Why are you in my taxi? Why thoughts and her to-do list. Bwerinofa-Petrozzello. “Being it’s valuable, to all of us, for all don’t you just crawl under a home with all my work tools of us to take care of ourselves.” desk?’” She felt intoxicated, Now that Bwerinofa-Petroz- makes it difficult to stop on the and thought back to articles zello has her own practice, she weekend. When things are re- She recalls having heart she’d read about sleep depri- has primarily been working ally hectic, working through it is palpitations, and talking to her vation. from home for roughly three very tempting. What I do is tell doctor about blood pressure years. She thinks that helped people that I am stopping for medications before she decid- “I was like, ‘I am killing myself prepare her for self-quarantin- the weekend. That forces me ed to leave her Big Four firm right now,’” Bwerinofa-Petroz- ing, especially since she and to be accountable and makes it and change her lifestyle. zello continued. “And nothing her husband already had sepa- more difficult to make excuses can be worth this, because if I rate work spaces set up, so as to start working again.” Her breaking point came years can’t be healthy enough to live to not get in each other’s way. ago, while working on a project my life, then there’s no reason For her, one of the greatest that would frequently keep her for me to be doing this.” challenges has been reminding at the office until 3 a.m. herself to take weekends off. She turned things around by SETTING GOALS said, describing her lowest issues; major life changes that tween 10 a.m. and 2 p.m. so point last year. “Instead of they’re experiencing in their they have the flexibility to sleep Karen Webber, who owns a spending quality time with my young careers, like moves, in or take an afternoon off, if small forensic accounting firm husband in the evening, I was marriage—all of these things that’s what they need for men- with 11 employees in Rochester, reviewing reports—doing stuff are just as demanding as work. tal health and caring for their developed her own style of jour- that I should have been doing And they have to balance that. families.” naling in order to straighten out during the day. … It’s so easy to But as employers, maybe, when some bad habits that led to her let work take over because that’s we’re thinking about balance, hitting “rock bottom” last year. your priority. But you have to be we’re thinking, ‘What’s your your priority.” workload?’” She also began using a weekly four-column list of goals that So she draws on those expe- When working from home includes work, community, per- riences and what she learned during the COVID-19 outbreak, sonal and home—the latter, she from seeing numerous col- Webber established a more realized, needed to be iden- leagues experiencing burnout flexible policy on work hours for tified as its own kind of work, while working at larger firms in her employees. “Just work with bills and other responsibil- years past, to create a healthy when it’s best for you, and ities. She allocates four goals in environment for herself and her meet your deadlines,” each of the four columns, and staff at Webber CPA, PLLC. she tells her staff. she creates this list every week, “To reinforce that, as she finds a weekly list of “Burnout doesn’t come just I only schedule goals to be far more manage- from work,” Webber said. meetings able than a daily list. “Burnout is managing the huge with them responsibilities of work, along be- “You tend to start blurring the with huge life events. And for lines; I wasn’t really able to get staff, that’s studying for the CPA up in the morning,” Webber exam; ongoing or new family NNEEXXTTGGEENN || 9

FLEXIBILITY summer program that would al- improved, as well as goals for a Dr. Fauci donut from a local Ramona Cedeno, a sole practi- low employees to work wherever future. donut shop that went viral for tioner who runs FiBrick Financial they wanted for one full month, putting Dr. Anthony Fauci’s Services in Manhattan and usu- and to combine work and vaca- “I started including high-level picture on a donut,” said Web- ally has a small staff of four, said tion time, if they wished. When financial figures with them,” ber. “In week four, they got she has taken what she liked her company transitioned to Webber said. “[Staff] knew if a tin of gourmet popcorn to about her previous jobs at larg- working from home, “the only the profit margin was over tar- watch TV with. I’m working on er firms and incorporated those thing missing was our double get, they could expect a piece my week six idea now.” elements into her own company. monitors,” she said. “One of my of that. In the ‘attitude’ section, staff members even moved to they could tell me whether they “We did a sole-practitioner “Before the COVID-19 crisis, I Atlanta and is working effective- were feeling good, bad, great, roundtable after tax season, gave my team the green light to ly from there.” She added that etc., about their personal or and it ended up being like a ask to work from home as need- regular meetings over Zoom professional lives. We started post-tax season debrief—it was ed—to leave early or get in late have become essential. closing our weekly meetings by really like a venting session,” as needed—without ever feeling saying, ‘Feeling good! Feeling Shrimanker said with a laugh. concerned about my reaction,” Her policies reflect a theme of great!’ like breaking from a “The [Tax Cuts and Jobs Act] trust within these smaller firms. huddle before a game. It’s a had just come out, but then the “OUR WORK SCHEDULE DOES NOT MIRROR THE TRADITIONAL CPA CULTURE OF SUPER-LATE NIGHTS DURING TAX SEASON.”—Ramona Cedeno Cedeno said. “We all used to Likewise, Webber decided to great way to start the week.” government shut down. So it work from home on Fridays. The create transparency with her Although she and her staff caused a tremendous amount team decided when they needed employees by instituting weekly of stress.” to stay late. Our work schedule reports measuring KASH— have not filled out these reports does not mirror the traditional knowledge, attitude, skills and since they started working from Looking at the big picture, CPA culture of super-late nights habits—which she adapted home, she still asks them the Webber thinks that the next during tax season. I believe that from a similar practice at Keller same questions while meeting generation of young profession- working past 7 p.m. more than Williams Realty. Before the with them. Webber also began als has a tremendous advantage two consecutive nights is coun- COVID-19 crisis, both Webber sending her employees gifts when it comes to starting their terproductive.” and her employees would fill every other week since they careers on the right foot. What out these reports, noting in were forced to work from home remains to be seen is how being Cedeno had hoped to expand each section what was new and during the COVID-19 outbreak. forced to work from home will af- on that flexible schedule with a fect their perception of flexibility “In week two, they each got in the workplace. “There’s a lot of national conversation going on around mental health and self-aware- ness,” said Webber. “It isn’t so taboo [as] it used to be. So I love pushing self-aware- ness—from understanding if you’re an introvert or an extrovert, to which hours are your most productive during the day—be- cause everyone’s dif- ferent. The earlier you understand yourself, the better prepared you are to manage the demands on your time that life and a career will bring.” 1| 0N|ENXETXGTEGNEN

