ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS The New Accounting Firm

ew York City accounting firms aren’t what they used to be. Like many industries, accounting has been transformed by sweeping economic after- effects of the Great Recession as well as new digital ways of working. These changes are indeed visible at the many local accounting firms that contribute Nto ’s role as world financial capital. In the pages that follow, Crain’s looks at some key trends shaking up the New York City accounting industry—and the field as a whole—ranging from globalization and more mobile ways of working, to increased demands from aging Baby Boomers for help in selling their businesses. We also look at how accounting firms are pioneering new approaches to workplace flexibility—and how a freelance revolution is enabling independent accountants to tailor this for themselves. As trends expert Daniel Levine, director of The Avant-Guide Institute in Manhattan, put it, “Technology is facilitating this change in the way people work.” Read on to find out all about the trends and innovations that are reshaping the accounting field in New York.

CRAIN'S Corporate profiles in Accounting_MECH.indd 1 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

n the hunt for promising new clients, with their accountants through another tool called big companies. Freyman asks his team to upload EisnerAmper’s accountants spend a lot PwC Connect, which is also accessible via mobile sensitive documents to Box, instead of sending it by of time visiting technology incubators devices, Brennan noted. email. and university campuses. While some accounting firms prefer working mainly with Another hot trend for accounting firms is using “Box is not a cheap solution, but it’s incredibly Ocorporate clients, EisnerAmper, a CPA and consulting “Big Data” techniques to help clients sift through secure,” said Freyman. firm with an office in Manhattan, likes to get in on the information that was previously hard to analyze. ground floor with startups. “Our standpoint is we are PwC is mining clients’ financial records to uncover It may be pricey for a small firm, but with many of building something at the early stage to help these patterns they may not have noticed. “It allows us to the big guys going after the same clients, Freyman companies grow and become our next large client,” see the totality of the business and get some useful considers it a good investment. “It’s one of the ways said Mike Lopez, a partner in the firm. insights that maybe our clients aren’t seeing,” said we’ve really been able to distinguish ourselvs from Accounting Goes Digital other accounting firms,” he said.

