AICPA Urges Swift Passage of Additional Business Relief

NEW YORK (Dec. 14, 2020) – As Congress weighs renewed economic stimulus, CPA firms should be gearing up to assist small businesses whose survival depends on a new round of funding under the Paycheck Protection Program (PPP), the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, recommend. Small businesses should be reaching out to their trusted advisors, as well.

“We are encouraging the 44,000 CPA firms affiliated with the AICPA to start identifying clients who will meet the proposed criteria for the next round of PPP,” said Erik Asgeirsson, president and CEO of CPA.com. “As part of that, they should begin the process of gathering key information, such as 2020 revenue. It’s also important for firms to put in place processes and PPP platform capabilities. Firms have a great opportunity to be much more proactive and strategic on how they support clients with this stimulus compared to the original PPP round in April.”

The AICPA is urging swift, renewed funding of the PPP and other business relief programs.

“Small businesses, the engine of our economy, continue to struggle,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “We strongly support Congress’s efforts to deliver more relief funding as soon as possible.”

During the initial rollout of PPP, CPA firms were forced to set up manual processes to serve clients and often operated with limited guidance. To provide better support, the AICPA, CPA.com and fintech leader Biz2Credit in September launched a financing platform for CPA firms, the CPA Business Funding Portal (located at CPALoanPortal.com), to help practitioners guide small businesses through PPP loan forgiveness, as well as any other small business financing options. Versions of the portal’s tools, developed by CPA.com and Biz2Credit, have been used by more than 37,000 business owners and almost 7,000 CPA firms since this summer.

Once so-called “PPP2” funding is authorized, the portal will be quickly updated to make loan application processing efficient and aligned with the latest guided assistance, Asgeirsson said.

Among other features, the CPA Business Lending Portal offers:

• A free basic service for small businesses or CPAs advising only a few clients
• A more robust set of tools in a single platform to help CPA firms manage multiple clients in a standardized way
• Upfront integration with leading payroll providers (with more providers being added regularly) to intake data automatically from official payroll reports
• Access to the power of AICPA technical input and calculators
• Payment of agent fees for firms registered for one of the paid plans available through the platform (assuming this is permissible in PPP2, as it was in the original PPP)

“We’ve learned a lot of lessons about simplifying the application process for small businesses since PPP was first introduced,” said Biz2Credit CEO Rohit Arora. "The CPA Business Funding Portal is built on our Biz2X Platform, which is tailor-made to the specifications of the SBA and the Treasury Department and is adaptable as regulations change. It has become a trusted platform for lenders, small business borrowers and their trusted CPA advisors.”

Arora added: “We will be ready for accounting professionals on Day 1 following the enactment of PPP2.”

For more information, please visit cpa.com/business-funding. The site has FAQs, pricing details and other information about signing up for the service.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $3 billion in small business financing. Biz2Credit is focused on funding what’s next for small business. The company leverages data, cash flow insights, and the latest technology to give business owners an automated small business funding platform to fit their financial needs. With over 350 employees globally, the Biz2Credit team – made up of top-notch engineers, marketers, and data scientists – is building the next generation in business lending solutions.

Biz2Credit has been named to the Inc. 5000 and Inc. Magazine’s Private Titans list for 2020, is a three-time winner of the Deloitte Technology Fast 500 and was named a Great Place to Work in 2020 and 2019. Headquartered in New York City, the company recently raised a $52M Series B round of investment in 2019.Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.

The Past Year Was a Time of Accelerating Change and Reinvention, says CEO of CPA.com

NEW YORK (Dec. 8, 2020) – CPA firms reaffirmed their value to small business clients in 2020, even as they reshaped the way they deliver their services, said Erik Asgeirsson, president and CEO of CPA.com.

The CPA profession’s response to workplace restrictions and pandemic-related shutdowns dramatically accelerated key firm trends such as the move to the cloud, advisory services and remote work that CPA.com has been advancing over the past decade with the Digital CPA community, Asgeirsson said during his keynote presentation at Digital CPA, held as a virtual event this year.

“We say that 2020 has become the new 2025,” he said. “The key driver of this is the acceleration of the adoption rate of technology, along with the way firms deliver client services.”

Asgeirsson noted that business agility matured significantly in the past year, with clear advantages to progressive firms that had invested in technology and innovation. And he said the sense of purpose within the profession has never been higher.

The profession’s reputation benefited, meanwhile, from the role CPA firms played in advising beleaguered small businesses seeking relief through the Paycheck Protection Program, Economic Injury Disaster Loans and related programs. “CPA firms really stepped up and proved their value,” Asgeirsson said. “So much so that we’re seeing business relief emerging as a new category of advisory services. While pandemic-related relief issues will run possibly into 2022, we think business funding will be a fertile new area for firms as an advisory service long after that.”

The remote work environment has also underscored the value of virtual CFO services. CPA.com is launching a new cloud-based business planning solution for firms from Jirav. The financial planning and analysis tool permits fast forecasting and budgeting, with insights presented in engaging dashboards with custom key performance indicators and tailored reports.

Asgeirsson also updated conference attendees on the progress of the AICPA’s Dynamic Audit Solution initiative, which will launch its first commercial version of an evolved audit methodology next year. He also discussed the highly successful U.S. rollout of the .cpa Internet domain, which is restricted solely to licensed CPA firms and – starting in January – licensed individual CPAs.