WORK AND FAMILY Shrimanker normally works out said, “is that, basically, from uses cloud-based platforms,“it try to start my own business, it’s of the Tech Incubator at Queens January to April, I can come to was just a matter for everyone not just my decision anymore,’” College in Flushing—a 20 min- the office and sort of work those to take their laptops, external Shrimanker said. “It’s a joint utes’ walk from where he lives long hours. But as soon as April monitors and standing desks decision, when you’re with your with his wife and child. This was 15 is up, I have to go back to not home.” Still, he acknowledged, spouse, because it impacts both a conscious choice when starting working anymore [on] weekends, “Working from home can be diffi- of you. So, people who are think- his business, so as to make sure unless it’s absolutely necessary, cult. In my household, my wife is ing about this: If [you’re] single, that he was balancing his home and keeping a better schedule working from home as well, and it’s better to take the risks then, and work lives as efficiently as for the rest of the year.” my four-year-old has no school versus when you’re married, and possible. And he turns his phone at the moment, so keeping him you have to consider someone off when he’s home with his family, This year, with most tax practi- busy at the same time has been else, because it ultimately will though he typically turns it on tioners working from home, a tax the biggest challenge.” impact the marriage.” and checks it once before bed deadline that has been extended to make sure he hasn’t missed until July 15 and the introduction Shrimanker spent three years Nevertheless, family and busi- anything important. of such variables as the CARES working nights and weekends in ness ownership can coexist, if Act, many CPAs have been busier order to build his business as a you do it right, he said. In past years, like most ac- than ever. side project, while working full countants who work in tax, he time for Channel 13, New York’s “When you are at these corpo- experienced a “busy season” But Shrimanker had little difficul- PBS station. But the crucial deci- rate jobs, I would say, milk them for from January through Tax Day on ty transitioning online, as his firm sion, he said, was quitting that job what they are,” Shrimanker said. April 15. specializes in technology-sector and going full time with his own “Take that money and save it … clients, and he has embraced business before he got married. so if you do want to pursue your “The agreement that my family technology at every turn. Since passions, you have something to and I have come up with,” he the firm’s entire IT infrastructure “I felt, ‘If I get married and then lean on when you do that.” EMOTIONAL STAKES present itself, which is particularly Community Business Program generation of young profession- Unlike tax accountants, who challenging for a sole practitioner, (CCBP) in Harlem as an important als has a tremendous advantage can expect to be extraordinari- leading to a cycle of taking work resource for her. The program, an when it comes to starting their ly busy January through April, and delaying taking time off. In executive education program for careers on the right foot. What forensic accountants tend not to some cases, a cycle of unhealthy small-business owners, follows remains to be seen is how being have a seasonal aspect to their behaviors can result. the core curriculum of Columbia forced to work from home will af- workload. This adds yet another Business School’s MBA program. fect their perception of flexibility dimension to the challenges of When times get tough at the Cedeno is also a member of in the workplace. work-life balance in accounting. multibillion-dollar Big Four firms, Red Sapiens, an organization in In the case of Webber’s firm in employees have access to rich sup- New York that provides private “There’s a lot of national con- Rochester, which provides litiga- port systems. But where do small business coaching. versation going on around men- tion support, forming a personal business owners turn for support? tal health and self-awareness,” connection with clients creates its For Shrimanker, the NYSSCPA’s said Webber. “It isn’t so taboo, own set of challenges. For Cedeno, giving support is sole-practitioner forums help [as] it used to be. So I love push- as important as receiving it. She to create a sense of community ing self-awareness—from under- And while tax professionals tend works with a leadership coach that can be difficult to find for standing if you’re an introvert or to see many of the same clients to make sure she has the skills these professionals. “We did a an extrovert, to which hours are year after year, Bwerinofa-Petroz- necessary to guide her staff to sole-practitioner roundtable after your most productive during the zello said that she tends not to success, and makes herself avail- tax season, and it ended up being day—because everyone’s differ- get many repeat customers as a able to employees when they like a post-tax season debrief—it ent. The earlier you understand forensic accountant. This leads need to talk—“since we don’t was really like a venting session,” yourself, the better prepared you to uncertainty as to when the have an HR team,” she said. “I’m Shrimanker said with a laugh. are to manage the demands on next opportunity for work might also a mentor for women entre- your time that life and a career preneurs in New York City.” Looking at the big picture, will bring.” Webber thinks that the next Cedeno cited the Columbia NEXTGEN | 11