EisnerAmper is one of many New York City Brennan. For instance, if PwC notices that a firm is accounting firms that find technology is transforming making 70% of its shipments on the last day of each their practices. While chasing down the next month, every year, it might mention that to the client as clients, many are using fast-evolving technologies so they could use that information for future planning. for both internal work and communicating with customers. They are also staffing up with young, Some accounting firms find that with more and tech-savvy talent. more clients going digital, it’s become increasingly more necessary to hire accountants with the digital Cybersecurity 101 Today’s accountants need to be savvy about expertise to advise them. Accounting, tax and As accounting firms embrace digital anything from firewalls to general IT issues, consulting firm Citrin Cooperman, headquartered technology, cybersecurity has become a top according to CPA Yigal Rechtman, principal in the in Manhattan, has doubled the size of its state and priority. In September 2015, ACCA USA, the litigation and forensics practice at accounting and local tax practice to meet the demand brought on U.S. branch of the Association of Chartered business consulting firm Grassi & Co.’s office in New by new technology, said New York City-based CPA Certified Accountants, and Pace University York City. “You need to be able to do sophisticated David Seiden, the partner in charge of that practice. issued a report called “Cyber Warriors with things with databases, and extract large amounts of Calculators” that found 58% of auditors and data from various and complex sources,” he said. “We do a lot of work with companies that are 48% of accountants are more concerned with both investing in technology and are building out cyber crime than a year ago. Certainly, the new technology is not without its technology to offer their own services through a challenges. Many firms have seen an increasing digital platform,” said Seiden. “What we do here at It should be top of mind, according to need to invest in Cybersecurity measures that Citrin Cooperman is help them find a digital platform Thomas DeMayo, director, IT Risk Advisory, protect sensitive information for clients. “It is a to help them perform their services.” at CPA firm O’Connor Davies LLP in concern for just about every accounting firm we Manhattan. “Organizations assume that just network with,” said Thomas DeMayo, director, As accounting firms migrate to digital technology, because IT `works,’ it works securely; or they IT Risk Advisory, at CPA firm O’Connor Davies LLP they increasingly seek out talent that is already operate with the misconception that they are in Manhattan, in an email. accustomed to it. When PwC recruits on college too small or insignificant to be a target,” he campuses, it looks for a combination of accounting said in an email. As many organizations are But that is a cost most are willing to bear to and tech skills. Said Brennan, “We’re seeing unhappy to discover during cybersecurity stay competitive. Nationally, many accounting students get their four-year accounting degree audits, that lax attitude leaves them exposed firms are embracing new technologies, and and enhancing that with a master’s in information to hackers, say experts. the bar is especially high in New York City, a security.” DeMayo says there are several safeguards financial technology capital. Seventy percent every accounting firm should embrace: of U.S. accounting firms now offer employees At Grassi & Co., employees with entrepreneurial • Establish an information security framework. remote access to their network; 50% use remote, ideas in areas such as technology and healthcare This is a documented set of procedures for cloud-based backup; 48% now use cloud-based can request to focus on developing them. So far, putting information security controls in place software and 25% use Skype, according to the 2014 a small handful of employees are doing so, said and managing them. Management of an Accounting Practice Survey from Rechtman. “If someone has an entrepreneurial idea, the American Institute of CPAs’ Private Companies the firm will consider giving them a certain amount • Have independent cybersecurity Practice Section and the Texas Society of CPAs. of time to do it,” he said. assessments conducted. • Provide security awareness training for Working in the field with clients is one key area where It isn’t just large and midsize firms that are all employees so they don’t get tricked by technology has transformed the way accounting embracing new technology. New York City CPA Greg “phishing” emails from hackers and the like. firms operate. More firms are turning to cloud-based Freyman, whose firm, Freyman CPA, has a handful of • Encrypt sensitive data, both in transit and at software and storage programs that let their personnel accountants in Manhattan and Westwood, N.J., has rest. work from anywhere. “If you really can’t do things been an early adopter of using electronic signatures on Android devices, an iPad or other mobile devices, through DocuSign digital transaction management • Do due diligence on all third parties that you’re going to get left behind,” said Bill Brennan, software. “Using a software like DocuSign lets have contact with their data. audit partner at PricewaterhouseCoopers office in clients sign from anywhere on the go,” said It’s not just accounting firms that are at risk, Manhattan. Freyman. DeMayo notes. “Our number-one request these days is helping clients protect their data To avoid that hazard, PwC has made its audit Freyman also sets up all of its clients with Box, a and/or helping them respond in the event of software Aura accessible from their smartphones secure cloud-computing solution used for content- breach,” he said. and mobile devices. Meanwhile, clients can work management, file-sharing and collaborating by many

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CRAIN'S Corporate profiles in Accounting_MECH.indd 3 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS New York Accounting Firms Go Global