“This new domain is a significant move for the profession,” he said. “And we’ll be rolling this out around the world.”

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

Jody Grunden of Summit CPA Group Brings Fresh Ideas to Virtual CFO Services

NEW YORK (Dec. 3, 2020) – Jody Grunden, CPA, a pioneer of subscription-based billing within the accounting profession, has been named the 2020 recipient of CPA.com’s Innovative Practitioner Award, which recognizes innovation in process, services and technology implementation.

Grunden is co-founder and CEO of Summit CPA Group, which offers virtual CFO services. Grunden has run a completely remote organization since 2013, which allows him to tap talent across the United States and abroad. His team specializes in creative agencies, such as advertising and marketing firms, and holds weekly video meetings with business owners to go over budgeting, cash flow management, forecasting and tax planning, among other topics. Clients aren’t invoiced – they are charged automatically through their bank accounts each week.

Subscriptions are based on the size of the company, and clients aren’t locked into long-term engagements. “If we can’t perform, then it shouldn’t be the client’s fault,” Grunden said.

A thought leader on virtual CFO services, Grunden offers courses and delivers webinars on the topic. He is also the author of two books, “"Building the Virtual CFO Firm in the Cloud," and “Digital Dollars and Cents: A Virtual CFO’s Playbook to help Digital Companies Create a Financial Roadmap to Success.”

“Jody has created a business model that’s streamlined for both his firm and his client companies, one where the connection between the service offering and client success is unmistakably clear,” said Erik Asgeirsson, president and CEO of CPA.com. “The introduction of subscription services in this context is another impressive example of practitioners bringing innovation to their offerings.”

Jenni Huotari, a partner with Eide Bailly LLP, was this year’s runner-up for the award. Huotari built a national client advisory services team for the firm and restructured its CAS service line to make it more technologically advanced.

Award winners are chosen primarily through a vote of their peers. Grunden will be honored during this year’s virtual Digital CPA event on Dec. 8, and will also be joining a panel with leaders from other progressive firms

To read more about Grunden and previous honorees, please visit the Innovative Practitioner Award page. More details about Digital CPA, including registration information, can be found at digitalcpa.com.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

NEW YORK (Nov. 18, 2020) – The American Institute of CPAs and CPA.com today recognized former AICPA chair and current CPA.com board member Tim Christen on his appointment to the board of trustees of the prestigious Financial Accounting Foundation.

Christen is chairman of the board of Baker Tilly International and has over 30 years of experience in public accounting. He is the former chairman and CEO of Baker Tilly US, LLP, and served as chairman of the AICPA from 2015-2016. Christen has been honored by Accounting Today as one of the Top 100 most influential people in the profession and by Inside Public Accounting as one of the most admired U.S. managing partners.

The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Christen is one of five new trustee appointees whose terms will run from Jan. 1, 2021, to Dec. 31, 2025.

“Tim will be a great asset to the FAF,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “He’s been a champion of innovation, has great insight into the workings of the profession and understands the critical role that accountants play in our society. We wish him success in this new post.”

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

Next Phase Shifts to a First-Come, First-Served Basis in Early November

NEW YORK (Oct. 28, 2020) – More than 90 percent of the American Institute of CPAs’ major firms group, which represents most of the nation’s top 100 CPA firms, have applied to secure their existing online branding under the new restricted Internet domain for the accounting profession, .cpa.

CPA.com has seen a similarly strong response from the next 400 largest firms, with more than 70 percent of these firms advancing applications through an early registration process that began Sept. 1. This initial, protected phase ends at 10 a.m. Eastern, Oct. 31. The first batch of preferred names will be released in early November, after which future requests will be considered on a first-come, first-served basis.

“Applying for a .cpa domain is an important, long-term strategic decision for CPA firms,” said Erik Asgeirsson, president and CEO of CPA.com. “Restricted domains are part of the new way of doing business, a more secure, more on-brand presence for firms and their clients. We’re urging firm leaders who want to make sure they protect their existing digital branding to apply before Oct. 31.”

As a restricted domain, only licensed CPA firms can apply for .cpa. For the initial application period ending Oct. 31, preferred domains are awarded based on logic-based criteria verified by an independent third party and firms will be notified of the outcome of their application by Nov. 5.

Many firms submitted multiple applications that went beyond their current online branding and showed considerable creativity and strategic thinking.

“The profession sometimes struggles with associating advisory services with our credential,” said Jim Bourke, managing director of advisory services for Withum, a Top 25 firm. “By migrating from Withum.com to Withum.cpa, we’re linking the CPA brand to our firm in an unmistakable way and doing our part to link audit, tax, and, more importantly, advisory services with the CPA brand.”

After the early application period, firms can apply on a rolling basis. Individually licensed CPAs can apply for their preferred .cpa domain beginning in January 2021 once general availability opens.

The AICPA was awarded ownership and management of .cpa last year by the Internet Corporation for Assigned Names and Numbers (ICANN). CPA.com is responsible for managing the service.

To learn more about .cpa or to apply for the new service, please visit domains.cpa.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.