PROFESSOR EMBODIES CHANGE WITHIN THE PROFESSION A millennial CPA, Sean Stein Smith has found academia to be the ideal platform for addressing the future of accounting S By Chris Gaetano ean Stein Smith, from a very young age, has been fascinated with money— where it went, how it worked, what it did. As a child, games of Monopoly set him on the track to earning both a CPA license and an M.B.A. degree, which he eventually leveraged into a career as a financial analyst, first at Suez (formerly Suez Environmental) and later with Hackensack Meridian Health. Despite his enjoyment of the work, however, he felt that something was missing. “I always wanted an opportunity to talk about [accounting], to really drive home and em- phasize how important it is to finance, and so, after some thought, I figured trying out the higher education route would give me that platform to highlight these issues, both with peers and with future members of the profession,” he said. This was the mindset that motivated Stein Smith’s shift into academia, starting with a doc- torate in business administration (D.B.A.) and an assistant professor position at Rutgers Uni- versity. In 2017, he landed at New York’s Lehman College in the Bronx, part of the City Uni- versity of New York. He is an assistant professor in Lehman’s Department of Economics and Business—the largest department at the college, with 1,400 undergraduate majors. There, he gets to use his passion for accounting and financial services to make a real impact on the next generation of CPAs and, ultimately, elevate the profession as a whole. As a professor, Stein Smith aims to prepare his students for the accounting profession as it exists today, which has increasingly meant integrating technology topics with the typical tax and audit instruction. During the spring semester, he is teaching Intermediate Accounting 1 and Advanced Accounting Problems, as well as serving as the assessment coordinator and adviser for the school’s graduate program. He noted that there’s a lot of buzz around forms of technology such as blockchain and artificial intelligence (AI), but also a lot of ambiguity and uncertainty as to what these things mean for the profession. Stein Smith said he tries to bridge this understanding through real-life examples for his students. 12 | NEXTGEN

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“For example, if we do a chapter on in- Because the Lehman College campus ic, which led to even more opportunities ventory or on merchandise, I’ll say, ‘Well, has closed due to the COVID-19 pandem- on other platforms. He also advised young how can a blockchain-like platform or ic, Stein Smith, like many other professors, professionals not to be shy about reaching technology help a company better man- has shifted to distance learning for the out to editors and producers, offering one- age its inventory, reorder quantities, that remainder of the semester, teaching his self as an expert on a particular topic, such sort of thing?’ So I try to weave it in with classes on regular days and times via live as blockchain or sustainability. the course content to make sure students Zoom sessions. This process has required understand the tool and how it can be some adjustment—for example, class Stein Smith acknowledged that, for used,” he said. participation takes place on discussion certain people, this prospect can be boards—but, for the most part, he pro- nerve-racking, especially if they’re not used It’s important for CPAs to recognize that ceeded as planned with tests, homework, to putting their thoughts out in public. He the economy is increasingly “customized, written assignments and discussion. said that it’s generally not as bad or difficult personalized and on-demand,” said Stein as people might initially think, noting that Smith—citing streaming services and “Basically, I am trying to conduct my in- most of his video segments are only three shopping apps as examples—and the struction and classes as ‘usual,’ while fully to five minutes long. He added that most CPA profession cannot think that it will be understanding that these are not normal interviewers are trying more to have a good the exception. Pointing to rising demand times,” he said, adding that he is also pro- conversation than to make their subjects for continuous real-time reporting and as- viding assistance to colleagues in making look foolish. Essentially, they’ll want you surance, he said that today’s accountant the leap to online learning, as a Lehman to be there because they believe you know must learn to embrace every tool avail- Technology Fellow. something that they don’t. able, from automation to data analytics to AI. But Stein Smith’s advocacy and education “If you’re asked to be on a podcast or efforts were never limited to the college on a TV show or to write an article, ... you “If we do a chapter on inventory ..., I’ll say, ‘Well, how can a blockchain-like platform ... help a company better manage its inventory?’” While he acknowledged that a proposed campus. He is the author of not only over are the most knowledgeable person in the change to the CPA licensure model to in- a dozen peer-reviewed papers, but also room, and they would not have asked you clude technology topics might present a three books and countless other articles in to be on if they did not think you were an difficult transition, he said that it was nec- publications such as Inc., Accounting To- expert or knowledgeable in this area,” he essary if the profession expects to success- day, The CPA Journal, the Journal of Ac- said. fully adapt to the changing economy. The countancy and NJBIZ. proposed change is part of CPA Evolution, He also added, however, that a thick skin an initiative of the AICPA and the National He has also made numerous media ap- helps, as it’s almost inevitable that some- Association of State Boards of Accountan- pearances, often speaking on topics per- one in the audience is going to misinter- cy (NASBA), which is ongoing this year. taining to accounting and technology, and pret or disagree with you. is very active on social media. (See story, “There are going to be specific tasks and page 19.) This increased media exposure, said processes and controls and ideas that, Stein Smith, has been very good for his frankly, aren’t going to be needed any- For young CPAs who want to expand their career, specifically in establishing himself more as automation picks up steam. Do- media profiles, Stein Smith recommended as a thought leader within the profession. ing bank reconciliations and accounting being aware of opportunities and how He said that he’s now at the point where reconciliations are some of those process- they can build upon each other. Talking to people are recognizing him at conferences es that are not going to be as widespread other CPAs about personal finance led to and events, saying that they know him or as necessary,” he said. his writing about the topic, which then led from something he posted on Twitter or to his being asked to do videos on the top- from a recent interview. This has allowed 1| 4N|ENXETXGTEGNEN