ith many clients in the financial- international scene, 15% to 20% of the firm’s revenue is (passed to prevent money laundering) can be onerous. services industry looking to attract tied to international business, with about 10% coming “We see great opportunities for growth in addressing investors in China, EisnerAmper is from clients who want to do business in the U.S. and that need,” Weinstein said. wasting no time in making inroads 5% to 10% from U.S. firms that are expanding overseas, in that market. To make connections according to CPA Kathryn Byrne, partner-in-charge of Assisting clients in managing their global-tax burden Wthat will help its customers, the CPA firm and manufacturing and distribution at WeiserMazars LLP is another growth area. Ryan, an international tax- consultancy sent three of the firm’s partners to speak “We see the international focus across all disciplines in services firm based in Dallas, has developed proprietary before several hundred fund managers at an investment our firm,” said Byrne. technology to help clients recover overpayments of conference in Beijing earlier this month. The trip was withheld taxes according to Ian Boccaccio, practice the latest step in a four-year effort to establish a strong The globalization driving such business shows no signs leader, international tax at Ryan’s New York office. Many presence for EisnerAmper’s brand in China. of slowing down. The value of goods exported globally companies’ accounts receivable departments make should pick up to 8% a year by 2017-2020, according to mistakes, such as failing to update the amount they “We believe China will be the next big market for the projections by British bank HSBC. are withholding from year to year to reflect changes in financial-services industry,” said Charles Weinstein, treaties that govern withholding, Boccaccio said. “We CEO of EisnerAmper, which has an office in Manhattan. While many firms in the U.S. want to break into are able to recover payments and fix the process going “Our next step will be to actually open an office in markets in China, China is not the only foreign market forward,” said Boccaccio. China. We’re right there on the ground floor.” that is attracting attention from New York accounting firms. In response to a demand from clients, As firms become more international, more are staffing In an era where technology makes it easier than EisnerAmper has recently opened offices in several up with talent from overseas. “We have many, many ever to communicate across borders, many U.S. new overseas locations, including the Cayman Islands, Chinese-born people in the firm in our financial-services firms of all sizes are diving into international markets from which Weinstein spoke, as well as Dublin and industry practice,” said Weinstein. “That’s what really or are working with overseas businesses that want . The firm has also started EisnerAmper Global, has driven the presence we have in China.” to expand in U.S. markets. This has created new an international network of independent accounting opportunity for the accounting firms that serve these firms, in which EisnerAmper has an ownership interest, However, immigration restrictions are slowing businesses, which often must comply with treaties to address the specialized needs of the financial- this type of staffing. The number of applicants for and laws that govern international transactions. services industry around the world. the H-1B professional visa dwarfs the number of “Clients are driving this need for our firm to be visas allowed by a huge margin and has resulted global,” said Weinstein. One such area of need for which accounting firms find in a lottery system, noted Robert Fligel, CPA, at RF themselves in demand is in the matter of compliance Resources, a staffing firm in Manhattan. “Suffice Many firms have joined EisnerAmper in embracing the with the Foreign Account Tax Compliance Act, better to say, firms cannot plan to help fulfill their staffing global economy. At WeiserMazars, long active on the known at FATCA. Meeting the requirements of this law requirements around such a system,” he said.

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CRAIN'S Corporate profiles in Accounting_MECH.indd 4 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS To Business Owners Who Want to Cash Out, Accountants Deliver Tough Love and TLC

s a partner at Anchin, Block & Anchin in same quarter in 2014 and from the 1,913 recorded in market. “Often these documents are stored all over New York City, Greg Wank often speaks the second quarter of 2015. the place,” said White. with seasoned entrepreneurs who are ready to hand over the reins to firms As with homeowners, business owners can be Gathering that data can enable business owners to they’ve spent years building, so they can their own worst enemies when selling. They are perform needed due diligence on their own firms, Aretire. Some find the conversion is a jolting splash of often unrealistic about what their businesses are said White’s colleague Adam Goodman, director, cold water. “It’s painfully apparent they are not ready really worth, say accountants, because they are New York office at Ansarada. Sometimes, owners to go to market and sell their businesses,” he said. emotionally invested in their firms. “They talk of complex businesses need to bone up on their to their friend at the golf club who says `I sold financial situation before approaching potential Often, the problem is their accounting. Some have my business for 10 times earnings,’ and believe buyers, he has found. relied on software or an internal team that has not what they heard,” said CPA Steven Nicokiris, lead kept records in the meticulous way that a buyer— managing director at CBIZ MHM, who is based in “I’ve seen situations where the CEO has people especially a sophisticated one like a private equity New York City. running different departments, and revenue is firm—expects, according to Wank. And that’s a coming in from 10 different revenue streams,” said possible deterrent to a sale. In such cases, that’s Working with accountants often provides a reality Goodman. “You need to be able to have complete when Wank and his team set to work, switching check for business owners. For a complex business transparency on how the money is coming in, where firms to better accounting procedures and making that’s been around for 30 years, says Wank, “It may you’re losing money and where you’re spending sure financial records are accurate and complete. be a six-month intensive cleanup period followed money, such as marketing.” by let’s have a year or two under our belts of doing Now, more than ever, accountants across New things correctly and then going to market.” Just as home buyers most likely won’t see a York City are hearing their phones ringing, as many property’s potential unless it already looks great, business owners find themselves eager to sell, To speed up the sale of a business, Joel White, business buyers tend to pass over businesses that after waiting out the recession for just the right managing director of Ansarada, a creator of virtual are not healthy, say industry professionals. moment. Nationally, the number of small-business data rooms for deals, transactions reached a record high in 2014 and has recommends that owners work with their team of “For a business owner, the most important thing is since stabilized, according to BizBuySell, an online advisors to come up with a checklist of documents for them to have a clear story and to articulate to marketplace for businesses for sale. BizBuySell they will need—including their financials and other the buyer why their company is a good investment,” found 1,814 businesses changed hands during the important paperwork—and begin assembling this Goodman said. And for many firms, say experts, third quarter of 2015, down from the 1,987 in the paperwork long before putting a business on the precise financial records tell the story best.

