Archives for April 2016

PrimeGlobal Welcomes Mountjoy Chilton Medley as Newest Member

PrimeGlobal announced that Louisville, Ky.-based Mountjoy Chilton Medley LLP (MCM) (FY 14 net revenue of $39.1 million) is the newest member to join the association’s North American region.

MCM is a large regional CPA firm providing highly specialized services to a broad range of clients. Privately and publicly held businesses, not-for-profits, small businesses and individuals across the region and throughout the country receive personalized attention and local access from national level talent.

“Mountjoy Chilton Medley LLP is an invaluable addition to our membership,” says Michelle Arnold, PrimeGlobal North America’s chief regional officer. “The firm’s distinguished service to its clients represents the culture of the PrimeGlobal association, and MCM’s expertise in specialized services will be complementary to our membership. We are also pleased to continue to strengthen our reach in the Central and Midwest regions.”

Diane Medley, MP of Mountjoy Chilton Medley, says, “We look forward to collaborating with PrimeGlobal peers, sharing knowledge and strengthening our reach to clients through the membership.”

Boomer Consulting Announces New Executive Leadership Positions

Boomer Consulting Inc. announced new positions for its executive leadership team. The new roles represent the next step in a long-term succession plan under way for the last seven years.

Gary Boomer

Gary Boomer

Jim Boomer will succeed L. Gary Boomer as CEO, and will lead the team with newly appointed president Sandra Wiley. Rounding out the executive leadership team are Dustin Hostetler as chief innovation officer and L. Gary Boomer as visionary and strategist.

“This shift in leadership represents the roles each of our leaders have played over the last several years and will allow Boomer Consulting to better focus on strategic growth,” says L. Gary Boomer, founder and former CEO of the company.

Jim Boomer previously served as Boomer Consulting’s chief information officer and senior consultant.

Jim Boomer

Jim Boomer

“Together with Gary, we have built a strong and devoted team,” says Jim Boomer. “We are well positioned for continued growth and ongoing dedication to the profession. We are grateful for Gary’s long-sighted leadership, and he will continue to be an invaluable resource as our visionary and strategist.”

Sandra Wiley

Sandra Wiley

Wiley previously served as chief operating officer and senior consultant.

“We have collaboratively built our company with strong leadership, a superior team of professionals and a client base that is future focused,” says Wiley. “This is a time in our company’s history that I am beyond excited as we move forward.”

Hostetler previously served as a shareholder and senior consultant for Boomer Consulting, Inc. He is the pioneer in applying the Lean Six Sigma concepts to public accounting firms. As a Lean Six Sigma Master Black Belt with extensive experience working inside a large regional CPA firm, he has taken proven Lean techniques and tailored them to bring ground-breaking value to public accounting firms.

Dustin Hostetler

Dustin Hostetler

Gary Boomer is the founder of Boomer Consulting, and previously served as CEO and senior consultant. He is recognized in the accounting profession as the leading authority on technology and firm management.

“As visionary and strategist, I look forward to remaining actively engaged with Boomer Consulting, our partners and clients, and transforming our profession forward,” he says.

Sageworks Announces Partnership with Xero

Sageworks, a financial information company, announced that it is has partnered with Xero, an online accounting software for small businesses and their advisors. ProfitCents and Sageworks Valuation Solution (SVS) are now integrated with Xero, enabling accounting firms that use the ProfitCents financial analysis platform and SVS to transfer client data directly between Xero and Sageworks.

The partnership simplifies the process for accountants, business advisors and valuation professionals to create financial health reports, projections, benchmarking reports and valuation opinions for their clients. The new process eliminates manual data entry as the information from Xero is moved seamlessly into ProfitCents and SVS. Soon-to-be-released functionality from Sageworks will also allow firms to receive scheduled narrative reports on their clients’ businesses based on their Xero data. These analytics allow accounting firms to quickly provide highly valued consulting services that can deepen client relationships and create more profitable engagements.

Through the new integration, ProfitCents and Sageworks Valuation Solution users can directly access Xero data fields and customize the mapping of data, allowing them to create key performance indicators and ideal groupings for financial analysis using their existing Xero account structure.

“At Sageworks, our goal is to help our accounting firm clients become trusted advisors to the businesses they serve, and a big part of that is reducing the amount of time spent entering data so they can spend more time with their clients,” says Sageworks CEO Scott Ogle. “Because of this, making sure our solutions integrate with accounting firms’ existing workflows and applications is critical.”

AICPA Urges Senators to Maintain Availability of Cash Method for Accounting Firms and Others

The AICPA encouraged members of the Senate Finance Committee to preserve the use of the cash method of accounting for tax purposes as they ponder business tax reform.

In a letter submitted for the record of the committee’s hearing on “Navigating Business Tax Reform,” AICPA president and CEO Barry Melancon wrote, “As the committee drafts its proposals, we urge maintaining the current availability to use the cash method of accounting for pass-through entities and personal service corporations, such as accounting firms. Determining taxable income under the cash basis is simple in application, is a method of accounting which the service industry has used for decades, and must remain an option for these businesses.”