On and off campus: Above: an aerial shot of Carman Hall at Lehman College in the Bronx, where Sean Stein Smith teaches, with a view of the Manhattan skyline. (Photo credit: Lehman College.) Right: Smith at his home, where he has been working during the pandemic. Teaching technology topics: Above top: Sean Stein Smith talks about blockchain technology during a televi- him to further his advocacy of the direction in sion interview. Above bottom: Stein Smith presents at an AICPA seminar on blockchain fundamentals. which he feels the profession needs to go. “I do think right now, the CPA field is real- ly at a pivot point because tax and audit are obviously very important things, fundamental to how things operate, but more and more, going forward, those sort of core tasks are being automated or being done by individu- als who don’t always have a CPA license,” he explained. “So to keep up and make sure our value-add is well known, it is imperative to ac- tually be out there and make sure our current clients—and our future clients—are aware of all the value and expertise we have.” Stein Smith has noticed that his students are picking up on this as well. While the majority of his students still intend to pursue the tra- ditional public accounting or industry routes, he said that he’s seeing a rising number of students who are pursuing their CPA licens- es in order to become entrepreneurs, or to bolster a business that they already manage. He found this to be a positive development overall, as it indicates the true flexibility of a CPA license. “There are so many other options out there for a person who has a CPA license [because of] the knowledge that license implies, [such as] law enforcement, economic analysis, policy [work], higher education,” he said. “There is a whole range of careers and options that I really wish more people and students were aware of.” NEXTGEN | 15

By CHRIS GAETANO FIRM SUCCESSI By Chris Gaetano eadership succession remains a major the same problem, how they experience and deal with it challenge for CPA firms nationwide, al- can vary significantly, depending on the size of the firm. though the problem is particularly acute for smaller practices contending with the For large and medium-sized practices, the issue is about changing nature of the profession itself. ensuring that their next crop of leaders possesses the skills For new and aspiring CPAs, this circumstance presents op- and competencies that a rapidly shifting market demands, portunities, but they will need to develop the right combi- while, at the same time, retaining the business-develop- nation of knowledge and skills ment skills that brought the firm to where it is in the first Industry leaders, for the better part of this decade, have place, according to Joseph A. Tarasco, CEO and founder been voicing concerns about who eventually will lead the of Accountants Advisory Group, LLC, a practice manage- country’s firms, given the large number of partners who are ment consulting firm. The incumbent leadership, he said, approaching retirement age. Year-over-year data from the have years of experience in practice development, but un- “Rosenberg Management of an Accounting Practice Survey” derstand the need to transition into not only newer prac- reveals that the percentage of impending retirements re- tice areas but also newer management styles in order to mains stable, with little movement one way or the other. The attract talent. past four years’ worth of survey data indicates that the per- centage of partners over the age of 60 is hovering between “[Firms need] a culture of collaboration and partner unity 24 and 27 percent. The most recent survey found that 63.6 and trust, which translates into the ability to take risks ... percent of accounting firm partners are over the age of 50. and be aggressive, not only with M&A, but acquiring inno- The percentage has increased by more than 10 since 2005. vative and more contemporary services, whether IT, cyber- Yet, while the numbers suggest that all firms are facing security [or] outsourced CFO [services],” he said, adding that those who do not add these sorts of practice areas will likely stagnate. 1| 6N|ENXETXGTEGNEN