“ New York City, EisnerAmper is one of the nation’s leading auditors of SEC registrants and maintains one of the largest public company practices of any independent long the financial firm, providing services to more than 200 public companies. EisnerAmper is capital of the world, the fifth largest CPA firm in the New York area and represents the alternative has also become to the Big Four.

home to leading “What has made us successful is the drive to seek out entrepreneurial leaders. fintech companies This keeps us active in emerging markets and in turn drives our own growth,” and a rapidly growing says Weinstein. “Our clients’ success contributes to our own, and vice versa. Our expertise is in helping companies grow, from start-up through IPO.” technology community, both centers of We recognize that the fastest-growing, most dynamic companies are imbued excellence for with their leader’s sense of mission and determination to succeed. Our experience has taught us that while all business owners and CEOs have their EisnerAmper” own management style, effective leaders share a number of attributes: says Charly Weinstein, CEO of EisnerAmper LLP. “One of our firm’s greatest strengths is the ability to connect our clients with the capital markets. Our n A clear vision of what the organization should be as it grows and evolves. positioning in both the capital markets and the technology community enables n An ability to find, recognize, and pursue opportunities. us to connect the two most important drivers of economic activity in New York n A strong drive to meet goals and immediately establish new ones. today: technology and capital.” n A willingness to make tough decisions about people, finance and strategy. n An ability to serve as the organization’s motivator and conscience. EisnerAmper is one of the largest full-service accounting and advisory firms n An understanding that business is personal; that the relationships we build in the U.S. The firm provides audit, accounting, and tax services, as well as are critical to growth and success. corporate finance, internal audit and risk management, litigation consulting, forensic accounting and other professional services to clients across all the In tune with our focus on finding the next generation of leaders, EisnerAmper major industries; working with high net worth individuals, family offices, closely- has been a proud sponsor of the NYU Stern Business School’s Entrepreneurs held businesses, and start-up, middle-market, and Fortune 500 companies. Challenge, one of the nation’s largest and most rigorous business plan competitions. Through EisnerAmper Global, the firm is recognized internationally as one of the premier CPA firms providing services to the financial services industry. CONTACT This expertise in turn fuels our knowledge of the capital markets, helping Charles Weinstein, CEO clients with mergers and acquisitions, debt financing, due diligence, valuation, 212.891.4030 international expansion, restructuring and more. www.eisneramper.com

