Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/83146
COVER STORY Picking the Brain of Greg LaFollette T here are few accounting profes- sionals that have had the opportu- nity to serve in multiple roles and gain insight from several unique vantage points over the course of their career. Greg LaFollete is one of the few. I met Greg early in my career. He quickly became a friend, then a mentor, and today is a well-respected colleague. As a part of our executive series, I wanted to include Greg and share his vast knowledge of the profession with our readers. Because Greg has served in numerous roles—from firm partner to Executive Editor of a leading trade publication—he offers a distinct and relevant perspective on the profession and where it is heading. To begin, I would like to offer a snapshot of Greg's background: r Practiced public accounting for more than 27 years. r Served as a partner in a large CPA firm in Sioux Falls, South Dakota. r Held the position of VP of Product Strategy at Tomson Reuters (then called Tomson Tax and Accounting). r Served as Executive Editor of Te CPA Soſtware News, which he trans- formed into The CPA Technology Advisor—launching the digital version of the publication and advancing the magazine to a top-three trade publica- tion. r Currently serves as VP of Product Strategy for CPA2Biz—focusing on helping accounting firms to move to the Cloud and work differently. Greg has had a great impact on the profession and on me personally. It was during Greg's time at Tomson Reuters that we became acquainted. It wasn't long aſter geting to know each other that I received a call from Greg, requesting that I be part of a product advisory group for Tomson. A few years into our relationship, I met up with Greg at the Tomson Reuters Users' Conference. By this time, Greg had assumed the role of Executive Editor of Te CPA Technology Advisor. I relayed to Greg that I admired what he was doing for the profession and that I would like to follow in his footsteps. He responded by telling me that he was approaching 60 and thinking about an exit plan, and that we would most certainly talk. A few weeks later, our mentor- mentee relationship began. He enlightened me to the inner-workings of the magazine and how to be a consultant to the vendor community and the profession as a whole. We've been friends and colleagues ever since. Today, as Executive Editor of CPA Practice Advisor, I have the opportunity to bring Greg's knowledge to the forefront and share it with our readers…just as he shared it with me, one-on-one, over the years. While we were both in Chicago recently, I had the chance to sit down with him and ask him a slew of questions. DARREN: How many years did you actively practice in public accounting? GREG: Twenty-seven—from 1972 until I joined Tomson in 1999. DARREN: Tell me a litle about the practice you ran? GREG: It's a large local firm in Sioux 6 October 2012 t www.CPAPracticeAdvisor.com Falls, South Dakota—full-service with about 20 staff. Te firm still exists and my former partners are still my good friends. I occasionally take bagels in on a random tax-season Saturday. DARREN: You spend a lot of time at the CPA2biz offices in New York and California and you're on the road speaking oſten –where's "home"? GREG: I choose to live in my hometown of Sioux Falls, South Dakota. When I'm there, I office with Eide Bailly. Tat way I get to hang around practicing accountants (I love the smell of tax reruns in the spring!) Te partners at EB are very kind and I very much appreciate their ongoing hospitality. DARREN: What are the core differ- ences fom when you ran your firm to running a firm today? GREG: Back then we were the only technology-oriented, fixed-fee billing firm I knew of. Even so, we still worked way too hard at about 2,800 to 3,000 hours a year. We were a generalist firm, took what walked through the door. It was almost impossible to be a niche firm back then. Today, technology enables a firm to specialize because it removes time and geography. I worked the 2800 hours at my desk 35 years ago, which was a lot of time away from my family. Today, if I were doing it again, I would probably work as much, but I would do it when I want from where I want, and oſten times in bits and pieces. DARREN: You ran a CPA firm, served as VP of Product Strategy at Tomson Reuters, turned CPA Technology Advisor (now CPA Practice Advisor) into a premier publication, and now lead product strategy for CPA2biz. That's an expansive, diverse career. Tell me, if you were starting a new practice today, with all your experience, what would your vision of that practice be? GREG: I would be way more focused on what I do, how I do it, and for whom I do it. I would grow a practice to support the lifestyle I want to live. You teach this stuff everyday, Darren. You tell firms to create a business model first…I agree with you I would ask myself what kind of business I want to run, and then I would create it. From a technology standpoint, I would include a great big fat Internet pipe, a firewall, a router, a scanner, and some low-end computers. Oh hell, and I suppose I'd get forced into buying at least one printer, too. DARREN: It seems the rate of change in technology is faster today than ever. With that said, what do you see as the biggest challenge facing firms today? GREG: The movement from premise-based to SaaS is perceived as very technologically challenging. It's not. Te biggest challenge here, hands down, is staff and client management and standardization of workflows. Te next biggest challenge is geting firms to think differently about the services they provide. Te services they have traditionally provided are not neces- sarily the ones clients have wanted or will want in the future. Firms have to understand this and implement the technology to help them deliver these new services. DARREN: What would you say is the one thing (or two) that has given you the greatest satisfaction? GREG: I had a great mentor early in my career. Walt Schaefer was my boss when I was business manager at a social services agency. He taught me the power of "connections. " Today, I pride myself on knowing almost everybody in the accounting tech- nology world. Years ago, I founded a gathering that's now known as the SaaS Executive Roundtable and every January 50+ CEOs of technology companies that serve the profession come together to spend two days trying to figure out, collectively, how to do it beter. Other high points have been the opportunity to associate with great people. I've had great talent work for me (Teresa Mackintosh when we