Louis C. Grassi, CEO and managing partner of Grassi & the same regulatory pressures as big ones, but with far Co., knows from experience about the need to offer new fewer resources to navigate them. The more complex the services, saying that his own firm has been branching out in rules become, he said, the more support a firm needs to terms of what types of skills it looks for in new hires, a pro- follow them, ranging from additional education to new cess that has, among other things, reflected the profession’s software or additional staff. increasing shift toward the digital. “You can have the best intentions ever, but if you don’t have “We’re hiring data scientists now,” he said. “Ten years the talent and resources, that’s what makes it hard for smaller ago, I would have never envisioned that would be the need firms to survive,” he said. of our firm, but over the last couple of years, it has become apparent we need to do that. ... We need those people to Robert Fligel, who also advises CPA firms on practice bring us into the future. So a firm evolves.” management, added that staffing is another major issue for smaller firms, one that ties directly into their challeng- While none of these data scientists have taken on a lead- es with succession planning. Finding a successor is very ership role at the firm so far, Grassi said that they have their difficult when you have problems finding qualified staff in own path to partnership, just like all the other specialists the general. firm has employed over the years. (While New York state does not yet allow non-CPA ownership of firms, the firm has “The smaller and midsized firms, the two-to-five or two- a New Jersey office, where minority non-CPA ownership is to-10 partner firms, those smaller firms in this range have allowed.) a really hard time recruiting the best people at the college level and the experienced level. They get the best of what SION A CHALLENGE FOR SMALLER FIRMS— AND AN OPPORTUNITY FOR NEW CPAs For smaller firms, especially sole proprietors, the question other firms haven’t already gotten,” he said. He added of succession is an existential one, concerned less with en- that small firms can’t even necessarily count on these peo- suring that the firm meets industry trends and more with en- ple eventually finding their way to them, as many times, suring that it exists at all. While many partners, overall, are young people will simply opt to leave public accounting at or approaching retirement age, at smaller firms through- entirely and enter the corporate world instead. out the country, many firm leaders are well past that point. These kinds of pressures, according to Collemi, mean According to the most recent data on firms that generate that small-firm owners often aren’t thinking about suc- less than $2 million in annual fees, 41 percent of partners cession planning because they’re too busy running their are over the age of 60. This is in contrast to the largest business. A long-term concern such as a succession firms, where only 19 percent of part- plan seems less important next to im- ners are over 60. This problem has mediate concerns like making sure grown quickly: Small-firm data from “inYhtttyaohaeoru—nlauedSttnci’daattfoslooonnavwrnasnsht’hdusoteararmvrvehvteeaeAiarsmvlot,vl.eeauheb.Crkre”utcoefhetblsilseeerimi,sfmtits everyone’s returns are done on time. as recently as 2015 shows that only “When you’re a small practice, you’re 28 percent of partners were over 60. involved in the day-to-day things and have no time to breathe. You’re run- Many of the problems that small- ning your business and only have so er firms are having with succession much help. ... People are just over- planning are reflective of the difficul- whelmed with work and everything ties that smaller firms are having in else, which is a good thing, but general. Salvatore A. Collemi, a CPA leaders have to step back and practice consultant, noted, for exam- analyze where they’re going and ple, that smaller firms have many of NEXNTEGXETNG|E1N7|

where they’ve been,” he said, whether that means finding and have taken the time to craft a formal plan, usually well someone to take over the firm or selling to a larger one in in advance of when it would be needed. the area. David G. Young, the head of a two-partner practice in Roch- Not all firms, however, are facing this crisis. Firms that have ester, is someone who does take succession planning seriously. been able to successfully navigate this issue have tended Although he has a small firm, it has a detailed succession plan to be ones that pivoted away from traditional tax and audit that he described as making the firm as “turnkey” as possible— practices, and developed a forward-looking mindset, ac- it outlines exactly how to do everything that the firm does, so cording to Collemi. that if someone came in with no idea what to do, that person “They’re incorporating data analytics and data mining out could read the guide. His firm developed the plan, not because there, and advisory services, to provide value for their clients of some distant future imagining, however, but because of an in the future, while [more traditional practice areas] have to immediate need: military deployment. A U.S. armed forces vet- deal with the past,” he said. “The next generation of pro- eran, Young said he was deployed to Afghanistan after 9/11, which necessitated preparing de- tailed instructions for when he was gone. “Even from the beginning, I al- ways had the mindset to make sure there was a plan, and everyone knew what everyone did in case I’m not in the picture or someone else is not in the picture,” he said. Since then, his firm has revisited the plan several times to account for new developments and changing pro- cesses. Ultimately, the plan is to pass the firm on to someone internal, as this will cause the least amount of dis- ruption to clients, who generally dis- like change. At the same time, even with a plan in place, he acknowledg- fessionals are looking [into] a crys- tbheItge’heemivmven“eernin—rrEenioyDyndvwtoogasennaiv,neneiestdIftdkatrGahoniodlpe.emwmlwpaYaaiitnnoycwkhu,tseecnhuaaghsransueatde.rd”e es the challenges that he faces as a tal ball, which is what clients want.” small firm partner, particularly where the plan concerns staffing. Fligel said that these firms also tend to have strong cultures of col- “There’s always that risk that you laboration and transparency, which have this plan to pass it off to an up-and-coming staff member ... and as they progress through the firm, you’re vulnerable to the fact that, at any given time, a large firm can swoop in and take them after you’ve trained them up and got them all ready. It’s al- ways a risk, and it’s more and more of one now because there’s a shortage is required in order to groom future of CPAs,” he said. leaders. The partners take aspiring This same shortage, however, can leaders on new client visits or year-end planning meetings, mean opportunities for younger CPAs looking to eventually or they let the aspiring leaders sit in on a difficult fee call. lead a firm. Fligel noted that young CPAs can bring these He has also noticed that these firms tend not to be shy new, in-demand skill sets to firms that may not have the re- about giving all partners equity—as opposed to some part- sources to develop themselves. ners getting it and others not—as well as about having fair- “The opportunity for CPA firms to get into new areas is ly open communication between partners and staff. These enormous, because a CPA can now do almost anything,” tend to be the firms that take succession planning seriously he said. 1| 8N|ENXETXGTEGNEN

