CPA Practice Advisor

DEC 2012

Today's Technology for Tomorrow's Firm.

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PRODUCTIVITY IN PRACTICE BY ISAAC M. O'BANNON, EDITOR A Holistic Approach to Tax Practice Management How Brian Shaltakoff Grew His Practice to More Than 500 Clients Every business owner knows that flexibility is a requirement for success. Being able to adapt to changing customer needs, vendor issues and work schedules is a part of the job requirement, whether the business is a shoe store, a restaurant or an accounting firm. Brian Shaltakoff has taken this flexibility to what some might see as an extreme, but it's led to a remark- ably successful practice. (www.brianshaltakoffcpa.com), is a full-service accounting firm with more than 550 clients in the U.S. and internationally, but with minimal full-time staff. How can a sole practitioner manage that many clients alone? Tat's where his extensive flexibility, engagement management strengths and effective use of technology emerge. Te majority of his engagements are still tax- focused, but the firm has expanded to also Brian Shaltakoff, CPA, MBA - Managing Member Firm Name: Brian Shaltakoff CPA, PLLC LOCATION: New York City and Boulder, Colorado WEBSITE: www.brianshaltakoffcpa.com PRACTICE SPECIALTIES: Tax compliance and planning for small businesses & busy professionals EDUCATION: BAs in Accounting and Finance, Univ. of Connecticut; MBA, NYU Stern College of Business. FAVORITE VACATION SPOT: Tofino, British Columbia, Canada SOCIAL MEDIA: twitter.com/BShaltakoffCPA facebook.com/pages/Brian-Shaltakoff-CPA-PLLC/177600878934046 linkedin.com/in/brianshaltakoffcpa PRODUCTIVITY SCORE™ 193 Te CPA initially started his career working at Big 4 firms Arthur Andersen and KPMG Peat Marwick, then at J.P. Morgan and other financial services firms. In 1996 he started doing a few tax returns, mostly for other professionals working in the financial services sector. By 2007, this entrepre- neurial activity had grown to more than 300 clients, and he saw the opportunity to open his own practice. "When I reached about 300 returns, I realized I had to strongly consider whether to work solely for myself," Brian said. "Te advantages and benefits finally outweighed the security of being an employee." He noted that he also couldn't continue to serve that many clients, especially given the comprehen- sive approach to clients which he demands of his firm, while also having another job. "I've always emphasized customer service and only took on cli- ents when I had the time and resources to give them the best service and atention they needed. So I place an emphasis on having the processes in place before adding more than I can handle." Today, the practice, Brian Shaltakoff CPA PLLC include estate planning, elder care finance issues, litigation support, payroll, business consulting, CFO services and succession planning. During busy season, he ramps up with three to four temporary staff members, including another professional for review processes, and an admin- istrator. Also, since his practice has been mostly digital in nature since he started it, client interac- tion is mostly by email or phone. He still plans to grow his practice, with an effort at increasing profitability per client. "I'm earning less per client than I think I should be, and I think it's because they are younger on average than the clientele most accounting and tax firms have. Te disadvantage to this is that they are much more engaged with technology and oſten have a DIY perspective on their finances. So the key is reinforcing the value message of a CPA's services which are as much about confidence and risk avoid- 32 December 2012 t www.CPAPracticeAdvisor.com ance, as it is about producing a fairly-priced return." Using some of the latest technologies, including a completely web-based tax compliance, engagement and document management suite, Brian is also able to share files securely with clients through the system, and it allows him to access it from anywhere, which has allowed him to retain a New York City office, also working from home in Boulder, Colorado. Just as new technologies have given him the ability to work where and when he wants, Brian extends that flexibility to his clients, most of whom send their documents to him electronically. In fact, he has not met many of his clients in person. "A couple of them call me Charlie, as in the boss from Charlie's Angels, because I'm a voice on the phone that they never see." Client service still remains his top priority. "I have clients across the country and overseas, so I try to be available when it's con- venient for them," he said. He says that some- times he takes client calls at midnight or later, although most client interaction is during the day, while late evening is when he focuses on reviewing and processing returns. Te majority of his clients are in the Northeast, including some friends and former colleagues who've been a litle envious of the freedom that the change in careers has given him. However, he admits that during the height of tax season it's not unusual for him to work as late as 2:00 am. Tat said, his use of SO I PLACE AN EMPHASIS ON HAVING THE PROCESSES IN PLACE BEFORE ADDING MORE THAN I CAN HANDLE. advanced professional technologies is what has enabled him to build a virtual practice, which allows him to spend as much time with his family as he wants, including meals and atending his childrens' school and sports events. Brian's firm scored a 193 on CPA Practice Advisor's Productivity Survey (www.CPAPracticeAdvisor. com/productivity), a free online tool that helps professional tax and accounting firms measure how effective their workflow practices and technologies are, and benchmark them to similar practices. His interest in accounting and finance started in in high school, where he enjoyed classes in math and

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