Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/39633
PRODUCTIVITY IN PRACTICE BY ISAAC M. O'BANNON, TECHNOLOGY EDITOR The Blue Collar CPA A small business is most productive when its owners are doing what they love. Whether a mechanic, baker, landscaper, restaurateur, childcare provider or a merchant, small business owners usually like what they do. T at's what led them to their profession in the fi rst place, along with their own drive, determination and the goal of working for themselves. Aside from accountants and fi nan- cial professionals, however, few business entrepre- neurs went into business so they could manage books, taxes, payroll and compliance. Joe Madden knows this as well as anybody, which is why he's shaped his own small business around helping others succeed. Joe is the owner and founder Joseph E. Madden, CPA Firm: Joseph E. Madden, CPA LOCATION: Denison, Texas WEBSITE: www.josephmadden.com PRACTICE SPECIALTIES: Individual & business taxation; Clergy taxes; Payroll; Small city accounting; Consulting EDUCATION: S.E. Oklahoma State University PROFESSIONAL ASSOCIATIONS: AICPA, Texas Society of CPAs, MOST RECENT BOOK READ: SOCIAL NETWORKING: Blog: www.josephmadden.com/blog Facebook: www.facebook.com/joecpa National Association of Tax Preparers, National Society of Accountants "Decide to Play Great Poker," by Annie Duke since built the fi rm around tax preparation and compliance, accounting/write-up, payroll and business consulting. He's been especially successful at developing his payroll services, which the fi rm handles in its entirety, including impounding and full EFT management. While most of his payroll clients are also small, there are exceptions, including a glass manufacturer and a large church and school just across the Red River in Oklahoma. T e fi rm processed more than 12,000 checks and deposits last year, with total com- bined payrolls of nearly $900,000. His model has even at racted the niche audience, where he "evangelizes" good tax planning and preparation. As many of his peers have done, Joe has taken advantage of best practices in the areas of going paperless, which his fi rm has been from nearly the beginning, as well as integrating optimized work- fl ows. T e three-person practice is made up of Joe, payroll manager Jill Wood, and Joe's mom Pamela, who serves as the client coordinator. "My mom used to be a ballroom dancer, so she is expertly qualifi ed to dance around the numbers all day long." Bella, a 120-pound Great Dane, is also a common sight at the offi ce. PRODUCTIVITY SCORE™ 390 of Joseph E. Madden, CPA (www.josephmadden. com) in Denison, Texas, a practice that focuses on what he considers the real backbone of our economy: the smallest businesses where the owners get their hands dirty along with their workers … if there even are any other employees. "Denison has plenty of larger corporations and other entities, but we try to help the small guys," said Joe. "T e shade tree mechanic, the plumber and other blue collar workers. T ey're the ones who would rather be doing real work instead of trying to fi gure out their fi nances, and that means they also need the help most of all." He says that the key is fi nding out what each individual client wants to know, especially in helping them really understand their cash fl ow. Joe started his fi rm in 2003, but was already well-known in the business community. He had worked for one of the largest fi rms in north Texas, where he mostly handled audits for nonprofi ts and governmental entities. He also partnered with another area accountant for a few years, and has at ention of large fi rms across the country who would like to duplicate his success. Joe has also developed a less common specialty, but one that he's found professionally and personally rewarding. He manages the income tax returns for approximately 20 pastors, some who've even moved out of state but continue to rely on his expert advice when it comes to clergy members, from special housing allowances, self-employment taxes and other issues. He occasionally even holds seminars for this "THE SHADE TREE MECHANIC, THE PLUMBER AND OTHER BLUE COLLAR WORKERS. THEY'RE THE ONES WHO WOULD RATHER BE DOING REAL WORK INSTEAD OF TRYING TO FIGURE OUT THEIR FINANCES, AND THAT MEANS THEY ALSO NEED THE HELP MOST OF ALL." 40 September 2011 • www.CPAPracticeAdvisor.com T e fi rm has multiple moni- tors at each workstation, and they use a fully integrated suite that includes their tax, accounting, payroll and prac- tice management programs. With the help of a tech- nology-focused client, the fi rm has also been proac- tive with its online mar- keting and search engine optimization, resulting in fi rst-page listings on Google and other search engines. T ey earned a score of 390 on Practice Advisor's Productivity Survey ( CPAPracticeAdvisor.com/productivity- s CPA www. survey y), a free web-based tool that helps fi rms assess their workfl ow and technology usage, and provides benchmarking against similarly sized practices. Another somewhat peculiar specialty, but one that Joe thinks will become more common in the near future, is his work with small governments. He currently serves as a bookkeeper for the Texas cities of Van Alstyne and Southmayd, working in their offi ces a couple of times per week, consulting and assisting their city secretaries on fi nances. For Southmayd, he also reports on city fi nances to their council. He notes that new audit pronouncements are driving small towns and cities to use CPAs, since they rarely have a qualifi ed accounting professional on staff , which can result in unwanted fi ndings refl ected on their audits. Joe's small business work; discounted rates for active duty military, police and fi refi ghters; his specialties with pastors and small local governments; as well as his involvement on the city of Denison's Historic Preservation Board have earned his practice the title of "Best Accountant" in the Denison Herald Democrat's annual "Best of Texoma" reader voting.