Media Engagement as a Career Booster By Chris Gaetano W hile many CPAs have tradition- “I like being a voice for accountants at large, itated the experience. While the first seg- ally eschewed the spotlight, and for the causes we can help with,” he said. ment was, she admitted, a little scary, she some have found that engag- “Personal finance, for me, is something big, now regularly speaks on topics such as tax ing in media, both old and new, can be a and so when I ... tried my hand at it, I found it planning and legislative changes. She thinks potent avenue for career advancement and was something I had an interest in.” about what she’s going to talk about, writes growing their client base. In fact, in a world a script (which needs approval from her increasingly awash in media, some are even Lane said he became interested in the firm), then goes to the studio and records. creating their own platforms. opportunity shortly after becoming chap- She has now been doing this for five years. ter vice president. The Society, he said, has Among those CPAs who have found suc- a long-standing relationship with WROC; “One thing that remains the same is cess through the traditional news media when he heard that the station was look- change,” she said, “so people like to make is Ryan Lane, a tax and personal financial ing for someone to speak about personal sure they are abreast of new laws and how planning specialist at the Bonadio Group. finance on Monday mornings, “I kind of they impact them.” Lane currently serves as vice president of pitched my name.” He has been on the air the NYSSCPA’s Rochester Chapter. For the ever since. Other CPAs operate in more of a niche past year, he has presented weekly seg- area and incorporate other forms of me- ments on local news station WROC, cover- Jamie Block, a tax specialist with Roch- dia. Lehman College accounting professor ing issues such as credit scoring, budgeting ester-based Mercer Global Advisers, took Sean Stein Smith, for example, targets his and other personal finance topics. Lane ac- a similar path on her way to doing regular media appearances to other business pro- knowledged that he isn’t the shy type, and television segments on WROC. She said fessionals, rather than to the general public. he never was reluctant to talk to people that a former colleague recommended that (See story on page 12.) He first developed about the CPA profession, so he found that she try media spots, believing she would his media presence by participating in the his segments were a natural fit. be good at it. Block connected with the AICPA’s Financial Literacy Committee in NYSSCPA’s public relations team, who facil- 2016. Serving on this committee afforded NEXTGEN | 19

