CPA Practice Advisor

40UNDER40 2011

Today's Technology for Tomorrow's Firm.

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Gregg M. Cole, CPA.CITP — 39 President/CEO, Borusiewich & Cole, PC St. Louis, Missouri Education: Maryville University, Bachelor of Science in Accounting & Masters of Business Administration Professional Associations/Memberships: AICPA, Missouri Society of CPAs, Lemay Chamber of Commerce, Midwest BankCentre Advisory Board, Maryville University Simon School of Business National Leadership Board, past-president, RootWorks member Hobbies: Any activity with my kids; Physical fitness; Golf; Wine research & tasting What are some ways your firm/business has gone "paperless" and/or "green" in the last two years? Over the last couple of years, we have instituted hosted QB through Right Networks and a paperless bill paying model through the use of Bill.com. In addition, we have transferred most client communication with engagement letters and newsletters to a digital format. What are some of your favorite books and websites? Any book written by Harlan Coben (Myron Bolitar series is a must read) or Nelson Demille. Online reviews of various wines. How is cloud computing changing the accounting profession, and how con- cerned are you with the security issues related to cloud computing? It is hard to say that cloud computing is the wave of the future, because I think that it is already here. Cloud computing is changing the profession because everyone from clients, banks, bonding companies, etc. is going to want more timely access to financial data. The clients that recognize, embrace and commit to the cloud computing world will have a definite advantage in the marketplace. Security of data has been and will always be a threat to the industry. I feel that as long as software companies stay vigilant about security in all new technology applications, there will not be a large-scale security breach. What ONE piece of technology could you absolutely not live without? File Cabinet Solution from Thomson Reuters. We installed this software over six years ago and would be lost without it. The digital storage allows us to have a five-minute phone conversation and answer a client's question as opposed to a three-week game of phone tag to get in touch. Do you embrace cloud computing? We have been using Virtual Office through Thomson Reuters for over three years. Are you using social networking (such as Twitter, LinkedIn, Facebook, Google+) as a marketing tool for your practice … or do you use such sites for personal use only? Have you gained any clients or seen other demonstrable benefits from the use of social net- working? We have experienced tremendous growth in the last couple of years from traditional networking avenues and have not had the resources to devote to social networking. It is in our marketing plan in the near future. What sports team/championship event do you absolutely refuse to miss? Duke men's basketball and the NCAA tourna- ment. While I did not attend school there, I have been a fan for over 20 years. I believe that Mike Kryzyzewski is one of the great leaders of our time. Cell phone: Apple iPhone 4 What is your favorite smartphone or tablet app? Around Me just saved my family big time on vacation. We were able to find places to eat, attractions, etc., and avoided long waits for dinner with little kids. Do you foresee the majority of firms still implementing servers for the majority of their computing in their offices five years from now or do you think they will be outsourcing this component to vendors who specialize in this area? Within five years, it will just be too cost prohibitive (design, set up, maintenance, security, etc.) for a small firm to maintain the hardware necessary to stay relevant in the profession and provide accounting services to clients. NOT including your current employer, what company do you most admire and why? RootWorks. I think Darren Root and his team identified a large need in the profession for small accounting firms, and they provide very valuable information regarding the rapidly changing technology field. How many monitors do you have on your desk? Two, but we are trying to upgrade the office to three for everyone by the end of the year. Other than SMS on your cell phone, what is your favorite way to IM with your friends and family? I prefer to just talk to people, and I have started using FaceTime with my family. COUCH POTATOES? HARDLY. While the most frequently cited individual hobby was reading, our 40 actually prefer to break a sweat. When combined, outdoor activities such as sports and exercise were mentioned by more than 30 as a favorite pastime. "Spending time with family" was also a popular choice. 5 Back to Contents Page 3

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