CRAIN'S Corporate profiles in Accounting_MECH.indd 5 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS In a Job Market That Favors Recent Grads, Many Seasoned Accounting Pros Go Freelance arc Palker’s work as an accountant positions on Upwork, the freelance brings him everywhere from platform formerly known as Elance- New York City to Paris. Palker runs oDesk. Accountants saw 43% growth in MPP Associates, a one-man firm freelance earnings from 2013 to 2014, on in Hauppauge, Long Island, where a global basis, according to Upwork. In Mhe serves as interim CEO for public and private the U.S., there was 29% growth during corporations and not-for-profit organizations. that period in freelancers’ earnings in Palker, a former managing director at advisory and the finance and legal category, which consulting firm Madison Davis Professional Services includes accountants. in Babylon, loves the varied work that his life as a solo entrepreneur brings. The trend might seem counterintuitive, given that many accounting firms “That’s the whole excitement of being a freelance complain of an ever-increasing talent accountant,” he said. “You get to see different shortage. Typically, however, these is also chair-elect of the Institute of Management companies, different regions. You get involved in employers, facing industrywide pressures on the Accountants’ Global Board of Directors. some interesting transactions.” bottom line, are looking to hire recent graduates, who cost less to hire. It isn’t only the most seasoned accountants who Palker isn’t alone among accountants in embracing are going freelance, though. Accountants of all independent employment. The accounting world “The difficulty we are all having is there are more ages who want flexibility are finding that digital has long been home to part-time bookkeepers and positions than graduates at this point in time,” said technology has made freelancing better and more seasonal tax preparers. “Some of the bookkeepers John Repetti, a partner at audit, advisory and tax convenient than in the past, say experts. I meet are also real estate brokers,” said Anil services firm Citrin Cooperman in Manhattan. Melwani, CPA, who owns 212 Tax & Accounting “Technology has empowered people to do this work Services in Manhattan. That leaves many seasoned accounting pros who much more efficiently and at quality higher than still want to work looking for other opportunities to ever before,” said Jonathan Gass, founder and CEO But today, there is a new and growing crop of make a living. And for many, freelancing beckons. of Nomad Financial, which provides accounting former staff accountants who are diving into life as and financial services, including help from part- freelancers, say industry experts. A sign of this trend “They are deciding, `I can pick and choose what I time, interim CFOs, to startups and has an office in is that accountants are one of the fastest growing want to do, where I want to do it.” said Palker, who Manhattan.