him the opportunity to bring his knowledge 12 video segments every month, as well as establishing more recognition of the firm’s and expertise to videos produced by the the occasional article. brand, as well as her own brand. AICPA and the International Federation of Accountants, and to a podcast for the Penn- Wagner noted that doing all this takes a Lane highlighted how increased exposure sylvania Institute of CPAs, which then led to lot of time and effort. “I’m still active on so- and recognition helps with his work with- other appearances on platforms such as the cial media, [and then there’s] podcasts and in his firm as well. He noted that because TD Ameritrade Network and China Global, YouTube and articles, so producing content people at his firm now know who he is, col- mostly on fintech topics such as blockchain. is probably the bigger part of my daily life, leagues, on several occasions, have recog- Stein Smith maintains an active social media moreso than doing tax returns,” he said. nized his knowledge enough to assign him presence, regularly tweeting about crypto- “It’s all about producing the content, [plus] new projects that he’d never tackled before. currency and other tech topics. Recently on consulting services, and pitching services to Twitter, he has, for example, addressed the CPAs.” “More people inside the firm now know effect of the coronavirus crisis on the ac- my name and what I do and my expertise,” counting profession, raising the question of While producing the content is demand- he said. “So it has definitely increased my what impact working from home will have ing work, it has paid off for him. Beyond the brand awareness, allowed me to speak to a after the crisis is over. In addition, he is a revenue Wagner receives from video spon- broader audience and increased the people prolific writer who has published articles in sorship, he is also asked to speak at confer- who seek me out.” The CPA Journal, The Journal of Accoun- tancy, Accounting Today and NJCPA Maga- Beyond his firm, the name recognition zine, among others. has led to board positions in several local organizations. Because he is vice president “Everything else outside accounting—out- of the Rochester Chapter, he said, people side bookkeeping, audit, tax, whatever— then know that he has experience serving has really become customized, personalized on a board, which has led to people con- and on-demand,” said Stein Smith, citing tacting him to offer positions on their own Netflix, Uber and Amazon Prime as exam- boards. ples. “So I would ask the question, Is [ac- counting] the only aspect of our customers’ Block said that young CPAs interested in or clients’ lives that is not that way? We’re getting started with media engagements might want to begin with regular speaking “I’m still active on social media, [and then engagements, which will increase their vis- ibility within the community and give them there’s] podcasts and YouTube and articles, some practice before an audience. so producing content is probably the bigger part of my daily life, moreso than doing tax Although some CPAs might hesitate to returns.” —Garrett Wagner think of themselves as experts to whom people turn for guidance, Lane said to re- not in a good spot, [so] the only way to get ences and events, some international, which member that, for most of the general pub- from point A to B is to make sure we are raises his profile even further. That elevated lic, that’s exactly what they are. maximizing every automation tool or every profile leads to more business for his firm, as tech trend out there to help us.” Integrating he establishes himself as a thought leader in “Young CPAs, they know more than they traditional and new media across platforms the CPA community. think they do,” he said. “You’re doing this ensures that Stein Smith reaches a variety of for 40 to 60 hours a week. So try not to be audiences on the platform they prefer. “The biggest impact is that more and more nervous.” people know who I am before I show up [to Meanwhile, Garrett Wagner, the founder an event], and they know what I do,” Wagner NYSSCPA members who are interested in and CEO of C3 Evolution Group, has turned said. “When people see your content, they exploring media opportunities can contact the resources of his firm toward producing say, ‘I feel like I know you!’” Media and Government Relations Manager his own content directly. Wagner shoots Jovan C. Richards at [email protected]. videos for YouTube, records podcasts and Stein Smith reported a similar experience, writes articles for other CPAs on topics saying that he will go to a conference or oth- such as the changing nature of the profes- er industry event, and people will say they sion, how to get into advisory services, firm recognize him from Twitter or one of his vid- practice management and the impact of eos. “I might not even know these people,” technological changes, including artificial he said, “but being there, being active, pub- intelligence. Today, his firm releases six to lishing your thoughts is a great thing.” Block said her pieces have been good for 20 | NEXTGEN

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This CPA Name: Steven Goldgrab helps provide Job title: Director of Finance, affordable Habitat for Humanity New housing to York City those in need Mission: Bringing people together to build homes, communities and hope His interest in numbers he progressed from intern up accounting and finance staff, though we hope that they’ll and math came early, to audit manager, supervising and oversees reporting for go faster.” but for CPA Steven small teams for each project the real estate construction Goldgrab, getting to channel that he worked on. He left that department. And that’s just one of Habitat that passion into building firm for his current position at NYC’s current building proj- homes for families in need was Habitat for Humanity in the “They’re the key to our ects, a list that also includes an unexpected privilege. summer of 2019, after getting business,” he said of the real Haven Green in Little Italy, an “Numbers always stuck with his CPA license the year prior. estate department. “They take LGBTQ-friendly senior housing me, even if I would try to care of the major projects—all development that’s planned forget,” Goldgrab said. “Plus, Goldgrab credits Marks the homes. We just did a big to house 123 apartments for I am a third-generation CPA,” Paneth’s nonprofit group for apartment building in the low-income seniors, including like his mother and grandfather its role in preparing him for his Bronx called Sydney House, 37 apartments for seniors who before him. Now, at 34, those responsibilities at Habitat for which is 56 units. That’s going have been homeless. Mean- skills have landed him a job as Humanity. The group had ex- to start selling over the next while, Habitat’s Critical Home director of finance at Habi- posed him to “various funding 18 months. It’ll take about Repair program has repaired tat for Humanity. The global streams and ways of accounting 18 months to sell all 56 units, 65 homes in Brooklyn, Queens not-for-profit builds affordable for them,” Goldgrab said. “I housing throughout the United was fully prepared to become Sydney House: Habitat built this 56-unit cooperative apartment building in the Bronx. States and in nearly 70 other a client and see the profession countries, with funding from from a different angle. I used state and city governments, to have clients, being in the banks and private donors. public sector, being an auditor. After graduating with an ac- Now, I’m basically on the other counting degree from Queens side. So, instead of being the College of the City University auditor, now I’m being audited.” of New York in 2008, Gold- grab spent 11 years at Marks As director of finance, he Paneth LLP, a 700-professional manages Habitat’s annual accounting firm headquartered audit, produces the annual in New York City. During his budget, maintains accounting decade-plus working there, systems, reviews bimonthly financial statements, reviews payroll, supervises and trains 22 | NEXTGEN

