May 31, 2024

Navigating the Nuances of Business: Insights from Accounting ARC Episode 4

By: Center For Accounting Transformation / podcast

Decoding business dynamics, hosts discuss lessons on adaptability and ethical practices.

In episode 4 of the Accounting ARC podcast, hosts Liz Mason, CPA, Byron Patrick, CPA.CITP/CGMA,  and Donny Shimamoto, CPA.CITP/CGMA, delve into a series of candid and enlightening discussions that weave through the intricate landscape of accounting and business management. The episode is rich with personal anecdotes and professional insights, focusing primarily on the nuances of sales tax compliance, the dynamics of leadership during business transformations, and the essential elements of effective change management.

Patrick, vice president of Client Success at the B3 Method Institute, opens the episode by recounting a particularly memorable early career challenge involving a consignment shop owner nearing her century mark who had never paid sales tax. “It was my first lesson in the critical importance of not just keeping, but proactively managing records for sales tax,” Patrick shares. This story sets the stage for a broader discussion on the often-overlooked aspects of sales tax, particularly in the wake of the landmark Wayfair decision, which has heightened the stakes for compliance.

As the conversation shifts toward the topic of leadership and change management, Shimamoto, founder and managing director of IntrapriseTechKnowlogies LLC and the founder of the Center for Accounting Transformation, recounts experiences from business transformations that faltered due to insufficient executive buy-in. “The fail that we saw… was the lack of executive-level buy-in. The leadership wanted to change, but the full support wasn’t there,” Shimamoto reflects, highlighting a common pitfall in organizational change initiatives.

Mason, CEO and founder of High Rock Accounting, adds depth to the discussion with a story from her own practice involving the implementation of new technologies that met with significant resistance. “You’re moving their desks, you’re moving everything they’ve known for 25 years or 30 years. And they’re super anxious every morning trying to learn this,” she explains, using this metaphor to stress the importance of empathy and patience in managing change.

The podcast episode encapsulates the critical role of compliance, the complexities of leadership in times of change, and the importance of empathy and thoroughness in client management.

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