Gen Z on accounting jobs: Lame
Today we’re introducing a new section that spotlights an accounting firm. This edition features Elite Financial Services, a trailblazing, all-female, fully remote firm from Vermont. Plus, it's no secret the sector is struggling to attract new hires. Could it be because Gen Z thinks accounting is the "least sexy" job? - Bianca Prieto, Editor
In Today's Newsletter:
⚫ Eide Bailly sells its wealth management business.
⚫ CLA reigns in construction.
⚫ IRS issues proposal on foreign currency election.
⚫ SEC punishes shipbuilder Austal USA.
Written by Paul McCormack
Firm: Elite Financial Services, Vermont
Owner: Ashlie Smith
Firm size: 5 employees
Q: How did you get started in accounting, and what led you to launch your own firm? We'd love to hear about your journey and what drives your passion for the work you do.
A: Our firm is unique because we are both woman-owned and operated and our services are fully remote. We offer an incredibly candid and educational approach to business setup and tax strategies; providing agency and ownership to our clients. An aspect they find refreshing and empowering! I’m honored to serve as the president of the Vermont Tax Practitioner’s Association and as the treasurer on several boards across the state. This year marks my sixth year of teaching for the University of Vermont at its annual tax school.
Q: What are some of the biggest challenges you’ve faced running your own accounting firm in Vermont? How did you overcome these obstacles, and what advice would you give to other early-career accountants who are considering starting their own practice?
A: The biggest challenges I've faced as a young entrepreneur are: being the sole senior member of the firm, which creates a bottleneck; managing the natural ebbs and flows of cash flow in the tax profession — professional tax software is expensive, and to grow a business, you must invest in it. Without going into debt, cash flow management is crucial; finding staff who are a great fit and genuinely love their roles.
I’m still working through some of these obstacles.
Q: Anything else you’d like to share?
A: I’d love to encourage everyone in the industry to really examine what you love about your role and how important you are to your clients! Pour into yourself. Chase your goals. Love and take pride in your work. And really soak up every moment. This life goes so fast and you deserve to live it feeling accomplished, proud, and like you’re giving it everything you’ve got!
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Giant's Growth Spurt: $19.3B Sequoia snaps up Eide Bailly's wealth arm
Sequoia Financial Group, an Ohio-based RIA managing over $19.3 billion, is acquiring Eide Bailly's wealth management business, which oversees approximately $1.58 billion in client assets. The deal, expected to close in Q4, will expand Sequoia's presence west of the Mississippi River and involve Eide Bailly taking a stake in Sequoia, with Brad Kelley from Eide Bailly joining Sequoia as EVP of corporate development. This acquisition is part of Sequoia's recent growth strategy through M&A, following its launch of a family office division last November and recent acquisitions of AltruVista and Karpas Strategies, further expanding their services and geographical reach.
🎙 AI revolution in accounting: Transforming tasks and elevating expertise
In this eye-opening episode of the Accounting ARC podcast, accounting industry experts Liz Mason, Byron Patrick, and Donny Shimamoto tackle the AI revolution sweeping through the accounting world. Tune in to learn AI's real impact on daily accounting tasks, how to liberate accountants from data drudgery, and how AI paves the way for high-value, strategic work. (Center for Accounting Transformation)
1 in 4
surveyed accounting professionals want more DEI activity. (CPA Practice Advisor)
- Building Success: CLA crowned 2024's construction accounting king.
- Fyffe Jones & Bagby Johnson: A merger adds up.
- Tech Titan Tumbles: Super Micro's 25% nosedive amid accounting questions.
- IRS Proposal: Tightening foreign currency election rules.
- Busted: Wilkes-Bare accountant's theft earns prison time.
Shipyard builder Austal fined $24M bill for cooking the books
Austal USA, a shipbuilding company, has agreed to pay a $24 million fine to settle an accounting fraud case with the U.S. Securities and Exchange Commission and Department of Justice, stemming from misconduct by former executives between 2013 and 2016. The settlement includes a plea deal with the Justice Department, plans for an Administrative Agreement with the U.S. Navy, and the appointment of an independent monitor for three years to ensure compliance.
This resolution follows the indictment of three former Austal USA executives last year for manipulating financial data, particularly related to the U.S. Navy's Littoral Combat Ship Program, to mislead investors about the company's performance. (USNI News)
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