“Arranging closing dates, getting construction funding ... and finally getting to a sale takes a lot of effort from different departments.” and Staten Island that were Building homes in New York City: Top of page: Before-and-after shots of a single-family home in Queens that Habitat for Humanity rehabilitated. damaged by Hurricane Sandy Immediately above: Volunteers with Habitat for Humanity build a single-family home from scratch. in 2012. preconstruction closing dates, homeowners themselves, of my work is getting that “So I’m just making sure that getting the funding to put the who donate what’s called email after the closing, [with a we’re not having overruns, construction in action, and “sweat equity.” “So we help photo] showcasing the proud because every project has finally getting to a sale takes them build their home, and new homeowner with a smile a budget,” said Goldgrab. a lot of effort from a bunch of they help, too. And together, from ear to ear. To see that One way he manages that is different departments.” we get them an affordable smile on someone’s face, who through his work with Habitat mortgage,” Goldgrab said. can finally purchase a home, for Humanity’s Community Habitat relies on volun- “The most rewarding part is priceless.” Fund, a certified Commu- teer builders, including the nity Development Financial Institution (CDFI) regulated by the U.S. Department of the Treasury. “The finance department at Habitat oversees everything,” Goldgrab said, noting that he has worked closely with CEO Karen Haycox and CFO Alex Havriliak over the last nine months, as he has delved into the organization’s inner workings. “We deal with a lot of government funders to help close gaps for construc- tion projects, so there’s a lot of back and forth. Arranging NEXTGEN | 23

Global Village trips: Habitat for Humanity staff often participate in building projects around the globe, including in the Dominican Republic (above) and in El Salvador (below). Habitat for Humanity also attend the company’s Global that young professionals Goldgrab concluded. “My operates a series of Re- Village trips, where volunteers could benefit from taking an advice to a young or aspir- Stores—shops where it sells travel to underserved com- approach similar to his, as ing CPA who wants to get preowned furniture and other munities around the world to homemaking items at a dis- build homes. count. In addition to main- taining the internal controls “They spend a week in the and quarterly state sales tax area, helping homeowners filings for ReStores, Goldgrab build homes from scratch,” recently helped with painting he said of Global Village the location in Woodside, trips. “There was one to Viet- Queens. nam recently, and there was supposed to be another one “I felt a sense of pride by to the Dominican Republic helping our organization in the beginning of March freshen up,” he said. “And I that got canceled.” Goldgrab look forward to participating said the cancellation was due in many house builds in the to the COVID-19 outbreak, future.” which eventually halted all “I felt a sense of pride by helping our organization freshen up. ... And I look forward to participating in many house builds in the future.” Employees sometimes of Habitat’s construction the perspective gained from involved in not-for-profit work volunteer on construction projects. working at a larger firm can is: Find the cause that means projects, performing tasks be invaluable when shifting a lot to you, and run with it. ranging from painting to All not-for-profits need into the not-for-profit sector. You will see how rewarding electrical work, among others. creative finance experts the work you do really is, and And that’s not limited to providing this type of “They might have to work in you might even have some stateside locations. Staff also oversight. Based on his own public [accounting] for a few fun doing it.” experience, Goldgrab thinks years to build some skills,” 24 | NEXTGEN

WHERE WILL YOU BE POST-PANDEMIC? JULY 29, 2020 GET AN EDGE WITH JOIN US IN ROCHESTER THE NEXTGEN OR VIA WEBCAST CONFERENCE When the world emerges from the current global pandemic, you will need to serve your clients differently from the way you have in the past. Technology will still be a pressing issue, but so will a new business model for some of your clients. They will depend on you as the trusted professional to help navigate the challenges ahead. The NextGen Conference will help you get to where you need to go. Here’s a sneak preview: • The Neuroscience of Effective Leadership, with Spencer Horn, gives you the edge on how to think clearly under pressure and build the habits that support success. • The Evolution of the CPA, presented by the AICPA, provides a forward look at skills and opportunities that help to cultivate a progressive practice and meet the needs of your clients in a “new normal.” • Emerging Tech Trends is an intimate “Fireside Chat” with experts discussing how you can harness emerging technologies to build efficiencies and profits in your accounting practice. By July 29, you will have completed your work for the extended tax deadline. It’s the perfect time to gain the knowledge you need to be successful. REGISTER TODAY! GROUP RATES AVAILABLE. REGISTER NOW FOLLOW US ON SOCIAL#NEXTGEN20 FOR EARLY-BIRD REGISTER AT NYSSCPA.ORG/NEXTGEN20 OR CALL 800-537-3635. PRICING!

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