The letter explained that under the accrual method, many accounting and other service-type firms would need to accelerate a significant amount of income into the current taxable year despite not receiving the actual payment from their clients. This increase in tax liability could have a significant negative impact on a new owner’s ability to finance entrance into a partnership. Additionally, limiting the use of the cash method may result in the requirement of a CPA to take out a personal bank loan for the sole purpose of paying his/her increased tax liability. In addition to income tax consequences, some partners would also pay more self-employment taxes under the accrual method. Further, the AICPA believes a gross receipts restriction on the use of the cash method would unfairly impact accounting firms and could threaten their ability to expand.

“The AICPA has consistently supported tax reform efforts that promote simplicity and economic growth and do not create unnecessary administrative and financial burdens on taxpayers,” Melancon wrote. “An accrual method mandate falls short in that regard. We strongly urge retaining use of the cash method of accounting.”

McCall Named Chairman of the Massachusetts Society of CPAs

Carla McCall

Carla McCall

The Massachusetts Society of Certified Public Accountants (MSCPA) announced that Carla McCall was elected the chairman of the board of directors for the 2016-2017 fiscal year.

McCall is the co-MP of Westborough, Mass.-based AAFCPAs (FY14 net revenue of $23.2 million) and has been serving clients since 1995. AAFCPA provides best-value assurance, tax, business consulting and information technology advisory solutions to nonprofit organizations, commercial companies, wealthy individuals and estates.

The MSCPA board of directors is a group of 19 elected members that sets policies, manages programs and oversees activities that benefit the 11,000-member organization and accounting profession in Massachusetts. The board members will be sworn in at the MSCPA’s annual meeting in May.

McCall specializes in providing assurance, tax and business consulting services to nonprofit organizations and closely-held companies. Her diverse client base includes health care, arts and cultural, affordable housing, manufacturing and distribution.

“It is an honor to be elected by the MSCPA members as chair of the board of directors,” says McCall. “The Society provides a wide range of services, from education to networking to volunteer opportunities, and I hope to be highly involved in shaping a successful year for the organization.”

“Carla has long been an asset to the Society and the community, and we are really looking forward to her leadership this year,” says Amy Pitter, president and CEO of MSCPA.

Grant Thornton Admits Platt as OMP of New England Practice

David Platt

David Platt

Chicago-based Grant Thornton LLP (FY 14 net revenue of $1.4 billion) has admitted David Platt as OMP for its New England practice, which encompasses the firm’s Boston and Westborough, Mass., offices. In this role, he will lead the firm’s New England practice and oversee marketplace growth and talent development.

Platt replaces Peter Resnick, who served as OMP for the past two years. Under his leadership, the New England practice experienced unprecedented growth. In addition to serving as the New England forensics and litigation services practice leader, Resnick will be assuming additional responsibilities in the firm’s national forensics practice. Additionally, Kim O’Connor has been named PIC of the Westborough market, a role that was previously held by Platt.

Platt has more than 25 years of experience working with organizations on complex financial matters, including strategic planning, corporate board governance, profitability enhancements and merger and acquisition services. He has served clients in a variety of industries, including manufacturing, wholesale and distribution, and not-for-profit entities. Most recently, Platt served as the New England assistant MP.


NASBA CPT Launches Ethics Certification for Business Professionals

The NASBA Center for the Public Trust (CPT) announced the launch of its Ethical Leadership Training and Certification for business professionals. This online, self-paced and interactive program consists of three training modules that discuss ethical culture, leadership and strategy. Each of the three modules is interspersed with dynamic videos, real world ethical dilemmas discussed by subject matter experts, as well as quizzes to gauge the participant’s understanding. Participants can take the modules individually, or as whole, to earn the ethical leadership certification.

Since 2005, the CPT has encouraged leaders to support ethical business practices, by conducting a variety of collegiate and professional programs including the Student Ethical Leadership Certification, launched in 2014. The success of the student certification led the CPT to pursue the development of a certification for business professionals.

“Ethical decision-making is one of the most important components of sustained business success,” says CPT president Alfonzo Alexander. “This training and certification program is designed to help employees recognize ethical issues, resolve ethical dilemmas and create an atmosphere that promotes positive ethical behavior in organizations. At the end of the program, users will have a clear understanding of why ethical leadership is important to both business and career success,” he added.

Based on best practices from successful organizations as well as common corporate weaknesses, culture, leadership and strategy serve as the overarching themes discussed throughout the certification. The three sections are, Culture Matters, Leadership and Strategy Matters.

Learn more about the NASBA Center for the Public Trust (CPT).

Dean Dorton Foundation Aids Cancer Patients

A Leadership Lexington project that began almost three years ago has come to fruition, in the form of a cancer patient receiving free child care during treatments, thanks to the help of the community and the Dean Dorton Foundation, a foundation created by Lexington, Ky.-based Dean Dorton Allen Ford PLLC (FY15 net revenue of $21.4 million).

