COVID Curveball: CPA Offers Tips on Maximizing Profits, Even During Tough Times

National speaker changes careers weeks before pandemic…and finds secrets to flourishing.

In the first week of March 2020, Bill Penczak, CPA, decided to start his own consulting firm. Two weeks later, everything shut down and he wondered if he had made the worst decision in his 40-year career. In his article for CPATrendlines, he said, “It turned out to be the best.”

On Wednesday, August 4, Penczak will share success secrets in his presentation, Profitability Through Accountability: Plugging the Leaky Bucket. Attendees can learn how to identify common issues and benchmark data related to firm profitability, learn leading practices in better capture of time and engagement management, and get tips on how firms can use evolving strategies and add value billing to improve margin contribution. “While most firms focus on top line growth,” he said, “the most successful firms place equal if not greater importance on margin contribution.”

In this two-hour workshop, presented by the Center for Accounting Transformation, attendees will also discuss primary KPIs and pain points related to factors that can impact profit margin and learn leading practices designed to improve the dollars a firm keeps versus the time spent on client engagements.

Penczak, a regular speaker at industry and business events on the topic of firm growth, is the founder and chief insights officer of MICA Ventures, a consulting firm focused on growth and margin improvement for professional services firms.

The Center for Accounting Transformation was established to provide professionals with a framework for utilizing innovations that are ready for adoption, the training and resources necessary to apply the innovations, and an opportunity to engage the talent and community needed to further the pursuit of innovative accounting practices that drive responsible and mindful business performance.

View additional courses to help #EnableTransformation.