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CRAIN'S Corporate profiles in Accounting_MECH.indd 6 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Work-Life Balance Takes a Leap Forward hen Harriet Greenberg at now seem them as a valuable way to hold onto other attraction, retention and advancement of all of our New York City accounting employees, too. In recent research, accounting firm talented professionals,” she said in an email. firm Friedman arranged to Ernst & Young (EY) found that men place a high priority work from home on Fridays on flexibility, too. “Our study found that men are more One hazard of flexible work arrangements, many to be with her two children, likely than women to make career and life sacrifices firms have found, is that employees who use them are Wwho were little at the time, she recalled, “I was to better manage [work-life], including giving up a sometimes sidelined or passed over for promotions. To the only one with a flexible schedule.” promotion, relocating and taking a pay cut,” said Mark prevent this from happening, professional tax services Besca, office managing partner at E&Y’s Manhattan firm Ryan has set up a results-oriented environment. Now her children are grown, and Greenberg, who location, in an email. Employees’ progress on key projects is recorded on a has risen to co-managing partner at Friedman, has personal dashboard, so that managers can observe how seen those work-life balance initiatives become Many accounting firms also view flexibility as a selling much work their remote employees are accomplishing— part of everyday life for many more at the firm. Some point to lure tech-savvy millennials accustomed to something that can otherwise be obscured in off-site work employees work the majority of their time from home working when and where they want. Grassi & Co., situations. Each individual’s metrics for success are tied to or from local offices in their area. Everyone can which has an office in New York City and has many his or her type of job. “It allows us to have really intelligent access their work remotely using digital technology, workers who telecommute at least part of the time, conversations with employees and with each other about and, in summer, employees have the option to take seeks out management talent capable of leading how we’re doing,” said Delta Emerson, president, Global Fridays off, as long as they agree to stay reachable. remote workers. Shared Services at Ryan. The company is now looking into arranging emergency childcare for its team. “We’ve recognized that in order to retain and hire One of the greatest challenges of flexible work new staff we need to, as an industry and as a firm, arrangements is helping managers used to having Work-life balance initiatives have become increasingly change the way we operate,” said Steve Mannhaupt, on-site teams adapt to a flexible-work paradigm—some important in corporate America, with a new study by audit partner at Grassi. “We need to operate in a managers, for example, are accustomed to evaluating consultancy GlobalWorkplaceAnalytics.com showing a more flexible environment, in terms of where they talent by the number of hours worked, rather than the 6.5% increase, in 2014, in the number of employees who work, when they work and how they work.” amount of work they accomplished, noted Emerson. But worked from home during at least half the surveyed at Ryan and many other firms, that is gradually changing. workweek—the largest increase since 2008. Many firms are turning to their employees to help “Having someone deliver on time and under budget refine and update their programs. WeiserMazars, an and do high-quality work is more important than seeing Accounting firms, in particular, have made flexible work accounting firm based in New York City, conducts them all day,” said Ian Boccaccio, practice leader, arrangements a priority, as a way to gain a competitive open forums to exchange “personal stories” international tax at Ryan, who is based in New York edge during an industrywide talent shortage. While and promote best practices, said partner Wendy City. “Technology plays a huge role in that. We’re all so initially, most work-life balance initiatives were Stevens. “These sessions are driven by our desire connected with technology there’s no need any more to designed to attract and retain mothers, many firms for sustainable growth as well as our focus on the work side by side.”

INDUSTRY PRACTICES & SERVICE OFFERINGS Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology and business consulting services. Grassi & Co. provides professional services to companies within the Financial Services, Manufacturing & Distribution, Architecture & Engineering, Construction, Life Sciences, Retail, Technology, Media & Telecommunication, Transportation, Not-for-Profit and Healthcare industries, among others.

ABOUT THE FIRM Grassi & Co. has offices in Manhattan, Long Island and Rockland County as well as internationally through Moore Stephens International, one of the largest associations of independent accounting firms in the Louis C. Grassi world. Grassi & Co. has been ranked among the Top 100 largest firms in the U.S. by both INSIDE Public — our Managing Partner Accounting and Accounting Today, the Top 20 largest firms in the New York Metropolitan area by Crain’s New York Business and the Top 10 largest firms on Long Island by Long Island Business News. INDUSTRY INSIGHTS Grassi & Co. is constantly keeping its finger on the pulse of the industries it serves. To make sure the firm is on the cutting edge of trends, best practices and needs in these industries, the firm polls top industry executives on issues such as financial and operational management, compliance, technology, human resources and general organizational structure. Each year, Grassi & Co. issues reports on the results of these surveys, which provide critical comparative information and benchmarks for companies operating in the NY Metro area. OUR CONTINUED GROWTH We understand the needs of companies and organizations in the NY region and continue to shape our service offerings to meet those needs. As such, we offer comprehensive succession, estate and trust planning services. Ensuring the proper succession of a company’s management team in order to solidify its future is important, and our team is positioned to assist in this transition. Because companies grow and expand into wider national and international geographic regions, multi-state tax filing’s and international tax requirements become an issue. Our Tax Services Group has enhanced its State and Local Tax (SALT) service offering in order to help companies handle such tax matters. Finally, with the Affordable Care Act (ACA) filing requirements becoming active in 2016, our team has the capabilities to assist companies in meeting these requirements and avoid penalties. CONTACT 488 Madison Ave New York, NY 10022 Tel: 212-661-6166 www.grassicpas.com

CRAIN'S Corporate profiles in Accounting_MECH.indd 7 10/21/15 11:55 AM