Leadership Lexington is a leadership development program sponsored by Commerce Lexington and directed toward individuals who demonstrate leadership qualities. The 2013-2014 Leadership Lexington class worked on multiple projects, including Advance Lexington, Roosevelt Boulevard Community Garden, University You and S.O.S. Cancer Support (S.O.S. stands for supportive oncology services).

Bill Kohm, director of assurance services at Dean Dorton was involved with S.O.S., which partnered with the YMCA of Central Kentucky and a local church to structure a program to provide free child care to the dependents of cancer patients as they go through their cancer journey.

Two children of a recently diagnosed cancer patient started receiving free child care last week through S.O.S. as their mother began her year-long chemotherapy treatment. “With everyone’s hard work and persistence, we have eased some of [the mother’s] burden as she begins her cancer journey,” says Erica Radhakrishnan, a two-time cancer survivor, S.O.S. project team leader, and Distinguished Leader of Leadership Lexington class of 2013-2014. “I want to express my sincere gratitude to the Dean Dorton Foundation for their support. I am grateful that our community possesses business entities, such as Dean Dorton, that appreciate the value of leadership development and cultivation, as well as a generous spirit that supports opportunities to give back and enhance our city.”

“We are thankful for the Dean Dorton Foundation’s support of our cause. It’s an amazing feeling that our vision has finally helped a young mother with cancer,” says Kohm.

The Dean Dorton Foundation is a charitable foundation that supports nonprofit organizations throughout Kentucky. Each year, the firm contributes a percentage of its net profits to organizations that help the community through social service, cultural, environmental or educational activities.

RubinBrown Announces Senior Leadership Succession & Retirement

Jim Castellano

Jim Castellano

St. Louis-based RubinBrown LLP (FY15 net revenue of $78.5 million) announced several top leadership changes effective June 1. The changes reflect implementation of the firm’s long-term succession plan to support the expansion and growth of the 64-year-old firm.

RubinBrown chairman Jim Castellano will step down as chairman of the firm when his term expires on May 31 and will continue as a partner in a senior advisory role to the board and to clients until his retirement from the firm on May 31, 2017. Firm MP John Herber will succeed Castellano as chairman. Fred Kostecki will move into the role of MP of the St. Louis office and Felicia Malter will succeed Kostecki as the PIC of assurance services. Todd Pleimann and Michael Lewis continue as MPs of the Kansas City and Denver offices, respectively.

John Herber

John Herber

Castellano announced these changes resulting from the firm’s extensive succession planning efforts conducted over the past several years. “RubinBrown has enjoyed remarkable, consistent growth, and we are blessed to have outstanding leaders at all levels of our firm. I have utmost confidence in this leadership team’s ability to continue our track record, focused on totally satisfied clients and inspired team members,” says Castellano.

Castellano has served as chairman since 2004, when John Herber succeeded him as the firm’s MP. Castellano had served as MP since 1989, when he took the reins from the late Mahlon Rubin, who had led the firm since its founding in 1952.

Fred Kostecki

Fred Kostecki

Herber will succeed Castellano as chairman and will be responsible for leading the firm to continued growth through strategy and team member development, oversight of firm operations, and representation of the firm in the community and profession.

“We are fortunate to have grown to become one of the 50 largest accounting firms in the country by our never-ending focus on providing superior quality and service to clients of all sizes in many industry sectors. Expect no changes in our passionate commitment to those values from this leadership team,” says Herber.

Kostecki will become MP of the St. Louis Office. He will be responsible for the leadership, reputation, client service, civic involvement, business development and business operations of the St. Louis office.

Succeeding Kostecki as PIC of assurance services is Malter. In this role, Malter will be responsible for the growth, client service, operations and team member development of the firm’s assurance services group.

RKL Senior Living Services Manager Named to “Forty Under 40” List

James Spencer

James Spencer

Lancaster, Pa.-based Reinsel Kuntz Lesher LLP (RKL) (FY14 net revenue of $49.6 million) announced that James Spencer has been named one of Lehigh Valley Business’ 2016 “Forty Under 40” award recipients, in recognition of his commitment to professional excellence, business growth and community service.

“Jamie is a trusted business advisor to his clients, an emerging leader in our firm and an active supporter of his community,” says RKL CEO Edward Monborne. “We’re proud that Lehigh Valley Business agrees by selecting Jamie for this well-deserved recognition.”

For more than a decade, Spencer has helped clients achieve sustainable success in an ever-changing regulatory environment. He has provided a variety of accounting and consulting services to clients throughout RKL’s geographic footprint, but in recent years has specialized his focus as a manager in the firm’s Senior Living Services Consulting Group.

The “Forty Under 40” awards program celebrates the Greater Lehigh Valley’s most accomplished young businessmen and women. Spencer will be celebrated along with his fellow honorees at a ceremony scheduled for June 13 at the Historic Hotel Bethlehem.

For more information on LVB’s “Forty Under 40” Awards, visit